2026-04-01T09:45:20-05:00 2025-06-30 420714325 RSM US LLP 227 WEST FIRST STREET SUITE 700 DULUTH MN 55802 990 2024-07-01 416042488 UNIVERSITY OF MINNESOTA FOUNDATION UNIV 6126243333 200 OAK STREET SE 500 500 MINNEAPOLIS MN 554552010 CHRISTINE K SEARSON VICE PRESIDENT/CFO 6126243333 2026-03-31 1 1 JULIE BOYER P01278549 2187275025 2024 2025-03-06 01:10:19Z CHRISTINE K SEARSON 200 OAK STREET SE 500 500 MINNEAPOLIS MN 554552010 5470786374 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 41 46 4929622 3158084 254697572 342224885 0 0 281061089 256584051 -11751727 -12609595 524006934 586199341 283517310 304014073 0 0 39445357 43718822 0 0 48296743 30183123 35452659 353145790 383185554 170861144 203013787 4888350212 5473796088 525460962 703055861 4362889250 4770740227 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 304014073 304014073 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 $85M TO STUDENT SUPPORT, $99M TO PROGRAM SUPPORT, $47M TO RESEARCH AND COMMUNITY OUTREACH/ENGAGEMENT, $39M TO FACULTY AND STAFF SUPPORT, AND $34M TO CAPITAL IMPROVEMENTS. 304014073 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 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 X 316 0 1 41 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 500 500 MINNEAPOLIS MN 554552010 X KATHLEEN M SCHMIDLKOFER PRESIDENT/CEO (UNTIL 6/30/2025) 40.00 0.40 X X 739480 0 48902 JOHN MORRIS PRESIDENT/CEO (STARTED 5/1/2025) 40.00 0.40 X X 0 0 0 KENNETH C GLASER TRUSTEE/CHAIR 0.40 0.00 X X 0 0 0 SHARI L BALLARD TRUSTEE (UNTIL 11/7/2024) 0.40 0.00 X X 0 0 0 JACQUELINE R WILLIAMS-ROLL TRUSTEE/PAST CHAIR 0.40 0.00 X X 0 0 0 ABDUL M OMARI PHD 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 WEMIMO S ABBEY MPA TRUSTEE 0.40 0.00 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 REBECCA M CUNNINGHAM MD TRUSTEE 0.40 0.00 X 0 0 0 MARY A DAVENPORT TRUSTEE (UNTIL 6/30/2025) 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 MICHAEL B FITERMAN TRUSTEE 0.40 0.00 X 0 0 0 W ANDERS FOLK JD 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 (UNTIL 11/7/2024) 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 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 MCMILLAN JD TRUSTEE 0.40 0.00 X 0 0 0 KATHERINE A NELSON PHD TRUSTEE 0.40 0.00 X 0 0 0 LEA B OLSEN 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 (UNTIL 11/7/2024) 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 TY R SILBERHORN TRUSTEE 0.40 0.00 X 0 0 0 PHILIP E SORAN 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 (UNTIL 11/7/2024) 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 W STEFANI TRUSTEE 0.40 0.00 X 0 0 0 CHRISTINE K SEARSON VICE PRESIDENT/CFO 40.00 0.40 X 388286 0 72683 PAT MASCIA UMFREA MANAGING DIRECTOR 40.00 0.00 X 542850 0 58733 ROBERT J BURGETT SENIOR ADVISOR (UNTIL 6/30/25) 40.00 0.00 X 457446 0 61179 PATRICIA K PORTER EXECUTIVE VICE PRESIDENT 40.00 0.00 X 470753 0 81481 MICHAEL COHEN VICE PRESIDENT 40.00 0.00 X 271775 0 53177 SARAH E YOUNGERMAN VICE PRESIDENT 40.00 0.00 X 292178 0 62582 SOPHIA KHAN VICE PRESIDENT 40.00 0.00 X 303382 0 51300 CATHERINE MCGLINCH SENIOR VICE PRESIDENT 40.00 0.00 X 300668 0 68472 ELIZABETH PATTY ASSOC VICE PRESIDENT (UNTIL 5/14/25) 40.00 0.00 X 290390 0 54099 KRISTI FLANAGAN VILLAR VICE PRESIDENT 40.00 0.00 X 290703 0 54580 STEVEN M CORKERY VICE PRESIDENT 40.00 0.00 X 290661 0 63881 TRAVIS SMITH SENIOR VICE PRESIDENT 40.00 0.00 X 319213 0 58827 4957785 0 789896 195 0 1 0 HURON CONSULTING SERVICES PO BOX 71223 CHICAGO IL 60694 DEVELOPMENT CONSULTING SERVICES 973045 JAPS-OLSON COMPANY 7500 EXCELSIOR BLVD MINNEAPOLIS MN 55426 PRINTING AND PUBLICATIONS 598609 TEN X TEN LLC 807 BROADWAY ST NE SUITE 221 MINNEAPOLIS MN 55413 CONSULTING SERVICES 412365 D'AMICO CATERING 275 MARKET ST STE 117 MINNEAPOLIS MN 55405 CATERING 363051 RUSSELL REYNOLDS ASSOCIATES PO BOX 1678 CAROL STREAM IL 60132 CONSULTING SERVICES 344352 41 837256 623604 340764025 30718303 342224885 81742852 4929622 76813230 21177 21177 5833011 21147770 -15314759 -15314759 -15314759 5036539727 4861698528 174841199 174841199 174841199 1923479 837256 1740735 182744 182744 DEV. SERVICES CONTRACT 900099 2500000 2500000 UBIT REFUNDS 900099 1243 1243 2501243 586199341 0 4929622 239044834 303989073 303989073 25000 25000 3960372 2119602 1840770 29224896 6884517 22340379 10533554 2539587 7993967 376494 376494 342008 342008 10421088 10421088 3934347 2098031 1836316 218499 75 218424 977120 335696 641424 998098 694302 303796 2012432 2012432 681962 72558 609404 516162 85790 430372 195237 195237 455134 455134 PROFESSIONAL DEVELOPMEN 8660615 8660615 PRINTING & PUBLICATIONS 1594048 1245 1592803 UBI TAX 1549072 1549072 DONOR CULTIVATION 1442121 2525 1439596 1078222 689345 388877 383185554 304014073 30874738 48296743 36683685 42695279 1096987429 1572252914 172022498 218420073 71674259 28217405 44424464 43456854 719229336 651828582 2715320516 2795230492 53161 53161 103629123 149858733 4888350212 5473796088 39337850 32410044 450528982 503274895 35594130 167370922 525460962 703055861 X 264025373 355254996 4098863877 4415485231 4362889250 4770740227 4888350212 5473796088 X 203013787 209080582 -4243392 X 0 1 X 1 0 X 243554820 328464283 270200353 268580027 342224885 1453024368 243554820 328464283 270200353 268580027 342224885 1453024368 44778275 1408246093 26526644 19567696 49543181 85650708 82667418 263955647 6594564 3236384 5632486 3340828 18804262 2500000 3094749 2524955 3085027 2501243 13705974 1749490251 0.80490 0.82310 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. 2024 AMOUNT: $ 2,500,000. UBI FED REFUND - 2021 AMOUNT: $ 594,749. 2022 AMOUNT: $ 24,955. 2023 AMOUNT: $ 585,027. 2024 AMOUNT: $ 1,243. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 20279 555391 1 1 0 1 X 2765023922 102291322 273939639 39224438 55617640 3046412805 2498565847 60569155 293228502 39108674 48230908 2765023922 2469339328 67110904 44913531 35219562 47578354 2498565847 2407624926 221961122 -97765502 29247149 33234069 2469339328 1714613264 89710813 656848478 26687264 26860365 2407624926 0.06000 0.55000 0.39000 0 0 32047713 32047713 24824141 16689812 8134329 7959402 3760144 4199258 6837281 7767449 -930168 5722 5722 43456854 INVESTMENTS MEASURED AT NAV 2273106889 F INVESTMENTS HELD AT COST 24253372 C DIRECT LOANS/PARTICIPATION AGREEMENTS 249265937 F LEVEL 3 247336027 F LIFE INSURANCE POLICIES AT CASH SURRENDER VALUE 1268267 F 2795230492 GIFT ANNUITIES PAYABLE 21601459 CHARITABLE TRUST AGREEMENT LIABILITIES 14307868 OPERATING LEASE LIABILITY 1509253 DUE TO BROKERS 117541682 DERIVATIVE LIABILITIES 12410660 167370922 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 INTERNAL REVENUE SERVICE HAS RULED THAT THE UNIVERSITY OF MINNESOTA FOUNDATION IS A PUBLICLY SUPPORTED ORGANIZATION UNDER INTERNAL REVENUE CODE SECTION 170(B)(1)(A) AND IS NOT A PRIVATE FOUNDATION AS DEFINED UNDER SECTION 509(A). THE INTERNAL REVENUE SERVICE HAS RULED THAT UMFIA AND UGC ARE SUPPORTING ORGANIZATIONS UNDER INTERNAL REVENUE CODE SECTION 509(A)(3) AND ARE NOT PRIVATE FOUNDATIONS AS DEFINED UNDER SECTION 509(A). THE FOUNDATION, UMFIA AND UGC ARE TAX-EXEMPT ORGANIZATIONS UNDER SECTION 501(C)(3) AND, AS SUCH, ARE SUBJECT TO FEDERAL AND STATE INCOME TAX ONLY ON NET UNRELATED BUSINESS INCOME. UMFREA IS A SINGLE MEMBER LIMITED LIABILITY COMPANY AND IS TREATED AS A DISREGARDED ENTITY FOR FEDERAL INCOME TAX PURPOSES. AS SUCH, ITS OPERATIONS ARE INCLUDED IN THE TAX FILINGS OF ITS SOLE MEMBER, THE UNIVERSITY OF MINNESOTA FOUNDATION. THE FOUNDATION 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 FOUNDATION IS SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS PROGRESS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 0 517389135 NORTH AMERICA 0 0 INVESTMENTS 0 36048394 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 0 18237144 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 0 56942062 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 0 91605269 0 0 0 0 0 0 720222004 0 720222004 1 0 1 1 1 0 WINEFEST DINNER/AUCTION 1606557 490512 1116045 10900 296767 320903 307235 FASHIONFEST DINNER/AUCTION 733477 227189 506288 1650 124379 114434 127677 2 420701 119555 301146 113401 82052 109735 131602 2760735 837256 1923479 125951 503198 545072 566514 1740735 182744 1 UNIVERSITY OF MINNESOTA 3 MORRILL HALL 100 CHURCH ST SE MINNEAPOLIS MN 55455 416007513 GOV'T ENTITY 294797625 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) 5554400 0 N/A N/A FUND GRANTS TO SUPPORT THE UNIVERSITY OF MINNESOTA HOSPITAL AND CLINICAL PROGRAMMING AT M HEALTH FAIRVIEW. UNIVERSITY GATEWAY CORPORATION 200 OAK STREET SE SUITE 35 MINNEAPOLIS MN 554552013 411879994 501(C)(3) 1300000 0 N/A N/A FUND GRANT TO SUPPORT THE UNIVERSITY GATEWAY CORPORATION - A FACILITY THAT SUPPORTS THE UNIVERSITY OF MINNESOTA. BETA OF CLOVIA FOUNDATION 2067 CARTER AVE SAINT PAUL MN 551081707 923034521 501(C)(3) 806253 0 N/A N/A BETA OF CLOVIA FOUNDATION ESTABLISHED THEIR OWN 501(C)3. FUND GRANT TO TRANSFER THE FUND BALANCE. RHODE ISLAND HOSPITAL FOUNDATION 167 POINT ST PROVIDENCE RI 029034771 050468736 501(C)(3) 547033 0 N/A N/A FUND GRANT PER DONOR AGREEMENT TO MOVE FUNDS TO ANOTHER 501(C)3 MINNESOTA LANDSCAPE ARBORETUM FOUNDATION 3675 ARBORETUM DRIVE CHASKA MN 55318 237081057 501(C)(3) 353576 0 N/A N/A THE MINNESOTA LANDSCAPE ARBORETUM FOUNDATION IS A RECOGNIZED FOUNDATION OF THE UNIVERSITY OF MINNESOTA. UNIVERSITY OF MINNESOTA ALUMNI ASSOCIATION 200 OAK STREET SE SUITE 200 MINNEAPOLIS MN 554552040 416037089 501(C)(3) 262500 0 N/A N/A FUND GRANT TO SUPPORT THE UNIVERSITY OF MINNESOTA ALUMNI ASSOCIATION. THE FOOD GROUP MINNESOTA INC 8501 54TH AVE N NEW HOPE MN 554283710 411246504 501(C)(3) 203266 0 N/A N/A FUND GRANT PER DONOR AGREEMENT TO MOVE FUNDS TO ANOTHER 501(C)3 EQUITY IN ACTION WAY FOUNDATION 2112 BROADWAY ST NE STE 225 MINNEAPOLIS MN 554133081 992355123 501(C)(3) 93880 0 N/A N/A FUND GRANT PER DONOR AGREEMENT TO MOVE FUNDS TO ANOTHER 501(C)3 BOWEN CENTER FOR THE STUDY OF THE FAMILY 4400 MACARTHUR BOULEVARD NW SUITE 103 WASHINGTON DC 200072521 521667358 501(C)(3) 64257 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) 6283 0 N/A N/A FUND GRANT TO SUPPORT THE UNIVERSITY OF MINNESOTA PHYSICIANS MILL CITY CLINIC. 11 0 SIEHL PRIZE 1 25000 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 (UNTIL 6/30/2025) 520832 0 217460 0 1188 0 34500 0 14402 0 788382 0 0 0 PAT MASCIA UMFREA MANAGING DIRECTOR 437442 0 105408 0 0 0 18451 0 40282 0 601583 0 0 0 PATRICIA K PORTER EXECUTIVE VICE PRESIDENT 388901 0 81078 0 774 0 44850 0 36631 0 552234 0 0 0 ROBERT J BURGETT SENIOR ADVISOR (UNTIL 6/30/25) 377091 0 78069 0 2286 0 49257 0 11922 0 518625 0 0 0 CHRISTINE K SEARSON VICE PRESIDENT/CFO 318403 0 68695 0 1188 0 33651 0 39032 0 460969 0 0 0 TRAVIS SMITH SENIOR VICE PRESIDENT 275209 0 43734 0 270 0 28601 0 30226 0 378040 0 0 0 CATHERINE MCGLINCH SENIOR VICE PRESIDENT 260687 0 39207 0 774 0 35196 0 33276 0 369140 0 0 0 SARAH E YOUNGERMAN VICE PRESIDENT 243406 0 47998 0 774 0 32651 0 29931 0 354760 0 0 0 SOPHIA KHAN VICE PRESIDENT 250878 0 52090 0 414 0 26120 0 25180 0 354682 0 0 0 STEVEN M CORKERY VICE PRESIDENT 251134 0 39114 0 413 0 33655 0 30226 0 354542 0 0 0 KRISTI FLANAGAN VILLAR VICE PRESIDENT 251792 0 38731 0 180 0 25809 0 28771 0 345283 0 0 0 ELIZABETH PATTY ASSOC VICE PRESIDENT (UNTIL 5/14/25) 251443 0 37758 0 1189 0 33441 0 20658 0 344489 0 0 0 MICHAEL COHEN VICE PRESIDENT 223705 0 47656 0 414 0 23246 0 29931 0 324952 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 THEIR 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 373 30545364 OTHER X 1 136000 OTHER X 1 36939 OTHER 0 0 1 1 PART I, COLUMN (B): THE AMOUNTS REPORTED ON COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS. PART I, LINE 32B: A THIRD PARTY WAS USED TO VALUE AND PURCHASE GOLD COINS THAT WERE GIFTED TO UNIVERSITY OF MINNESOTA FOUNDATION DURING FY25. FORM 990, PART V, LINE 2A: THE NUMBER OF EMPLOYEES REPORTED ON FORM W-3, TRANSMITTAL OF WAGE AND TAX STATEMENTS, FILED FOR THE CALENDAR YEAR REPRESENTS THE EMPLOYEES OF UNIVERSITY OF MINNESOTA FOUNDATION DINNAKEN HOUSING, LLC (UMFREA), A DISREGARDED ENTITY OF THE UNIVERSITY OF MINNESOTA FOUNDATION. THE EMPLOYEES OF THE FOUNDATION RECEIVE COMPENSATION FROM THE UNIVERSITY OF MINNESOTA. 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 DOUGLAS A. HUEBSCH, RUTH E. JOHNSON, AND MARY A. DAVENPORT (ALL REGENTS OF THE UNIVERSITY OF MINNESOTA IN FY25) HAD A BUSINESS RELATIONSHIP WITH REBECCA CUNNINGHAM (UNIVERSITY OF MINNESOTA PRESIDENT) DURING FY25. TRUSTEES HOYT M. HSIAO AND DOROTHY J. 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 2025. 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 VII, LINE 2: EMPLOYEES OF THE UNIVERSITY OF MINNESOTA FOUNDATION ARE PAID BY THE UNIVERSITY OF MINNESOTA. THIS REPRESENTS THE NUMBER OF UNIVERSITY OF MINNESOTA FOUNDATION EMPLOYEES WHO HAVE RECEIVED MORE THAN $100,000 IN COMPENSATION FROM THE UNIVERSITY OF MINNESOTA. FORM 990, PART XI, LINE 9: CHANGE IN CARRYING VALUE OF TRUSTS 11,294,695. LOSS ON UNCOLLECTIBLE PLEDGES -15,538,087. 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