Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $40,549

• 1e · Government grants (contributions)

  $132,617

• 1f · All other contributions, gifts and grants

  $14,032,325

• 1g · Noncash contributions included above

  $692,833

• 2a · Program service revenue: Activities

  total $8,243,522 · related or exempt $8,243,522

• 2b · Program service revenue: Management Fees

  total $590,000 · unrelated business $590,000

• 2f · All other program service revenue

  total $91,522 · related or exempt $79,569 · unrelated business $11,953

• 3 · Investment income

  total $1,015,009 · excluded $1,015,009

• 5 · Royalties

  total $2,754 · excluded $2,754

• 6a · Gross rents

  real property $3,818,893

• 6b · Less rental expenses

  real property $3,385,695

• 6c · Rental income or loss

  real property $433,198

• 6d · Net rental income or loss

  total $433,198 · unrelated business -$200,752 · excluded $633,950

• 7b · Less cost or other basis and sales expenses

  securities $113,963 · other assets $32,409

• 7c · Gain or loss

  securities -$113,963 · other assets -$32,409

• 7d · Net gain or loss

  total -$146,372 · unrelated business -$18,939 · excluded -$127,433

• 8a · Fundraising events: gross income

  $15,800

• 8a · Fundraising events: contributions included on line 1c

  $40,549

• 8b · Fundraising events: direct expenses

  $26,551

• 8c · Net income from fundraising events

  total -$10,751 · excluded -$10,751

• 11a · Other revenue: Interest From a Controlled Entity

  total $52,028 · unrelated business $52,028

• 11e · Other revenue, total

  $52,028

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $20,500 · program services $20,500

• 5 · Compensation of officers, directors and key employees

  total $1,747,642 · program services $384,247 · management and general $909,815 · fundraising $453,580

• 7 · Other salaries and wages

  total $3,422,797 · program services $2,809,844 · management and general $477,441 · fundraising $135,512

• 8 · Pension plan contributions

  total $111,738 · program services $94,150 · management and general $10,530 · fundraising $7,058

• 9 · Other employee benefits

  total $420,376 · program services $275,397 · management and general $99,814 · fundraising $45,165

• 10 · Payroll taxes

  total $386,075 · program services $241,266 · management and general $101,391 · fundraising $43,418

• 11b · Fees: legal

  total $49,194 · program services $1,887 · management and general $46,359 · fundraising $948

• 11c · Fees: accounting

  total $55,849 · management and general $53,949 · fundraising $1,900

• 11f · Fees: investment management

  total $27,753 · management and general $27,753

• 11g · Fees: other

  total $486,617 · program services $306,426 · management and general $147,402 · fundraising $32,789

• 12 · Advertising and promotion

  total $472,154 · program services $468,669 · management and general $31 · fundraising $3,454

• 13 · Office expenses

  total $622,324 · program services $578,793 · management and general $17,849 · fundraising $25,682

• 14 · Information technology

  total $538,289 · program services $111,514 · management and general $375,231 · fundraising $51,544

• 16 · Occupancy

  total $870,008 · program services $629,411 · management and general $206,850 · fundraising $33,747

• 17 · Travel

  total $365,046 · program services $129,681 · management and general $145,661 · fundraising $89,704

• 20 · Interest

  total $167,120 · program services $43,774 · management and general $123,346

• 22 · Depreciation, depletion and amortization

  total $1,188,571 · program services $877,214 · management and general $293,336 · fundraising $18,021

• 23 · Insurance

  total $221,615 · program services $179,062 · management and general $37,106 · fundraising $5,447

• 24a · Other expenses: Theatrical Contracts

  total $1,271,484 · program services $1,270,384 · management and general $300 · fundraising $800

• 24b · Other expenses: Repairs and Maintenance

  total $214,296 · program services $196,000 · management and general $18,296

• 24c · Other expenses: Taxes and Licenses

  total $128,335 · program services $105,284 · management and general $18,910 · fundraising $4,141

• 24d · Other expenses: Income taxes

  total -$82,000 · program services -$82,000

• 24e · All other expenses

  total $112,078 · program services $17,623 · management and general $22,215 · fundraising $72,240

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $4,529,344 · end of year $5,025,756

• 3 · Pledges and grants receivable

  beginning of year $4,277,922 · end of year $10,483,726

• 4 · Accounts receivable

  beginning of year $184,777 · end of year $272,580

• 8 · Inventories for sale or use

  beginning of year $58,686 · end of year $56,021

• 9 · Prepaid expenses and deferred charges

  beginning of year $222,709 · end of year $195,301

• 10a · Land, buildings and equipment: cost or other basis

  $94,211,777

• 10b · Land, buildings and equipment: accumulated depreciation

  $40,777,198

• 10c · Land, buildings and equipment, net

  beginning of year $52,728,099 · end of year $53,434,579

• 11 · Investments: publicly traded securities

  beginning of year $20,105,509 · end of year $22,106,549

• 12 · Investments: other securities

  beginning of year $269,094 · end of year $135,211

• 15 · Other assets

  beginning of year $8,755,793 · end of year $8,688,420

• 17 · Accounts payable and accrued expenses

  beginning of year $1,287,009 · end of year $1,260,568

• 19 · Deferred revenue

  beginning of year $1,032,154 · end of year $1,179,151

• 20 · Tax-exempt bond liabilities

  beginning of year $4,065,576 · end of year $3,381,110

• 25 · Other liabilities

  beginning of year $4,011,926 · end of year $1,956,067

• 27 · Net assets without donor restrictions

  beginning of year $61,337,802 · end of year $63,376,054

• 28 · Net assets with donor restrictions

  beginning of year $19,397,466 · end of year $29,245,193

The filer's explanations (Part III)

Part I, Line 1a

Randy Hatzenbuhler, Joe Wiegand, Clarence Sitter, Nathan Huntington, Lyubomyr Shkandriy, Sheila Strommen, Kinley Slauter, Daniel Gannarelli, and Darwin Lindsey all reside 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

Nathan Huntington's employment was terminated 9/30/2024 as the position was no longer needed. A severance agreement was in place paying Nathan a gross lump-sum amount of $25,279.50 less deductions required by law.

Part I, Line 5

Individual incentive plans were in place for Executive team members Randy, Emily, Clarence, Lyubomyr, Nathan, Sheila, Kinley and Daniel. A portion of their plans are tied to the result of meeting the company's financial goals. Nathan did not receive an incentive for 2024 as he was not employed on 12/31/24, which is a condition of all TRMF incentive plans. Joe, Darwin, and Doug 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.

Part II, Row 1:

President & CEO Randy Hatzenbuhler had a deferred compensation plan put in place by the Board of Directors in 2006. Over the 18-year period of contributions plus earnings the value accumulated to $540,714 and was paid out in 2024 as a bonus under the provisions of the plan.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• TRMF Third Street Housing LLC

  Lease Units in Apartment Building · ND · income $340,015 · assets $7,465,359

  Directly controlled by Theodore Roosevelt Medora Foundation

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• Bully Pulpit Inc

  C · Golf Course, Retail and Hotels · ND · 100% owned · share of income $12,419,405 · share of assets $1,683,488 · controlled entity

  Directly controlled by Theodore Roosevelt Medora Foundation