2025-05-14T11:37:28-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 8215 GREENWAY BOULEVARD SUITE 600 MIDDLETON WI 53562 990 2023-07-01 391655132 LAKELAND UNIVERSITY FOUNDATION INC LAKE 9205651000 W3718 SOUTH DRIVE PLYMOUTH WI 53073 ELIZABETH BORGEN LAKELAND UNIVERSITY PRESIDENT 9205651000 2025-05-13 1 1 KIMBERLY ANDERSON CPA P00188889 6086628600 2025-05-13 2023 2025-03-06 01:10:19Z ELIZABETH BORGEN W3718 SOUTH DRIVE PLYMOUTH WI 53073 2099579 0 X WWW.LAKELAND.EDU X 1989 WI LAKELAND UNIVERSITY FOUNDATION INC SOLICITS DONATIONS ON BEHALF OF LAKELAND UNIVERSITY. 5 5 0 5 0 0 1344004 172565 0 0 166655 107370 0 0 1510659 279935 2168365 1637806 0 0 0 0 0 0 0 46311 171593 2214676 1809399 -704017 -1529464 19879961 19929288 32799 29319 19847162 19899969 LAKELAND UNIVERSITY FOUNDATION INC SOLICITS DONATIONS ON BEHALF OF LAKELAND UNIVERSITY FOR FUNDS THAT ARE ENDOWED TO SUBSIDIZE SCHOLARSHIPS, PROFESSORSHIPS, AND OPERATIONS ISSUED/USED BY THE UNIVERSITY USING INVESTMENT INCOME. 0 0 1637806 1637806 0 SCHOLARSHIP PROGRAMS: LAKELAND UNIVERSITY ISSUED SCHOLARSHIPS TO STUDENTS ATTENDING LAKELAND UNIVERSITY DURING THE ACADEMIC YEAR. LAKELAND UNIVERSITY FOUNDATION PROVIDES FUNDING FOR THESE SCHOLARSHIPS BASED UPON FUNDS AVAILABLE. THE FOUNDATION ALSO PROVIDES FUNDING FOR PROFESSORSHIPS AND OPERATIONS. 1637806 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 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 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 0 0 0 X ELIZABETH BORGEN 9205651000 W3718 SOUTH DR PLYMOUTH WI 530734878 BONNIE GRAFF PRESIDENT 0.50 0.50 X X 0 0 0 STUART BROTZ VICE PRESIDENT 0.50 0.50 X X 0 0 0 BARBARA GANNON SECRETARY/TREASURER 1.00 0.00 X X 0 0 0 JEFF SPENCE DIRECTOR 0.50 0.50 X 0 0 0 LOLA ROEH DIRECTOR 1.00 0.00 X 0 0 0 ELIZABETH BORGEN UNIVERSITY PRESIDENT AND DIRECTOR 1.00 50.00 X 0 208514 8179 DEB BUFFINGTON VICE PRESIDENT FOR FINANCE & CFO (AGENT) 1.00 50.00 X 0 109042 1453 0 317556 9632 2 0 1 0 0 172565 172565 301836 301836 1625178 1819644 -194466 -194466 -194466 279935 0 0 107370 1637806 1637806 171593 171593 1809399 1637806 171593 0 1348023 659180 18531938 19270108 19879961 19929288 32799 29319 32799 29319 X 3129617 3288329 16717545 16611640 19847162 19899969 19879961 19929288 X -1529464 1581004 1267 X 0 1 X 1 0 X 198758 359286 841162 1344004 172565 2915775 198758 359286 841162 1344004 172565 2915775 1361701 1554074 552565 617632 415484 265235 301836 2152752 5068527 0.30660 0.30190 X THE FOUNDATION DOES RECEIVE CONTRIBUTIONS FROM THE GENERAL PUBLIC. IN THE CURRENT AND PRECEDING 4 YEARS IT HAS RECEIVED $2,915,775 IN CONTRIBUTIONS AND ONLY $1,361,701 WAS CONSIDERED NOT FROM THE PUBLIC. THIS CALCULATES TO 53% OF THE CONTRIBUTIONS COMING FROM THE GENERAL PUBLIC. THE REASON THE FOUNDATION DOES NOT MAKE THE PUBLIC SUPPORT TEST IS DUE TO THE LARGE AMOUNT OF INVESTMENT INCOME THEY HAVE. THE LARGE INVESTMENT INCOME IS THE RESULT OF A LARGE ENDOWMENT MEANT TO SUSTAIN GIVING OUT SCHOLARSHIPS IN PERPETUITY. THE ENDOWMENT HAS BEEN GROWING FOR MANY YEARS AS A RESULT OF DONATIONS FROM THE GENERAL PUBLIC.THE ORGANIZATION IS WELL ABOVE 10% OF PUBLIC SUPPORT AND THEY HAVE AND WILL CONTINUE TO SOLICIT CONTRIBUTIONS FROM THE GENERAL PUBLIC. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 19847162 1522862 167751 1637806 19899969 18777358 1344004 1940476 2168365 46311 19847162 21415099 841163 -2900665 534051 44188 18777358 17508531 359286 3956407 348231 60894 21415099 17944616 198758 76346 654427 56762 17508531 0.16524 0.10184 0.73291 0 1 1 0 ANNUITY LIABILITY 29319 29319 X PART V, LINE 4: THE PURPOSE OF THE ENDOWMENT FUNDS IS TO SUBSIDIZE SCHOLARSHIPS, PROFESSORSHIPS, AND GENERAL OPERATIONS OF THE UNIVERSITY USING INVESTMENT INCOME TRANSFERRED TO LAKELAND UNIVERSITY ANNUALLY BY THE FOUNDATION. PART X, LINE 2: THE UNIVERSITY AND THE FOUNDATION ARE EXEMPT FROM FEDERAL AND STATE INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND SECTION 71.26(1)(A) OF THE WISCONSIN STATUTES, RESPECTIVELY. HOWEVER, THE UNIVERSITY IS SUBJECT TO INCOME TAXES ON ANY INCOME THAT IS DERIVED FROM A TRADE OF BUSINESS REGULARLY CARRIED ON AND NOT IN FURTHERANCE OF THE PURPOSES FOR WHICH IT WAS GRANTED EXEMPTION. NO INCOME TAX PROVISION HAS BEEN RECORDED AS NET INCOME, IF ANY, FROM UNRELATED TRADE OR BUSINESS IS INSIGNIFICANT. THE UNIVERSITY FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE UNIVERSITY FOR UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2024 OR 2023. THE UNIVERSITY'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. 1 LAKELAND UNIVERSITY W3718 SOUTH DRIVE PLYMOUTH WI 53073 390821861 501(C)(3) 1637806 0 N/A N/A EDUCATIONAL PROGRAM FUNDING 1 0 PART I, LINE 2: FOUNDATION GRANTS ARE MADE TO THE UNIVERSITY WHERE A COMMITTEE DETERMINES THE INDIVIDUAL STUDENTS TO DISBURSE SCHOLARSHIPS TO. ALL SCHOLARSHIPS ARE DISBURSED DIRECTLY TO STUDENT ACCOUNTS, ACCORDING TO GOVERNMENT REGULATIONS, BY THE UNIVERSITY. 0 0 0 0 0 0 0 0 0 ELIZABETH BORGEN UNIVERSITY PRESIDENT AND DIRECTOR 0 208514 0 0 0 0 0 3194 0 4985 0 216693 0 0 FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH THE AUTHORITY TTO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B ALL MEMBERS OF THE BOARD OF TRUSTEES ARE PROVIDED WITH THE DRAFT OF THE 990 BEFORE FILING FOR REVIEW. FURTHER, THE 990 IS MADE AVAILABLE FOR ALL BOARD MEMBERS, PUBLISHED ON THE TRUSTEE PORTAL AND NOTIFICATIONS ARE SENT TO ALL TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C THE UNIVERSITY'S CONFLICT OF INTEREST POLICY APPLIES TO ALL OF ITS OFFICERS AND TRUSTEES. THE POLICY REQUIRES ALL INTERESTED PERSONS DISCLOSE ANY PERSONAL, FAMILIAL, OR BUSINESS RELATIONSHIPS THAT MAY GIVE RISE TO A CONFLICT OF INTEREST, AS WELL AS ANY OTHER SITUATION THAT COULD AFFECT THEIR INDEPENDENT, UNBIASED JUDGEMENT IN THEIR DECISION-MAKING AUTHORITY AND RESPONSIBILITY. THE FULL BOARD REVIEWS ALL POTENTIAL CONFLICTS OF INTEREST. WHEN A TRUSTEE IS DETERMINED TO HAVE A CONFLICT OF INTEREST, THEY MUST REFRAIN FROM PARTICIPATING IN ANY DISCUSSION OR CONSIDERATION OF THE INTERESTED TRANSACTION. ADDITIONALLY, UPON THE MAJORITY VOTE OF THE BOARD OR AT THE REQUEST OF THE BOARD CHAIR, THE INTERESTED TRUSTEE MUST BE EXCUSED FROM THE MEETING WHICH THE INTERESTED TRANSACTION OR CONFLICT IS CONSIDERED AND DISCUSSED, UNLESS THE BOARD REQUESTS INFORMATION FOR INTERPRETIVE OR SPECIAL REASONS. IN THE EVENT THAT THE BOARD OR EXECUTIVE COMMITTEE IS REQUIRED TO VOTE ON THE CONFLICT OF INTEREST, THE INTERESTED TRUSTEE SHALL NOT BE PRESENT AT THE TIME OF THE VOTE. THE RESULTS OF THE BOARD'S DELIBERATIONS ARE DOCUMENTED IN ITS MEETING MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION'S FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: ADJUSTMENT FOR ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE 1,267. LAKELAND UNIVERSITY W3718 SOUTH DRIVE SHEBOYGAN WI 53073 390821861 EDUCATION WI 501(C)(3) LINE 2 N/A 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0