2025-09-24T00:05:45-05:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 460273801 SOUTH DAKOTA STATE UNIVERSITY FOUNDATION SOUT 6056977475 815 MEDARY AVE BROOKINGS SD 57006 TIM DWIRE VP FOR FINANCE & OPERATIONS 6056977475 2025-09-23 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-09-23 2024 2025-03-06 01:10:19Z STEVE ERPENBACH 815 MEDARY AVE BROOKINGS SD 57006 77462695 0 X WWW.SDSTATEFOUNDATION.ORG X 1945 SD UNITING THE DREAMS OF OUR STUDENTS, UNIVERSITY, AND DONORS TO BUILD A BETTER SDSU. 13 13 59 100 -58775 0 51939815 58080109 2461204 2700841 8568406 11514688 695384 969656 63664809 73265294 59562516 51992117 0 0 4882238 5472601 0 0 4652021 3974149 4548625 68418903 62013343 -4754094 11251951 389380417 411928607 12479317 12187716 376901100 399740891 ENHANCING EXCELLENCE BY CULTIVATING GENEROSITY AND TREASURING THE LOYALTY OF ALL WE SERVE. 0 0 51992117 51992117 2759616 TO UNITE THE DREAMS OF OUR STUDENTS, UNIVERSITY, AND DONORS TO BUILD A BETTER SDSU. APPROXIMATELY $12.46 MILLION IN SCHOLARSHIPS WERE AWARDED, $10.82 MILLION IN DEPARTMENTAL PROGRAMS WERE FUNDED, AND $24.86 MILLION IN CAPITAL PROJECTS WERE FUNDED DURING 2024. 51992117 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 65 0 1 59 1 1 1 0 0 0 1 1 1 1 1 2 0 0 0 0 0 X 13 13 0 0 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 1 1 1 1 CA FL HI IL KY MA MD MI MN NH NJ NY OR SC X TIM DWIRE 6056977475 815 MEDARY AVE BROOKINGS SD 57006 MARC MOONEY CHAIR 1.00 X X 0 0 0 KEVIN TETZLAFF CHAIR-ELECT 1.00 X X 0 0 0 ERICA DEBOER BOARD MEMBER 1.00 X 0 0 0 BRIAN AAMLID BOARD MEMBER 1.00 X 0 0 0 ROBERTA OLSON BOARD MEMBER 1.00 X 0 0 0 RITA EDWARDS BOARD MEMBER 1.00 X 0 0 0 MARK WAHLSTROM BOARD MEMBER 1.00 X 0 0 0 SUSAN LEDDY BOARD MEMBER 1.00 X 0 0 0 DAVID SCHMIDT BOARD MEMBER 1.00 X 0 0 0 MIKE ROBERTS BOARD MEMBER 1.00 X 0 0 0 MICHELLE MCCARVILLE BOARD MEMBER 1.00 X 0 0 0 KATHY WALKER BOARD MEMBER 1.00 X 0 0 0 DAVE SCHAEFER BOARD MEMBER 1.00 X 0 0 0 STEVE ERPENBACH PRESIDENT/CEO 55.00 X 270941 0 64663 TIM DWIRE VP FOR FINANCE & OPERATIONS 55.00 X 197916 0 51069 KEITH MAHLUM VP FOR DEVELOPMENT 55.00 X 190375 0 59748 MICHAEL BIRGEN ASSOC VP FOR PHILANTHROPY 55.00 X 128418 0 23882 RINA REYNOLDS ASSOC VP FOR PHILANTHROPY 55.00 X 130353 0 11667 KELI BOOKS ASSOC VP FOR PHILANTHROPY 55.00 X 113000 0 9040 NED GAVLICK ASSOC VP FOR GIFT PLANNING 55.00 X 125408 0 18749 1156411 0 238818 7 0 1 0 SODEXO INC AND AFFILIATES PO BOX 360170 PITTSBURGH PA 15251 FOOD SERVICES 449507 TSP INC 1112 N WEST AVE SIOUX FALLS SD 57104 ENGINEERING SERVICES 320585 FIRST BANK & TRUST WEALTH MANAGEMENT PO BOX 5057 BROOKINGS SD 57006 FIDUCIARY FEES 270011 HENKIN SCHULTZ 6201 S PINNACLE PLACE SIOUX FALLS SD 57108 MARKETING CONSULTANT 263111 MARCO TECHNOLOGIES LLC 4510 HEATHERWOOD ROAD SAINT CLOUD MN 56301 PRINTING SERVICES 155606 10 58080109 14680168 58080109 SUPPORT SERVICES 900099 2400000 2400000 300841 359616 -58775 2700841 10854640 10854640 969656 0 969656 969656 969656 3999616 857833 3341357 856044 658259 1789 660048 660048 73265294 2759616 -58775 12484344 51992117 51992117 836550 417706 418844 3631132 1843438 1787694 276020 133963 142057 424473 249654 174819 304426 149797 154629 10737 10601 136 105779 102991 2788 354401 271901 82500 308638 43226 265412 111458 66350 45108 294979 187415 107564 401841 254590 147251 408079 327165 80914 166457 10892 155565 217751 211808 5943 116180 116180 813069 529747 283322 96897 84982 11915 RECOGNITION AND MEMORIA 489506 337786 151720 DONOR SIGNAGE 286717 286717 HOSPITALITY 251397 6589 244808 PROFESSIONAL FUNDRAISIN 67864 67864 46875 12424 34451 62013343 51992117 5369205 4652021 X 20062110 17035543 47057072 42725474 8009588 2700177 206073 215872 46290822 6464716 29846239 39826106 257244979 285417296 17551014 15334055 9403342 8674084 389380417 411928607 4883290 5206361 450000 877500 1955827 1860516 5190200 4243339 12479317 12187716 X -1760631 933061 378661731 398807830 376901100 399740891 389380417 411928607 X 11251951 9776964 1810876 X 0 1 X 1 0 X 46392211 69671042 71744372 51939815 58080109 297827549 46392211 69671042 71744372 51939815 58080109 297827549 65331421 232496128 4158529 4605410 5829638 9544040 11824296 35961913 2661700 2286125 2560844 2560786 2759616 12829071 346618533 0.67080 0.65340 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 281365770 16549942 17666916 9379411 27465 3744478 302431274 242993389 28517608 24094778 10604097 28496 3607412 281365770 257514559 23475621 -18583607 15795942 25279 3591963 242993389 203713071 44133158 22115517 9148814 20773 3277600 257514559 171572892 19930386 21860140 7109497 20773 2520077 203713071 0.00230 0.99770 0.00000 0 0 20436542 2344489 22781031 3363135 11724574 3278502 11809207 7319525 3050325 4269200 923353 179204 135889 966668 39826106 INVESTMENTS HELD FOR OTHERS 161193 GIFT ANNUITIES, LIFE INCOME AGREEMENTS, AND LIFE ESTATES 3978649 LEASE LIABILITIES 103497 4243339 X 84607036 9776964 108303 1810876 11696143 72910893 354401 354401 73265294 61767245 108303 108303 61658942 354401 354401 62013343 PART V, LINE 4: TO ASSIST IN FULFILLING THE FOUNDATION'S MISSION OF UNITING THE DREAMS OF OUR STUDENTS, UNIVERSITY, AND DONORS TO BUILD A BETTER SDSU, THROUGH SCHOLARSHIPS AND DEPARTMENTAL PROGRAMS. 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 AT DECEMBER 31, 2024 AND 2023 THAT ARE MATERIAL TO THE CONSOLIDATED FINANCIAL STATEMENTS. FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AND LIABILITIES WILL BE RECOGNIZED IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENTS 1,810,876. PART V, LINE 1: IN 2024, IT WAS DETERMINED THE TEMPORARILY RESTRICTED ENDOWMENT DID NOT MEET THE REQUIREMENTS FOR REPORTING ON SCHEDULE D, PART V. THE TEMPORARILY RESTRICTED ENDOWMENT IS MADE UP OF FUNDS THAT CAN BE SPENT FOR VARIOUS PURPOSES BUT ARE NOT NECESSARILY SET ASIDE TO GENERATE INCOME IN PERPETUITY OR FOR A PERIOD OF TIME. ENDOWMENT DETAIL FOR 2020-2024 WAS RESTATED TO REMOVE THE TEMPORARILY RESTRICTED ENDOWMENT THAT DOES NOT MEET THE REQUIREMENTS FOR REPORTING. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENT 3123000 0 0 0 0 0 0 3123000 0 3123000 1 0 1 1 1 0 SCHEDULE F, PART IV: THE FOUNDATION REVIEWS ITS DIRECT AND INDIRECT INVESTMENTS DURING THE TAX PERIOD FOR DETERMINING REQUIRED FOREIGN FILINGS. THE FOUNDATION MAKES DIRECT AND 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 NOT REQUIRE FILING FORM 926. THE FOUNDATION'S TRANSFERS TO FOREIGN PARTNERSHIPS DID NOT REQUIRE FILING FORM 8865. THE FOUNDATION HAS OWNERSHIP INTERESTS IN FOREIGN CORPORATIONS. THE FOUNDATION WOULD FILE FORM 5471 IF THE OWNERSHIP MET THE REQUIREMENTS FOR FILING. THE FOUNDATION'S OWNERSHIP IN FOREIGN CORPORATIONS DID NOT REQUIRE FILING FORM 5471. THE FOUNDATION HAS OWNERSHIP INTERESTS IN FOREIGN PARTNERSHIPS. THE FOUNDATION WOULD FILE 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. 1 SOUTH DAKOTA STATE UNIVERSITY PO BOX 2201 BROOKINGS SD 57007 466000364 GOVERNMENTAL 47740544 343600 BROKER OPINION EQUIPMENT GIFTS, GRANTS, SCHOLARSHIPS; SDSU DEPT EXPENSES, BUILDING & EQUIPMENT PURCHASES DAKOTA BIOWORX 2301 RESEARCH PARK WAY STE 117 BROOKINGS SD 57006 882205210 501(C)(3) 3328375 0 CAPITAL PROJECT SDSU ALUMNI ASSOCIATION 815 MEDARY AVENUE BROOKINGS SD 57006 411866674 501(C)(3) 565048 0 PROGRAM SUPPORT 3 0 PART I, LINE 2: FUNDS MADE AVAILABLE TO THE SDSU FOUNDATION ARE TYPICALLY RESTRICTED BY THE DONOR FOR SPECIFIC SCHOLARSHIPS AND/OR PROGRAMS. THE FOUNDATION PROVIDES THE SELECTION CRITERIA TO THE SDSU FINANCIAL AID OFFICE, WHO USES THIS TO DETERMINE ELIGIBILITY OF STUDENTS. THE FOUNDATION PROVIDES DONOR-IMPOSED RESTRICTIONS ON PROGRAM FUNDS TO THE DEPARTMENT HEADS AND LEADERSHIP OF SOUTH DAKOTA STATE UNIVERSITY. REQUESTS ARE MONITORED BY THE FOUNDATION FOR PROPER AUTHORIZATION AND UTILIZATION. OTHER ORGANIZATIONS THAT ARE RECIPIENTS OF GRANTS FROM SDSU FOUNDATION ARE REQUIRED TO PROVIDE COPIES OF THEIR 501(C)(3) IRS DETERMINATION LETTER. IF AN ORGANIZATION IS NOT A 501(C)(3) ORGANIZATION, REPORTS AND OTHER COMMUNICATIONS ARE REQUESTED TO CONFIRM THE FUNDS WERE USED FOR CHARITABLE PURPOSES AS INTENDED BY THE DONORS. SCHEDULE I PART II: DISBURSEMENTS TO SOUTH DAKOTA STATE UNIVERSITY INCLUDED THE FOLLOWING: $12,464,205 FOR GIFTS, GRANTS AND SCHOLARSHIPS; $35,619,939 FOR DEPARTMENTAL EXPENSES, BUILDING AND EQUIPMENT PURCHASES, OF WHICH $343,600 WAS A NONCASH GIFT OF EQUIPMENT. X X X X 0 0 0 0 0 0 0 0 0 STEVE ERPENBACH PRESIDENT/CEO 270941 0 0 0 0 0 23123 0 42152 0 336216 0 0 0 KEITH MAHLUM VP FOR DEVELOPMENT 190375 0 0 0 0 0 16050 0 44311 0 250736 0 0 0 TIM DWIRE VP FOR FINANCE & OPERATIONS 197916 0 0 0 0 0 16733 0 34948 0 249597 0 0 0 MICHAEL BIRGEN ASSOC VP FOR PHILANTHROPY 128418 0 0 0 0 0 10340 0 14067 0 152825 0 0 0 X 104 3819096 AVG HIGH/LOW X 1 2300000 APPRAISAL X 1 25000 SELLING PRICE X 1 7743600 BROKER OPINION X 2 720000 APPRAISAL X LIVESTOCK/GRAIN 5 43834 SELLING PRICE X OTHER 16 28537 FMV X BITCOIN 1 101 SELLING PRICE 2 0 1 1 PART I, LINE 32B: AUCTION AND REALTOR SERVICES FOR LAND GIFTS SCHEDULE M, PART I, COLUMN B: COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTIONS CONTRIBUTED. FORM 990, PART VI, SECTION A, LINE 6 TRUSTEES OF THE FOUNDATION WILL CONSTITUTE THE MEMBERSHIP OF THE CORPORATION. THE COUNCIL OF TRUSTEES SHALL CONSIST OF NO MORE THAN 150 MEMBERS, ALTHOUGH THAT NUMBER MAY BE MODIFIED AT ANY TIME BY MAJORITY VOTE OF THE TRUSTEES. TRUSTEES SHALL BE ELECTED BY THE COUNCIL OF TRUSTEES DURING THE SPRING AND/OR FALL MEETING TO SERVE THREE-YEAR TERMS. THERE ARE NO TERM LIMITS. TRUSTEES SHALL BEGIN THEIR TERM OF OFFICE ON JANUARY 1 FOLLOWING ELECTION. FORM 990, PART VI, SECTION A, LINE 7A THE BUSINESS AND AFFAIRS OF THE CORPORATION SHALL BE EXERCISED BY A BOARD OF GOVERNORS WHICH IS ELECTED BY THE COUNCIL OF TRUSTEES. FORM 990, PART VI, SECTION A, LINE 8B COMMITTEES KEEP MINUTES OF THEIR MEETINGS, ALTHOUGH THERE IS NO COMMITTEE THAT HAS BROAD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FOUNDATION'S FINANCE OFFICE REVIEWS THE 990 IN DETAIL, AND QUESTIONS ARE RESOLVED WITH THE GOVERNING BODY. THE ENTIRE 990 WAS PROVIDED TO THE BOARD OF GOVERNORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY COVERS OFFICERS, DIRECTORS OR TRUSTEES. A REQUEST IS MADE ANNUALLY FOR ALL OFFICERS, DIRECTORS OR TRUSTEES TO DISCLOSE ANY POTENTIAL CONFLICT OF INTEREST. THE BOARD MAKES A DETERMINATION OF WHETHER THERE IS A CONFLICT OF INTEREST AND IF SO, IMPLEMENTS THE PROCEDURE FOR EVALUATING THE ISSUE OR TRANSACTION INVOLVED. THE OFFICER, DIRECTOR OR TRUSTEE WITH THE CONFLICT MUST REFRAIN FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION INCLUDES THE USE OF SUB-COMMITTEES, COMPENSATION STUDIES, AND JOB DESCRIPTIONS. THIS PROCESS IS UNDERTAKEN ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART X, LINE 27 SUPPORT FOR VARIOUS SDSU SCHOLARSHIPS AS WELL AS PROGRAMS AND CAPITAL PROJECTS IN EXCESS OF GIFTS, INCLUDING PROMISES TO GIVE, TOTALED APPROXIMATELY $10,700,000 AND $12,300,000 AS OF DECEMBER 31, 2024 AND 2023, RESPECTIVELY. THE CUMULATIVE DEFICIENCY IS REPORTED IN NET ASSETS WITHOUT DONOR RESTRICTIONS. THERE ARE CERTAIN PROMISES TO FUND VARIOUS SDSU CAPITAL PROJECTS AND ARE RESTRICTED BY SPECIFIC CRITERIA DESIGNATED BY THE DONOR WHICH HAVE NOT YET BEEN RECOGNIZED. AS OF DECEMBER 31, 2024, THE FOUNDATION HAS RECEIVED $3,760,000 IN CONDITIONAL PROMISES TO GIVE RELATED TO DEFICIENT PROJECTS. THE FOUNDATION PLANS TO RECOVER THE REMAINING NET ASSETS WITHOUT DONOR RESTRICTIONS DEFICIT WITH FUTURE GIFTS. NET ASSETS WITHOUT DONOR RESTRICTIONS ALSO INCLUDE A BOARD-DESIGNATED ENDOWMENT OF $697,659 AND $584,561 AS OF DECEMBER 31, 2024 AND 2023. FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST AGREEMENTS 1,810,876. MEDARY AVIATION LLC 815 MEDARY AVENUE BROOKINGS SD 57006 AIRPLANE LEASING SD -205134 5887810 SDSU FOUNDATION MISSION HILLS PLAZA VENTURE 2420 ENTERPRISE ROAD SUITE 105 CLEARWATER FL 33763 593110740 RENTAL ACTIVITY FL SOUTH DAKOTA STATE UNIVERSITY FOUNDATION EXCLUDED 20315 57142 0 1 0.50000 CHARITABLE REMAINDER TRUSTS (25) CHARITABLE REMAINDER TRUST SD N/A T 1 POOLED INCOME FUND (2) POOLED INCOME FUND 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 TRUSTS (3) S 284698 FMV