2015-05-05T14:23:25-05:00 2014-06-30 861065772 Deloitte Tax LLP 50 South Sixth Street Suite 2800 Minneapolis MN 554021538 990 2013-07-01 416042488 University of Minnesota Foundation UNIV 6126243333 200 Oak Street SE No 500 Minneapolis MN 554552010 Kathleen L Pickard Vice President/CFO 6126243333 2015-05-05 1 Chris Meskimen P01314196 6123974000 2013 2016-02-25 16:41:14Z Kathleen M Schmidlkofer 200 Oak Street SE No 500 Minneapolis MN 554552010 642366775 0 X www.give.umn.edu X 1962 MN Connect passion with possibility and support greatness at the University of Minnesota 44 42 55 42 0 0 121976166 199647780 0 0 44289083 45384138 468374518 2538633 634639767 247570551 140425335 183957607 0 0 14626478 22258803 0 0 26016703 16881817 19332990 171933630 225549400 462706137 22021151 2361694458 2605288970 277316989 301644155 2084377469 2303644815 The University of Minnesota Foundation's mission is to connect passion with possibility, inspire generosity, and support greatness at the University of Minnesota. 0 0 183957607 183957607 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 the other U of M programs and other university-related foundations. Other University programs include Academic Health Services, Athletics, Libraries, Minnesota Extension Service, Multi-Disciplinary and Special Projects, and Weisman Art Museum. Other university-related foundations include the Minnesota Landscape Arboretum. U of M campuses are located in Minneapolis/St. Paul, Crookston, Duluth, Morris, and Rochester. Distribution by purpose included $36M to Student support, $55M to Academic programs, $38M to Facilities, $23M to Faculty support, and $32M to Research. 183957607 1 1 0 0 0 1 0 0 1 1 1 0 0 1 1 1 0 1 0 0 1 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 0 1 532 0 1 55 1 1 1 0 0 0 0 1 1 1 1 0 0 0 0 X 44 42 1 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 AL AK CA CO DC HI KY LA ME MD MA MI MN NH NJ NY OH OK OR PA SC UT VA WA WV X X Gracie A Davenport 6126243333 200 Oak Street SE Suite 500 Minneapolis MN 554552010 Kathleen M Schmidlkofer President/CEO (Start 3/3/2014) 40.00 0.40 X X 0 0 0 Deborah L Hopp Chair 0.40 0.00 X X 0 0 0 Michael B Fiterman Vice Chair 0.40 0.00 X X 0 0 0 Robert E Buuck Secretary 0.40 0.00 X X 0 0 0 Ross Levin Treasurer 0.40 0.00 X X 0 0 0 Patti Andreini Arnold Trustee 0.40 0.00 X 0 0 0 Scott D Augustine MD Trustee 0.40 0.00 X 0 0 0 Ruth G Bachman Trustee 0.40 0.00 X 0 0 0 Shari L Ballard Trustee 0.40 0.00 X 0 0 0 Richard B Beeson Jr Trustee 0.40 0.00 X 0 0 0 Mary K Brainerd Trustee 0.40 0.00 X 0 0 0 Jon R Campbell Trustee 0.40 0.00 X 0 0 0 Lynn Casey Trustee 0.40 0.00 X 0 0 0 Linda A Cohen PhD Trustee 0.40 0.00 X 0 0 0 Martin E Davis Trustee 0.40 0.00 X 0 0 0 Michael J Davis JD Trustee 0.40 0.00 X 0 0 0 Richard K Davis Trustee 0.40 0.00 X 0 0 0 Archie Givens Jr Trustee 0.40 0.00 X 0 0 0 Beverly N Grossman Trustee 0.40 0.00 X 0 0 0 Russell Huffer Trustee 0.40 0.00 X 0 0 0 B Kristine Johnson Trustee (End 11/2013) 0.40 0.00 X 0 0 0 Robert MA Johnson JD Trustee 0.40 0.00 X 0 0 0 Eric W Kaler PhD Trustee 0.40 0.00 X 0 0 0 Erwin A Kelen Trustee 0.40 0.00 X 0 0 0 David M Larson Trustee 0.40 0.00 X 0 0 0 John E Lindahl Trustee 0.40 0.00 X 0 0 0 Nancy E Lindahl Trustee (End 11/2013) 0.40 0.00 X 0 0 0 Richard L Lindstrom MD Trustee 0.40 0.00 X 0 0 0 Walter F Ling Trustee 0.40 0.00 X 0 0 0 Robert D MacDonald III Trustee (End 11/2013) 0.40 0.00 X 0 0 0 Susan I Marvin Trustee 0.40 0.00 X 0 0 0 Virginia H Morris Trustee 0.40 0.00 X 0 0 0 Marilyn Carlson Nelson Trustee (End 11/2013) 0.40 0.00 X 0 0 0 Thomas G Olson Trustee 0.40 0.00 X 0 0 0 Richard T Ostlund JD Trustee 0.40 0.00 X 0 0 0 William Pedersen Trustee 0.40 0.00 X 0 0 0 Jorg A Pierach Trustee 0.40 0.00 X 0 0 0 Christopher J Policinski Trustee 0.40 0.00 X 0 0 0 Kendall J Powell Trustee 0.40 0.00 X 0 0 0 Michael F Roman Trustee 0.40 0.00 X 0 0 0 Patricia S Simmons MD Trustee (End 11/2013) 0.40 0.00 X 0 0 0 Debra A Sit Trustee 0.40 0.00 X 0 0 0 James I Swenson Trustee 0.40 0.00 X 0 0 0 Bradford W Wallin Trustee 0.40 0.00 X 0 0 0 Kevin F Warren JD Trustee 0.40 0.00 X 0 0 0 Brian Wenger JD Trustee 0.40 0.00 X 0 0 0 Kurt D Winkelmann PhD Trustee 0.40 0.00 X 0 0 0 George H Winn DDS Trustee 0.40 0.00 X 0 0 0 Simon KaWo Wong Trustee 0.40 0.00 X 0 0 0 James G Aagaard Vice President 40.00 0.00 X 220593 0 45966 Elizabeth A Malkerson Exec Vice President/CAO 40.00 0.40 X 452598 0 42565 Julie E Pelzl Vice President 40.00 0.00 X 186383 0 27475 Kathleen L Pickard Vice President/CFO 40.00 0.40 X 243921 0 46045 Mark L Baumgartner Vice President 40.00 0.00 X 219167 0 34767 Robert J Burgett Vice President 40.00 0.00 X 206402 0 32560 Sarah Harris UMFREA Managing Director 40.00 0.00 X 244000 0 32725 Patricia K Porter Vice President 40.00 0.00 X 219852 0 36580 Erik J Thurman Vice President 40.00 0.00 X 186269 0 43726 L Steven Goldstein Retired President & CEO 0.00 X 168448 0 9159 Lisa M Meyer Former Vice President 0.00 X 186940 0 6207 2534573 0 357775 41 1 1 0 Bentz Whaley Flessner 7251 Ohms Ln Minneapolis MN 554392148 Consulting Services 259011 Gray Plant Mooty Mooty & Bennett PA 80 S 8th Street Ste 500 Minneapolis MN 554025383 Legal Counsel 242886 Blackbaud 2000 Daniel Island Dr Daniel Island SC 294927540 Software 184075 Fair Isaac Corp 2655 Long Lake Road Saint Paul MN 551131117 Information Services Consulting 162556 Amergent Inc 9 Centennial Dr Peabody MA 019607939 Printing and Publications 156864 13 768061 670224 198209495 14807193 199647780 16170315 16170315 133808 133808 5985199 5986443 -1244 -1244 -1244 417200841 387987018 29213823 29213823 29213823 799856 768061 822763 -22907 -22907 Development Svs. Rev. 900099 2413543 2413543 UBI Fed Refund 900099 15433 15433 2428976 247570551 0 0 47922771 183802584 183802584 145214 145214 9809 9809 1570588 1101800 468788 15284665 3614980 11669685 5403550 1525126 3878424 221334 221334 105116 105116 4630583 4630583 1509894 554007 955887 257674 12965 244709 987204 424896 562308 404974 338096 66878 1724255 1724255 477528 27011 450517 384307 79937 304370 663653 663653 299490 299490 Prof Dvlpmt to Colleges 5150000 0 0 5150000 Printing & Publications 1362846 0 38410 1324436 Donor Recognition 711234 0 12280 698954 State UBI Tax 51057 0 51057 0 391841 150094 241747 225549400 183957607 15575090 26016703 24704585 20962839 413973057 406496768 127464949 142775023 101801 4253 42862583 8059863 28103732 34802720 460494767 433038562 37966 27976 1306813601 1567180829 2361694458 2605288970 17596277 15522044 4312791 3969470 221898694 250175843 33509227 31976798 277316989 301644155 X 60105884 85955142 1100908295 1266263838 923363290 951425835 2084377469 2303644815 2361694458 2605288970 X 22021151 190934123 6312072 X 0 1 X 1 0 X 89310353 117962640 136217694 121976166 199727362 665194215 89310353 117962640 136217694 121976166 199727362 665194215 18570659 646623556 7701165 12772354 16699885 20690574 22289322 80153300 745347515 0.86750 0.86710 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2 0 1196449 6014618 1 1 0 1 X 1143864585 51599200 145412495 16954802 25161016 1298760462 868871232 243760414 93958670 17416704 45309027 1143864585 874703476 25192435 7387937 14920023 23492593 868871232 751695828 35715947 121161552 11442860 22426991 874703476 714533970 21575305 49885046 11200597 23097896 751695828 0.01000 0.68000 0.31000 1 0 10690935 10690935 22981617 3484436 19497181 4367903 1262222 3105681 4822128 3313205 1508923 34802720 Global Equity 293908971 Hedge Funds 378696775 Natural Resources 128701108 Real Estate 111639082 Private Equity 471462718 Fixed Income 78417379 Beneficial Interest in Perpetual Trusts 67573349 Assets Held in Charitable Trusts 25502471 Beneficial Interest in Trusts 4341350 Other Invstmnts, Recvbls, Gift Anty Invstd w/3rd Party 6937626 1567180829 Gift Annuities Payable 20343733 Liability Under Charitable Trust Agreements 11633065 31976798 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 redemptions. Part V, Line 4: Grants awarded to or on behalf of the University of Minnesota collegiate programs in support of teaching, research, 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. The tax returns for the years 2011 through 2013 are open to examination by federal and state authorities. 1 Central America & the Caribbean 0 0 Investments 499025328 Europe (including Iceland & Greenland) 0 0 Investments 62732639 North America 0 0 Investments 2133202 Sub-Saharan Africa 0 0 Investments 601595 Europe (including Iceland & Greenland) 0 0 Program Service Expenses 9809 0 0 0 0 0 0 564502573 0 564502573 1 0 1 1 1 0 X X X X X X 1 RuffaloCody PO Box 718 Des Moines IA 50303 Phone Campaign 0 26255 26997 -742 26255 26997 -742 AL AK AR CA CO CT DC FL GA HI IL KS KY LA ME MD MA MI MN MS MO NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV Children's Health Winefest 748326 377693 370633 2385 230672 6847 101466 Golf Classic "Fore" Diabetes Resear 283797 142627 141170 32977 0 1477 818 163384 5 535794 247741 288053 6678 9095 66430 27783 172751 1567917 768061 799856 39655 11480 298579 35448 437601 822763 -22907 1 University of Minnesota 2221 University Ave SE Suite 111 Minneapolis MN 55414 416007513 Integral Part of MN 182250352 0 The University of Minnesota Foundation (UMF) provides fund grants to and for the benefit of the U of M. Minnesota Landscape Arboretum Foundation 3675 Arboretum Drive Chaska MN 55318 237081057 501(c)(3) 216721 0 The Minnesota Landscape Arboretum Foundation (MLAF) is a recognized foundation of the U of M. Occassionally UMF receives gifts for MLAF. University Gateway Corporation 200 Oak Street SE Suite 500 Minneapolis MN 55455 411879994 501(c)(3) 100000 0 Fund grant to support the University Gateway Corporation, a related organization that supports the University of Minnesota, University of Minnesota Foundation and University of Minnesota Alumni Association. Center for Victims of Torture 2356 University Ave S Saint Paul MN 551141860 363383933 501(c)(3) 100000 0 Donor advised fund one-year grant to community organization. MinnWest Technology Foundation PO Box 753 Willmar MN 562010753 770704901 501(c)(3) 50000 0 Siehl Prize for Excellence in Agriculture. Association of Minnesota Public Educational Radio Stations 2175 Cool Stream Circle Eagan MN 551221999 411388406 501(c)(3) 50000 0 Donor advised fund one-year grant to community organization. Fairview Foundation 2344 Energy Park Drive Saint Paul MN 55108 411573810 501(c)(3) 50000 0 Donor advised fund one-year grant to community organization. Debre Selam Medhane Alem Ethiopian Orthodox Tewahedo Church 4401 Minnehaha Ave S Minneapolis MN 55406 311763144 501(c)(3) 50000 0 Donor advised fund one-year grant to community organization. Living Well Disability Services 680 Oneill Drive Eagan MN 551211535 237181360 501(c)(3) 50000 0 Donor advised fund one-year grant to community organization. Lao Assistance Center of Minnesota 503 Irving Ave North Minneapolis MN 554051289 363255880 501(c)(3) 50000 0 Donor advised fund one-year grant to community organization. Carlton County 14 N 11th Street Cloquet MN 557201651 416005767 115 50000 0 Donor advised fund one-year grant to community organization. Viatnamese Social Services of Minnesota 277 University Ave W Saint Paul MN 551032158 363532232 501(c)(3) 50000 0 Donor advised fund one-year grant to community organization. Washburn Center for Children 2430 Nicollet Avenue Minneapolis MN 554043461 410711618 501(c)(3) 50000 0 Donor advised fund one-year grant to community organization. City of Bloomington 1800 W Old Shakopee Road Bloomington MN 554313071 416004990 115 49250 0 Donor advised fund one-year grant to community organization. Oromo Community of Minnesota 465 Mackubin Street Saint Paul MN 551032252 411727260 501(c)(3) 47389 0 Donor advised fund one-year grant to community organization. Dodge County Public Health 42 E Main Street PO Box 129 Dodge Center MN 559279145 115 46519 0 Donor advised fund one-year grant to community organization. Hmong American Partnership 1075 Arcade Street Saint Paul MN 551063213 411667580 501(c)(3) 45466 0 Donor advised fund one-year grant to community organization. Fraser 2400 W 64th Street Richfield MN 554231001 410781858 501(c)(3) 44059 0 Donor advised fund one-year grant to community organization. Project FINE Inc 202 W 3rd Street Winona MN 559873146 411883675 501(c)(3) 42529 0 Donor advised fund one-year grant to community organization. Starkey Hearing Foundation 6700 Washington Ave S Eden Prairie MN 553443405 363297852 501(c)(3) 35000 0 University of Minnesota collaboration with Starkey Hearing Foundation to conduct research and provide supplies and hearing aids for U of M mission trip to Africa. Houston County 611 Vista Drive Ste 1 Caledonia MN 559211189 416005804 115 25000 0 Donor advised fund one-year grant to community organization. Koochiching County Health Department 1000 5th Street International Falls MN 566492243 115 25000 0 Donor advised fund one-year grant to community organization. YWCA of Minneapolis 1130 Nicollet Mall Minneapolis MN 554032405 410693891 501(c)(3) 25000 0 Donor advised fund one-year grant to community organization. University of Minnesota Masonic Children's Hospital - Fairview 420 Delaware St SE Mmc181 Minneapolis MN 554550341 410991680 501(c)(3) 28426 0 Support for children, and their families, who are receiving care at the U of M Masonic Children's Hospital. Jackie Robinson Foundation Inc 75 Varick Street 2nd Floor New York NY 100131947 132896345 501(c)(3) 24000 0 The fund grants to the Jackie Robinson Foundation, Inc. are for scholarship recipients to attend the Jackie Robinson Leadership Weekend in New York City. Robbinsdale Area Schools 4148 Winnetka Avenue N New Hope MN 554271210 115 23401 0 Donor advised fund one-year grant to community organization. CAPI USA 3702 E Lake Street Minneapolis MN 554062156 411417198 501(c)(3) 20000 0 Donor advised fund one-year grant to community organization. Catholic Charities of the Diocese of St Cloud 911 18th Street N Saint Cloud MN 563031203 410737799 501(c)(3) 20000 0 Donor advised fund one-year grant to community organization. Healthfinders Collaborative Inc PO Box 731 Northfield MN 550570731 201805262 501(c)(3) 20000 0 Donor advised fund one-year grant to community organization. Just Kids Dental PO Box 146 Two Harbors MN 556160146 272311353 501(c)(3) 15000 0 Donor advised fund one-year grant to community organization. ECHO Minnesota 125 Charles Ave Saint Paul MN 551032108 261475578 501(c)(3) 14800 0 Donor advised fund one-year grant to community organization. Indiana University Foundation PO Box 500 Bloomington IN 474020500 356018940 501(c)(3) 12500 0 Redirection of gift to Indiana University Foundation. Hallett Community Center Foundation Inc 470 8th Street NE Crosby MN 564411559 411839978 501(c)(3) 11169 Donor advised fund one-year grant to community organization. Love Your Melon 3116 W Lake Street Unit 420 Minneapolis MN 554165260 464140899 501(c)(3) 10830 0 Love Your Melon provided events and support to the U of M Masonic Children's Hospital. Opportunity Partners 5500 Opportunity Ct Minnetonka MN 553439020 410737221 501(c)(3) 10000 0 Donor advised fund one-year grant to community organization. Way to Grow 125 W Broadway Avenue Ste 110 Minneapolis MN 554112246 710956749 501(c)(3) 10000 0 Donor advised fund one-year grant to community organization. Alzheimer's Disease & Related Disorders Association 7900 W 78th Street Ste 100 Minneapolis MN 554392532 411631624 501(c)(3) 10000 0 Donor advised fund one-year grant to community organization. Como ParkFalcon Heights Living at Home Block Nurse Program 1376 Hoyt Avenue W Saint Paul MN 551082138 411819275 501(c)(3) 10000 0 Donor advised fund one-year grant to community organization. Springboard for the Arts 308 Prince Street Ste 270 Saint Paul MN 551011437 411690483 501(c)(3) 10000 0 Donor advised fund one-year grant to community organization. Arizona State University Coor Hall 2211 PO Box 870102 Tempe AZ 852870102 860196696 115 9992 0 Arizona State University received funding for the Hearing Humanity Project, supported by the U of M affiliate, the International Hearing Foundation. Fairview Health Services 2450 Riverside Avenue F524 Minneapolis MN 554541450 410991680 501(c)(3) 8489 0 Support for children and their families who are receiving care at the University of Minnesota Masonic Children's Hospital. Interfaith Caregivers-Faith in Action Faribault County 415 S Grove Street Ste 5 Blue Earth MN 560132600 261554757 501(c)(3) 6000 0 Donor advised fund one-year grant to community organization. 42 0 To support Doctor's work in Tanzania to work with U of M residents and students 1 75000 0 To support International Hearing Foundation, affiliate of U of M 2 22895 0 Part I, Line 2: The University of Minnesota 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 X 1 1 X X X X X X 1 0 0 0 0 0 0 1 0 James G Aagaard Vice President 173705 0 44644 0 2244 0 23341 0 22625 0 266559 0 0 0 Elizabeth A Malkerson Exec Vice President/CAO 347618 0 102564 0 2416 0 33150 0 9415 0 495163 0 0 0 Julie E Pelzl Vice President 145533 0 40345 0 505 0 19175 0 8300 0 213858 0 0 0 Kathleen L Pickard Vice President/CFO 193629 0 47747 0 2545 0 26152 0 19893 0 289966 0 0 0 Mark L Baumgartner Vice President 187972 0 30455 0 740 0 24941 0 9826 0 253934 0 0 0 Robert J Burgett Vice President 179309 0 26400 0 693 0 23660 0 8900 0 238962 0 0 0 Sarah Harris UMFREA Managing Director 190000 0 54000 0 0 0 3899 0 28826 0 276725 0 0 0 Patricia K Porter Vice President 190643 0 28944 0 265 0 25436 0 11144 0 256432 0 0 0 Erik J Thurman Vice President 156710 0 29000 0 559 0 21132 0 22594 0 229995 0 0 0 L Steven Goldstein Retired President & CEO 44507 0 100000 0 23941 0 6278 0 2881 0 177607 0 0 0 Lisa M Meyer Former Vice President 25683 0 0 0 161257 0 3456 0 2751 0 193147 0 0 0 Part I, Line 1a Travel for companions is provided for the spouse or significant other of the CEO as they are considered a representative of the Foundation. All related travel is for business purposes. The Foundation pays the social club dues for the Minneapolis Club. The club membership is under Kathleen Schmidlkofer's name. The Foundation pays the dues and uses the club for donor cultivation, board meetings, and committee meetings. The Foundation tracks the personal usage vs. business usage of the club and Ms. Schmidlkofer pays for her personal usage of the club. The club expenses are reviewed by the Foundation's CFO. The Foundation monitors and reviews the personal usage vs. business usage of the club and includes any personal use of the club in the taxable wages of Ms. Schmidlkofer. Part I, Line 4a Lisa Meyer, $160,000. As a result of the merger of the University of Minnesota Foundation and Minnesota Medical Foundation on February 1, 2013, the officer level position held by Ms. Meyer was not continued. Ms. Meyer concluded employment effective February 1, 2013 and was provided a one-time lump sum severance payment in consideration for her work and conclusion of employment. 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 pre-determined goals. The incentive is variable, at risk, and based on a percentage of base salary. During the compensation reporting year, eligible individuals also received a one-time, non-recurring merger recognition award for performance of service during the merger of the University of Minnesota Foundation and the Minnesota Medical Foundation on February 1, 2013. Richard K Davis Richard K. Davis (UMF Trustee) is Chairman, President and CEO of US Bancorp 309115 The Foundation makes payments to U.S. Bank for banking, trust fees, credit card fees, and purchasing card. U.S. Bancorp is the parent company of US Bank. 0 X 317 13921292 Other X 2 862014 Selling Price X 1 80000 Sale of comparable X Grain 1 8886 Selling Price X Oil & Gas Lea 1 1 Other 1 0 1 1 Part I, Line 32b: The Foundation uses accounts at brokerage firms to accept and sell gifts of securities on our behalf. 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 Richard B. Beeson, Jr., Linda A. Cohen, David M. Larson, and Patricia S. Simmons (Regents of the U of M) have a business relationship with Eric W. Kaler (President of U of M). President/CEO Kathleen M. Schmidlkofer and Richard K. Davis have a business relationship. Trustees John E. Lindahl and Nancy E Lindahl have a family relationship. Their roles as voting board members did not overlap during the fiscal year. 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 11 The Form 990 is reviewed by the Controller and Chief Financial Officer, as well as an external paid preparer. After those reviews are complete, the Form 990 is reviewed by the Audit Committee Chair before being presented to the full Audit Committee. Finally, a hard 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, and Designated Managers are required annually to read the conflict of interest policy and disclose any interests that could be of conflict. The CFO and accounting staff review the conflict of interest forms for any potential conflicts. To date, no conflicts of interest have been reported. However, if a possible conflict was reported, the Chair would ask the person in conflict to abstain from discussions and voting, and the person may even be asked to resign from the board if necessary to be in compliance with policy. 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 (CEO and Officers). 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. 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 present 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 Officers 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 2014. 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. The Foundation does not make its governing documents or conflict of interest policy available to the public. Form 990, Part XI, line 9: Change in carrying value of trusts 6,312,072. University of Minnesota Foundation - Dinnaken Housing LLC 900 Washington Ave SE Minneapolis MN 55414 274131769 Real Estate Rental & Lease DE 168235 45311232 N/A University Gateway Corporation 200 Oak Street SE Suite 500 Minneapolis MN 55455 411879994 Facility to support U of M MN 501(c)(3) Line 11, Type I: 509 N/A 1 University of Minnesota Foundation Investment Advisors 45 South Seventh Street Suite 2650 Minneapolis MN 55402 411931343 Investment Management MN 501(c)(3) Line 11, Type I: 509 N/A 1 Santa Rosa Associates II co Industrial Realty Company 1091 Industrial Road Suite 101 San Carlos CA 940704118 942940288 Investment CA N/A Investment/Other 0 0 0.54210 MHRA LP 40 West 57th Street 24th Floor New York NY 10019 134156814 Investment NY N/A Investment/Other 13880658 0 0 0.83360 Charitable Remainder Unitrusts (41) Trust MN N/A T 0 Charitable Remainder Annuity Trusts (4) Trust MN N/A T 0 Perpetual Trusts (9) Trust MN N/A T 0 Charitable Lead Unitrusts (2) Trust MN N/A T 0 Pooled Income Fund (1) Trust MN N/A T 0 0 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 University Gateway Corporation B 100000 Cash basis University Gateway Corporation K 1743045 Cash basis University of Minnesota Foundation Investment Advisors M 3948659 Cash basis