2023-11-07T16:15:34-07:00 2022-12-31 990 2022-01-01 456013302 FOSSUM FOUNDATION INC FOSS 7012316800 1241 University Dr N Fargo ND 58102 Allyson Peterson Assistant Secretary/Treasurer 7012316820 2023-11-07 1 1 11 1 AAL2 X 2022 2023-04-26 12:10:37Z John W Shotwell 1241 University Drive N Fargo ND 58102 118149 0 X X 1959 ND To assist the North Dakota State University Foundation in carrying out its exempt purpose of supporting North Dakota State University. 7 7 0 8 0 0 0 0 0 0 797 1430 79493 108791 80290 110221 40000 66500 0 0 0 0 0 0 0 1253 1447 41253 67947 39037 42274 493557 536328 7431 7928 486126 528400 To assist in carrying out the purpose of the North Dakota State University Foundation, a nonprofit corporation, organized and existing for the support of North Dakota State University. 0 0 20000 20000 0 Grants to North Dakota State University Foundation (1241 University Dr N, Fargo, ND 58102-2524), the supported organization, for use in carrying out its exempt purpose of supporting North Dakota State University. $20,000 was contributed to the Fossum Foundation endowment fund held by the NDSU Foundation, which has a restricted purpose of using the annual distribution of income, as set by the Investment Committee of the NDSU Foundation, for merit scholarships at North Dakota State University. 46500 46500 0 Grants to North Dakota State University (1340 Administration Ave, Fargo, ND 58102) for the following: $46,500 was used to support the NDSU undergraduate merit scholarships program. 0 0 0 ........................................................... 0 0 0 66500 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 X 7 7 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 X Allyson Peterson 7012316820 1241 University Dr N Fargo ND 58102 X Allyson Peterson Assistant Secretary/Treasurer 0.50 40 X 0 196684 43149 John Shotwell President 0.02 0 X 0 0 0 Clyde Fossum Vice President 0.01 0 X 0 0 0 Burdell Fossum Secretary 0.02 0 X 0 0 0 Carl Larson Treasurer 0.01 0 X 0 0 0 Karen Morrison Director 0.03 0 X 0 0 0 Gregg Halverson Director 0.02 0 X 0 0 0 Donn Diederich Director 0.01 0 X 0 0 0 0 196684 43149 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1430 0 0 1430 0 0 0 0 69528 0 0 69528 47191 0 7928 0 39263 0 39263 0 0 39263 0 0 0 0 110221 0 0 110221 66500 66500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10 0 10 0 1000 0 1000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 209 0 209 0 0 0 0 0 0 0 0 0 0 0 0 0 228 0 228 0 0 0 0 0 67947 66500 1447 0 0 0 0 0 0 0 49921 92692 0 0 0 0 0 0 0 0 0 0 464186 20550 443636 443636 0 0 0 0 0 0 0 0 0 0 493557 536328 7431 7928 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7431 7928 X 486126 528400 0 0 486126 528400 493557 536328 42274 0 0 0 0 0 X X 0 1 0 0 X X 1 North Dakota State University Foundation 237120898 5 1 66500 0 1 66500 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 Schedule A, Part I, Line 12g(i) Monetary support includes payments to North Dakota State University Foundation for a contribution to the Fossum Foundation endowment fund, which has a restricted purpose of using the annual distribution of income, as set by the Investment Committee of the NDSU Foundation, for the merit scholarships at North Dakota State University. Monetary support also includes payments to North Dakota State University for grants to scholarships. 2554921 20000 -249735 39500 0 0 2285686 2305224 10000 312367 72670 0 0 2554921 2151167 20000 171156 37099 0 0 2305224 1935397 20000 254843 59073 0 0 2151167 2074088 20000 -81120 77571 0 0 1935397 1 0 0 0 1 1 442616 0 442616 13520 0 12500 1020 0 0 0 0 7000 0 7000 0 1050 0 1050 0 443636 0 0 X Schedule D, Part V, Line 4 The endowment funds are held by the North Dakota State University Foundation (related organization ). The annual distribution of the endowment is currently being used by NDSU for merit scholarships. Schedule D, Part X, Line 2 The foundation is a publicly supported organization under the Internal Revenue Code Section 501 (c) (3), and is classified as an organization which is not a private foundation. Accordingly the Foundation is not subject to federal income taxes. In addition, the Foundation is subject to income tax on net income that is derived from business activities that are unrelated to its exempt purposes. 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 financial statements. The Foundation would recognize future accrued interest and penalties related to the unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. The Foundation's form 990-T and other income tax filings required by the State of North Dakota are no longer subject to tax examination for years before 2019. Schedule D, Part XI, Line 1 The Fossum Foundation does not issue separate audited financial statements. 1 NDSU Foundation 1241 University Drive N Fargo ND 58102 237120898 501 (c) (3) 20000 0 Scholarship endowment North Dakota State University 1340 Administration Avenue Fargo ND 58102 456002439 Government 46500 0 Scholarships 2 0 Schedule I, Part I, Line 2 All grants to the North Dakota State University Foundation and North Dakota State University are in accordance with the Foundation's stated purpose of assisting in carrying out the purpose of the NDSU Foundation. The Foundation's Board of Director's reviews reports on the issued funds at its annual meeting. The use of the grant funds are monitored throughout the year through the scholarship process of the NDSU Foundation's Donor Compliance Services Department. In addition, the Foundation relies on the University to monitor appropriate use of funds. 0 0 0 0 0 0 0 0 0 Allyson Peterson Assistant Secretary/Treasurer 0 192346 0 4038 0 300 0 19835 0 24325 0 240844 0 0 Form 990, Part VI, Section A, Line 2 Burdell Fossum, Clyde Fossum and Karen Morrison have a familial relationship. Form 990, Part VI, Section A, Line 8b There were no meetings of the Executive Committee. Form 990, Part VI, Section B, Line 11b Before filing, the completed 990 was reviewed in detail by Allyson Peterson, Assistant Secretary/Treasurer. After filing, a copy of the filed 990 was delivered via email to the complete board. Form 990, Part VI, Section B, Line 15 Fossum Foundation has no employees. Management services are provided by the North Dakota State University Foundation, the supported organization. Form 990, Part VI, Section C, Line 19 The Foundation's governing documents and financial statements (consolidated with supported organization) are made available upon request. Form 990, Part VII, Section A, Line 1a Allyson Peterson, Assistant Secretary/Treasurer of the Foundation, is the Senior Vice President of Finance and Operations/CFO of the supported organization, North Dakota State University Foundation. Form 990, Part XII, Line 2b The financial data of the Foundation is included in the audit of the consolidated financial statements of the supported organization, North Dakota State University Foundation. Form 990, Part XII, Line 2c The Finance and Audit Committee of the supported organization, North Dakota State University Foundation, assumes responsibility for oversight of the consolidated financial statements and selection of the independent auditor. North Dakota State University Foundation 1241 University Dr N Fargo ND 58102 237120898 Support NDSU ND 501 (c) (3) 5 N/A 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 North Dakota State University Foundation b 20000 general ledger Schedule R, Part V, Line 2 Gifts, grants, or capital contributions to related organizations includes the following: $20,000 was contributed to the Fossum Foundation endowment fund held by the NDSU Foundation, which has a restricted purpose of using the annual distribution of income, as set by the Investment Committee of the NDSU Foundation, for merit scholarships at North Dakota State University.