2023-03-14T11:21:11-05:00 2022-06-30 420714325 RSM US LLP 227 West First Street Suite 700 Duluth MN 55802 990 2021-07-01 411931343 University of Minnesota Foundation Investment Advisors UNIV 6127671251 420 N 5th Street 650 Minneapolis MN 55401 Andrew Behrens President 6127671251 2023-03-09 1 Andrew Behrens 999009999 Julie Boyer P01278549 2187275025 2023-03-09 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z Andrew Behrens 420 N 5th Street 650 Minneapolis MN 55401 5244210 0 X N/A X 1998 MN 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. 9 8 9 8 1022136 524557 0 0 4451007 5244210 0 0 0 0 4451007 5244210 0 0 0 0 3673021 4204142 0 0 0 777986 1040068 4451007 5244210 0 0 2789430 2748098 2582333 2541001 207097 207097 X 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. 0 0 4427314 5244210 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. 4427314 1 0 0 0 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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 6 0 1 9 1 1 1 0 0 0 0 0 0 0 0 0 1 0 X 9 8 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 0 1 1 0 MN X David Walkosz 6127671251 420 N 5th Street No 650 Minneapolis MN 55401 Kathleen M Schmidlkofer Director 0.40 40.00 X 0 586183 101361 B Kristine Johnson Chair/Director 0.40 0.00 X X 0 0 0 Douglas A Neimann Director 0.40 0.00 X 0 0 0 Erwin A Kelen Director 0.40 0.00 X 0 0 0 Jeffrey V Bailey Director 0.40 0.00 X 0 0 0 Marcia L Page Director 0.40 0.00 X 0 0 0 Peter M Grant Director 0.40 0.00 X 0 0 0 Ross Levin Director 0.40 0.40 X 0 0 0 Theresa Ward Director 0.40 0.40 X 0 0 0 Douglas J Gorence President 40.00 0.00 X 1452164 0 191963 Andrew J Behrens Chief Investment Officer 40.00 0.00 X 699374 0 34800 Christine K Searson Secretary/Treasurer 0.40 40.00 X 0 287982 58766 Jeffrey M Rodgers Investment Director 40.00 0.00 X 489649 0 42000 Daniel J Arlandson Investment Director 40.00 0.00 X 492477 0 38400 David T Walkosz Controller 40.00 0.00 X 221431 0 34326 Grant Larson Investment Analyst 40.00 0.00 X 115532 0 21630 3470627 874165 523246 6 0 1 0 Gardner Builders Minneapolis LLC 730 2nd Ave S Ste 1233 Minneapolis MN 55402 Building Contractor 366276 Bloomberg LP 731 Lexington Ave New York NY 10022 Data Services 312595 Intereum 9800 8th Ave N Plymouth MN 55441 Building Contractor 162362 Korn Ferry 333 South Sixth St Ste 4900 Minneapolis MN 55402 Organizational Consulting 142210 4 Investment Management 523920 5244210 4222074 1022136 5244210 5244210 4222074 1022136 0 X 2172930 1901234 271696 1687447 1611003 76444 177561 169747 7814 45050 36040 9010 121154 110164 10990 2442 2442 552294 389784 162510 4370 4370 41828 41828 142750 142750 28182 28182 7027 7027 42593 42593 28393 28393 UBI Tax 169752 169752 Education & Development 4381 4381 16056 16056 5244210 4427314 816896 0 147917 248886 1428808 1195490 263571 37328 26121 226243 1186584 1077479 2789430 2748098 1395749 1463522 1186584 1077479 2582333 2541001 X 0 0 0 0 207097 207097 207097 207097 2789430 2748098 0 0 X 0 1 X 0 0 X X 1 University of Minnesota Foundation 416042488 5 1 4647243 0 1 4647243 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 115397 7693 107704 148174 29635 118539 226243 Supplemental Executive Retirement Plan 559041 UMFIA Incentive Award Plan 518438 1077479 Supplemental Executive Retirement Plan 559041 UMFIA Incentive Award Plan 518438 1077479 X Part X, Line 2: 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. X X X 0 1 0 0 0 0 0 1 0 Douglas J Gorence President 642137 0 460687 0 349340 0 188363 0 3600 0 1644127 0 348852 0 Andrew J Behrens Chief Investment Officer 371667 0 327653 0 54 0 34800 0 0 0 734174 0 0 0 Kathleen M Schmidlkofer Director 0 403892 0 181547 0 744 0 89000 0 12361 0 687544 0 0 Jeffrey M Rodgers Investment Director 268243 0 221352 0 54 0 34800 0 7200 0 531649 0 0 0 Daniel J Arlandson Investment Director 271057 0 221352 0 68 0 34800 0 3600 0 530877 0 0 0 Christine K Searson Secretary/Treasurer 0 236489 0 50749 0 744 0 25072 0 33694 0 346748 0 0 David T Walkosz Controller 165993 0 55300 0 138 0 27126 0 7200 0 255757 0 0 0 Part I, Line 4b 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 2021 was $349,340. Part I, Line 7 The performance award program recognizes eligible individuals with an incentive opportunity each fiscal year for successful performance and completion of work plan accountabilities and predetermined goals. The incentive is variable, at risk and based on a percentage of base salary. 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 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 Presidents/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 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 B, line 11b The Form 990 is reviewed by the Chair of the Board, Treasurer/Secretary, President, and Controller as well as a paid preparer. The Form 990 is then distributed to the full board for review 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 board chair and compensation committee. Compensation for the President is prepared by the board 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 board 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 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 2022. 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). 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 and document retention & destruction policies of the University of Minnesota Foundation. Form 990, Part IX, line 11g Miscellaneous: Program service expenses 389,784. Management and general expenses 162,510. Fundraising expenses 0. Total expenses 552,294. 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