Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $297,495

• 1f · All other contributions, gifts and grants

  $6,780,935

• 1g · Noncash contributions included above

  $116,471

• 3 · Investment income

  total $1,143,469 · excluded $1,143,469

• 6a · Gross rents

  real property $290,092

• 6b · Less rental expenses

  real property $135,248

• 6c · Rental income or loss

  real property $154,844

• 6d · Net rental income or loss

  total $154,844 · excluded $154,844

• 7a · Gross sales of assets other than inventory

  securities $45,934,131 · other assets $647,053

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

  securities $44,380,255 · other assets $267,392

• 7c · Gain or loss

  securities $1,553,876 · other assets $379,661

• 7d · Net gain or loss

  total $1,933,537 · excluded $1,933,537

• 8a · Fundraising events: gross income

  $68,325

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

  $297,495

• 8b · Fundraising events: direct expenses

  $160,190

• 8c · Net income from fundraising events

  total -$91,865 · excluded -$91,865

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $26,504,419 · program services $26,504,419

• 5 · Compensation of officers, directors and key employees

  total $39,919 · management and general $39,919

• 11f · Fees: investment management

  total $78,704 · management and general $78,704

• 11g · Fees: other

  total $291,752 · management and general $291,752

• 12 · Advertising and promotion

  total $11,491 · management and general $11,491

• 13 · Office expenses

  total $41,812 · management and general $41,812

• 17 · Travel

  total $32,120 · management and general $32,120

• 20 · Interest

  total $60,438 · program services $44,929 · management and general $15,509

• 22 · Depreciation, depletion and amortization

  total $61,737 · management and general $61,737

• 24a · Other expenses: SUPPORT EXPENSE

  total $492,005 · management and general $492,005

• 24b · Other expenses: FURNITURE EXPENSE

  total $174,662 · management and general $174,662

• 24c · Other expenses: IN-KIND EXPENSE

  total $116,471 · management and general $68,006 · fundraising $48,465

• 24d · Other expenses: BOOSTER CLUB

  total $32,154 · fundraising $32,154

• 24e · All other expenses

  total $28,143 · management and general $28,143

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $0 · end of year $200

• 2 · Savings and temporary cash investments

  beginning of year $759,683 · end of year $1,376,709

• 3 · Pledges and grants receivable

  beginning of year $10,143,022 · end of year $7,866,709

• 4 · Accounts receivable

  beginning of year $225 · end of year $70,125

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

  $3,386,406

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

  $449,689

• 10c · Land, buildings and equipment, net

  beginning of year $2,256,115 · end of year $2,936,717

• 11 · Investments: publicly traded securities

  beginning of year $82,398,511 · end of year $89,244,326

• 12 · Investments: other securities

  beginning of year $104,582 · end of year $191,811

• 15 · Other assets

  beginning of year $456,580 · end of year $464,675

• 17 · Accounts payable and accrued expenses

  beginning of year $149,297 · end of year $190,871

• 23 · Secured mortgages and notes payable

  beginning of year $601,189 · end of year $6,845,350

• 25 · Other liabilities

  beginning of year $52,319,271 · end of year $69,812,188

• 27 · Net assets without donor restrictions

  beginning of year $2,474,529 · end of year $1,396,713

• 28 · Net assets with donor restrictions

  beginning of year $40,574,432 · end of year $23,906,150

The filer's explanations (Part III)

PART I, LINE 5

BOTH THE CEO AND COO RECEIVED PERFORMANCE BASED BONUSES THAT WERE TIED TO MEASURABLE GROWTH IN CURRENT-YEAR GIVING, MULTI-YEAR PLEDGES, AND KEY ENGAGEMENT METRICS SUCH AS DONOR MEETINGS AND PROPOSALS.

FORM 990, SCHEDULE J, PART II

JON SCHEMMEL AND SAMANTHA ZOSS WERE COMPENSATED BY BOTH THE FOUNDATION AND AN UNRELATED ORGANIZATION, STATE OF SOUTH DAKOTA (ON BEHALF OF DAKOTA STATE UNIVERSITY (DSU)). THEIR COMPENSATION AND BENEFITS FROM STATE OF SOUTH DAKOTA FOR CALENDAR YEAR 2023 WERE $177,542 AND $99,119, RESPECTIVELY. THE COMPENSATION REPORTED IS FOR SERVICES PROVIDED TO BOTH THE FILING ORGANIZATION AND THE UNRELATED ORGANIZATION.