2025-05-14T14:01:33-05:00 2024-06-30 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2023-07-01 450404011 GRAND FORKS FOUNDATION FOR EDUCATION INC GRAN 7017462205 2400 47TH AVE SOUTH GRAND FORKS ND 58201 EMILIA HODGSON EXECUTIVE DIRECTOR 7017874867 2025-05-13 1 1 ASHLEY ENGEL P01220321 7017754685 2025-05-13 2023 2025-03-06 01:10:19Z EMILIA HODGSON 2400 47TH AVE SOUTH GRAND FORKS ND 58201 2664303 0 X N/A X 1987 ND THE FOUNDATION'S PURPOSE IS TO SUPPORT AND PROVIDE ACCESS TO HIGH-QUALITY EDUCATION IN GRAND FORKS PUBLIC SCHOOLS BY RAISING PRIVATE SUPPORT FOR NEW AND ENRICHED OPPORTUNITIES. 15 15 0 15 0 0 392355 548896 0 0 33773 181825 2598 10191 428726 740912 201661 237488 0 0 74058 100759 0 0 29170 1232371 6700864 1508090 7039111 -1079364 -6298199 13372922 7482650 64115 56331 13308807 7426319 THE FOUNDATION'S PURPOSE IS TO SUPPORT AND PROVIDE ACCESS TO HIGH-QUALITY EDUCATION IN GRAND FORKS PUBLIC SCHOOLS BY RAISING PRIVATE SUPPORT FOR NEW AND ENRICHED OPPORTUNITIES. 0 0 6644938 FUNDING OF INTERNAL PROGRAMS FOR GRAND FORKS PUBLIC SCHOOL DISTRICT. 117076 117076 THE FOUNDATION AWARDS SCHOLARSHIPS TO NEEDY STUDENTS THROUGHOUT THE YEAR. THIS PAST YEAR THE FOUNDATION AWARDED 475 SCHOLARSHIPS TO THESE NEEDY STUDENTS. ADDITIONALLY, THE FOUNDATION AWARDS SCHOLARSHIPS TO SENIOR STUDENTS TO FURTHER PURSUE ACADEMICS IN HIGHER EDUCATION. THIS PAST YEAR THE FOUNDATION AWARDED 103 POST HIGH SCHOOL SCHOLARSHIPS. SCHOLARSHIPS TOTALED $105,639.47 FOR THE YEAR. 120412 120412 THE FOUNDATION AWARDS GRANTS TWICE ANNUALLY TO EDUCATORS AT GRAND FORKS PUBLIC SCHOOL DISTRICT FOR ALL ELEMENTARY, MIDDLE AND HIGH SCHOOL GRADES. THE APPROXIMATE NUMBER SERVED IS 7,470 STUDENTS. 31915 31915 6914341 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 15 15 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 X EMILIA HODGSON 7017462205 2400 47TH AVE SOUTH GRAND FORKS ND 58201 X HILLARY KEMPENICH VICE PRESIDENT 1.00 X X 0 0 0 JOE MIEDEMA TREASURER 1.00 X X 0 0 0 CARLA HAAVEN PRESIDENT 1.00 X X 0 0 0 BETSEY MCINTYRE PAST PRESIDENT 1.00 X X 0 0 0 CATHERINE GILLACH EXECUTIVE SECRETARY 1.00 X X 0 0 0 KRISTY PARANICA DIRECTOR 1.00 X X 0 0 0 MEGHAN COMPTON DIRECTOR 1.00 X 0 0 0 TALIA TELANDER DIRECTOR 1.00 X 0 0 0 DEB DUNHAM DIRECTOR 1.00 X 0 0 0 CHAD DETIENNE DIRECTOR 1.00 X 0 0 0 ISAAC KARIKARI DIRECTOR 1.00 X 0 0 0 PAUL TRAYNOR DIRECTOR 1.00 X 0 0 0 ALEX TODOROVIC DIRECTOR 1.00 X 0 0 0 KATIE DACHTLER DIRECTOR 1.00 X 0 0 0 MIKE WILBER ASSOCIATE VICE PRESIDENT 1.00 X X 0 0 0 EMILIA HODGSON EXECUTIVE DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 0 21285 10440 517171 548896 156784 156784 1924221 1899180 25041 25041 25041 24211 10440 24211 0 OTHER REVENUE 900099 10191 10191 10191 740912 10191 0 181825 120412 120412 117076 117076 93600 20000 46400 27200 7159 1544 3645 1970 17070 17070 7752 2921 4831 15276 15276 1541 1541 PROGRAM EXPENSE 6644938 6644938 ALUMNI NETWORK EXPENSE 7450 7450 MISCELLANEOUS 6837 6837 7039111 6914341 95600 29170 61160 32336 3246191 461715 6487192 2880312 1298 1298 45338 45338 0 0 3549519 4078061 11390 12473 16172 16455 13372922 7482650 15972 10417 48143 45914 64115 56331 X 253746 313368 13055061 7112951 13308807 7426319 13372922 7482650 -6298199 446794 -31083 0 X X 0 1 X 1 0 X 584218 444886 10794970 392355 548896 12765325 584218 444886 10794970 392355 548896 12765325 234339 12530986 70297 63141 69041 132319 156784 491582 4068 5148 4134 2598 10191 26139 13283046 201799 0.94340 0.94990 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2752622 83347 453497 81223 26213 35263 3146767 2579265 71080 233792 75484 22929 33102 2752622 2989700 177088 -434405 82010 23285 47823 2579265 2385235 126452 614323 65036 21944 146170 2989700 2093640 105710 137603 73125 18706 139139 2385235 0.00730 0.13820 0.85450 0 0 18075 18075 0 27263 27263 0 0 AMOUNTS HELD FOR OTHERS 45914 45914 X 1251600 446794 70766 517560 734040 31083 -24211 6872 740912 7134088 70766 24211 94977 7039111 0 7039111 PART V, LINE 4: GRAND FORKS FOUNDATION FOR EDUCATION, INC.'S ENDOWMENT CONSISTS OF 67 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED FUNDS AND FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH THE ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE BOARD OF DIRECTORS OF GRAND FORKS FOUNDATION FOR EDUCATION, INC. HAS INTERPRETED THE NORTH DAKOTA STATE PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (SPMIFA) AS REQUIRING THE PRESERVATION OF THE FAIR VALUE OF THE ORIGINAL GIFT AS OF THE GIFT DATE OF THE DONOR-RESTRICTED ENDOWMENT FUNDS ABSENT EXPLICIT DONOR STIPULATIONS TO THE CONTRARY. AS A RESULT OF THIS INTERPRETATION, GRAND FORKS FOUNDATION FOR EDUCATION, INC. CLASSIFIES AS NET ASSETS WITH DONOR RESTRICTIONS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND CLASSIFIED AS NET ASSETS WITH DONOR RESTRICTIONS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE FOUNDATION IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY SPMIFA. IN ACCORDANCE WITH SPMIFA, THE FOUNDATION CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: 1. THE DURATION AND PRESERVATION OF THE ENDOWMENT FUND. 2. THE PURPOSES OF THE DONOR-RESTRICTED ENDOWMENT FUND. 3. GENERAL ECONOMIC CONDITIONS. 4. THE POSSIBLE EFFECT OF INFLATION OR DEFLATION. 5. THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS. 6. OTHER RESOURCES OF THE FOUNDATION. 7. THE INVESTMENT POLICIES OF THE FOUNDATION. THE BOARD OF DIRECTORS DETERMINED THAT THE FOUNDATION SHALL NOT DISTRIBUTE MORE THAN 4% OF ITS ENDOWMENT FUNDS BASED UPON A 3 YEAR (12 QUARTER AVERAGE) OF THE FUND CORPUS AND ITS ACCUMULATED FUNDS AVAILABLE. IF A FUND HAS BEEN IN EXISTENCE FOR FEWER THAN THREE YEARS, THE COMPUTATION SHALL BE CALCULATED BASED UPON THE TIME THAT THE FUND HAS BEEN IN EXISTENCE. IN ESTABLISHING THIS POLICY, THE FOUNDATION CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS INVESTMENT ASSETS, THE NATURE AND DURATION OF THE INDIVIDUAL ENDOWMENT FUNDS, MANY OF WHICH MUST BE MAINTAINED IN PERPETUITY BECAUSE OF DONOR-RESTRICTIONS, AND THE POSSIBLE EFFECTS OF INFLATION. THE FOUNDATION'S OBJECTIVE IS TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS AS WELL AS TO PROVIDE ADDITIONAL REAL GROWTH THROUGH NEW GIFTS AND INVESTMENT RETURNS. CURRENTLY, THE BOARD OF DIRECTORS HAS AUTHORIZED THE SPENDING OF ALL INTEREST AND DIVIDEND EARNINGS FROM DONOR RESTRICTED ENDOWMENT FUNDS WHERE NO RESTRICTIONS HAVE BEEN PLACED ON THE EARNINGS. FOR DONOR RESTRICTED FUNDS, WITH RESTRICTIONS ON EARNINGS, THE FOUNDATION COMPLIES WITH THE REQUIREMENTS ESTABLISHED BY THE DONOR. BOARD DESIGNATED ENDOWMENT FUNDS ARE CLASSIFIED AS NET ASSETS WITHOUT DONOR RESTRICTIONS. THE BOARD OF DIRECTORS HAS AUTHORIZED THE SPENDING OF ALL INTEREST AND DIVIDEND EARNINGS FOR THE DESIGNATED PURPOSE OF EACH FUND. THESE EARNINGS ARE CLASSIFIED AS UNRESTRICTED EARNINGS. FUNDS WITH DEFICIENCIES FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THE DONOR OR SPMIFA REQUIRES THE FOUNDATION TO RETAIN AS A FUND OF PERPETUAL DURATION. THESE DEFICIENCIES CAN RESULT FROM UNFAVORABLE MARKET FLUCTUATIONS THAT OCCURRED. RETURN OBJECTIVES AND RISK PARAMETERS GRAND FORKS FOUNDATION FOR EDUCATION, INC. HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. ENDOWMENT ASSETS INCLUDE THOSE ASSETS OF DONOR-RESTRICTED FUNDS THAT THE FOUNDATION MUST HOLD IN PERPETUITY. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF DIRECTORS, THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRODUCE RESULTS THAT ALLOW FOR DISTRIBUTIONS OF DIVIDENDS AND INTEREST INCOME WHILE MAINTAINING THE PURCHASING POWER OF THE INVESTMENT PORTFOLIO. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. STRATEGIES EMPLOYED FOR ACHIEVING OBJECTIVES TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, GRAND FORKS FOUNDATION FOR EDUCATION, INC. RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE FOUNDATION TARGETS A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON ASSET BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. PART X, LINE 2: THE FOUNDATION IS ORGANIZED AS A NORTH DAKOTA NON-PROFIT CORPORATION AND IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE FOUNDATION IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX WITH THE IRS. THE FOUNDATION'S POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN TAX POSITIONS WILL PREVAIL UPON EXAMINATION BASED ON THE EXTENT TO WHICH THOSE POSITIONS HAVE SUBSTANTIAL SUPPORT WITHIN THE INTERNAL REVENUE CODE AND REGULATIONS, REVENUE RULINGS, COURT DECISIONS AND OTHER EVIDENCE. IT IS THE OPINION OF MANAGEMENT THAT THE FOUNDATION HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE FEDERAL INCOME TAX RETURNS OF THE FOUNDATION ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY ARE FILED. ALL FILINGS ARE CURRENT. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -24,211. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 24,211. GOLF SCRAMBLE 24924 10147 14777 2100 8640 2157 1880 ORCHESTRA CONCERT 6112 -1165 7277 7277 1 3615 1458 2157 2157 34651 10440 24211 2100 8640 2157 11314 24211 0 1 GRAND FORKS PUBLIC SCHOOL DISTRICT 2400 47TH AVENUE SOUTH GRAND FORKS ND 58201 456000607 GOVERNMENTAL 120412 0 N/A N/A PROMOTE EDUCATION 1 SCHOLARSHIPS GRANTED TO INDIVIDUALS BASED ON ACADEMIC ACHIEVEMENT AND NEED 682 117076 N/A N/A PART I, LINE 2: THE FOUNDATION ONLY PROVIDES GRANT FUNDS TO THE GRAND FORKS PUBLIC SCHOOL DISTRICT FOR USE IN ITS GRADE K-12 CURRICULAR AND CO-CURRICULAR ACTIVITIES. THE GRAND FORKS PUBLIC SCHOOL DISTRICT EDUCATES CHILDREN IN GRAND FORKS, ND. SCHOLARSHIPS ARE AWARDED TO HELP STUDENTS DURING THEIR PUBLIC SCHOOL YEARS AS WELL AS HIGHER EDUCATION SCHOLARSHIPS. SCHOLARSHIP CHECKS ARE WRITTEN TO THE PUBLIC SCHOOL OR HIGHER EDUCATION INSTITUTION ON BEHALF OF THE RECIPIENT TO MONITOR USE OF FUNDS IN THE UNITED STATES. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF THE 990 WILL BE REVIEWED AND APPROVED BY THE EXECUTIVE DIRECTOR PRIOR TO FILING THE 990. FORM 990, PART VI, SECTION A, LINE 1B: ALL BOARD MEMBERS MEET THE DEFINITION OF INDEPENDENCE FOR GRAND FORKS FOUNDATION FOR EDUCATION. THE NATURE OF THE COMPENSATION ARRANGEMENT WITH GRAND FORKS FOUNDATION FOR EDUCATION, INC. AND GRAND FORKS PUBLIC SCHOOLS IS AS FOLLOWS. GRAND FORKS PUBLIC SCHOOLS BENEFITS FROM THE ACTIVITIES OF GRAND FORKS FOUNDATION FOR EDUCATION (THOUGH GFPS DOES NOT MEET THE DEFINITION OF A RELATED PARTY OF THE FILING ORGANIZATION.) EXECUTIVE DIRECTOR EMILIA HODGSON IS COMPENSATED BY GRAND FORKS PUBLIC SCHOOLS, WHICH IS THEN REIMBURSED BY GRAND FORKS FOUNDATION FOR EDUCATION. BOARD MEMBERS CATHERINE GILLACH, CARLA HAAVEN, MIKE WILBER AND BETSEY MCINTYRE ARE COMPENSATED BY GRAND FORKS PUBLIC SCHOOLS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, THE BOARD MEMBERS MUST SIGN AN AGREEMENT DISCLOSING CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART XII, LINE 2C FINANCE COMMITTEE OVERSIGHT ROLE: THE FOUNDATION HAS A COMMITTEE THAT IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT. RECOMMENDATIONS OF THE FINANCE COMMITTEE ARE BROUGHT TO THE GOVERNING BOARD FOR FINAL APPROVAL. THERE HAS BEEN NO CHANGE IN THE ROLE OF THE FINANCE COMMITTEE IN OVERSIGHT OF THE AUDIT PROCESS FROM THE PRIOR YEAR. CAREER QALICB CORPORATION INC 2400 47TH AVENUE SOUTH GRAND FORKS ND 58201 991601681 LEASING ND 501(C)(3) LINE 12A, I GRAND FORKS FOUNDATION FOR EDUCATION INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0