University of Minnesota Foundation

“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 mary a. Davenport, douglas a. Huebsch, ruth johnson (all regents of the u of m in fy24) had a business relationship with jeff ettinger (interim u of m president) during fy24. Trustees shari ballard and laurie marsh have a business relationship. Trustees hoyt hsiao and dorothy bridges have a business relationship.”

“The board of regents of the university of minnesota shall appoint at least one-fourth of the members of the board of trustees.”

“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.”

“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.”

“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 2024. 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.”

“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.”

“Change in carrying value of trusts 5,029,211.”