2026-09-24T15:33:16-05:00 2025-12-31 423603499 Eide Bailly Advisory LLC 4585 Coleman St Ste 200 Bismarck ND 585034101 990 2025-01-01 450397662 Theodore Roosevelt Medora Foundation THEO 7016234444 PO Box 198 Medora ND 586450198 Emily Klym Chief Financial Officer 7016234444 2026-09-23 1 Lisa Chaffee P00193453 7012551091 2026-09-23 2025 Clarence Sitter PO Box 198 Medora ND 586450198 23706148 0 X www.medora.com X 1986 ND Operating history, education & entertainment businesses that allow guests to enjoy the ND Badlands. 17 17 492 710 1534404 0 14205491 7787472 8925044 9700221 868637 -391062 477229 1238297 24476401 18334928 20500 24250 0 0 6088628 6387016 0 0 1038004 6708733 7285379 12817861 13696645 11658540 4638283 100398143 107764861 7776896 9834340 92621247 97930521 X Preserve the experience of the Badlands, the historic character of Medora and the heritage of Theodore Roosevelt and Harold Schafer; Present opportunities for our guests to be educated and inspired through interpretive programs, museums and attractions that focus on the Old West, our patriotic heritage, and the life of Theodore Roosevelt in the Badlands; Serve the traveling public, providing for their comfort while visiting historic Medora, the Badlands and Theodore Roosevelt National Park. 0 0 9408931 24250 9700221 The Organization educates visitors about the historical importance of the Medora area through the operation of museums, shows, and a musical. The Medora Musical is a seasonal historical and patriotic performing arts program and is the single largest program in support of the Theodore Roosevelt Medora Foundation's primary exempt purpose. In 2025, the Medora Musical educated, informed, and entertained approximately 109,260 guests. To help serve and provide for the comfort of the traveling public, a variety of food service outlets are operated, most notably the Pitchfork Steak Fondue. Volunteers are a critical part of making operations successful in Medora. During 2025, 694 individuals filled 836 operational volunteer slots to help keep everything open and operating, serving for approximately 34,142 hours. 9408931 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 0 0 1 104 0 1 492 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 17 17 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 AL AR CA CT FL GA HI IL KS KY MD MA MI MN MS NH NJ NM NY NC ND OR PA RI SC TN TX UT VA WV WI X Emily Klym 7013948896 PO Box 198 Medora ND 586450198 Levi Andrist Chair 2.00 X X 0 0 0 Jody Hodgson Vice Chair 2.00 X X 0 0 0 Linda Pancratz Secretary 2.00 X X 0 0 0 Michael Zaun Treasurer 2.00 X X 0 0 0 Glenn Baranko Director 1.00 X 0 0 0 Kate Black Director 1.00 X 0 0 0 John Bollinger Director 1.00 X 0 0 0 Don Clement Director 1.00 X 0 0 0 Dave Goodin Director (Joined Feb) 1.00 X 0 0 0 Kristi Hanson Director 1.00 X 0 0 0 Doug Mark Director 1.00 X 0 0 0 Michelle Mongeon Allen Director 1.00 X 0 0 0 Laurel Nelson Director 1.00 X 0 0 0 Kathy Neset Director 1.00 X 0 0 0 Cheri Schoenfish Director 1.00 X 0 0 0 Rolf Sletten Director 1.00 X 0 0 0 Byron Snider Director 1.00 X 0 0 0 Tim O'Keefe Director (Left Feb) 1.00 X 0 0 0 Randy Hatzenbuhler President (Left Oct) 50.00 X 244746 0 30658 Clarence Sitter Chief Executive Officer 50.00 X 214604 0 32706 Emily Klym Chief Financial Officer 50.00 X 128258 0 25854 Joe Wiegand Theodore Roosevelt Repriso 45.00 X 196589 0 19932 Lyubomyr Shkandriy Hospitality Director 50.00 X 142834 0 15130 Sheila Strommen Human Resources Director 45.00 X 135447 0 27564 Kinley Slauter Attractions and Entertainm 50.00 X 125766 0 15757 Darwin Lindsey Golf Course Superintendent 50.00 X 147073 0 19439 Daniel Gannarelli Developement Director 50.00 X 121831 0 31796 1457148 0 218836 10 0 1 0 Tharaldson Hospitality Development LLC 4520 36th St S Fargo ND 58104 Construction 8153805 Roers Construction Joint Venture LLC 1260 West Villard Dickinson ND 58601 Construction 2018124 RWS Global LLC 34-01 38th Ave Long Island NY 11101 Production 1174699 Goldmark Design and Development 2000 44th St S Fargo ND 58103 Construction 874288 Winn Construction Inc 882 S Main Ave Dickinson ND 58601 Construction 484478 10 1037060 1025131 5725281 689744 7787472 Activities 713990 8636321 8636321 Management Fees 561499 1035000 1035000 28900 16435 12465 9700221 1332187 56343 1275844 50378 50378 4564268 3406685 1157583 1157583 363779 793804 24945 0 1748194 24945 -1748194 -1723249 -40106 -1683143 139754 1037060 216341 -76587 -76587 Interest From a Controlled Entity 522200 106923 106923 106923 18334928 8652756 1534404 360296 24250 24250 896081 162931 471858 261292 4564692 3168755 1067171 328766 117791 92783 21339 3669 412903 272409 102186 38308 395549 244063 109760 41726 16651 1584 15067 53464 629 52835 65739 6851 58888 514096 399295 88165 26636 415023 412820 532 1671 431279 263310 139427 28542 723409 460965 214097 48347 1003114 766214 204464 32436 465927 176960 177833 111134 171006 171006 1269576 956894 294665 18017 242513 202888 35422 4203 Theatrical Contracts 1435566 1429075 741 5750 Repairs and Maintenance 338679 324844 13820 15 Taxes and Licenses 127107 89659 19588 17860 Income taxes -57000 -57000 69230 15603 42883 10744 13696645 9408931 3249710 1038004 5025756 5183649 10483726 2506003 272580 233455 56021 84137 195301 649275 96555723 42257861 53434579 54297862 22106549 27015469 135211 0 8688420 17795011 100398143 107764861 1260568 4640899 1179151 1168023 3381110 2731647 1956067 1293771 7776896 9834340 X 63376054 61143726 29245193 36786795 92621247 97930521 100398143 107764861 X 4638283 1416888 346126 -1092022 X 0 1 X 1 0 X 11749054 7010462 7600308 14205491 7787472 48352787 8194108 7765492 8402034 8323091 8652756 41337481 19943162 14775954 16002342 22528582 16440228 89690268 539735 452339 3747595 9929684 1322947 15992300 0 539735 452339 3747595 9929684 1322947 15992300 73697968 842325 955292 1443092 1982449 2479376 7702534 842325 955292 1443092 1982449 2479376 7702534 436112 436112 20785487 15731246 17445434 24511031 19355716 97828914 0.75330 0.77130 0.07870 0.06200 X Short Year During 2021 the organization changed their reporting period to the calendar year. Column 2021 reports activity for the 11 month period from February 1, 2021 to December 31, 2021. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 6224 6224 0 Part II-B, Line 1: TRMF's COO (a registered lobbyist) provided four letters of support for bills that supported tourism activities, responsible land management, and affordable housing programs in North Dakota. TRMF's COO provided verbal testimony in support of a bill that included a grant for a transit system for Medora. TRMF's COO spent approximately 10-20 hours during the 2025 legislative session supporting the North Dakota Tourism day at the capitol and visiting with individual legislators on general Medora updates. X X X Storage 1 17964546 1442692 2301856 335263 121119 21252712 15334571 1452470 1589035 290329 121201 17964546 11970059 1914922 1820515 237529 133396 15334571 12661279 1537788 -1900787 328221 11970059 10265633 1125080 1570491 299925 12661279 0.18270 0.65120 0.16610 0 0 2607330 2607330 54409798 23468727 30941071 15570311 10611015 4959296 23968284 8178119 15790165 54297862 Other Assets 12451 Related Party Receivable 2963989 Investment in Subsidiary -1813051 Deferred Tax Asset/Liability 449000 Finance Lease 7178051 Progress Deposits 9004571 17795011 Annuities Payable 6963 Finance Lease Liability 1286808 1293771 X 22702808 1416888 454821 -1126854 744855 21957953 -3623025 -3623025 18334928 17609245 108695 3803904 3912599 13696646 0 13696646 Part III, Line 4: The organization has a collection of Native American artifacts, a collection of historic furniture belonging to relatives of the Marquis de Mores, and various other artifacts related to Theodore Roosevelt, Marquis de Mores, and Harold Schafer, which are all directly related to the organization's primary exempt purpose of educating visitors about the historical importance of the Medora area. The Native American collection is currently in storage until such time that an appropriate exhibition venue is established in the Medora area. All other collections and artifacts are on display for the general public to view in various properties owned by the organization. Part V, Line 4: The organization's intended use of endowment funds is specified by the endowment agreements which are driven by donor intent. Part X, Line 2: Management believes that each entity 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 consolidated 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 Value of Split-Interest Agreement 8,255. Loss from Subsidiaries -1,315,988. Intercompany Imputed Interest 180,879. Part XI, Line 4b - Other Adjustments: Rental Expense included in Revenue for Form 990 -3,406,685. Special Event Expense included in Revenue for Form 990 -216,340. Part XII, Line 2d - Other Adjustments: Rental Expense included in Revenue for Form 990 3,406,685. Special Event included in Revenue for Form 990 216,340. Intercompany Imputed Interest 180,879. Rod Tjaden Golf Tournament 55665 33932 21733 18365 23 6320 8061 Black Tie & Spurs 1121149 1003128 118021 7681 31050 3718 141123 1176814 1037060 139754 18365 7704 37370 3718 149184 216341 -76587 1 Tjaden Scholarships 14 20250 Medora Girls Golf Camp Scholarships 4 4000 Part I, Line 2: Tjaden Scholarship checks are made payable to the domestic institution of higher education with the student's name notated on the memo line. If a recipient does not attend school, the check is returned to the Theodore Roosevelt Medora Foundation. The Golf Scholarship payments are made payable to the recipient's 529 savings plan if the recipient is still in high school, or if the student has identified a domestic institution of higher education they will be attending the checks are made payable to the domestic institution of higher education with the student's name notated on the memo line. Part III, Column a Tjaden Educational Assistance Program: Each year, 10-20 awards of $1,500 each are awarded to seasonal employees who have demonstrated outstanding work qualities, leadership, and good character. Hubbard Scholarship: Up to two students attending the University of North Dakota will be presented with a Don Hubbard Educational Assistance Scholarship. Tim Johnson Memorial Scholarship: Up to two scholarships are awarded each year to employees who exhibit leadership and positive influence on guests and co-workers through courage and humor. Winston Satran Scholarship: A scholarship is awarded each year to an employee who demonstrates leadership through compassion, patience and - most of all - hard work. Wade Westin Scholarship: Up to two scholarships are awarded each year for dedication to Medora and enthusiasm for the Badlands, the Musical, and all that Medora offers. Sheila Schafer Sunshine Award: A scholarship to honor Sheila Schafer is awarded each year to a student worker who is a true "daymaker" - someone who enriches the lives of co-workers and guests through a positive attitude, energy in their work and genuine kindness. Shannon "Sunshine" Larson Scholarship: A scholarship is awarded to a student worker who demonstrates leadership and positively influences guests and co-workers through a truly sunny outlook on life. Dean Hildebrand Conservation Scholarship: A scholarship is awarded to a student worker who shows, in addition to good character, work ethic, and leadership, an active desire to promote the conservation of natural resources. - Eligibility requirements for the Tjaden Scholarships include the following criteria: 1. Individuals must have graduated from high school. 2. The monies must be used within 13 months of the award or is forfeited. 3. Top-level TRMF Officers or their dependents are ineligible. Medora Girls Golf Camp Scholarships: The scholarship recipients are selected by a group of coaches and staff working with the girls. Three scholarships are competition-based for the longest drive, chipping, and putting. The recipient of the Roughrider Award for strength and character also receives a scholarship. X 0 0 X X X 1 0 0 1 0 0 0 0 0 Randy Hatzenbuhler President (Left Oct) 206296 0 35000 0 3450 0 14504 0 16724 0 275974 0 0 0 Clarence Sitter Chief Executive Officer 190069 0 0 0 24535 0 12191 0 21235 0 248030 0 0 0 Joe Wiegand Theodore Roosevelt Repriso 170992 0 4609 0 20988 0 10799 0 9854 0 217242 0 0 0 Darwin Lindsey Golf Course Superintendent 100297 0 7500 0 39276 0 6908 0 13176 0 167157 0 0 0 Sheila Strommen Human Resources Director 118473 0 0 0 16974 0 7785 0 20500 0 163732 0 0 0 Lyubomyr Shkandriy Hospitality Director 120233 0 0 0 22601 0 6241 0 9579 0 158654 0 0 0 Emily Klym Chief Financial Officer 127477 0 0 0 781 0 8212 0 18362 0 154832 0 0 0 Daniel Gannarelli Developement Director 121184 0 0 0 647 0 7979 0 24536 0 154346 0 0 0 Part I, Line 1a Joe Wiegand, Clarence Sitter, Lyubomyr Shkandriy, Sheila Strommen, Kinley Slauter, and Darwin Lindsey all resided in TRMF housing for all or part of the year in Medora. The fair market value of the housing is a taxable benefit being included in taxable income. Part I, Line 4a Darwin Lindsey's employment with TRMF was terminated on 11/5/25 and a separation agreement was entered into which included a severance payment to Darwin of $16,266.96. Part I, Line 5 Individual incentive plans were in place for executive team members Randy, Emily, Clarence, Lyubomyr, Sheila, Kinley and Daniel. A portion of their plans are tied to the result of meeting the company's financial goals. Joe and Darwin were eligible for the company-wide incentive plan which was also tied to meeting the company's financial goals. Incentives from 2023 that had been accrued were paid in 2024,and 2024 earned incentives were also paid out in 2024.The incentive that was earned in 2025 was paid out in 2026, and going forward this cadence will be followed. This explains the larger incentive payment in 2024 with none in 2025 for the executive team (with the exception of Randy due to his retirement). A Billings County North Dakota 456002200 000000000 2017-12-01 4500000 Construction of Elkhorn Quarters 0 0 0 A 1675736 4500000 80611 4419389 2018 0 0 1 1 A 0 1 1 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 1 1 0 0 0 0 A 0 Date Rebate Computation Performed Issuer Name: Billings County North Dakota Date the Rebate Computation was Performed: 09/30/2022 Controlled Entity of Substantial Contributor Controlled Entity of Substantial Contributor 874287 Professional Services 0 Controlled Entity of Substantial Contributor Controlled Entity of Substantial Contributor 737608 Lease Payments 0 Substantial Contributor Substantial Contributor 484478 Contractor Services 0 Substantial Contributor Substantial Contributor 317407 Professional Services 0 Controlled Entity of Substantial Contributor Controlled Entity of Substantial Contributor 141669 Professional Services 0 Substantial Contributor Substantial Contributor 2018124 Construction expenses 0 X 10 32250 Cost X 12 410927 FMV X 2 2620 Cost of Product X Other 28 126356 Cost X Black Tie & Spurs 125 111532 Cost X Tjaden Tournament 23 6059 Cost 0 0 1 0 Part I, Column (b): The amounts reported in Part I, column (b) represents the number of items contributed. Form 990, Part VI, Section A, line 1a TRMF has an Executive Committee that meets monthly and is given the authority to act on behalf of the board for any business that may be needed in between the 3 board meetings held during the fiscal year. The Executive Committee is comprised of the Chairman, Vice Chairman, Secretary, Treasurer, and committee chairs. The President/CEO is a non-voting member. The Executive Committee may exercise the authority of the board of directors in the governance of the corporation; provided, however, that the committee shall not have the authority of the board of directors in reference to amending, altering or repealing the bylaws; electing, appointing, or removing any member of the committee or any director or officer of the corporation; amending the articles of incorporation; adopting a plan of merger or adopting a plan of consolidation with another corporation; authorizing the sale, lease, exchange or mortgage of a substantial portion of the property and assets of the corporation; authorizing the voluntary dissolution of the corporation; adopting a plan for the distribution of assets of the corporation; or amending, altering or repealing any resolution provided by the board of directors. Form 990, Part VI, Section A, line 2 Levi Andrist and Randy Hatzenbuhler have a business relationship. Michael Zaun, Jody Hodgson, Kristi Hanson, Kate Black, Kathy Neset, and Levi Andrist have a business relationship since they all serve on the Board of Directors of Bully Pulpit Inc. the wholly owned subsidiary of Theodore Roosevelt Medora Foundation. Form 990, Part VI, Section B, line 11b A draft of the Form 990 will be reviewed by the finance committee which will then recommend it to the full board for approval prior to the Form 990 being filed with the IRS. Form 990, Part VI, Section B, line 12c On an annual basis, each board member receives and is asked to sign a board member statement of commitment and understanding as well as a conflict of interest policy. This statement is also discussed at the annual meeting as an agenda item. Conflicts are reviewed at the board level. The person with the conflict is recused from the discussion and voting pertaining to the area of which a conflict exists. Form 990, Part VI, Section B, line 15a The organization has a compensation committee made up of between 4-6 individuals from the board of directors whose responsibility is to annually review compenation and benefits for the President. During this annual review process, comparability data is reviewed along with other information as may be requested by committee members and provided by management. Benefit and incentive plans are also reviewed and approved annually by the compensation commitee. The deliberation and decision is documented in the meeting minutes. Form 990, Part VI, Section C, line 19 The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request. Form 990, Part XI, line 9: Change in Value of Split-Interest Agreement 8,255. Change in Value of Investment in BPI -1,100,277. TRMF Third Street Housing LLC 405 E River Rd S Medora ND 58645 883297452 Lease Units in Apartment Building ND 351463 7257081 Theodore Roosevelt Medora Foundation Bully Pulpit Inc 405 East River Road Medora ND 58645 450549273 Golf Course, Retail, Hotels & Other Attractions ND Theodore Roosevelt Medora Foundation C 13771183 14636371 1.00000 1 1 0 0 1 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 Bully Pulpit Inc A 106923 Accrual Bully Pulpit Inc D 2963989 Accrual Bully Pulpit Inc J 3379600 Accrual Bully Pulpit Inc O 1035000 Accrual Bully Pulpit Inc Q 5921662 Accrual