2025-10-08T16:22:04-05:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 466018891 UNIVERSITY OF SOUTH DAKOTA FOUNDATION UNIV 6056776703 1110 N DAKOTA VERMILLION SD 57069 NOAH SHEPARD PRESIDENT AND CEO 6052747872 2025-10-15 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-10-08 2024 2025-03-06 01:10:19Z NOAH SHEPARD 1110 N DAKOTA VERMILLION SD 57069 136696656 0 X WWW.USDALUMNI.ORG X 1928 SD PROVIDE PRIVATE RESOURCES TO BENEFIT THE UNIVERSITY OF SOUTH DAKOTA. 20 20 51 151 442 0 17460684 21520743 717824 1425875 10002207 15062491 -8913 200373 28171802 38209482 24835788 26600179 0 0 3825546 4430086 203460 208459 3350022 2787747 2619347 31652541 33858071 -3480739 4351411 354810157 367452853 18218368 18319092 336591789 349133761 X TO PROVIDE PRIVATE RESOURCES FOR THE UNIVERSITY OF SOUTH DAKOTA TO INCREASE THE EXCELLENCE OF ITS STUDENTS' EDUCATIONAL EXPERIENCE. 0 0 12348296 12348296 1436212 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. $12.3 MILLION AND $11.1 MILLION IN SCHOLARSHIPS WERE AWARDED AS OF DECEMBER 31, 2024 AND 2023, RESPECTIVELY. THIS LEVEL OF FUNDING REPRESENTS AN INCREASE OF 30.3% OVER THE LAST 5 YEARS. 7747906 7747906 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, $119.0 MILLION HAS BEEN PROVIDED FOR FACILITIES THAT HAVEENHANCED THE STUDENTS' EDUCATIONAL EXPERIENCE AND OPPORTUNITIES. 6425919 6425919 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 2024, $6.4 MILLION WAS PROVIDED TO SUPPORT THESE NEEDS. 78058 78058 PROVIDE FUNDS TO SUPPORT SCHOLARSHIP AND VARIOUS PROGRAMS AT OTHER ORGANIZATIONS. IN 2024, $78.1 THOUSAND WAS PROVIDED TO SUPPORT THESE NEEDS. 78058 78058 26600179 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 0 1 0 0 1 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 147 0 1 51 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 20 20 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 CA IL KY MA MD MI MN NH NJ NY OR PA SC TN WI WV HI X PEGGY MACH 6057415050 1110 N DAKOTA VERMILLION SD 57069 KEVIN DOYLE CHAIR 0.70 X X 0 0 0 LANCE BULTENA VICE CHAIR 0.70 X X 0 0 0 RYAN TAYLOR IMMEDIATE PAST CHAIR 0.70 X X 0 0 0 RUSS DOKKEN - BOARD OF DIRECTORS/INTERIM CEO (FEB-MAY) 10.00 X 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 (JAN-OCT) 0.40 X 0 0 0 DEBORAH PETERS BOARD OF DIRECTORS (JAN-OCT) 0.40 X 0 0 0 JULIE JOHNSON BOARD OF DIRECTORS 0.40 X 0 0 0 KYLE JORGENSEN BOARD OF DIRECTORS 0.40 X 0 0 0 JAFAR KARIM BOARD OF DIRECTORS 0.40 X 0 0 0 TERRANCE KURTENBACH BOARD OF DIRECTORS 0.40 X 0 0 0 BRANDEE SCHULTZ BOARD OF DIRECTORS 0.40 X 0 0 0 PAUL HANSON BOARD OF DIRECTORS 0.40 X 0 0 0 NATHAN PETERSON BOARD OF DIRECTORS 0.40 X 0 0 0 JAMES ABBOTT BOARD OF DIRECTORS 0.40 X 0 0 0 JUDITH MEIERHENRY BOARD OF DIRECTORS 0.40 X 0 0 0 MARY NETTLEMAN BOARD OF DIRECTORS 0.40 X 0 0 0 PATRICK JOHNSON BOARD OF DIRECTORS 0.40 X 0 0 0 ANDREA THOMPSON BOARD OF DIRECTORS 0.40 X 0 0 0 TRAVIS HAHLER BOARD OF DIRECTORS 0.40 X 0 0 0 GARY FISH BOARD OF DIRECTORS (OCT-DEC) 0.40 X 0 0 0 NOAH SHEPARD - VP OF DEVELOP./PRESIDENT & CEO (MAR-DEC) 45.00 X 213954 0 21068 NICK KOTZEA SEC/TREAS; COO & GENERAL COUNSEL 45.00 X 195809 0 12958 JAY WILSON PRESIDENT AND CEO (JAN-FEB) 45.00 X 186103 0 4207 PEGGY MACH VP OF FINANCE 45.00 X 147845 0 14164 STEPHANIE AUSTIN - VP OF ADVANCEMENT SERV. & COMMUNICATIONS 45.00 X 120787 0 14798 CHRISTOPHER KASSIN VP OF CORPORATE & FDTN RELATIONS 45.00 X 144918 0 17072 KELLYNA WARNKE - SENIOR DIR OF DEVELOPMENT - HEALTH AFFAIRS 45.00 X 126538 0 7584 CYNTHIA CARLSON ED OF PLANNED GIVING 45.00 X 169344 0 26352 ANDREW CARR ED OF DEVELOPMENT 45.00 X 144223 0 17584 1449521 0 135787 15 0 1 0 RUFFALO NOEL LEVITZ LLC PO BOX 718 DES MOINES IA 503030718 ANNUAL FUNDRAISING 208459 ERICKSON SOLUTIONS GROUP 11020 KING STREET SUITE 395 OVERLAND PARK KS 662101229 IT SUPPORT, SOFTWARE, AND HARDWARE 121771 BLACKBAUD INC PO BOX 830413 PHILADELPHIA PA 191820413 SOFTWARE 106276 3 603692 20917051 1784677 21520743 ADMINISTRATIVE FEES 561000 1425875 1425875 1425875 9972510 9972510 152803 64000 103591 53663 49212 10337 59549 10337 49212 103219165 98129184 5089981 5089981 5089981 341118 603692 200736 140382 140382 BLACKSTONE INVESTMENTS 531390 442 442 442 38209482 1436212 442 15252085 26600179 26600179 797283 584394 212889 2859302 1022937 1836365 119947 52512 67435 314652 162781 151871 338902 175551 163351 72062 72062 10620 10620 208459 208459 504833 504833 238772 238772 363014 325234 37780 51315 41039 10276 223298 223298 225071 97551 127520 335658 108733 226925 141413 122766 18647 131002 64773 66229 78352 59605 18747 EVENTS & STEWARDSHIP 140801 140801 RECRUITMENT & RETENTION 95183 32456 62727 7953 7953 33858071 26600179 3907870 3350022 X 7432895 6053314 18674554 22411559 1040397 1040397 309959 256065 3500542 1473338 2158206 2027204 279197632 265806307 41396731 64708512 4599783 5149495 354810157 367452853 922898 665116 17295470 17653976 18218368 18319092 X -12353595 -18938217 348945384 368071978 336591789 349133761 354810157 367452853 X 4351411 7421211 769350 X 0 1 X 1 0 X 27405142 16600122 15496625 17460684 21520743 98483316 27405142 16600122 15496625 17460684 21520743 98483316 9831049 88652267 4368807 3924446 6408306 9632281 10189313 34523153 255089 23576 12523 9069 442 300699 140382 140382 133447550 0.66430 0.67030 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 10620 0 0 0 10620 0 PART II-B, LINE 1: ENGAGED WITH DUNCAN LAW FIRM LLC IN SIOUX FALLS, SD TO PROVIDE DIRECT LOBBYING OF STATE LAWMAKERS IN MATTERS OF INTEREST TO THE UNIVERSITY OF SOUTH DAKOTA DURING THE 2024 SOUTH DAKOTA LEGISLATIVE SESSION. 510175 X X X 0 317638024 11351205 23592216 11177926 4945761 336457758 289290750 10437169 32714631 9766812 5037714 317638024 326822004 5371064 -28399882 9582722 4919714 289290750 308697131 7129249 25213794 9144193 5073977 326822004 260395728 15380752 45476857 7266860 5289346 308697131 0.01264 0.70645 0.28091 1 0 100701 100701 2975505 1182408 1793097 424336 290930 133406 2027204 REAL ESTATE PARTNERSHIPS 7255511 F BLACKSTONE EQUITY GROUP 2270415 F CITY OF VERMILLION TIF BOND 357033 F ADAGE CAPITAL 37699128 F SILCHESTER INTERNATIONAL 17126425 F 64708512 INVESTMENTS HELD FOR OTHERS 7885196 GIFT ANNUITIES AND LIFE INCOME AGREEMENTS 2661539 DUE TO USD - SCHOLARSHIPS 6474634 LEASE LIABILITY 632607 17653976 X 46224169 7421211 28585 768930 8218726 38005443 504833 -300794 204039 38209482 33682197 28585 300794 329379 33352818 504833 420 505253 33858071 PART III, LINE 4: ARTWORK RECEIVED BY THE FOUNDATION HAS BEEN GIFTED FOR THE BENEFIT OF THE UNIVERSITY OF SOUTH DAKOTA. UNLESS INSTRUCTED OTHERWISE BY THE DONOR, OWNERSHIP IS TRANSFERRED TO THE UNIVERSITY OF SOUTH DAKOTA TO BE INCLUDED IN THEIR COLLECTIONS AND USED FOR RESEARCH, DISPLAY AND PRESERVED FOR FUTURE GENERATIONS UNDER THEIR POLICIES. 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 734,762. CASH SURRENDER VALUE OF LIFE INSURANCE 34,588. UBI TAX -420. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFY FUNDRAISING EXPENSES -200,736. RENTAL EXPENSES INCLUDED WITH RENTAL INCOME -100,058. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES INCLUDED WITH RENTAL INCOME 100,058. RECLASSIFY FUNDRAISING EXPENSES 200,736. PART XII, LINE 4B - OTHER ADJUSTMENTS: UBI TAX 420. EUROPE 0 0 INVESTMENT 55000 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENT 2099000 NORTH AMERICA 0 0 INVESTMENT 4035000 0 0 0 0 0 0 6189000 0 6189000 1 0 0 1 1 0 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 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 X 1 RUFFALO NOEL LEVITZ LLC PO BOX 718 DES MOINES IA 50303 PHONE CENTER MANAGEMENT AND DIRECT MAILINGS 0 585736 208459 377277 585736 208459 377277 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 833117 524245 308872 53277 117548 GOLF CLASSIC EVENTS 111693 79447 32246 9061 20850 944810 603692 341118 62338 138398 200736 140382 1 SOUTH DAKOTA STATE UNIVERSITY PO BOX 2201 BROOKINGS SD 57007 466000364 GOVERNMENTAL 17750 0 SCHOLARSHIPS VERMILLION AREA CHAMBER & DEVELOPMENT COMPANY 2 E MAIN STREET VERMILLION SD 57069 460284795 501(C)(4) 15000 0 PROGRAM SUPPORT UNIVERSITY OF SOUTH DAKOTA 414 EAST CLARK STREET VERMILLION SD 57069 466000364 GOVERNMENTAL 26522121 0 $12,348,296 FOR SCHOLARSHIPS, $7,747,906 FOR FACILITIES AND $6,425,919 OTHER DEPARTMENTAL SUPPORT BLACK HILLS PLAYHOUSE PO BOX 2513 RAPID CITY SD 57709 460215866 501(C)(3) 11476 0 SCHOLARSHIPS/PROGRAM SUPPORT SOUTH DAKOTA STATE MEDICAL ASSOCIATION FOUNDATION 2600 WEST 49TH STREET STE 100 SIOUX FALLS SD 57105 466012680 501(C)(3) 26332 0 STUDENT SUPPORT DAKOTA STATE UNIVERSITY 830 N WASHINGTON MADISON SD 57042 466000364 GOVERNMENTAL 7500 0 SCHOLARSHIPS 5 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 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 1 1 X X X 1 0 0 0 0 0 0 0 0 NOAH SHEPARD - VP OF DEVELOP./PRESIDENT & CEO (MAR-DEC) 213214 0 0 0 740 0 12902 0 8546 0 235402 0 0 0 NICK KOTZEA SEC/TREAS; COO & GENERAL COUNSEL 187442 0 1000 0 7367 0 11400 0 1953 0 209162 0 0 0 CYNTHIA CARLSON ED OF PLANNED GIVING 160445 0 1100 0 7799 0 10014 0 16682 0 196040 0 0 0 JAY WILSON PRESIDENT AND CEO (JAN-FEB) 50168 0 0 0 135935 0 3014 0 1259 0 190376 0 0 0 PEGGY MACH VP OF FINANCE 146569 0 1000 0 276 0 9155 0 5343 0 162343 0 0 0 CHRISTOPHER KASSIN VP OF CORPORATE & FDTN RELATIONS 143803 0 1000 0 115 0 8790 0 8616 0 162324 0 0 0 ANDREW CARR ED OF DEVELOPMENT 142952 0 1100 0 171 0 8733 0 9176 0 162132 0 0 0 PART I, LINE 1A AS PART OF THE COMPENSATION PACKAGE REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE, THE PRESIDENT & CEO IS PROVIDED A MONTHLY ALLOWANCE FOR THE BUSINESS USE OF PERSONAL VEHICLES. AS PART OF THE COMPENSATION PACKAGE REVIEWED AND APPROVED BY THE CEO, THE CHIEF OPERATING OFFICER & LEGAL COUNSEL, AND THE EXECUTIVE DIRECTOR OF PLANNED GIVING ARE PROVIDED A MONTHLY ALLOWANCE FOR BUSINESS USE OF PERSONAL VEHICLES. THESE BENEFITS ARE CONSIDERED TAXABLE BENEFITS AND ARE INCLUDED IN TAXABLE INCOME. PART I, LINE 4A JAY WILSON RECEIVED A $126,000 SEVERANCE PAYMENT AFTER EMPLOYMENT WAS TERMINATED IN FEBRUARY 2024. X 237 510175 COST OF COMPARABLES X 5562 COST OF COMPARABLES X 28 1061406 AVG HIGH/LOW MKT PRICE X 1 2200 COST OF COMPARABLES X MISCELLANEOUS ITEMS 186 205334 FMV 0 0 1 0 PART I, COLUMN (B): NUMBER OF ITEMS FORM 990, PART VI, SECTION A, LINE 1A THE COMMITTEE SHALL CONSIST OF THE FOUNDATION CHAIR, VICE CHAIR, THE VICE CHAIR ELECT, IMMEDIATE PAST CHAIR, THE CHAIRS OF THE STANDING COMMITTEES 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 AND NANCY GALLAGHER HAVE A FAMILY RELATIONSHIP AND A BUSINESS RELATIONSHIP. PAUL HANSON AND NATHAN PETERSON HAVE 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 THREE 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 $17.604 MILLION AND $11.874 MILLION AS OF DECEMBER 31, 2024 AND 2023, RESPECTIVELY. CURRENTLY THE DEFICIT IS BEING INCREASED AS ADDITIONAL EXPENSES ARE BEING PAID ON PROJECTS WHICH DO NOT HAVE OFFSETTING GIFTS. THE FOUNDATION HAS RECEIVED COMMUNICATION OF APPROXIMATELY $1,000,000 IN REVOCABLE GIFTS DESIGNATED TO THE TWO CAPITAL PROJECT FUNDS THAT WILL BE USED TO REDUCE THIS DEFICIT ALONG WITH ANY FUTURE GIFTS. FORM 990, PART XI, LINE 9: CHANGE IN ANNUITIES & DEFERRED GIFTS 734,762. CASH SURRENDER VALUE OF LIFE INSURANCE 34,588. USDF LLC 1110 N DAKOTA VERMILLION SD 57069 466018891 HOLD AND MANAGE REAL ESTATE FOR FOUNDATION SD 149278 3699925 UNIVERSITY OF SOUTH DAKOTA FOUNDATION USDF2 LLC 1110 N DAKOTA VERMILLION SD 57069 466018891 HOLD AND MANAGE AIRPLANE FOR FOUNDATION SD 10337 564434 UNIVERSITY OF SOUTH DAKOTA FOUNDATION CHARITABLE REMAINDER TRUSTS (12) CRT SD N/A T 1 CHARITABLE LEAD TRUSTS (3) 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 TRUSTS (3) S 462092 FMV CHARITABLE LEAD TRUSTS (2) S 169223 FMV