2025-12-24T12:29:57-06:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2024-07-01 411879994 UNIVERSITY GATEWAY CORPORATION UNIV 6126247583 200 OAK STREET SE 500 MINNEAPOLIS MN 55455 CHRISTINE SEARSON VICE PRESIDENT AND CFO 6126247583 2025-12-23 1 1 KATHERINE LUTZKE CPA P01760889 5072802300 2025-12-23 2024 2025-03-06 01:10:19Z CHRISTINE SEARSON 200 OAK STREET SE 500 MINNEAPOLIS MN 55455 8019112 0 X N/A X 1997 MN TO OWN AND OPERATE A FACILITY TO BE USED TO SUPPORT ITS BENEFICIARY ORGANIZATIONS. 5 2 18 2 1271900 0 0 0 4561231 7521422 7621 6689 396018 491001 4964870 8019112 0 0 0 0 1752103 1795867 0 0 0 5871621 8379831 7623724 10175698 -2658854 -2156586 91788662 94391842 46626917 45453848 45161745 48937994 X UNIVERSITY GATEWAY CORPORATION OWNS AND OPERATES A FACILITY WHICH IS USED TO SUPPORT ITS BENEFICIARY ORGANIZATIONS AND THE UNIVERSITY OF MINNESOTA IN STUDENT RECRUITING, ALUMNI RELATIONS, FUNDRAISING AND THE GENERAL OPERATION OF THE BENEFICIARY ORGANIZATIONS AND THE UNIVERSITY OF MINNESOTA. THE BENEFICIARY ORGANIZATIONS INCLUDE THE UNIVERSITY OF MINNESOTA FOUNDATION AND THE UNIVERSITY OF MINNESOTA ALUMNI ASSOCIATION. 0 0 9110732 0 6740523 THE PROGRAM SERVICES OF THE UNIVERSITY GATEWAY CORPORATION ARE DEDICATED TO PROVIDING SUPPORT FOR ITS BENEFICIARY ORGANIZATIONS LISTED ON SCHEDULE A, PART IV AND THE UNIVERSITY OF MINNESOTA. UNIVERSITY GATEWAY CORPORATION PROVIDES SUPPORT TO THESE ORGANIZATIONS BY PROVIDING AFFORDABLE LEASE RATES AND PREFERENTIAL USE OF EVENT FACILITIES. 9110732 1 0 0 0 0 0 0 1 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 14 0 18 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 5 2 1 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 0 MN X MARY PIETRZAK 6126247583 200 OAK STREET SE 500 MINNEAPOLIS MN 55455 PATRICK MASCIA CHAIR 1.00 1.00 X X 0 542850 12910 BETH TOSO SECRETARY 1.00 40.00 X X 0 0 0 CHRISTINE SEARSON DIRECTOR/TREASURER/CFO 1.00 40.00 X X 0 406394 58972 WALT LING DIRECTOR 1.00 1.00 X 0 0 0 SCOTT WALLACE DIRECTOR 1.00 1.00 X 0 0 0 MICHAEL DWYER COO 40.00 1.00 X 313713 0 44719 MARY PIETRZAK CONTROLLER 16.00 24.00 X 0 156128 8631 AMY LEYDEN DIR. OF MARKETING 40.00 1.00 X 108938 0 5447 JON MCCOMBS OPERATIONS MANAGER 40.00 1.00 X 129636 0 33636 SARI BROUWER DIR. OF SALES AND EVENTS 40.00 1.00 X 108759 0 6403 661046 1105372 170718 4 0 1 0 SCHUMACHER ELEVATOR ONE SCHUMACHER WAY DENVER CO 50622 ELEVATOR 1337306 REGENTS OF UNIVERSITY OF MINNESOTA NW 5960 - PO BOX 1450 MINNAPOLIS MN 554855960 CONSULTING 876558 UNIVERSITY OF MN FOUNDATION 200 OAK ST SE STE 500 MINNEAPOLIS MN 554552010 CONSULTING 471663 ABM ONSITE SERVICES-MIDWEST INC PO BOX 419860 BOSTON MA 022419860 JANITORIAL 431456 AMCON OUTLAND INC 6121 BAKER RD STE 101 MINNETONKA MN 55345 TENANT IMPROVEMENT WORK 420102 9 LEASE INCOME 532000 5297586 5297586 CONFERENCE CENTER SERVICE 721000 2157816 1376917 780899 DIRECT FINANCING LEASE 721000 66020 66020 7521422 6689 6689 CATERING REVENUE 722320 491001 491001 491001 8019112 6740523 1271900 6689 752101 734170 17931 785835 701469 84366 37182 35608 1574 121465 116921 4544 99284 64915 34369 536000 536000 18811 18811 110435 110435 127615 127615 568896 568896 1685 1685 1255561 1255561 3240035 3240035 127636 127636 BUILDING/EVENTS OPERATI 1800696 1800696 FINANCING - BOND FEES 592461 592461 10175698 9110732 1064966 0 8953 1124327 500000 500000 528216 290417 28631 25742 68980842 37301746 14384076 31679096 76338786 60772260 91788662 94391842 1629151 1501097 42190799 41152816 2806967 2799935 46626917 45453848 X 45161745 48937994 45161745 48937994 91788662 94391842 X -2156586 5932835 X 0 1 X 1 0 X X 2 U OF MN FOUNDATION 416042488 5 1 0 0 U OF MN ALUMNI ASSOCIATION 410637089 7 1 0 0 2 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 SCHEDULE A, PART I: THE CORPORATION SUPPORTS EACH OF ITS BENEFICIARY ORGANIZATIONS BY PROVIDING OFFICE SPACE AND EVENT SPACE FOR THOSE ORGANIZATIONS AND THE UNIVERSITY OF MINNESOTA AS PREFERENTIAL TENANTS. THE AMOUNT OF SUPPORT CANNOT BE MONETARILY QUANTIFIED; HOWEVER, THE PROGRAM SERVICE EXPENSES OF $9,110,732 REPRESENT EXPEDITURES IN SUPPORT OF THE UNIVERSITY OF MINNESOTA AND THE TWO ORGANIZATIONS LISTED IN PART I OF SCHEDULE A. X X 0 60569339 30777436 29791903 6206576 5424818 781758 2204927 1099492 1105435 31679096 RESTRICTED CASH 901143 INTEREST IN ASSETS OF RELATED PARTIES 56820606 DIRECT FINANCING LEASES 602464 RIGHT OF USE ASSET - OPERATING LEASE 2428516 RIGHT OF USE ASSET - FINANCING LEASE 19531 60772260 FINANCIAL LEASE LIABILITY 24423 NOTE PAYABLE 2772590 DERIVATIVE FINANCIAL INST 2922 2799935 X 8019112 0 8019112 0 8019112 10175698 0 10175698 0 10175698 PART III, LINE 4: THE CORPORATION MAINTAINS THE HERITAGE GALLERY, A DISPLAY OF OBJECTS OF HISTORICAL SIGNIFICANCE RELATED TO THE UNIVERSITY OF MINNESOTA. THE GALLERY IS FREE AND OPEN TO THE PUBLIC DURING NORMAL BUILDING HOURS. HISTORICAL OBJECTS HELD ARE OF SIGNIFICANCE TO THE UNIVERSITY BUT HAVE NO ASCERTAINABLE VALUE IN THE MARKETPLACE. WHILE THE CORPORATION'S POLICY WOULD BE TO RECOGNIZE INCOME AND CAPITALIZE SUCH ASSETS, FAIR VALUE IS NOT DETERMINABLE AND SO NO ASSETS ARE HELD ON THE BOOKS. PART X, LINE 2: THE CORPORATION IS A NONPROFIT ORGANIZATION EXEMPT FROM FEDERAL INCOME TAX UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND IS ONLY SUBJECT TO FEDERAL INCOME TAX ON NET UNRELATED BUSINESS INCOME. THE CORPORATION HAS ADOPTED GUIDANCE IN THE INCOME TAX STANDARD REGARDING THE RECOGNITION OF UNCERTAIN TAX POSITIONS. THE GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX FILING THAT ARE NOT CERTAIN TO BE REALIZED. THE IMPLEMENTATION OF THIS GUIDANCE HAD NO IMPACT ON THE CORPORATION'S FINANCIAL STATEMENTS. THE CORPORATION'S TAX FILINGS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE CORPORATION IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. TAX FILINGS MADE BY THE CORPORATION ARE GENERALLY SUBJECT TO EXAMINATION BY FEDERAL, STATE, AND LOCAL TAXING AUTHORITIES FOR A PERIOD OF THREE YEARS FROM THE DATE OF FILING. X X X 0 0 0 0 0 0 0 0 0 PATRICK MASCIA CHAIR 0 437442 0 105408 0 0 0 12910 0 0 0 555760 0 0 CHRISTINE SEARSON DIRECTOR/TREASURER/CFO 0 336511 0 68695 0 1188 0 33651 0 25321 0 465366 0 0 MICHAEL DWYER COO 264300 0 49220 0 193 0 15686 0 29033 0 358432 0 0 0 MARY PIETRZAK CONTROLLER 0 135758 0 20370 0 0 0 8631 0 0 0 164759 0 0 JON MCCOMBS OPERATIONS MANAGER 112690 0 16810 0 136 0 6482 0 27154 0 163272 0 0 0 PART I, LINE 1A UNIVERSITY GATEWAY CORPORATION DOES NOT DIRECTLY COMPENSATE ITS DIRECTORS AND OFFICERS. COMPENSATION IS PAID TO CERTAIN UNIVERSITY GATEWAY CORPORATION'S DIRECTORS AND OFFICERS BY ITS BENEFICIARY ORGANIZATIONS: THE UNIVERSITY OF MINNESOTA FOUNDATION (UMF) AND THE UNIVERSITY OF MINNESOTA ALUMNI ASSOCIATION (UMAA). UNIVERSITY GATEWAY CORPORATION RELIED ON ITS BENEFICIARY ORGANIZATIONS TO DETERMINE COMPENSATION THROUGH THE APPROPRIATE PROCESS, WHICH INCLUDES REVIEW AND APPROVAL BY INDEPENDENT PERSONS, COMPARABILITY DATA, AND CONTEMPORANEOUS SUBSTANTIATION. UGC'S COO AND SENIOR MANAGEMENT TEAM COMPLETED A COMPENSATION STUDY FOR THE MAJORITY OF ITS EMPLOYEES IN FALL 2022 AND, IN LIGHT OF CURRENT MARKET CONDITIONS, CONTINUE TO MONITOR THIS CAREFULLY TO REMAIN COMPETITIVE WITH ITS COMPENSATION PROGRAM. PART I, LINE 3 THE PRESIDENT'S COMPENSATION PAID THROUGH THE UNIVERSITY OF MINNESOTA FOUNDATION IS ESTABLISHED USING COMPENSATION SURVEYS GATHERED FROM THE INDUSTRY. A CITY OF MINNEAPOLIS (SERIES 2015) 416005375 603786HU1 2015-02-19 18264595 PROV. FUNDS TO REFUND PRIOR ISSUE 0 0 0 B CITY OF MINNEAPOLIS (SERIES 2009) 416005375 603786FP4 2009-10-22 10500000 BUILDING EXPANSION 0 0 0 A 10039595 18264595 318830 17945765 2015 1 0 1 1 B 10500000 159653 68250 10264393 7704 2011 0 0 1 1 A 0 1 1 1 0 0 0 1 B 0 1 1 1 0 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 0 0 1 1 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: CITY OF MINNEAPOLIS (SERIES 2009) DATE THE REBATE COMPUTATION WAS PERFORMED: 01/31/2011 SCHEDULE K, PART III, LINES 4-6 THE CORPORATION'S BOND COUNSEL HAS ASSESSED AND APPROVED THE CORPORATION'S PRIVATE BUSINESS USE ON ITS BONDS. THE STRAIGHT PERCENTAGE METHOD DOES NOT APPLY AS THERE IS NOT DEDICATED SPACE GENERATING PRIVATE BUSINESS USE. THE CALCULATIONS COMPLETED BY BOND COUNSEL TAKE INTO ACCOUNT SPACE, REVENUE, AND TIME. FORM 990, PART VI, SECTION A, LINE 2 CHRISTINE SEARSON, DAN GARRY, PAT MASCIA - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 UNIVERSITY GATEWAY CORPORATION'S MEMBERS CONSIST OF ITS BENEFICIARY ORGANIZATIONS: THE UNIVERSITY OF MINNESOTA FOUNDATION AND THE UNIVERSITY OF MINNESOTA ALUMNI ASSOCIATION. FORM 990, PART VI, SECTION A, LINE 7A UNIVERSITY GATEWAY CORPORATION'S MEMBERS OF THE BOARD OF DIRECTORS ARE THE CHIEF FINANCIAL OFFICERS OF EACH OF THE TWO MEMBERS, AND THE MANAGING DIRECTOR OF UNIVERSITY OF MINNESOTA FOUNDATION REAL ESTATE ADVISORS ("UMFREA"), EACH OF WHOM SERVE AS EX-OFFICIO, VOTING DIRECTORS; AND ONE DIRECTOR APPOINTED BY EACH OF THE TWO MEMBERS. IN THE ABSENCE OR UNAVAILABILITY OF ANY OF THE EX-OFFICIO DIRECTORS IDENTIFIED ABOVE, THE MEMBERS OR UMFREA, AS APPROPRIATE, MAY DESIGNATE ANOTHER OF ITS OFFICERS TO SERVE AS THE EX-OFFICIO DIRECTOR ON AN INTERIM BASIS. FORM 990, PART VI, SECTION A, LINE 7B UNIVERSITY GATEWAY CORPORATION MAY NOT TAKE THE FOLLOWING ACTIONS WITHOUT RECEIVING UNANIMOUS MEMBER APPROVAL: SELL, LEASE OR OTHERWISE DISPOSE OF ALL OR SUBSTANTIALLY ALL OF ITS PROPERTY AND ASSETS; VOLUNTARILY DISSOLVE; AMEND THE ARTICLES OR BYLAWS; MERGE OR CONSOLIDATE WITH ANY DOMESTIC OR FOREIGN ORGANIZATION OR LEASE OR SELL MORE THAN FIFTY PERCENT (50%) OF THE CORPORATION'S PROPERTY AND ASSETS IN ANY ONE TRANSACTION OR SERIES OF RELATED TRANSACTIONS; SELECT ADDITIONAL BENEFICIARY ORGANIZATIONS; OR ADMIT ADDITIONAL MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY A PROFESSIONAL ACCOUNTING FIRM FROM INFORMATION PROVIDED BY UNIVERSITY GATEWAY CORPORATION. THE CHIEF FINANCIAL OFFICER OF UNIVERSITY GATEWAY CORPORATION THEN REVIEWS THE FORM 990 FOR ACCURACY. THE FORM IS THEN DISTRIBUTED TO THE BOARD AND ANY COMMENTS ON THE FORM ARE DISCUSSED PRIOR TO THE FILING OF THE FORM. FORM 990, PART VI, SECTION B, LINE 12C THE UNIVERSITY GATEWAY CORPORATION DOES HAVE A BOARD APPROVED CONFLICT OF INTEREST STATEMENT. THE OFFICERS AND DIRECTORS OF THE BOARD AS WELLAS UGC MGMT TEAM ARE REQUIRED ANNUALLY TO READ THE CONFLICT OF INTEREST STATEMENT AND DISCLOSE ANY INTERESTS THAT COULD BE OF CONFLICT. THE CONTROLLER REVIEWS THE CONFLICT OF INTEREST STATEMENTS FOR ANY POTENTIAL CONFLICTS. THE POLICY INDICATES THAT "IF A CONFLICT OR POTENTIAL CONFLICT ARISES, THE INDIVIDUAL SHALL DISCLOSE, IN WRITING, THE EXISTENCE OF THE CONFLICT TO THE CHAIR OF THE BOARD OF UNIVERSITY GATEWAY CORPORATION PRIOR TO MAKING, OR PARTICIPATING IN, ANY UNIVERSITY GATEWAY CORPORATION DECISION INVOLVING THE SITUATION IN WHICH THE CONFLICT OF INTEREST EXISTS. THE CHAIR OF THE BOARD SHALL DOCUMENT THE DECISION MADE ON THE MATTER RESULTING FROM THE CONFLICT, DETAILING THE FACTORS INVOLVED IN THE DECISION." FORM 990, PART VI, SECTION C, LINE 19 UNIVERSITY GATEWAY CORPORATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF DERIVATIVE FINANCIAL INSTRUMENT -26,898. CHANGE IN INTEREST IN THE NET ASSET 5,959,733. UNIVERSITY OF MINNESOTA ALUMNI ASSOCIATION 200 OAK STREET SE SUITE 200 MINNEAPOLIS MN 55455 410637089 ALUMNI MN 501(C)(3) LINE 7 N/A 0 UNIVERSITY OF MINNESOTA FOUNDATION 200 OAK STREET SE SUITE 200 MINNEAPOLIS MN 55455 416042488 FUNDRAISING MN 501(C)(3) LINE 5 N/A 0 0 0 1 0 1 0 0 0 0 1 0 1 0 1 0 1 0 0 0