2026-04-30T11:57:47-05:00 2025-06-30 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2024-07-01 237002314 Northern State University Foundation NORT 6056262550 620 15th Ave SE Aberdeen SD 574017610 Zach Flakus President and CEO 6056262550 2026-04-29 1 1 Deb Nelson CPA P01264758 6122536500 2026-04-29 2024 2025-03-06 01:10:19Z Zach Flakus 620 15th Ave SE Aberdeen SD 574017610 15137568 0 X https://northernstatefoundation.com X 1968 SD To solicit, administer funds & pursue other activities dedicated to securing the future of NSU. 15 15 17 191 -37078 1012 10130590 8684023 914734 916961 2364294 2885657 51101 108661 13460719 12595302 6189225 6968682 0 0 1116615 1141357 0 56000 804824 1228726 1138985 8534566 9305024 4926153 3290278 70844993 76245269 9865674 7901273 60979319 68343996 The Northern State University Foundation is dedicated to securing the future of Northern State University. Its purpose is to solicit and administer funds and to pursue other activities to advance this goal. 0 0 3870710 3870710 0 NSU Foundation paid 902 academic, 849 departmental, and 668 athletic scholarships to students attending Northern State University. 3097972 3097972 926997 NSU Foundation provided funds to support Northern State University special projects, including departmental support of $2,155,674, athletic support of $902,781, and operational support of $146,985. 179698 0 0 NSU Foundation provided support for alumni events to develop a spirit of camaraderie and fraternity among the NSU alumni, donors, and friends. 7148380 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 1 0 1 0 0 0 0 0 1 1 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 43 3 1 17 1 1 1 0 0 0 0 1 1 1 1 0 0 0 0 0 X 15 15 0 0 1 0 1 1 0 1 1 0 0 0 1 1 1 0 0 1 1 0 AK CA CO KY MA MD ME MI MN NH NJ NV OH PA SC UT WA X X Becky Mehlhoff 6056262550 620 15th Ave SE Aberdeen SD 57401 Dr Neal Schnoor to May 2025 Non-Voting Director 2.00 X 4592 0 0 Megan Biegler Chair 2.00 X X 0 0 0 Mike Bockorny to Sep 2024 Past-Chair 2.00 X X 0 0 0 Jared Jacobson Chair-Elect 2.00 X X 0 0 0 Alex Grieben Secretary 2.00 X X 0 0 0 Greg Wieker Treasurer 2.00 X X 0 0 0 Jess Koehler Director 1.00 X 0 0 0 Kila LeGrand Director 0.50 X 0 0 0 Mark McNeary Director 0.50 X 0 0 0 Eric Payne from Oct 2024 Director 0.50 X 0 0 0 Jennifer Ring Director 0.50 X 0 0 0 Allie Ryckman Director 0.50 X 0 0 0 Arthur Russo Director 0.50 X 0 0 0 Kyle Schwan Director 0.50 X 0 0 0 Steve Stickelmyer Director 0.50 X 0 0 0 Sandy Vosika from Oct 2024 Director 1.00 X 0 0 0 Ric Dias Director 0.50 X 0 0 0 Chad Bergan to Sep 2024 Director 0.50 X 0 0 0 Laurie Nichols from Jun 2025 Non-Voting Director 2.00 X 0 0 0 Zach FlakusPresident CEO/Non-Voting Director 40.00 X 195916 0 11851 Kaylee Babcock to Apr 2025 CFO 40.00 X 90582 0 11851 291090 0 23702 1 0 1 1 Commonfund Securities Inc 15 Old Danbury Rd Wilton CT 06897 Investment Management Fees 187475 1 271598 8412425 380409 8684023 Wolves Club 611710 826718 826718 APEX Events 611710 79234 79234 11009 7909 3100 916961 747717 -40178 787895 96777 55620 41157 41157 13136 28021 4234683 33163 2096624 33282 2138059 -119 2137940 2137940 339056 271598 339056 0 85188 17684 67504 67504 12595302 926997 -37078 3021360 6968682 6968682 361338 463 189157 171718 780019 86342 266760 426917 9424 9424 74318 74318 56000 56000 273387 273387 7589 7589 76619 15534 8222 52863 96403 8700 52007 35696 96856 96856 20351 20351 17442 6727 10715 37333 29927 7406 290354 290354 24331 24331 17817 17817 Events 27435 27435 Training & Development 4777 1168 3609 Annuity Payments 3247 3247 Income Tax Expense 2900 2900 58402 4570 6526 47306 9305024 7148380 1351820 804824 6505609 9304800 10381544 9106754 97793 73428 21422 27276 1069431 263226 834512 806205 12515110 13283575 39783668 43012431 705335 630800 70844993 76245269 440230 457902 103814 180338 4953694 3842396 1850 1850 4366086 3418787 9865674 7901273 X 1936597 2417818 59042722 65926178 60979319 68343996 70844993 76245269 X 3290278 4058040 16359 X 0 1 X 1 0 X 7983558 6161878 5129590 10130590 8684023 38089639 7983558 6161878 5129590 10130590 8684023 38089639 2870002 35219637 466242 407897 67998 942985 884672 2769794 15661 650646 1106 1012 668425 41527858 5277690 0.84810 0.64870 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 7148380 7148380 507419 126855 0 0 536878 467177 507419 1511474 2267211 134220 116794 126855 377869 566804 0 1 X 56148289 2060665 6366994 3350810 61225138 49215371 2744986 7210459 3022527 56148289 36271673 11311383 3848534 2216219 49215371 37554641 2874017 -2065270 2091715 36271673 31232627 1253562 6995130 1926678 37554641 0.20350 0.79650 0 0 621300 73796 47066 648030 374335 216160 158175 806205 6595238 F Commingled funds and hedge fund 36417193 F 43012431 X 16503782 4058040 107468 16359 4181867 12321915 273387 273387 12595302 9139105 107468 107468 9031637 273387 273387 9305024 Part IV, Line 2b: FOHO I, LLC collects security deposits from the apartment complex tenants which are held until completion of a satisfactory moveout at which point the money is returned to the tenants. Part V, Line 4: Endowment funds are used to provide scholarships and university support to Northern State University. 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 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 Split Interest Agreements 16,359. X X X X X 1 BWF 7900 Xerxes Ave S Ste 980 Minneapolis MN 55431 Campaign Planning Consulting 0 0 56000 0 56000 AK CA CO KY MA MD ME MI MN NH NJ NV OH PA SC UT WA Northern Night 335157 160704 174453 92840 45898 12585 23131 Wolves on the Water 142584 30494 112090 35370 40839 8100 27782 2 115240 73512 41728 2000 8872 4896 14155 11803 592981 264710 328271 37370 142551 4896 68153 12585 62716 328271 0 85188 14135 3510 39 1 0.85790 85188 14135 3510 39 17684 67504 SD 1 0 1 0 0.00000 1.00000 Becky Mehlhoff 620 15th Ave SE Aberdeen SD 57401 0 Becky Mehlhoff 0 Gaming manager distributed tickets and collected receipts. X 0 1 Northern State University 1200 South Jay Street Aberdeen SD 57401 466000364 Government 3870710 0 Scholarships Northern State University 1200 South Jay Street Aberdeen SD 57401 466000364 Government 2155674 0 Special Projects Northern State University 1200 South Jay Street Aberdeen SD 57401 466000364 Government 795313 0 Athletic Support Northern State University 1200 South Jay Street Aberdeen SD 57401 466000364 Government 146985 0 Operational Support 1 0 Part I, Line 2: The Foundation notifies NSU of the scholarships available, including amounts and criteria to be used for the selection process. NSU selects recipients based on information provided by the Foundation. The Foundation receives a detailed scholarship list for the academic year from Northern State University prior to the scholarship grant award. For non-scholarship grants, payments made to NSU are based on donor restrictions, i.e. capital projects or special projects. X X 0 1 X 0 0 0 0 0 0 0 0 0 Zach FlakusPresident CEO/Non-Voting Director 195916 0 0 0 0 0 0 0 11851 0 207767 0 0 0 Kaylee Babcock to Apr 2025 CFO 90582 0 0 0 0 0 0 0 11851 0 102433 0 0 0 Part I, Line 1a The NSU Foundation has an agreement with the South Dakota Board of Regents to lease real property for the University President's, Dr. Neal Schnoor, use by him and his immediate family for their residence. Zach Flakus and Dr. Neal Schnoor each receive a country club membership as part of their compensation. Part I, Line 1b The Executive Committee approved the membership as part of their annual salary packages. Part I, Line 3 Zach Flakus and Kaylee Babcock are compensated through the Northern State University state payroll system but all salaries and benefits are paid by the NSU Foundation through reimbursement to the state payroll system. Salaries are approved by the Executive Committee. A Brown County South Dakota 466000011 000000000 2020-12-31 8699150 0 0 0 A 4854596 8699150 8699150 2021 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 0 0 0 0 0 1 A 1 Schedule K, Part I, Bond Issues: (f) Description of Purpose: The May 2019 bonds were reissued to reflect change in interest rates. Purpose of 2019 bonds were for athletic field complex and SD School for the Blind and Visually Impaired. X 181683 FMV X 3 51567 FMV Date of Gift X Interest Savings 1 147159 FMV 1 0 1 0 Part I, Column (b): The number of contributions are reported in Column (b). Form 990, Part VI, Section A, line 1a The Executive Committee members are the Board Chair, Chair Elect, Past Chair, Secretary, Treasurer, President, and NSU President. The President and NSU President are nonvoting members. The Executive Committee members may select one additional Director to be a voting member of the Committee subject to Board approval. The Executive Committee has all the powers and authority of the Board between Board meetings, subject to statutory and Board-imposed limitations, and the committee will: (i) make decisions on behalf of the Board; (ii) make all personnel decisions regarding the President including conducting searches and interviews, making the hiring decision and negotiating the contract terms, establishing performance goals and monitoring his or her performance, meeting with the President at least annually to review performance, determining appropriate compensation for the President, and taking disciplinary or termination action (iii) work closely with and advise the President on Foundation matters; (iv) assist the Board in conducting and prioritizing Foundation business; (v) evaluate the Foundation's progress toward strategic goals and initiatives; (vi) oversee Board policies and governance practices and recommend changes; (vii) address Foundation personnel matters involving the President or at the President's request; and (viii) report to the Board at the first regular Board meeting following Executive Committee action. Form 990, Part VI, Section A, line 4 Section 4 Board of Directors Composition (4.b) - Removed four ex officio voting/nonvoting positions from the bylaws: Finance and Audit Committee Chair, Investment Committee Chair, Wolves Club Committee Board Liaison, and Alumni Committee Board Liaison. The 2025 version only lists three ex officio directors (NSU President, Faculty Representative, and NSUF President). - The NSU President's role is now described as a "nonvoting Director" rather than "nonvoting Board member" (minor wording clarification). Section 6 Investment Committee Duties (6.e.iii) - The Investment Committee's role was restructured. Previously, it had authority to "set" investment policies; now it only "recommends" investment policies to the Board and separately "implements" policies adopted by the Board. Form 990, Part VI, Section A, line 6 Membership - Any person or entity contributing to the Foundation during the fiscal year will be a Foundation Member. Members will have the right to vote in the Board election as specified in the Bylaws. The Board may at any time create additional membership classifications. Form 990, Part VI, Section A, line 7a Election - The Members will elect Directors at the Annual Meeting. The Board Chair will present the slate of qualified candidates to the Members before the election. A Member may propose a Director candidate by contacting the President or Board Chair at least 10 days before the Annual Meeting. The Nominating Committee must determine that any such proposed candidate is qualified before recommending that person be added to the slate of Director candidates. Director elections will be held in accordance with the Bylaws and procedures established by the Board. Form 990, Part VI, Section B, line 11b The Director of Finance and Sr. Accountant at Northern State University Foundation will review the draft and provide questions to the preparer. A draft will also be provided to the Finance & Audit Committee for review prior to filing with the IRS. Form 990, Part VI, Section B, line 12c Board members will abstain from decisions in which they have an interest. This is on every board and committee agenda and any conflicts are documented in the board/committee minutes. In addition, all board and committee members sign annual conflict of interest disclosure forms at the beginning of each academic year. Staff sign a "Code of Ethics" document at time of hire that requires them to disclose any conflicts of interest that arise. Form 990, Part VI, Section B, line 15 The Board of Directors has charged the Executive committee with the responsibility to determine the appropriate compensation for the President. The President, in consultation with the Executive Committee, determines the salary and benefits for all other Foundation employees subject to Board approval of the Foundation budget. Form 990, Part VI, Section C, line 19 Upon approval by the President/CEO, these documents are made available to the public upon request and via the organization's website at https://northernstatefoundation.com. Form 990, Part XI, line 9: Change in Split Interest Agreements 16,359. FOHO I LLC 620 15th Ave SE Aberdeen SD 57401 273836141 Rental homes to provide additional secure housing for NSU students. SD 21874 840887 Northern State University Foundation APEX Events LLC 620 15th Ave SE Aberdeen SD 57401 814976453 Provide hospitality suites and Service of alcoholic beverages at events SD 79234 97981 Northern State University Foundation