Ruminco Ltd Co Regents of the Univ of Minnesota

“Joan Gabel, Stuart Mason, Douglas Peterson, Michael Volna, Myron Frans, and Susan Kratz are all employees of the University of Minnesota.”

“RUMINCO has engaged Artex Risk Solutions (Bermuda), Ltd. to facilitate the captive insurance function of RUMINCO in Bermuda. All significant transactions regarding the legal status of RUMINCO in Bermuda are coordinated with Artex Risk Solutions (Bermuda), Ltd.”

“RUMINCO's sole stockholder is Regents of the University of Minnesota (41-6007513). The stockholder is a public research university and has been ruled by the IRS to be an integral part of the state of Minnesota.”

“The stockholder of RUMINCO is Regents of the University of Minnesota. RUMINCO is the captive insurance company of the stockholder identified above and the stockholder owns the controlling interest in RUMINCO and has power to appoint the Governing Body.”

“The stockholder, Regents of the University of Minnesota, has the authority to appoint and remove a controlling portion of the board of directors of RUMINCO. The stockholder has been ruled by the IRS to be an integral part of the state of Minnesota. RUMINCO has been determined to be an organization described in section 501(c)(3) and is a supporting organization under section 509(a)(3) as a result of the control of the stockholder over the operations of RUMINCO.”

“All meetings are contemporaneously documented. There are no committees that act on behalf of the governing body.”

“The board of directors of RUMINCO receives a draft copy of the IRS Form 990 and are given time to review the document and provide comments prior to its final filing with the Department of Treasury/Internal Revenue Service.”

“All directors with listed compensation on Schedule J Part II are employees of Regents of the University of Minnesota. All such directors must adhere to the University policies with respect to reporting conflicts of interest. The reporting is required annually and all conflicts in excess of $10,000 are reported to the University. The University takes appropriate action whenever a conflict of interest is noted. In addition, RUMINCO also follows the Insurance Code of Conduct.”

“Regents of the University of Minnesota (aka University of Minnesota) is a public University, ruled by the IRS to be an integral part of the state of Minnesota. As a public university, it is subject to the Minnesota Data Practices Act. Under this act, all relevant documents relating to the governance of RUMINCO are subject to public scutiny. Furthermore, RUMINCO, as a Section 501(c)(3) entity, is also subject to the public disclosure and public inspection requirements of the code.”

“Consistent with prior years, the RUMINCO Board of Directors reviews and approves RUMINCO'S Audit Process, Statutory Financial Statements and the Management Financial Statements. The Audit Committee of Regents of the University of Minnesota assumes responsibility for the oversight of the consolidated financial statements of the University of Minnesota and the selection of the auditing firm. The full Board of Regents approves the selection of the auditor and the final Audited Financial Statements based upon recommendation by the Audit Committee. The University's financial statements include the financial data of both tax-exempt component units.”