2022-04-22T14:55:22-05:00 2021-06-30 420714325 RSM US LLP 227 WEST FIRST STREET SUITE 700 DULUTH MN 55802 990 2020-07-01 416042488 UNIVERSITY OF MINNESOTA FOUNDATION UNIV 6126243333 200 OAK STREET SE NO 500 MINNEAPOLIS MN 554552010 CHRISTINE K SEARSON VICE PRESIDENT/CFO 6126243333 2022-04-20 1 CHRISTINE SEARSON XXX-XX-XXXX JULIE BOYER P01278549 2187275025 2022-04-20 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z CHRISTINE K SEARSON 200 OAK STREET SE NO 500 MINNEAPOLIS MN 554552010 1864367259 0 X WWW.GIVE.UMN.EDU X 1962 MN A NON-PROFIT ORGANIZATION WITH THE SOLE PURPOSE OF SUPPORTING THE UNIVERSITY OF MINNESOTA WITH A MISSION TO CONNECT PASSION WITH POSSIBILITY, INSPIRE GENEROSITY, AND SUPPORT GREATNESS AT THE UNIVERSITY OF MINNESOTA. 40 39 41 46 -1314159 0 270089105 241661680 0 0 -22958240 425827468 362441 2025396 247493306 669514544 202039319 201561671 0 0 31677837 32429100 0 0 34179735 24860241 21986251 258577397 255977022 -11084091 413537522 3368130769 4420065180 336318277 453528230 3031812492 3966536950 A NON-PROFIT ORGANIZATION WITH THE SOLE PURPOSE OF SUPPORTING THE UNIVERSITY OF MINNESOTA WITH A MISSION TO CONNECT PASSION WITH POSSIBILITY, INSPIRE GENEROSITY, AND SUPPORT GREATNESS AT THE UNIVERSITY OF MINNESOTA. 0 0 201561671 201561671 GRANTS AWARDED TO OR ON BEHALF OF THE UNIVERSITY OF MINNESOTA COLLEGIATE PROGRAMS IN SUPPORT OF TEACHING, RESEARCH, AND OUTREACH TO THE COMMUNITY. GRANTS AWARDED IN SUPPORT OF EDUCATION TO U OF M PROGRAM INCLUDING ACADEMIC HEALTH SERVICES, ATHLETICS, LIBRARIES, MINNESOTA EXTENSION SERVICE, MULTI-DISCIPLINARY AND SPECIAL PROJECTS, AND WEISMAN ART MUSEUM. GRANTS TO OTHER UNIVERSITY-RELATED FOUNDATION INCLUDE THE MINNESOTA LANDSCAPE ARBORETUM. U OF M CAMPUSES ARE LOCATED IN MINNEAPOLIS/ST. PAUL, CROOKSTON, DULUTH, MORRIS, AND ROCHESTER. DISTRIBUTION BY PURPOSE INCLUDED $58M TO STUDENT SUPPORT, $51M TO PROGRAM SUPPORT, $41M TO RESEARCH AND COMMUNITY OUTREACH/ENGAGEMENT, $25M TO FACULTY AND STAFF SUPPORT, AND $27M TO CAPITAL IMPROVEMENTS. 201561671 1 1 0 0 0 1 0 0 1 1 1 1 0 0 1 1 0 1 0 0 1 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 374 0 1 41 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X 40 39 1 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 AL AR CA CO DC HI KY LA MA MD ME MI MN NH NJ NY OH OK OR PA SC UT VA WA WV X X CHRISTINE K SEARSON 6126243333 200 OAK STREET SE NO 500 MINNEAPOLIS MN 554552010 KATHLEEN M SCHMIDLKOFER PRESIDENT/CEO 40.00 0.40 X X 563378 0 89838 THOMAS J ANDERSON TRUSTEE (LEFT APRIL 2021) 0.40 0.00 X 0 0 0 RUTH BACHMAN TRUSTEE 0.40 0.00 X 0 0 0 RICHARD B BEESON JR TRUSTEE (LEFT APRIL 2021) 0.40 0.00 X 0 0 0 MARY K BRAINERD TRUSTEE 0.40 0.00 X 0 0 0 BLYTHE A BRENDEN TRUSTEE 0.40 0.00 X 0 0 0 DOROTHY J BRIDGES TRUSTEE 0.40 0.00 X 0 0 0 REBECCA A CROOKS-STRATTON TRUSTEE 0.40 0.00 X 0 0 0 MICHAEL B FITERMAN TRUSTEE 0.40 0.00 X 0 0 0 JOAN TA GABEL TRUSTEE 0.40 0.00 X 0 0 0 ARCHIE J GIVENS JR TRUSTEE (LEFT NOV 2020) 0.40 0.00 X 0 0 0 JULIE E GILBERT TRUSTEE 0.40 0.00 X 0 0 0 KENNETH C GLASER TRUSTEE 0.40 0.00 X 0 0 0 KURT E HEIKKILA TRUSTEE 0.40 0.00 X 0 0 0 SUSAN S HOFF TRUSTEE 0.40 0.00 X 0 0 0 DEBORAH L HOPP TRUSTEE (LEFT NOV 2020) 0.40 0.00 X 0 0 0 HOYT M HSIAO TRUSTEE 0.40 0.00 X 0 0 0 RUSSELL HUFFER TRUSTEE 0.40 0.00 X 0 0 0 EZELL JONES TRUSTEE 0.40 0.00 X 0 0 0 ERWIN A KELEN TRUSTEE (LEFT NOV 2020) 0.40 0.00 X 0 0 0 MICHAEL P LEHAN TRUSTEE 0.40 0.00 X 0 0 0 BETH KIEFFER LEONARD TRUSTEE 0.40 0.00 X 0 0 0 ROSS LEVIN TRUSTEE 0.40 0.00 X 0 0 0 RICHARD L LINDSTROM MD TRUSTEE 0.40 0.00 X 0 0 0 MARGARET E LUCAS TRUSTEE 0.40 0.00 X 0 0 0 DAVID J MCMILLAN TRUSTEE 0.40 0.00 X 0 0 0 DAVID J MEYER TRUSTEE 0.40 0.00 X 0 0 0 VIRGINIA H MORRIS TRUSTEE (LEFT NOV 2020) 0.40 0.00 X 0 0 0 DAVID C MORTENSON TRUSTEE 0.40 0.00 X 0 0 0 ABDUL M OMARI PHD TRUSTEE 0.40 0.00 X 0 0 0 RICHARD T OSTLUND JD TRUSTEE 0.40 0.00 X 0 0 0 LYNNE REDLEAF TRUSTEE 0.40 0.00 X 0 0 0 MICHAEL F ROMAN TRUSTEE 0.40 0.00 X 0 0 0 ROGER J SIT TRUSTEE 0.40 0.00 X 0 0 0 ESTA E STECHER TRUSTEE 0.40 0.00 X 0 0 0 ERIK M TORGERSON TRUSTEE 0.40 0.00 X 0 0 0 PETER VORBRICH TRUSTEE 0.40 0.00 X 0 0 0 BRADFORD W WALLIN TRUSTEE 0.40 0.00 X 0 0 0 THERESA B WARD TRUSTEE 0.40 0.00 X 0 0 0 PENNY A WHEELER MD TRUSTEE 0.40 0.00 X 0 0 0 JACQUELINE R WILLIAMS-ROLL TRUSTEE 0.40 0.00 X 0 0 0 SIMON KAWO WONG TRUSTEE (LEFT NOV 2020) 0.40 0.00 X 0 0 0 SHARI L BALLARD TRUSTEE/CHAIR 0.40 0.00 X X 0 0 0 LYNN CASEY TRUSTEE/PAST CHAIR 0.40 0.00 X X 0 0 0 JOHN E LINDAHL TRUSTEE/VICE CHAIR 0.40 0.00 X X 0 0 0 THOMAS G OLSON TRUSTEE/SECRETARY 0.40 0.00 X X 0 0 0 PHILIP E SORAN TRUSTEE/TREASURER 0.40 0.00 X X 0 0 0 KATHLEEN L PICKARD VICE PRESIDENT/CFO (LEFT OCT 2020) 40.00 0.40 X 303489 0 47958 CHRISTINE K SEARSON VICE PRESIDENT/CFO 40.00 0.40 X 220153 0 55088 ROBERT J BURGETT SENIOR VICE PRESIDENT 40.00 0.00 X 396661 0 52565 PATRICIA K PORTER VICE PRESIDENT 40.00 0.00 X 348360 0 50186 JAMES G AAGAARD VICE PRESIDENT 40.00 0.00 X 278919 0 55143 SARAH E YOUNGERMAN VICE PRESIDENT 40.00 0.00 X 238463 0 78480 CAROL CUROE VICE PRESIDENT 40.00 0.00 X 244004 0 38215 JAN L SICKBERT ASSOCIATE VICE PRESIDENT 40.00 0.00 X 223843 0 77760 STEVEN M CORKERY ASSOCIATE VICE PRESIDENT 40.00 0.00 X 211985 0 49625 JANE F GODFREY ASSOCIATE VICE PRESIDENT 40.00 0.00 X 211782 0 49296 ELIZABETH PATTY ASSOCIATE VICE PRESIDENT 40.00 0.00 X 227045 0 49599 CATHERINE MCGLINCH ASSOCIATE VICE PRESIDENT 40.00 0.00 X 222056 0 53370 3690138 0 747123 74 0 1 0 LATHROP GPM 80 S 6TH ST STE 500 MINNEAPOLIS MN 55402 LEGAL SERVICES 631770 MEDIA LOFT INC 615 1ST AVE NE STE 100 MINNEAPOLIS MN 55413 EVENT PROJECT MANAGEMENT 387764 ALDES INC 7732 TESSMAN DR BROOKLYN PARK MN 55445 JANITORIAL & PAINTING SERVICES 349762 STRIPE 3180 18TH ST SAN FRANCISCO CA 94110 CREDIT CARD PROCESSING 230978 SECURITAS SECURITY SERVICES USA INC MPLS- ST PAUL 6 1450 ENERGY PARK D SAINT PAUL MN 55108 STUDENT HOUSING SECURITY 211108 22 621687 660222 240379771 24437026 241661680 18079561 -1314159 19393720 35213 35213 7097711 7821229 -723518 -723518 -723518 1594431456 1186683549 407747907 407747907 407747907 561638 621687 347937 213701 213701 DEV. SERVICES CONTRACT 900009 2500000 2500000 2500000 669514544 0 -1314159 429167023 201561671 201561671 3247453 1545733 1701720 21575615 5035393 16540222 7606032 1786935 5819097 490289 490289 240146 240146 6258755 6258755 2118416 1091994 1026422 55764 175 55589 646449 283379 363070 556450 407510 148940 1886814 1886814 7550 7 7543 186590 1786 184804 417142 417142 221406 221406 U OF M PROF DEVELOPMENT 7067070 7067070 PRINTING & PUBLICATIONS 807243 3819 803424 UBI TAX 372063 372063 DONOR CULTIVATION 173207 502 172705 480897 191768 289129 255977022 201561671 20235616 34179735 23431614 33702762 847497736 1185730695 231497328 208760918 69665124 21916058 49556683 47749066 607889336 636463855 1507654139 2189803595 35369 54874 100568564 117799415 3368130769 4420065180 16199910 30231153 50291 791 290208861 389077427 29859215 34218859 336318277 453528230 X 147480609 230130197 2884331883 3736406753 3031812492 3966536950 3368130769 4420065180 X 413537522 490779419 30407517 X 0 1 X 1 0 X 234958646 262237874 232329656 270089105 241661680 1241276961 234958646 262237874 232329656 270089105 241661680 1241276961 442384 1240834577 14958431 27400639 30063931 28383461 26526644 127333106 3422849 0 638884 2270469 0 6332202 2041848 1840802 305905 2500000 6688555 1381630824 0.89810 0.89460 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: DEVELOPMENT SERVICES CONTRACT - 2016 AMOUNT: $ 2,000,000. 2017 AMOUNT: $ 1,835,000. 2020 AMOUNT: $ 2,500,000. UBI FED REFUND - 2016 AMOUNT: $ 41,848. 2017 AMOUNT: $ 5,802. 2018 AMOUNT: $ 305,905. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 17491 528061 1 1 0 1 X 1714613264 89710813 656848478 26687264 26860365 2407624926 1755064512 60597739 -37692533 29743222 33613232 1714613264 1649947745 64970027 95918382 17897983 37873659 1755064512 1521226321 81609781 98683668 22055500 29516525 1649947745 1385239417 94171229 90788552 21257434 27715443 1521226321 0.01000 0.57000 0.42000 1 0 31847713 31847713 24824141 12296214 12527927 5816753 2570032 3246721 7057806 7049812 7994 118711 118711 47749066 INVESTMENTS MEASURED AT NAV 1590979901 F HEDGE FUNDS 1373489 F INVESTMENTS HELD AT COST 82888117 C INVESTMENTS AT EQUITY METHOD 155744817 F CONSOLIDATED INVESTMENTS 358817271 F 2189803595 GIFT ANNUITIES PAYABLE 19884232 CHARITABLE TRUST AGREEMENT LIABILITIES 14334627 34218859 X PART IV, LINE 2B: THE FOUNDATION MANAGES CERTAIN INVESTMENTS ON BEHALF OF OTHER CHARITABLE ORGANIZATIONS. THE MANAGEMENT OF THESE INVESTMENTS ARE SUBJECT TO AGREEMENTS WITH EACH THAT GOVERN THE ARRANGEMENTS, INCLUDING THE TIMING OF ADDITIONS AND WITHDRAWALS. PART V, LINE 4: GRANTS AWARDED TO OR ON BEHALF OF THE UNIVERSITY OF MINNESOTA TO STUDENT SUPPORT, FACULTY SUPPORT, RESEARCH, ATHLETICS, ACADEMIC HEALTH SERVICES, LIBRARIES, MULTI-DISCIPLINARY AND SPECIAL PROJECTS, AND OUTREACH TO THE COMMUNITY. PART X, LINE 2: THE FOUNDATION 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 FOUNDATION DUE TO THE IMPLEMENTATION OF THIS STANDARD. THE FOUNDATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 0 813514291 NORTH AMERICA 0 0 INVESTMENTS 0 72262798 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 0 67020991 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 0 47368027 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 0 43371500 0 0 0 0 0 0 1043537607 0 1043537607 1 0 1 1 1 0 PART III ACCOUNTING METHOD: CHILDREN'S HEALTH WINEFEST 417427 367941 49486 3681 0 53784 22317 CHILDREN'S HEALTH FASHIONFEST 270176 39690 230486 12125 2050 94739 17139 3 495722 214056 281666 8382 900 10794 70145 51881 1183325 621687 561638 8382 16706 12844 218668 91337 347937 213701 1 BOWEN CENTER FOR THE STUDY OF THE FAMILY 4400 MACARTHUR BLVD NW STE 103 WASHINGTON DC 200072521 521667358 501(C)3 55054 0 N/A N/A FUND GRANT PER CHARITABLE REMAINDER TRUST AGREEMENT TO MAKE ANNUAL DISTRIBUTION OF ENDOWMENT PAYOUT. FAIRVIEW HEALTH SERVICES 1700 UNIVERSITY AVE W ST PAUL MN 55104 410991680 501(C)3 1220638 0 N/A N/A FUND GRANTS TO SUPPORT THE UNIVERSITY OF MINNESOTA HOSPITAL AND CLINICAL PROGRAMMING AT M HEALTH FAIRVIEW M HEALTH FAIRVIEW FOUNDATON 1690 UNIVERSITY AVE W STE 250 ST PAUL MN 551043729 411573810 501(C)3 66574 0 N/A N/A FUND GRANTS TO SUPPORT THE UNIVERSITY OF MINNESOTA HOSPITAL AND CLINICAL PROGRAMMING. MAYO CLINIC 200 FIRST STREET SW ROCHESTER MN 55905 416011702 501(C)3 553687 0 N/A N/A FUND GRANT TO SUPPORT THE MAYO CLINIC. MINNEAPOLIS-UNIVERSITY ROTARY FOUNDATION 615 WASHINGTON AVE SE MINNEAPOLIS MN 554142931 411857937 501(C)3 5000 0 N/A N/A FUND GRANT TO SUPPORT THE MINNEAPOLIS-UNIVERSITY ROTARY FOUNDATION MINNESOTA LANDSCAPE ARBORETUM 3675 ARBORETUM DRIVE CHASKA MN 55318 237081057 501(C)3 698226 0 N/A N/A THE MINNESOTA LANDSCAPE ARBORETUM FOUNDATION IS A RECOGNIZED FOUNDATION OF THE UNIVERSITY OF MINNESOTA. STARKEY HEARING FOUNDATION 6801 WASHINGTON AVE S STE 200 EDINA MN 554391508 363297852 501(C)3 25000 0 N/A N/A TO SUPPORT MISSION WORK IN SENEGAL, AFRICA AS APPROVED BY THE INTERNATIONAL HEARING FOUNDATION UNIVERSITY GATEWAY CORPORATION 200 OAK STREET SE SUITE 500 MINNEAPOLIS MN 554552010 411879994 501(C)3 900000 0 N/A N/A TO SUPPORT THE UNIVERSITY GATEWAY CORPORATION, A RELATED ORGANIZATION THAT SUPPORTS THE UNIVERSITY. UNIVERSITY OF MINNESOTA 2221 UNIVERSITY AVE SE SUITE 111 MINNEAPOLIS MN 55414 416007513 GOV'T ENTITY 197690797 0 N/A N/A THE FOUNDATION PROVIDES FUND GRANTS TO AND FOR THE BENEFIT OF THE UNIVERSITY OF MINNESOTA. UNIVERSITY OF MINNESOTA ALUMNI ASSOCIATION 200 OAK STREET SE SUITE 200 MINNEAPOLIS MN 554552040 416037089 501(C)3 340000 0 N/A N/A FUND GRANT TO SUPPORT THE UNIVERSITY OF MINNESOTA ALUMNI ASSOCIATION. UNIVERSITY OF MINNESOTA PHYSICIANS 720 WASHINGTON AVE SE STE 200 MINNEAPOLIS MN 554142924 411843943 501(C)3 6695 0 N/A N/A FUND GRANT TO SUPPORT THE UNIVERSITY OF MINNESOTA PHYSICIANS MILL CITY CLINIC 11 0 PART I, LINE 2: THE FOUNDATION HOLDS FUNDS TO BENEFIT THE UNIVERSITY OF MINNESOTA. THE VARIOUS DEPARTMENTS OF THE UNIVERSITY ARE RESPONSIBLE FOR REQUESTING FUND GRANTS TO BE TRANSFERRED TO THE UNIVERSITY WHEN NEEDED. THE FOUNDATION MAKES CERTAIN THE FUND GRANT USE MATCHES THE FUND PURPOSE AND THEN DISBURSES THE MONEY TO THE UNIVERSITY. THE UNIVERSITY OFFICE OF INTERNAL AUDIT REGULARLY AUDITS THE DEPARTMENTS TO MAKE SURE THE FUNDS ARE BEING USED FOR THE APPROPRIATE PURPOSES. THE FOUNDATION ENSURES THE TAX-EXEMPT STATUS OF ANY ORGANIZATION TO WHICH IT IS MOVING GRANT MONIES OR WHICH A GRANT WAS MADE. IN ADDITION, THE FOUNDATION ENSURES THE PURPOSE OF THE GRANT IS CLEARLY UNDERSTOOD BY THE TRANSFEREE ORGANIZATION. X 1 1 X X X X X 0 0 0 1 0 0 0 1 0 KATHLEEN M SCHMIDLKOFER PRESIDENT/CEO 391697 0 170877 0 804 0 78500 0 11338 0 653216 0 0 0 ROBERT J BURGETT SENIOR VICE PRESIDENT 325471 0 69752 0 1438 0 42686 0 9879 0 449226 0 0 0 PATRICIA K PORTER VICE PRESIDENT 286490 0 61440 0 430 0 37700 0 12486 0 398546 0 0 0 KATHLEEN L PICKARD VICE PRESIDENT/CFO (LEFT OCT 2020) 243456 0 59119 0 914 0 29060 0 18898 0 351447 0 0 0 JAMES G AAGAARD VICE PRESIDENT 228860 0 48825 0 1234 0 30538 0 24605 0 334062 0 0 0 SARAH E YOUNGERMAN VICE PRESIDENT 196047 0 41986 0 430 0 45898 0 32582 0 316943 0 0 0 JAN L SICKBERT ASSOCIATE VICE PRESIDENT 191690 0 30796 0 1357 0 25780 0 51980 0 301603 0 0 0 CAROL CUROE VICE PRESIDENT 200444 0 42756 0 804 0 20553 0 17662 0 282219 0 0 0 ELIZABETH PATTY ASSOCIATE VICE PRESIDENT 195156 0 31085 0 804 0 25970 0 23629 0 276644 0 0 0 CATHERINE MCGLINCH ASSOCIATE VICE PRESIDENT 190624 0 31002 0 430 0 25780 0 27590 0 275426 0 0 0 CHRISTINE K SEARSON VICE PRESIDENT/CFO 196456 0 22770 0 927 0 21091 0 33997 0 275241 0 0 0 STEVEN M CORKERY ASSOCIATE VICE PRESIDENT 183624 0 28081 0 280 0 24735 0 24890 0 261610 0 0 0 JANE F GODFREY ASSOCIATE VICE PRESIDENT 181721 0 28827 0 1234 0 24275 0 25021 0 261078 0 0 0 PART I, LINE 1A THE FOUNDATION PAYS THE SOCIAL CLUB DUES FOR THE MINNEAPOLIS CLUB. THE CLUB MEMBERSHIP IS UNDER THE FOUNDATION CEO'S NAME. THE FOUNDATION USES THE CLUB FOR DONOR CULTIVATION, BOARD MEETINGS, AND EXECUTIVE MEETINGS. THE CEO PAYS FOR HER PERSONAL USAGE OF THE CLUB. THE FOUNDATION MONITORS AND REVIEWS THE PERSONAL USAGE VS. BUSINESS USAGE OF THE CLUB AND APPLIES THE PERSONAL % OF USE TO THE CLUB DUES AND INCLUDES IN THE TAXABLE WAGES OF THE FOUNDATION CEO. THE CLUB EXPENSES ARE REVIEWED BY THE FOUNDATION'S CFO. PART I, LINE 5 THE ANNUAL INCENTIVE PLAN RECOGNIZES AND AWARDS EMPLOYEE PERFORMANCE THAT CONTRIBUTES TO THE ACHIEVEMENT OF THE FOUNDATION'S ANNUAL GOALS AND OBJECTIVES. THE PRODUCTION GOALS AND AWARDS ARE BASED IN PART BY THE REVENUES EARNED BY THE FOUNDATION. PART I, LINE 7 THE ANNUAL INCENTIVE PLAN RECOGNIZES ELIGIBLE INDIVIDUALS WITH AN INCENTIVE OPPORTUNITY EACH FISCAL YEAR FOR SUCCESSFUL PERFORMANCE AND COMPLETION OF WORK PLAN ACCOUNTABILITIES AND PRE-DETERMINED GOALS. THE INCENTIVE IS VARIABLE, AT RISK, AND BASED ON A PERCENTAGE OF BASE SALARY. X 291 24428533 OTHER X GRAIN 2 8493 PRICE 0 0 1 0 PART I, COLUMN (B): THE AMOUNTS REPORTED ON COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS. 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, SECTION B, LINE 12C) ARE AS FOLLOWS: TRUSTEES THOMAS J. ANDERSON, RICHARD B. BEESON, JR., DAVID J. MCMILLAN (ALL REGENTS OF THE U OF M IN FY21) HAD A BUSINESS RELATIONSHIP WITH JOAN T.A. GABEL (PRESIDENT OF U OF M) DURING FY21. TRUSTEES PENNY WHEELER AND SHARI BALLARD HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF REGENTS OF THE UNIVERSITY OF MINNESOTA SHALL APPOINT AT LEAST ONE-FOURTH OF THE MEMBERS OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE ASSISTANT CONTROLLER AND CHIEF FINANCIAL OFFICER, AS WELL AS AN EXTERNAL PAID PREPARER. AFTER THOSE REVIEWS ARE COMPLETE, THE FORM 990 IS PRESENTED TO THE FULL AUDIT COMMITTEE. FINALLY, A COPY OF THE FORM IS DISTRIBUTED TO THE ENTIRE BOARD OF TRUSTEES BEFORE FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, TRUSTEES, EXECUTIVES, AND EXTENDED LEADERSHIP ARE REQUIRED TO READ THE CONFLICT OF INTEREST POLICY AND DISCLOSE ANY INTERESTS THAT COULD BE OF CONFLICT ANNUALLY. THE CFO, ASSISTANT CONTROLLER, AND DIRECTOR OF BOARD RELATIONS REVIEW THE CONFLICT OF INTEREST FORMS FOR ANY POTENTIAL CONFLICTS. THE PROCEDURES WITHIN THE CONFLICT OF INTEREST POLICY WILL BE FOLLOWED FOR ANY REPORTED CONFLICTS, INCLUDING THE POTENTIAL USE OF CONFLICT MANAGEMENT PLANS. IF A CONFLICT ARISES DURING THE YEAR, IT IS THE TRUSTEE'S RESPONSIBILITY TO DISCLOSE (PRIOR TO THE MEETING WHERE THE PROPOSED TRANSACTION OR ARRANGEMENT IS TO BE CONSIDERED) TO THE BOARD OF TRUSTEES OR THE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 AS A NON-PROFIT, THE FOUNDATION MUST DEMONSTRATE REASONABLE COMPENSATION FOR EXECUTIVE LEVEL POSITIONS. THE FOLLOWING ARE IN PLACE TO DOCUMENT AND SUPPORT EXECUTIVE COMPENSATION PRACTICES; ANNUALLY THE FOUNDATION PARTICIPATES IN AND REVIEWS MARKET SALARY DATA, INCLUDING NATIONAL FOUNDATIONS/UNIVERSITY DEVELOPMENT COMPENSATION SURVEY; BI-ANNUALLY NON-PROFITS CEO COMPENSATION SURVEY; TRACKING OF FORM 990 DATA OF OTHER NON-PROFIT FOUNDATIONS; LOCAL/NATIONAL SURVEYS. COMPENSATION REVIEW AND APPROVAL PROCESS CONSISTS OF: 1) EXECUTIVE STAFF COMPENSATION IS RECOMMENDED BY THE FOUNDATION CEO, PREVIEWED AND DISCUSSED WITH THE BOARD CHAIR AND HUMAN RESOURCES (HR) COMMITTEE CHAIR. COMPENSATION FOR THE CEO IS PREPARED BY THE BOARD CHAIR AND HR COMMITTEE CHAIR FOR REVIEW AND APPROVAL BY THE HR COMMITTEE. 2) AN EXTERNAL COMPENSATION CONSULTING FIRM PROVIDES THIRD PARTY, OBJECTIVE ADVICE RELATIVE TO THE OVERALL COMPETITIVENESS AND REASONABLENESS OF THE TOTAL COMPENSATION OF THESE EXECUTIVES IN RELATION TO APPROPRIATE AND COMPARABLE MARKET PRACTICES. THIS FIRM REPORTS DIRECTLY TO THE BOARD OF TRUSTEES AND REVIEWS THE REASONABLENESS OF THE TOTAL COMPENSATION FOR EXECUTIVES WHO ARE DISQUALIFIED PERSONS UNDER IRC 4958. PERFORMANCE AND COMPENSATION IS REVIEWED FOR DISCUSSION/QUESTIONS AND APPROVAL BY HR COMMITTEE OF THE BOARD OF TRUSTEES. IT IS NOTED THE HR COMMITTEE MEMBERS ARE "DISINTERESTED" PARTIES UNDER IRS INTERMEDIATE SANCTIONS. 3) THE CEO AND HR COMMITTEE CHAIR THEN PRESENTS THE OFFICER COMPENSATION ACTIONS TO THE BOARD OF TRUSTEES EXECUTIVE COMMITTEE FOR REVIEW AND RATIFICATION. THEN WITHOUT THE CEO PRESENT AND IN EXECUTIVE SESSION, THE BOARD CHAIR AND HR COMMITTEE CHAIR PRESENT CEO PERFORMANCE AND COMPENSATION FOR REVIEW AND RATIFICATION. THE APPROVALS OF THE CEO AND OFFICER COMPENSATION ARE DOCUMENTED IN THE MEETING NOTES. THESE PROCEDURES ARE PERFORMED ANNUALLY FOR THE CEO AND OFFICERS WITH THE MOST RECENT BEING PERFORMED IN JULY 2021. IN EXECUTIVE SESSION OF THE QUARTERLY BOARD OF TRUSTEES MEETING EACH AUGUST, THE BOARD CHAIR AND HR COMMITTEE CHAIR REPORT TO THE FULL BOARD ON PERFORMANCE AND COMPENSATION FOR EXECUTIVES. FORM 990, PART VI, SECTION C, LINE 19 THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE UNIVERSITY OF MINNESOTA FOUNDATION ARE AVAILABLE ON THE FOUNDATION'S WEBSITE OR ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN THE IRC SECTION 6104(D). FORM 990, PART XI, LINE 9: CHANGE IN CARRYING VALUE OF TRUSTS 30,407,517. 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