2025-04-17T13:14:38-05:00 2024-06-30 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2023-07-01 237002314 Northern State University Foundation NORT 6056262550 620 15th Ave SE Aberdeen SD 574017610 Kaylee Babcock CFO 6056262550 2025-04-16 1 1 Deb Nelson CPA P01264758 6122536500 2025-04-16 2023 2025-03-06 01:10:19Z Zach Flakus 620 15th Ave SE Aberdeen SD 574017610 17475161 0 X https://northernstatefoundation.com X 1968 SD To solicit, administer funds & pursue other activities dedicated to securing the future of NSU. 15 15 21 185 -93953 1106 5129590 10130590 877094 914734 2366529 2364294 20348 51101 8393561 13460719 5765153 6189225 0 0 983046 1116615 0 0 707034 989351 1228726 7737550 8534566 656011 4926153 63521925 70844993 12406676 9865674 51115249 60979319 The Northern State University Foundation is dedicated to securing the future of Northern State University. Its purpose is to solicit and administer funds and to pursue other activities to advance this goal. 0 0 3602665 3602665 0 NSU Foundation paid 829 academic, 755 departmental, and 685 athletic scholarships to students attending Northern State University. 2586560 2586560 931686 NSU Foundation provided funds to support Northern State University special projects, including departmental support of $1,517,134, athletic support of $891,829, operational support of $132,911 and building additions & renovations of $44,686. 154312 0 0 NSU Foundation provided support for alumni events to develop a spirit of camaraderie and fraternity among the NSU alumni, donors, and friends. 6343537 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 1 0 1 0 0 1 0 0 0 1 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 29 1 1 21 1 1 1 0 0 0 0 1 1 1 2 0 0 0 0 0 X 15 15 1 0 1 0 1 1 0 1 1 0 0 0 1 1 1 0 0 1 1 0 AK CA CO KY MA MD ME MI MN NH NJ NV OH PA SC UT WA X X Kaylee Babcock 6056262550 620 15th Ave SE Aberdeen SD 57401 Zach Flakus President/CEO/Non-Voting Director 40.00 X X 187363 0 11782 Dr Neal Schnoor Non-Voting Director 2.00 X 4395 0 0 Megan Biegler Chair 2.00 X X 0 0 0 Mike Bockorny Past-Chair 2.00 X X 0 0 0 Steve Stickelmyer Chair-Elect 2.00 X X 0 0 0 Greg Wieker Secretary/Treasurer 2.00 X X 0 0 0 Chad Bergan Director 0.50 X 0 0 0 Andrew Rehder to 10523 Director 0.50 X 0 0 0 Jennifer Ring Director 0.50 X 0 0 0 Jim Koehler to 10523 Director 0.50 X 0 0 0 Mark McNeary Director 0.50 X 0 0 0 Allie Ryckman Director 1.00 X 0 0 0 Arthur Russo Director 0.50 X 0 0 0 Kyle Schwan Director 0.50 X 0 0 0 Ric Dias Director 0.50 X 0 0 0 Jess Koehler Director 1.00 X 0 0 0 Kila LeGrand Director 0.50 X 0 0 0 Alex Grieben from 10523 Director 1.00 X 0 0 0 Jared Jacobson from 111623 Director 1.00 X 0 0 0 Kaylee Babcock CFO 40.00 X 88582 0 11782 280340 0 23564 1 0 1 1 Commonfund Securities Inc 15 Old Danbury Rd Wilton CT 06897 Investment Management Fees 155232 1 245376 9885214 810101 10130590 Wolves Club 611710 822150 822150 APEX Events 611710 88165 88165 4419 4419 914734 741669 -93953 835622 107363 56262 51101 51101 16952 34149 5182136 8419 3555320 12610 1626816 -4191 1622625 1622625 390250 245376 390250 0 13460719 931686 -93953 2492396 6189225 6189225 336688 4395 169513 162780 779927 79531 293183 407213 17513 17513 71843 71843 228968 228968 7331 7331 59289 14323 1812 43154 64562 6683 32343 25536 73773 73773 21927 21927 16782 4733 12049 31829 23758 8071 385497 385497 37038 37038 Income Tax Expense 125776 125776 Events 17446 17446 Training & Development 5028 5028 Annuity Payments 3278 3278 60846 3443 6129 51274 8534566 6343537 1483995 707034 6812542 6505609 9340345 10381544 56739 97793 19170 21422 1053467 218955 809611 834512 11766524 12515110 32721071 39783668 1995923 705335 63521925 70844993 534958 440230 227210 103814 6045786 4953694 1850 1850 5596872 4366086 12406676 9865674 X 1489033 1936597 49626216 59042722 51115249 60979319 63521925 70844993 X 4926153 4894454 43463 X 0 1 X 1 0 X 22254062 7983558 6161878 5129590 10130590 51659678 22254062 7983558 6161878 5129590 10130590 51659678 16042421 35617257 545027 466242 407897 67998 942985 2430149 144254 15661 650646 1106 811667 54901494 4432442 0.64870 0.69000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 6343537 6343537 467177 116794 0 0 536878 467177 1004055 1506083 134220 116794 251014 376521 0 1 X 49215371 2744986 7210459 3022527 56148289 36271673 11311383 3848534 2216219 49215371 37554641 2874017 -2065270 2091715 36271673 31232627 1253562 6995130 1926678 37554641 31714535 737080 724567 1931714 11841 31232627 0.20830 0.79170 0 0 621300 73796 45242 649854 358371 173713 184658 834512 5584490 F Commingled funds and hedge fund 34199178 F 39783668 X 18158406 4894454 114514 43463 5052431 13105975 228968 125776 354744 13460719 8294336 114514 114514 8179822 228968 125776 354744 8534566 Part IV, Line 2b: FOHO I, LLC collects security deposits from the apartment complex tenants which are held until completion of a satisfactory moveout at which point the money is returned to the tenants. Part V, Line 4: Endowment funds are used to provide scholarships and university support to Northern State University. Part X, Line 2: The Foundation believes that it has appropriate support for any tax positions taken affecting its annual filing requirements and, as such, does not have any uncertain tax positions that are material to the consolidated financial statements. The Foundation would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XI, Line 2d - Other Adjustments: Change in Split Interest Agreements 43,463. Part XI, Line 4b - Other Adjustments: Income Tax Expense 125,776. Part XII, Line 4b - Other Adjustments: Income Tax Expense 125,776. Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 Investments 194000 0 0 0 0 0 0 194000 0 194000 1 0 1 1 0 0 Schedule F, Part IV NSU Foundation reviews its direct and indirect investments during the tax period for determining required foreign filings. NSU Foundation would file Form 926 or Form 8865 if direct or indirect transfers to foreign corporations and partnerships met the requirements for filing. NSU Foundation's transfers to foreign corporations did require filing Form 926 and there were no transfers to foreign partnerships. NSU Foundation would file Form 5471 if its ownership met the requirements for filing. NSU Foundation's ownership in foreign corporations did not require filing Form 5471. NSU Foundation invests in partnerships that hold direct or indirect interests in passive foreign investment companies (PFICs). NSU Foundation would file Form 8621s for underlying investments that generate unrelated business income. NSU Foundation would not file Form 8621s where the investment partnerships have properly filed Form 8621s, or where the underlying investments did not generate any unrelated business income. NSU Foundation did not require filing Form 8621. Northern Night 347729 143393 204336 99627 52701 11725 40283 Wolves on the Water 164850 44570 120280 41830 42006 9880 26564 2 118825 74966 43859 2000 11078 6492 13503 10786 631404 262929 368475 43830 152711 6492 76084 11725 77633 368475 0 1 Northern State University 1200 South Jay Street Aberdeen SD 57401 466000364 Government 3602665 0 Scholarships Northern State University 1200 South Jay Street Aberdeen SD 57401 466000364 Government 44686 0 Capital Projects Northern State University 1200 South Jay Street Aberdeen SD 57401 466000364 Government 1517134 0 Special Projects Northern State University 1200 South Jay Street Aberdeen SD 57401 466000364 Government 891829 0 Athletic Support Northern State University 1200 South Jay Street Aberdeen SD 57401 466000364 Government 132911 0 Operational Support 1 0 Part I, Line 2: The Foundation notifies NSU of the scholarships available, including amounts and criteria to be used for the selection process. NSU selects recipients based on information provided by the Foundation. The Foundation receives a detailed scholarship list for the academic year from Northern State University prior to the scholarship grant award. For non-scholarship grants, payments made to NSU are based on donor restrictions, i.e. capital projects or special projects. X X 0 1 X 0 0 0 0 0 0 0 0 0 Zach Flakus President/CEO/Non-Voting Director 187363 0 0 0 0 0 0 0 11782 0 199145 0 0 0 Kaylee Babcock CFO 88582 0 0 0 0 0 0 0 11782 0 100364 0 0 0 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. A Brown County South Dakota 466000011 000000000 2020-12-31 8699150 0 0 0 A 3742666 8699150 8699150 2021 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 0 0 0 0 0 1 A 1 Schedule K, Part I, Bond Issues: (f) Description of Purpose: The May 2019 bonds were reissued to reflect change in interest rates. Purpose of 2019 bonds were for athletic field complex and SD School for the Blind and Visually Impaired. X 1 5000 FMV X 20950 FMV X 147576 FMV X 1 34620 FMV X 5 363084 FMV Date of Gift X 1 31550 FMV X Interest Savings 1 207321 FMV 0 0 1 0 Part I, Column (b): The number of contributions are reported in Column (b). Form 990, Part VI, Section A, line 1a The Executive Committee members are the Board Chair, Chair Elect, Past Chair, Secretary, Treasurer, President, and NSU President. The President and NSU President are nonvoting members. The Executive Committee members may select one additional Director to be a voting member of the Committee subject to Board approval. The Executive Committee has all the powers and authority of the Board between Board meetings, subject to statutory and Board-imposed limitations, and the committee will: (i) make decisions on behalf of the Board; (ii) make all personnel decisions regarding the President including conducting searches and interviews, making the hiring decision and negotiating the contract terms, establishing performance goals and monitoring his or her performance, meeting with the President at least annually to review performance, determining appropriate compensation for the President, and taking disciplinary or termination action (iii) work closely with and advise the President on Foundation matters; (iv) assist the Board in conducting and prioritizing Foundation business; (v) evaluate the Foundation's progress toward strategic goals and initiatives; (vi) oversee Board policies and governance practices and recommend changes; (vii) address Foundation personnel matters involving the President or at the President's request; and (viii) report to the Board at the first regular Board meeting following Executive Committee action. Form 990, Part VI, Section A, line 2 Jim and Jess Koehler have a family and business relationship. Form 990, Part VI, Section A, line 4 o The bylaws now formalizes what each committee's purpose is and that the board governs the committees. o Section 1 now defines the terms used throughout the document. o Section 3 now defines what a member is and how the annual meeting of members works. o The restated bylaws make it clear how to participate in meetings electronically. o The BODs governing powers are made clear. The number of directors on the board will be between 13-19 members. The maximum number of members was increased from 17 to 19 since there are several ex-officio members on the BODs. o The board determines the number of committees. Also, it clarifies that the board will approve all committee members and will appoint committee chairs. o The bylaws outline the duties of each committee. o A Nominating Committee was added. This is very common and important for a non-profit organization. The nominating committee would develop a matrix to help identify potential candidates for the board and committees when vacancies occur. o The CFO was added as a foundation officer. As the Foundation has grown, the role of a CFO has become critical to the success of the NSUF. Other officers include the President/CEO and one or more Vice-Presidents as deemed necessary by the President. The CEO oversees all the foundation staff. The board oversees the President/CEO. o Fiscal operations, fiscal year, conflicts of interest, and board/employee indemnification are defined. Board members are protected by SD state law because board members are non-paid. Form 990, Part VI, Section A, line 6 Membership - Any person or entity contributing to the Foundation during the fiscal year will be a Foundation Member. Members will have the right to vote in the Board election as specified in the Bylaws. The Board may at any time create additional membership classifications. Form 990, Part VI, Section A, line 7a Election - The Members will elect Directors at the Annual Meeting. The Board Chair will present the slate of qualified candidates to the Members before the election. A Member may propose a Director candidate by contacting the President or Board Chair at least 10 days before the Annual Meeting. The Nominating Committee must determine that any such proposed candidate is qualified before recommending that person be added to the slate of Director candidates. Director elections will be held in accordance with the Bylaws and procedures established by the Board. Form 990, Part VI, Section B, line 11b The Chief Financial Officer at Northern State University Foundation will review the draft and provide questions to the preparer. A draft will also be provided to the Finance & Audit Committee for review prior to filing with the IRS. Form 990, Part VI, Section B, line 12c Board members will abstain from decisions in which they have an interest. This is on every board and committee agenda and any conflicts are documented in the board/committee minutes. In addition, all board and committee members sign annual conflict of interest disclosure forms at the beginning of each academic year. Staff sign a "Code of Ethics" document at time of hire that requires them to disclose any conflicts of interest that arise. Form 990, Part VI, Section B, line 15 The Board of Directors has charged the Executive committee with the responsibility to determine the appropriate compensation for the President. The President, in consultation with the Executive Committee, determines the salary and benefits for all other Foundation employees subject to Board approval of the Foundation budget. Form 990, Part VI, Section C, line 19 Upon approval by the President/CEO, these documents are made available to the public upon request and via the organization's website at https://northernstatefoundation.com. Form 990, Part XI, line 9: Change in Split Interest Agreements 43,463. FOHO I LLC 620 15th Ave SE Aberdeen SD 57401 273836141 Rental homes to provide additional secure housing for NSU students. SD 22381 840077 Northern State University Foundation APEX Events LLC 620 15th Ave SE Aberdeen SD 57401 814976453 Provide hospitality suites and Service of alcoholic beverages at events SD 88165 71860 Northern State University Foundation