Mayo Clinic

“Between meetings of mayo clinic's board of trustees, mayo clinic's bylaws delegate to the mayo clinic board of governors, an executive committee of the board of trustees, broad authority to exercise the powers of the board of trustees within certain limitations of time and topic.”

“The following individual(s) is/are employed by a related organization: gray m.d., richard j., dahlen, dennis e., uhlenkamp, susan m., thielen m.d., kent r., norby, mark l., murphy, joshua b., hubert, sherry l., hoffman iii, harry n., harper jr., m.d., charles m., gostout m.d., bobbie s., gorman, paul a., froisland, jeffrey r., francis, james r., farrugia m.d., gianrico, brown, william a., bolton, jeffrey w., weber, joan a., resulting in a business relationship with the following individual(s) who is/are associated with the related organization as an officer, director, or trustee: zorn, christina k., menkosky, paula e., otley m.d., clark c., dahlen, dennis e., murphy, joshua b., hubert, sherry l., hoffman iii, harry n., froisland, jeffrey r., francis, james r., brown, william a., the following individual(s) is/are employed by a related organization: gray m.d., richard j., menkosky, paula e., krahn m.d., lois e., resulting in a business relationship with the following individual(s) who is/are associated with the related organization as an officer, director, or trustee: gray m.d., richard j., menkosky, paula e., krahn m.d., lois e., froisland, jeffrey r., the following individual(s) is/are employed by a related organization: zorn, christina k., lockett, kevin m., buskirk m.d., steven j., resulting in a business relationship with the following individual(s) who is/are associated with the related organization as an officer, director, or trustee: zorn, christina k., lockett, kevin m., buskirk m.d., steven j., thielen m.d., kent r., ********************** hoffman iii, harry n., haeflinger, ricky j., have a business relationship as they serve as an officer, director, or trustee of bwl holdings, inc, a related taxable entity. Menkosky, paula e., froisland, jeffrey r., have a business relationship as they serve as an officer, director, or trustee of superblock 3 property owners association, a related taxable entity. Dahlen, dennis e., murphy, joshua b., hubert, sherry l., have a business relationship as they serve as an officer, director, or trustee of mayo holding company, a related taxable entity. Dahlen, dennis e., hoffman iii, harry n., gorman, paul a., have a business relationship as they serve as an officer, director, or trustee of mayo insurance company, ltd, a related taxable entity. Williamson, mary j., bolton, jeffrey w., have a business relationship as they serve as an officer, director, or trustee of resoundant, inc, a related taxable entity. Uhlenkamp, susan m., hoffman iii, harry n., haeflinger, ricky j., have a business relationship as they serve as an officer, director, or trustee of latigo petroleum, a related taxable entity. Mulally, alan r. Schmidt, eric e. Serve as an officer, director, or trustee of mayo clinic and have a business relationship with google, inc./alphabet.”

“Mayo foundation for medical education and research and other related companies provide management services to the entire system of entities which would include the filing organization. Since the entities are related organizations, compensation for the officers, directors, key employees, and highest compensated employees has been disclosed in part vii and schedule j as required.”

“Amendments to the mayo clinic bylaws included: removing references to internal document entitled "mayo clinic governance and management structure". Adding language so that officers of the mayo clinic board of trustees, except for the chair, are nominated by the mayo clinic board of governors. Revising the terms for the members of the mayo clinic board of governors (a committee of the board of trustees) to be four years and for the members to be elected by the mayo clinic board of trustees. Adding language allowing the mayo clinic midwest executive operations team to appoint committees and subcommittees and to adopt such rules and regulations with respect to the operation of committees and subcommittees. The added language indicates that the committees and subcommittees shall be selected from such persons and in such manner determined by the mayo clinic midwest executive operations team. Revising language related to nominations, membership criteria, etc. For voting staff of mayo clinic.”

“The form 990 is prepared by mayo corporate tax with assistance from accounting staff. The tax return goes through two levels of review within the corporate tax unit and is reviewed by the tax director. It is then reviewed by the accounting operations vice chair, financial reporting and consolidation chair, financial and accounting services chair, chief financial officer, chief financial officer rochester, chief investment officer, chief development officer, chief legal officer, chief administrative officer, and the chief executive officer. A copy of the form 990 is then provided to each member of mayo clinic's governing body via us mail, e-mail, or distribution at a board meeting. All questions are addressed prior to filing the form 990.”

“Mayo clinic and its affiliates have a comprehensive conflict of interest policy applicable to all of the affiliated entities and to all directors, officers, and employees of those entities. All current and former officers, directors, trustees, key employees and highest compensated employees who we anticipate will be listed on a form 990 are asked to complete an "annual tax and compliance disclosure" form. This information is reviewed by both the corporate tax department and the office of conflict of interest review. All disclosures of current or proposed activity that require action under the policy are the subject of ongoing review and action through the office of conflict of interest review and the conflict of interest review board. Involved individuals are informed of all required action. Many types of relationships that could create conflicts of interest are prohibited. Other types of relationships are permitted subject to compliance with the management plan established by the conflict of interest review board. A common management strategy for permitted activities is to require bilateral recusal and appropriate documentation in the minutes of mayo clinic (and/or affiliate) and the outside entity. Additional conflict of interest policies and procedures exist for certain entities concerning research contracts and other types of potential conflicts. This policy applies to the organization's disregarded entities.”

“Mayo clinic and its affiliates have a coordinated process for reviewing and approving compensation and benefits for executive leadership, physicians, scientists, attorneys, and senior administrative leadership, along with allied health staff. In addition to any review and approval that may take place at the local entity or regional level, the following independent approval process occurs annually prior to implementation of the respective compensation increase. The compensation and benefits of the ceo and several other officers and key employees of mayo clinic and mayo clinic group were reviewed and approved by the process described below. The compensation and benefits of executive leadership, physicians, scientists, attorneys, and senior administrative leadership for all campuses, including the mayo clinic health system locations, are reviewed and approved by the mayo clinic board of trustees governance and nominating committee. The mayo clinic board of trustees governance and nominating committee is comprised of nine of the external independent members of the mayo clinic board of trustees. This group reviews and approves the compensation and benefit programs for executive leadership, physicians, scientists, attorneys and certain senior administrative leadership from all campuses (including all persons believed to be disqualified persons). This process establishes acceptable ranges for various positions, levels, and specialties. The committee uses comparability data (including third-party benchmarking surveys) in its review and documents decisions in its minutes. In addition, the mayo clinic board of trustees governance and nominating committee directly retains an independent third-party compensation consultant to provide relevant, contemporaneous benchmark information for a small group of executive leadership and senior physician positions (including the ceo) for which an individualized review and recommendation is made.”

“Mayo clinic's articles of incorporation are available through the secretary of state's office or upon request from mayo clinic. Bylaws and other governance documents are available upon request for purposes that mayo clinic deems appropriate. The conflict of interest policy is available on mayo clinic's website or upon request. Mayo clinic's consolidated financial statements and federal form 990 are available upon request.”

“Mayo clinic is included in a group exemption. The group exemption covers mayo clinic (the central organization) and mayo clinic's affiliated subsidiaries (the subordinate organizations). For 2019, a group return (mayo clinic group return - ein: 38-3952644) was filed that included sixteen of mayo clinic's subordinate organizations. In accordance with reg. 1.6033-2(d)(5), with respect to the central organization, mayo clinic has reported the information required by reg. 1.6033-2(a)(2)(ii)(f), (g) and (h) on its form 990 for the 2019 tax year. This is in lieu of consolidating such information with its subordinate organizations and reporting such information on the 2019 mayo clinic group return.”

“I/c purchased services: program service expenses 222,732,733. Management and general expenses 622,974,481. Fundraising expenses 1,252,812. Total expenses 846,960,026. Other purchased services: program service expenses 230,361,551. Management and general expenses 29,279,010. Fundraising expenses 5,033,097. Total expenses 264,673,658.”

“Refunds of contributions -191,300. Pension-post retirement -1,114,699,350. Losses on uncollectible pledges -5,555,916. Change in lease accounting -341,636.”

“The oversight of the audit process or the process for selecting an auditor has not changed.”