2022-05-11T16:05:23-05:00 2021-06-30 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2020-07-01 826013543 Idaho State University Foundation Inc IDAH 2082823470 921 South 8th Avenue Stop 8050 Pocatello ID 83209 Arlo Luke Treasurer 2082823470 2022-04-22 1 Arlo Luke 999009999 Kim Hunwardsen CPA P00484560 6122536500 2022-04-22 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z Arlo Luke 921 South 8th Avenue Stop 8050 Pocatello ID 83209 37270180 0 X WWW.ISU.EDU/Foundation X 1967 ID To solicit, hold and manage donations for Idaho State University. 18 18 23 25 19508 0 10507518 9955896 1071598 1165530 2464041 2198798 1003058 856676 15046215 14176900 6725090 7155630 0 0 578046 527926 0 0 478163 2551796 2529303 9854932 10212859 5191283 3964041 81825834 103380553 5486721 5261360 76339113 98119193 X Idaho State University Foundation's mission is to stimulate voluntary private support from alumni and friends and others for the benefit of Idaho State University. 0 1 7349167 7155630 1165530 The Idaho State University Foundation, Inc. (the Foundation) and Subsidiary was formed in March 1967. The Foundation is a not-for-profit corporation incorporated in accordance with the laws of the State of Idaho and is managed by a volunteer Board of Directors. Under the Idaho State Board of Education's administrative rules the Foundation must be independent of, and cannot be controlled by, Idaho State University (the University). Operating and services agreements between the Foundation and the University define the relationship between the two entities in accordance with the State Board of Education's rules. The mission of the Foundation is accomplished by focusing on three primary service areas. (Continued on Schedule O)Academic, development and program support:The Foundation works to stimulate voluntary private support from alumni, parents, friends, corporations, foundations, and others for the benefit of the University. These resources provide opportunities for students and a degree of institutional excellence unavailable with state funding levels.Endowment and private resource management:The Foundation manages the endowment and other privately donated funds received for the benefit of the University and its programs. Management of these resources includes selection of investment advisors,establishing investment targets and allocations, enhancing returns on invested funds, and managing cash flows to meet the spending needs of the University from endowment and other funds. 798174 856676 The Foundation had a subsidiary corporation, Bengal Pharmacy, LLC (the Pharmacy). The Pharmacy was formed as a limited liability company (LLC) with the Foundation as the sole member. The Pharmacy was transferred to Idaho State University as of June 30, 2021 and the Pharmacy is no longer a program as of that date. There was no cash included in the transaction that transferred the Pharmacy to the University. The transfer was considered a gift from the Foundation to the University. 8147341 1 1 0 0 0 0 0 0 1 1 1 1 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 1 0 0 1 1 0 0 0 1 4 0 1 23 1 1 1 0 0 0 0 1 1 0 0 0 1 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 0 0 0 X X Theresa Capasso 2082823470 921 S 8th Ave Stop 8050 Pocatello ID 832098050 X Brad Hall Left 092020 Secretary / Legal Counsel 6.50 X X 18800 0 0 David Jeppesen President 1.25 X X 0 0 0 Valerie Hoybjerg Left 072020 Past Chair of the Board 2.00 X X 0 0 0 John Kent President Elect 2.00 X X 0 0 0 Crystal Allen From 092020 Secretary 0.30 X X 0 0 0 Larry Bird Board Member 4.00 X 0 0 0 Reed Brimhall Board Member 1.00 X 0 0 0 Dirk Driscoll Board Member 0.50 X 0 0 0 Bill Eames Board Member 5.00 X 0 0 0 Cassandra Gehrke Board Member 1.50 X 0 0 0 Roger Gibson Board Member 1.00 X 0 0 0 Randy Hudspeth Board Member 1.00 X 0 0 0 Karen Huntsman Board Member 0.00 X 0 0 0 Joseph Jensen Lifetime Board Member 3.00 X 0 0 0 Mike Byrne Lifetime Board Member 1.00 X 0 0 0 Josh Tolman Board Member 0.00 X 0 0 0 Beena Mannan Board Member 1.50 X 0 0 0 Bill McNabb Board Member 0.50 X 0 0 0 Tim Olson Left 072020 Board Member 2.00 X 0 0 0 Kent Oram Left 032021 Board Member 1.00 X 0 0 0 Steven Skaggs Board Member 1.00 X 0 0 0 Troy Bell Board Member 2.00 X 0 0 0 Kyle McGowan Executive Vice President 10.00 X 39487 0 6328 Nate Cuoio From 092020 Legal Counsel 6.50 X 18800 0 0 Arlo Luke Treasurer 2.00 X 0 0 0 77087 0 6328 0 0 0 1 SEI 1 Freedom Valley Drive Oaks PA 19456 Investment Management 390228 1 9955896 1181197 9955896 Management Fee 541610 797488 797488 Gift Fee Income 900099 368042 368042 1165530 1988740 19508 1969232 17659291 17445791 3442 213500 -3442 210058 210058 6500723 5644047 856676 856676 14176900 2022206 19508 2179290 7155630 7155630 33214 33214 470707 346148 124559 24005 18071 5934 797113 797113 78597 21488 57109 394760 394760 167466 130183 20566 16717 166032 60716 19511 85805 191321 169304 15824 6193 27745 27745 1034 500 534 127757 7757 120000 30806 30806 30327 9678 11769 8880 Gift Fee 360568 360568 CRT payments beneficiar 36961 36961 Income tax expense 10139 10139 Bad debt expense 7106 -1265 8371 101571 100405 1166 10212859 8147341 1587355 478163 1439093 999239 3605964 3609423 374875 43598 378133 0 127071 92663 481695 150902 476223 330793 8430399 126439 66661085 97428379 199241 0 133750 750019 81825834 103380553 323430 19718 25780 0 1024539 1198386 3000000 3000000 127597 0 985375 1043256 5486721 5261360 X 1652019 3951119 74687094 94168074 76339113 98119193 81825834 103380553 X 3964041 18327955 -511916 X 0 1 X 1 0 X 5330866 9842520 12472829 10507518 9955896 48109629 363321 341047 313565 390522 158160 1566615 5694187 10183567 12786394 10898040 10114056 49676244 7819500 41856744 3858684 613049 1830122 2355269 1969232 10626356 12839 41111 53950 60356550 35572224 0.69350 0.69180 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 58999191 2283046 17972319 3793961 390228 75070367 59074509 4136615 -1686900 1787335 737698 58999191 57584648 2531054 2212958 1166416 1401112 686623 59074509 53258798 1775928 4304052 1720985 33145 57584648 48958701 1191625 4955669 1847197 53258798 0.00000 0.88114 0.11885 0 0 330793 330793 150902 150902 0 330793 Real Estate Funds 145134 F Bond Funds 30239967 F Equity Funds 62711656 F Real Asset Funds 4331622 F 97428379 Obligations to Beneficiaries Under Split-Interest Agreements 1021622 Scholarships & Other Payables to Idaho State University 21634 1043256 X 31755386 18327955 158160 340418 18826533 12928853 394760 853287 1248047 14176900 9167946 158160 158160 9009786 394760 808313 1203073 10212859 Part IV, Line 2b: Pullen-Grey Foundation and the Bengal Athletic Boosters transferred certain assets to the Foundation for investment and management, these amounts are included in the amount of funds held in custody for others. Interest and fees on investments are allocated accordingly to the respective investments. Additionally, at 6/30/21 the ISU held estate assets for the Elliot-Blakelee estate. These assets were reported on the balance sheet in Funds Held for Others. Part V, Line 4: The Foundation's endowment consists of approximately 600 individual funds established for a variety of purposes. As required by generally accepted accounting principles, net assets associated with endowment funds are classified and reported based upon the existence or absence of donor-imposed restrictions. Changes in the fair value of split-interest agreements, life insurance, and the net change in charitable remainder trusts relating to permanently restricted assets are summarized in other changes in the Endowment asset rollforward. Part X, Line 2: 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 will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. Part XI, Line 2d - Other Adjustments: Chg in value of split-interest and life insur reported in revenue on F/S 350,557. Income tax expense reported in revenue on F/S -10,139. Part XI, Line 4b - Other Adjustments: Bengal Pharmacy net sales not included in F/S 856,676. Loss on Sales of Assets included in expenses -3,442. Bengal Pharmacy Interest 53. Part XII, Line 4b - Other Adjustments: Income tax expense reported in revenue on F/S 10,139. Bengal Pharmacy expenses not included in F/S 798,174. Part XI and Part XII: The Foundation's audited financial statement does not include the activities of the Pharmacy in the current year Statement of Activities or Balance Sheet. The net impact for the year of the pharmacy activities is shown as a loss on deconsolidation. Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 Investment 10038000 0 0 0 0 0 0 10038000 0 10038000 1 0 1 1 1 0 Part III Accounting Method: 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 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 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 not 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. 1 Idaho State University 921 S 8th Avenue Pocatello ID 83209 826000924 State of Idaho 7113630 Academic, athletic, and general support for the University Idaho College of Osteopathic Medicine LLC 1311 E Central Drive Meridian ID 836427991 811715706 42000 Scholarships 1 1 Part I, Line 2: Grants and scholarships are given to Idaho State University in furtherance of the Foundation's exempt purpose. Every endowment at the Foundation has a term and condition clause which is passed on to the appropriate university office which disburses the funds. Every year the Foundation is audited and these terms are reviewed for compliance. ISUF holds a scholarship endowment for ICOM. The scholarships are awarded based on established criteria, reviewed with ISU Development staff, and then amount awarded is paid to ICOM from the spendable portion of its endowment. ICOM posts the awards to the individual student accounts. Grants are not made to individuals by the Foundation. 0 0 0 0 0 0 0 0 0 Form 990, Part VII, Section A, Line 5: Idaho State University, an unrelated organization, paid compensation of $197,436 and benefits of $33,245 to Kyle McGowen for services as Executive Vice President. The Foundation's portion for the fiscal year, including compensation and benefits of $56,544 for Kyle McGowen, is reported as contributed services by ISU to the Foundation. X 1 4846 FMV X 26 991974 FMV X Debt & Interest 1 120000 Book Value X Piano 1 35000 Opinion of Experts X Microphones & Receivers 26 20844 FMV X Supplies 1 8533 FMV 1 0 1 1 Part I, Column (b): Column (b) represents the number of items contributed during the tax year. Part I, Line 32b: Idaho State University Foundation hires realtors or other certified appraisers to appraise/sell property. All stock contributions are received by an investment company and immediately sold and the cash deposited into the ISUF bank account. Form 990, Part III, line 3 In January, 2021, the Foundation and the University entered into an agreement to transfer ownership of Bengal Pharmacy to the University, effective June 30, 2021, to be directed and managed by the College of Pharmacy. No interest in Bengal Pharmacy was retained by the Foundation. The Foundation received no consideration from the University for this transfer. Form 990, Part VI, Section A, line 1 ISUF has an Executive Committee composed of the elected officers of the Foundation Board and the Board Executive Vice President (non-voting) and two additional board members. The committee caries out specific directives of the board, acts on behalf of the board in between board meetings, with the responsibility to report significant acts to the board for ratification. Form 990, Part VI, Section A, line 1 The Executive Vice President and Treasurer serve as ex-officio members and do not have voting rights. Form 990, Part VI, Section B, line 11b The Form 990 is emailed to the audit committee for review prior to filing. The Foundation accounting personnel and Executive Vice President review the Form 990. Form 990, Part VI, Section B, line 12c All directors, officers, Board Committee members and staff members are covered by the organization's conflict of interest policy. Each individual has a duty to disclose to the Board the existence of a conflict of interest. Conflicts of interest are first reviewed by the executive committee and then brought to the full board for resolution. Any persons with a conflict of interest are required to recuse themselves from the discussion and vote on the issue. Form 990, Part VI, Section B, line 15 All foundation employees are employees of the State of Idaho and thus, compensation is determined by state guidelines and compensation studies. The Foundation does not pay any employees directly. The organization's board does not have a direct role in the determination of compensation. Form 990, Part VI, Section C, line 19 Idaho State University Foundation documents are available to the public via the organization's website and upon request. Form 990, Part VII, Column F: The Organization participates in the Public Employee Retirement System of Idaho, a defined benefit plan, due to the size and varied participants in this plan the actuarial value is not calculated on a per employee basis. The amount included in column F for deferred compensation includes the actual contributions to the plan, but does not include any amount for a reasonable estimate of the increase in actuarial value. Form 990, Part XI, line 9: Net change in value of split-interest agreements and life insurance 350,557. Transfer of Bengal Pharmacy to Idaho State University -807,360. Bengal Pharmacy current year change in net assets -55,113. Bengal Pharmacy 921 South 8th Ave Stop 8158 Pocatello ID 83209 Pharmacy training for pharmaceutical students ID 856676 1295018 Idaho State University Foundation Charitable Remainder Trusts (7) SUPPORT FOR IDAHO STATE UNIVERSITY ID N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Schedule R, Part I: Bengal Pharmacy ownership transferred to the University of Idaho effective June 30, 2021. The amounts reported on Schedule R related to the Pharmacy represent the current tax year gross receipts and end of year assets deconsolidated from the Foundation's audited financial statements.