2025-05-01T12:50:38-05:00 2024-06-30 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2023-07-01 816001649 Montana State University Foundation Inc MONT 4069942053 PO Box 172750 Bozeman MT 59717 Fran Albrecht President and CEO 4069942053 2025-04-22 1 1 Deb Nelson CPA P01264758 6122536500 2025-04-22 2023 2025-03-06 01:10:19Z X MSU Alumni Foundation Fran Albrecht PO Box 172750 Bozeman MT 59717 176315288 0 X www.msuaf.org X 1946 MT Cultivate lifelong relationships and secure private support to advance Montana State University. 22 22 81 109 239164 53138 47608471 80732127 3516549 4032700 9527963 16000483 571557 318205 61224540 101083515 18088640 28175938 0 0 7612086 8002764 241613 285470 4991476 3417986 5204800 29360325 41668972 31864215 59414543 379099449 453249914 20938414 19710503 358161035 433539411 We cultivate lifelong relationships and secure private support to advance Montana State University. 0 0 19356017 19319024 2353137 MSUAF provided Montana State University with private dollars to advance its land-grant mission to integrate education, create knowledge and art, and service communities. MSUAF provided $8.2 million to enrich instruction, research, and public service of Montana State University's 16,978 students as well as $11.1 million to construct and equip facilities that enhance their research and learning environments. 8856914 8856914 1530143 MSUAF provided 3,051 students with scholarships to attend Montana State University. Scholarships allowed these students to pursue advanced education, lessening the burden of tuition, housing, and fees. 1778039 149420 Alumni engagement connects over 246,000 contactable alumni and friends of Montana State University through inclusive communications, events, and affiliate networks. Alumni (which included graduates and nondegreed attendees) and friends (affiliates, staff, faculty, donors, parents of current students) receive regular MSU news, events, and invitations to connect with Montana State and one another, locally, in populus target regions, and in chapter areas and across the country. Over 290 events including in-person and hybrid, brought programs, meaningful experiences and unique opportunities to engage with MSU, to over 18,000 tracked alumni, friends, supporters, and fans. 29990970 1 1 0 0 0 0 0 0 1 1 1 1 0 0 1 1 0 1 0 0 1 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 26 0 1 81 1 1 1 0 0 0 0 1 1 1 1 0 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 0 0 AK CA CO KY ME MD MA MI MN NJ NV NH NY OH OR SC UT WA X X Alexis Boettger 4069947640 PO Box 172750 Bozeman MT 59717 Greg Collins Chair 5.76 0.00 X X 0 0 0 Mary Ann Pearce Vice Chair 8.88 0.00 X X 0 0 0 Bill Sanderson Secretary/Treasurer 3.17 0.00 X X 0 0 0 Steve Rovig Past Chair 1.31 0.00 X X 0 0 0 Ron Aasheim Governor 0.79 0.00 X 0 0 0 Behrooz Abdi Governor 0.65 0.00 X 0 0 0 Norman Asbjornson Governor (Thru 09/23) 0.00 0.00 X 0 0 0 Mark Bacigalupo Governor 0.70 0.00 X 0 0 0 Frank Benevento Governor 0.60 0.00 X 0 0 0 Don Cape Jr Governor 0.42 0.00 X 0 0 0 Jill Cuniff Governor 1.28 0.00 X 0 0 0 Ingrid Degreef Governor 0.79 0.00 X 0 0 0 Don Gimbel Governor 0.41 0.00 X 0 0 0 Jomarie Phelan Honcoop Governor 0.46 0.00 X 0 0 0 Denise Juneau Governor 0.79 0.00 X 0 0 0 Wes Kremer Governor (Thru 05/24) 0.33 0.00 X 0 0 0 Ron Lewis Governor 0.26 0.00 X 0 0 0 Chris Lofgren Governor (Thru 09/23) 0.00 0.00 X 0 0 0 Chris Nygren Governor (Joined 09/23) 0.63 0.00 X 0 0 0 Risa Scott Governor (Thru 09/23) 0.00 0.00 X 0 0 0 Nancy Seleski Governor 2.65 0.00 X 0 0 0 Walter Smith Governor 0.70 0.17 X 0 0 0 Kent Strazza Governor (Joined 05/24) 0.00 0.00 X 0 0 0 Ginny Sullivan Governor (Thru 09/23) 0.00 0.00 X 0 0 0 Darryl Thompson Governor 1.09 0.00 X 0 0 0 Steve Wheeler Governor 0.63 0.00 X 0 0 0 Andrew Wilcox Governor 0.79 0.00 X 0 0 0 Fran Albrecht From 1123 President and CEO 40.00 0.00 X 72992 0 16182 Mary Jane McGarity Until 1023 VP of Development/Interim CEO 40.00 0.00 X 224609 0 32226 Melissa Kinnear VP of Finance & Accounting 50.00 0.00 X 191635 0 30118 Chris Glick VP of Development 40.00 0.00 X 201567 0 28612 Neal Zandonella VP of Information Tech. 40.00 0.00 X 143182 0 37439 Kathleen Saylor VP of Operations 40.00 0.00 X 148971 0 22344 Shannon Schumacher Assoc. VP of Development 40.00 0.00 X 142148 0 26798 Kevin Brown Assoc. VP of Planned Giving 40.00 0.00 X 132344 0 36056 Christopher Murray Until 223 Former President and CEO 50.00 0.00 X 351678 0 35252 1609126 0 265027 16 1 1 0 Ruffalo Noel Levitz 1025 Kirkwood Parkway SW Cedar Rapids IA 52404 Fundraising Services 285470 Blackbaud Inc PO Box 930256 Atlanta GA 31193 Software provider 236437 Wilshire Advisors LLC 1299 Ocean Ave Suite 600 Santa Monica CA 90401 Investment consulting services 220000 Color World PO Box 1088 Bozeman MT 59771 Printing Services 142363 Publications Printers Corp 2001 S Platte River Dr Denver CO 80225 Printing Services 140189 8 80732127 16356242 80732127 Contract for Services 561499 2000000 2000000 Ticket Revenue 611710 1530143 1530143 Administrative Fees 523000 238109 238109 Alumni Relations Program 611710 149420 149420 Service Fee Revenue 523000 87069 87069 27959 27959 4032700 8741722 239164 8502558 107 107 25621 0 25621 25621 25621 82392427 75133666 7258761 7258761 7258761 72529 98107 -25578 -25578 Invest Income - ATI 523000 318055 318055 318055 101083515 4032700 239164 16079524 28175938 28175938 620935 541382 79553 300996 300996 5300247 862441 1696592 2741214 376382 57778 134475 184129 924759 136905 344901 442953 479445 67368 192353 219724 27995 16799 11196 63280 63280 285470 285470 2382368 2382368 384974 73216 182138 129620 415721 254224 9143 152354 322087 3942 146232 171913 421437 70960 125059 225418 234085 2603 225113 6369 349170 53259 7574 288337 290320 229763 26185 34372 19405 19405 191287 172433 18854 44894 2573 42321 UBIT 57777 57777 41668972 29990970 6686526 4991476 35427 34535 31437666 25977647 18792337 55423272 7667 11727 5615245 6130333 0 21344 757614 540338 9447492 2223766 7169975 7223726 177575204 174128779 137894468 183411771 -462427 -574373 276273 920815 379099449 453249914 1445156 1234095 529692 430239 11419139 11341538 2193990 724584 5350437 5980047 20938414 19710503 X 14389418 18349974 343771617 415189437 358161035 433539411 379099449 453249914 X 59414543 16557140 -593307 X 0 1 X 1 0 X 25949603 21196615 53402688 46379687 80732127 227660720 25949603 21196615 53402688 46379687 80732127 227660720 40094784 187565936 2480418 526515 2237275 5267861 8528286 19040355 0 86777 399169 289382 27560 802888 526161 532272 501442 537923 318055 2415853 249919816 15551528 0.75050 0.71220 X Schedule A, Part II, Line 10, Explanation of Other Income: Miscellaneous Income - 2019 Amount: $ 61,824. 2020 Amount: $ 71,603. 2021 Amount: $ 71,719. 2022 Amount: $ 104,956. Administrative Fees - 2019 Amount: $ 393,160. 2020 Amount: $ 219,337. 2021 Amount: $ 241,773. 2022 Amount: $ 234,595. Investment Income - ATI - 2019 Amount: $ 71,177. 2020 Amount: $ 241,332. 2021 Amount: $ 187,950. 2022 Amount: $ 198,372. 2023 Amount: $ 318,055. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 264094261 11585613 24207009 8409608 4466571 287010704 231524220 21879112 21169234 6607869 3870436 264094261 218707875 31934845 -8639743 6609357 3869400 231524220 171183813 6266668 50486281 5774516 3454371 218707875 176623189 7459527 -4035883 5773603 3089417 171183813 0.00287 0.99656 0.00057 0 0 1005875 1580301 2586176 5713742 1343853 4369889 1147574 879913 267661 7223726 Split Interest Agreements 14635692 F Beneficial Interest in Trusts 6972200 F Fixed Income 15091 F Hedge Funds 46472135 F Private Equity 72194998 F Real Assets 43121655 F 183411771 Trust and Annuity Obligations 5940807 Finance Lease Liability 39240 5980047 X 117430784 16557140 332100 1742290 18631530 98799254 2382368 -98107 2284261 101083515 41643524 18796 2338124 2356920 39286604 2382368 2382368 41668972 Part IV, Line 2b: The Foundation held agency funds for other organizations during the year. Earnings on these assets are credited to each organization's agency account. The balance of the total agency funds held for others are reported as agency fund liabilities on Form 990, Part X, Line 21. Part V, Line 4: To provide income for the maintenance of the organization and its charitable purposes. Part X, Line 2: Management believes that the Foundation 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: ATI Revenue 733,351. MSUIC Revenue 837,753. ATI/MSUIC Eliminations -953,683. MSUIC Subsidiary Earnings 95,578. Change in Value of Split-Interest Agreements 1,029,291. Part XI, Line 4b - Other Adjustments: Fundraising Expenses netted with Revenue -98,107. Part XII, Line 2d - Other Adjustments: ATI Expenses 519,698. MSUIC Expenses 641,301. ATI/MSUIC Eliminations -543,580. Uncollectable Pledge Expense 1,622,598. Fundraising Expenses netted with Revenue 98,107. Central America and the Caribbean 0 0 Investments N/A 48393000 Europe (Including Iceland & Greenland) 0 0 Investments N/A 16341000 East Asia and the Pacific 0 0 Investments N/A 4510000 0 0 0 0 0 0 69244000 0 69244000 1 0 1 1 1 0 Part I: The amounts reported on Line 3, Column (f) represent passive investment funds legally domiciled outside of the United States. The Foundation does not have any foreign offices or employees, and it does not conduct any direct foreign activities. Part IV: The Foundation reviews its direct and indirect investments during the tax period for determining required foreign filings. The Foundation makes direct and indirect transfers to foreign corporations and foreign partnerships. The Foundation would file Form 926 or Form 8865 if the transfers met the requirements for filing. The Foundation's transfers to foreign corporations did require filing Form 926. The Foundation's transfers to foreign partnerships did require filing Form 8865. The Foundation has ownership interests in foreign corporations and foreign partnerships. The Foundation would file Form 5471 or Form 8865 if the ownership met the requirements for filing. The Foundation's ownership in foreign corporations did require filing Form 5471. The Foundation's ownership in foreign partnerships did not require filing Form 8865. The Foundation invests in partnerships that hold direct or indirect interests in passive foreign investment companies (PFICs). The Foundation would file Form 8621s for underlying investments that generate unrelated business income. The Foundation would not file Form 8621s where the investment partnerships have properly filed Form 8621s, or where the underlying investments did not generate any unrelated business income. The Foundation did not require filing Form 8621. X X X X X 1 Ruffalo Noel Levitz 1025 Kirkwood Parkway SW Cedar Rapids IA 52404 Phonathon Services 0 138627 285470 0 138627 285470 AK CA CO CT FL GA HI IL KS MD MA MI MO MS NH NC ND OH OK OR SC TN UT VA WA WV DC MN Golf Tournament 24683 24683 14273 Women's Circle of Excellence 24741 24741 2760 1989 13242 5875 1 23105 23105 2475 26685 28023 2785 72529 72529 2475 29445 16262 41265 8660 98107 -25578 Schedule G, Part I, Line 2b, Column (v) Ruffalo Noel Levitz was employed to make stewardship phone calls, assist in obtaining and updating constituent contract data, sending and responding to text for engagement in addition to their professional fundraising services. 1 Montana State University PO Box 172720 Bozeman MT 59717 363412482 State of Montana 27976569 199369 FMV Supplies Scholarships to Montana State University Students and Program Support 1 0 Part I, Line 2: Montana State University Foundation (MSUF) manages disbursement of donor gifts according to purposes set forth by donors. To request funds from MSUF, Montana State University (MSU) prepares a voucher complete with documentation and MSU approval. MSUF verifies that the expenditure falls within the donor criteria, MSUF's disbursement policy, and that the request is from an authorized MSU representative. All requests are approved by MSUF before disbursement to MSU. X X X 1 0 0 0 0 0 0 0 0 Christopher Murray Until 223 Former President and CEO 68677 0 40000 0 243001 0 9637 0 25616 0 386931 0 0 0 Mary Jane McGarity Until 1023 VP of Development/Interim CEO 221159 0 2500 0 950 0 15732 0 16494 0 256835 0 0 0 Chris Glick VP of Development 200667 0 0 0 900 0 14295 0 14317 0 230179 0 0 0 Melissa Kinnear VP of Finance & Accounting 183185 0 7500 0 950 0 13388 0 16730 0 221753 0 0 0 Neal Zandonella VP of Information Tech. 142282 0 0 0 900 0 10361 0 27078 0 180621 0 0 0 Kathleen Saylor VP of Operations 148021 0 0 0 950 0 10361 0 11983 0 171315 0 0 0 Shannon Schumacher Assoc. VP of Development 137724 0 3000 0 1424 0 9896 0 16902 0 168946 0 0 0 Kevin Brown Assoc. VP of Planned Giving 128894 0 2500 0 950 0 9578 0 26478 0 168400 0 0 0 Part I, Line 4a Chris Murray, Former President and CEO, received severance compensation through the end of the fiscal year as outlined in a Board approved retirement package at the time of his retirement from MSUF. Board approved severance payments for 2023 totaling $217,661 are reported in Schedule J, Part II, Column (B)(iii). X 127 15443430 FMV X 22 29650 FMV X 1 328300 FMV X Life Insurance 3 355493 FMV X Supplies 13 199369 FMV 1 0 1 0 Part I, Column (b): Column (B) reports the number of contributions. Form 990, Part VI, Section A, line 1a The Executive Committee is composed of the Chair, Vice Chair, Past Chair, Secretary/Treasurer, the Chairs of the Budget, Investment, Governance, and Audit, and nominating committees. The committee shall be responsible for the oversight of all activities, operations, monies, and assets of the corporation, subject to review by the board. Between meetings of the board, the committee shall have general powers to decide all matters relating to the policy, property, and functions of the corporation, subject to the approval of the board, but shall not reverse the action of the board upon any matter which has been presented and acted on by the board. Powers shall include, but are not limited to, the authority to accept gifts, to acquire and dispose of property, to borrow money, and to pledge assets of the corporation as security. Form 990, Part VI, Section B, line 11b The Form 990 was prepared by an independent accountant and reviewed by management. The Form 990 was provided to the governance and audit committee and board of governors for review. The committee and board then discussed the Form 990 with management and approved it prior to filing. Form 990, Part VI, Section B, line 12c Annually, all officers and governors must sign the acknowledgement that they have read and complied with the conflict of interest policy. Any conflicts during the period are reported at this time and documented. Transactions with parties with whom a conflicting interest exists may be undertaken only if all six (6) of the following are observed: 1. The conflicting interest is fully disclosed; and 2. The person who has or appears to have a conflict of interest: A. shall be excluded from the discussion of the transaction; or B. if deemed to be in the best interest of the MSU Alumni Foundation, may provide information for and answer questions relating to the transaction as permitted by and limited by the individual presiding over the discussion of the transaction. By participating, the person shall not intentionally influence a decision on the matter; 3. The person who has or appears to have a conflict of interest shall be excluded from voting on the transaction; and 4. A competitive bid or comparable valuation exists if appropriate; and 5. The transaction has been approved as being in the best interest of the MSU Alumni Foundation; and 6. All decisions and actions pursuant to this provision are clearly documented in the minutes of the proceeding. Form 990, Part VI, Section B, line 15a The CEO is evaluated annually by the Executive Committee of the Board of Governors. This committee meets in a closed session and discusses the CEO's performance during the year and comparable pay for the position and region. The CEO's compensation is approved by a majority vote of the Board of Governors, which includes all independent governors. This process was last completed in 2024. The President and CEO reviews the performance of other officers and key employees of the organization. The President and CEO reviews the compensation of each officer and key employee with input from the Director of HR, based on performance and comparable pay as determined from regional benchmarking surveys completed throughout the year. The other officers and key employees of the organization are evaluated annually by the president and CEO and given notice of their compensation during the performance review meeting. This process was last completed in 2024. Form 990, Part VI, Section C, line 19 The governing documents and conflict of interest policies are available upon request. The financial statements are available on the Foundation's website. Form 990, Part XI, line 9: Change in value of split-interest agreements 1,029,291. Uncollectable Pledge Expense -1,622,598. MSU Innovation Campus PO Box 172755 Bozeman MT 59717 445507328 Real Estate MT 501(c)(3) Line 12a, I MSU Foundation 1 Advanced Technology Inc PO Box 172755 Bozeman MT 59717 810448958 Real Estate MT MSU Foundation C 832269 1260449 1.00000 1 Charitable Remainder Trusts (5) Investment Management MT N/A T 0 0 0 0 1 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 MSU Innovation Campus D 6081637 Balance at Year End