Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $613,633

• 1f · All other contributions, gifts and grants

  $16,847,051

• 1g · Noncash contributions included above

  $2,243,166

• 2a · Program service revenue: ADMINISTRATIVE FEES

  total $717,824 · related or exempt $717,824

• 3 · Investment income

  total $9,475,296 · excluded $9,475,296

• 6a · Gross rents

  real property $92,985 · personal property $64,000

• 6b · Less rental expenses

  real property $89,003 · personal property $53,663

• 6c · Rental income or loss

  real property $3,982 · personal property $10,337

• 6d · Net rental income or loss

  total $14,319 · related or exempt $10,337 · excluded $3,982

• 7a · Gross sales of assets other than inventory

  securities $22,708,801

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

  securities $22,145,600 · other assets $36,290

• 7c · Gain or loss

  securities $563,201 · other assets -$36,290

• 7d · Net gain or loss

  total $526,911 · excluded $526,911

• 8a · Fundraising events: gross income

  $186,563

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

  $613,633

• 8b · Fundraising events: direct expenses

  $218,864

• 8c · Net income from fundraising events

  total -$32,301 · excluded -$32,301

• 11a · Other revenue: BLACKSTONE INVESTMENTS

  total $4,644 · unrelated business $4,644

• 11b · Other revenue: STATE TAX REFUNDS

  total $4,425 · unrelated business $4,425

• 11e · Other revenue, total

  $9,069

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $24,835,788 · program services $24,835,788

• 5 · Compensation of officers, directors and key employees

  total $665,672 · management and general $501,746 · fundraising $163,926

• 6 · Compensation of disqualified persons

  total $57,114 · management and general $28,557 · fundraising $28,557

• 7 · Other salaries and wages

  total $2,402,580 · management and general $959,999 · fundraising $1,442,581

• 8 · Pension plan contributions

  total $104,923 · management and general $38,290 · fundraising $66,633

• 9 · Other employee benefits

  total $297,857 · management and general $137,769 · fundraising $160,088

• 10 · Payroll taxes

  total $297,400 · management and general $138,172 · fundraising $159,228

• 11c · Fees: accounting

  total $70,876 · management and general $70,876

• 11d · Fees: lobbying

  total $10,690 · management and general $10,690

• 11e · Fees: professional fundraising services

  total $203,460 · fundraising $203,460

• 11f · Fees: investment management

  total $667,561 · management and general $667,561

• 11g · Fees: other

  total $346,777 · management and general $346,777

• 12 · Advertising and promotion

  total $450,873 · management and general $138,875 · fundraising $311,998

• 13 · Office expenses

  total $63,898 · management and general $56,817 · fundraising $7,081

• 14 · Information technology

  total $171,718 · management and general $171,718

• 16 · Occupancy

  total $211,873 · management and general $95,652 · fundraising $116,221

• 17 · Travel

  total $323,308 · management and general $75,127 · fundraising $248,181

• 19 · Conferences, conventions and meetings

  total $92,340 · management and general $67,941 · fundraising $24,399

• 22 · Depreciation, depletion and amortization

  total $123,561 · management and general $61,094 · fundraising $62,467

• 23 · Insurance

  total $47,978 · management and general $36,850 · fundraising $11,128

• 24a · Other expenses: EVENTS & STEWARDSHIP

  total $143,953 · fundraising $143,953

• 24b · Other expenses: RECRUITMENT & RETENTION

  total $58,173 · management and general $43,968 · fundraising $14,205

• 24c · Other expenses: UBI TAX

  total -$1,825 · management and general -$1,825

• 24e · All other expenses

  total $5,993 · management and general $5,993

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $15,630,359 · end of year $7,432,895

• 3 · Pledges and grants receivable

  beginning of year $17,912,609 · end of year $18,674,554

• 7 · Other notes and loans receivable

  beginning of year $2,000,000 · end of year $1,040,397

• 9 · Prepaid expenses and deferred charges

  beginning of year $274,454 · end of year $309,959

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

  $3,500,542

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

  $1,342,336

• 10c · Land, buildings and equipment, net

  beginning of year $2,206,254 · end of year $2,158,206

• 11 · Investments: publicly traded securities

  beginning of year $259,896,669 · end of year $279,197,632

• 12 · Investments: other securities

  beginning of year $34,687,438 · end of year $41,396,731

• 15 · Other assets

  beginning of year $2,373,707 · end of year $4,599,783

• 17 · Accounts payable and accrued expenses

  beginning of year $1,140,438 · end of year $922,898

• 25 · Other liabilities

  beginning of year $16,914,362 · end of year $17,295,470

• 27 · Net assets without donor restrictions

  beginning of year -$8,675,577 · end of year -$12,353,595

• 28 · Net assets with donor restrictions

  beginning of year $325,602,267 · end of year $348,945,384

The filer's explanations (Part III)

PART I, LINE 1A

AS PART OF THE COMPENSATION PACKAGE REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE, THE PRESIDENT & CEO IS PROVIDED A MONTHLY ALLOWANCE FOR THE BUSINESS USE OF PERSONAL VEHICLES. AS PART OF THE COMPENSATION PACKAGE REVIEWED AND APPROVED BY THE CEO, THE CHIEF OPERATING OFFICER & LEGAL COUNSEL, AND THE EXECUTIVE DIRECTOR OF PHILANTHROPY ARE PROVIDED A MONTHLY ALLOWANCE FOR BUSINESS USE OF PERSONAL VEHICLES. THESE BENEFITS ARE CONSIDERED TAXABLE BENEFITS AND ARE INCLUDED IN TAXABLE INCOME.

PART I, LINE 7

JAY WILSON WAS AWARDED A BONUS OF $48,000 BASED ON THE DISCRETION OF THE BOARD OF DIRECTORS.

Disregarded entities

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

• USDF LLC

  HOLD AND MANAGE REAL ESTATE FOR FOUNDATION · SD · income $3,985 · assets $3,062,320

  Directly controlled by UNIVERSITY OF SOUTH DAKOTA FOUNDATION

• USDF2 LLC

  HOLD AND MANAGE AIRPLANE FOR FOUNDATION · SD · income $10,337 · assets $618,097

  Directly controlled by UNIVERSITY OF SOUTH DAKOTA FOUNDATION

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUSTS (12)

  T · CRT · SD · controlled entity

• CHARITABLE LEAD TRUSTS (3)

  T · CRT · SD · controlled entity