2024-05-15T20:14:15-05:00 2023-06-30 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2022-07-01 510242987 LAKE REGION COMMUNITY COLLEGE FOUNDATION OF DEVILS LAKE COMM 7016621505 1801 COLLEGE DRIVE NORTH DEVILS LAKE ND 58301 STEPHANIE SHOCK TREASURER 7016621505 2024-05-15 1 STEPHANIE SHOCK 999009999 0 NICOLE HELDSTAB P01220683 7017754685 2024-05-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ELONDA NORD 1801 COLLEGE DRIVE NORTH DEVILS LAKE ND 58301 1292622 0 X N/A X 1959 ND PROVIDE SUPPORT TO FURTHER THE EDUCATIONAL MISSION OF LAKE REGION STATE COLLEGE. 25 25 0 120 0 0 1288850 428778 0 0 278712 372613 64519 66298 1632081 867689 717213 476775 0 0 0 47230 0 0 47323 167448 175598 884661 699603 747420 168086 12632532 13743350 23581 182702 12608951 13560648 PROVIDE SUPPORT TO FURTHER THE EDUCATIONAL MISSION OF LAKE REGION STATE COLLEGE. 0 0 418917 418917 GENERAL AND ATHLETIC SCHOLARSHIP SUPPORT AT THE LAKE REGION STATE COLLEGE 70285 57858 OTHER SPECIAL PROJECTS AT THE LAKE REGION STATE COLLEGE 489202 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 5 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 25 25 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 0 0 0 X THE ORGANIZATION 7016621505 1801 COLLEGE DRIVE NORTH DEVILS LAKE ND 58301 ANGELA MIKKELSON THROUGH DEC 22 DIRECTOR 0.50 X 0 0 0 BRITTANY GRANN DIRECTOR 0.50 X 0 0 0 CARRIE HUWE THROUGH DEC 22 DIRECTOR 0.50 X 0 0 0 CHAD PETERSON DIRECTOR 0.50 X 0 0 0 CHERI MARTINSON DIRECTOR 0.50 X 0 0 0 DANIELLE MICKELSON DIRECTOR 0.50 X 0 0 0 DARLENE BROWN DIRECTOR 0.50 X 0 0 0 DEB SCHLENKER DIRECTOR 0.50 X 0 0 0 EVAN MARKESTAD DIRECTOR 0.50 X 0 0 0 GAYLE GETTE DIRECTOR 0.50 X 0 0 0 HEIDI BECKER THROUGH DEC 22 DIRECTOR 0.50 X 0 0 0 JACK YUNKER THROUGH DEC 22 DIRECTOR 0.50 X 0 0 0 JASON EDWARDS DIRECTOR 0.50 X 0 0 0 JEFF WAHL THROUGH DEC 22 DIRECTOR 0.50 X 0 0 0 JIM DAHLEN DIRECTOR 0.50 X 0 0 0 JOHNNIE CANDLE DIRECTOR 0.50 X 0 0 0 KADE SVEEN PRESIDENT 0.50 X X 0 0 0 KAREN SWANSON DIRECTOR 0.50 X 0 0 0 KIM BELZER THROUGH DEC 22 VICE PRESIDENT 0.50 X X 0 0 0 KIM ENGSTROM DIRECTOR 0.50 X 0 0 0 KIM ZINKE DIRECTOR 0.50 X 0 0 0 KRISTI BERG SECRETARY 0.50 X X 0 0 0 KRISTIN JOHNSON VICE PRESIDENT 0.50 X X 0 0 0 LARRY LEGACIE DIRECTOR 0.50 X 0 0 0 MIKE DUNN DIRECTOR 0.50 X 15000 0 0 PRESTON SUNDEEN DIRECTOR 0.50 X 0 0 0 RACHAEL MICKELSON HENDRICKSON DIRECTOR 0.50 X 0 0 0 SHAUNA SCHNEIDER DIRECTOR 0.50 X 0 0 0 STEPHANIE SHOCK TREASURER 0.50 X X 0 0 0 TOM HAAHR DIRECTOR 0.50 X 0 0 0 KRISTIE TOLLEFSON DIRECTOR 0.50 X 0 0 0 VANESSA WEBER DIRECTOR 0.50 X 0 0 0 ELONDA NORD EXECUTIVE DIRECTOR 40.00 X 0 83433 27943 15000 83433 27943 0 0 0 0 0 41620 15450 371708 115575 428778 289642 289642 447282 364311 82971 82971 82971 90124 41620 46354 43770 43770 36796 14268 22528 22528 867689 0 0 438911 476775 476775 45724 12030 15519 18175 239 63 81 95 881 232 299 350 386 102 131 153 41293 41293 34636 6086 28550 1215 1215 17446 17446 FOUNDATION OPERATIONS 81008 81008 699603 489202 163078 47323 67483 72574 1815549 2282481 173166 35998 7649 74000 74000 74000 9227366 10001841 1267319 1276456 12632532 13743350 23581 182702 23581 182702 X 482934 488043 12126017 13072605 12608951 13560648 12632532 13743350 X 168086 774474 9137 X X 0 1 X 1 0 X 658341 1337324 997001 1288850 428778 4710294 243440 259936 263394 354708 272105 1393583 901781 1597260 1260395 1643558 700883 6103877 105325 5998552 214418 207133 183978 192612 289642 1087783 66566 27578 31923 64519 66298 256884 7448544 0.80530 0.78620 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11311942 181201 997459 285850 12204752 12288610 834267 -634717 88018 1088200 11311942 9937142 428473 2226652 257212 46445 12288610 9237692 592645 436938 221840 108293 9937142 8665624 295093 508215 181547 49693 9237692 0.73903 0.26097 1 0 74000 74000 74000 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 1173548 F INTEREST IN CHARITABLE REMAINDER UNITRUST 102908 F 1276456 X 1928466 774474 272105 9137 1055716 872750 41293 -46354 -5061 867689 976769 272105 46354 318459 658310 41293 41293 699603 PART V, LINE 4: LAKE REGION COMMUNITY COLLEGE FOUNDATION'S ENDOWMENT CONSISTS OF 213 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES IN SUPPORT OF LAKE REGION STATE COLLEGE. AS REQUIRED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA, NET ASSETS ASSOCIATED WITH THE ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE BOARD OF DIRECTORS OF LAKE REGION COMMUNITY COLLEGE FOUNDATION HAS INTERPRETED THE NORTH DAKOTA STATE PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (SPMIFA) AS REQUIRING THE PRESERVATION OF THE FAIR VALUE OF THE ORIGINAL GIFT AS OF THE GIFT DATE OF THE DONOR-RESTRICTED ENDOWMENT FUNDS ABSENT EXPLICIT DONOR STIPULATIONS TO THE CONTRARY. AS A RESULT OF THIS INTERPRETATION, LAKE REGION COMMUNITY COLLEGE FOUNDATION CLASSIFIES AS PERMANENTLY RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED IN PERMANENTLY RESTRICTED NET ASSETS IS CLASSIFIED AS TEMPORARILY RESTRICTED NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE FOUNDATION IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY SPMIFA. IN ACCORDANCE WITH SPMIFA, THE FOUNDATION CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: 1. THE DURATION AND PRESERVATION OF THE ENDOWMENT FUND. 2. THE PURPOSES OF THE FOUNDATION AND THE DONOR-RESTRICTED ENDOWMENT FUND. 3. GENERAL ECONOMIC CONDITIONS. 4. THE POSSIBLE EFFECT OF INFLATION OR DEFLATION. 5. THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS. 6. OTHER RESOURCES OF THE FOUNDATION. 7. THE INVESTMENT POLICIES OF THE FOUNDATION. FUNDS WITH DEFICIENCIES FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THE DONOR OR SPMIFA REQUIRES THE FOUNDATION TO RETAIN AS A FUND OF PERPETUAL DURATION. IN ACCORDANCE WITH GAAP, THERE WERE NO DEFICIENCIES OF THIS NATURE REPORTED IN UNRESTRICTED NET ASSETS AS OF JUNE 30, 2023. RETURN OBJECTIVES AND RISK PARAMETERS LAKE REGION COMMUNITY COLLEGE FOUNDATION HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. ENDOWMENT ASSETS INCLUDE THOSE ASSETS OF DONOR-RESTRICTED FUNDS THAT THE FOUNDATION MUST HOLD IN PERPETUITY. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF DIRECTORS, THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRODUCE RESULTS THAT ALLOW FOR DISTRIBUTIONS OF DIVIDENDS AND INTEREST INCOME WHILE MAINTAINING THE PURCHASING POWER OF THE INVESTMENT PORTFOLIO. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. STRATEGIES EMPLOYED FOR ACHIEVING OBJECTIVES TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, LAKE REGION COMMUNITY COLLEGE FOUNDATION RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE FOUNDATION TARGETS A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON ASSET BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. SPENDING POLICY AND HOW THE INVESTMENT OBJECTIVES RELATE TO SPENDING POLICY LAKE REGION COMMUNITY COLLEGE FOUNDATION HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION 4 TO 5 PERCENT OF ITS ENDOWMENT FUND'S AVERAGE FAIR VALUE. ACCORDINGLY, OVER THE LONG TERM, THE FOUNDATION EXPECTS THE CURRENT SPENDING POLICY TO ALLOW ITS ENDOWMENT TO GROW AT AN AVERAGE OF INFLATION. THIS IS CONSISTENT WITH THE FOUNDATION'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS HELD IN PERPETUITY. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ADDITION, THE ORGANIZATION QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170(B)(1)(A) AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2). THE FOUNDATION'S POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN TAX POSITIONS WILL PREVAIL UPON EXAMINATION BASED ON THE EXTENT TO WHICH THOSE POSITIONS HAVE SUBSTANTIAL SUPPORT WITHIN THE INTERNAL REVENUE CODE AND REGULATIONS, REVENUE RULINGS, COURT DECISIONS AND OTHER EVIDENCE. IT IS THE OPINION OF MANAGEMENT THAT THE FOUNDATION HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE FEDERAL INCOME TAX RETURNS OF THE ORGANIZATION ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. ALL REQUIRED FILINGS ARE UP TO DATE. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 7,267. CHANGE IN VALUE OF INTEREST IN CHARITABLE REMAINDER UNITRUST 1,870. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -46,354. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 46,354. CCF ROARING 20S KEY EVENT 102123 38995 63128 13025 2320 6053 500 7327 ATHLETICS FUNDRAISING EVENT 29621 2625 26996 4900 2625 9604 131744 41620 90124 4900 15650 2320 6053 500 16931 46354 43770 36796 14268 1 36796 14268 14268 22528 ND 1 0 1 0 1.00000 NATALIE MILLER 1801 COLLEGE DRIVE NORTH DEVILS LAKE ND 58301 0 NONE 0 1 LAKE REGION STATE COLLEGE 1801 COLLEGE DRIVE NORTH DEVILS LAKE ND 58301 450281889 N/A 57858 0 N/A N/A SUPPORT VARIOUS SCHOOL PROGRAMS LAKE REGION STATE COLLEGE 1801 COLLEGE DRIVE NORTH DEVILS LAKE ND 58301 450281889 N/A 418917 0 N/A N/A USED BY THE COLLEGE TO PROVIDE SCHOLARSHIPS TO STUDENTS OF THE COLLEGE 1 PART I, LINE 2: GRANTS ARE MADE TO LAKE REGION STATE COLLEGE(A STATE OWNED UNIVERSITY), WHICH IS RESPONSIBLE FOR ENSURING THAT GRANTS, SCHOLARSHIPS AND OTHER FINANCIAL ASSISTANCE IS BEING ADMINISTERED IN ACCORDANCE WITH DONOR INSTRUCTIONS. THE FINANCIAL RECORDS OF THE COLLEGE ARE MADE AVAILABLE FOR THE FOUNDATION'S REVIEW TO MONITOR GRANTS MADE. X 2 3000 FMV ON DATE OF DONATION X 8 112575 FMV ON DATE OF DONATION 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 DANIELLE MICKELSON AND RACHAEL MICKELSON HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 6 THE FOUNDATION HAS MEMBERS WHO HELP SUPPORT THE FOUNDATION AND ITS MISSION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B MAJOR DECISIONS MAY REQUIRE APPROVAL FROM A MAJORITY OF MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE FOUNDATION TREASURER BEFORE IT IS SIGNED AND FILED. THE FULL FOUNDATION BOARD IS PROVIDED A COPY AND ENCOURAGED TO REVIEW FORM 990 PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION REQUIRES GOVERNING BOARD MEMBERS AND COMMITTEE MEMBERS TO ANNUALLY ACKNOWLEDGE THE CONFLICT OF INTEREST POLICY AND BE IN COMPLIANCE WITH THE POLICY. FORM 990, PART VI, SECTION C, LINE 18 A COPY OF FORM 1023 AND FORM 990 ARE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 A COPY OF THE FOUNDATION'S GOVERNING DOCUMENTS, CONFLICT OF INTERST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 7,267. CHANGE IN VALUE OF INTEREST IN CHARITABLE REMAINDER UNITRUST 1,870. FORM 990, PART XII, LINE 2C AUDIT COMMITTEE OVERSIGHT ROLE - THERE HAS BEEN NO CHANGE IN THE ROLE OF THE AUDIT COMMITTEE IN OVERSIGHT OF THE AUDIT PROCESS FROM THE PRIOR YEAR. LAKE REGION STATE COLLEGE 1801 COLLEGE DRIVE NORTH DEVILS LAKE ND 583011598 450281889 STATE OWNED AND OPERATED COLLEGE ND N/A N/A N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 LAKE REGION STATE COLLEGE B 476775 CASH GRANT MADE TO COLLEGE LAKE REGION STATE COLLEGE O 315712 VALUE OF TIME SPENT ON FOUNDATION