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← NORTHERN STATE UNIVERSITY FOUNDATION

Form 990 for tax year 2022

Filed by NORTHERN STATE UNIVERSITY FOUNDATION.

Totals

Total revenue
$8,393,561
Total expenses
$7,737,550
Contributions and grants received
$5,129,590
Grants paid
$5,765,153
Program service revenue
$877,094
Investment income
$2,366,529
Other revenue
$20,348
Total assets, end of year
$63,521,925
Total liabilities, end of year
$12,406,676
Net assets or fund balances, end of year
$51,115,249
Program services expenses (Part IX)
$5,847,340
Management and general expenses
$1,245,941
Fundraising expenses
$644,269
Program service expenses (Part III)
$5,847,340

Program services were 75.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • Zach Flakus

    President/CEO/Non-Voting Director

    Total calculated
    $192,991
    From this org
    $183,119
    From related orgs
    $0
    Other
    $9,872
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,119
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,872
    Filer's total
    $192,991

  • Dr Neal Schnoor

    Non-Voting Director

    Total calculated
    $3,597
    From this org
    $3,597
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Megan Biegler

    Chair

    Total calculated
    $0
    Hours/week
    2

  • Mike Bockorny

    Past-Chair

    Total calculated
    $0
    Hours/week
    2

  • Steve Stickelmyer

    Chair-Elect

    Total calculated
    $0
    Hours/week
    2

  • Greg Wieker

    Secretary/Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Chad Bergan

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Andrew Rehder

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Jennifer Ring

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Jim Koehler

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Mark McNeary

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Allie Ryckman

    Director

    Total calculated
    $0
    Hours/week
    1

  • Arthur Russo

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Kyle Schwan

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ric Dias

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Jess Koehler

    Director

    Total calculated
    $0
    Hours/week
    1

  • Kila LeGrand

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Kaylee Babcock

    CFO

    Total calculated
    $83,025
    From this org
    $74,798
    From related orgs
    $0
    Other
    $8,227
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Housing allowance or residence for personal use
  • 1a · Health or social club dues or initiation fees
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

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.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

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

  • FOHO I LLC

    Apartment buildings to provide additional housing for NSU students. · SD · income $12,891 · assets $839,986

    Directly controlled by Northern State University Foundation

  • APEX Events LLC

    Provide hospitality suites and Service of alcoholic beverages at events · SD · income $96,207 · assets $76,087

    Directly controlled by Northern State University Foundation

Provenance

Return type
form_990
Tax year
2022
Filed
26 March 2024
IRS schema version
2022v5.0
Source object
202410889349300836

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