2025-05-07T15:19:45-05:00 2024-06-30 135565207 KPMG LLP 350 NORTH 5TH ST STE 600 MINNEAPOLIS MN 55401 990 2023-07-01 411843943 UNIVERSITY OF MINNESOTA PHYSICIANS UNIV 6128840600 720 WASHINGTON AVE SE 200 MINNEAPOLIS MN 55414 WILLIAM SIBERT CFO 6128840600 2025-05-07 1 1 HOLLY MOEN P01800653 6123055000 2025-05-02 2023 2025-03-06 01:10:19Z BEVAN YUEH 720 WASHINGTON AVE SE 200 MINNEAPOLIS MN 55414 906928414 0 X WWW.MPHYSICIANS.ORG X 1996 MN TO PROVIDE THE HIGHEST QUALITY HEALTHCARE TO PATIENTS AND THEIR FAMILIES. 18 5 5846 6 0 0 0 0 898127070 897039783 1147283 2333631 3675000 3675000 902949353 903048414 17327786 9138381 0 0 777623755 823558183 0 0 0 78291505 76438815 873243046 909135379 29706307 -6086965 309059998 286805724 200278540 211471745 108781458 75333979 X UNIVERSITY OF MINNESOTA PHYSICIANS SERVES AS THE INTEGRATED GROUP PRACTICE FOR THE UNIVERSITY OF MINNESOTA MEDICAL SCHOOL FULL-TIME FACULTY TO PROVIDE THE HIGHEST QUALITY HEALTHCARE TO PATIENTS AND THEIR FAMILIES.UNIVERSITY OF MINNESOTA PHYSICIANS IS A MULTI-SPECIALTY PHYSICIAN ORGANIZATION SERVING AS THE FACULTY PRACTICE PLAN FOR THE UNIVERSITY OF MINNESOTA MEDICAL SCHOOL. IT IS DEDICATED TO PROVIDING HIGH QUALITY, PATIENT FOCUSED CARE AND ADVANCING MEDICAL KNOWLEDGE. IT SUPPORTS THERESEARCH AND EDUCATION MISSIONS OF THE MEDICAL SCHOOL. 0 0 848210015 9138381 900714783 UNIVERSITY OF MINNESOTA PHYSICIANS (UMP) SERVES AS THE INTEGRATED, MULTI-SPECIALTY GROUP PRACTICE FOR THE UNIVERSITY OF MINNESOTA MEDICAL SCHOOL (MEDICAL SCHOOL) FACULTY. IT OPERATES AS AN INTEGRAL PART OF THE MEDICAL SCHOOL, A COMPONENT OF THE UNIVERSITY OF MINNESOTA (UNIVERSITY), WHICH IS A TAX-EXEMPT LAND GRANT PUBLIC UNIVERSITY.(CONTINUED ON SCHEDULE O)AS THE DESIGNATED PRACTICE GROUP FOR THE MEDICAL SCHOOL'S FACULTY, UMP WAS ESTABLISHED TO SUPPORT THE MEDICAL SCHOOL'S TRIPARTITE MISSION: CLINICAL CARE, TEACHING, AND RESEARCH. IT IS THE ORGANIZATION THROUGH WHICH THE FACULTY PHYSICIANS PROVIDE CLINICAL CARE TO PATIENTS AND CLINICAL TRAINING TO THE NEXT GENERATION OF PHYSICIANS. THE FUNDS DERIVED FROM UMP'S ACTIVITIES ARE USED TO FINANCIALLY SUPPORT THE MEDICAL SCHOOL'S TEACHING, RESEARCH, ACADEMIC ADMINISTRATION, AND COMMUNITY SERVICE ACTIVITIES.CLINICAL CARE:UMP SERVES THE MEDICAL SCHOOL'S CLINICAL CARE MISSION AND THE UNIVERSITY'S LAND GRANT MISSION BY PROVIDING HIGH-QUALITY, INNOVATIVE AND CUTTING-EDGE CLINICAL CARE TO PATIENTS ACROSS THE STATE OF MINNESOTA AND BEYOND. IT BRINGS ACADEMIC MEDICINE AND EVIDENCE-BASED CARE TO PATIENTS AT OVER 80 CLINICAL CARE SITES IN MINNESOTA. UMP OWNS AND OPERATES A NUMBER OF PRIMARY CARE AND SPECIALTY CLINICS, INCLUDING A NUMBER OF WHOLLY-OWNED CLINICS, AS WELL AS A CO-OWNED AMBULATORY CARE CENTER, THE UNIVERSITY OF MINNESOTA HEALTH CLINICS AND SURGERY CENTER, WHICH HOUSES A BROAD RANGE OF SPECIALTY CLINICS. UMP ALSO PROVIDES PATIENT CARE AT THE HOSPITAL AND AMBULATORY CARE SITES OF ITS CLINICAL PARTNERS, WHICH INCLUDE OVER A DOZEN NONPROFIT HEALTH CARE SYSTEMS WITH FACILITIES LOCATED IN THE METROPOLITAN REGION AS WELL AS THE GREATER MINNESOTA REGION.UNDER AN ACADEMIC AFFILIATION RELATIONSHIP WITH ITS PRIMARY CLINICAL PARTNER, UMP PROVIDES THE PRIMARY PHYSICIAN STAFFING FOR THE UNIVERSITY OF MINNESOTA MEDICAL CENTER, MINNESOTA'S FLAGSHIP TEACHING FACILITY AND THE REGION'S ONLY UNIVERSITY-LEVEL ACADEMIC MEDICAL CENTER. IN ADDITION TO STAFFING THE ACADEMIC MEDICAL CENTER, UMP ALSO PROVIDES MEDICAL LEADERSHIP FOR THE CENTER, WHICH INCLUDES TWO ACUTE CARE HOSPITALS (ADULT AND PEDIATRIC - THE UNIVERSITY OF MINNESOTA MASONIC CHILDREN'S HOSPITAL, HOME OF SOME OF THE WORLD'S TOP PEDIATRIC CANCER PROGRAMS) AND DOZENS OF OUTPATIENT SPECIALTY CLINICS.UMP EMPLOYS MORE THAN 1,200 PHYSICIANS AND 2,400 OTHER CLINICIANS AND STAFF WHO ARE COMMITTED TO PROVIDING HIGH-QUALITY, PATIENT-FOCUSED CARE TO THE COMMUNITIES IT SERVES. UMP'S HIGHLY SKILLED AND HIGHLY TRAINED PHYSICIANS PROVIDE CARE IN OVER 90 SPECIALTIES AND SUB-SPECIALTIES, DIAGNOSING AND TREATING ALL PATIENT POPULATIONS AND MANAGING SOME OF THE MOST COMPLEX AND RARE CONDITIONS. UMP SERVES OVER ONE MILLION PATIENTS ANNUALLY. IT HAS A CHARITY CARE PROGRAM FOR THE UNINSURED AND UNDERINSURED AND SERVES MANY UNDERSERVED POPULATIONS. FOR EXAMPLE: ITS BROADWAY FAMILY MEDICINE CLINIC, HAS LONG PROVIDED PRIMARY CARE TO AN UNDERSERVED URBAN COMMUNITY WITH LIMITED ACCESS TO HEALTH CARE; ITS STUDENT-RUN PHILLIPS NEIGHBORHOOD CLINIC IS A FREE CLINIC THAT SERVICES AN UNINSURED POPULATION. TEACHING:UMP SERVES THE MEDICAL SCHOOL'S TEACHING MISSION BY PROVIDING CLINICAL TRAINING TO THE MEDICAL STUDENTS, RESIDENTS, AND FELLOWS IN THE MEDICAL SCHOOL'S GRADUATE MEDICAL EDUCATION PROGRAMS. UMP'S FACULTY PHYSICIANS PROVIDE THIS VITAL TRAINING AS PART OF THE CLINICAL CARE THEY PROVIDE TO PATIENTS. THEY PROVIDE THE PHYSICIANS-IN-TRAINING WITH REAL LIFE, HANDS-ON PATIENT EXPERIENCE IN THE CLINICAL SETTING, INSTRUCTING THEM ON ALL ASPECTS OF PATIENT CARE AND SUPERVISING THEIR PATIENT CARE ACTIVITIES. THIS CLINICAL TRAINING COVERS OVER 140 MEDICAL RESIDENCY AND FELLOWSHIP PROGRAMS FOR 19 GENERAL SPECIALTIES AND OVER 100 SUBSPECIALTIES. UMP'S FACULTY PHYSICIANS TRAIN OVER 70% OF MINNESOTA'S PHYSICIANS.RESEARCH:UMP SERVICES THE MEDICAL SCHOOL'S RESEARCH MISSION BY SUPPORTING ITS FACULTY PHYSICIANS' CLINICAL RESEARCH EFFORTS. UMP'S FACULTY PHYSICIANS ARE PHYSICIAN SCIENTISTS WHO ARE DRIVEN TO ADVANCE MEDICAL KNOWLEDGE THROUGH SCHOLARSHIP AND TRANSLATIONAL RESEARCH. THROUGH THE CLINICAL TRIALS THEY LEAD, THEY BRING NEW CURES AND TREATMENTS TO THE PATIENTS THEY CARE FOR IN THEIR CLINICAL PRACTICES.AS A NATIONAL RESEARCH POWERHOUSE, THE UNIVERSITY OF MINNESOTA MEDICAL SCHOOL HAS LONG BEEN RECOGNIZED FOR PIONEERING NEW TECHNIQUES AND THERAPIES IN MEDICINE. THE WORLD'S FIRST SUCCESSFUL OPEN HEART SURGERY, HEART TRANSPLANT, AND BONE MARROW TRANSPLANT WERE PERFORMED AT THE UNIVERSITY OF MINNESOTA MEDICAL CENTER. THE MEDICAL SCHOOL ALSO DEVELOPED THE FIRST HEART-LUNG MACHINE, THE FIRST WEARABLE, BATTERY-OPERATED PACEMAKER, AND MORE RECENTLY, THE FIRST-OF-ITS-KIND MOBILE RESUSCITATION VEHICLE TO BRING LIFE-SAVING, EMERGENCY ROOM-LEVEL CARE TO FIRST RESPONDERS FOR CARDIAC ARREST PATIENTS.THE MEDICAL SCHOOL REMAINS AT THE FOREFRONT OF THE LATEST CLINICAL TRIALS AND OTHER RESEARCH. KEY RESEARCH AREAS INCLUDE: STEM CELL RESEARCH AND REGENERATIVE MEDICINE; SOLID ORGAN AND BLOOD AND MARROW TRANSPLANTATION, DIABETES, IMMUNOLOGY AND INFECTIOUS DISEASE, CANCER, NEUROSCIENCE, LUNG DISEASE, AND CARDIOVASCULAR DISEASE. UMP'S FACULTY PHYSICIANS ARE PRINCIPAL INVESTIGATORS IN HUNDREDS OF ONGOING CLINICAL TRIALS IN THESE AREAS. THEIR RESEARCH ALLOWS UMP TO CONSTANTLY IMPROVE PATIENT CARE, OUTCOMES, AND QUALITY OF LIFE. THE FUNDING UMP PROVIDES TO THE MEDICAL SCHOOL SUPPORTS THESE RESEARCH EFFORTS. 848210015 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 1 1 1 0 0 1 95 0 1 5846 1 0 1 CJ 0 0 0 0 0 0 0 0 0 0 X 18 5 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 MN X SEAN FREDRICKSON 6128840600 720 WASHINGTON AVE SE STE 200 MINNEAPOLIS MN 55414 DENIS CLOHISY PHYSICIAN & BOARD VICE CHAIR 20.00 20.00 X 478309 731174 120643 JAKUB TOLAR PHYSICIAN & BOARD CHAIR 20.00 20.00 X 37058 907638 69782 SAYEED IKRAMUDDIN DIRECTOR AND EMPLOYED PHYSICIAN 20.00 20.00 X 559365 345586 97500 BEVAN YUEH CEO 20.00 20.00 X X 553591 273241 108236 ELIZABETH SEAQUIST DIRECTOR AND EMPLOYED PHYSICIAN 20.00 20.00 X 126450 761682 90084 JOSEPH NEGLIA DIRECTOR AND EMPLOYED PHYSICIAN 20.00 20.00 X 256235 305436 90963 JOEL BOYD DIRECTOR AND EMPLOYED PHYSICIAN 20.00 20.00 X 659038 0 68465 JESSICA KUEHN-HAJDER DIRECTOR AND EMPLOYED PHYSICIAN 20.00 20.00 X 458031 71900 74908 RAHEL GHEBRE PHYSICIAN & BOARD SECRETARY 20.00 20.00 X 306868 150123 81578 CATHERINE BENDEL DIRECTOR AND EMPLOYED PHYSICIAN 20.00 20.00 X 221650 67072 61074 KATHRYN KACEY JUSTESEN DIRECTOR AND EMPLOYED PHYSICIAN 20.00 20.00 X 103339 167277 52306 NAOMI FUJIOKA DIRECTOR AND EMPLOYED PHYSICIAN 20.00 20.00 X 195161 108289 39956 AMY REED TERMED 723 DIRECTOR AND EMPLOYED PHYSICIAN 20.00 20.00 X 305665 32273 48896 DEE THIBODEAU COMMUNITY BOARD MEMBER 1.00 0.00 X 0 0 0 JAMES HEREFORD NONVOTING BOARD MEMBER 1.00 0.00 X 0 0 0 JON CHRISTIANSON COMMUNITY BOARD MEMBER 1.00 0.00 X 0 0 0 JULIA JOSEPH-DI CAPRIO COMMUNITY BOARD MEMBER 1.00 0.00 X 0 0 0 KATHLEEN PICKARD COMMUNITY BOARD MEMBER & BOARD TREASURER 1.00 0.00 X 0 0 0 RICHARD MIGLIORI COMMUNITY BOARD MEMBER 1.00 0.00 X 0 0 0 TOM OLSON COMMUNITY BOARD MEMBER 1.00 0.00 X 0 0 0 NICK NYHUS CHIEF ADMINISTRATIVE OFFICER 40.00 0.00 X 420889 0 63404 WILLIAM SIBERT CFO 20.00 20.00 X 0 694416 55332 CHRISTOPHER MARTIN EMPLOYED PHYSICIAN 20.00 20.00 X 1882911 48789 64390 ROSEMARY KELLY EMPLOYED PHYSICIAN 20.00 20.00 X 1453114 93381 80917 MATTHEW HUNT EMPLOYED PHYSICIAN 20.00 20.00 X 1008993 0 69574 PRANAVA SINHA EMPLOYED PHYSICIAN 20.00 20.00 X 1357872 48789 33098 TUSHAR VORA EMPLOYED PHYSICIAN 20.00 20.00 X 926221 0 70964 11310760 4807066 1442070 2753 0 1 0 REGENTS OF THE UNIVERSITY OF MINNESOTA NW 5960 PO BOX 1450 MINNEAPOLIS MN 55485 CLINICAL/ACADEMIC 413243247 FAIRVIEW HEALTH SERVICES PO BOX 1496 MINNEAPOLIS MN 55440 LAB/NURSING SERVICES 9174981 RIGHTSOURCING INC PO BOX 515743 LOS ANGELES CA 90051 LAB/NURSING SERVICES 2205706 KRAUS-ANDERSON CONSTRUCTION COMPANY 501 S 8TH ST MINNEAPOLIS MN 55404 CONSTRUCTION 2059043 VERVINT LLC PO BOX 72596 CLEVELAND OH 44192 IT 2035582 47 CONTRACT SERVICE REV. 622110 856862160 856862160 PATIENT SERVICE REV. 622110 38101303 38101303 MEDICAID SUPP. PAYMENT 622110 2031937 2031937 RETAIL SALES 456199 44383 44383 897039783 2340605 2340605 3873026 3880000 -6974 -6974 -6974 BROADWAY CLINIC PYMT 622110 3675000 3675000 3675000 903048414 900714783 0 2333631 X 9138381 9138381 4352775 3264483 1088292 665531120 632053864 33477256 51809750 49093926 2715824 67381799 67252401 129398 34482739 32199656 2283083 2300430 468551 1831879 208296 664 207632 44000 44000 25330 25330 20892739 16784082 4108657 150992 19680 131312 322810 287950 34860 8784305 76442 8707863 9934293 9156081 778212 108591 106345 2246 368390 325895 42495 2875756 1921500 954256 14601423 13591048 1010375 ALL OTHER EXPENSES 9936425 6585985 3350440 MEDICAL SUPPLIER/DRUGS 2998464 2996510 1954 DEAN SUPPORT/DEAN TAX 2271655 2271655 MN CARE TAX 494913 494913 120003 120003 909135379 848210015 60925364 0 111574890 32926654 27441469 31925957 0 0 147526419 201342256 0 0 0 0 0 0 0 0 2504278 3728998 30088859 20679882 11077723 9408977 0 0 0 0 0 0 0 0 8935219 7472882 309059998 286805724 200278540 211471745 0 0 0 0 0 0 0 0 0 0 0 0 0 0 200278540 211471745 X 108781458 75333979 0 0 108781458 75333979 309059998 286805724 X -6086965 1459858 -28820372 X 0 1 X 1 0 X SCHEDULE A, PART I, LINE 3 UNIVERSITY OF MINNESOTA PHYSICIANS IS RECOGNIZED AS A HOSPITAL BY THE INTERNAL REVENUE SERVICE UNDER IRC SECTION 170(B)(1)(A)(III). HOWEVER, UNIVERSITY OF MINNESOTA PHYSICIANS DOES NOT CURRENTLY OPERATE ANY LICENSED HOSPITAL FACILITIES: THEREFORE, NO SCHEDULE H IS REQUIRED. 0 0 0 0 0 0 0 0 1 44000 44000 0 PART II-B, LINE 1: A THIRD-PARTY FIRM IS CONTRACTED TO PERFORM LOBBYING ACTIVITIES ON UMP'S BEHALF. THESE ACTIVITIES INCLUDE ARTICULATING AND COMMUNICATING VIEWS OF UMP MANAGEMENT TO LAWMAKERS SURROUNDING PROPOSED HEALTHCARE LEGISLATION, MONITORING AND INFORMING UMP OF POTENTIAL LEGISLATION THAT MAY IMPACT UMP, FACILITATING MEETINGS BETWEEN LEGISLATIVE MEMBERS AND UMP'S CEO, AND PROVIDING QUARTERLY UPDATES TO UMP'S SENIOR TEAM AND CEO. 9551877 3341742 6210135 3993342 3047159 946183 16543640 14290981 2252659 9408977 X PART X, LINE 2: UMPHYSICIANS HAS ADOPTED GUIDANCE IN THE INCOME TAX STANDARD REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. THE STANDARD REQUIRES AN ORGANIZATION TO DETERMINE WHETHER IT IS MORE LIKELY THAN NOT THAT A TAX POSITION WILL BE SUSTAINED UPON EXAMINATION ON THE TECHNICAL MERITS OF THE POSITION, ASSUMING THE TAXING AUTHORITY HAS FULL KNOWLEDGE OF ALL INFORMATION. IF THE TAX POSITION DOES NOT MEET THE MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD, THE BENEFIT OF THAT POSITION IS NOT RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS. UMPHYSICIANS EVALUATES ITS UNCERTAIN TAX POSITIONS. THERE ARE NO ASSETS OR LIABILITIES RELATED TO UNCERTAIN TAX POSITIONS OR UNRECOGNIZED TAX BENEFITS AS OF JUNE 30, 2024 AND 2023. FEDERAL RETURNS FOR THE PERIODS ENDED JUNE 30, 2021 THROUGH JUNE 30, 2024 REMAIN SUBJECT TO EXAMINATION BY MAJOR TAX JURISDICTIONS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 22498688 0 0 0 0 0 0 22498688 0 22498688 1 0 1 0 0 0 0 UNIVERSITY OF MINNESOTA 420 DELAWARE STREET MINNEAPOLIS MN 55455 416007513 115 9138381 0 N/A N/A EDUCATION & RESEARCH 1 0 PART I, LINE 2: ASSISTANCE WAS TO A RELATED ORGANIZATION, FUNDS ARE MONITORED BY MANAGEMENT, UNIVERSITY OF MINNESOTA AND THE RELATED GOVERNING BODIES. X X X X X 0 1 0 1 0 0 0 0 0 CHRISTOPHER MARTIN EMPLOYED PHYSICIAN 1179670 48789 699782 0 3459 0 42900 0 220 21270 1926031 70059 0 0 ROSEMARY KELLY EMPLOYED PHYSICIAN 1447624 93381 0 0 5490 0 42900 0 3705 34312 1499719 127693 0 0 PRANAVA SINHA EMPLOYED PHYSICIAN 1353472 48789 0 0 4400 0 33000 98 0 0 1390872 48887 0 0 DENIS CLOHISY PHYSICIAN & BOARD VICE CHAIR 418933 624174 53500 107000 5876 0 42900 0 2749 74994 523958 806168 0 0 MATTHEW HUNT EMPLOYED PHYSICIAN 805696 0 197654 0 5643 0 42900 0 26674 0 1078567 0 0 0 JAKUB TOLAR PHYSICIAN & BOARD CHAIR 35000 907638 0 0 2058 0 4550 0 0 65232 41608 972870 0 0 SAYEED IKRAMUDDIN DIRECTOR AND EMPLOYED PHYSICIAN 529880 239409 24216 106177 5269 0 42900 0 1201 53399 603466 398985 0 0 TUSHAR VORA EMPLOYED PHYSICIAN 742279 0 178109 0 5833 0 42900 0 28064 0 997185 0 0 0 ELIZABETH SEAQUIST DIRECTOR AND EMPLOYED PHYSICIAN 94481 646133 28887 115549 3082 0 16038 0 594 73452 143082 835134 0 0 BEVAN YUEH CEO 428849 273241 121696 0 3046 0 49500 0 908 57828 603999 331069 0 0 WILLIAM SIBERT CFO 0 556916 0 137500 0 0 0 0 0 55332 0 749748 0 0 JOEL BOYD DIRECTOR AND EMPLOYED PHYSICIAN 653938 0 0 0 5100 0 42900 0 25565 0 727503 0 0 0 JOSEPH NEGLIA DIRECTOR AND EMPLOYED PHYSICIAN 240400 268007 12476 37429 3359 0 32874 0 974 57115 290083 362551 0 0 JESSICA KUEHN-HAJDER DIRECTOR AND EMPLOYED PHYSICIAN 404116 71900 50000 0 3915 0 42900 0 569 31439 501500 103339 0 0 RAHEL GHEBRE PHYSICIAN & BOARD SECRETARY 302967 150123 0 0 3901 0 39386 0 398 41794 346652 191917 0 0 NICK NYHUS CHIEF ADMINISTRATIVE OFFICER 358763 0 57595 0 4531 0 49499 0 13905 0 484293 0 0 0 AMY REED TERMED 723 DIRECTOR AND EMPLOYED PHYSICIAN 299741 32273 0 0 5924 0 38966 0 1370 8560 346001 40833 0 0 CATHERINE BENDEL DIRECTOR AND EMPLOYED PHYSICIAN 218973 67072 0 0 2677 0 28467 0 1061 31546 251178 98618 0 0 NAOMI FUJIOKA DIRECTOR AND EMPLOYED PHYSICIAN 174626 7108 18288 0 2247 101181 25079 14347 112 418 220352 123054 0 0 KATHRYN KACEY JUSTESEN DIRECTOR AND EMPLOYED PHYSICIAN 93999 167277 8000 0 1340 0 13260 0 0 39046 116599 206323 0 0 PART I, LINE 5 INCENTIVE COMPENSATION IS PAID BASED UPON ATTAINMENT OF SPECIFIC GOALS RELATED TO INDIVIDUAL CLINICAL PRODUCTIVITY, NOT THE EARNINGS OF THE ENTIRE ORGANIZATION. INCENTIVE COMPENSATION FOR NON-PHYSICIANS LISTED IS BASED ON QUALITY AND SAFETY, CLINICIAN AND EMPLOYEE EXPERIENCE, PATIENT EXPERIENCE, EFFICIENCY AND GROWTH. FARHA IKRAMUDDIN SPOUSE OF DIRECTOR 270312 EMPLOYMENT 0 FORM 990, PART IV, LINE 14A WHILE UMPHYSICIANS DID NOT MAINTAIN AN OFFICE OR EMPLOYEES OUTSIDE OF THE UNITED STATES, A SUBSIDIARY OF UMPHYSICIANS DID. HOWEVER, THIS SUBSIDIARY IS NOT INCLUDED AS PART OF THIS FORM 990. FORM 990, PART VI, SECTION A, LINE 1A THE BOARD HAS ONE NON-VOTING DIRECTOR WHO IS A REPRESENTATIVE OF THE ORGANIZATION'S PRIMARY CLINICAL PARTNER. THE EXECUTIVE GOVERNANCE COMMITTEE OF THE BOARD OF DIRECTORS MAY ACT WITH THE FULL AUTHORITY OF THE BOARD AND TRANSACT BUSINESS ON BEHALF OF THE BOARD IN THE INTERIM BETWEEN BOARD MEETINGS. IT IS COMPOSED OF THE FOLLOWING DIRECTORS: THE BOARD CHAIR, VICE CHAIR, TREASURER, AND SECRETARY; THE CHIEF EXECUTIVE OFFICER; AND THREE TO FOUR OTHER VOTING DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B UNIVERSITY OF MINNESOTA PHYSICIANS WAS ESTABLISHED AS THE DESIGNATED PRACTICE ORGANIZATION OF THE FACULTY OF THE UNIVERSITY OF MINNESOTA MEDICAL SCHOOL UNDER A DESIGNATION BY THE UNIVERSITY OF MINNESOTA BOARD OF REGENTS. ACCORDINGLY, IT IS SUBJECT TO CERTAIN OPERATING POLICIES AND PROCEDURES ESTABLISHED FOR THE ORGANIZATION BY THE OFFICE OF THE DEAN OF THE MEDICAL SCHOOL. THE ORGANIZATION'S BYLAWS GRANT THE DEAN OF THE MEDICAL SCHOOL THE RIGHT TO APPROVE CERTAIN MATTERS INCLUDING: MATERIAL CHANGES TO THE ARTICLES OF INCORPORATION OR THE BYLAWS; THE APPOINTMENT OF THE CEO; THE SALE OF SUBSTANTIALLY ALL ASSETS; THE MERGER, CONSOLIDATION, CHANGE IN CONTROL, OR DISSOLUTION OF THE ORGANIZATION; THE ANNUAL BUDGET REVIEW; AND THE CREATION OF CLINICAL PROGRAMS, BUSINESS UNITS, PRACTICE SITES, SUBSIDIARIES, PARTNERSHIPS OR JOINT VENTURES. FORM 990, PART VI, SECTION B, LINE 11B AFTER THE FORM 990 IS PREPARED BY THE INTERNAL ACCOUNTING DEPARTMENT AND THE EXTERNAL PREPARER AND BEFORE IT IS FILED WITH THE IRS, IT IS REVIEWED AS FOLLOWS: IT IS REVIEWED IN DETAIL BY THE CONTROLLER AND THE CHIEF FINANCIAL OFFICER; IT IS THEN PROVIDED TO THE BOARD'S AUDIT COMMITTEE IN ADVANCE OF A COMMITTEE MEETING AT WHICH THE EXTERNAL PREPARER PRESENTS AN OVERVIEW OF THE PREPARED FORM AND RESPONDS TO ANY QUESTIONS OR COMMENTS; FOLLOWING THE AUDIT COMMITTEE'S APPROVAL OF THE FILING OF THE FORM, IT IS PROVIDED TO THE FULL BOARD FOR VIEWING AND COMMENT. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD'S CONFLICT OF INTEREST POLICY COVERS BOARD DIRECTORS, NON-DIRECTOR MEMBERS OF BOARD COMMITTEES, AND OFFICERS AND EXECUTIVE-LEVEL EMPLOYEES OF THE ORGANIZATION. DETERMINATIONS AS TO WHETHER A CONFLICT OF INTEREST EXISTS WITH REGARD TO AN ARRANGEMENT, TRANSACTION OR DISCLOSURE ARE MADE BY THE COMPLIANCE OFFICER OR THE DISINTERESTED MEMBERS OF THE BOARD OR A BOARD COMMITTEE IF THE ARRANGEMENT IS CONSIDERED BY THE BOARD OR BOARD COMMITTEE. ACTUAL CONFLICTS ARE REVIEWED BY DISINTERESTED MEMBERS OF THE BOARD OR A BOARD COMMITTEE, OR THE CEO OR CFO, FOR A DETERMINATION AS TO WHETHER THE ARRANGEMENT MAY BE APPROVED AND WHETHER A CONFLICT MANAGEMENT PLAN IS REQUIRED. IN ADDITION TO THEIR ONGOING OBLIGATION TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST THAT ARISE AT ANY TIME, COVERED PERSONS ARE REQUIRED ANNUALLY TO RECEIVE THE CONFLICT OF INTEREST POLICY, CERTIFY THEIR AGREEMENT WITH THE POLICY, AND COMPLETE A DISCLOSURE SURVEY REGARDING ANY INTERESTS OR RELATIONSHIPS THAT COULD GIVE RISE TO A CONFLICT OF INTEREST WITH REGARD TO THEIR DUTIES TO THE ORGANIZATION. ALL ANNUAL DISCLOSURE SURVEYS ARE REVIEWED BY THE COMPLIANCE OFFICER AND ANY DISCLOSURES INDICATING A CONFLICT OF INTEREST ARE PRESENTED TO THE AUDIT COMMITTEE OF THE BOARD FOR A DETERMINATION AS TO WHETHER A CONFLICT MANAGEMENT PLAN IS REQUIRED. A CONFLICT MANAGEMENT PLAN, FOR EXAMPLE, MAY REQUIRE RECUSAL OF THE COVERED PERSON FROM ANY DISCUSSION, VOTE OR OTHER DECISION-MAKING WITH REGARD TO ANY MATTER FOR WHICH THE CONFLICT EXISTS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS ("ECC") IS RESPONSIBLE FOR REVIEWING AND APPROVING THE COMPENSATION AND BENEFITS OF THE CEO AND CERTAIN OTHER SENIOR EXECUTIVES OR LEADERS. THE ECC IS CHAIRED BY THE BOARD CHAIR, AND THE ADDITIONAL VOTING MEMBERS OF THE COMMITTEE ARE ALL INDEPENDENT BOARD DIRECTORS, ALL OF WHOM ARE DETERMINED TO BE WITHOUT A CONFLICT OF INTEREST AS DEFINED BY IRS REGULATIONS SECTION 53.4958-6(C)(1)(III). THE ECC RELIES ON INDEPENDENT, THIRD-PARTY COMPENSATION EXPERTS TO PROVIDE ANALYSIS OF COMPENSATION LEVELS AND PACKAGES, USING FAIR MARKET VALUE PRINCIPLES CONSISTENT WITH IRS REQUIREMENTS. IT ALSO USES INDEPENDENT NATIONAL AND LOCAL SURVEYS APPLICABLE TO ACADEMIC MEDICINE TO ASSESS COMPARABLE COMPENSATION BENCHMARKS. THE ECC APPROVES THE TOTAL COMPENSATION AND BENEFITS PACKAGE, OR A MARKET RANGE FOR ELEMENTS OF THE TOTAL COMPENSATION PACKAGE FOR EXECUTIVE OFFICERS, AND REQUIRES THAT SUCH COMPENSATION RANGES ARE FAIR MARKET VALUE AND REASONABLE IN ACCORDANCE WITH APPLICABLE REQUIREMENTS. THE DECISIONS OF THE ECC ARE CONTEMPORANEOUSLY DOCUMENTED IN MEETING MINUTES AND PROVIDED TO THE BOARD. THE ECC REVIEWS AND APPROVES ALL COMPENSATION FOR NEWLY HIRED OFFICERS AND CONDUCTS REGULARLY SCHEDULED REVIEWS OF THE TOTAL COMPENSATION OFFERED TO ALL EXECUTIVE OFFICER POSITIONS ON AN ANNUAL BASIS. IT ALSO ENGAGES A THIRD-PARTY, EXTERNAL COMPENSATION EXPERT TO CONDUCT PERIODIC REVIEWS OF COMPENSATION PACKAGES OFFERED TO EXECUTIVES USING A BI-ANNUAL, ROTATING CALENDAR CYCLE FOR ALL EXECUTIVE OFFICER POSITIONS. ON AN ANNUAL BASIS, THE ECC CONDUCTS A PERFORMANCE REVIEW OF THE CEO AND DETERMINES ANY ADJUSTMENTS TO THE CEO'S COMPENSATION BASED ON THE PERFORMANCE REVIEW AND A REVIEW OF COMPARABILITY DATA. THROUGH THE ECC, THE BOARD HAS DELEGATED TO THE CEO THE ACCOUNTABILITY TO CONDUCT ANNUAL PERFORMANCE REVIEWS OF EXECUTIVE OFFICERS AND DETERMINE COMPENSATION WITHIN MARKET RANGES THAT HAVE BEEN APPROVED BY THE ECC FOR EXECUTIVE OFFICERS. ANY COMPENSATION PACKAGES EXCEEDING THE APPROVED MARKET RANGES MUST BE APPROVED, IN ADVANCE, BY THE ECC. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC AS REQUIRED BY LAW. FORM 990, PART IX, LINE 1 UMPHYSICIANS MAKES VOLUNTARY TRANSFERS TO THE UNIVERSITY OF MINNESOTA MEDICAL SCHOOL TO SUPPORT RESEARCH, EDUCATION AND CLINICAL EXPENSES. BECAUSE THESE TRANSFERS ARE VOLUNTARY, THEY HAVE BEEN REPORTED ON PART IX, LINE 1 AS GRANTS. THEY HAVE ALSO BEEN REPORTED ON SCHEDULE I AS GRANTS. FORM 990, PART XI, LINE 9: LOSS ON EQUITY INVESTMENT -28,820,372. UMPHYSICIANS MANAGEMENT COMPANY LLC 720 WASHINGTON AVE SE STE 200 MINNEAPOLIS MN 55414 273616692 MANAGEMENT MN 0 0 UMP UNIVERSITY OF MINNESOTA 1425 UNIVERSITY AVE SE MINNEAPOLIS MN 55455 416007513 PUBLIC UNIVERSITY MN 115 N/A N/A 0 UMP ASSURANCE COMPANY BUCKINGHAM SQUARE 720 WEST BAY RD GRAND CAYMAN CJ 980445809 SELF-INSURANCE CJ UMPHYSICIANS C 14743490 55230965 1.00000 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 UNIV OF MN PHYSICIANS ASSURANCE COMPANY P 14743490 ACTUAL COST UNIV OF MN PHYSICIANS ASSURANCE COMPANY Q 4403514 ACTUAL COST