2012-11-09T15:10:23-06:00 2011-12-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST STE 2300 MINNEAPOLIS MN 55402 990 2011-01-01 412093194 UNIVERSITY ENTERPRISE LABORATORIES INC UNIV 6516412800 1000 WESTGATE DRIVE SUITE 101 ST PAUL MN 55114 BRIAN MENSINK 6516412800 2012-11-07 1 LAWRENCE H MOHR CPA P00447603 6128764500 2011 2016-02-24 21:20:13Z ANTHONY CARIDEO 1000 WESTGATE DRIVE SUITE 101 ST PAUL MN 55114 2437983 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. 24 24 0 25 0 0 313304 105600 2203611 2307733 18973 24650 0 0 2535888 2437983 0 0 0 0 0 0 0 0 27262 2673184 2544337 2673184 2544337 -137296 -106354 8967322 8803603 782775 503710 8184547 8299893 TO INCUBATE EARLY STAGE BIOSCIENCE VENTURES BY PROVIDING PREMIER FACILITIES AND SERVICES THAT ENABLE INNOVATION, GROWTH, COMMERCIAL SUCCESS, AND JOB GROWTH. 0 0 2499130 2307733 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. 2499130 1 0 0 1 0 0 0 0 0 0 1 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 1 1 0 0 1 10 0 1 0 0 0 0 0 0 0 0 0 0 0 X 24 24 1 1 0 0 0 1 0 1 1 0 0 1 1 1 1 0 0 1 1 0 MN X SUE MICHALETZ 9528769212 2001 KILLEBREW DRIVE SUITE 308 BLOOMINGTON MN 55425 X PAUL KNAPP 1.00 X 0 0 0 ANTHONY CARIDEO 5.00 X X 0 0 0 ARON ANDERSON PHD 1.00 X X 0 0 0 DANIEL FOLEY MD 1.00 X 0 0 0 STEVE MERTENS 1.00 X 0 0 0 CECILE BEDOR 1.00 X 0 0 0 JOANNA LABRESH 1.00 X 0 0 0 JEREMY LENZ 1.00 X X 0 0 0 ROBERT ELDE PHD 1.00 X 0 0 0 TOM MARTIN 1.00 X 0 0 0 SUSAN PAQUETTE 1.00 X 0 0 0 NANCY HOMANS 1.00 X 0 0 0 BRIAN MENSINK 2.00 X X 0 0 0 JOSEPH SHAW 1.00 X 0 0 0 JON ANDERSON 1.00 X 0 0 0 CHARLES OSBORNE 1.00 X 0 0 0 PETE BIRKLAND 1.00 X 0 0 0 TIM CUSACK 1.00 X 0 0 0 LAURA MCCARTEN 1.00 X 0 0 0 JOHN STAVIG 1.00 X 0 0 0 TODD TAYLOR 1.00 X 0 0 0 0 0 0 0 0 0 0 ALL WEATHER ROOF 2101 EAST 26TH STREET MINNEAPOLIS MN 55404 REPLACE ROOF 336950 MMCDC 119 GRAYSTONE PLAZA SUITE 100 DETROIT LAKES MN 56501 INTEREST & FEES 270122 TAPESTRY MANAGEMENT LLC 2001 KILLEBREW DR SUITE 308 MINNEAPOLIS MN 55425 MANAGEMENT FEES AND REIMBURSED COSTS 205604 3 105600 105600 GROSS RENTAL INCOME FR 532000 2307733 2307733 2307733 24650 24650 2437983 2307733 0 24650 RENTAL EXPENSES FROM SU 2543934 2498727 17945 27262 MISCELLANEOUS 403 403 2544337 2499130 17945 27262 216793 53074 12434 12434 0 0 4123333 4123333 4627196 4627196 8967322 8803603 782775 503710 782775 503710 X 8184547 8299893 8184547 8299893 8967322 8803603 X -106354 221700 X X 0 1 1 X 0 X 3523036 125501 22694 313304 105600 4090135 2092078 2257835 2209282 2203611 2307733 11070539 5615114 2383336 2231976 2516915 2413333 15160674 2000000 2000000 0 2000000 2000000 13160674 225615 143298 34535 18973 24650 447071 225615 143298 34535 18973 24650 447071 17582 53784 71366 5858311 2580418 2266511 2535888 2437983 15679111 0.83940 0.81630 0.02850 0.03950 X 1 0 0 0 0 0 1 0 1 31271 31271 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: UEL INC. ENTERED INTO A CONTRACT WITH GSP CONSULTING CORP 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. 12434 12434 0 0 INVESTMENT IN SUBSIDARY 4627196 4627196 DUE TO SUBSIDIARY 503710 503710 2437983 2544337 -106354 221700 221700 115346 2731076 2615327 2615327 115749 2322234 2322234 2437983 2644593 2644190 2644190 403 2543934 2543934 2544337 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: IN ACCORDANCE WITH THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, THE ORGANIZATION ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERIT OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE ORGANIZATION AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME. THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED OR RECORDED AS LIABILITIES DURING 2010 AND 2009. OPEN TAX YEARS SUBJECT TO EXAMINATION BY THE U.S. AND STATE TAXING AUTHORITIES ARE FOR THE YEARS 2008 TO 2010, WHICH STATUTES EXPIRE IN 2011 TO 2013, RESPECTIVELY. PART XI, LINE 8 - OTHER ADJUSTMENTS: TAXABLE INCOME AND EXPENSES FROM TAXABLE SUBSIDIARY 221,700. PART XII, LINE 2D - OTHER ADJUSTMENTS: REVENUES OF TAXABLE SUBSIDIARY FOR BOOKS 2,615,327. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENT & INTEREST INCOME OF TAXABLE SUBSIDIARY FOR TAX PURPOSES 2,322,234. PART XIII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES OF TAXABLE SUBSIDARY FOR BOOKS 2,644,190. PART XIII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES OF TAXABLE SUBSIDIARY FOR TAX PURPOSES 2,543,934. JOSEPH SHAW DIRECTOR 5878 JOSEPH SHAW IS A DIRECTOR OF UNIVERSITY ENTERPRISE LABORATORIES. HE IS ALSO A TENANT. 0 PAUL KNAPP DIRECTOR 124324 PAUL KNAPP IS A DIRECTOR OF UNIVERSITY ENTERPRISE LABORATORIES, INC. AND ALSO A FORMER DIRECTOR OF GEL-DEL. GEL-DEL IS A RENTAL TENANT OF UNIVERSITY ENTERPRISE LABORATORIES, INC. PAUL ALSO HAS AN OPTION TO PURCHASE 7500 SHARES OF GEL-DEL COMMON FOR $.45 PER SHARE. THIS OPTION IS NOT BELIEVED TO BE MATERIAL. ALL TRANSACTIONS OCCURRED IN THE NORMAL COURSE OF BUSINESS AND THE BOARD MEMBER ABSTAINED FROM VOTING ON ANY DECISIONS RELATED TO BUSINESS TRANSACTIONS WITH GEL-DEL. 0 ROBERT ELDE DIRECTOR 387421 ROBERT ELDE IS A DIRECTOR OF UNIVERSITY ENTERPRISE LABORATORIES, INC. AND ALSO THE DEAN THE COLLEGE OF BIOLOGICAL SCIENCES AT THE UNIVERSITY OF MINNESOTA. THE UNIVERSITY OF MINNESOTA IS A FOUNDING MEMBER OF UNIVERSITY ENTEPRISE LABORATORIES AND IS ALSO A RENTAL TENANT. ALL TRANSACTIONS OCCURRED IN THE NORMAL COURSE OF BUSINESS AND THE BOARD MEMBER ABSTAINED FROM VOTING ON ANY DECISIONS RELATED TO BUSINESS TRANSACTIONS WITH THE UNIVERSITY OF MINNESOTA. 0 JOANNA LABRESH DIRECTOR 34837 JOANNA LABRESH IS A DIRECTOR OF UNIVERSITY ENTERPRISE LABORATORIES. SHE IS ALSO THE CEO OF KINGFISHER BIOTECH. KINGFISHER BIOTECH IS A RENTAL TENANT OF UNIVERSITY ENTERPRISE LABORATORIES. 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 JOHN STAVIG DIRECTOR 387421 JOHN STAVIG IS A DIRECTOR OF UNIVERSITY ENTERPRISE LABORATORIES. HE IS ALSO THE CHAIR FOR GARY S. HOLMES CENTER FOR ENTREPRENEURSHIP AT THE UNIVERSITY OF MINNESOTA. THEY ARE RENTAL TENANTS OF UNIVERSITY ENTERPRISE LABORATORIES. ALL TRANSACTIONS OCCURRED IN THE NORMAL COURSE OF BUSINESS AND THE BOARD MEMBER ABSTAINED FROM VOTING ON ANY DECISIONS RELATED TO BUSINESS TRANSACTIONS WITH THE CENTER. 0 CECILE BEDOR DIRECTOR 30000 CECILE BEDOR IS A DIRECTOR OF UNIVERSITY ENTERPRISE LABORATORIES. SHE IS ALSO THE DIRECTOR OF PLANNING AND DEVELOPMENT FOR THE CITY OF ST. PAUL. THE CITY HAS A GUARANTEE AND RECEIVES $30,000 PER YEAR FOR THEIR GUARANTEE. ALL TRANSACTIONS OCCURRED IN THE NORMAL COURSE OF BUSINESS AND THE BOARD MEMBER ABSTAINED FROM VOTING ON ANY DECISIONS RELATED TO THE MATTER. 0 NANCY HOLMES DIRECTOR 30000 NANCY HOLMES IS A DIRECTOR OF UNIVERSITY ENTERPRISE LABORATORIES. SHE IS ALSO THE POLICY DIRECTOR FOR THE CITY OF ST. PAUL. THE CITY HAS A GUARANTEE AND RECEIVES $30,000 PER YEAR FOR THEIR GUARANTEE. ALL TRANSACTIONS OCCURRED IN THE NORMAL COURSE OF BUSINESS AND THE BOARD MEMBER ABSTAINED FROM VOTING ON ANY DECISIONS RELATED TO THE MATTER. 0 FORM 990, PART VI, SECTION A, LINE 2 NANCY HOMANS 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 UPON REQUEST OF THE MANAGEMENT COMPANY OR MAILING. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: TAXABLE INCOME AND EXPENSES FROM TAXABLE SUBSIDIARY 221,700. TOTAL TO FORM 990, PART XI, LINE 5: 221,700. 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. TAXABLE SUBSIDIARY FORM 990, PART IV, LINE 34 ON JANUARY 13, 2005, THE ORGANIZATION FORMED A TAXABLE SUBSIDIARY NAMED UEL REAL ESTATE HOLDINGS, LLC OF WHICH THE ORGANIZATION OWNS 99.9%. THE OTHER .1% IS OWNED BY THE UNIVERSITY OF MINNESOTA FOUNDATION. UEL REAL ESTATE HOLDINGS, LLC ELECTED TO BE TREATED AS A PARTNERSHIP 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. ** THE SUBSIDIARY (UEL REAL ESTATE HOLDINGS, LLC) IS A LIMITED LIABILITY COMPANY AND, AS SUCH, REPORTED THE ORGANIZATION'S 99.9% SHARE OF ITS 2011 NET RENTAL REAL ESTATE LOSS OF $221,700 ON FORM 1065 K-1. THIS LOSS HAS BEEN REPORTED ON THIS FORM 990 IN TWO PIECES. ** GROSS RENTAL INCOME FROM SUBSIDIARY: 99.9% OF THE SUBSIDIARY'S TOTAL GROSS RENTS AND INTEREST OF $2,324,559 = $2,322,234 GROSS RENTAL EXPENSES FROM SUBSIDIARY: 99.9% OF THE SUBSIDIARY'S TOTAL RENTAL EXPENSE OF $2,546,480 = $2,543,934 UEL REAL ESTATE HOLDINGS LLC 1000 WESTGATE DRIVE ST PAUL MN 55114 202133240 LAB RENTAL TO EMERGING LIFE SCIENCE COMPANIES MN N/A RELATED -221700 17544355 0 1 0.99900 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 UEL REAL ESTATE HOLDINGS LLC K 97531 FMV UEL REAL ESTATE HOLDINGS LLC R 503710 FMV