2026-04-23T15:11:36-05:00 2025-06-30 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-07-01 237299995 DAKOTA STATE UNIVERSITY FOUNDATION DAKO 6052565693 820 N WASHINGTON AVE MADISON SD 57042 JILL RUHD INTERIM VP OF INSTITUTIONAL ADVANCE 6052565693 2026-04-23 1 1 LAURIE HANSON CPA P00851848 6053391999 2026-04-23 2024 2025-03-06 01:10:19Z JILL RUHD 820 N WASHINGTON AVE MADISON SD 57042 8586484 0 X WWW.FOUNDATION.DSU.EDU X 1970 SD TO RAISE FUNDS AND MANAGE PRIVATE FUNDING FOR THE BENEFIT OF DAKOTA STATE UNIVERSITY. 23 23 0 40 0 0 7078430 4994143 0 11658 3077006 2937399 62979 216095 10218415 8159295 26504419 6577534 0 0 39919 0 0 0 160001 1421489 2824312 27965827 9401846 -17747412 -1242551 102151272 81762893 76848409 57216076 25302863 24546817 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 1874925 1874925 THE FOUNDATION ASSISTS IN MAKING PAYMENTS TO OR ON BEHALF OF DAKOTA STATE UNIVERSITY FOR SCHOLARSHIPS. 5288783 4702609 11658 EXPENDITURES FOR THE GENERAL SUPPORT OF DSU INCLUDING: PAYMENTS TO DSU ALUMNI ASSOCIATION FOR MAILING LIST, PAYMENTS FOR PROJECTS, AWARDS, AND CONSTRUCTION PROJECTS. 7163708 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 1 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 25 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 0 0 X THE ORGANIZATION 6052565693 820 N WASHINGTON AVE MADISON SD 57042 DAVE GEIVER CHAIR 1.00 X X 0 0 0 MIKE MALONE TRUSTEE 1.00 X 0 0 0 FLOYD RUMMEL TRUSTEE 1.00 X 0 0 0 RANDY SCHAEFER TRUSTEE 1.00 X 0 0 0 JUDY DITTMAN TRUSTEE 1.00 X 0 0 0 SCOTT SCHLISNER TRUSTEE 1.00 X 0 0 0 SUMMER SCHULTZ TRUSTEE 1.00 X 0 0 0 KAZZI TEEL TRUSTEE 1.00 X 0 0 0 POOJA PULLMAN TRUSTEE 1.00 X 0 0 0 TAMMY MILLER TRUSTEE 1.00 X 0 0 0 ERIN NIELSEN TRUSTEE 1.00 X 0 0 0 MIKE HALVERSON TRUSTEE 1.00 X 0 0 0 ROBB GRAHAM TRUSTEE 1.00 X 0 0 0 JEFF RODMAN TRUSTEE 1.00 X 0 0 0 BOB CASAGRANDE TRUSTEE 1.00 X 0 0 0 NICK PODHRADSKY TRUSTEE 1.00 X 0 0 0 ROGER DEGROOT TRUSTEE 1.00 X 0 0 0 DELON MORK TRUSTEE 1.00 X 0 0 0 JEFF BLOOM TRUSTEE 1.00 X 0 0 0 TREVOR GARBERS TRUSTEE 1.00 X 0 0 0 HALI MCCLELLAND DIGGS TRUSTEE 1.00 X 0 0 0 JAROD KEENE TRUSTEE 1.00 X 0 0 0 JULIE IVERSON TRUSTEE 1.00 X 0 0 0 PAUL SCHOEDER TRUSTEE (UNTIL MAY 2025) 1.00 X 0 0 0 MIKE MCKELVEY CEO 40.00 X 107831 0 22336 107831 0 22336 1 0 0 1 0 334896 4659247 986831 4994143 ADMINISTRATIVE FEES 561000 11658 11658 11658 632140 632140 262387 48497 213890 213890 213890 1909510 692136 80703 215684 1828807 476452 2305259 2305259 83510 334896 82305 1205 1205 MISCELLANEOUS INCOME 900099 1000 1000 1000 8159295 11658 0 3153494 6577534 6577534 111521 111521 814281 814281 32500 32500 63634 63634 2932 2932 602826 586174 16652 57978 57978 IN-KIND EXPENSE 687245 687245 SUPPORT EXPENSE 254195 254195 BOOSTER CLUB 160001 160001 PROJECT EXPENSE 35727 35727 1472 1472 9401846 7163708 2078137 160001 X 200 200 1376709 2635147 7866709 7506412 70125 225 3551328 323350 2936717 3227978 89244326 65573396 191811 2230335 464675 589200 102151272 81762893 190871 578784 0 458333 6845350 9745050 69812188 46433909 76848409 57216076 X 1396713 -3326300 23906150 27873117 25302863 24546817 102151272 81762893 X -1242551 430027 56478 X 0 1 X 1 0 X 12748572 2837061 6768569 7078430 4994143 34426775 12748572 2837061 6768569 7078430 4994143 34426775 9685064 24741711 1078757 2264996 1661224 1433561 894527 7333065 2205 2205 41762045 11658 0.59240 0.55740 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 21658609 380477 2799577 611500 321711 23905452 19130523 956291 2480625 631100 277730 21658609 17338888 934022 1574599 716986 19130523 15971554 4193088 -5537319 2520940 12106383 15263638 677698 30218 15971554 0.01100 0.85140 0.13760 0 0 110430 110430 1881326 1528638 292416 3117548 30934 30934 0 3227978 FUNDS INVESTED AND HELD FOR THE UNIVERSITY 46433909 46433909 X 9429270 430027 826945 124524 1381496 8047774 111521 111521 8159295 10185316 826945 68046 894991 9290325 111521 111521 9401846 PART V, LINE 4: THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 396 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 (C) 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 76,587. CHANGE IN VALUE OF LIFE INSURANCE 47,937. PART XII, LINE 2D - OTHER ADJUSTMENTS: UNCOLLECTIBLE PLEDGES 68,046. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENT 261000 0 0 0 0 0 0 261000 0 261000 1 0 1 1 0 0 FORM 990, SCHEDULE F, PART IV THE FOUNDATION REVIEWS ITS DIRECT AND INDIRECT INVESTMENTS DURING THE TAX PERIOD FOR DETERMINING REQUIRED FOREIGN FILINGS. THE FOUNDATION MAKES INDIRECT TRANSFERS TO FOREIGN CORPORATIONS. THE FOUNDATION WOULD FILE FORM 926 IF THE TRANSFERS MET THE REQUIREMENTS FOR FILING. THE FOUNDATION'S TRANSFERS TO FOREIGN CORPORATIONS DID REQUIRE FILING FORM 926. THE FOUNDATION INVESTS HOLDS DIRECT OR INDIRECT INTERESTS IN PASSIVE FOREIGN INVESTMENT COMPANIES (PFICS). THE FOUNDATION WOULD FILE FORM 8621 FOR UNDERLYING INVESTMENTS THAT GENERATE UNRELATED BUSINESS INCOME. THE FOUNDATION WOULD NOT FILE FORM 8621 WHERE THE INVESTMENT HAS PROPERLY FILED FORM 8621, OR WHERE THE UNDERLYING INVESTMENTS DID NOT GENERATE ANY UNRELATED BUSINESS INCOME. THE FOUNDATION DID NOT REQUIRE FILING FORM 8621. DSUNITE 418406 334896 83510 49642 23987 8676 418406 334896 83510 49642 23987 8676 82305 1205 1 DAKOTA STATE UNIVERSITY 820 N WASHINGTON MADISON SD 57042 466000364 GOVERNMENTAL 6577534 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. 0 0 0 0 0 0 0 0 0 MIKE MCKELVEY CEO 86831 0 0 0 21000 0 10990 0 11346 0 130167 0 0 0 PART I, LINE 3 THE ORGANIZATION DOES NOT ESTABLISH THE COMPENSATION OF THE CEO. COMPENSATION IS DETERMINED BY AN UNRELATED ORGANIZATION, THE STATE OF SOUTH DAKOTA, AND THE ORGANIZATION RELIED ON THE UNRELATED ORGANIZATION TO ESTABLISH COMPENSATION. FORM 990, SCHEDULE J, PART II MIKE MCKELVEY WAS COMPENSATED BY AN UNRELATED ORGANIZATION, STATE OF SOUTH DAKOTA (ON BEHALF OF DAKOTA STATE UNIVERSITY (DSU)). HIS COMPENSATION AND BENEFITS FROM STATE OF SOUTH DAKOTA ARE REPORTED ON SCHEDULE J, PART II. THE COMPENSATION REPORTED IS FOR SERVICES PROVIDED TO THE FOUNDATION. X 8 291023 FMV X SIGNAGE 1 609961 FMV X SOFTWARE 1 51592 FMV X AUCTION ITEMS 69 34255 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 15A COMPENSATION IS DETERMINED BY AN UNRELATED ORGANIZATION, THE STATE OF SOUTH DAKOTA, AND THE ORGANIZATION RELIED ON THE UNRELATED ORGANIZATION TO ESTABLISH COMPENSATION. 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 X, LINE 27 SUPPORT FOR A CAPITAL PROJECT IN EXCESS OF GIFTS, INCLUDING PROMISES TO GIVE, HAS RESULTED IN DEFICIENCIES THAT ARE REPORTED IN NET ASSETS WITHOUT DONOR RESTRICTIONS. THE CUMULATIVE DEFICIENCY TOTALED $4,240,765 AND $0, RESPECTIVELY, AS OF JUNE 30, 2025 AND 2024. THE FOUNDATION HAS RECEIVED CONDITIONAL PROMISES TO GIVE PROJECT COMMITMENTS OF $8,108,240 AS OF JUNE 30, 2025, THAT WILL BE USED TO COVER THE DEFICIT ALONG WITH ANY FUTURE GIFTS. FORM 990, PART XI, LINE 9: UNCOLLECTIBLE PLEDGES -68,046. CHANGE IN SPLIT INTEREST AGREEMENTS 76,587. CHANGE IN VALUE OF LIFE INSURANCE 47,937.