2014-05-06T15:42:16-05:00 2013-06-30 861065772 Deloitte Tax LLP 50 South Sixth Street Suite 2800 Minneapolis MN 554021538 990 2012-07-01 416042488 University of Minnesota Foundation UNIV 6126243333 200 Oak Street SE No 500 Minneapolis MN 554552010 Kathleen L Pickard 6126243333 2014-05-06 1 Kristina Rasmussen P00143920 6123974000 2012 2015-11-30 17:44:51Z Elizabeth A Malkerson 200 Oak Street SE No 500 Minneapolis MN 554552010 1159865226 0 X www.giving.umn.edu X 1962 MN Engage resources to build and sustain excellence at the University of Minnesota (U of M). 43 41 46 41 2675709 0 136217694 121976166 0 0 19922137 44289083 1187347 468374518 157327178 634639767 115023453 140425335 0 0 11322579 14626478 0 0 18806537 12434336 16881817 138780368 171933630 18546810 462706137 1744419146 2361694458 239941044 277316989 1504478102 2084377469 X The University of Minnesota Foundation's mission is to engage the resources of the private sector to build and sustain excellence at the University of Minnesota. See Schedule O. The Foundation advances the University's mission of teaching, research, and outreach to the community by raising and managing private dollars for scholarships, world-class faculty, leading-edge research, new facilities, and academic programs on all five campuses of the University of Minnesota. 0 0 140425335 140425335 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 and Minnesota Medical Foundation (prior to merger with University of Minnesota Foundation on 2/1/13). U of M campuses are located in Minneapolis/St Paul, Crookston, Duluth, Morris, and Rochester. See Schedule O.Distribution by purpose included $39M to Student support, $38M to Academic programs, $17M to Facilities, $19M to Faculty support, and $27M to Research. 140425335 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 1 387 0 1 46 1 1 1 0 0 0 0 1 1 1 2 0 0 0 X 43 41 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 X L Steven Goldstein 40.00 0.00 X X 455548 0 50750 Elizabeth A Malkerson 40.00 0.00 X X 0 0 0 Deborah L Hopp 0.40 0.00 X X 0 0 0 Michael B Fiterman 0.40 0.00 X X 0 0 0 Robert E Buuck 0.40 0.00 X X 0 0 0 Ross Levin 0.40 0.00 X X 0 0 0 Patti Andreini Arnold 0.40 0.00 X 0 0 0 Scott Augustine MD 0.40 0.00 X 0 0 0 Ruth G Bachman 0.40 0.00 X 0 0 0 Shari L Ballard 0.40 0.00 X 0 0 0 Mary Brainerd 0.40 0.00 X 0 0 0 Jon R Campbell 0.40 0.00 X 0 0 0 Lynn Casey 0.40 0.00 X 0 0 0 Linda A Cohen 0.40 0.00 X 0 0 0 Martin E Davis 0.40 0.00 X 0 0 0 Michael J Davis 0.40 0.00 X 0 0 0 Richard K Davis 0.40 0.00 X 0 0 0 Archie Givens Jr 0.40 0.00 X 0 0 0 Beverly N Grossman 0.40 0.00 X 0 0 0 B Kristine Johnson 0.40 0.00 X 0 0 0 Robert MA Johnson 0.40 0.00 X 0 0 0 Eric W Kaler 0.40 0.00 X 0 0 0 Elliot S Kaplan 0.40 0.00 X 0 0 0 Erwin A Kelen 0.40 0.00 X 0 0 0 David M Larson 0.40 0.00 X 0 0 0 Nancy E Lindahl 0.40 0.00 X 0 0 0 Richard L Lindstrom MD 0.40 0.00 X 0 0 0 Walter F Ling 0.40 0.00 X 0 0 0 Margaret E Lucas 0.40 0.00 X 0 0 0 Robert D MacDonald III 0.40 0.00 X 0 0 0 Susan I Marvin 0.40 0.00 X 0 0 0 Virginia H Morris 0.40 0.00 X 0 0 0 Lynn A Nagorske 0.40 0.00 X 0 0 0 Marilyn Carlson Nelson 0.40 0.00 X 0 0 0 Thomas G Olson 0.40 0.00 X 0 0 0 Charles M Osborne 0.40 0.00 X 0 0 0 Richard T Ostlund JD 0.40 0.00 X 0 0 0 William Pedersen 0.40 0.00 X 0 0 0 Jorg A Pierach 0.40 0.00 X 0 0 0 Christopher J Policinski 0.40 0.00 X 0 0 0 Kendall J Powell 0.40 0.00 X 0 0 0 Patricia S Simmons MD 0.40 0.00 X 0 0 0 Debra A Sit 0.40 0.00 X 0 0 0 James I Swenson 0.40 0.00 X 0 0 0 Brian Wenger JD 0.40 0.00 X 0 0 0 Kurt D Winkelmann 0.40 0.00 X 0 0 0 George H Winn 0.40 0.00 X 0 0 0 Simon KaWo Wong 0.40 0.00 X 0 0 0 James G Aagaard 40.00 0.00 X 195826 0 44102 Mark L Baumgartner 40.00 0.00 X 207758 0 33421 Robert J Burgett 40.00 0.00 X 192480 0 30664 Lisa M Meyer 40.00 0.00 X 217772 0 42232 Julie E Pelzl 40.00 0.00 X 160903 0 26482 Kathleen L Pickard 40.00 0.00 X 217497 0 44900 D Andrew Brown 40.00 0.00 X 151806 0 39439 Yvonne M Grosulak 40.00 0.00 X 152108 0 20279 Gracie Davenport 40.00 0.00 X 142257 0 25791 Janice Sickbert 40.00 0.00 X 141045 0 31560 Francis Robertson 40.00 0.00 X 140640 0 40248 2375640 0 429868 28 0 1 0 Gray Plant Mooty Mooty & Bennett PA 80 S 8th St Minneapolis MN 554023796 Legal 398070 Olson 420 N Fifth Street Ste 1000 Minneapolis MN 55401 Advertising 389202 D'Amico Catering 2210 Hennepin Ave Minneapolis MN 554052737 Event Catering 336756 Blackbaud 2000 Daniel Island Dr Daniel Island SC 294927540 Software 140066 KPMG 90 South Seventh StreetSte 4200 Minneapolis MN 554024113 Auditing 133450 9 1201547 957962 119816657 7438557 121976166 15655944 15655944 12748 12748 5021882 4222615 799267 799267 799267 549295099 520661960 28633139 28633139 28633139 430806 1201547 340884 89922 89922 Transfer of MMF Assets 900099 464789945 464789945 UBI Partnership Income 900999 2675709 2675709 UBI Fed Refund 900099 6927 6927 467472581 634639767 0 2675709 509987892 140025966 140025966 399369 399369 2344335 1127266 1217069 8288606 2357558 5931048 3993537 1448461 2545076 441839 441839 218581 218581 3300314 3300314 1123519 602120 521399 249016 12027 236989 746839 331854 414985 342009 298990 43019 1336103 1336103 348750 40280 308470 258559 64716 193843 580697 580697 293493 293493 Prof Dvlpmt to Colleges 4702460 0 0 4702460 Donor Recognition 1752152 0 20899 1731253 Printing & Publications 1030282 0 131343 898939 State UBI Tax 48474 0 48474 0 108730 46743 61987 171933630 140425335 12701758 18806537 14281138 24704585 140979593 413973057 88876792 127464949 101801 101801 32400700 4296968 28381554 28103732 371856110 460494767 19621 37966 1099922537 1306813601 1744419146 2361694458 7513819 17596277 3150291 4312791 201299867 221898694 27977067 33509227 239941044 277316989 X 55014096 60105884 836394645 1100908295 613069361 923363290 1504478102 2084377469 1744419146 2361694458 X 462706137 110522594 6670636 X 0 1 X 1 0 X 98672727 89310353 117962640 136217694 121976166 564139580 98672727 89310353 117962640 136217694 121976166 564139580 28512617 535626963 8859626 7606469 9811546 11504486 15668692 53450819 157300 157300 617747699 0.86710 0.87920 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2 0 0 6499943 1 1 0 1 X 868871232 243760414 93958670 17416704 45309027 1143864585 874703476 25192435 7387937 14920023 23492593 868871232 751695828 35715947 121161552 11442860 22426991 874703476 714533970 21575305 49885046 11200597 23097896 751695828 899084504 22961210 -177608222 11710637 18192885 714533970 0.01000 0.72000 0.27000 1 0 5271124 5271124 20163804 2300698 17863106 3682266 475307 3206959 3283506 1520963 1762543 28103732 Global Equity 223555089 Hedge Funds 348375239 Natural Resources 110296007 Real Estate 90856987 Private Equity 400916577 Fixed Income 22465108 Beneficial Interest in Perpetual Trusts 67619172 Assets Held in Charitable Trusts 24604815 Beneficial Interest in Trusts 5630137 Other Invstmnts, Recvbls, Gift Anty. Invstd w/ 3rd Party 12494470 1306813601 Gift Annuities Payable 22178851 Liability Under Charitable Trust Agreements 11330376 33509227 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. Description of Intended Use of Endowment Funds: 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. Description of Uncertain Tax Positions Under FIN 48: Part X, Line 2: FASB ASC 740-10, Accounting for Uncertainty in Income Taxes, provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely than-not recognition threshold to be recognized. This interpretation also provides guidance on measurement derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Foundation recorded no liabilities in 2013 for unrecognized tax positions. Central America & the Caribbean 0 0 Investments 454966648 Europe 0 0 Investments 34620536 North America 0 0 Investments 468127 0 0 0 0 0 0 490055311 0 490055311 1 0 0 1 1 0 X X X X X X 1 Aria Communications 717 W Saint Germain St St Cloud MN 56301 Phone Campaign 0 37381 18314 19067 37381 18314 19067 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 630630 414569 216061 0 0 784 1791 30711 85946 Red Hot Soiree 550392 448721 101671 0 0 0 0 0 200000 7 451331 338257 113074 0 0 0 0 0 21652 1632353 1201547 430806 784 1791 30711 307598 340884 89922 1 University of Minnesota 2221 University Ave SE Suite 111 Minneapolis MN 55414 416007513 Integral Part of MN 138798341 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) 808926 0 The Minnesota Landscape Arboretum Foundation (MLAF) is a recognized foundation of the U of M. Occassionally UMF receives gifts for MLAF. University of Iowa B5 Jessup Hall Iowa City IA 52242 426004813 115 134715 0 University of Minnesota collaboration with University of Iowa on Ataxia research and gene therapy. Fredreich's Ataxia 533 W Uwchlan Ave Downington PA 19335 522122720 501(c)(3) 60000 0 University of Minnesota research partnership on Ataxia. Essentia Institute of Rural Health 502 E 2nd St Duluth MN 55805 271291124 501(c)(3) 51415 0 Partnership with University of Minnesota on research of HPV and oral cancers. Starkey Hearing Foundation 6700 Washington Ave S Eden Prairie MN 55344 363297852 501(c)(3) 50000 0 University of Minnesota collaboration with Starkey Hearing Foundation to conduct research on hearing in Senegal, Africa. Minnesota Medical Foundation 200 Oak Street SE Suite 500 Minneapolis MN 55455 416027707 501(c)(3) 40814 0 The Minnesota Medical Foundation merged with the University of Minnesota Foundation on 2/1/13. Prior to that date, the Minnesota Medical Foundation was a recognized foundation of the U of M. The $40,814 reported here was gifts UMF received for MMF prior to the merger. Alpha Kappa Psi Scholarship Fund PO Box 390604 Minneapolis MN 55439 411925673 501(c)(3) 34046 0 The University of Minnesota Foundation (UMF) received an estate gift designated to the Alpha Kappa Psi Scholarship Fund. UMF granted the funds to Alpha Kappa Psi Scholarship Fund, being a separate nonprofit organization that is organized and operates to support students at the University of Minnesota's Carlson School of Management. Jackie Robinson Foundation Inc 75 Varick Street 2nd Floor New York NY 10013 132896345 501(c)(3) 32000 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. 7 2 Recipient of the Siehl Prize 2 95000 0 Research and Education Grants 11 194630 0 Honors and Awards for Medicine and Health 4 24000 0 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, 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 0 0 0 0 0 0 0 1 0 L Steven Goldstein 333024 0 104000 0 18524 0 32500 0 18250 0 506298 0 0 0 James G Aagaard 167019 0 25465 0 3342 0 22447 0 21655 0 239928 0 0 0 Mark L Baumgartner 180692 0 25900 0 1166 0 23969 0 9452 0 241179 0 0 0 Robert J Burgett 167438 0 23930 0 1112 0 22142 0 8522 0 223144 0 0 0 Lisa M Meyer 190454 0 25200 0 2118 0 25434 0 16798 0 260004 0 0 0 Julie E Pelzl 140275 0 19680 0 948 0 18523 0 7959 0 187385 0 0 0 Kathleen L Pickard 186620 0 26830 0 4047 0 25281 0 19619 0 262397 0 0 0 D Andrew Brown 131591 0 19200 0 1015 0 17842 0 21597 0 191245 0 0 0 Yvonne M Grosulak 152108 0 0 0 0 0 8366 0 11913 0 172387 0 0 0 Gracie Davenport 125816 0 16015 0 426 0 16782 0 9009 0 168048 0 0 0 Janice Sickbert 121037 0 18880 0 1128 0 16443 0 15117 0 172605 0 0 0 Francis Robertson 123098 0 16820 0 722 0 16959 0 23289 0 180888 0 0 0 Part I, Line 1a Travel for companions is provided for the spouse of the CEO as the spouse is considered a representative of the Foundation. All spousal travel is for business purposes. Until January 31, 2013, the Foundation paid the social club dues for the Minneapolis Club. The club membership was under L. Steven Goldstein's name. The Foundation paid the dues and used the club for donor cultivation, board meetings, and committee meetings. The Foundation tracked the personal usage vs. business usage of the club and L. Steven Goldstein paid for his personal usage of the club. The club expenses were reviewed by the Foundation's CFO. The Foundation monitored and reviewed the personal usage vs. business usage of the club and included any personal use of the club in the taxable wages of L. Steven Goldstein. Starting February 1, 2013, the Foundation used the club membership under Elizabeth Malkerson's name. Elizabeth Malkerson pays the dues and receives extra compensation to cover the costs, therefore included in her taxable wages. The Foundation pays for expenses incurred for meetings, donor cultivation, board meetings and Elizabeth Malkerson pays for her personal expenses at the club. 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. Richard K Davis Richard K. Davis (UMF Trustee) is Chairman, President and CEO of US Bancorp 226237 The Foundation makes payments to U.S. Bank for banking, trust fees, credit card fees, and purchasing card. US Bancorp is the parent company of US Bank. 0 X 12664 Cost or Selling Price X 240 6060859 Other X 3 1323500 Cost or Selling Price X Grain 4 41534 Cost or Selling Price 2 0 1 1 Third Party Use: 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 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). 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 high level employees 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 2013. 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 VII The following individuals held positions at both the Foundation and at University of Minnesota Foundation Investment Advisors ("UMFIA"). The hours listed on Part VII are the average hours per week these individuals devoted to the Foundation during the year. In addition, these individuals also devoted the following average hours per week to UMFIA. Charles Osborne .25 hours L. Steven Goldstein .25 hours Kathleen Pickard .25 hours Elizabeth Malkerson .25 hours Changes in Net Assets or Fund Balances: Form 990, Part XI, line 9: Changed in carrying value of trusts 9,346,345. UBI Partnership Income -2,675,709. Form 990, Part VIII, Line 11a During the fiscal year, the Board of Trustees for the Foundation and the Board of Trustees for the Minnesota Medical Foundation (MMF) agreed to combine their operations to better fulfill their respective missions, to enhance their ability to serve the University and their donors, and to create one voice for private giving at the University. The effective date of the Legal Plan of Merger was February 1, 2013. Under this Legal Plan of Merger, the MMF was merged with and into the Foundation and MMF's separate existence ceased. The merger is reflected in the consolidating financial statements and Form 990 in accordance with the technical accounting requirements of ASC 958-805 Not-for-Profit Entities - Business Combinations. MMF's assets and liabilities were combined at fair market value under the "acquisition method" as of the effective merger date of February 1, 2013 and no consideration was transferred. MMF's income and expense activity prior to the effective transaction date is not included in the Foundation's consolidated financial statements or Form 990. Form 990, Part VI, Section B, Lines 12-14 Policies have been adopted by the University of Minnesota Foundation Board and at this time have not been adopted for University of Minnesota Foundation - Dinnaken Housing, LLC. University of Minnesota Foundation - Dinnaken Housing LLC 900 Washington Ave SE Minneapolis MN 55414 274131769 Real Estate Rental & Lease DE 799267 35989830 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 St Ste 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 -3504 2385279 0 0 0.54210 MHRA LP 40 West 57th Street 24th Floor New York NY 10019 134156814 Investment NY N/A Investment/Other 6157665 11832364 0 0 0.85100 Charitable Remainder Unitrusts (42) 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 Charitable Lead Annuity Trust (1) Trust MN N/A T 0 Pooled Income Fund (1) Trust MN N/A T 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 University Gateway Corporation K 1081156 Cash basis University of Minnesota Foundation Investment Advisors M 3517235 Cash basis MHRA LP S 7495897 Cash basis