UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS: Form 990, tax year 2022
View the entire original 990 at ProPublica ↗
- Organization
- UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS (EIN 41-1931343)
- Tax period
- 2022-07-01 to 2023-06-30
- Filed
- 2024-03-20
- IRS object ID
- 202400809349301005
- Schema version
- 2022v5.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-03-20T11:46:56-05:00 | ReturnTs |
| Tax Period End | 2023-06-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 420714325 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RSM US LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 227 WEST FIRST STREET SUITE 700 | AddressLine1Txt |
| City | DULUTH | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55802 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2022-07-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 411931343 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | UNIVERSITY OF MINNESOTA FOUNDATION | BusinessNameLine1Txt |
| Business Name Line2 | INVESTMENT ADVISORS | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | UNIV | BusinessNameControlTxt |
| Phone | 6127671251 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 420 N 5TH STREET 650 | AddressLine1Txt |
| City | MINNEAPOLIS | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55401 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | ANDREW BEHRENS | PersonNm |
| Person Title | PRESIDENT | PersonTitleTxt |
| Phone | 6127671251 | PhoneNum |
| Signature | 2024-03-19 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | ANDREW | PersonFirstNm |
| Person Last | BEHRENS | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | XXX-XX-XXXX | SSN |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | JULIE BOYER | PreparerPersonNm |
| PTIN | P01278549 | PTIN |
| Phone | 2187275025 | PhoneNum |
| Preparation | 2024-03-19 | PreparationDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 3 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2022 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | ANDREW BEHRENS | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 420 N 5TH STREET 650 | AddressLine1Txt |
| City | MINNEAPOLIS | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55401 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $5,661,243 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | N/A | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1998 | FormationYr |
| Legal Domicile State | MN | LegalDomicileStateCd |
| Activity Or Mission | TO PROVIDE THE HIGHEST LEVEL OF STEWARDSHIP FOR UNIVERSITY DONORS THROUGH PROFESSIONAL MANAGEMENT AND OVERSIGHT OF THE UNIVERSITY OF MINNESOTA FOUNDATION'S ASSETS BY CREATING A FOCUSED INVESTMENT ENVIRONMENT WITH CLARITY OF PURPOSE, APPROPRIATE FLEXIBILITY, AND FREEDOM TO FOCUS ON INVESTMENT-RELATED ISSUES. | ActivityOrMissionDesc |
| Voting Members Governing Body | 10 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 9 | VotingMembersIndependentCnt |
| Total Employee | 11 | TotalEmployeeCnt |
| Total Volunteers | 10 | TotalVolunteersCnt |
| Total Gross UBI | $939,777 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $433,797 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $5,244,210 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $5,661,243 | CYProgramServiceRevenueAmt |
| PY Investment Income | $0 | PYInvestmentIncomeAmt |
| CY Investment Income | $0 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $5,244,210 | PYTotalRevenueAmt |
| CY Total Revenue | $5,661,243 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $4,204,142 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $4,594,696 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $1,040,068 | PYOtherExpensesAmt |
| CY Other Expenses | $1,066,547 | CYOtherExpensesAmt |
| PY Total Expenses | $5,244,210 | PYTotalExpensesAmt |
| CY Total Expenses | $5,661,243 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $0 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $0 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $2,748,098 | TotalAssetsBOYAmt |
| Total Assets EOY | $3,669,619 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $2,541,001 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $3,462,522 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $207,097 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $207,097 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | TO PROVIDE THE HIGHEST LEVEL OF STEWARDSHIP FOR UNIVERSITY DONORS THROUGH PROFESSIONAL MANAGEMENT AND OVERSIGHT OF THE UNIVERSITY OF MINNESOTA FOUNDATION'S ASSETS BY CREATING A FOCUSED INVESTMENT ENVIRONMENT WITH CLARITY OF PURPOSE, APPROPRIATE FLEXIBILITY, AND FREEDOM TO FOCUS ON INVESTMENT-RELATED ISSUES. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $4,964,463 | ExpenseAmt |
| Revenue | $4,721,466 | RevenueAmt |
| Desc | THE CORPORATION OVERSEES THE MANAGEMENT OF THE UNIVERSITY OF MINNESOTA FOUNDATION'S FINANCIAL ASSETS. THE UNIVERSITY OF MINNESOTA FOUNDATION (FOUNDATION) DETERMINED THAT THE GROWTH OF ITS ASSETS AND DIVERSIFICATION OF ITS PORTFOLIO NECESSITATE A MORE EFFECTIVE METHOD OF MANAGEMENT. THEREFORE, THE FOUNDATION CREATED THE CORPORATION IN 1998 TO BE SOLELY RESPONSIBLE FOR THE DAY-TO-DAY OVERSIGHT OF THE MANAGEMENT OF THE FOUNDATION'S ASSETS. THE CORPORATION'S STREAMLINED STRUCTURE ENABLES IT TO RETAIN A HIGH CALIBER CHIEF INVESTMENT OFFICER. IT ALSO ENABLES THE CORPORATION TO ATTRACT COMMUNITY BOARD MEMBERS WITH FINANCIAL EXPERTISE, TO MORE EFFECTIVELY UTILIZE THE FINANCIAL AND INVESTMENT EXPERTISE OF ITS BOARD MEMBERS, MORE RAPIDLY RESPOND TO CHANGING MARKET CONDITIONS, AND PROVIDE MORE EFFECTIVE OVERSIGHT OF THE ACTIVITIES OF ITS OUTSIDE INVESTMENT MANAGERS. THE CORPORATION ALSO PROVIDES SERVICES TO ONE OTHER CHARITABLE ORGANIZATION. | Desc |
| Total Program Service Expenses | $4,964,463 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | 0 | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | Yes (1) | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 6 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 11 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | Yes (1) | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 10 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 9 | IndependentVotingMemberCnt |
| Family Or Business Rln | Yes (1) | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | 0 | WhistleblowerPolicyInd |
| Document Retention Policy | 0 | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | MN | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DAVID WALKOSZ | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6127671251 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 420 N 5TH STREET 650 | AddressLine1Txt |
| City | MINNEAPOLIS | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55401 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (18 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| KATHLEEN M SCHMIDLKOFER | ||||||||
| DIRECTOR | 0.40 | 40.00 | Yes (X) | $0 | $663,238 | $113,395 | ||
| JEFFREY V BAILEY | ||||||||
| CHAIR/DIRECTOR | 0.40 | 0.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | |
| PETER M GRANT | ||||||||
| DIRECTOR | 0.40 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| B KRISTINE JOHNSON | ||||||||
| DIRECTOR | 0.40 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| ERWIN A KELEN | ||||||||
| DIRECTOR (UNTIL 11/1/2022) | 0.40 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| SRIRAM LAKSHMINARAYANAN | ||||||||
| DIRECTOR | 0.40 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| ROSS LEVIN | ||||||||
| DIRECTOR | 0.40 | 0.40 | Yes (X) | $0 | $0 | $0 | ||
| DOUGLAS A NEIMANN | ||||||||
| DIRECTOR | 0.40 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| MARCIA L PAGE | ||||||||
| DIRECTOR | 0.40 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| PETER VORBRICH | ||||||||
| DIRECTOR | 0.40 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| THERESA WARD | ||||||||
| DIRECTOR | 0.40 | 0.40 | Yes (X) | $0 | $0 | $0 | ||
| DOUGLAS J GORENCE | ||||||||
| PRESIDENT (UNTIL 1/1/2023) | 40.00 | 0.00 | $1,186,220 | $0 | $449,713 | Yes (X) | ||
| ANDREW J BEHRENS | ||||||||
| PRESIDENT | 40.00 | 0.00 | $752,116 | $0 | $36,600 | Yes (X) | ||
| CHRISTINE K SEARSON | ||||||||
| SECRETARY/TREASURER | 0.40 | 40.00 | $0 | $349,101 | $65,390 | Yes (X) | ||
| JEFFREY M RODGERS | ||||||||
| INVESTMENT DIRECTOR | 40.00 | 0.00 | $519,114 | $0 | $42,075 | Yes (X) | ||
| DANIEL J ARLANDSON | ||||||||
| INVESTMENT DIRECTOR | 40.00 | 0.00 | $519,598 | $0 | $39,338 | Yes (X) | ||
| DAVID T WALKOSZ | ||||||||
| CONTROLLER | 40.00 | 0.00 | $235,451 | $0 | $34,258 | Yes (X) | ||
| GRANT LARSON | ||||||||
| INVESTMENT ANALYST | 40.00 | 0.00 | $123,912 | $0 | $20,889 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $3,336,411 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $1,012,339 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $801,658 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 6 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp
Contractor Name ContractorName
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BLOOMBERG LP | BusinessNameLine1Txt |
Contractor Address ContractorAddress
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 731 LEXINGTON AVE | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10022 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Services | DATA SERVICES | ServicesDesc |
| Compensation | $314,946 | CompensationAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 1 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | INVESTMENT MANAGEMENT | Desc |
| Business | 523940 | BusinessCd |
| Total Revenue Column | $5,661,243 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $4,721,466 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $939,777 | UnrelatedBusinessRevenueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $5,661,243 | TotalProgramServiceRevenueAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $5,661,243 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $4,721,466 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $939,777 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,417,601 | TotalAmt |
| Program Services | $2,175,841 | ProgramServicesAmt |
| Management And General | $241,760 | ManagementAndGeneralAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,800,132 | TotalAmt |
| Program Services | $1,739,495 | ProgramServicesAmt |
| Management And General | $60,637 | ManagementAndGeneralAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $184,156 | TotalAmt |
| Program Services | $175,683 | ProgramServicesAmt |
| Management And General | $8,473 | ManagementAndGeneralAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $48,364 | TotalAmt |
| Program Services | $38,691 | ProgramServicesAmt |
| Management And General | $9,673 | ManagementAndGeneralAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $144,443 | TotalAmt |
| Program Services | $131,453 | ProgramServicesAmt |
| Management And General | $12,990 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $15,239 | TotalAmt |
| Management And General | $15,239 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $453,436 | TotalAmt |
| Program Services | $415,214 | ProgramServicesAmt |
| Management And General | $38,222 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,711 | TotalAmt |
| Management And General | $3,711 | ManagementAndGeneralAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $48,282 | TotalAmt |
| Management And General | $48,282 | ManagementAndGeneralAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $173,798 | TotalAmt |
| Management And General | $173,798 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $62,608 | TotalAmt |
| Program Services | $62,608 | ProgramServicesAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $33,597 | TotalAmt |
| Program Services | $33,597 | ProgramServicesAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $44,034 | TotalAmt |
| Management And General | $44,034 | ManagementAndGeneralAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $29,071 | TotalAmt |
| Management And General | $29,071 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (3 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt | Management And GeneralManagementAndGeneralAmt |
|---|---|---|---|
| UBI TAX | $187,547 | $187,547 | |
| MOVING EXPENSES | $10,890 | $10,890 | |
| EDUCATION & DEVELOPMENT | $4,334 | $4,334 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,661,243 | TotalAmt |
| Program Services | $4,964,463 | ProgramServicesAmt |
| Management And General | $696,780 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $248,886 | BOYAmt |
| EOY | $289,039 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,195,490 | BOYAmt |
| EOY | $1,196,733 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $297,104 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $81,362 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $226,243 | BOYAmt |
| EOY | $215,742 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,077,479 | BOYAmt |
| EOY | $1,968,105 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,748,098 | BOYAmt |
| EOY | $3,669,619 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,463,522 | BOYAmt |
| EOY | $1,494,417 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,077,479 | BOYAmt |
| EOY | $1,968,105 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,541,001 | BOYAmt |
| EOY | $3,462,522 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $207,097 | BOYAmt |
| EOY | $207,097 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $207,097 | BOYAmt |
| EOY | $207,097 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,748,098 | BOYAmt |
| EOY | $3,669,619 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $0 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | 0 | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Supporting Organization509a3 | Yes (X) | SupportingOrganization509a3Ind |
| Supporting Org Type1 | Yes (X) | SupportingOrgType1Ind |
| Supported Organizations | 1 | SupportedOrganizationsCnt |
Supported Org Information SupportedOrgInformationGrp
Supported Organization Name SupportedOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | UNIVERSITY OF MINNESOTA FOUNDATION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 416042488 | EIN |
| Organization Type | 5 | OrganizationTypeCd |
| Governing Document Listed | Yes (1) | GoverningDocumentListedInd |
| Support | $4,964,463 | SupportAmt |
| Other Support | $0 | OtherSupportAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Supported Organizations Total | 1 | SupportedOrganizationsTotalCnt |
| Support Sum | $4,964,463 | SupportSumAmt |
| Other Support Sum | $0 | OtherSupportSumAmt |
Form990 Sch A Supporting Org Form990SchASupportingOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Listed By Name Governing Doc | Yes (1) | ListedByNameGoverningDocInd |
| Suprt Org No IRS Determination | 0 | SuprtOrgNoIRSDeterminationInd |
| Supported Org Section C456 | 0 | SupportedOrgSectionC456Ind |
| Supported Org Not Organized US | 0 | SupportedOrgNotOrganizedUSInd |
| Organization Change Suprt Org | 0 | OrganizationChangeSuprtOrgInd |
| Support Non Supported Org | 0 | SupportNonSupportedOrgInd |
| Payment Substantial Contribtr | 0 | PaymentSubstantialContribtrInd |
| Loan Disqualified Person | 0 | LoanDisqualifiedPersonInd |
| Controlled Disqualified Prsn | 0 | ControlledDisqualifiedPrsnInd |
| Disqualified Prsn Controll Int | 0 | DisqualifiedPrsnControllIntInd |
| Disqualified Prsn Ownr Int | 0 | DisqualifiedPrsnOwnrIntInd |
| Excess Business Holdings Rules | 0 | ExcessBusinessHoldingsRulesInd |
| Contribution Controller | 0 | ContributionControllerInd |
| Contribution Family | 0 | ContributionFamilyInd |
| Contribution35 Controlled | 0 | Contribution35ControlledInd |
Form990 Sch A Type1 Suprt Org Form990SchAType1SuprtOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Power Appoint Majority Dir Trst | Yes (1) | PowerAppointMajorityDirTrstInd |
| Operate Benefit Non Suprt Org | 0 | OperateBenefitNonSuprtOrgInd |
Schedule D IRS990ScheduleD
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $115,397 | OtherCostOrOtherBasisAmt |
| Depreciation | $15,386 | DepreciationAmt |
| Book Value | $100,011 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $181,707 | OtherCostOrOtherBasisAmt |
| Depreciation | $65,976 | DepreciationAmt |
| Book Value | $115,731 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $215,742 | TotalBookValueLandBuildingsAmt |
Other Assets Org OtherAssetsOrgGrp (3 entries)
| DescDesc | Book ValueBookValueAmt |
|---|---|
| SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN | $507,648 |
| UMFIA INCENTIVE AWARD PLAN | $641,018 |
| RIGHT-OF-USE ASSET - LEASES | $819,439 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Other Assets | $1,968,105 | TotalBookValueOtherAssetsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (3 entries)
| DescDesc | AmtAmt |
|---|---|
| SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN | $507,648 |
| UMFIA INCENTIVE AWARD PLAN | $641,018 |
| LEASE LIABILITY | $819,439 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $1,968,105 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS (CORPORATION) 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 CORPORATION DUE TO THE IMPLEMENTATION OF THIS STANDARD. THE CORPORATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | 0 | AnyNonFixedPaymentsInd |
| Initial Contract Exception | 0 | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (7 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DOUGLAS J GORENCE | ||||||||||||||
| PRESIDENT (UNTIL 1/1/2023) | $663,055 | $0 | $175,875 | $0 | $347,290 | $0 | $446,975 | $0 | $2,738 | $0 | $1,635,933 | $0 | $346,528 | $0 |
| ANDREW J BEHRENS | ||||||||||||||
| PRESIDENT | $425,000 | $0 | $327,057 | $0 | $59 | $0 | $36,600 | $0 | $0 | $0 | $788,716 | $0 | $0 | $0 |
| KATHLEEN M SCHMIDLKOFER | ||||||||||||||
| DIRECTOR | $0 | $474,048 | $0 | $188,416 | $0 | $774 | $0 | $100,500 | $0 | $12,895 | $0 | $776,633 | $0 | $0 |
| JEFFREY M RODGERS | ||||||||||||||
| INVESTMENT DIRECTOR | $311,486 | $0 | $207,571 | $0 | $57 | $0 | $36,600 | $0 | $5,475 | $0 | $561,189 | $0 | $0 | $0 |
| DANIEL J ARLANDSON | ||||||||||||||
| INVESTMENT DIRECTOR | $311,937 | $0 | $207,571 | $0 | $90 | $0 | $36,600 | $0 | $2,738 | $0 | $558,936 | $0 | $0 | $0 |
| CHRISTINE K SEARSON | ||||||||||||||
| SECRETARY/TREASURER | $0 | $292,337 | $0 | $55,990 | $0 | $774 | $0 | $30,500 | $0 | $34,890 | $0 | $414,491 | $0 | $0 |
| DAVID T WALKOSZ | ||||||||||||||
| CONTROLLER | $173,373 | $0 | $61,900 | $0 | $178 | $0 | $28,783 | $0 | $5,475 | $0 | $269,709 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 4B | FormAndLineReferenceDesc |
| Explanation | CERTAIN EMPLOYEES FOR THE UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS (CORPORATION) ARE PROVIDED THE OPPORTUNITY TO PARTICIPATE IN THE UMFIA SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (PLAN). THE PLAN IS INTENDED TO BE AN UNFUNDED PLAN MAINTAINED PRIMARILY FOR THE PURPOSE OF PROVIDING DEFERRED COMPENSATION FOR A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES AS DESCRIBED IN SECTIONS 201(2), 301(A)(3), AND 401(A)(1) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (ERISA). PARTICIPATION IN THIS PLAN IS CURRENTLY LIMITED TO THE PRESIDENT OF THE CORPORATION. ANNUAL CONTRIBUTIONS BY THE CORPORATION ARE BASED ON A PERCENTAGE OF THE EMPLOYEE'S BASE SALARY, SUCH PERCENTAGE BEING DETERMINED BY THE CORPORATION'S BOARD OF DIRECTORS IN ITS SOLE DISCRETION BASED ON THE BOARD'S ASSESSMENT OF THE EMPLOYEE'S CONTRIBUTIONS TO THE CORPORATION'S LONG TERM PERFORMANCE. PAYMENTS FROM THIS PLAN ARE SUBJECT TO A VESTING SCHEDULE AND ARE 100% VESTED UPON THE EARLIER TO OCCUR OF THE EMPLOYEE'S NORMAL RETIREMENT DATE, DISABILITY OR DEATH. THE TAXABLE PAYMENT TO DOUGLAS GORENCE IN CALENDAR YEAR 2022 WAS $346,528. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 2 | BUSINESS RELATIONSHIPS DISCLOSED THROUGH THE CONFLICT OF INTEREST POLICY (DESCRIBED BELOW IN RESPONSE TO FORM 990, PART VI, LINE 12C) ARE: DIRECTORS B. KRISTINE JOHNSON AND MARCIA L. PAGE HAVE A BUSINESS RELATIONSHIP. DIRECTORS B. KRISTINE JOHNSON AND DOUGLAS A. NEIMANN HAVE A BUSINESS RELATIONSHIP. DIRECTORS B. KRISTINE JOHNSON AND ERWIN A. KELEN HAVE A BUSINESS RELATIONSHIP. DIRECTORS THERESA WARD AND MARCIA L. PAGE HAVE A BUSINESS RELATIONSHIP. DIRECTOR KATHLEEN M. SCHMIDLKOFER AND SECRETARY/TREASURER CHRISTINE K. SEARSON HAVE A BUSINESS RELATIONSHIP WITH THEIR ROLES AT THE UNIVERSITY OF MINNESOTA FOUNDATION AS PRESIDENT/CEO AND VICE PRESIDENT/CFO, RESPECTIVELY. |
| FORM 990, PART VI, SECTION A, LINE 6 | THE UNIVERSITY OF MINNESOTA FOUNDATION IS THE SOLE MEMBER OF THE UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE UNIVERSITY OF MINNESOTA FOUNDATION HAS THE POWER TO APPOINT MEMBERS OF THE BOARD OF DIRECTORS AT THE EXPIRATION OF A TERM OF OFFICE, TO FILL ANY VACANCY, AND TO REMOVE DIRECTORS. |
| FORM 990, PART VI, SECTION A, LINE 7B | THE UNIVERSITY OF MINNESOTA FOUNDATION AS SOLE MEMBER OF THE UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS MUST APPROVE THE FOLLOWING ACTIONS AS PRESCRIBED IN THE BYLAWS: (A) APPOINT MEMBERS OF THE BOARD OF DIRECTORS AT THE EXPIRATION OF A TERM OF OFFICE OR TO FILL ANY VACANCY, AND REMOVE DIRECTORS AT ANY TIME, WITH OR WITHOUT CAUSE, AS SET FORTH BELOW IN ARTICLE IV; (B) SELL, LEASE OR OTHERWISE DISPOSE OF ALL OR SUBSTANTIALLY ALL OF ITS PROPERTY AND ASSETS; (C) VOLUNTARILY DISSOLVE; (D) MERGE, CONSOLIDATE WITH ANY DOMESTIC OR FOREIGN ORGANIZATION OR LEASE OR SELL MORE THAN FIFTY PERCENT OF THE CORPORATION'S PROPERTY AND ASSETS TO ANY ENTITY IN ANY ONE TRANSACTION OR SERIES OF RELATED TRANSACTIONS; (E) AMEND THE ARTICLES OR THESE BYLAWS. (F) SELECT ADDITIONAL BENEFICIARY ORGANIZATIONS; (G) ADMIT ADDITIONAL MEMBERS; OR (H) SUBSTANTIALLY CHANGE THE PRESENT OR NOW INTENDED NATURE OF THE CORPORATION'S OPERATION. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE FORM 990 IS REVIEWED BY THE PRESIDENT, TREASURER/SECRETARY, CHIEF OPERATING OFFICER, AND CONTROLLER AS WELL AS A PAID PREPARER. THE FORM 990 IS THEN MADE AVAILABLE TO THE FULL BOARD PRIOR TO FILING THE RETURN. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO ALL BOARD MEMBERS, OFFICERS, AND STAFF ON AN ANNUAL BASIS. THE PRESIDENT AND CONTROLLER REVIEW THE POTENTIAL CONFLICTS AS REPORTED BY THE BOARD MEMBERS, OFFICERS AND STAFF. TO DATE, NO CONFLICT HAS BEEN REPORTED. HOWEVER, UPON THE EVENT OF A CONFLICT, THE BOARD MEMBER WOULD REFRAIN FROM VOTING AND WOULD BE REMOVED FROM THE BOARD IF NEEDED. IF A CONFLICT ARISES DURING THE YEAR, IT IS THE BOARD MEMBER'S RESPONSIBILITY TO DISCLOSE TO THE BOARD. |
| FORM 990, PART VI, SECTION B, LINE 15 | AS A NONPROFIT, THE UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS (CORPORATION) MUST DEMONSTRATE REASONABLE COMPENSATION FOR EXECUTIVE LEVEL POSITIONS. THE FOLLOWING ARE IN PLACE TO DOCUMENT AND SUPPORT EXECUTIVE COMPENSATION PRACTICES: ANNUALLY THE CORPORATION PARTICIPATES IN AND REVIEWS LOCAL/NATIONAL MARKET SALARY DATA. COMPENSATION REVIEW AND APPROVAL PROCESS CONSISTS OF THE FOLLOWING STEPS: 1) THE CORPORATION STAFF COMPENSATION IS RECOMMENDED BY THE PRESIDENT, REVIEWED AND DISCUSSED WITH THE COMPENSATION COMMITTEE. COMPENSATION FOR THE PRESIDENT IS PREPARED BY THE COMPENSATION COMMITTEE CHAIR FOR APPROVAL BY THE COMPENSATION COMMITTEE. 2) PERFORMANCE AND COMPENSATION IS REVIEWED FOR DISCUSSION/QUESTIONS AND APPROVAL BY THE COMPENSATION COMMITTEE. IT IS NOTED THE COMPENSATION COMMITTEE MEMBERS ARE "DISINTERESTED" PARTIES UNDER IRS REGULATIONS CONCERNING INTERMEDIATE SANCTIONS. 3) THE PRESIDENT AND COMPENSATION COMMITTEE CHAIR THEN PRESENT STAFF COMPENSATION ACTIONS TO THE BOARD OF DIRECTORS FOR REVIEW AND RATIFICATION. THEN WITHOUT THE PRESIDENT PRESENT AND IN EXECUTIVE SESSION, THE BOARD CHAIR OR COMPENSATION COMMITTEE CHAIR PRESENTS THE PRESIDENT PERFORMANCE AND COMPENSATION FOR REVIEW AND RATIFICATION. THE APPROVALS OF THE PRESIDENT AND STAFF COMPENSATION ARE DOCUMENTED IN THE MEETING NOTES. THESE PROCEDURES ARE PERFORMED ANNUALLY; MOST RECENTLY IN AUGUST 2023. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE CONSOLIDATED FINANCIAL STATEMENTS OF THE UNIVERSITY OF MINNESOTA FOUNDATION AND THE UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS ARE AVAILABLE TO THE PUBLIC VIA THE UNIVERSITY OF MINNESOTA FOUNDATION WEBSITE OR BY PROVIDING COPIES UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN THE IRC SECTION 6104(D). UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS' GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE GENERALLY NOT AVAILABLE TO THE PUBLIC. |
| FORM 990, PART VI, SECTION B, LINES 13 AND 14: | THE UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS HAS NOT FORMALLY ADOPTED A WHISTLEBLOWER OR DOCUMENT RETENTION & DESTRUCTION POLICY BUT FOLLOWS THE WHISTLEBLOWER POLICY OF THE UNIVERSITY OF MINNESOTA FOUNDATION. A FORMAL DOCUMENT RETENTION AND DESTRUCTION POLICY IS IN PROCESS. |
| FORM 990, PART IX, LINE 11G | PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 415,214. MANAGEMENT AND GENERAL EXPENSES 38,222. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 453,436. |
Schedule R IRS990ScheduleR
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | UNIVERSITY OF MINNESOTA FOUNDATION | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 200 OAK STREET SE SUITE 500 | AddressLine1Txt |
| City | MINNEAPOLIS | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 554552010 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 416042488 | EIN |
| Primary Activities | NON-PROFIT CHARITY | PrimaryActivitiesTxt |
| Legal Domicile State | MN | LegalDomicileStateCd |
| Exempt Code Section | 501(C)(3) | ExemptCodeSectionTxt |
| Public Charity Status | LINE 5 | PublicCharityStatusTxt |
| Direct Controlling NA | N/A | DirectControllingNACd |
| Controlled Organization | 0 | ControlledOrganizationInd |
Id Related Org Txbl Partnership IdRelatedOrgTxblPartnershipGrp (26 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Direct Controlling NADirectControllingNACd | Disproportionate AllocationsDisproportionateAllocationsInd | General Or Managing PartnerGeneralOrManagingPartnerInd | Address Line1ForeignAddress/AddressLine1Txt | CityForeignAddress/CityNm | Province Or StateForeignAddress/ProvinceOrStateNm | CountryForeignAddress/CountryCd | Foreign PostalForeignAddress/ForeignPostalCd | Legal Domicile Foreign CountryLegalDomicileForeignCountryCd |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ARTES CAPITAL SMA 1 LLC | |||||||||||||||
| 2829 TOWNSGATE ROAD SUITE 100 | WESTLAKE VILLAGE | CA | 91361 | 873152618 | INVESTMENT | CA | N/A | 0 | 0 | ||||||
| BASTION CONSUMER FUNDING III LLC | |||||||||||||||
| ONE ATLANTIS STREET 6TH FLOOR | STAMFORD | CT | 06901 | 842461018 | INVESTMENT | CT | N/A | 0 | 0 | ||||||
| CLEAR HAVEN - UMF FUND LP | |||||||||||||||
| 370 LEXINGTON AVENUE SUITE 1901 | NEW YORK | NY | 10017 | 862122603 | INVESTMENT | NY | N/A | 0 | 0 | ||||||
| CORRUM CAPITAL UMF LP | |||||||||||||||
| 214 N TYRON STREET SUITE 1950 | CHARLOTTE | NC | 28202 | 832599449 | INVESTMENT | NC | N/A | 0 | 0 | ||||||
| GO-HIGHMORE TRADE FINANCE FUND LP | |||||||||||||||
| 750 LEXINGTON 24TH FLOOR | NEW YORK | NY | 10022 | 852678688 | INVESTMENT | NY | N/A | 0 | 0 | ||||||
| HC SMA-I LLC | |||||||||||||||
| 185 HUDSON STREET SUITE 1430 | JERSEY CITY | NJ | 07311 | 863101797 | INVESTMENT | NJ | N/A | 0 | 0 | ||||||
| LATERAL UMF FEEDER LLC | |||||||||||||||
| 400 S EL CAMINO REAL SUITE 1100 | SAN MATEO | CA | 94402 | 824167815 | INVESTMENT | CA | N/A | 0 | 0 | ||||||
| LEGALIST DIP SPV II LP | |||||||||||||||
| 10120 WEST FLAMINGO ROAD SUITE 4 30 | LAS VEGAS | NV | 89147 | 852776154 | INVESTMENT | NV | N/A | 0 | 0 | ||||||
| LEGALIST SPV II LP | |||||||||||||||
| 10120 WEST FLAMINGO ROAD SUITE 4 30 | LAS VEGAS | NV | 89147 | 872516772 | INVESTMENT | NV | N/A | 0 | 0 | ||||||
| LRC PARTNERS I LLC | |||||||||||||||
| 807 EAST MAIN STREET SUITE 2-210 | DURHAM | NC | 27701 | 884334247 | INVESTMENT | NC | N/A | 0 | 0 | ||||||
| MHRA LP | |||||||||||||||
| 1345 6TH AVENUE 42ND FLOOR | NEW YORK | NY | 10105 | 134156814 | INVESTMENT | NY | N/A | 0 | 0 | ||||||
| MRP SMA II LP | |||||||||||||||
| 520 NICOLLET MALL SUITE 700 | MINNEAPOLIS | MN | 55402 | 862708712 | INVESTMENT | MN | N/A | 0 | 0 | ||||||
| NORTHLEAF STRATEGIC CAPITAL FUND LP | |||||||||||||||
| 384201494 | INVESTMENT | N/A | 0 | 0 | 79 WELLINGTON STREET WEST 6TH FLOO | TORONTO | ONTARIO | CA | M5K 1N9 | CA | |||||
| OHP SMA 1 | |||||||||||||||
| 330 BOSTON POST ROAD | DARIEN | CT | 06820 | 880634571 | INVESTMENT | CT | N/A | 0 | 0 | ||||||
| PARK CITIES INSTITUTIONAL FUND I LLC | |||||||||||||||
| 8214 WESTCHESTER DRIVE SUITE 910 | DALLAS | TX | 75225 | 854226745 | INVESTMENT | TX | N/A | 0 | 0 | ||||||
| PC ABL SMA 1 LP | |||||||||||||||
| 11766 WILSHIRE BLVD SUITE 1460 | LOS ANGELES | CA | 90025 | 842401014 | INVESTMENT | CA | N/A | 0 | 0 | ||||||
| POST ROAD SPECIALTY LENDING FUND (UMINN) LP | |||||||||||||||
| 2 LANDMARK SQUARE SUITE 207 | STAMFORD | CT | 06901 | 833006413 | INVESTMENT | CT | N/A | 0 | 0 | ||||||
| PSF VIKING LENDING LLC | |||||||||||||||
| 98 SAN JACINTO BLVD SUITE 160 | AUSTIN | TX | 78701 | 844338717 | INVESTMENT | TX | N/A | 0 | 0 | ||||||
| RIVONIA ROAD UMFIA LLC | |||||||||||||||
| 2800 28TH STREET SUITE 125 | SANTA MONICA | CA | 90405 | 853928339 | INVESTMENT | CA | N/A | 0 | 0 | ||||||
| SERIES M - VIRAGE CAPITAL PARTNERS II LP | |||||||||||||||
| 1700 POST OAK BOULEVARD 2 BOULEVARD | HOUSTON | TX | 77056 | 352567381 | INVESTMENT | TX | N/A | 0 | 0 | ||||||
| STORMFIELD NORTH STAR FUND LP | |||||||||||||||
| 200 PEQUOT AVENUE | SOUTHPORT | CT | 06890 | 873351484 | INVESTMENT | CT | N/A | 0 | 0 | ||||||
| TALLINN CAPITAL ENERGY LIMITED PARTNERSHIP | |||||||||||||||
| INVESTMENT | N/A | 0 | 0 | 418-100 4TH AVENUE SW | CALGARY | ALBERTA | CA | T2P 3N2 | CA | ||||||
| TIKOVA SMA I LLC | |||||||||||||||
| 136 SOUTH POPLAR STREET | DENVER | CO | 80230 | 883046433 | INVESTMENT | CO | N/A | 0 | 0 | ||||||
| TURNING ROCK UMF LLC | |||||||||||||||
| 400 PARK AVENUE SUITE 610 | NEW YORK | NY | 10022 | 822528033 | INVESTMENT | NY | N/A | 0 | 0 | ||||||
| VPC INVESTOR FUND M LP | |||||||||||||||
| 150 NORTH RIVERSIDE PLAZA SUITE 520 | CHICAGO | IL | 60606 | 844339881 | INVESTMENT | IL | N/A | 0 | 0 | ||||||
| W&D REAL ESTATE OPPORTUNITIES CO-INVEST FUND LP | |||||||||||||||
| 1225 17TH STREET SUITE 1660 | DENVER | CO | 80202 | 861651370 | INVESTMENT | CO | N/A | 0 | 0 | ||||||
Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp (4 entries)
| EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Direct Controlling NADirectControllingNACd | Entity TypeEntityTypeTxt | Controlled OrganizationControlledOrganizationInd |
|---|---|---|---|---|---|
| CHARITABLE REMAINDER ANNUITY TRUSTS (1) | |||||
| 416042488 | TRUST | MN | N/A | T | 0 |
| CHARITABLE REMAINDER UNITRUSTS (33) | |||||
| 416042488 | TRUST | MN | N/A | T | 0 |
| POOLED INCOME FUND (1) | |||||
| 416042488 | TRUST | MN | N/A | T | 0 |
| PERPETUAL TRUSTS (8) | |||||
| 416042488 | TRUST | MN | N/A | T | 0 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | 0 | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | Yes (1) | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | 0 | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | 0 | SharingOfFacilitiesInd |
| Paid Employees Sharing | 0 | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | Yes (1) | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | Yes (1) | TransferToOtherOrgInd |
| Transfer From Other Org | 0 | TransferFromOtherOrgInd |