2025-03-12T15:36:09-05:00 2024-06-30 420714325 RSM US LLP 227 WEST FIRST STREET SUITE 700 DULUTH MN 55802 990 2023-07-01 416042488 UNIVERSITY OF MINNESOTA FOUNDATION UNIV 6126243333 200 OAK STREET SE 500 MINNEAPOLIS MN 554552010 CHRISTINE K SEARSON VICE PRESIDENT/CFO 6126243333 2024-03-15 1 1 JULIE BOYER P01278549 2187275025 2025-03-10 2023 2025-03-06 01:10:19Z CHRISTINE K SEARSON 200 OAK STREET SE 500 MINNEAPOLIS MN 554552010 2953110345 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. 43 42 48 45 6576527 5274673 264630179 254697572 0 0 161229914 281061089 2244115 -11751727 428104208 524006934 262653447 283517310 0 0 35849753 39445357 0 0 42780770 31160082 30183123 329663282 353145790 98440926 170861144 4484124199 4888350212 469904567 525460962 4014219632 4362889250 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 283517310 283517310 0 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 FOUNDATION. U OF M CAMPUSES ARE LOCATED IN MINNEAPOLIS/ST. PAUL, CROOKSTON, DULUTH, MORRIS, AND ROCHESTER. DISTRIBUTION BY PURPOSE INCLUDED $84M TO STUDENT SUPPORT, $97M TO PROGRAM SUPPORT, $48M TO RESEARCH AND COMMUNITY OUTREACH/ENGAGEMENT, $36M TO FACULTY AND STAFF SUPPORT, AND $19M TO CAPITAL IMPROVEMENTS. 283517310 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 1 0 0 1 1 1 1 0 0 1 297 0 1 48 1 1 1 1 AS CA 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X 43 42 1 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 AK AR CA CO KY MA MD ME MI MN NH NJ NY OH OK OR PA SC VA WV X X CHRISTINE K SEARSON 6126243333 200 OAK STREET SE 500 MINNEAPOLIS MN 554552010 KATHLEEN M SCHMIDLKOFER PRESIDENT/CEO 40.00 0.40 X X 693132 0 186522 JACQUELINE R WILLIAMS-ROLL TRUSTEE/CHAIR 0.40 0.00 X X 0 0 0 SHARI L BALLARD TRUSTEE/PAST CHAIR 0.40 0.00 X X 0 0 0 KENNETH C GLASER TRUSTEE/VICE CHAIR 0.40 0.00 X X 0 0 0 ROGER J SIT TRUSTEE/TREASURER 0.40 0.00 X X 0 0 0 THOMAS G OLSON TRUSTEE/SECRETARY 0.40 0.00 X 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 LYNN CASEY TRUSTEE 0.40 0.00 X 0 0 0 REBECCA A CROOKS-STRATTON TRUSTEE 0.40 0.00 X 0 0 0 MARY A DAVENPORT TRUSTEE 0.40 0.00 X 0 0 0 KATHIE EILAND-MADISON TRUSTEE 0.40 0.00 X 0 0 0 ACOOA ELLIS TRUSTEE 0.40 0.00 X 0 0 0 JEFF ETTINGER TRUSTEE 0.40 0.00 X 0 0 0 MICHAEL B FITERMAN TRUSTEE 0.40 0.00 X 0 0 0 JULIE E GILBERT TRUSTEE 0.40 0.00 X 0 0 0 KURT E HEIKKILA TRUSTEE 0.40 0.00 X 0 0 0 PAHOUA HOFFMAN TRUSTEE 0.40 0.00 X 0 0 0 HOYT M HSIAO TRUSTEE 0.40 0.00 X 0 0 0 DOUGLAS A HUEBSCH TRUSTEE 0.40 0.00 X 0 0 0 MICHAEL H JOHNSON TRUSTEE 0.40 0.00 X 0 0 0 RUTH E JOHNSON TRUSTEE 0.40 0.00 X 0 0 0 EZELL JONES TRUSTEE (UNITL 11/15/2023) 0.40 0.00 X 0 0 0 JAMES K LEE TRUSTEE 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 0.40 X 0 0 0 JOHN E LINDAHL TRUSTEE 0.40 0.00 X 0 0 0 LAURIE MARSH TRUSTEE 0.40 0.00 X 0 0 0 DAVID J MEYER TRUSTEE (UNITL 11/15/2023) 0.40 0.00 X 0 0 0 DAVID C MORTENSON TRUSTEE (UNITL 11/15/2023) 0.40 0.00 X 0 0 0 ABDUL M OMARI PHD TRUSTEE 0.40 0.00 X 0 0 0 LISA OPOKU JD TRUSTEE 0.40 0.00 X 0 0 0 RICHARD T OSTLUND JD TRUSTEE 0.40 0.00 X 0 0 0 BETHANY M OWEN 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 PHILIP E SORAN TRUSTEE 0.40 0.00 X 0 0 0 TY R SILBERHORN TRUSTEE 0.40 0.00 X 0 0 0 ESTA E STECHER TRUSTEE 0.40 0.00 X 0 0 0 DARRELL A THOMPSON TRUSTEE 0.40 0.00 X 0 0 0 ERIK M TORGERSON TRUSTEE 0.40 0.00 X 0 0 0 PETER A VORBRICH TRUSTEE 0.40 0.40 X 0 0 0 BRADFORD W WALLIN TRUSTEE 0.40 0.00 X 0 0 0 THERESA B WARD TRUSTEE 0.40 0.40 X 0 0 0 NANCY WISER STEFANI TRUSTEE 0.40 0.00 X 0 0 0 CHRISTINE K SEARSON VICE PRESIDENT/CFO 40.00 0.40 X 376543 0 69634 PAT MASCIA UMFREA MANAGING DIRECTOR 40.00 0.00 X 518923 0 56840 ROBERT J BURGETT SENIOR VICE PRESIDENT 40.00 0.00 X 437790 0 59465 PATRICIA K PORTER VICE PRESIDENT 40.00 0.00 X 427492 0 77245 JAMES G AAGAARD VICE PRESIDENT (UNTIL 1/3/2024) 40.00 0.00 X 313506 0 63137 MICHAEL COHEN VICE PRESIDENT 40.00 0.00 X 195080 0 46980 SARAH E YOUNGERMAN VICE PRESIDENT 40.00 0.00 X 275318 0 59234 SOPHIA KHAN VICE PRESIDENT 40.00 0.00 X 165744 0 32426 CATHERINE MCGLINCH ASSOCIATE VICE PRESIDENT 40.00 0.00 X 265140 0 62206 ELIZABETH PATTY ASSOCIATE VICE PRESIDENT 40.00 0.00 X 269214 0 50839 KRISTI FLANAGAN VILLAR ASSOCIATE VICE PRESIDENT 40.00 0.00 X 264570 0 50827 STEVEN M CORKERY ASSOCIATE VICE PRESIDENT 40.00 0.00 X 270054 0 59999 TRAVIS SMITH ASSOCIATE VICE PRESIDENT 40.00 0.00 X 300654 0 55255 4773160 0 930609 90 0 1 0 JAPS-OLSON COMPANY 7500 EXCELSIOR BLVD MINNEAPOLIS MN 55426 PRINTING AND PUBLICATIONS 542252 TEN X TEN LLC 807 BROADWAY ST NE SUITE 221 MINNEAPOLIS MN 55413 CONSULTING SERVICES 412365 HURON CONSULTING SERVICES PO BOX 71223 CHICAGO IL 60694 DEVELOPMENT CONSULTING SERVICES 404753 MARKETING COMMUNICATION RESOURCE INC 4800 E 345TH STREET WILLOUGHBY OH 44094 PRINTING AND PUBLICATIONS 379069 PHUSION LLC PO BOX 1257 LAKEVILLE MN 55044 PRINTING AND PUBLICATIONS 358386 36 1047488 646209 253003875 26926317 254697572 86124116 6576527 79547589 39754 39754 6063365 21297686 -15234321 -15234321 -15234321 2601145714 2406208741 194936973 194936973 194936973 1954797 1047488 1596984 357813 357813 DEV. SERVICES CONTRACT 900099 2500000 2500000 UBIT REFUNDS 900099 585027 585027 3085027 524006934 0 6576527 262732835 283517310 283517310 4217838 2034085 2183753 25717038 6788590 18928448 9510481 2541675 6968806 509883 509883 286617 286617 8253890 8253890 2964119 1399421 1564698 213639 17385 196254 960440 328835 631605 830108 566550 263558 1970558 1970558 507282 34887 472395 457116 77671 379445 247792 247792 245418 245418 PROFESSIONAL DEVELOPMEN 8069456 8069456 PRINTING & PUBLICATIONS 1612588 2629 1609959 DONOR CULTIVATION 1134495 11743 1122752 UBI TAX 489517 489517 1430205 1040564 389641 353145790 283517310 26847710 42780770 32180248 36683685 940591346 1096987429 200826171 172022498 71274965 26850501 45100475 44424464 766924392 719229336 2393982710 2715320516 53161 53161 104465696 103629123 4484124199 4888350212 31574661 39337850 791 0 403964684 450528982 34364431 35594130 469904567 525460962 X 235703581 264025373 3778516051 4098863877 4014219632 4362889250 4484124199 4888350212 X 170861144 172779263 5029211 X 0 1 X 1 0 X 270089105 241661680 331607739 264630179 254697572 1362686275 270089105 241661680 331607739 264630179 254697572 1362686275 44735762 1317950513 28383461 26526644 19567696 49543181 85650708 209671690 2270469 0 6594564 3236384 5632486 17733903 2500000 3094749 2524955 3085027 11204731 1601296599 0.82310 0.86080 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: DEVELOPMENT SERVICES CONTRACT - 2020 AMOUNT: $ 2,500,000. 2021 AMOUNT: $ 2,500,000. 2022 AMOUNT: $ 2,500,000. 2023 AMOUNT: $ 2,500,000. UBI FED REFUND - 2021 AMOUNT: $ 594,749. 2022 AMOUNT: $ 24,955. 2023 AMOUNT: $ 585,027. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 38519 522883 1 1 0 1 X 2498565847 54728507 298987764 39108674 56353724 2756819720 2469339328 67110904 44913531 35219562 47578354 2498565847 2407624926 221961122 -97765502 29247149 33234069 2469339328 1714613264 89710813 656848478 26687264 26860365 2407624926 1755064512 60597739 -37692533 29743222 33613232 1714613264 0.05000 0.58000 0.37000 1 0 32047713 32047713 24824141 15518145 9305996 7651804 3606654 4045150 6743538 7725702 -982164 7769 7769 44424464 INVESTMENTS MEASURED AT NAV 1378886945 F INVESTMENTS HELD AT COST 66049711 C INVESTMENTS AT EQUITY METHOD 150459982 F CONSOLIDATED INVESTMENTS 1090387285 F LOAN RECEIVABLE 29536593 F 2715320516 GIFT ANNUITIES PAYABLE 21565613 CHARITABLE TRUST AGREEMENT LIABILITIES 13720939 OPERATING LEASE LIABILITY 307578 35594130 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 555130390 NORTH AMERICA 0 0 INVESTMENTS 0 58188753 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 0 34759138 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 0 53390589 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 0 92932059 0 0 0 0 0 0 794400929 0 794400929 1 0 1 1 1 0 CHILDREN'S HEALTH WINEFEST 1814418 581988 1232430 40677 291531 176266 351176 CHILDREN'S HEALTH FASHIONFEST 702422 262645 439777 12688 115719 85850 146328 2 485445 202855 282590 175334 61979 88414 51022 3002285 1047488 1954797 228699 469229 350530 548526 1596984 357813 1 UNIVERSITY OF MINNESOTA 3 MORRILL HALL 100 CHURCH ST SE MINNEAPOLIS MN 55455 416007513 GOV'T ENTITY 270821870 0 N/A N/A THE FOUNDATION PROVIDES FUND GRANTS TO AND FOR THE BENEFIT OF THE UNIVERSITY OF MINNESOTA. FAIRVIEW HEALTH SERVICES 1700 UNIVERSITY AVENUE W ST PAUL MN 55104 410991680 501(C)(3) 10305846 0 N/A N/A FUND GRANTS TO SUPPORT THE UNIVERSITY OF MINNESOTA HOSPITAL AND CLINICAL PROGRAMMING AT M HEALTH FAIRVIEW. THE MINNEAPOLIS FOUNDATION 80 S 8TH ST STE 800 MINNEAPOLIS MN 554022115 416029402 501(C)(3) 1937796 0 N/A N/A FUND GRANT PER DONOR AGREEMENT TO MOVE FUNDS TO ANOTHER 501(C)3 UNIVERSITY OF MINNESOTA ALUMNI ASSOCIATION 200 OAK STREET SE SUITE 200 MINNEAPOLIS MN 554552040 416037089 501(C)(3) 200000 0 N/A N/A FUND GRANT TO SUPPORT THE UNIVERSITY OF MINNESOTA ALUMNI ASSOCIATION. MINNESOTA LANDSCAPE ARBORETUM FOUNDATION 3675 ARBORETUM DRIVE CHASKA MN 55318 237081057 501(C)(3) 179041 0 N/A N/A THE MINNESOTA LANDSCAPE ARBORETUM FOUNDATION IS A RECOGNIZED FOUNDATION OF THE UNIVERSITY OF MINNESOTA. BOWEN CENTER FOR THE STUDY OF THE FAMILY 4400 MACARTHUR BOULEVARD NW SUITE 103 WASHINGTON DC 200072521 521667358 501(C)(3) 62495 0 N/A N/A FUND GRANT PER CHARITABLE REMAINDER TRUST AGREEMENT TO MAKE ANNUAL DISTRIBUTION OF ENDOWMENT PAYOUT. UNIVERSITY OF MINNESOTA PHYSICIANS 720 WASHINGTON AVENUE SE SUITE 200 MINNEAPOLIS MN 554142924 411843943 501(C)(3) 10262 0 N/A N/A FUND GRANT TO SUPPORT THE UNIVERSITY OF MINNESOTA PHYSICIANS MILL CITY CLINIC. 7 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'S OFFICE OF INTERNAL AUDIT REGULARLY AUDITS THE UNIVERSITY 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 0 0 0 0 0 0 KATHLEEN M SCHMIDLKOFER PRESIDENT/CEO 503944 0 188000 0 1188 0 173000 0 13522 0 879654 0 0 0 PAT MASCIA UMFREA MANAGING DIRECTOR 417423 0 101500 0 0 0 18150 0 38690 0 575763 0 0 0 PATRICIA K PORTER VICE PRESIDENT 359011 0 67707 0 774 0 42900 0 34345 0 504737 0 0 0 ROBERT J BURGETT SENIOR VICE PRESIDENT 368894 0 67708 0 1188 0 48264 0 11201 0 497255 0 0 0 CHRISTINE K SEARSON VICE PRESIDENT/CFO 315793 0 59976 0 774 0 33000 0 36634 0 446177 0 0 0 JAMES G AAGAARD VICE PRESIDENT (UNTIL 1/3/2024) 262715 0 48505 0 2286 0 35072 0 28065 0 376643 0 0 0 TRAVIS SMITH ASSOCIATE VICE PRESIDENT 261717 0 38667 0 270 0 26907 0 28348 0 355909 0 0 0 SARAH E YOUNGERMAN VICE PRESIDENT 232392 0 42512 0 414 0 31169 0 28065 0 334552 0 0 0 STEVEN M CORKERY ASSOCIATE VICE PRESIDENT 236121 0 33519 0 414 0 31651 0 28348 0 330053 0 0 0 CATHERINE MCGLINCH ASSOCIATE VICE PRESIDENT 232117 0 32249 0 774 0 31358 0 30848 0 327346 0 0 0 ELIZABETH PATTY ASSOCIATE VICE PRESIDENT 236106 0 32334 0 774 0 31441 0 19398 0 320053 0 0 0 KRISTI FLANAGAN VILLAR ASSOCIATE VICE PRESIDENT 232412 0 31978 0 180 0 23840 0 26987 0 315397 0 0 0 MICHAEL COHEN VICE PRESIDENT 169910 0 24762 0 408 0 17798 0 29182 0 242060 0 0 0 SOPHIA KHAN VICE PRESIDENT 165473 0 0 0 271 0 17176 0 15250 0 198170 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. X 1 250000 OTHER X 228 8377735 OTHER X 1 18708 OTHER X 2 18279874 FMV 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 MARY A. DAVENPORT, DOUGLAS A. HUEBSCH, RUTH JOHNSON (ALL REGENTS OF THE U OF M IN FY24) HAD A BUSINESS RELATIONSHIP WITH JEFF ETTINGER (INTERIM U OF M PRESIDENT) DURING FY24. TRUSTEES SHARI BALLARD AND LAURIE MARSH HAVE A BUSINESS RELATIONSHIP. TRUSTEES HOYT HSIAO AND DOROTHY BRIDGES 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 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, 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 2024. 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). THE FOUNDATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE GENERALLY NOT AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN CARRYING VALUE OF TRUSTS 5,029,211. 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