2021-10-18T15:22:52-05:00 2020-12-31 450250958 EIDE BAILLY LLP 200 E 10TH ST STE 500 SIOUX FALLS SD 571046375 990 2020-01-01 466018891 UNIVERSITY OF SOUTH DAKOTA FOUNDATION UNIV 6056776703 1110 N DAKOTA VERMILLION SD 57069 CHRISTINE TJELMELAND CFO 6052747861 2020-11-15 1 CHRISTINE TJELMELAND XXX-XX-XXXX LAURIE HANSON CPA P00851848 6053391999 2021-10-04 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z STEVE BROWN 1110 N DAKOTA VERMILLION SD 57069 495432964 0 X WWW.USDALUMNI.ORG X 1928 SD PROVIDE PRIVATE RESOURCES TO BENEFIT THE UNIVERSITY OF SOUTH DAKOTA. 19 18 50 422 98485 69384 16510392 27405142 978707 729552 10708298 21187673 233319 268881 28430716 49591248 20453306 15635659 0 0 3495329 3427709 136478 118195 2281977 3231063 2883460 27316176 22065023 1114540 27526225 299140070 352818128 18953962 20214319 280186108 332603809 X TO PROVIDE PRIVATE RESOURCES FOR THE UNIVERSITY OF SOUTH DAKOTA TO INCREASE THE EXCELLENCE OF ITS STUDENTS' EDUCATIONAL EXPERIENCE. 0 0 9477395 9477395 747882 PROVIDE SCHOLARSHIP FUNDS TO INCREASE THE ACADEMIC EXCELLENCE OF THE STUDENT BODY AND THE QUALITY OF THEIR EDUCATIONAL EXPERIENCE. SCHOLARSHIPS ARE AWARDED FOR BOTH RECRUITING AND RETENTION PURPOSES. FOR THE 2019-2020 ACADEMIC YEAR, $9.8 MILLION IN SCHOLARSHIPS WERE AWARDED. FOR THE 2020-2021 ACADEMIC YEAR, $9.5 MILLION IN SCHOLARSHIPS WERE AWARDED. THIS LEVEL OF FUNDING REPRESENTS AN INCREASE OF 23% OVER THE LAST 5 YEARS. 2772740 2772740 PROVIDE FUNDS TO CONSTRUCT NEW CAMPUS FACILITIES AND RESTORE, REPAIR AND MAINTAIN EXISTING FACILITIES. THE FOUNDATION HAS BEEN INSTRUMENTAL IN A MAJOR RENOVATION AND RECONSTRUCTION PLAN FOR FACILITIES AT USD. SINCE 1996, $97 MILLION HAS BEEN PROVIDED FOR FACILITIES THAT HAVEENHANCED THE STUDENTS' EDUCATIONAL EXPERIENCE AND OPPORTUNITIES. 3199829 3199829 PROVIDE FUNDS TO SUPPORT ACADEMIC FACULTY THROUGH SALARY AUGMENTATION, RESEARCH AND PROFESSIONAL DEVELOPMENT, SUPPORT OF STUDENT TRAVEL AND RESEARCH, AND SUPPORT OF USD MUSEUMS AND VARIOUS AUXILIARY PROGRAMS. IN 2020, $3.2 MILLION WAS PROVIDED TO SUPPORT THESE NEEDS. 185695 185695 THE FOUNDATION PROVIDED SUPPORT TO SOUTH DAKOTA HALL OF FAME AND VERMILLION AREA CHAMBER AND DEVELOPMENT COMPANY, INCLUDING VERMILLION NOW, DURING 2020. 185695 185695 15635659 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 0 0 1 0 0 1 0 0 0 1 0 1 0 0 0 0 1 0 0 0 1 1 0 0 1 1 1 1 0 0 1 120 0 1 50 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 19 18 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 AR CA IL KY MA MD MI MN NH NJ NY OK OR PA SC TN UT WI WV AK AL CO CT DC GA HI KS LA ME MO NV NM NC OH RI VA WA FL MS ND X CHRISTINE TJELMELAND 6052747861 1110 N DAKOTA VERMILLION SD 57069 GARY BEGEMAN CHAIR 0.70 X X 0 0 0 RYAN TAYLOR VICE CHAIR 0.70 X X 0 0 0 KEVIN DOYLE VICE CHAIR ELECT 0.70 X X 0 0 0 ROBERT HOLLINGSWORTH IMMEDIATE PAST CHAIR 0.70 X X 0 0 0 JOHN BARKER BOARD OF DIRECTORS 0.40 X 0 0 0 JAMES CLEMENT BOARD OF DIRECTORS 0.40 X 0 0 0 MARGARET DOYLE BOARD OF DIRECTORS 0.40 X 0 0 0 GARY ELLIS BOARD OF DIRECTORS - LEFT 4/2020 0.40 X 0 0 0 NANCY A GALLAGHER BOARD OF DIRECTORS 0.40 X 0 0 0 TOM GALLAGHER BOARD OF DIRECTORS 0.40 X 0 0 0 JACK HOPKINS BOARD OF DIRECTORS 0.40 X 0 0 0 JOANN KUNKEL BOARD OF DIRECTORS - LEFT 4/2020 0.40 X 0 0 0 ANGELINE LAVIN BOARD OF DIRECTORS 0.40 X 0 0 0 DEBORAH PETERS BOARD OF DIRECTORS 0.40 X 0 0 0 JOEL PORTICE BOARD OF DIRECTORS 0.40 X 0 0 0 CHRISTINE ROBERTS BOARD OF DIRECTORS 0.40 X 0 0 0 STEPHEN SCHACHT BOARD OF DIRECTORS - LEFT 10/2020 0.40 X 0 0 0 SYLVIA WAGNER BOARD OF DIRECTORS 0.40 X 0 0 0 WILLIAM WITTRIG BOARD OF DIRECTORS - LEFT 10/2020 0.40 X 0 0 0 BERGEN PETERSON BOARD OF DIRECTORS 0.40 X 0 0 0 BOB SUTTON BOARD OF DIRECTORS 0.40 X 0 0 0 LANCE BULTENA BOARD OF DIRECTORS 0.40 X 0 0 0 JULIE JOHNSON BOARD OF DIRECTORS - JOINED 10/2020 0.40 X 0 0 0 STEVE BROWN PRESIDENT AND CEO 40.00 X 289955 0 45686 CHRISTINE TJELMELAND CFO 40.00 X 205008 0 26967 NICK KOTZEA SEC/TREAS; CHIEF GOV OFFICER 40.00 X 162325 0 10788 CYNTHIA WHITNEY EXECUTIVE DIRECTOR OF PHILANTHROPY 40.00 X 143511 0 14110 MICHELLE GREEN VP-CONSTITUENT ENGAGEMENT 40.00 X 131363 0 15729 ANDREW CARR DIRECTOR OF ATHLETIC DEVELOPMENT 40.00 X 110258 0 12964 1042420 0 126244 6 0 1 0 EDUCATION ADVISORY BOARD PO BOX 79461 BALTIMORE MD 212790461 FUNDRAISING CONSULTING 173953 ERICKSON SOLUTIONS GROUP 11020 KING STREET STE 395 OVERLAND PARK KS 66210 IT SUPPORT AND EQUIPMENT 155198 ANDERSON BROTHERS PRINTING CO 4525 41ST STREET SIOUX CITY IA 51108 DESIGN AND PRINTING 114893 3 84096 507500 26813546 597000 27405142 ADMINISTRATIVE FEES 561000 729552 729552 729552 4240140 4240140 10337 18330 14875 0 -4538 18330 13792 18330 -4538 462303160 406473 445355627 406473 16947533 0 16947533 16947533 221345 84096 64741 156604 156604 BLACKSTONE INVESTMENTS 531390 98047 98047 STATE TAX REFUNDS 900099 438 438 98485 49591248 747882 98485 21339739 15635659 15635659 744377 676998 67379 1990465 987009 1003456 108392 44971 63421 322255 165956 156299 262220 142962 119258 18388 18388 50188 50188 118195 118195 1111519 1111519 82342 82342 269332 232617 36715 89452 41984 47468 224534 218176 6358 187564 84569 102995 92314 27885 64429 130025 129243 782 157059 77657 79402 40053 28226 11827 EVENTS AND STEWARDSHIP 395568 395568 UBI TAX 13803 13803 21319 12894 8425 22065023 15635659 4147387 2281977 X 10981591 13615168 19118586 22283536 2000000 2000000 245046 207865 3754309 1350223 2561146 2404086 204837860 266305852 57359684 44291136 2036157 1710485 299140070 352818128 400219 691194 18553743 19523125 18953962 20214319 X -8139455 -6586327 288325563 339190136 280186108 332603809 299140070 352818128 X 27526225 24482937 408539 X 0 1 X 1 0 X 19504488 20377869 12482589 16510392 27405142 96280480 19504488 20377869 12482589 16510392 27405142 96280480 16393304 79887176 3392570 3628472 5475870 6312205 4268807 23077924 447736 283345 93694 92180 255089 1172044 120530448 5264617 0.66280 0.69650 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 260395728 15380752 45476857 7266860 5289346 308697131 231416534 7140295 34340271 8211279 4290093 260395728 243859683 3609613 -3327630 8594873 4130259 231416534 214491251 10393822 31211715 8298323 3938782 243859683 205669044 10103371 11545287 8038674 4787777 214491251 0.01150 0.65750 0.33100 1 0 100701 100701 2900090 841315 2058775 753518 508908 244610 2404086 REAL ESTATE PARTNERSHIPS 9690274 F BLACKSTONE EQUITY GROUP 4081426 F CITY OF VERMILLION TIF BOND 284589 F ADAGE CAPITAL 30234847 F 44291136 INVESTMENTS HELD FOR OTHERS 11330486 GIFT ANNUITIES AND LIFE INCOME AGREEMENTS 2883324 DUE TO USD - SCHOLARSHIPS 5309315 19523125 X 74637018 24482937 483217 24966154 49670864 -79616 -79616 49591248 22219317 1279616 1279616 20939701 1125322 1125322 22065023 PART V, LINE 4: THE FOUNDATION ATTEMPTS TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO USD PROGRAMS AND SCHOLARSHIPS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. APPROPRIATIONS ARE MADE ANNUALLY, BASED ON A DISTRIBUTION THAT IS CAREFULLY REVIEWED BY THE BOARD OF DIRECTORS. THE APPROPRIATIONS ARE USED FOR THE PURPOSES AS DEFINED IN THE AGREEMENT BETWEEN THE FOUNDATION AND DONOR ON THE UNDERLYING ENDOWMENT. PART X, LINE 2: THE ORGANIZATION 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 ORGANIZATION 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 ANNUITIES AND DEFERRED GIFTS 1,599,541. CASH SURRENDER VALUE OF LIFE INSURANCE 8,998. INVESTMENT EXPENSE -1,111,519. UBI TAX -13,803. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS FUNDRAISING EXPENSES -64,741. RENTAL EXPENSES INCLUDED WITH RENTAL INCOME -14,875. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES INCLUDED WITH RENTAL INCOME 14,875. RECLASS FUNDRAISING EXPENSES 64,741. LOSS ON UNCOLLECTABLE PROMISES TO GIVE 1,200,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT EXPENSE 1,111,519. UBI TAX 13,803. EUROPE 0 0 INVESTMENT 8349000 0 0 0 0 0 0 8349000 0 8349000 1 0 0 1 1 0 PART III ACCOUNTING METHOD: FORM 990, SCHEDULE F, PART I, COLUMN (F) THE AMOUNT REPORTED IN COLUMN (F) IS TOTAL CAPITAL CONTRIBUTED DURING THE YEAR PLUS THE TOTAL ENDING CAPITAL BALANCE OF FIVE INVESTMENTS IN FOREIGN PARTNERSHIPS. FORM 990, SCHEDULE F, PART IV, LINE 5 THE FOUNDATION REVIEWS ITS DIRECT AND INDIRECT INVESTMENTS DURING THE TAX PERIOD FOR DETERMINING REQUIRED FOREIGN FILINGS. THE FOUNDATION MAKES INDIRECT TRANSFERS TO FOREIGN CORPORATIONS AND FOREIGN PARTNERSHIPS. THE FOUNDATION WOULD FILE FORM 926 OR FORM 8865 IF THE TRANSFERS MET THE REQUIREMENTS FOR FILING. THE FOUNDATION'S TRANSFERS TO FOREIGN CORPORATIONS DID REQUIRE FILING FORM 926. THE FOUNDATION'S TRANSFERS TO FOREIGN PARTNERSHIPS DID REQUIRE FILING FORM 8865. THE FOUNDATION HAS OWNERSHIP INTERESTS IN FOREIGN PARTNERSHIPS. THE FOUNDATION WOULD FILE FORM FORM 8865 IF THE OWNERSHIP MET THE REQUIREMENTS FOR FILING. THE FOUNDATION'S OWNERSHIP IN FOREIGN PARTNERSHIPS DID NOT REQUIRE FILING FORM 8865. THE FOUNDATION INVESTS IN PARTNERSHIPS THAT HOLD DIRECT OR INDIRECT INTERESTS IN PASSIVE FOREIGN INVESTMENT COMPANIES (PFICS). THE FOUNDATION WOULD FILE FORM 8621 FOR UNDERLYING INVESTMENTS THAT GENERATE UNRELATED BUSINESS INCOME. THE FOUNDATION WOULD NOT FILE FORM 8621 WHERE THE INVESTMENT PARTNERSHIPS HAVE PROPERLY FILED FORM 8621, OR WHERE THE UNDERLYING INVESTMENTS DID NOT GENERATE ANY UNRELATED BUSINESS INCOME. THE FOUNDATION DID NOT REQUIRE FILING FORM 8621. X X X X 1 ADVANCEMENT SERVICES LLC 1920 E PARHAM ROAD RICHMOND VA 23228 DIRECT MAIL AND EMAIL SOLICITATIONS 0 141094 118195 22899 141094 118195 22899 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC CAC DINNER AND AUCTION 292936 81096 211840 60113 GOLF CLASSIC EVENTS 12505 3000 9505 1290 1113 2225 305441 84096 221345 1290 1113 62338 64741 156604 1 SOUTH DAKOTA STATE UNIVERSITY PO BOX 2201 BROOKINGS SD 57007 466000364 GOVERNMENTAL 28316 SCHOLARSHIPS DAKOTA STATE UNIVERSITY 820 N WASHINGTON AVE MADISON SD 57042 466000364 GOVERNMENTAL 8750 SCHOLARSHIPS SOUTH DAKOTA HALL OF FAME 1480 S MAIN ST CHAMBERLAIN SD 57325 460324210 501(C)(3) 20000 PROGRAM SUPPORT VERMILLION AREA CHAMBER & DEVELOPMENT COMPANY 2 E MAIN STREET VERMILLION SD 57069 460284795 501(C)(4) 165695 PROGRAM SUPPORT UNIVERSITY OF SOUTH DAKOTA 414 EAST CLARK STREET VERMILLION SD 57069 466000364 GOVERNMENTAL 15412898 $9,436,828 FOR SCHOLARSHIPS, $2,772,740 FOR FACILITIES AND $3,203,330 OTHER DEPARTMENTAL SUPPORT 4 1 PART I, LINE 2: THE FOUNDATION ACCEPTS GIFTS AND MANAGES PAYMENTS FOR THE PURPOSES SET FORTH BY THE DONORS. THE FOUNDATION INFORMS THE UNIVERSITY OF THE AMOUNT AVAILABLE FOR EXPENDITURE AND THE CRITERIA FOR USE. THE UNIVERSITY MAKES THE DETERMINATION OF WHO THE RECIPIENT WILL BE FOR THESE FUNDS, IN ACCORDANCE WITH THE CRITERIA, AND REQUESTS PAYMENT FROM THE FOUNDATION. BEFORE PAYMENT IS MADE, THE FOUNDATION VERIFIES THAT THE REQUESTED PAYMENT IS AN APPROPRIATE USE OF THE FUNDS PER THE FUND CRITERIA AND THAT THE UNIVERSITY REPRESENTATIVE MAKING THE REQUEST IS AUTHORIZED TO DO SO. THE FOUNDATION MAY MAKE GENERAL DONATIONS TO CERTAIN OTHER ORGANIZATIONS, SUCH AS SOUTH DAKOTA HALL OF FAME AND VERMILLION AREA CHAMBER AND DEVELOPMENT COMPANY, FOR WHICH A SPECIFIC ACCOUNTING OF HOW THE FUNDS WERE USED IS NOT REQUIRED. THESE DONATIONS ARE APPROVED BY THE FOUNDATION'S PRESIDENT AND CEO TO SUPPORT SPECIFIC EFFORTS TO ADVANCE THE COMMUNITY. X X 1 1 X X X 0 0 0 0 0 0 0 1 0 STEVE BROWN PRESIDENT AND CEO 238939 0 40857 0 10159 0 17100 0 29839 0 336894 0 0 0 CHRISTINE TJELMELAND CFO 196984 0 0 0 8024 0 12094 0 16126 0 233228 0 0 0 NICK KOTZEA SEC/TREAS; CHIEF GOV OFFICER 154859 0 100 0 7366 0 9382 0 2549 0 174256 0 0 0 CYNTHIA WHITNEY EXECUTIVE DIRECTOR OF PHILANTHROPY 137813 0 0 0 5698 0 4172 0 11036 0 158719 0 0 0 PART I, LINE 1A AS PART OF THE COMPENSATION PACKAGE REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE, THE CEO IS PROVIDED A MONTHLY ALLOWANCE FOR THE BUSINESS USE OF HIS PERSONAL VEHICLE. AS PART OF THE COMPENSATION PACKAGE REVIEWED AND APPROVED BY THE CEO, THE CFO IS PROVIDED A MONTHLY ALLOWANCE FOR BUSINESS USE OF HER PERSONAL VEHICLE. THESE BENEFITS ARE CONSIDERED TO BE TAXABLE BENEFITS. THE FOUNDATION PAYS FOR A COUNTRY CLUB MEMBERSHIP FOR STEVE BROWN (CEO). THE ABOVE BENEFITS ARE INCLUDED AS TAXABLE WAGES ON FORM W-2. PART I, LINE 1B REQUESTS FOR REIMBURSEMENT OF GOLF MEMBERSHIP DUES WERE REVIEWED BY THE CHIEF FINANCIAL OFFICER. PART I, LINE 7 THE CEO RECEIVES A BONUS CALCULATED AS A PERCENTAGE OF SALARY AS DETERMINED ANNUALLY BY THE EXECUTIVE COMMITTEE BASED IN PART ON THE DOLLAR VALUE OF SIGNED GIFT COMMITMENTS RECEIVED TOWARD THE CAMPAIGN DURING THE YEAR. LAUREN LAVIN DAUGHTER OF BOARD MEMBER ANGELINE LAVIN 10000 SCHOLARSHIP ACADEMIC SCHOLARSHIP FOR 2019-2020 SCHOOL YEAR X 4500 FMV X 48 421854 AVG OF HIGH/LOW MKT PRIC X MISCELLANEOUS ITEMS 140 170646 FMV 0 0 1 0 PART I, COLUMN (B): COLUMN B REPRESENTS THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PART VI, SECTION A, LINE 1 THE COMMITTEE SHALL CONSIST OF THE FOUNDATION CHAIR, VICE CHAIR, THE VICE CHAIR ELECT, IMMEDIATE PAST CHAIR, THE CHAIRS OF THE STANDING COMMITTEES, THE CO-CHAIRS OF THE ONWARD CAMPAIGN AND TWO MEMBERS DESIGNATED BY THE FOUNDATION CHAIR FROM AMONG THE ELECTED AND APPOINTED MEMBERS OF THE BOARD OF DIRECTORS AT THE BEGINNING OF CHAIR'S TERM AND APPROVED BY THE BOARD OF DIRECTORS. THE PRESIDENT OF THE UNIVERSITY, FOUNDATION PRESIDENT, AND THE FOUNDATION'S LEGAL COUNSEL SHALL BE EX-OFFICIO NON-VOTING MEMBERS OF THE COMMITTEE. THE EXECUTIVE COMMITTEE HAS BROAD AUTHORITY TO ACT ON BEHALF OF THE BOARD BETWEEN BOARD MEETINGS AND IN ALL SITUATIONS EXCEPT THOSE RESERVED TO THE BOARD AND THOSE SPECIFIED IN THE BYLAWS. APPROVAL OF AUTHORITY TO ACT FOR UNUSUAL TRANSACTIONS (I.E. PURCHASE/SALE OF PROPERTY) IS RECEIVED FROM THE BOARD OF DIRECTORS PRIOR TO THE ACTIONS. APPROVAL OF NORMAL BUSINESS ACTIONS IS RECEIVED FROM THE BOARD OF DIRECTORS AFTER THE COMMITTEE HAS ACTED. FORM 990, PART VI, SECTION A, LINE 2 TOM GALLAGHER (BOARD MEMBER) AND NANCY GALLAGHER (BOARD MEMBER) HAVE A FAMILY RELATIONSHIP AND A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT REVIEWS THE 990 IN DETAIL, AFTER WHICH THE 990 IS PROVIDED TO EACH BOARD MEMBER ELECTRONICALLY AND APPROVED BY THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE POLICY APPLIES TO BOARD MEMBERS, OFFICERS AND COMMITTEE MEMBERS. NEW INDIVIDUALS SIGN A CONFLICT OF INTEREST STATEMENT UPON APPOINTMENT OR ELECTION. CONTINUING INDIVIDUALS ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT EVERY YEAR. THEY ARE ASKED TO NOTIFY THE FOUNDATION IMMEDIATELY IF A CONFLICT ARISES IN THE INTERIM. THE STATEMENTS ARE REVIEWED BY THE DIRECTOR OF ADMINISTRATION AND THE CEO. THE CEO PROVIDES A REPORT OF THE PROCESS & RESULTS TO THE AUDIT COMMITTEE. ANY CONFLICTS WOULD RESULT IN REQUIRING THE SPECIFIED BOARD MEMBER TO EXCUSE THEMSELVES FROM A VOTE THAT INVOLVES THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE DETERMINES THE COMPENSATION AND BENEFITS FOR THE CEO. WAGE AND BENEFIT ADJUSTMENTS FOR THE CEO ARE DETERMINED ANNUALLY BY THIS COMMITTEE. THE COMMITTEE GATHERS SALARY INFORMATION FROM EMPLOYMENT SURVEYS TO USE FOR COMPARISON. COMPENSATION FOR THE CFO IS DETERMINED BY THE CEO. FORM 990, PART VI, SECTION C, LINE 19 THE DOCUMENTS ARE AVAILABLE TO BOARD ON A BOARD PORTAL. THEY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART X, LINE 27 SUPPORT FOR TWO CAPITAL PROJECTS IN EXCESS OF GIFTS, INCLUDING PROMISES TO GIVE, HAS RESULTED IN DEFICIENCIES THAT ARE REPORTED IN NET ASSETS WITHOUT DONOR RESTRICTIONS. THIS CUMULATIVE DEFICIENCY TOTALED APPROXIMATELY $9.5 MILLION AS OF DECEMBER 31, 2020 AND 2019. THE FOUNDATION PLANS TO RECOVER THESE NET ASSETS WITHOUT DONOR RESTRICTIONS DEFICIT WITH RECORDED OUTSTANDING PLEDGES TOTALING APPROXIMATELY $8,400,000 WHICH HAVE BEEN REDUCED TO APPROXIMATELY $3,600,000 AT THE INDIVIDUAL PROJECT LEVEL FOR DISCOUNTS AND ALLOWANCES. IN ADDITION, THE FOUNDATION HAS RECEIVED COMMUNICATION OF APPROXIMATELY $4,100,000 IN REVOCABLE GIFTS DESIGNATED TO THE TWO CAPITAL PROJECT FUNDS ALONG WITH ANY FUTURE GIFTS. FORM 990, PART XI, LINE 9: CHANGE IN GIFT ANNUITIES & DEFERRED GIFTS 1,599,541. LOSS ON PROMISE TO GIVE -1,200,000. CASH SURRENDER VALUE OF LIFE INSURANCE 8,998. USDF LLC 1110 N DAKOTA VERMILLION SD 57069 466018891 HOLD AND MANAGE REAL ESTATE FOR FOUNDATION SD 24227 787515 UNIVERSITY OF SOUTH DAKOTA FOUNDATION USDF2 LLC 1110 N DAKOTA VERMILLION SD 57069 466018891 HOLD AND MANAGE AIRPLANE FOR FOUNDATION SD 10337 779087 UNIVERSITY OF SOUTH DAKOTA FOUNDATION CHARITABLE REMAINDER TRUSTS (14) CRT SD N/A T 1 CHARITABLE LEAD TRUSTS (2) CRT SD N/A T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 CHARITABLE REMAINDER TRUST S 757238 FMV