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← UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS

Form 990 for tax year 2024

Filed by UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS.

Totals

Total revenue
$6,765,603
Total expenses
$6,765,603
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$6,765,603
Investment income
$0
Other revenue
$0
Total assets, end of year
$3,926,749
Total liabilities, end of year
$3,719,652
Net assets or fund balances, end of year
$207,097
Program services expenses (Part IX)
$5,997,398
Management and general expenses
$768,205
Fundraising expenses
$0
Program service expenses (Part III)
$5,997,398

Program services were 88.6% 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 $6,765,603 · related or exempt $5,598,490 · unrelated business $1,167,113

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,986,704 · program services $1,855,348 · management and general $131,356

  • 7 · Other salaries and wages

    total $2,812,844 · program services $2,722,644 · management and general $90,200

  • 8 · Pension plan contributions

    total $275,803 · program services $265,037 · management and general $10,766

  • 9 · Other employee benefits

    total $222,504 · program services $178,003 · management and general $44,501

  • 10 · Payroll taxes

    total $172,465 · program services $162,819 · management and general $9,646

  • 11b · Fees: legal

    total $1,267 · management and general $1,267

  • 11g · Fees: other

    total $539,039 · program services $515,039 · management and general $24,000

  • 13 · Office expenses

    total $3,838 · management and general $3,838

  • 14 · Information technology

    total $126,669 · management and general $126,669

  • 16 · Occupancy

    total $188,671 · management and general $188,671

  • 17 · Travel

    total $64,248 · program services $64,248

  • 19 · Conferences, conventions and meetings

    total $12,326 · program services $12,326

  • 22 · Depreciation, depletion and amortization

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

  • 23 · Insurance

    total $84,170 · management and general $84,170

  • 24a · Other expenses: UBI TAX

    total $210,755 · program services $210,755

  • 24b · Other expenses: EDUCATION & DEVELOPMENT

    total $11,179 · program services $11,179

  • 24c · Other expenses: MOVING EXPENSES

    total $9,087 · management and general $9,087

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $266,248 · end of year $512,728

  • 4 · Accounts receivable

    beginning of year $1,396,687 · end of year $1,509,591

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

    $373,292

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

    $169,431

  • 10c · Land, buildings and equipment, net

    beginning of year $171,707 · end of year $203,861

  • 15 · Other assets

    beginning of year $1,550,892 · end of year $1,700,569

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,627,545 · end of year $2,019,083

  • 25 · Other liabilities

    beginning of year $1,550,892 · end of year $1,700,569

  • 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 · 2024

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 $5,997,398 · Revenue $5,598,490

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Kathleen M Schmidlkofer

    DIRECTOR (UNTIL 5/1/2025)

    Total calculated
    $788,382
    From this org
    $0
    From related orgs
    $739,480
    Other
    $48,902
    Hours/week
    0.4 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $520,832 related
    Bonus
    $0 + $217,460 related
    Other
    $0 + $1,188 related
    Deferred
    $0 + $34,500 related
    Nontaxable benefits
    $0 + $14,402 related
    Filer's total
    $0 + $788,382 related

  • Jeffrey V Bailey

    CHAIR/DIRECTOR (UNTIL 5/1/2025)

    Total calculated
    $0
    Hours/week
    0.4

  • Douglas A Neimann

    CHAIR/DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • Peter A Vorbrich

    VICE CHAIR/DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4 + 0.4 related

  • Jack Hansen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • Sriram Lakshminarayanan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • Ross Levin

    DIRECTOR (UNTIL 5/1/2025)

    Total calculated
    $0
    Hours/week
    0.4 + 0.4 related

  • Judy Mares

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • John Morris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4 + 40 related

  • Marcia L Page

    DIRECTOR (UNTIL 5/1/2025)

    Total calculated
    $0
    Hours/week
    0.4

  • Nii Quaye

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • Theresa B Ward

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4 + 0.4 related

  • Andrew J Behrens

    CHIEF INVESTMENT OFFICER & PRESIDENT

    Total calculated
    $1,280,434
    From this org
    $1,233,698
    From related orgs
    $0
    Other
    $46,736
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $670,000
    Bonus
    $563,618
    Other
    $80
    Deferred
    $41,400
    Nontaxable benefits
    $5,336
    Filer's total
    $1,280,434

  • Christine K Searson

    SECRETARY/TREASURER

    Total calculated
    $460,969
    From this org
    $0
    From related orgs
    $388,286
    Other
    $72,683
    Hours/week
    0.4 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $318,403 related
    Bonus
    $0 + $68,695 related
    Other
    $0 + $1,188 related
    Deferred
    $0 + $33,651 related
    Nontaxable benefits
    $0 + $39,032 related
    Filer's total
    $0 + $460,969 related

  • Amanda Escen

    CHIEF OPERATING OFFICER

    Total calculated
    $430,614
    From this org
    $357,869
    From related orgs
    $0
    Other
    $72,745
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $275,679
    Bonus
    $82,110
    Other
    $80
    Deferred
    $41,400
    Nontaxable benefits
    $31,345
    Filer's total
    $430,614

  • Jeffrey M Rodgers

    INVESTMENT DIRECTOR

    Total calculated
    $753,356
    From this org
    $681,902
    From related orgs
    $0
    Other
    $71,454
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $393,800
    Bonus
    $288,022
    Other
    $80
    Deferred
    $41,400
    Nontaxable benefits
    $30,054
    Filer's total
    $753,356

  • Daniel J Arlandson

    INVESTMENT DIRECTOR

    Total calculated
    $737,721
    From this org
    $680,780
    From related orgs
    $0
    Other
    $56,941
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $392,638
    Bonus
    $288,022
    Other
    $120
    Deferred
    $41,400
    Nontaxable benefits
    $15,541
    Filer's total
    $737,721

  • David T Walkosz

    DIRECTOR OF OPERATIONS

    Total calculated
    $328,614
    From this org
    $260,299
    From related orgs
    $0
    Other
    $68,315
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,230
    Bonus
    $65,725
    Other
    $344
    Deferred
    $31,857
    Nontaxable benefits
    $36,458
    Filer's total
    $328,614

  • Grant Larson

    INVESTMENT ANALYST

    Total calculated
    $231,814
    From this org
    $184,976
    From related orgs
    $0
    Other
    $46,838
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,379
    Bonus
    $45,533
    Other
    $64
    Deferred
    $23,164
    Nontaxable benefits
    $23,674
    Filer's total
    $231,814

  • Hollie Wilma

    ASSOCIATE DIRECTOR OF OPERATIONS

    Total calculated
    $138,360
    From this org
    $111,882
    From related orgs
    $0
    Other
    $26,478
    Hours/week
    40

  • Douglas J Gorence

    FORMER CHIEF INVESTMENT OFFICER EMERITUS

    Total calculated
    $543,329
    From this org
    $522,786
    From related orgs
    $0
    Other
    $20,543
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $522,786
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $20,543
    Filer's total
    $543,329

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

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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

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.

  • ARTES CAPITAL SMA 1 LLC

    INVESTMENT · CA

  • CLEAR HAVEN - UMF FUND LP

    INVESTMENT · NY

  • CLEAR HAVEN CREDIT OPPORTUNITIES FEEDER FUND II

    INVESTMENT · NY

  • CLEAR HAVEN CREDIT OPPORTUNITIES FEEDER FUND III

    INVESTMENT · NY

  • CORRUM CAPITAL UMF LP

    INVESTMENT · NC

  • COVENTURE STRATEGIC PARTNERS FUND UMF LLC

    INVESTMENT · NY

  • FIDELIS INVESTORS MORTGAGE FUND I LP

    INVESTMENT · NY

  • FIDELIS INVESTORS WH 2021-01 LP

    INVESTMENT · NJ

  • GO-HIGHMORE TRADE FINANCE FUND LP

    INVESTMENT · NY

  • HC SMA-I LLC

    INVESTMENT · NJ

  • LATERAL UMF FEEDER LLC

    INVESTMENT · CA

  • LEGALIST DIP SPV II LP

    INVESTMENT · CA

  • LEGALIST SPV II LP

    INVESTMENT · CA

  • LEGALIST SPV III LP

    INVESTMENT · CA

  • LESTE UMF FUND 1 LLC

    INVESTMENT · FL

  • LRC PARTNERS I LLC

    INVESTMENT · NC

  • MHRA LP

    INVESTMENT · NY

  • MRP SMA II LP

    INVESTMENT · MN

  • NORTHLEAF STRATEGIC CAPITAL FUND LP

    INVESTMENT · CA

  • OHP SMA 1

    INVESTMENT · CT

  • PC ABL SMA 1 LP

    INVESTMENT · CA

  • POST ROAD SPECIALTY LENDING FUND (UMINN) LP

    INVESTMENT · CT

  • PSF VIKING LENDING LLC

    INVESTMENT · TX

  • SERIES M - VIRAGE CAPITAL PARTNERS II LP

    INVESTMENT · TX

  • STORMFIELD NORTH STAR FUND LP

    INVESTMENT · CT

  • TALLINN CAPITAL ENERGY LIMITED PARTNERSHIP

    INVESTMENT · CA

  • TIKOVA SMA I LLC

    INVESTMENT · MD

  • TURNING ROCK UMF LLC

    INVESTMENT · NY

  • VPC INVESTOR FUND M LP

    INVESTMENT · IL

  • W&D REAL ESTATE OPPORTUNITIES CO-INVEST FUND LP

    INVESTMENT · CO

  • WILRICH CAPITAL ENERGY LP

    INVESTMENT · CA

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2024
Filed
27 March 2026
IRS schema version
2024v5.5
Source object
202610899349300721

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