Mayo Clinic is a not for profit corporation based in Rochester, Minnesota. Established in 1919 as Mayo Clinic Rochester, Mayo Clinic and its affiliates and subsidiary organizations provide comprehensive medical care, education in clinical medicine and the medical sciences, and extensive programs in medical research. Mayo Clinic is organized and operated exclusively for educational and charitable purposes. Mayo Clinic is the direct or indirect corporate parent of corporations that own and/or operate health care facilities in Minnesota, Florida, Arizona, Wisconsin, and Iowa. Mayo Clinic is governed by the board of directors.Mayo Clinic's investment portfolio is valued at over $12.70 billion, with investments in public and private equities, fixed income, private equity (inclusive of real estate and natural resource funds, and hedge funds.