2026-05-13T08:19:08-05:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 10401 W INNOVATION DR STE 300 WAUWATOSA WI 53226 990 2024-07-01 391655132 LAKELAND UNIVERSITY FOUNDATION INC LAKE 9205651000 W3718 SOUTH DRIVE PLYMOUTH WI 53073 ELIZABETH BORGEN LAKELAND UNIVERSITY PRESIDENT 9205651000 2026-05-08 1 0 KRISTEN DONLEVY P01670215 4144761880 2026-05-08 2024 2025-03-06 01:10:19Z X ELIZABETH BORGEN W3718 SOUTH DRIVE PLYMOUTH WI 53073 1131620 0 X WWW.LAKELAND.EDU X 1989 WI LAKELAND UNIVERSITY FOUNDATION INC SOLICITS DONATIONS ON BEHALF OF LAKELAND UNIVERSITY. X 5 5 0 5 0 0 172565 504971 0 0 107370 404243 0 115 279935 909329 1637806 332092 0 0 0 0 0 0 0 171593 155345 1809399 487437 -1529464 421892 19929288 0 29319 0 19899969 0 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 332092 332092 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. 332092 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 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 1 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 D 1.00 50.00 X 0 227000 8173 LENORA STUCKMANN VICE PRESIDENT FOR FINANCE 1.00 50.00 X 0 103340 17899 0 330340 26072 0 0 1 0 0 504971 504971 294442 294442 332092 222291 109801 109801 109801 OTHER REVENUE 990009 115 115 115 909329 0 0 404358 332092 332092 155345 155345 487437 332092 155345 0 0 0 0 659180 0 0 0 0 0 0 0 19270108 0 0 0 0 0 19929288 0 29319 0 29319 0 X 3288329 0 16611640 0 19899969 0 19929288 0 X 421892 -20321861 X 0 1 X 1 0 X 359286 841162 1344004 172565 504971 3221988 359286 841162 1344004 172565 504971 3221988 1650066 1571922 617632 415484 265235 301836 294442 1894629 5116617 0.30720 0.30660 X THE ORGANIZATION WILL NO LONGER BE SOLICITING FUNDS FOR THE FOUNDATION AND HAS DECIDED TO TRANSFER CONTROL OF THE ENDOWMENT TO THE UNIVERSITY FOR THE INVESTMENT COMMITTEE TO MANAGE. THE UNIVERSITY WILL CONTINUE TO RAISE MONEY FOR THE ENDOWMENT, WHICH IS NO LONGER IN A SEPARATE FOUNDATION FUND. THE DECISION WAS APPROVED BY THE BOARD OF TRUSTEES TO DISSOLVE THE FOUNDATION. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 19899969 498849 1769215 4020887 18147146 19847162 1522862 167751 1637806 19899969 18777358 1344004 1940476 2168365 46311 19847162 21415099 841163 -2900665 534051 44188 18777358 17508531 359286 3956407 348231 60894 21415099 0.01671 0.05489 0.92840 0 1 1 0 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, 2025 OR 2024. 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) 0 332092 N/A N/A EDUCATIONAL PROGRAM FUNDING 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 D 0 217000 0 0 0 10000 0 3202 0 4971 0 235173 0 0 INVESTMENTS 2024-07-24 18147140 FMV 390821861 LAKELAND UNIVERSITY W3718 SOUTH DR PLYMOUTH WI 53073 501(C)(3) RECIEVABLES 2024-07-24 2174721 FMV 390821861 LAKELAND UNIVERSITY W3718 SOUTH DR PLYMOUTH WI 53073 501(C)(3) 0 0 0 0 1 1 1 1 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: TRANSFER OF ASSETS TO UNIVERSITY -20,321,861. 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