2026-05-05T13:57:15-05:00 2025-06-30 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2024-07-01 816001649 Montana State University Foundation Inc MONT 4069942053 PO Box 172750 Bozeman MT 59717 Fran Albrecht President and CEO 4069942053 2026-05-15 1 1 Deb Nelson CPA P01264758 6122536500 2026-05-05 2024 2025-03-06 01:10:19Z MSU Alumni Foundation Fran Albrecht PO Box 172750 Bozeman MT 59717 264457322 0 X www.msuaf.org X 1946 MT Cultivate lifelong relationships and secure private support to advance Montana State University. 23 23 90 150 2806817 2115537 80732127 124843945 4032700 4503494 16000483 17705535 318205 383104 101083515 147436078 28175938 73058871 0 0 8002764 8659967 285470 0 5058233 5204800 5750893 41668972 87469731 59414543 59966347 453249914 529070770 19710503 21297092 433539411 507773678 We cultivate lifelong relationships and secure private support to advance Montana State University. 0 0 63423674 63290447 2404590 MSUAF provided Montana State University with private dollars to advance its land-grant mission to integrate education, create knowledge and art, and service communities. MSUAF provided $9.2 million to enrich instruction, research, and public service of Montana State University's 17,144 students as well as $54.3 million to construct and equip facilities that enhance their research and learning environments. 9768424 9768424 1756210 MSUAF provided 3,338 students with scholarships to attend Montana State University. Scholarships allowed these students to pursue advanced education, lessening the burden of tuition, housing, and fees. 1737490 342694 Alumni engagement connects over 252,000 contactable alumni and friends of Montana State University through inclusive communications, events, and affiliate networks. Alumni (which included graduates and non-degreed attendees) and friends (affiliates, staff, faculty, donors, parents of current students) receive regular MSU news, events, and invitations to connect with Montana State and one another, locally, in populus target regions, and in chapter areas and across the country. Over 300 events including in-person and hybrid, brought programs, meaningful experiences and unique opportunities to engage with MSU, to over 24,000 tracked alumni, friends, supporters, and fans. 74929588 1 1 0 0 0 0 0 0 1 1 1 1 0 0 1 1 0 1 0 0 1 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 36 0 1 90 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 0 0 AK CA CO KY ME MD MA MI MN NJ NV NH NY OH OR SC UT WA X X Jen Nord 4069947640 PO Box 172750 Bozeman MT 59717 Nancy Seleski Chair 6.50 X X 0 0 0 Bill Sanderson Vice Chair 0.80 X X 0 0 0 Mary Ann Pearce Former Chair (Until 11/24) 1.50 X X 0 0 0 Darryl Thompson Secretary/Treasurer 4.00 X X 0 0 0 Greg Collins Past Chair 3.90 X X 0 0 0 Ron Aasheim Governor 2.10 X 0 0 0 Behrooz Abdi Governor 1.10 X 0 0 0 Mark Bacigalupo Governor 1.20 X 0 0 0 Frank Benevento Governor 0.50 X 0 0 0 Jomarie Bliss Governor 1.80 X 0 0 0 Brian Brown Governor (Joined 11/24) 0.50 X 0 0 0 Don Cape Jr Governor 1.00 X 0 0 0 Jill Cuniff Governor 2.70 X 0 0 0 Ingrid Degreef Governor 2.30 X 0 0 0 Wayne Edwards Governor (Joined 7/24) 0.70 X 0 0 0 Carol Ezrati Governor (Joined 7/24) 1.50 X 0 0 0 Don Gimbel Governor 0.20 X 0 0 0 Denise Juneau Governor (Until 7/24) 0.10 X 0 0 0 Ron Lewis Governor 0.30 X 0 0 0 Chris Nygren Governor 0.80 X 0 0 0 Steve Rovig Governor (Until 7/24) 0.30 X 0 0 0 Lynda Sedivy Governor 0.80 X 0 0 0 Walter Smith Governor 0.60 X 0 0 0 Kent Strazza Governor 1.00 X 0 0 0 Steve Wheeler Governor 0.70 X 0 0 0 Andrew Wilcox Governer 0.70 X 0 0 0 Fran Albrecht President and CEO 50.00 X 301975 0 35460 Melissa Kinnear Until 1124 VP of Finance & Accounting 50.00 X 213143 0 36010 Jen Nord From 0525 VP of Finance & Accounting 30.00 X 0 0 0 Shannon Schumacher VP of Development 50.00 X 188877 0 29897 Kathleen Saylor Sr. Director of Special Projects 40.00 X 170014 0 24612 Kerry Hanson VP of Engagement 40.00 X 158356 0 25885 Kevin Brown Assoc. VP of Development for ETGP 40.00 X 150897 0 33477 Therese Weller Sr. Managing Director of ETGP 40.00 X 144775 0 28929 Jacqueline Sather Sr Managing Director of Development, OR 40.00 X 133618 0 27897 Christopher Murray Former President and CEO 0.00 X 169292 0 0 Mary Jane McGarity Former Interim President and CEO 40.00 X 109702 0 25747 Chris Glick Until 0224 Former VP of Development 0.00 X 109177 0 9174 1849826 0 277088 23 1 1 0 Blackbaud Inc PO Box 930256 Atlanta GA 31193 Technology Services 247116 Wilshire Advisors LLC 1299 Ocean Ave Suite 600 Santa Monica CA 90401 Investment Consultant 220000 Ologie Inc 447 East Main Street Columbus OH 43215 Marketing Services 165000 Color World PO Box 1088 Bozeman MT 59771 Printing & Mailing Services 135310 4 144915 124699030 39587225 124843945 Contract for Services 561499 2126559 2126559 Ticket Revenue 611710 1756210 1756210 Alumni Relations Program 611710 342693 342693 Administrative Fees 523000 185583 185583 Service Fee Revenue 523000 92449 92449 4503494 7418163 2806817 4611346 67 67 39179 0 39179 39179 39179 127236412 116949040 10287372 10287372 10287372 41170 144915 72204 -31034 -31034 Invest Income - ATI 523000 374892 374892 374892 147436078 4503494 2806817 15281822 73058871 73058871 746091 71696 372546 301849 238574 238574 5856601 767646 2383414 2705541 366033 44908 147454 173671 941442 115504 379254 446684 511226 62721 205944 242561 15474 963 2373 12138 47775 47775 2542529 2542529 539873 36578 422936 80359 384034 204902 7829 171303 316546 11863 101435 203248 487323 44484 322150 120689 228126 2059 219605 6462 425507 66718 21542 337247 359154 307448 33799 17907 17709 17709 331385 133227 198158 44299 44299 UBIT 11159 11159 87469731 74929588 7481910 5058233 34535 27907 25977647 37407265 55423272 82333326 11727 30825 6130333 6639390 21344 20785 540338 498438 17150240 2534013 7223726 14616227 174128779 145804981 183411771 241603407 -574373 -199479 920815 287698 453249914 529070770 1234095 3154431 430239 507310 11341538 11134238 724584 534726 5980047 5966387 19710503 21297092 X 18349974 24905577 415189437 482868101 433539411 507773678 453249914 529070770 X 59966347 13996481 271439 X 0 1 X 1 0 X 21196615 53402688 46379687 78698748 124843945 324521683 21196615 53402688 46379687 78698748 124843945 324521683 145069930 179451753 526515 2237275 5267861 8528286 4650592 21210529 86777 399169 289382 27560 2084503 2887391 532272 501442 537923 318055 374892 2264584 350884187 17428841 0.51140 0.75050 X Schedule A, Part II, Line 10, Explanation of Other Income: Miscellaneous Income - 2020 Amount: $ 71,603. 2021 Amount: $ 71,719. 2022 Amount: $ 104,956. Administrative Fees - 2020 Amount: $ 219,337. 2021 Amount: $ 241,773. 2022 Amount: $ 234,595. Investment Income - ATI - 2020 Amount: $ 241,332. 2021 Amount: $ 187,950. 2022 Amount: $ 198,372. 2023 Amount: $ 318,055. 2024 Amount: $ 374,892. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 287010704 21785025 25342622 9541125 4962506 319634720 264094261 11585613 24207009 8409608 4466571 287010704 231524220 21879112 21169234 6607869 3870436 264094261 218707875 31934845 -8639743 6609357 3869400 231524220 171183813 6266668 50486281 5774516 3454371 218707875 0.00298 0.99649 0.00053 0 0 8566050 1580301 10146351 5846570 1537496 4309074 1147574 996517 151057 9745 9745 14616227 Split Interest Agreements 15622230 F Beneficial Interest in Trusts 8395723 F Fixed Income 35128149 F Hedge Funds 46507163 F Private Equity 78552688 F International equity 17266581 F Real Assets 40130873 F 241603407 Trust and Annuity Obligations 5894727 Finance Lease Liability 71660 5966387 X 161874043 13996481 332100 2579709 16908290 144965753 2542529 -72204 2470325 147436078 87390419 31809 2431408 2463217 84927202 2542529 2542529 87469731 Part IV, Line 2b: The Foundation held agency funds for other organizations during the year. Earnings on these assets are credited to each organization's agency account. The balance of the total agency funds held for others are reported as agency fund liabilities on Form 990, Part X, Line 21. Part V, Line 4: To provide income for the maintenance of the organization and its charitable purposes. Part X, Line 2: Management believes that the Foundation 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 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: ATI Revenue 784,657. MSUIC Revenue 794,687. ATI/MSUIC Eliminations -908,420. MSUIC Subsidiary Earnings -50,932. Change in Value of Split-Interest Agreements 2,669,901. Direct Pledge Writeoff & Accrual Adjustment -710,184. Part XI, Line 4b - Other Adjustments: Fundraising Expenses netted with Revenue -72,204. Part XII, Line 2d - Other Adjustments: ATI Expenses 436,763. MSUIC Expenses 845,619. ATI/MSUIC Eliminations -611,456. Uncollectable Pledge Expense 1,688,278. Fundraising Expenses netted with Revenue 72,204. Central America and the Caribbean 0 0 Investments N/A 47775000 Europe (Including Iceland & Greenland) 0 0 Investments N/A 19034000 East Asia and the Pacific 0 0 Investments N/A 4304000 0 0 0 0 0 0 71113000 0 71113000 1 0 1 1 1 0 Part I: The amounts reported on Line 3, Column (f) represent passive investment funds legally domiciled outside of the United States. The Foundation does not have any foreign offices or employees, and it does not conduct any direct foreign activities. 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 require filing Form 926. The Foundation's transfers to foreign partnerships did require filing Form 8865. The Foundation has ownership interests in foreign corporations and foreign partnerships. The Foundation would file Form 5471 or Form 8865 if the ownership met the requirements for filing. The Foundation's ownership in foreign corporations did require filing Form 5471. 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 8621s for underlying investments that generate unrelated business income. The 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. The Foundation did not require filing Form 8621. QBC Banquet & Auction 167385 141335 26050 8750 2471 32445 7825 QBC Golf Tournament 18700 3580 15120 20713 186085 144915 41170 8750 2471 53158 7825 72204 -31034 1 Montana State University PO Box 172720 Bozeman MT 59717 363412482 State of Montana 73055220 3651 FMV Supplies Scholarships to Montana State University Students and Program Support 1 0 Part I, Line 2: Montana State University Foundation (MSUF) manages disbursement of donor gifts according to purposes set forth by donors. To request funds from MSUF, Montana State University (MSU) prepares a voucher complete with documentation and MSU approval. MSUF verifies that the expenditure falls within the donor criteria, MSUF's disbursement policy, and that the request is from an authorized MSU representative. All requests are approved by MSUF before disbursement to MSU. X X X 1 0 0 0 0 0 0 0 0 Fran Albrecht President and CEO 271450 0 30000 0 525 0 21350 0 14894 0 338219 0 0 0 Melissa Kinnear Until 1124 VP of Finance & Accounting 212868 0 0 0 275 0 15274 0 20736 0 249153 0 0 0 Shannon Schumacher VP of Development 170452 0 17000 0 1425 0 13162 0 17381 0 219420 0 0 0 Kathleen Saylor Sr. Director of Special Projects 168689 0 0 0 1325 0 11808 0 13484 0 195306 0 0 0 Kevin Brown Assoc. VP of Development for ETGP 147372 0 2000 0 1525 0 10905 0 23208 0 185010 0 0 0 Kerry Hanson VP of Engagement 156306 0 0 0 2050 0 11081 0 15405 0 184842 0 0 0 Therese Weller Sr. Managing Director of ETGP 143055 0 0 0 1720 0 10186 0 19317 0 174278 0 0 0 Christopher Murray Former President and CEO 0 0 0 0 169292 0 0 0 0 0 169292 0 0 0 Jacqueline Sather Sr Managing Director of Development, OR 131843 0 0 0 1775 0 9376 0 18893 0 161887 0 0 0 Mary Jane McGarity Former Interim President and CEO 108377 0 0 0 1325 0 7704 0 18486 0 135892 0 0 0 Chris Glick Until 0224 Former VP of Development 39027 0 0 0 70150 0 7673 0 1566 0 118416 0 0 0 Part I, Line 4a Chris Murray, Former President and CEO, received severance compensation as outlined in a Board approved retirement package at the time of his retirement from MSUF. Board approved severance payments for 2024 totaling $169,292 are reported in Schedule J, Part II, Column (B)(iii). Chris Glick, Former VP of Development, received severance compensation as outlined in a severance package at the time of his departure from MSUF. Board approved severance payments for 2024 totaling $70,000 are reported in Schedule J, Part II, Column (B)(iii) X 128 38476245 FMV X 19 212329 FMV X 1 895000 FMV X Supplies 1 3651 FMV 1 0 1 0 Part I, Column (b): Column (B) reports the number of contributions. Form 990, Part VI, Section A, line 1a The Executive Committee is composed of the Chair, Vice Chair, Past Chair, Secretary/Treasurer, the Chairs of the Budget, Investment, Governance, and Audit, and nominating committees. The committee shall be responsible for the oversight of all activities, operations, monies, and assets of the corporation, subject to review by the board. Between meetings of the board, the committee shall have general powers to decide all matters relating to the policy, property, and functions of the corporation, subject to the approval of the board, but shall not reverse the action of the board upon any matter which has been presented and acted on by the board. Powers shall include, but are not limited to, the authority to accept gifts, to acquire and dispose of property, to borrow money, and to pledge assets of the corporation as security. Form 990, Part VI, Section B, line 11b The Form 990 was prepared by an independent accountant and reviewed by management. The Form 990 was provided to the governance and audit committee and board of governors for review. The committee and board then discussed the Form 990 with management and approved it prior to filing. Form 990, Part VI, Section B, line 12c Annually, all officers and governors must sign the acknowledgement that they have read and complied with the conflict of interest policy. Any conflicts during the period are reported at this time and documented. Transactions with parties with whom a conflicting interest exists may be undertaken only if all six (6) of the following are observed: 1. The conflicting interest is fully disclosed; and 2. The person who has or appears to have a conflict of interest: A. shall be excluded from the discussion of the transaction; or B. if deemed to be in the best interest of the MSU Alumni Foundation, may provide information for and answer questions relating to the transaction as permitted by and limited by the individual presiding over the discussion of the transaction. By participating, the person shall not intentionally influence a decision on the matter; 3. The person who has or appears to have a conflict of interest shall be excluded from voting on the transaction; and 4. A competitive bid or comparable valuation exists if appropriate; and 5. The transaction has been approved as being in the best interest of the MSU Alumni Foundation; and 6. All decisions and actions pursuant to this provision are clearly documented in the minutes of the proceeding. Form 990, Part VI, Section B, line 15a The CEO is evaluated annually by the Executive Committee of the Board of Governors. This committee meets in a closed session and discusses the CEO's performance during the year and comparable pay for the position and region. The CEO's compensation is approved by a majority vote of the Board of Governors, which includes all independent governors. This process was last completed in 2024. The President and CEO reviews the performance of other officers and key employees of the organization. The President and CEO reviews the compensation of each officer and key employee with input from the Director of HR, based on performance and comparable pay as determined from regional benchmarking surveys completed throughout the year. The other officers and key employees of the organization are evaluated annually by the president and CEO and given notice of their compensation during the performance review meeting. This process was last completed in 2024. Form 990, Part VI, Section C, line 19 The governing documents and conflict of interest policies are available upon request. The financial statements are available on the Foundation's website. Form 990, Part XI, line 9: Change in value of split-interest agreements 2,669,901. Uncollectable Pledge Expense -1,688,278. Direct Pledge Writeoff & Accrual Adjustment -710,184. 4350 Spain Bridge LLC 1501 South 11th Ave Bozeman MT 59715 883654741 Commercial real estate leasing MT 35999 4354025 MSUF Crawford Bobcat Ranch LLC 1501 South 11th Ave Bozeman MT 59715 994838113 To hold, manage and administer real estate MT 3180 7480000 MSUF MSU Innovation Campus PO Box 172755 Bozeman MT 59717 445507328 Economic Development MT 501(c)(3) Line 12a, I MSU Foundation 1 Advanced Technology Inc PO Box 172755 Bozeman MT 59717 810448958 Real Estate MT MSU Foundation C 841858 1524824 1.00000 1 Charitable Remainder Trusts (5) Investment Management MT N/A T 0 0 0 0 1 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 MSU Innovation Campus D 6587755 Balance at Year End