Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $352,881

• 1e · Government grants (contributions)

  $76,818

• 1f · All other contributions, gifts and grants

  $7,170,609

• 1g · Noncash contributions included above

  $421,749

• 2a · Program service revenue: Activities

  total $8,266,740 · related or exempt $8,266,740

• 2b · Program service revenue: Management Fees

  total $475,000 · unrelated business $475,000

• 2f · All other program service revenue

  total $160,986 · related or exempt $135,294 · unrelated business $25,692

• 3 · Investment income

  total $651,191 · excluded $651,191

• 5 · Royalties

  total $4,199 · excluded $4,199

• 6a · Gross rents

  real property $2,918,540

• 6b · Less rental expenses

  real property $2,943,783

• 6c · Rental income or loss

  real property -$25,243

• 6d · Net rental income or loss

  total -$25,243 · unrelated business -$618,007 · excluded $592,764

• 7a · Gross sales of assets other than inventory

  securities $895,373

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

  securities $0 · other assets $35,814

• 7c · Gain or loss

  securities $895,373 · other assets -$35,814

• 7d · Net gain or loss

  total $859,559 · unrelated business -$17,242 · excluded $876,801

• 8a · Fundraising events: gross income

  $94,453

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

  $352,881

• 8b · Fundraising events: direct expenses

  $131,226

• 8c · Net income from fundraising events

  total -$36,773 · excluded -$36,773

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

  total $63,800 · unrelated business $63,800

• 11e · Other revenue, total

  $63,800

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $22,500 · program services $22,500

• 5 · Compensation of officers, directors and key employees

  total $418,343 · management and general $273,541 · fundraising $144,802

• 7 · Other salaries and wages

  total $4,242,104 · program services $2,743,334 · management and general $929,694 · fundraising $569,076

• 8 · Pension plan contributions

  total $109,790 · program services $77,150 · management and general $19,588 · fundraising $13,052

• 9 · Other employee benefits

  total $514,762 · program services $322,208 · management and general $119,818 · fundraising $72,736

• 10 · Payroll taxes

  total $576,101 · program services $342,575 · management and general $146,357 · fundraising $87,169

• 11b · Fees: legal

  total $33,163 · program services $6,770 · management and general $26,393

• 11c · Fees: accounting

  total $35,555 · management and general $34,855 · fundraising $700

• 11f · Fees: investment management

  total $19,849 · management and general $19,476 · fundraising $373

• 11g · Fees: other

  total $463,373 · program services $297,222 · management and general $122,237 · fundraising $43,914

• 12 · Advertising and promotion

  total $300,954 · program services $299,195 · management and general $527 · fundraising $1,232

• 13 · Office expenses

  total $463,053 · program services $442,255 · fundraising $20,798

• 14 · Information technology

  total $493,041 · program services $245,307 · management and general $198,595 · fundraising $49,139

• 16 · Occupancy

  total $738,607 · program services $520,721 · management and general $197,474 · fundraising $20,412

• 17 · Travel

  total $387,442 · program services $134,832 · management and general $147,224 · fundraising $105,386

• 20 · Interest

  total $113,844 · program services $7,664 · management and general $106,180

• 22 · Depreciation, depletion and amortization

  total $1,105,380 · program services $738,791 · management and general $350,538 · fundraising $16,051

• 23 · Insurance

  total $250,389 · program services $208,545 · management and general $38,106 · fundraising $3,738

• 24a · Other expenses: Theatrical Contracts

  total $1,032,056 · program services $1,012,566 · management and general $1,552 · fundraising $17,938

• 24b · Other expenses: Repairs and Maintenance

  total $266,879 · program services $237,842 · management and general $29,037

• 24c · Other expenses: Taxes and Licenses

  total $147,158 · program services $125,695 · management and general $21,463

• 24d · Other expenses: Income taxes

  total -$36,000 · program services -$36,000

• 24e · All other expenses

  total $92,173 · program services $49,618 · management and general $30,737 · fundraising $11,818

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $5,621,757 · end of year $4,529,344

• 3 · Pledges and grants receivable

  beginning of year $4,656,300 · end of year $4,277,922

• 4 · Accounts receivable

  beginning of year $55,943 · end of year $184,777

• 8 · Inventories for sale or use

  beginning of year $58,533 · end of year $58,686

• 9 · Prepaid expenses and deferred charges

  beginning of year $314,173 · end of year $222,709

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

  $90,415,235

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

  $37,687,136

• 10c · Land, buildings and equipment, net

  beginning of year $51,512,887 · end of year $52,728,099

• 11 · Investments: publicly traded securities

  beginning of year $14,627,571 · end of year $20,105,509

• 12 · Investments: other securities

  beginning of year $405,480 · end of year $269,094

• 15 · Other assets

  beginning of year $2,784,849 · end of year $8,755,793

• 17 · Accounts payable and accrued expenses

  beginning of year $937,765 · end of year $1,287,009

• 19 · Deferred revenue

  beginning of year $1,067,953 · end of year $1,032,154

• 20 · Tax-exempt bond liabilities

  beginning of year $4,720,190 · end of year $4,065,576

• 25 · Other liabilities

  beginning of year $372,300 · end of year $4,011,926

• 27 · Net assets without donor restrictions

  beginning of year $57,866,732 · end of year $61,337,802

• 28 · Net assets with donor restrictions

  beginning of year $15,072,553 · end of year $19,397,466

The filer's explanations (Part III)

Part I, Line 1a

Randy Hatzenbuhler, Clarence Sitter, Nate Huntington, Lyubomyr Shkandriy, and Joe Wiegand all reside in TRMF housing for all or part of the year in Medora. Joe's housing is taxable for a portion of the year and he lives in it year-round other than when he is traveling. Clarence, Lyubomyr, and Nate live in the housing year-round they have met the requirements for it to be tax-free. Randy lives in the housing during the summer months and it is also tax-free.

Part I, Line 5

Individual incentive plans for Randy, Clarence, Emily, Lyubomyr, and Nate have a portion tied to the result of meeting the company's financial goals. Members of the Executive Team of TRMF have individual incentive plans which is why the employees noted above have them and Joe Wiegand does not. Matthew Hills was a member of the Executive Team so did have one as well but was not employed at the end of the year so was not eligible for any payout. Everyone on the Executive Team was also subject to the company-wide incentive plan which is based on the revenue/financial performance of the company. A company-wide incentive for 2023 was earned but paid out in 2024. This was accrued in 2023 for book purposes.

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 $112,449 · assets $7,669,867

  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 $11,533,137 · share of assets $1,707,897 · controlled entity

  Directly controlled by Theodore Roosevelt Medora Foundation

• Charitable Remainder Unitrusts (1)

  T · Charitable Trust · ND