2023-11-13T09:08:22-06:00 2022-12-31 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2022-01-01 412093194 UNIVERSITY ENTERPRISE LABORATORIES INC UNIV 6516412800 1000 WESTGATE DRIVE SUITE 101 ST PAUL MN 55114 ANDREW LAFRENCE BOARD CHAIR 6516412800 2023-11-07 1 ANDREW LAFRENCE 999009999 1 KAREN A GRIES P00078514 6128764500 2023-11-07 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ANDREW LAFRENCE 1000 WESTGATE DRIVE SUITE 101 ST PAUL MN 55114 3975153 0 X WWW.UELMN.ORG X 2002 MN SEE SCHEDULE O.UNIVERSITY ENTRPRISE LABORATORIES (UEL) IS ORGANIZED FOR CHARITABLE, EDUCATIONAL, AND SCIENTIFIC PURPOSES. IT SERVES AS A LABORATORY-BASED INCUBATOR FOR EMERGING LIFE SCIENCE COMPANIES BY PROVIDING ACCESS TO WORLD-CLASS LABORATORY FACILITIES, SHARED EQUIPMENT, BUSINESS AND ENTREPRENEURSHIP TRAINING, A COMMUNITY OF STARTUPS, AND COLLABORATION WITH UNIVERSITY-BASED RESEARCHERS. IT ALSO SUPPORTS STUDENT WORK EXPERIENCE THROUGH INTERNSHIP OPPORTUNITIES, AND TECHNOLOGY TRANSFER WITH THE UNIVERSITY OF MINNESOTA. IT IS ORGANIZED AND WILL CONTINUE TOBE OPERATED TO PROMOTE, ENCOURAGE, AND AID SCIENTIFIC INVESTIGATION, RESEARCH, TECHNOLOGICAL ADVANCEMENT, EDUCATIONAL OPPORTUNITIES, AND ENTREPRENEURSHIP; PROMOTE, ENCOURAGE AND AID IN THE MUTUAL TRANSFER AND APPLICATION OF SCIENTIFIC INVESTIGATION AND RESEARCH, TECHNOLOGICALADVANCEMENT, AND EDUCATIONAL OPPORTUNITIES IN COLLABORATION WITH EDUCATIONAL AND RESEARCH INSTITUTIONS, INDUSTRY, BUSINESS, AND GOVERNMENT. 12 11 2 14 49600 0 242020 98211 3642102 3874971 3833 1971 4748 0 3892703 3975153 0 0 0 0 177579 168078 0 0 0 3927640 4050325 4105219 4218403 -212516 -243250 20128966 19666443 15570276 15351003 4558690 4315440 THE MISSION OF THE UNIVERSITY ENTERPRISE LABORATORIES IS TO SUPPORT EARLY-STAGE VENTURES IN LIFE SCIENCES TO GROWTH AND COMMERCIAL SUCCESS THROUGH CONNECTIONS, SERVICES, AND WORLD-CLASS LABORATORY FACILITIES IN MINNESOTA'S ENTREPRENEURSHIP ECOSYSTEM. 0 0 3959811 3825371 SERVES AS A LABORATORY-BASED INCUBATOR FOR EMERGING LIFE SCIENCE COMPANIES BY PROVIDING ACCESS TO WORLD-CLASS LABORATORY FACILITIES, SHARED EQUIPMENT, BUSINESS AND ENTREPRENEURSHIP TRAINING, A COMMUNITY OF STARTUPS, AND COLLABORATION WITH UNIVERSITY-BASED RESEARCHERS. 3959811 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 16 0 2 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 12 11 0 1 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X SARAH ROSSER 9528769213 2001 KILLEBREW DRIVE SUITE 100 BLOOMINGTON MN 55425 ANDY LAFRENCE CHAIR 1.00 X X 0 0 0 STEVE MERTENS CHAIR 1.00 X X 0 0 0 BARBARA NELSON VICE CHAIR 1.00 X X 0 0 0 JESSICA MOGILKA TREASURER 1.00 X X 0 0 0 DENISE HOLLOMAN SECRETARY 1.00 X X 0 0 0 ARON ANDERSON DIRECTOR 1.00 X 0 0 0 ROBERT ELDE DIRECTOR 1.00 X 0 0 0 MICHAEL GIETL DIRECTOR 1.00 X 0 0 0 KRISTIN GUILD DIRECTOR 1.00 X 0 0 0 LISA HERRON-OLSON DIRECTOR 1.00 X 0 0 0 PAT MASCIA DIRECTOR 1.00 X 0 0 0 TOM MASON DIRECTOR 1.00 X 0 0 0 JAY NOVAK DIRECTOR 1.00 X 0 0 0 KATHY TUNE DIRECTOR 1.00 X 0 0 0 MIKE BERTHELSEN EXECUTIVE DIRECTOR 40.00 X 12532 0 0 DIANE RUCKER EXECUTIVE DIRECTOR 35.00 X 125425 0 17375 137957 0 17375 0 0 0 0 TAPESTRY MANAGEMENT LLC 2001 KILLEBREW DR STE 100 MINNEAPOLIS MN 55425 MANAGEMENT SERVICES 559607 CLOVER MAINTENANCE 7229 177TH AVE NE FOREST LAKE MN 55025 JANITORIAL SERVICES 210093 2 93169 5042 98211 RENTAL INCOME 532000 3868505 3818905 49600 MAILBOX RENTALS 532000 6466 6466 3874971 1971 1971 3975153 3825371 49600 1971 155332 101465 53867 12746 9560 3186 142402 142402 20569 2635 17934 62426 30000 32426 828 828 308285 308285 78175 78175 42492 42492 11399 11399 1121274 1121274 800121 800121 876299 876299 56751 48802 7949 REPAIRS & MAINTENANCE 476452 476452 DUES & SUBSCRIPTIONS 47756 47756 EQUIPMENT RENTAL 5096 5096 4218403 3959811 258592 0 526120 470401 360727 554659 122071 91964 35601 10619 142003 164717 30963657 12995771 18505835 17967886 436609 406197 20128966 19666443 138237 124800 40845 113714 15270630 14969680 120564 142809 15570276 15351003 X 4558690 4315440 4558690 4315440 20128966 19666443 -243250 0 X X 0 1 X 1 0 X 20629 19417 147546 242020 98211 527823 2829134 3164269 3607632 3587502 3874971 17063508 2849763 3183686 3755178 3829522 3973182 17591331 0 970054 1137683 1334549 1871054 1061744 6375084 970054 1137683 1334549 1871054 1061744 6375084 11216247 15445 8905 5716 3833 1971 35870 15445 8905 5716 3833 1971 35870 1323 1785 1146 4748 9002 2866531 3194376 3762040 3838103 3975153 17636203 0.63600 0.64920 0.00200 0.00310 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2420000 2420000 22146775 7165796 14980979 5542937 5125153 417784 853945 704822 149123 17967886 REFUNDABLE SECURITY DEPOSITS 142809 142809 X PART X, LINE 2: THE ORGANIZATION 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 ORGANIZATION FOR UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2022 AND 2021. THE ORGANIZATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. SYNTIRON COO OF SYNTIRON IS A DIRECTOR OF UEL. 82235 RENT 0 FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL ACT ONLY DURING INTERVALS BETWEEN MEETINGS OF THE BOARD OF DIRECTORS AND SHALL AT ALL TIMES BE SUBJECT TO THE CONTROL AND DIRECTION OF THE BOARD OF DIRECTORS. DURING SUCH INTERVALS AND SUBJECT TO SUCH CONTROL AND DIRECTION, THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE AUTHORITY AND POWERS OF THE BOARD OF DIRECTORS IN THE MANAGEMENT OF THE AFFAIRS OF THE CORPORATION, SUBJECT TO SUCH LIMITATIONS AS THE BOARD OF DIRECTORS MAY IMPOSE. FORM 990, PART VI, SECTION A, LINE 3 BUILDING OPERATIONS, LEASING, AND OTHER PROPERTY MANAGEMENT DUTIES ARE DELEGATED TO TAPESTRY MANAGEMENT LLC. MISSION-RELATED WORK IS SUPPORTED BY AN EXECUTIVE DIRECTOR AND BY THE UEL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE UNIVERSITY OF MINNESOTA FOUNDATION HAS THE RIGHT AS STAKEHOLDER TO APPOINT TWO DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT FOR INTERNAL REVIEW. ONCE FINALIZED, THE EXECUTIVE COMMITTEE REVIEWS THE RETURN BEFORE IT IS SENT TO THE FULL BOARD FOR APPROVAL BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS COMPLETE CONFLICT OF INTEREST STATEMENTS ANNUALLY AND ARE REQUIRED TO REPORT ANY CHANGES AS THEY ARISE. IT SHALL BE THE POLICY OF UNIVERSITY ENTERPRISE LABORATORIES, INC. (HEREINAFTER REFERRED TO AS THE "CORPORATION") THAT ALL DIRECTORS SHALL SCRUPULOUSLY AVOID ANY CONFLICT BETWEEN THEIR OWN RESPECTIVE INDIVIDUAL INTERESTS AND THE INTERESTS OF THE CORPORATION IN ANY AND ALL ACTIONS TAKEN BY THEM ON BEHALF OF THE CORPORATION IN THEIR REPRESENTATIVE CAPACITIES. NO DIRECTOR OF THE CORPORATION SHALL USE HIS OR HER POSITION IN A MANNER THAT MAY CREATE A CONFLICT BETWEEN PERSONAL INTERESTS AND THOSE OF THE CORPORATION OR RELATED ENTITY, OR OTHERWISE ENGAGE IN ACTIONS THAT MAY CREATE A CONFLICT OF INTEREST. DIRECTORS SHALL COMPLY WITH ALL GOVERNMENTAL STATUTES, ORDINANCES AND REGULATIONS, INCLUDING THOSE RELATING TO CONFLICTS OF INTEREST. THE CORPORATION MAY ENTER INTO A TRANSACTION INVOLVING A CONFLICT OF INTEREST IF ANY ONE OF THE FOLLOWING IS TRUE: A. FAIRNESS AND REASONABLENESS: THE CONTRACT OR TRANSACTION WAS FAIR AND REASONABLE TO THE CORPORATION. WHETHER A CONTRACT OR TRANSACTION IS FAIR AND REASONABLE TO THE CORPORATION WILL BE DETERMINED BY LOOKING TO THE TIME THE CONTRACT OR TRANSACTION WAS ANTHORIZED, APPROVED OR RATIFIED. THE PARTY ASSERTING THE VALIDITY OF THE CONTRACT OR TRANSACTION HAS THE BURDEN OF ESTABLISHING THE CONTRACT OR TRANSACTION'S FAIRNESS AND REASONABLENESS TO THE CORPORATION. B. DISCLOSURE OF MATERIAL FACTS TO BOARD: THE MATERIAL FACTS ABOUT BOTH THE CONTRACT OR TRANSACTION AND A DIRECTOR'S INTEREST IN THE CONTRACT OR TRANSACTION ARE EITHER FULLY DISCLOSED OR KNOWN TO THE BOARD OR A COMMITTEE OF CORPORATION. IN SUCH CASES, THE CONTRACT OR TRANSACTION MUST BE AUTHORIZED, RATIFIED, OR APPROVED IN GOOD FAITH BY A MAJORITY OF THE BOARD OR COMMITTEE. THE VOTE OF ANY INTERESTED DIRECTOR DOES NOT COUNT FOR PURPOSE OF DETERMINING WHAT CONSTITUTES A MAJORITY VOTE, AND THE PRESENCE OF ANY INTERESTED DIRECTOR AT A MEETING AT WHICH SUCH A VOTE IS TAKEN DOES NOT COUNT IN DETERMINING THE PRESENCE OF A QUORUM. C. MERGER OR CONSOLIDATION: THE CONTRACT OR TRANSACTION IS A MERGER OR CONSOLIDATION DESCRIBED IN MINNESOTA STATUTES 317A.601. A DIRECTOR OF THE CORPORATION MAY BE A PARTY TO THE CONTRACT OR TRANSACTION AND MAY BE PRESENT AT THE MEETING AT WHICH THE CONTRACT OR TRANSACTION WAS AUTHORIZED, APPROVED, OR RATIFIED, BUT MAY NOT BE INVOLVED IN THE DISCUSSIONS OR VOTE ON SUCH TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE REVIEWS IN DETAIL AND APPROVES THE MANAGEMENT AGREEMENT. IN ADDITION, THEY REVIEW AND APPROVE THE BUDGET WHICH INCLUDES EMPLOYEE COMPENSATION AT THE BEGINNING OF EACH YEAR. FORM 990, PART VI, SECTION C, LINE 19 INFORMATION IS AVAILABLE UPON REQUEST OF THE MANAGEMENT COMPANY OR MAILING. FORM 990, PART XII, LINE 2C: THE PROCESSES FOR THE OVERSIGHT OF THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT WERE NOT CHANGED DURING THE YEAR. FORM 990, PART IV, LINE 34: ON JANUARY 13, 2005, THE ORGANIZATION FORMED A TAXABLE SUBSIDIARY NAMED UEL REAL ESTATE HOLDINGS, LLC WITH A SEPARATE TAX EXEMPT ORGANIZATION. AS OF DECEMBER 31, 2019 THE ORGANIZATION OWNED 100.00%. UEL REAL ESTATE HOLDINGS, LLC IS A DISREGARDED ENTITY FOR FEDERAL TAX PURPOSES. A KEY PART OF THE ORGANIZATION'S EXEMPT PURPOSE IS TO PROVIDE UNIVERSITY ENTERPRISE LABORATORIES, INC (41-2093194) WITH LABORATORY SPACE AND ACCESS TO SHARED EQUIPMENT TO SUPPORT EMERGING LIFE SCIENCE COMPANIES. IN CARRYING OUT THIS EXEMPT PURPOSE, THE ORGANIZATION ACQUIRED AND RENOVATED A 126,000 SQ.FT. FACILITY. IN 2019, THE ORGANIZATION OPENED A NEW ADDITION, ADDING APPROXIMATELY 19,000 SQ.FT. TO THE FACILITY FOR A TOTAL OF 143,000 SQ.FT. ORIGINALLY, THE ORGANIZATION INTENDED TO FINANCE THE FACILITY THROUGH THE USE OF VARIABLE RATE REVENUE BONDS. THE ORGANIZATION LATER DETERMINED THAT IT WAS IN ITS BEST INTEREST TO UTILIZE NEW MARKET TAX CREDITS AND OTHER INVESTMENT MECHANISMS WHICH REQUIRE THAT THE FACILITY BE OWNED IN A SUBSIDIARY OF THE ORGANIZATION. THE ORGANIZATION EXPANDED ITS FACILITY IN 2019, WITH A NEW ADDITION OF 19,000 SQ.FT., FUNDED IN PART USING NEW MARKET TAX CREDITS AND CONVENTIONAL FINANCING. THE EXPANSION ADDED WET LABS, DRY LABS, OFFICE SPACE, AND CONFERENCE ROOMS TO BETTER SERVE UNIVERSITY ENTERPRISE LABORATORIES' MISSION. UEL REAL ESTATE HOLDINGS LLC 1000 WESTGATE DRIVE ST PAUL MN 55114 202133240 LAB RENTAL TO EMERGING LIFE SCIENCE COMPANIES MN 3876942 19569780 UNIVERSITY ENTERPRISE LABORATORIES