2026-05-07T10:03:33-05:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 2001 16TH STREET SUITE 1700 DENVER CO 80202 990 2024-07-01 346555110 THE UNIVERSITY OF TOLEDO FOUNDATION UNIV 4195307730 4510 DORR ST MS 820 TOLEDO OH 43615 DEREK GROVES INTERIM PRESIDENT 4195307730 2026-05-06 1 1 REBECCA DETTMANN CPA P01408585 3037795710 2026-05-06 2024 2025-03-06 01:10:19Z DEREK GROVES 4510 DORR ST MS 820 TOLEDO OH 43615 158015531 0 X WWW.UTFOUNDATION.ORG X 1964 OH ALIGNING DONOR PASSION AND GENEROSITY TO ADVANCE THE UNIVERSITY OF TOLEDO THROUGH FUNDRAISING, STEWARDSHIP, AND PRUDENT ASSET MANAGEMENT TO PROVIDE SCHOLARSHIP OPPORTUNITIES FOR STUDENTS, TIER ONE ATHLETIC PROGRAMS, EDUCATION EVENTS ENLISTING ACADEMIC AND TECHNICAL SCHOLARS IN THE FIELDS OF STEM, BUSINESS, MEDICINE, AND FINE ARTS, AS WELL AS SUPPORTING MAIN CAMPUS AND HOSPITAL INFRASTRUCTURE, STATE OF THE ART MEDICAL TECHNOLOGY, AND WORLD-CLASS RESEARCH. 27 27 66 27 178181 8871 18171879 14882419 4563955 4622824 12415015 21126217 292619 -121574 35443468 40509886 17880996 17238510 0 0 7128700 7905316 204350 61408 5669644 4016370 4324829 29230416 29530063 6213052 10979823 784710766 845033402 356885472 384311643 427825294 460721759 X THE MISSION OF THE UNIVERSITY OF TOLEDO FOUNDATION IS TO SECURE THE FUTURE FOR THE UNIVERSITY OF TOLEDO, THROUGH PRUDENT ASSET MANAGEMENT AND PHILANTHROPY. WE BUILD STRONG LINKAGES BETWEEN ALUMNI AND THE UNIVERSITY, FOSTERING A SPIRIT OF LOYALTY AND OPPORTUNITY FOR ENGAGEMENT. 0 0 10366438 10366438 -176112 SUPPORT TO THE UNIVERSITY OF TOLEDO FOR ITEMS FOR EDUCATIONAL, ATHLETIC, AND CAPITAL IMPROVEMENT PURPOSES. 6292900 6292900 246559 SCHOLARSHIPS ARE PROVIDED FOR BOOKS, TUITION, AND HOUSING FOR STUDENTS ATTENDING THE UNIVERSITY OF TOLEDO. 579172 579172 0 SUPPORT OF THE UNIVERSITY OF TOLEDO IN THEIR RESEARCH ENDEAVORS. 46162 0 4622824 AT THE HEART OF EVERY SUCCESSFUL FOUNDATION IS A STRONG OPERATIONAL BACKBONEONE THAT ENSURES DONATED FUNDS ARE MANAGED RESPONSIBLY, PROGRAMS ARE EXECUTED EFFECTIVELY, AND THE FOUNDATION CAN STEWARD ITS MISSION FOR YEARS TO COME. THE ADMINISTRATION FEES PROGRAM EXISTS TO PROVIDE THIS ESSENTIAL INFRASTRUCTURE. THEY ARE A STRATEGIC COMPONENT OF OUR MISSION DELIVERY MODEL. 46162 0 4622824 17284672 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 0 0 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 1 112 3 1 66 1 1 1 0 0 0 0 1 1 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 CA CO FL KY MA MD MI MN NH NJ OH OR UT WA WV NY SC AL AR GA HI IL KS MS NC ND NM OK PA RI TN VA WI X X RANDY ROTHENBUHLER 4195307730 4510 DORR ST MS 820 TOLEDO OH 436154040 SUSAN PAYDEN CHAIR 1.00 0.00 X X 0 0 0 NANCY MILLER VICE-CHAIR 1.00 0.00 X X 0 0 0 YVONNE MCNULTY TREASURER 1.00 0.00 X X 0 0 0 NADEEM SALEM SECRETARY 1.00 0.00 X X 0 0 0 ROBERT BLEILE TRUSTEE 1.00 0.00 X 0 0 0 SHERI BOKROS TRUSTEE 1.00 1.00 X 0 0 0 JAMES CALDWELL TRUSTEE 1.00 0.00 X 0 0 0 TIFFANY CAVANAUGH TRUSTEE 1.00 0.00 X 0 0 0 JEFFREY COLE TRUSTEE 1.00 0.00 X 0 0 0 MUI-LING Y DONG TRUSTEE 1.00 0.00 X 0 0 0 MYRON DUHART TRUSTEE 1.00 0.00 X 0 0 0 JAMES JAROS TRUSTEE 1.00 0.00 X 0 0 0 GEORGE LATHROP TRUSTEE 1.00 1.00 X 0 0 0 JEAN LOVEJOY TRUSTEE 1.00 0.00 X 0 0 0 EVA MCQUILLEN TRUSTEE 1.00 0.00 X 0 0 0 SHAWN NELSON TRUSTEE 1.00 0.00 X 0 0 0 DAVID NOTTKE TRUSTEE 1.00 0.00 X 0 0 0 STEVEN REINBOLT TRUSTEE 1.00 1.00 X 0 0 0 BRADLEY J RIEGER TRUSTEE 1.00 0.00 X 0 0 0 MATTHEW RUBIN TRUSTEE 1.00 1.00 X 0 0 0 ROBERT SCHOONMAKER TRUSTEE 1.00 0.00 X 0 0 0 RASESH SHAH TRUSTEE 1.00 0.00 X 0 0 0 MARTIN SUTTER TRUSTEE 1.00 0.00 X 0 0 0 THOMAS WAKEFIELD TRUSTEE 1.00 0.00 X 0 0 0 ROBIN WHITNEY TRUSTEE 1.00 1.00 X 0 0 0 MATTHEW SCHROEDER EX-OFFICIO 1.00 0.00 X 0 0 0 ANDREW SWINERTON EX-OFFICIO 1.00 0.00 X 0 0 0 RANDY ROTHENBUHLER CFO 35.00 5.00 X 185499 0 33437 BRENDA S LEE PRESIDENT 38.00 2.00 X 283851 0 32522 FLOYD AKINS VP OF ADVANCEMENT (THROUGH 01/2025) 40.00 0.00 X 273648 0 97947 WILLIAM PIERCE ASSOCIATE VP OF ALUMNI ENG 10.00 30.00 X 203522 0 36104 BARB FISCHER ASSOCIATE VP OF ADVANCEMEN 40.00 0.00 X 185385 0 35027 DAVID ZELENKA ASSOCIATE VP OF HEALTH FIN 40.00 0.00 X 190337 0 24454 JENNIFER SCHAEFER DIRECTOR OF DEVELOPMENT 40.00 0.00 X 149721 0 44941 MAREN KURTZ ASSOCIATE VP OF HR & ADV. 40.00 0.00 X 161151 0 31540 1633114 0 335972 18 0 1 1 HGS LLC 6575 WEST LOOP SOUTH STE 300 BELLAIRE TX 77401 PROJECT CONTRACTOR 359926 HELLER CONSULTING 10580 N MCCARRAN BLVD RENO NV 89503 SOFTWARE CONSULTANT 328901 HOLLAND BUILDING SERVICES PO BOX 8248 TOLEDO OH 43605 BUILDING CLEANING SERVICES 278198 ARAMARK SERVICES INC 27310 NETWORK PLACE CHICAGO IL 60673 FOOD SERVICE VENDOR 249281 DEXT CAPITAL LLC 5500 MEADOWS RD STE 300 LAKE OSWEGO OR 97035 SOFTWARE CONSULTANT 210125 8 68910 207940 382102 14223467 6164 14882419 ADMINISTRATIVE FEES 561000 4622824 4622824 4622824 7911728 138978 7772750 1977085 3471533 -1494448 -1494448 -1264046 35735 -266137 123728552 22616 110482400 54279 13246152 -31663 13214489 13214489 80737 207940 112908 -32171 -32171 93296 32082 61214 61214 3602470 3352443 250027 246559 3468 UNIVERSITY SUPPORT INC 611710 576814 576814 EVENTS 711210 511120 511120 MISC. REVENUE 900099 5870 5870 1093804 40509886 4693271 178181 20756015 17238510 17238510 752776 752776 5725268 2212702 3512566 130027 130027 873572 24424 849148 423673 230352 193321 14497 14497 86266 86266 61408 61408 1039834 1039834 470080 470080 50648 50648 92767 55699 37068 841722 580806 260916 296515 293160 3355 164865 164865 500046 70107 429939 109357 109357 43321 42999 322 BAD DEBT 365400 365400 DUES AND SUBSCRIPTIONS 138280 27292 110988 DONOR LIFE INSURANCE PR 46162 46162 DONOR APPRECIATION GIFT 45748 45748 19321 19321 29530063 17284672 6575747 5669644 2736103 2114285 8782221 8825996 1851074 1402911 12006085 12751821 380212 649635 49222386 9837080 40278951 39385306 478830070 478893067 237777769 299260930 2068281 1749451 784710766 845033402 3278996 4579605 42969 60221 339477464 366469150 9340523 8969067 4745520 4233600 356885472 384311643 X 72491327 76904167 355333967 383817592 427825294 460721759 784710766 845033402 X 10979823 21866909 49733 X X 0 1 X 1 0 X 19636690 14789683 13141772 18171879 14882419 80622443 19636690 14789683 13141772 18171879 14882419 80622443 3273883 77348560 6604043 6947706 8405606 7564084 9502355 39023794 101373 71680 54806 34985 37914 300758 475387 771379 968118 1197935 1093804 4506623 124453618 33004419 0.62150 0.52160 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 321171010 2682250 35423975 9385345 -5223732 355115622 302394154 7196662 33195142 17672761 3942187 321171010 286521774 5355506 20473743 6576011 3380858 302394154 312477927 5135178 -25324730 2583929 3182672 286521774 242177777 12341459 67483870 6577659 2947520 312477927 0.05093 0.47497 0.47411 0 0 5608094 5608094 42041070 9564478 32476592 1569222 272602 1296620 4000 4000 39385306 101390323 F PARTNERSHIPS 190045467 F CHARITABLE REMAINDER TRUSTS AND LIFE INCOME FUND 4979411 F GATEWAY 2252253 F REAL ESTATE AND OTHER 593476 F 299260930 ANNUITIES PAYABLE 1981347 GATEWAY FUNDING FROM POOLED INVESTMENTS 2252253 4233600 X 68177681 21866909 -128246 21738663 46439018 1039834 -6968966 -5929132 40509886 35259106 7134277 7134277 28124829 1039834 365400 1405234 29530063 PART IV, LINE 2B: THE FOUNDATION RAISES OR HOLDS CONTRIBUTIONS FOR AFFILIATES. THE FOUNDATION ACCEPTS CONTRIBUTIONS FROM DONORS AND AGREES TO TRANSFER THOSE ASSETS, THE RETURN ON INVESTMENT OF THOSE ASSETS OR BOTH, TO THE AFFILIATE THAT WAS SPECIFIED BY THE DONOR. THE FOUNDATION CONTINUES TO REPORT THESE FUNDS AS ASSETS OF THE FOUNDATION; HOWEVER, A LIABILITY HAS BEEN ESTABLISHED FOR THE FAIR VALUE OF THE FUNDS. ALL FINANCIAL ACTIVITY RELATED TO THE FUNDS IS RECORDED AS ADJUSTMENTS TO THE FUNDS HELD FOR AFFILIATE'S LIABILITY AND IS OMITTED FROM THE CONSOLIDATED STATEMENT OF ACTIVITIES. PART V, LINE 4: THE ENDOWMENT FUNDS ARE TO BE USED TO PROMOTE THE CHARITABLE PURPOSES OF THE UNIVERSITY OF TOLEDO FOUNDATION. PART X, LINE 2: THE FOUNDATION AND THE CORPORATION ARE INCORPORATED UNDER THE LAWS OF THE STATE OF OHIO AS NONPROFIT CORPORATIONS AND ARE EXEMPT FROM STATE AND LOCAL INCOME TAXES. THE IRS HAS DETERMINED THAT THE FOUNDATION AND THE CORPORATION ARE TAX-EXEMPT ORGANIZATIONS AS DEFINED UNDER SECTION 501(C) (3) AND SECTION 501(C) (25), RESPECTIVELY, OF THE INTERNAL REVENUE CODE. OTHER SUBSIDIARIES OF THE FOUNDATION ARE INCORPORATED IN THE STATE OF OHIO AS LIMITED LIABILITY COMPANIES AND MAY CAUSE THE FOUNDATION TO BE SUBJECT TO UNRELATED BUSINESS INCOME TAX ON CERTAIN ACTIVITIES UNRELATED TO ITS PRIMARY MISSION. MANAGEMENT HAS ESTIMATED POTENTIAL LIABILITY TO UNRELATED BUSINESS INCOME TAX TO BE NOMINAL. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE FOUNDATION AND RECOGNIZE A TAX LIABILITY IF THE FOUNDATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE FOUNDATION AND HAS CONCLUDED THAT AS OF JUNE 30, 2025 AND 2024, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE FOUNDATION AND CORPORATION ARE SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE 49,733. INCOME FROM UTF REAL ESTATE 187,421. BAD DEBT -365,400. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -3,352,444. FUNDRAISING EXPENSES -112,908. GAMING EXPENSES -32,081. RENTAL EXPENSES -3,471,533. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES FROM UTF REAL ESTATE 165,311. RENTAL EXPENSES 3,471,533. FUNDRAISING EXPENSES 112,908. GAMING EXPENSES 32,081. COST OF GOODS SOLD 3,352,444. PART XII, LINE 4B - OTHER ADJUSTMENTS: BAD DEBT 365,400. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS N/A 71864745 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS N/A 80214 0 0 0 0 0 0 71944959 0 71944959 1 0 1 1 1 0 PART I, LINE 3: THE ACCOUNTING METHOD USED IS ACCRUAL. X X X X X X X 1 WASHBURN & MCGOLDRICK LLC 24 NORTH BRYN MAWR AVENUE 252 BRYN MAWR PA 19010 CAMPAIGN READINESS ASSESSMENT 0 0 61408 0 61408 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC ROCKET ROUNDBALL 106300 85040 21260 4619 5000 2570 ROCKET FUEL COUNTRY CLUB EVENT 59953 51124 8829 19471 5 122424 71776 50648 750 2481 43480 8992 7099 18446 288677 207940 80737 750 2481 43480 33082 12099 21016 112908 -32171 93296 11785 15951 4346 0 93296 11785 15951 4346 32082 61214 OH 0 PURSUANT TO ORC 2915.092, THE ORGANIZATION MAY CONDUCT A RAFFLE TO RAISE MONEY FOR A SUPPORTED ORGANIZATION AND DOES NOT NEED A LICENSE IN ORDER TO CONDUCT A RAFFLE DRAWING THAT IS NOT FOR PROFIT. 0 1 0 1.00000 JILL BIEDENHARN 4510 DORR ST MS 820 TOLEDO OH 43615 0 JILL BIEDENHARN RECORDKEEPING X 0 1 UNIVERSITY OF TOLEDO 2801 W BANCROFT MS 319 TOLEDO OH 43606 346401483 OHIO 16997088 0 N/A N/A TO SUPPORT THE UNIVERSITY OF TOLEDO IN ITS EXEMPT PURPOSE UNIVERSITY OF TOLEDO ALUMNI ASSOCIATION 4510 DORR STREET TOLEDO OH 43615 346556011 501(C)(3) 85000 0 N/A N/A TO SUPPORT THE ALUMNI ASSOCIATION IN ITS EXEMPT PURPOSE UNIVERSITY OF TOLEDO PHYSICIANS CLINICAL FACULTY INC 4510 DORR STREET TOLEDO OH 43615 201304472 501(C)(3) 80417 0 N/A N/A TO SUPPORT THE PHYSICIANS CLINICAL FACULTY IN ITS EXEMPT PURPOSE THE UNIVERSITY OF TOLEDO MEDICAL CENTER 3000 ARLINGTON AVE TOLEDO OH 43614 340967014 OHIO 76005 0 N/A N/A TO SUPPORT THE MEDICAL CENTER IN ITS EXEMPT PURPOSE 4 0 PART I, LINE 2: THE UNIVERSITY OF TOLEDO FOUNDATION'S PRIMARY MISSION IS TO RECEIVE AND ADMINISTER PRIVATE GIFTS FOR THE BENEFIT OF THE UNIVERSITY OF TOLEDO. THE FOUNDATION PROVIDES ASSISTANCE FOR THE UNIVERSITY, STUDENT PROGRAMS AND FINANCIAL AID. THE FOUNDATION PROVIDES FUNDING TO THE UNIVERSITY OF TOLEDO FOR UNIVERSITY AND STUDENT PROGRAMS ON A REIMBURSEMENT BASIS. UNIVERSITY DEPARTMENT OFFICIALS REQUEST FUNDS THROUGH THE COMPLETION OF THE PROPER FORMS ACCOMPANIED BY SUFFICIENT SUPPORTING DOCUMENTATION. THE FOUNDATION REVIEWS THE FORMS AND DOCUMENTATION TO ENSURE COMPLIANCE WITH DONOR RESTRICTIONS AND FOUNDATION POLICIES AND PROCEDURES. ALL DISBURSEMENTS ARE THEN APPROVED BY THE PRESIDENT OR THE VP AND CFO. THE FOUNDATION ISSUES ASSISTANCE (GRANTS) TO CERTAIN STUDENTS OF THE UNIVERSITY OF TOLEDO FOR SCHOLARSHIPS AND STUDENT AID. THE STUDENTS ARE AWARDED THESE GRANTS THROUGH THE UNIVERSITY OF TOLEDO FINANCIAL AID DEPARTMENT. THE UNIVERSITY OF TOLEDO FOUNDATION RECEIVES A LISTING OF ALL RECIPIENTS OF THE AWARDS AT THE END OF EACH SEMESTER FROM THE BURSAR OFFICE. THE RECIPIENT INFORMATION IS RECORDED AND RECONCILED IN THE FOUNDATION'S FILES. FUNDS ARE DISBURSED TO THE UNIVERSITY ON A REIMBURSEMENT BASIS AT THE END OF EACH SEMESTER. X X X X 1 0 0 0 0 0 0 0 0 FLOYD AKINS VP OF ADVANCEMENT (THROUGH 01/2025) 267648 0 0 0 6000 0 53015 0 44933 0 371596 0 0 0 BRENDA S LEE PRESIDENT 255615 0 25000 0 3236 0 19957 0 12565 0 316373 0 0 0 WILLIAM PIERCE ASSOCIATE VP OF ALUMNI ENG 187395 0 0 0 16127 0 13205 0 22899 0 239626 0 0 0 BARB FISCHER ASSOCIATE VP OF ADVANCEMEN 183495 0 0 0 1890 0 13205 0 21822 0 220412 0 0 0 RANDY ROTHENBUHLER CFO 184180 0 0 0 1319 0 13309 0 20128 0 218936 0 0 0 DAVID ZELENKA ASSOCIATE VP OF HEALTH FIN 185196 0 4000 0 1141 0 13457 0 10997 0 214791 0 0 0 JENNIFER SCHAEFER DIRECTOR OF DEVELOPMENT 149310 0 0 0 411 0 11292 0 33649 0 194662 0 0 0 MAREN KURTZ ASSOCIATE VP OF HR & ADV. 160263 0 0 0 888 0 11620 0 19920 0 192691 0 0 0 FORM 990, PART VII, SECTION A, LINE 5 FLOYD AKINS IS COMPENSATED BY THE UNIVERSITY OF TOLEDO, AN UNRELATED ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 1A EXECUTIVE AND REAL ESTATE COMMITTEES HAVE BEEN DELEGATED AUTHORITY TO ACT ON BEHALF OF THE BOARD OF TRUSTEES FOR THE PURPOSE OF ACQUIRING REAL ESTATE. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PRESENTS TO THE AUDIT AND FINANCE COMMITTEE THE FINAL DRAFT FORM 990 ALONG WITH A LIST OF MANAGEMENT ASSERTIONS REGARDING THE COMPLETENESS AND ACCURACY OF THE FORM AND THE EXISTENCE OF THE POLICIES AND PROCEDURES DOCUMENTED IN FORM 990. THE AUDIT AND FINANCE COMMITTEE IS CHARGED TO PROVIDE THE REVIEW AND APPROVAL FUNCTION OF FORM 990 FOR THE BOARD OF TRUSTEES. THE FINAL APPROVED FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD OF TRUSTEES FOR COMMENT BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE MEMBERS OF THE BOARD OF TRUSTEES FOR THE UNIVERSITY OF TOLEDO FOUNDATION ARE REQUIRED TO COMPLETE TRUSTEE DISCLOSURE STATEMENTS WHICH AFFIRMS EACH MEMBER RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, HAS READ AND UNDERSTANDS THE POLICY, AND AGREES TO COMPLY WITH THE POLICY. TRUSTEES ARE REQUIRED TO DISCLOSE ANY FAMILY AND BUSINESS RELATIONSHIPS, FINANCIAL INTEREST, AND THE STATUS OF THEIR INDEPENDENCE. TRUSTEES ARE ALSO REQUESTED BY THE BOARD OR COMMITTEE CHAIR TO DISCLOSE ANY ACTUAL OR POSSIBLE CONFLICTS BEFORE VOTING ON MATTERS RELATED TO AWARDING BUSINESS WITH THE FOUNDATION. ALL DISCLOSURE STATEMENTS ARE REVIEWED BY THE COMMITTEE OF TRUSTEES AND MAINTAINED BY THE PRESIDENT OF THE FOUNDATION TO DETERMINE EXISTENCE OF A CONFLICT. ANY DISCLOSED OR IDENTIFIED ACTUAL OR POSSIBLE CONFLICTS ARE DISCUSSED WITH THE CHAIR OF THE BOARD OF TRUSTEES AND MAY BE PRESENTED TO THE EXECUTIVE COMMITTEE FOR DISCUSSION AND RESOLUTION. ANY FINANCIAL INTERESTS DISCLOSED PRIOR TO ACTION BEING TAKEN AT A MEETING SHALL BE DISCUSSED WITH THE INTERESTED PERSON. THE REMAINING TRUSTEES OR COMMITTEE MEMBERS SHALL DETERMINE IF A CONFLICT EXISTS BY VOTE, AND THE RESULTS WILL BE RECORDED IN THE MINUTES. THE CHAIR OR COMMITTEE MAY APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE ARRANGEMENT IN QUESTION. THE BOARD OR COMMITTEE WILL EXERCISE DUE DILIGENCE AND DETERMINE IF MORE ADVANTAGEOUS ARRANGEMENTS CAN BE REASONABLY MADE THAT WOULD NOT BE A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS OPTION IS NOT REASONABLY ATTAINABLE, THE BOARD OR COMMITTEE WILL DETERMINE BY MAJORITY VOTE IF THE ARRANGEMENT IN QUESTION IS IN THE BEST INTEREST OF THE FOUNDATION AND IF IT IS FAIR AND REASONABLE. MEMBERS THAT FAIL TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST WILL BE AFFORDED THE OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. THE BOARD OR COMMITTEE MAY CONDUCT FUTHER INVESTIGATION IF WARRANTED. THE BOARD OR COMMITTEE WILL THEN DETERMINE WHETHER A FAILURE TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST RESULTS IN DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 ANNUALLY, THE ORGANIZATION AND COMPENSATION COMMITTEE OF THE UTF BOARD OF DIRECTORS ("COMMITTEE") WILL REVIEW THE COMPONENTS OF THE COMPENSATION PROGRAM AND RECOMMEND PROGRAM MODIFICATIONS AS APPROPRIATE TO THE EXECUTIVE COMMITTEE OF UTF. EVERY THREE TO FIVE YEARS, THE COMMITTEE WILL ENGAGE A PROFESSIONAL SERVICE FIRM TO PERFORM A COMPLETE REVIEW OF THE TOTAL COMPENSATION STRUCTURE TO ENSURE THAT IT IS COMPETITIVE. THE COMMITTEE CONSIDERS ALL APPLICABLE FACTORS WHEN DETERMINING MARKET COMPARATORS, INCLUDING A NATIONAL, REGIONAL AND/OR LOCAL PEER GROUP OF ORGANIZATIONS COMPARABLE TO UTF IN SIZE (I.E., NET REVENUES, FTE'S, BUDGET AND ASSETS UNDER MANAGEMENT) AND COMPLEXITY TO DETERMINE THE MARKET VALUES OF POSITIONS. THE EXECUTIVE COMMITTEE IS AUTHORIZED TO ACT ON THE BOARD'S BEHALF IN (I) DETERMINING APPROPRIATE COMPENSATION FOR UTF'S EXECUTIVES AND OTHER DISQUALIFIED PERSONS; (II) EVALUATING EXECUTIVES AND OTHER DISQUALIFIED PERSONS' COMPENSATION PLANS, POLICIES, AND PROGRAMS; (III) REVIEWING BENEFIT PLANS FOR EXECUTIVES AND OTHER DISQUALIFIED PERSONS; AND (IV) VERIFYING THAT COMPENSATION INFORMATION IS APPROPRIATELY AND FULLY DISCLOSED. THE EXECUTIVE COMMITTEE IS MADE UP OF INDEPENDENT PERSONS AND ALL DISCUSSIONS AND ACTIONS OF THE COMMITTEE ARE DOCUMENTED IN MINUTES OR OTHER RECORDS OF THE COMMITTEE. A REVIEW OF ALL POSITION SALARY RANGES WAS CONDUCTED IN JULY OF 2023 BASED ON INDUSTRY INFORMATION AND SURVEYS BY INDEPENDENT SOURCES IN CONJUCTION WITH INDIVIDUAL GOALS AND OBJECTIVES. THE REVIEW WAS CONDUCTED BY USI. EVERY THREE TO FIVE YEARS UTF BOARD CONTRACTS WITH AN OUTSIDE 3RD PARTY COMPANY TO CONDUCT A COMPREHENSIVE WAGE AND SALARY STUDY. INFORMATION AND RECOMENDATIONS ARE PRESENTED TO THE ORGANIZATION AND COMPENSATION COMMITTEE FOR REVIEW. UPDATED SALARY RANGES AND MARKET RATE ADJUSTMENTS ARE APPROVED AND MOVED FORWARD FOR FULL BOARD APPROVAL. ADDITIONALLY, UTF HUMAN RESOURCE DEPARTMENT REVIEWS JOB DESCRIPTIONS AND TITLES OF OPEN POSITIONS WITH THE SAME 3RD PARTY COMPANY TO VERIFY SALARY RANGE AND OFFERING IS IN LINE WITH CURRENT MARKET. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART XI, LINE 9: CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE 49,733. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. UTF GATEWAY INVESTMENTS 4510 DORR ST MS 820 TOLEDO OH 43615 451199001 STUDENT HOUSING/RETAIL OH 2012487 16340139 UNIVERSITY OF TOLEDO FOUNDATION THE UNIVERSITY OF TOLEDO REAL ESTATE CORP 4510 DORR ST MS 820 TOLEDO OH 43615 300023422 ACQUIRES AND HOLDS TITLE TO REAL PROPERTY FOR THE BENEFIT OF THE UNIVERSITY OH 501(C)(25) N/A THE UNIVERSITY OF TOLEDO FOUNDATION 1 0 0 0 1 0 0 0 0 0 0 1 1 0 1 1 0 0 0 0 THE UNIVERSITY OF TOLEDO REAL ESTATE CORP D 12751820 ACTUAL COSTS INCURRED