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← UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS

Form 990 for tax year 2023

Filed by UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS.

Totals

Total revenue
$5,939,742
Total expenses
$5,939,742
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,939,742
Investment income
$0
Other revenue
$0
Total assets, end of year
$3,385,534
Total liabilities, end of year
$3,178,437
Net assets or fund balances, end of year
$207,097
Program services expenses (Part IX)
$5,246,677
Management and general expenses
$693,065
Fundraising expenses
$0
Program service expenses (Part III)
$5,246,677

Program services were 88.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INVESTMENT MANAGEMENT

    total $5,939,742 · related or exempt $4,913,747 · unrelated business $1,025,995

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,350,322 · program services $1,247,903 · management and general $102,419

  • 7 · Other salaries and wages

    total $2,904,185 · program services $2,833,815 · management and general $70,370

  • 8 · Pension plan contributions

    total $200,421 · program services $190,702 · management and general $9,719

  • 9 · Other employee benefits

    total $127,264 · program services $101,811 · management and general $25,453

  • 10 · Payroll taxes

    total $162,863 · program services $154,306 · management and general $8,557

  • 11b · Fees: legal

    total $40,991 · management and general $40,991

  • 11g · Fees: other

    total $439,757 · program services $385,576 · management and general $54,181

  • 13 · Office expenses

    total $4,408 · management and general $4,408

  • 14 · Information technology

    total $82,377 · management and general $82,377

  • 16 · Occupancy

    total $183,743 · management and general $183,743

  • 17 · Travel

    total $103,196 · program services $103,196

  • 19 · Conferences, conventions and meetings

    total $22,776 · program services $22,776

  • 22 · Depreciation, depletion and amortization

    total $44,034 · management and general $44,034

  • 23 · Insurance

    total $61,944 · management and general $61,944

  • 24a · Other expenses: UBI TAX

    total $203,180 · program services $203,180

  • 24b · Other expenses: MOVING EXPENSES

    total $4,869 · management and general $4,869

  • 24c · Other expenses: EDUCATION & DEVELOPMENT

    total $3,412 · program services $3,412

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $289,039 · end of year $266,248

  • 4 · Accounts receivable

    beginning of year $1,196,733 · end of year $1,396,687

  • 10a · Land, buildings and equipment: cost or other basis

    $297,104

  • 10b · Land, buildings and equipment: accumulated depreciation

    $125,397

  • 10c · Land, buildings and equipment, net

    beginning of year $215,742 · end of year $171,707

  • 15 · Other assets

    beginning of year $1,968,105 · end of year $1,550,892

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,494,417 · end of year $1,627,545

  • 25 · Other liabilities

    beginning of year $1,968,105 · end of year $1,550,892

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $207,097 · end of year $207,097

Mission and programs · 2023

Mission

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.

  • 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.

    Expenses $5,246,677 · Revenue $4,913,747

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • KATHLEEN M SCHMIDLKOFER

    DIRECTOR

    Total calculated
    $879,654
    From this org
    $0
    From related orgs
    $693,132
    Other
    $186,522
    Hours/week
    0.4 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $503,944 related
    Bonus
    $0 + $188,000 related
    Other
    $0 + $1,188 related
    Deferred
    $0 + $173,000 related
    Nontaxable benefits
    $0 + $13,522 related
    Filer's total
    $0 + $879,654 related

  • JEFFREY V BAILEY

    CHAIR/DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • PETER M GRANT

    DIRECTOR (UNTIL 11/1/2023)

    Total calculated
    $0
    Hours/week
    0.4

  • JACK HANSEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • B KRISTINE JOHNSON

    DIRECTOR (UNTIL 11/1/2023)

    Total calculated
    $0
    Hours/week
    0.4

  • SRIRAM LAKSHMINARAYANAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • ROSS LEVIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4 + 0.4 related

  • DOUGLAS A NEIMANN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • MARCIA L PAGE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • PETER A VORBRICH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4 + 0.4 related

  • THERESA B WARD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4 + 0.4 related

  • ANDREW J BEHRENS

    CHIEF INVESTMENT OFFICER AND PRESIDENT

    Total calculated
    $971,438
    From this org
    $931,838
    From related orgs
    $0
    Other
    $39,600
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $500,000
    Bonus
    $431,778
    Other
    $60
    Deferred
    $39,600
    Nontaxable benefits
    $0
    Filer's total
    $971,438

  • CHRISTINE K SEARSON

    SECRETARY/TREASURER

    Total calculated
    $446,177
    From this org
    $0
    From related orgs
    $376,543
    Other
    $69,634
    Hours/week
    0.4 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $315,793 related
    Bonus
    $0 + $59,976 related
    Other
    $0 + $774 related
    Deferred
    $0 + $33,000 related
    Nontaxable benefits
    $0 + $36,634 related
    Filer's total
    $0 + $446,177 related

  • AMANDA ESCEN

    CHIEF OPERATING OFFICER

    Total calculated
    $331,588
    From this org
    $288,372
    From related orgs
    $0
    Other
    $43,216
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,766
    Bonus
    $41,546
    Other
    $60
    Deferred
    $35,466
    Nontaxable benefits
    $7,750
    Filer's total
    $331,588

  • DOUGLAS J GORENCE

    CHIEF INVESTMENT OFFICER EMERITUS

    Total calculated
    $1,196,782
    From this org
    $1,155,257
    From related orgs
    $0
    Other
    $41,525
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $374,120
    Bonus
    $291,450
    Other
    $489,687
    Deferred
    $39,600
    Nontaxable benefits
    $1,925
    Filer's total
    $1,196,782

  • JEFFREY M RODGERS

    INVESTMENT DIRECTOR

    Total calculated
    $648,213
    From this org
    $600,863
    From related orgs
    $0
    Other
    $47,350
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $351,967
    Bonus
    $248,836
    Other
    $60
    Deferred
    $39,600
    Nontaxable benefits
    $7,750
    Filer's total
    $648,213

  • DANIEL J ARLANDSON

    INVESTMENT DIRECTOR

    Total calculated
    $643,485
    From this org
    $600,035
    From related orgs
    $0
    Other
    $43,450
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $351,109
    Bonus
    $248,836
    Other
    $90
    Deferred
    $39,600
    Nontaxable benefits
    $3,850
    Filer's total
    $643,485

  • DAVID T WALKOSZ

    CONTROLLER

    Total calculated
    $283,665
    From this org
    $245,801
    From related orgs
    $0
    Other
    $37,864
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,639
    Bonus
    $64,904
    Other
    $258
    Deferred
    $30,114
    Nontaxable benefits
    $7,750
    Filer's total
    $283,665

  • GRANT LARSON

    INVESTMENT ANALYST

    Total calculated
    $183,297
    From this org
    $156,066
    From related orgs
    $0
    Other
    $27,231
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,423
    Bonus
    $39,595
    Other
    $48
    Deferred
    $19,481
    Nontaxable benefits
    $7,750
    Filer's total
    $183,297

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
CERTAIN EMPLOYEES FOR THE UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS (CORPORATION) ARE PROVIDED THE OPPORTUNITY TO PARTICIPATE IN THE UMFIA SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (PLAN). THE PLAN IS INTENDED TO BE AN UNFUNDED PLAN MAINTAINED PRIMARILY FOR THE PURPOSE OF PROVIDING DEFERRED COMPENSATION FOR A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES AS DESCRIBED IN SECTIONS 201(2), 301(A)(3), AND 401(A)(1) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (ERISA). PARTICIPATION IN THIS PLAN IS CURRENTLY LIMITED TO THE FORMER PRESIDENT OF THE CORPORATION. ANNUAL CONTRIBUTIONS BY THE CORPORATION ARE BASED ON A PERCENTAGE OF THE EMPLOYEE'S BASE SALARY, SUCH PERCENTAGE BEING DETERMINED BY THE CORPORATION'S BOARD OF DIRECTORS IN ITS SOLE DISCRETION BASED ON THE BOARD'S ASSESSMENT OF THE EMPLOYEE'S CONTRIBUTIONS TO THE CORPORATION'S LONG TERM PERFORMANCE. PAYMENTS FROM THIS PLAN ARE SUBJECT TO A VESTING SCHEDULE AND ARE 100% VESTED UPON THE EARLIER TO OCCUR OF THE EMPLOYEE'S NORMAL RETIREMENT DATE, DISABILITY OR DEATH. THE TAXABLE PAYMENT TO DOUGLAS GORENCE IN CALENDAR YEAR 2023 WAS $488,925.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2023
Filed
26 March 2025
IRS schema version
2023v6.0
Source object
202500879349301200

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