2015-07-14T16:13:50-05:00 2014-12-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2014-01-01 412093194 UNIVERSITY ENTERPRISE LABORATORIES INC UNIV 6516412800 1000 WESTGATE DRIVE SUITE 101 ST PAUL MN 55114 TODD TAYLOR BOARD CHAIRMAN 6516412800 2015-06-29 1 LAWRENCE H MOHR CPA P00447603 6128764500 2014 2016-02-25 16:41:14Z TODD TAYLOR 1000 WESTGATE DRIVE SUITE 101 ST PAUL MN 55114 2739323 0 X WWW.UELMN.ORG X 2002 MN UEL IS ORGANIZED FOR CHARITABLE, EDUCATIONAL AND SCIENTIFIC PURPOSES. IT SERVES AS A LABORATORY-BASED INCUBATOR FOR EMERGING LIFE SCIENCE COMPANIES BY PROVIDING LABORATORY SPACE AND ACCESS TO EQUIPMENT, BUSINESS TRAINING, RESEARCH COLLABORATION WITH THE UNIVERSITY OF MINNESOTA FACULTY AND STUDENTS, FACULTY AND STUDENT RESEARCH SPACE, STUDENT WORK EXPERIENCE AND INTERNSHIP OPPORTUNITIES, AND TECHNOLOGY TRANSFER WITH THE UNIVERSITY. IT IS ORGANIZED AND WILL BE OPERATED TO PROMOTE, ENCOURAGE, AND AID SCIENTIFIC INVESTIGATION, RESEARCH, TECHNOLOGICAL ADVANCEMENT AND EDUCATIONAL OPPORTUNITIES; PROMOTE, ENCOURAGE, AND AID IN THE MUTUAL TRANSFER AND APPLICATION OF SCIENTIFIC INVESTIGATION & RESEARCH, TECHNOLOGICAL ADVANCEMENT, AND EDUCATIONAL OPPORTUNITIES PRODUCED BY EDUCATIONAL AND RESEARCH INSTITUTIONS, INDUSTRY, BUSINESS AND GOVERNMENT. 21 21 0 21 29000 -9384 11625 0 2806816 2728227 2108 396 0 10700 2820549 2739323 0 0 0 0 66836 76983 0 0 0 2707462 2672377 2774298 2749360 46251 -10037 15034419 14621450 9514107 9111175 5520312 5510275 TO INCUBATE EARLY STAGE BIOSCIENCE VENTURES BY PROVIDING PREMIER FACILITIES AND SERVICES THAT ENABLE INNOVATION, GROWTH, COMMERCIAL SUCCESS, AND JOB GROWTH. 0 0 2616393 2738927 SERVES AS A LABORATORY-BASED INCUBATOR FOR EMERGING LIFE SCIENCE COMPANIES BY PROVIDING LABORATORY SPACE AND ACCESS TO EQUIPMENT, BUSINESS TRAINING, AND RESEARCH COLLABORATION WITH THE UNIVERSITY OF MINNESOTA FACULTY AND STUDENTS. 2616393 1 0 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 12 0 0 1 1 0 0 0 0 0 0 0 0 0 X 21 21 1 1 0 0 0 1 0 1 1 0 0 1 1 1 1 0 0 1 1 0 MN X RICK BERC 9528548800 2001 KILLEBREW DRIVE SUITE 170 BLOOMINGTON MN 55425 X JEREMY LENZ DIRECTOR 1.00 X 0 0 0 TODD TAYLOR CHAIRMAN 1.00 X X 0 0 0 BRIAN MENSINK TREASURUER 1.00 X X 0 0 0 ARON ANDERSON DIRECTOR 1.00 X 0 0 0 JON ANDERSON DIRECTOR 1.00 X 0 0 0 CECILE BEDOR DIRECTOR 1.00 X 0 0 0 PETE BIRKELAND SECRETARY 1.00 X X 0 0 0 TONY CARIDEO DIRECTOR 1.00 X 0 0 0 ROBERT ELDE DIRECTOR 1.00 X 0 0 0 DANIEL FOLEY DIRECTOR 1.00 X 0 0 0 SARAH HARRIS DIRECTOR 1.00 X 0 0 0 NANCY HOMANS DIRECTOR 1.00 X 0 0 0 PAUL KNAPP DIRECTOR 1.00 X 0 0 0 JOANNA LABRESH DIRECTOR 1.00 X 0 0 0 TOM MARTIN DIRECTOR 1.00 X 0 0 0 LAURA MCCARTEN DIRECTOR 1.00 X 0 0 0 STEVE MERTENS DIRECTOR 1.00 X 0 0 0 JEFF MONTANYE DIRECTOR 1.00 X 0 0 0 JOSEPH SHAW DIRECTOR 1.00 X 0 0 0 JOHN STAVIG DIRECTOR 1.00 X 0 0 0 JEFF COSGROVE DIRECTOR 1.00 X 0 0 0 JONATHAN SAGE-MARTINSON DIRECTOR 1.00 X 0 0 0 SHAYE MANDLE DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 TAPESTRY MANAGEMENT 2001 KILLEBREW DR STE 170 MINNEAPOLIS MN 55425 MANAGEMENT SERVICES 261435 CLOVER MAINTENANCE 7229 177TH AVE NE FOREST LAKE MN 55025 MAINTENANCE SERVICES 113493 2 RENTAL INCOME 532000 2728227 2699227 29000 2728227 396 396 MISCELLANEOUS REVENUE 900099 10700 10700 10700 2739323 2709927 29000 396 71361 71361 1153 1153 4469 4469 102570 102570 4256 4256 35279 12000 23279 26000 26000 344 344 22347 22347 741290 741290 397746 397746 824502 824502 28633 26115 2518 REPAIRS AND MAINTENANCE 345868 345868 BAD DEBT EXPENSE 106664 106664 MISCELLANEOUS EXPENSE 24779 24779 EQUIPMENT RENTAL 12099 12099 2749360 2616393 132967 0 392267 421485 111813 111835 189294 263923 9430 7158 18009 20638526 8050215 13144336 12588311 1180121 1217887 15034419 14621450 84174 32803 174668 13384 9160477 8987183 94788 77805 9514107 9111175 X 5520312 5510275 5520312 5510275 15034419 14621450 -10037 0 X X 0 1 X 1 0 X 313304 105600 7989 11625 438518 2203611 2307733 2404777 2806816 2728227 12451164 2516915 2413333 2412766 2818441 2728227 12889682 0 1119560 1107539 2227099 1119560 1107539 2227099 10662583 18973 24650 4153 2108 396 50280 18973 24650 4153 2108 396 50280 2643210 10700 2653910 2535888 2437983 5060129 2820549 2739323 15593872 0.68380 0.74560 0.00320 0.00560 X 0 0 0 0 0 0 0 0 1 26000 26000 0 PART II-B, LINE 1: UEL INC. ENTERED INTO A CONTRACT WITH BERN'S LAW FIRM, LLC DURING THE YEAR TO ASSIST UEL IN ITS EFFORTS TO IDENTIFY GRANT OPPORTUNITIES, FACILITATE FEDERAL FUNDING REQUESTS, COMMUNICATE WITH HOUSE AND SENATE APPROPRIATIONS STAFF AND OTHER OPPORTUNITIES THAT MAY DEVELOP; MONITOR FEDERAL AND STATE ACTIVITY, INCLUDING POLICY DEVELOPMENT THAT MAY IMPACT UEL OR ITS MISSION. 2420000 2420000 12706642 3054997 9651645 4927706 4568514 359192 584178 426704 157474 12588311 DEFERRED RENT ASSET 175202 ASSETS WHOSE USE IS LIMITED 570813 LEASE COMMISSIONS 164620 DEBT ISSUANCE COST 307252 1217887 REFUNDABLE SECURITY DEPOSITS 77805 77805 X PART X, LINE 2: THE ORGANIZATION FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE ORGANIZATION FOR UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2014 AND 2013. THE ORGANIZATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR FISCAL YEAR 2011 AND THEREAFTER ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. KINGFISHER BIOTECH CEO OF KINGFISHER BIOTECH IS A DIRECTOR OF UEL. 35703 CEO OF KINGFISHER BIOTECH, JOANNA LABRESH, IS A DIRECTOR OF UEL. KINGFISHER BIOTECH IS A RENTAL TENANT OF UEL. ALL TRANSACTIONS OCCURRED IN THE NORMAL COURSE OF BUSINESS AND THE BOARD MEMBER ABSTAINED FROM VOTING ON ANY DECISIONS RELATED TO BUSINESS TRANSACTIONS WITH KINGFISHER BIOTECH. 0 FORM 990, PART VI, SECTION A, LINE 2 NANCY HOMANS, JONATHAN SAGE-MARTINSON, AND CECILE BEDOR: BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 3 MANAGEMENT DUTIES DELEGATED TO TAPESTRY MANAGEMENT LLC, F/K/A LASALLE MANAGEMENT GROUP. FORM 990, PART VI, SECTION A, LINE 7A SINCE INCEPTION, THE ORGANIZATION HAS TWO STAKEHOLDERS THAT MAY APPOINT DIRECTORS: UNIVERSITY OF MINNESOTA AND THE CITY OF ST. PAUL. FORM 990, PART VI, SECTION B, LINE 11 THE EXECUTIVE COMMITTEE REVIEWS AND APPROVES THE FORM 990 PRIOR TO FILING. ONCE APPROVED, A COPY IS PROVIDED TO THE FULL BOARD WHERE IT IS REVIEWED AND APPROVED. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS COMPLETE CONFLICT OF INTEREST STATEMENTS ANNUALLY AND ARE REQUIRED TO REPORT ANY CHANGES AS THEY ARISE. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE REVIEWS IN DETAIL AND APPROVES THE MANAGEMENT AGREEMENT. IN ADDITION, THEY REVIEW AND APPROVE THE BUDGET WHICH INCLUDES EMPLOYEE COMPENSATION AT THE BEGINNING OF EACH YEAR. FORM 990, PART VI, SECTION C, LINE 19 INFORMATION IS AVAILABLE UPON REQUEST OF THE MANAGEMENT COMPANY OR MAILING. FORM 990, PART XII, LINE 2C: THE PROCESS FOR THE OVERSIGHT OF THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT WERE NOT CHANGED DURING THE YEAR. FORM 990, PART IV, LINE 34 ON JANUARY 13, 2005, THE ORGANIZATION FORMED A TAXABLE SUBSIDIARY NAMED UEL REAL ESTATE HOLDINGS, LLC WITH A SEPARATE TAX EXEMPT ORGANIZATION. AS OF DECEMBER 31, 2012, THE ORGANIZATION OWNED 100.00%. UEL REAL ESTATE HOLDINGS, LLC IS A DISREGARDED ENTITY FOR FEDERAL TAX PURPOSES. ** A KEY PART OF THE ORGANIZATION'S EXEMPT PURPOSE IS TO PROVIDE LABORATORY SPACE AND ACCESS TO EQUIPMENT TO EMERGING LIFE SCIENCE COMPANIES. IN CARRYING OUT THIS EXEMPT PURPOSE THE ORGANIZATION ACQUIRED AND RENOVATED A 126,000 SQUARE FOOT FACILITY. ORIGINALLY, THE ORGANIZATION INTENDED TO FINANCE THE FACILITY THROUGH THE USE OF VARIABLE RATE REVENUE BONDS. THE ORGANIZATION LATER DETERMINED THAT IT WAS IN ITS BEST INTEREST TO UTILIZE NEW MARKET TAX CREDITS AND OTHER INVESTMENT MECHANISMS WHICH REQUIRE THAT THE FACILITY BE OWNED IN A SUBSIDIARY OF THE ORGANIZATION. UEL REAL ESTATE HOLDINGS LLC 1000 WESTGATE DRIVE ST PAUL MN 55114 202133240 LAB RENTAL TO EMERGING LIFE SCIENCE COMPANIES MN -10037 14530347 UNIVERSITY ENTERPRISE LABORATORIES