2025-07-17T11:37:37-05:00 2024-06-30 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2023-07-01 237299995 DAKOTA STATE UNIVERSITY FOUNDATION DAKO 6052565693 820 N WASHINGTON AVE MADISON SD 57042 MIKE MCKELVEY CEO 6052565693 2025-07-15 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-07-11 2023 2025-03-06 01:10:19Z MIKE MCKELVEY 820 N WASHINGTON AVE MADISON SD 57042 55161500 0 X WWW.FOUNDATION.DSU.EDU X 1970 SD TO RAISE FUNDS AND MANAGE PRIVATE FUNDING FOR THE BENEFIT OF DAKOTA STATE UNIVERSITY. 19 19 0 25 0 0 6769569 7078430 25629 0 -1381999 3077006 473512 62979 5886711 10218415 12554692 26504419 0 0 0 39919 0 0 80619 1144945 1421489 13699637 27965827 -7812926 -17747412 96118718 102151272 53069757 76848409 43048961 25302863 DAKOTA STATE UNIVERSITY FOUNDATION IS AN INDEPENDENT NON-PROFIT CORPORATION ESTABLISHED FOR THE PURPOSE OF RAISING AND MANAGING PRIVATE FUNDING FOR THE BENEFIT OF DAKOTA STATE UNIVERSITY. 0 0 1935012 1935012 THE FOUNDATION ASSISTS IN MAKING PAYMENTS TO OR ON BEHALF OF DAKOTA STATE UNIVERSITY FOR SCHOLARSHIPS. 24614336 24569407 EXPENDITURES FOR THE GENERAL SUPPORT OF DSU INCLUDING: PAYMENTS TO DSU ALUMNI ASSOCIATION FOR MAILING LIST, PAYMENTS FOR PROJECTS, AWARDS, AND CONSTRUCTION PROJECTS. THE MAJORITY OF FUNDING IS CURRENTLY BEING USED TO BUILD A NEW ATHLETIC FACILITY. 26549348 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 16 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 1 0 X THE ORGANIZATION 6052565693 820 N WASHINGTON AVE MADISON SD 57042 DAVE GEIVER CHAIR 1.00 X X 0 0 0 TAMMY MILLER VICE CHAIR 1.00 X X 0 0 0 FLOYD RUMMEL TRUSTEE 1.00 X 0 0 0 JUDY DITTMAN TRUSTEE 1.00 X 0 0 0 MIKE MALONE TRUSTEE 1.00 X 0 0 0 RANDY SCHAEFFER TRUSTEE 1.00 X 0 0 0 JEFF BLOOM TRUSTEE 1.00 X 0 0 0 BOB CASAGRANDE TRUSTEE 1.00 X 0 0 0 HALI DIGGS TRUSTEE 1.00 X 0 0 0 KAZZI FOSTER TRUSTEE 1.00 X 0 0 0 ROBB GRAHAM TRUSTEE 1.00 X 0 0 0 MIKE HALVERSON TRUSTEE 1.00 X 0 0 0 TREVOR GARBERS TRUSTEE 1.00 X 0 0 0 DAVE MILLER TRUSTEE (UNTIL 04/2024) 1.00 X 0 0 0 DELON MORK TRUSTEE 1.00 X 0 0 0 ERIN NIELSEN TRUSTEE 1.00 X 0 0 0 POOJA PULLMAN TRUSTEE 1.00 X 0 0 0 SCOTT SCHLISNER TRUSTEE 1.00 X 0 0 0 PAUL SCHROEDER TRUSTEE 1.00 X 0 0 0 SUMMER SCHULTZ TRUSTEE 1.00 X 0 0 0 JON SCHEMMEL CEO (UNTIL 12/2023) 40.00 X 209867 0 18443 SAMANTHA ZOSS COO (UNTIL 06/2024) 40.00 X 116999 0 15323 MIKE MCKELVEY CEO (BEG 05/2024) 40.00 X 0 0 0 326866 0 33766 2 0 0 1 0 297495 6780935 116471 7078430 1143469 1143469 290092 135248 154844 154844 154844 45934131 647053 44380255 267392 1553876 379661 1933537 1933537 68325 297495 160190 -91865 -91865 10218415 0 0 3139985 26504419 26504419 39919 39919 78704 78704 291752 291752 11491 11491 41812 41812 32120 32120 60438 44929 15509 61737 61737 SUPPORT EXPENSE 492005 492005 FURNITURE EXPENSE 174662 174662 IN-KIND EXPENSE 116471 68006 48465 BOOSTER CLUB 32154 32154 28143 28143 27965827 26549348 1335860 80619 0 200 759683 1376709 10143022 7866709 225 70125 3386406 449689 2256115 2936717 82398511 89244326 104582 191811 456580 464675 96118718 102151272 149297 190871 601189 6845350 52319271 69812188 53069757 76848409 X 2474529 1396713 40574432 23906150 43048961 25302863 96118718 102151272 X -17747412 4220 -2906 X 0 1 X 1 0 X 2011335 12748572 2837061 6768569 7078430 31443967 2011335 12748572 2837061 6768569 7078430 31443967 9637928 21806039 1236326 1078757 2264996 1661224 1433561 7674864 39118831 0.55740 0.64680 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 19130523 956291 2480625 631100 277730 21658609 17338888 934022 1574599 716986 19130523 15971554 4193088 -5537319 2520940 12106383 15263638 677698 30218 15971554 14871886 397182 -5430 15263638 0.00980 0.92210 0.06810 0 0 110430 110430 1316404 1928638 418755 2826287 30934 30934 0 2936717 FUNDS INVESTED AND HELD FOR THE UNIVERSITY 69812188 69812188 X 11098834 4220 889277 8094 901591 10197243 78704 -57532 21172 10218415 28844932 889277 68532 957809 27887123 78704 78704 27965827 PART V, LINE 4: THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 387 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. PART V, LINE 1A: THE BEGINNING OF YEAR AMOUNT REPORTED IN COLUMN (B) WAS RESTATED TO APPROPRIATELY REFLECT THE JUNE 30, 2022 ENDOWMENT BALANCE. PART X, LINE 2: 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 UNRECOGNIZED TAX BENEFITS AND LIABILITIES IN INCOME TAX EXPENSE, IF SUCH INTEREST AND PENALTIES ARE INCURRED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT-INTEREST AGREEMENTS 8,094. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -57,532. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 57,532. UNCOLLECTIBLE PLEDGES 11,000. DSUNITE 296424 275799 20625 31396 35651 20750 38860 GOLF EVENT 46672 16972 29700 3922 9635 4032 1 22724 4724 18000 1091 10670 4155 28 365820 297495 68325 36409 55956 28937 38888 160190 -91865 1 DAKOTA STATE UNIVERSITY 830 N WASHINGTON MADISON SD 57042 466000364 GOVERNMENTAL 26504419 0 SCHOLARSHIPS AND CAPITAL SUPPORT TO DAKOTA STATE UNIVERSITY 1 0 PART I, LINE 2: WHEN REQUESTING FUNDING FOR SCHOLARSHIPS, CAPITAL CONSTRUCTION, AND PROGRAM SUPPORT, DAKOTA STATE UNIVERSITY INVOICES THE FOUNDATION FOR THE EXPENSES. FUNDS ARE DISTRIBUTED ANNUALLY TO STUDENTS FOR SCHOLARSHIPS. SCHOLARSHIPS ARE AWARDED TO STUDENTS THAT MEET THE SCHOLARSHIP CRITERIA DETERMINED BY THE GRANT QUALIFICATIONS. A SCHOLARSHIP COMMITTEE COMPRISED OF UNIVERSITY STAFF IS RESPONSIBLE FOR REVIEWING AND AWARDING SCHOLARSHIPS TO STUDENTS WHO MEET THE GRANT REQUIREMENTS. THAT INFORMATION IS THEN SHARED WITH THE FOUNDATION AND A CHECK IS CUT TO THE UNIVERSITY FOR THE SCHOLARSHIPS TO BE APPLIED TO THE STUDENT'S TUITION BILL. X 0 0 0 1 0 0 0 0 0 JON SCHEMMEL CEO (UNTIL 12/2023) 178867 0 25000 0 6000 0 480 0 17963 0 228310 0 0 0 SAMANTHA ZOSS COO (UNTIL 06/2024) 106999 0 10000 0 0 0 480 0 14843 0 132322 0 0 0 PART I, LINE 5 BOTH THE CEO AND COO RECEIVED PERFORMANCE BASED BONUSES THAT WERE TIED TO MEASURABLE GROWTH IN CURRENT-YEAR GIVING, MULTI-YEAR PLEDGES, AND KEY ENGAGEMENT METRICS SUCH AS DONOR MEETINGS AND PROPOSALS. FORM 990, SCHEDULE J, PART II JON SCHEMMEL AND SAMANTHA ZOSS WERE COMPENSATED BY BOTH THE FOUNDATION AND AN UNRELATED ORGANIZATION, STATE OF SOUTH DAKOTA (ON BEHALF OF DAKOTA STATE UNIVERSITY (DSU)). THEIR COMPENSATION AND BENEFITS FROM STATE OF SOUTH DAKOTA FOR CALENDAR YEAR 2023 WERE $177,542 AND $99,119, RESPECTIVELY. THE COMPENSATION REPORTED IS FOR SERVICES PROVIDED TO BOTH THE FILING ORGANIZATION AND THE UNRELATED ORGANIZATION. X 20000 FMV X AUCTION ITEMS 86 49035 FMV X SOFTWARE 1 42865 FMV X FUNDRAISING SUPPLIES 6 3503 FMV X TEAM SUPPLIES 3 1068 FMV 0 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS IS REPORTED IN COLUMN B. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL BE COMPRISED OF: 1. NO FEWER THAN FIVE (5) VOTING TRUSTEES NOR MORE THAN ELEVEN (11), APPOINTED BY THE CHAIR OF THE BOARD OF TRUSTEES, AND MUST INCLUDE THE CHAIR, VICE CHAIR, AND IMMEDIATE PAST CHAIR OF THE BOARD OF TRUSTEES; AND 2. EX OFFICIO TRUSTEES AS FOLLOWS, DAKOTA STATE UNIVERSITY PRESIDENT, FOUNDATION CHIEF EXECUTIVE OFFICER, AND FOUNDATION CHIEF OPERATING OFFICER. THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE, DURING THE INTERVAL BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, ALL OF THE POWERS VESTED IN THE BOARD OF TRUSTEES WITH THESE EXCEPTIONS: FILL VACANCIES ON THE BOARD OF TRUSTEES, AND THE POWER TO CHANGE THE ARTICLES OF INCORPORATION OR BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION PROVIDES A COPY OF ITS FORM 990 TO THE AUDIT COMMITTEE AND VOTING BOARD MEMBERS BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION HAS FORMAL POLICIES AND PROCEDURES IN PLACE FOR ANNUALLY DOCUMENTING POTENTIAL CONFLICTS OF INTEREST AMONG ITS GOVERNING BODY. AT THE BEGINNING OF EACH FISCAL YEAR, THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND CODE OF ETHICS ARE SENT TO ALL NEW AND RETURNING DIRECTORS. ALL DIRECTORS ARE ASKED TO ACKNOWLEDGE AND TO AGREE TO ABIDE BY THESE POLICIES AND DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST PERTAINING TO FOUNDATION BUSINESS. ALL DIRECTORS MUST REVIEW POTENTIAL CONFLICTS AND DISCLOSE IF ANY ARISE. BOARD OF TRUSTEE MEMBERS AND FOUNDATION STAFF MEMBERS ARE COVERED BY THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION PAID TO THE CEO AND COO BY DAKOTA STATE UNIVERSITY FOUNDATION IS DETERMINED AND APPROVED BY THE EXECUTIVE COMMITTEE. THE COMPENSATION REVIEW PROCESS WAS LAST COMPLETED IN FISCAL YEAR 2024. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND IRS FORM 990 ARE MADE AVAILABLE TO THE PUBLIC ON REQUEST. ADDITIONALLY, ANNUAL AUDITED FINANCIAL STATEMENTS AND INFORMATION REGARDING ENDOWMENT HOLDINGS ARE AVAILABLE TO THE PUBLIC ON REQUEST. FORM 990, PART XI, LINE 9: UNCOLLECTIBLE PLEDGES -11,000. CHANGE IN SPLIT INTEREST AGREEMENTS 8,094. THE ORGANIZATION RESPECTFULLY REQUESTS PENALTY RELIEF BASED ON THE REASONABLE CAUSE EXCEPTION AS OUTLINED IN THE INTERNAL REVENUE CODE 26 USCA SECTIONS 651(A)(1) AND (2) AND 6652(C)(4). THE ORGANIZATION BELIEVES IT HAS REASONABLE CAUSE FOR LATE FILING OF FORM 990. THE ORGANIZATION EXPERIENCED A SERIES OF STAFF TRANSITIONS THAT DIRECTLY AFFECTED THE PERSONNEL RESPONSIBLE FOR PREPARING AND FILING THE FORM 990 FOR FISCAL YEAR 2024. THESE CHANGES CONTRIBUTED TO THE DELAYED SUBMISSION OF THE RETURN. MANAGEMENT HAS IMPLEMENTED A SERIES OF CONTINGENCY AND CONTINUITY MEASURES TO ENSURE TIMELY FILINGS MOVING FORWARD. THESE INCLUDE ESTABLISHING CLEAR INTERNAL DEADLINES, ASSIGNING CROSS-FUNCTIONAL BACKUP SUPPORT, AND ENHANCING OVERSIGHT PROCEDURES. THE ORGANIZATION REMAINS FULLY COMMITTED TO MAINTAINING COMPLIANCE WITH ALL IRS REQUIREMENTS AND ENSURING THE TIMELY AND ACCURATE FILING OF FUTURE FORMS 990.