Minnesota State University Mankato Foundation Incorporated

“In all endowed programs and positions, the principal contributed toward the position or program is invested by the Minnesota State University, Mankato Foundation, Inc. consistent with the Minnesota Uniform Prudent Management of Institutional Funds Act (UPMIFA). The endowment is invested for purposes of earning income (dividends, interest, and realized and unrealized gains). A portion of annual income is apportioned by the Foundation Board of Directors and determined annually based on board policies which seek to preserve the capital of the original gift while meeting the wishes of donors.”

“Minnesota State University, Foundation (Foundation) is organized as a Minnesota nonprofit corporation and has been recognized by the Internal Revenue Service (IRS) as exempt from federal income taxes under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3), qualifies for the charitable contribution deduction under Section 170(b)(1)(A)(vi), and has been determined not to be a private foundation under Section 509(a)(1). Maverick Philanthropic Properties, LLC maintains exempt sttus under the Foundaton's exemption since the Foundation is the sole member of Maverick Philanthropic Properties, LLC. The Foundation is annually required to file a Return of Organization Exempt from Income Tax (Form 990) with the IRS. In addition, the Foundation is subject to income tax on net income that is derived from business activities that are unrelated to its exempt purpose. The Foundation has determined it is not subject to unrelated business income tax and has not filed an Exempt Organization Business Income Tax Return (Form 990-T) with the IRS. The Foundation believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the consolidated financial statements. The Foundation would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”

“Change in carrying value of investments 41,861. Change in value of life insurance 20,331.”

“Special events expenses reported in expenses on financial statements -3,345. Rental expenses reported in expenses on financial statements -48,823. Loss on sale of investments reported in expenses on financial statements -130.”

“Special events expenses reported in revenue on Form 990 3,345. Rental expenses reported in revenue on Form 990 48,823. Loss on sale of investments reported in expenses on financial statements 130.”