University of Minnesota Foundation

Nonprofit profile at a glance

EIN
416042488
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
Minneapolis, MN, United States
Phone
6126243333
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$586,199,341
Expenses
$383,185,554
Assets
$5,473,796,088
Liabilities
$703,055,861

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

61 people listed

Executive titles in this filing

  • KATHLEEN M SCHMIDLKOFER (PRESIDENT/CEO (UNTIL 6/30/2025))
  • JOHN MORRIS (PRESIDENT/CEO (STARTED 5/1/2025))
  • CHRISTINE K SEARSON (VICE PRESIDENT/CFO)
  • PATRICIA K PORTER (EXECUTIVE VICE PRESIDENT)
  • MICHAEL COHEN (VICE PRESIDENT)
  • SARAH E YOUNGERMAN (VICE PRESIDENT)

Highest reported compensation

  • KATHLEEN M SCHMIDLKOFER (PRESIDENT/CEO (UNTIL 6/30/2025)): $788,382 total reported compensation
  • PAT MASCIA (UMFREA MANAGING DIRECTOR): $601,583 total reported compensation
  • PATRICIA K PORTER (EXECUTIVE VICE PRESIDENT): $552,234 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To connect passion with possibility, inspire generosity, and support greatness at the University of Minnesota. To connect passion with possibility, inspire generosity, and support greatness at the University of Minnesota Our values We share a belief in our mission, value our colleagues, and express joy in our work. Our mission To connect passion with possibility, inspire generosity, and support greatness at the University of Minnesota Our values. The foundation’s Board of Trustees is elected annually in November for three-year terms. Board members are responsible for providing governance, advocacy, and philanthropic support to advance the mission of the foundation. One-quarter of the trustees are appointed by the University’s Board of Regents. Below are the current foundation Trustees. Officers Kenneth C. Glaser, Chair.

What it reported doing in 2024

Grants awarded to or on behalf of the university of Minnesota collegiate programs in support of teaching, research, and outreach to the community. Grants awarded in support of education to u of m program including academic health services, athletics, libraries, Minnesota extension service, multi-disciplinary and special projects, and weisman art museum. Grants to other university-related foundation include the Minnesota landscape arboretum foundation. U of m campuses are located in minneapolis/st. Paul, crookston, duluth, morris, and rochester. Distribution by purpose included $85m to student support, $99m to program support, $47m to research and community outreach/engagement, $39m to faculty and staff support, and $34m to capital improvements.

Operating model

Revenue model
Donor-supported. 81% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 81
  • Accountability: 99
  • Sustainability: 88
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 78.9%; rating input score 79
  • Program expense ratio: 79.3%; rating input score 79
  • Fundraising efficiency: $7.09 raised per $1 spent on fundraising; rating input score 32; 32nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 97.7%; rating input score 98; 53rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 34.6%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 14.28; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.13; rating input score 79; 79th percentile among comparable filings
  • Officer compensation ratio: 1.5%; rating input score 65; 65th percentile among comparable filings

Growth

  • Program expense growth: 3.6% per year; rating input score 100; 27th percentile among comparable filings
  • Revenue growth: 6.7% per year; rating input score 100; 58th percentile among comparable filings
  • Asset growth: 7.6% per year; rating input score 100; 56th percentile among comparable filings

Details

  • What they do: Mission, programs, and operating context captured from the official website.
  • Where the money goes: 78.9% of revenue deployed · 79.3% of spending went to programs
  • Governance: 42 of 43 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $304M in reported program spending
  • Leadership: top reported pay $788K · 61 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.7M reported
  • Consistency: 38 of 38 current checks pass
  • Schedules: 10 filed schedules · includes major donors, foreign activity, grants, executive pay, and related organizations
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 24 filed money-flow records
  • Related organizations: 53 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 32/100.