2026-03-30T09:28:26-05:00 2025-06-30 420714325 RSM US LLP 227 WEST FIRST STREET SUITE 700 DULUTH MN 55802 990 2024-07-01 411931343 UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS UNIV 6127671251 420 N 5TH STREET 650 MINNEAPOLIS MN 55401 ANDREW BEHRENS PRESIDENT AND CIO 6127671251 2026-03-27 1 1 JULIE BOYER P01278549 2187275025 2026-03-24 2024 2025-03-06 01:10:19Z ANDREW BEHRENS 420 N 5TH STREET 650 MINNEAPOLIS MN 55401 6765603 0 X N/A X 1998 MN TO PROVIDE THE HIGHEST LEVEL OF STEWARDSHIP FOR UNIVERSITY DONORS THROUGH PROFESSIONAL MANAGEMENT AND OVERSIGHT OF THE UNIVERSITY OF MINNESOTA FOUNDATION'S ASSETS BY CREATING A FOCUSED INVESTMENT ENVIRONMENT WITH CLARITY OF PURPOSE, APPROPRIATE FLEXIBILITY, AND FREEDOM TO FOCUS ON INVESTMENT-RELATED ISSUES. 8 7 17 10 1167113 550337 0 0 5939742 6765603 0 0 0 0 5939742 6765603 0 0 0 0 4745055 5470320 0 0 0 1194687 1295283 5939742 6765603 0 0 3385534 3926749 3178437 3719652 207097 207097 X TO PROVIDE THE HIGHEST LEVEL OF STEWARDSHIP FOR UNIVERSITY DONORS THROUGH PROFESSIONAL MANAGEMENT AND OVERSIGHT OF THE UNIVERSITY OF MINNESOTA FOUNDATION'S ASSETS BY CREATING A FOCUSED INVESTMENT ENVIRONMENT WITH CLARITY OF PURPOSE, APPROPRIATE FLEXIBILITY, AND FREEDOM TO FOCUS ON INVESTMENT-RELATED ISSUES. 0 0 5997398 5598490 THE CORPORATION OVERSEES THE MANAGEMENT OF THE UNIVERSITY OF MINNESOTA FOUNDATION'S FINANCIAL ASSETS. THE UNIVERSITY OF MINNESOTA FOUNDATION (FOUNDATION) DETERMINED THAT THE GROWTH OF ITS ASSETS AND DIVERSIFICATION OF ITS PORTFOLIO NECESSITATE A MORE EFFECTIVE METHOD OF MANAGEMENT. THEREFORE, THE FOUNDATION CREATED THE CORPORATION IN 1998 TO BE SOLELY RESPONSIBLE FOR THE DAY-TO-DAY OVERSIGHT OF THE MANAGEMENT OF THE FOUNDATION'S ASSETS. THE CORPORATION'S STREAMLINED STRUCTURE ENABLES IT TO RETAIN A HIGH CALIBER CHIEF INVESTMENT OFFICER. IT ALSO ENABLES THE CORPORATION TO ATTRACT COMMUNITY BOARD MEMBERS WITH FINANCIAL EXPERTISE, TO MORE EFFECTIVELY UTILIZE THE FINANCIAL AND INVESTMENT EXPERTISE OF ITS BOARD MEMBERS, MORE RAPIDLY RESPOND TO CHANGING MARKET CONDITIONS, AND PROVIDE MORE EFFECTIVE OVERSIGHT OF THE ACTIVITIES OF ITS OUTSIDE INVESTMENT MANAGERS. THE CORPORATION ALSO PROVIDES SERVICES TO ONE OTHER CHARITABLE ORGANIZATION. 5997398 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 2 0 1 17 1 1 1 0 0 0 0 0 0 0 0 0 1 0 X 8 7 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 0 1 1 0 MN X DAVID WALKOSZ 6127671251 420 N 5TH STREET 650 MINNEAPOLIS MN 55401 KATHLEEN M SCHMIDLKOFER DIRECTOR (UNTIL 5/1/2025) 0.40 40.00 X 0 739480 48902 JEFFREY V BAILEY CHAIR/DIRECTOR (UNTIL 5/1/2025) 0.40 0.00 X X 0 0 0 DOUGLAS A NEIMANN CHAIR/DIRECTOR 0.40 0.00 X X 0 0 0 PETER A VORBRICH VICE CHAIR/DIRECTOR 0.40 0.40 X X 0 0 0 JACK HANSEN DIRECTOR 0.40 0.00 X 0 0 0 SRIRAM LAKSHMINARAYANAN DIRECTOR 0.40 0.00 X 0 0 0 ROSS LEVIN DIRECTOR (UNTIL 5/1/2025) 0.40 0.40 X 0 0 0 JUDY MARES DIRECTOR 0.40 0.00 X 0 0 0 JOHN MORRIS DIRECTOR 0.40 40.00 X 0 0 0 MARCIA L PAGE DIRECTOR (UNTIL 5/1/2025) 0.40 0.00 X 0 0 0 NII QUAYE DIRECTOR 0.40 0.00 X 0 0 0 THERESA B WARD DIRECTOR 0.40 0.40 X 0 0 0 ANDREW J BEHRENS CHIEF INVESTMENT OFFICER & PRESIDENT 40.00 0.00 X 1233698 0 46736 CHRISTINE K SEARSON SECRETARY/TREASURER 0.40 40.00 X 0 388286 72683 AMANDA ESCEN CHIEF OPERATING OFFICER 40.00 0.00 X 357869 0 72745 JEFFREY M RODGERS INVESTMENT DIRECTOR 40.00 0.00 X 681902 0 71454 DANIEL J ARLANDSON INVESTMENT DIRECTOR 40.00 0.00 X 680780 0 56941 DAVID T WALKOSZ DIRECTOR OF OPERATIONS 40.00 0.00 X 260299 0 68315 GRANT LARSON INVESTMENT ANALYST 40.00 0.00 X 184976 0 46838 HOLLIE WILMA ASSOCIATE DIRECTOR OF OPERATIONS 40.00 0.00 X 111882 0 26478 DOUGLAS J GORENCE FORMER CHIEF INVESTMENT OFFICER EMERITUS 0.00 0.00 X 522786 0 20543 4034192 1127766 531635 7 1 1 0 BLOOMBERG LP 731 LEXINGTON AVE NEW YORK NY 10022 DATA SERVICES 373428 1 INVESTMENT MANAGEMENT 523940 6765603 5598490 1167113 6765603 6765603 5598490 1167113 0 1986704 1855348 131356 2812844 2722644 90200 275803 265037 10766 222504 178003 44501 172465 162819 9646 1267 1267 539039 515039 24000 3838 3838 126669 126669 188671 188671 64248 64248 12326 12326 44034 44034 84170 84170 UBI TAX 210755 210755 EDUCATION & DEVELOPMENT 11179 11179 MOVING EXPENSES 9087 9087 6765603 5997398 768205 0 266248 512728 1396687 1509591 373292 169431 171707 203861 1550892 1700569 3385534 3926749 1627545 2019083 1550892 1700569 3178437 3719652 X 0 0 0 0 207097 207097 207097 207097 3385534 3926749 0 0 X 0 1 X 0 0 X X 1 UNIVERSITY OF MINNESOTA FOUNDATION 416042488 5 1 5997398 0 1 5997398 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 115397 30772 84625 181707 138659 43048 76188 76188 203861 UMFIA INCENTIVE AWARD PLAN 1036239 RIGHT-OF-USE ASSET - LEASES 664330 1700569 UMFIA INCENTIVE AWARD PLAN 1036239 LEASE LIABILITY 664330 1700569 X PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS RULED THAT UMFIA (CORPORATION) IS A SUPPORTING ORGANIZATION UNDER INTERNAL REVENUE CODE SECTION 509(A)(3) AND IS NOT A PRIVATE FOUNDATION AS DEFINED UNDER SECTION 509(A). UMFIA IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) AND, AS SUCH, ARE SUBJECT TO FEDERAL AND STATE INCOME TAX ONLY ON NET UNRELATED BUSINESS INCOME. THE CORPORATION FOLLOWS ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE REQUIRES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS ONLY IF THE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAX AUTHORITY. THE ASSESSMENT OF THE POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. NO TAX ACCRUAL FOR UNCERTAIN TAX POSITIONS WAS RECOGNIZED DURING THE YEARS ENDED JUNE 30, 2025 OR 2024. THE CORPORATIOIN IS SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS PROGRESS. X X X X 0 0 0 0 0 0 0 0 0 ANDREW J BEHRENS CHIEF INVESTMENT OFFICER & PRESIDENT 670000 0 563618 0 80 0 41400 0 5336 0 1280434 0 0 0 KATHLEEN M SCHMIDLKOFER DIRECTOR (UNTIL 5/1/2025) 0 520832 0 217460 0 1188 0 34500 0 14402 0 788382 0 0 JEFFREY M RODGERS INVESTMENT DIRECTOR 393800 0 288022 0 80 0 41400 0 30054 0 753356 0 0 0 DANIEL J ARLANDSON INVESTMENT DIRECTOR 392638 0 288022 0 120 0 41400 0 15541 0 737721 0 0 0 DOUGLAS J GORENCE FORMER CHIEF INVESTMENT OFFICER EMER 0 0 522786 0 0 0 0 0 20543 0 543329 0 0 0 CHRISTINE K SEARSON SECRETARY/TREASURER 0 318403 0 68695 0 1188 0 33651 0 39032 0 460969 0 0 AMANDA ESCEN CHIEF OPERATING OFFICER 275679 0 82110 0 80 0 41400 0 31345 0 430614 0 0 0 DAVID T WALKOSZ DIRECTOR OF OPERATIONS 194230 0 65725 0 344 0 31857 0 36458 0 328614 0 0 0 GRANT LARSON INVESTMENT ANALYST 139379 0 45533 0 64 0 23164 0 23674 0 231814 0 0 0 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, LINE 12C) ARE: DIRECTORS THERESA B. WARD AND MARCIA L. PAGE HAVE A BUSINESS RELATIONSHIP. DIRECTORS MARCIA L. PAGE AND ROSS LEVIN HAVE A BUSINESS RELATIONSHIP. DIRECTORS KATHLEEN M. SCHMIDLKOFER AND JOHN MORRIS, AND SECRETARY/TREASURER CHRISTINE K. SEARSON HAVE A BUSINESS RELATIONSHIP WITH THEIR ROLES AT THE UNIVERSITY OF MINNESOTA FOUNDATION AS PRESIDENT/CEO AND VICE PRESIDENT/CFO, RESPECTIVELY. FORM 990, PART VI, SECTION A, LINE 6 THE UNIVERSITY OF MINNESOTA FOUNDATION IS THE SOLE MEMBER OF THE UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS. FORM 990, PART VI, SECTION A, LINE 7A THE UNIVERSITY OF MINNESOTA FOUNDATION HAS THE POWER TO APPOINT MEMBERS OF THE BOARD OF DIRECTORS AT THE EXPIRATION OF A TERM OF OFFICE, TO FILL ANY VACANCY, AND TO REMOVE DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE UNIVERSITY OF MINNESOTA FOUNDATION AS SOLE MEMBER OF THE UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS MUST APPROVE THE FOLLOWING ACTIONS AS PRESCRIBED IN THE BYLAWS: (A) APPOINT MEMBERS OF THE BOARD OF DIRECTORS AT THE EXPIRATION OF A TERM OF OFFICE OR TO FILL ANY VACANCY, AND REMOVE DIRECTORS AT ANY TIME, WITH OR WITHOUT CAUSE, AS SET FORTH BELOW IN ARTICLE IV; (B) SELL, LEASE OR OTHERWISE DISPOSE OF ALL OR SUBSTANTIALLY ALL OF ITS PROPERTY AND ASSETS; (C) VOLUNTARILY DISSOLVE; (D) MERGE, CONSOLIDATE WITH ANY DOMESTIC OR FOREIGN ORGANIZATION OR LEASE OR SELL MORE THAN FIFTY PERCENT OF THE CORPORATION'S PROPERTY AND ASSETS TO ANY ENTITY IN ANY ONE TRANSACTION OR SERIES OF RELATED TRANSACTIONS; (E) AMEND THE ARTICLES OR THESE BYLAWS. (F) SELECT ADDITIONAL BENEFICIARY ORGANIZATIONS; (G) ADMIT ADDITIONAL MEMBERS; OR (H) SUBSTANTIALLY CHANGE THE PRESENT OR NOW INTENDED NATURE OF THE CORPORATION'S OPERATION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE PRESIDENT, TREASURER/SECRETARY, CHIEF OPERATING OFFICER, AND DIRECTOR OF OPERATIONS AS WELL AS A PAID PREPARER. THE FORM 990 IS THEN MADE AVAILABLE TO THE FULL BOARD PRIOR TO FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO ALL BOARD MEMBERS, OFFICERS, AND STAFF ON AN ANNUAL BASIS. THE PRESIDENT AND COO REVIEW THE POTENTIAL CONFLICTS AS REPORTED BY THE BOARD MEMBERS, OFFICERS AND STAFF. TO DATE, NO CONFLICT HAS BEEN REPORTED. HOWEVER, UPON THE EVENT OF A CONFLICT, THE BOARD MEMBER WOULD REFRAIN FROM VOTING AND WOULD BE REMOVED FROM THE BOARD IF NEEDED. IF A CONFLICT ARISES DURING THE YEAR, IT IS THE BOARD MEMBER'S RESPONSIBILITY TO DISCLOSE TO THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 AS A NONPROFIT, THE UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS (CORPORATION) MUST DEMONSTRATE REASONABLE COMPENSATION FOR EXECUTIVE LEVEL POSITIONS. THE FOLLOWING ARE IN PLACE TO DOCUMENT AND SUPPORT EXECUTIVE COMPENSATION PRACTICES: ANNUALLY THE CORPORATION PARTICIPATES IN AND REVIEWS LOCAL/NATIONAL MARKET SALARY DATA. COMPENSATION REVIEW AND APPROVAL PROCESS CONSISTS OF THE FOLLOWING STEPS: 1) THE CORPORATION STAFF COMPENSATION IS RECOMMENDED BY THE PRESIDENT, REVIEWED AND DISCUSSED WITH THE COMPENSATION COMMITTEE AND APPROVED BY THE COMPENSATION COMMITTEE. COMPENSATION FOR THE PRESIDENT IS PREPARED BY THE COMPENSATION COMMITTEE CHAIR FOR APPROVAL BY THE COMPENSATION COMMITTEE. THE APPROVALS OF THE PRESIDENT AND STAFF COMPENSATION ARE DOCUMENTED IN THE MEETING NOTES. THESE PROCEDURES ARE PERFORMED ANNUALLY; MOST RECENTLY IN SEPTEMBER 2025. 2) PERFORMANCE AND COMPENSATION IS REVIEWED FOR DISCUSSION/QUESTIONS AND APPROVAL BY THE COMPENSATION COMMITTEE. IT IS NOTED THE COMPENSATION COMMITTEE MEMBERS ARE "DISINTERESTED" PARTIES UNDER IRS REGULATIONS CONCERNING INTERMEDIATE SANCTIONS. 3) THE PRESIDENT AND COMPENSATION COMMITTEE CHAIR THEN PRESENT STAFF COMPENSATION ACTIONS TO THE BOARD OF DIRECTORS FOR REVIEW. THEN WITHOUT THE PRESIDENT PRESENT AND IN EXECUTIVE SESSION, THE BOARD CHAIR OR COMPENSATION COMMITTEE CHAIR PRESENTS THE PRESIDENT PERFORMANCE AND COMPENSATION FOR REVIEW. FORM 990, PART VI, SECTION C, LINE 19 THE CONSOLIDATED FINANCIAL STATEMENTS OF THE UNIVERSITY OF MINNESOTA FOUNDATION AND THE UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS ARE AVAILABLE TO THE PUBLIC VIA THE UNIVERSITY OF MINNESOTA FOUNDATION WEBSITE OR BY PROVIDING COPIES UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN THE IRC SECTION 6104(D). UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS' GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE GENERALLY NOT AVAILABLE TO THE PUBLIC. 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