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← NORTH DAKOTA STATE UNIVERSITY FOUNDATION

Form 990 for tax year 2023

Filed by NORTH DAKOTA STATE UNIVERSITY FOUNDATION.

Totals

Total revenue
$69,047,973
Total expenses
$51,010,035
Contributions and grants received
$45,742,700
Grants paid
$37,519,157
Program service revenue
$1,083,244
Investment income
$22,675,706
Other revenue
-$453,677
Total assets, end of year
$627,405,800
Total liabilities, end of year
$52,488,105
Net assets or fund balances, end of year
$574,917,695
Program services expenses (Part IX)
$39,427,425
Management and general expenses
$7,304,090
Fundraising expenses
$4,278,520
Program service expenses (Part III)
$39,427,425

Program services were 77.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $424,542

  • 1f · All other contributions, gifts and grants

    $45,318,158

  • 1g · Noncash contributions included above

    $6,019,171

  • 2a · Program service revenue: Alumni Records Fees

    total $988,368 · related or exempt $988,368

  • 2b · Program service revenue: Program Event Revenue

    total $62,835 · related or exempt $62,835

  • 2c · Program service revenue: Miscellaneous Program Income

    total $32,041 · related or exempt $32,041

  • 3 · Investment income

    total $22,973,210 · unrelated business $726,744 · excluded $22,246,466

  • 5 · Royalties

    total $186,711 · excluded $186,711

  • 6a · Gross rents

    real property $1,941,833

  • 6b · Less rental expenses

    real property $2,484,735

  • 6c · Rental income or loss

    real property -$542,902

  • 6d · Net rental income or loss

    total -$542,902 · excluded -$542,902

  • 7a · Gross sales of assets other than inventory

    securities $95,296,887

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

    securities $95,594,391

  • 7c · Gain or loss

    securities -$297,504

  • 7d · Net gain or loss

    total -$297,504 · excluded -$297,504

  • 8a · Fundraising events: gross income

    $249,313

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

    $424,542

  • 8b · Fundraising events: direct expenses

    $385,241

  • 8c · Net income from fundraising events

    total -$135,928 · excluded -$135,928

  • 10a · Gross sales of inventory

    $34,723

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $34,723 · related or exempt $34,723

  • 11a · Other revenue: Alumni Insurance, Net

    total $3,719 · unrelated business $3,719

  • 11e · Other revenue, total

    $3,719

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $37,519,157 · program services $37,519,157

  • 5 · Compensation of officers, directors and key employees

    total $686,553 · program services $109,670 · management and general $467,213 · fundraising $109,670

  • 7 · Other salaries and wages

    total $4,124,944 · program services $711,347 · management and general $1,132,974 · fundraising $2,280,623

  • 8 · Pension plan contributions

    total $354,633 · program services $49,003 · management and general $103,563 · fundraising $202,067

  • 9 · Other employee benefits

    total $814,646 · program services $111,702 · management and general $297,947 · fundraising $404,997

  • 10 · Payroll taxes

    total $326,497 · program services $55,783 · management and general $101,516 · fundraising $169,198

  • 11a · Fees: management

    total $109,679 · management and general $109,679

  • 11b · Fees: legal

    total $39,359 · management and general $39,359

  • 11c · Fees: accounting

    total $55,697 · management and general $55,697

  • 11f · Fees: investment management

    total $3,275,932 · management and general $3,275,932

  • 11g · Fees: other

    total $15,505 · program services $6,316 · management and general $9,189

  • 12 · Advertising and promotion

    total $151,993 · program services $96,333 · management and general $28,491 · fundraising $27,169

  • 13 · Office expenses

    total $421,482 · program services $169,558 · management and general $129,976 · fundraising $121,948

  • 14 · Information technology

    total $780,229 · program services $129,947 · management and general $268,560 · fundraising $381,722

  • 16 · Occupancy

    total $211,077 · program services $13,192 · management and general $131,926 · fundraising $65,959

  • 17 · Travel

    total $336,375 · program services $47,342 · management and general $58,225 · fundraising $230,808

  • 19 · Conferences, conventions and meetings

    total $331,091 · program services $2,418 · management and general $326,275 · fundraising $2,398

  • 20 · Interest

    total $350,327 · management and general $350,327

  • 22 · Depreciation, depletion and amortization

    total $206,674 · program services $12,917 · management and general $129,171 · fundraising $64,586

  • 23 · Insurance

    total $107,141 · program services $15,607 · management and general $48,607 · fundraising $42,927

  • 24a · Other expenses: Event Expense

    total $409,365 · program services $363,370 · management and general $8,523 · fundraising $37,472

  • 24b · Other expenses: Income Taxes

    total $203,118 · management and general $203,118

  • 24c · Other expenses: Public Relations/Donor

    total $171,812 · program services $13,763 · management and general $21,407 · fundraising $136,642

  • 24d · Other expenses: Dues & Subscriptions

    total $6,749 · management and general $6,415 · fundraising $334

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $7,351,267 · end of year $15,730,114

  • 3 · Pledges and grants receivable

    beginning of year $54,954,377 · end of year $52,041,886

  • 4 · Accounts receivable

    beginning of year $559,348 · end of year $612,334

  • 7 · Other notes and loans receivable

    beginning of year $582,400 · end of year $516,414

  • 9 · Prepaid expenses and deferred charges

    beginning of year $318,647 · end of year $413,598

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

    $58,524,624

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

    $31,103,280

  • 10c · Land, buildings and equipment, net

    beginning of year $28,879,272 · end of year $27,421,344

  • 11 · Investments: publicly traded securities

    beginning of year $324,856,006 · end of year $356,188,523

  • 12 · Investments: other securities

    beginning of year $156,399,142 · end of year $172,773,593

  • 15 · Other assets

    beginning of year $1,593,952 · end of year $1,707,994

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,213,719 · end of year $2,914,122

  • 18 · Grants payable

    beginning of year $262,753 · end of year $279,049

  • 19 · Deferred revenue

    beginning of year $39,080 · end of year $6,028

  • 20 · Tax-exempt bond liabilities

    beginning of year $9,610,000 · end of year $8,915,000

  • 21 · Escrow or custodial account liability

    beginning of year $1,049,460 · end of year $1,154,926

  • 23 · Secured mortgages and notes payable

    beginning of year $18,145,890 · end of year $30,231,070

  • 25 · Other liabilities

    beginning of year $8,463,813 · end of year $8,987,910

  • 27 · Net assets without donor restrictions

    beginning of year $30,280,246 · end of year $31,575,290

  • 28 · Net assets with donor restrictions

    beginning of year $504,429,450 · end of year $543,342,405

Mission and programs · 2023

Mission

Building enduring relationships that maximize advocacy and philanthropy to support North Dakota State University.

Activities or mission (Part I)

Building enduring relationships that maximize advocacy and philanthropy to support NDSU.

  • Grants to NDSU for buildings, equipment, research, lectures, faculty development, supplies, travel and other departmental needs and activities not funded through state appropriations or student tuition fees.

    Expenses $26,340,384 · Grants $26,340,384

  • Scholarships and awards to students enrolled at North Dakota State University selected by independent scholarship committees.

    Expenses $11,178,773 · Grants $11,178,773

  • Alumni records, newsletters and special events such as Homecoming, city alumni/student exchanges. Sponsor University programs such as Harvest Bowl and Celebration of Excellence.

    Expenses $1,908,268 · Revenue $1,117,967

As filed on the 2023 return.

Listed in Part VII

  • John R Glover

    President & CEO

    Total calculated
    $438,010
    From this org
    $372,273
    From related orgs
    $0
    Other
    $65,737
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $349,565
    Bonus
    $15,000
    Other
    $7,708
    Deferred
    $35,759
    Nontaxable benefits
    $30,645
    Filer's total
    $438,677

  • Allyson Peterson

    Sr. VP of Finance & Operations/CFO

    Total calculated
    $247,208
    From this org
    $195,096
    From related orgs
    $0
    Other
    $52,112
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $194,721
    Bonus
    $0
    Other
    $375
    Deferred
    $20,740
    Nontaxable benefits
    $32,039
    Filer's total
    $247,875

  • Monique Anderson

    Sr. VP of Principal Giving

    Total calculated
    $233,815
    From this org
    $183,137
    From related orgs
    $0
    Other
    $50,678
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,187
    Bonus
    $0
    Other
    $950
    Deferred
    $18,182
    Nontaxable benefits
    $33,164
    Filer's total
    $234,483

  • Lisa Otterson

    Managing Director of Development

    Total calculated
    $189,226
    From this org
    $139,647
    From related orgs
    $0
    Other
    $49,579
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,747
    Bonus
    $0
    Other
    $900
    Deferred
    $13,420
    Nontaxable benefits
    $36,710
    Filer's total
    $189,777

  • Gail Dancer

    VP of Information Services

    Total calculated
    $184,196
    From this org
    $146,331
    From related orgs
    $0
    Other
    $37,865
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,731
    Bonus
    $0
    Other
    $600
    Deferred
    $14,573
    Nontaxable benefits
    $23,898
    Filer's total
    $184,802

  • Justin Swanson

    VP of Major Giving

    Total calculated
    $170,051
    From this org
    $130,414
    From related orgs
    $0
    Other
    $39,637
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,514
    Bonus
    $0
    Other
    $900
    Deferred
    $13,388
    Nontaxable benefits
    $26,757
    Filer's total
    $170,559

  • Joshua Andres

    Asst. VP of Finance/Controller

    Total calculated
    $161,128
    From this org
    $124,642
    From related orgs
    $0
    Other
    $36,486
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,117
    Bonus
    $0
    Other
    $525
    Deferred
    $12,031
    Nontaxable benefits
    $25,010
    Filer's total
    $161,683

  • Stacey Ackerman

    Board Chair

    Total calculated
    $0
    Hours/week
    2.5

  • Dave Goodin

    Vice Chair

    Total calculated
    $0
    Hours/week
    2.5

  • Dave Olig

    Sec (Jan-July)/Board Member (July-Dec)

    Total calculated
    $0
    Hours/week
    2.5

  • Mike Vipond

    Treasurer

    Total calculated
    $0
    Hours/week
    2.5

  • Keith Peltier

    Secretary

    Total calculated
    $0
    Hours/week
    2.5

  • Jennifer Hopkins

    Board Member (Jan-June)

    Total calculated
    $0
    Hours/week
    2.5

  • Neal Fisher

    Board Member

    Total calculated
    $0
    Hours/week
    2.5

  • Dave Maring

    Board Member

    Total calculated
    $0
    Hours/week
    2.5

  • Barb Jones

    Board Member (Jan-June)

    Total calculated
    $0
    Hours/week
    2.5

  • Chuck Ulmer

    Board Member

    Total calculated
    $0
    Hours/week
    2.5

  • Hugh McDonald

    Board Member

    Total calculated
    $0
    Hours/week
    2.5

  • Kevin Wolf

    Board Member (Jul-Dec)

    Total calculated
    $0
    Hours/week
    2.5

  • Bob Challey

    Board Member (Jul-Dec)

    Total calculated
    $0
    Hours/week
    2.5

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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 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

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

  • North Dakota State University

    $37,519,157

    Cash grants provided for student scholarships, faculty support, departmental support, and capital projects.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • Fossum Foundation Inc

    501(c)(3) · Supporting Organization · ND · controlled entity

    Directly controlled by North Dakota State University Foundation

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.

  • Pathway Ventures LLC

    Student Venture Capital · ND · income $0 · assets $0

    Directly controlled by North Dakota State University Foundation

Related corporations and trusts

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

  • Charitable Remainder Unitrusts (22)

    T · Charitable Trust · ND · controlled entity

  • Charitable Remainder Annuity Trust (1)

    T · Charitable Trust · ND · controlled entity

  • Perpetual Trusts (2)

    T · Charitable Trust · MN · controlled entity

  • Perpetual Trust (1)

    T · Charitable Trust · ND

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202433189349306683

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