2022-11-03T14:25:03-05:00 2021-12-31 450250958 EIDE BAILLY LLP 200 E 10TH ST STE 500 SIOUX FALLS SD 571046375 990 2021-01-01 466018891 UNIVERSITY OF SOUTH DAKOTA FOUNDATION UNIV 6056776703 1110 N DAKOTA VERMILLION SD 57069 JAY WILSON PRESIDENT AND CEO 6056776703 2022-11-15 1 JAY WILSON XXX-XX-XXXX LAURIE HANSON CPA P00851848 6053391999 2022-10-25 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JAY WILSON 1110 N DAKOTA VERMILLION SD 57069 122238076 0 X WWW.USDALUMNI.ORG X 1928 SD PROVIDE PRIVATE RESOURCES TO BENEFIT THE UNIVERSITY OF SOUTH DAKOTA. 21 21 48 413 23576 12741 27405142 16600122 729552 876000 21187673 8944450 268881 9059 49591248 26429631 15635659 15477743 0 0 3427709 3965367 118195 68225 2431278 2883460 2321919 22065023 21833254 27526225 4596377 352818128 375464262 20214319 20854868 332603809 354609394 TO PROVIDE PRIVATE RESOURCES FOR THE UNIVERSITY OF SOUTH DAKOTA TO INCREASE THE EXCELLENCE OF ITS STUDENTS' EDUCATIONAL EXPERIENCE. 0 0 10016483 10016483 886337 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 2020-2021 ACADEMIC YEAR, $9.5 MILLION IN SCHOLARSHIPS WERE AWARDED. FOR THE 2021-2022 ACADEMIC YEAR, $10 MILLION IN SCHOLARSHIPS WERE AWARDED. THIS LEVEL OF FUNDING REPRESENTS AN INCREASE OF 33.5% OVER THE LAST 5 YEARS. 1996378 1996378 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, $98.9 MILLION HAS BEEN PROVIDED FOR FACILITIES THAT HAVEENHANCED THE STUDENTS' EDUCATIONAL EXPERIENCE AND OPPORTUNITIES. 3464882 3464882 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 2021, $3.5 MILLION WAS PROVIDED TO SUPPORT THESE NEEDS. 15477743 1 1 0 1 0 0 0 0 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 1 114 0 1 48 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 21 21 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 PEGGY MACH 6052024164 1110 N DAKOTA VERMILLION SD 57069 RYAN TAYLOR CHAIR 0.70 X X 0 0 0 KEVIN DOYLE VICE CHAIR 0.70 X X 0 0 0 LANCE BULTENA VICE CHAIR ELECT 0.70 X X 0 0 0 GARY BEGEMAN 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 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 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 - LEFT 10/2021 0.40 X 0 0 0 CHRISTINE ROBERTS BOARD OF DIRECTORS 0.40 X 0 0 0 SYLVIA WAGNER BOARD OF DIRECTORS - LEFT 10/2021 0.40 X 0 0 0 BERGEN PETERSON BOARD OF DIRECTORS 0.40 X 0 0 0 BOB SUTTON BOARD OF DIRECTORS - LEFT 5/2021 0.40 X 0 0 0 ROBERT HOLLINGSWORTH BOARD OF DIRECTORS - LEFT 10/2021 0.40 X 0 0 0 JULIE JOHNSON BOARD OF DIRECTORS 0.40 X 0 0 0 KYLE JORGENSEN BOARD OF DIRECTORS - JOINED 10/2021 0.40 X 0 0 0 JAFAR KARIM BOARD OF DIRECTORS - JOINED 10/2021 0.40 X 0 0 0 TERRANCE KURTENBACH BOARD OF DIRECTORS - JOINED 10/2021 0.40 X 0 0 0 BRANDEE SCHULTZ BOARD OF DIRECTORS - JOINED 10/2021 0.40 X 0 0 0 PAUL HANSON BOARD OF DIRECTORS - JOINED 10/2021 0.40 X 0 0 0 NATHAN PETERSON BOARD OF DIRECTORS - JOINED 10/2021 0.40 X 0 0 0 STEVE BROWN PRESIDENT AND CEO 40.00 X 311260 0 47394 CHRISTINE TJELMELAND CFO 40.00 X 214979 0 28586 NICK KOTZEA SEC/TREAS; CHIEF GOV OFFICER 40.00 X 170107 0 11261 MICHELLE GREEN VP-PHILANTHROPY & ENGAGEMENT - LEFT 11/2021 40.00 X 158565 0 13914 CYNTHIA WHITNEY EXECUTIVE DIRECTOR OF PHILANTHROPY 40.00 X 152275 0 19145 ANDREW CARR DIRECTOR OF ATHLETIC DEVELOPMENT 40.00 X 121801 0 14092 NOAH SHEPARD CAMPAIGN DIRECTOR 40.00 X 116117 0 0 KELLYNA WARNKE DIRECTOR OF DEVEL. FOR HEALTH AFFAIRS 40.00 X 102479 0 6145 ROB HOUDEK CONTROLLER 40.00 X 101435 0 35210 1449018 0 175747 9 0 1 0 ERICKSON SOLUTIONS GROUP 11020 KING STREET STE 395 OVERLAND PARK KS 66210 IT SUPPORT AND EQUIPMENT 165367 BWF 7900 XERXES AVENUE SOUTH STE 980 MINNEAPOLIS MN 55431 FUNDRAISING SUPPORT, CONSULTING, BENCHMA 115289 WITTKIEFFER INC 2015 SPRING RD STE 510 OAK BROOK IL 60523 CEO SEARCH 100022 3 195361 16404761 4023776 16600122 ADMINISTRATIVE FEES 561000 876000 876000 876000 3860446 3860446 64000 6484 53663 -6484 10337 3853 10337 -6484 100436608 226810 95354157 225257 5082451 1553 5084004 5084004 150514 195361 168884 -18370 -18370 STATE TAX REFUNDS 900099 18399 18399 BLACKSTONE INVESTMENTS 531390 5177 5177 23576 26429631 886337 23576 8919596 15477743 15477743 959691 887780 71911 2236659 1048162 1188497 104555 42088 62467 361111 191938 169173 303351 171393 131958 11427 11427 49523 49523 10730 10730 68225 68225 563645 563645 109627 109627 239172 23456 215716 161246 52958 108288 234585 224800 9785 193174 87343 105831 121861 36410 85451 285604 285562 42 133916 66214 67702 37655 26250 11405 EVENTS AND STEWARDSHIP 134827 134827 UBI TAX 25626 25626 9301 9301 21833254 15477743 3924233 2431278 X 13615168 14876778 22283536 18464309 2000000 2000000 207865 140948 3793310 1456172 2404086 2337138 266305852 291971985 44291136 44222215 1710485 1450889 352818128 375464262 691194 908493 19523125 19946375 20214319 20854868 X -6586327 -6640690 339190136 361250084 332603809 354609394 352818128 375464262 X 4596377 16385459 22300 1001449 X 0 1 X 1 0 X 20377869 12482589 16510392 27405142 16600122 93376114 20377869 12482589 16510392 27405142 16600122 93376114 18090225 75285889 3628472 5475870 6312205 4268807 3924446 23609800 283345 93694 92180 255089 23576 747884 117733798 5122185 0.63950 0.66280 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 10730 10730 0 PART II-B, LINE 1: THE ORGANIZATION ENGAGED DUNCAN LAW FIRM LLC IN SIOUX FALLS, SOUTH DAKOTA TO PROVIDE DIRECT LOBBYING OF STATE LAWMAKERS IN MATTERS OF INTEREST TO THE UNIVERSITY OF SOUTH DAKOTA DURING THE 2021 SOUTH DAKOTA LEGISLATIVE SESSION. 48575 X X X 308697131 7129249 25213794 9144193 5073977 326822004 260395728 15380752 45476857 7266860 5289346 308697131 231416534 7140295 34340271 8211279 4290093 260395728 243859683 3609613 -3327630 8594873 4130259 231416534 214491251 10393822 31211715 8298323 3938782 243859683 0.01020 0.64520 0.34460 1 0 100701 100701 2975505 926412 2049093 717104 529760 187344 2337138 REAL ESTATE PARTNERSHIPS 11588894 F BLACKSTONE EQUITY GROUP 3746143 F CITY OF VERMILLION TIF BOND 634917 F ADAGE CAPITAL 28252261 F 44222215 INVESTMENTS HELD FOR OTHERS 11673763 GIFT ANNUITIES AND LIFE INCOME AGREEMENTS 3011875 DUE TO USD - SCHOLARSHIPS 5260737 19946375 X 43422034 16385459 22300 412178 16819937 26602097 -172466 -172466 26429631 21416449 172466 172466 21243983 589271 589271 21833254 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 990,773. CASH SURRENDER VALUE OF LIFE INSURANCE 10,676. INVESTMENT EXPENSE -563,645. UBI TAX -25,626. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS FUNDRAISING EXPENSES -168,885. RENTAL EXPENSES INCLUDED WITH RENTAL INCOME -3,581. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES INCLUDED WITH RENTAL INCOME 3,581. RECLASS FUNDRAISING EXPENSES 168,885. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT EXPENSE 563,645. UBI TAX 25,626. EUROPE 0 0 INVESTMENT 8966000 0 0 0 0 0 0 8966000 0 8966000 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 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 REQUIRE FILING FORM 8621. X X X X X 1 BWF 7900 XERXES AVENUE SOUTH SUITE 980 MINNEAPOLIS MN 55431 GIVING DAY SUPPORT 0 635272 68225 567047 635272 68225 567047 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 287116 175151 111965 2500 37234 98032 GOLF CLASSIC EVENTS 58759 20210 38549 7140 23978 345875 195361 150514 2500 44374 122010 168884 -18370 1 SOUTH DAKOTA STATE UNIVERSITY PO BOX 2201 BROOKINGS SD 57007 466000364 GOVERNMENTAL 23504 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 15431739 0 $9,985,479 FOR SCHOLARSHIPS, $1,996,378 FOR FACILITIES AND $3,449,882 OTHER DEPARTMENTAL SUPPORT 2 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 X 1 1 X X X 1 0 0 0 0 0 0 1 0 STEVE BROWN PRESIDENT AND CEO 250836 0 52005 0 8419 0 17400 0 30894 0 359554 0 0 0 CHRISTINE TJELMELAND CFO 207005 0 0 0 7974 0 12699 0 16896 0 244574 0 0 0 NICK KOTZEA SEC/TREAS; CHIEF GOV OFFICER 162669 0 100 0 7338 0 9851 0 2364 0 182322 0 0 0 MICHELLE GREEN VP-PHILANTHROPY & ENGAGEMENT - LEFT 136860 0 100 0 21605 0 7097 0 7579 0 173241 0 0 0 CYNTHIA WHITNEY EXECUTIVE DIRECTOR OF PHILANTHROPY 144757 0 0 0 7518 0 8395 0 11661 0 172331 0 0 0 PART I, LINE 1A GOLF MEMBERSHIP DUES WERE PAID FOR ANDREW CARR AND INCLUDED IN TAXABLE INCOME. 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 VEHICLE. AS PART OF THE COMPENSATION PACKAGE REVIEWED AND APPROVED BY THE CEO, THE CHIEF FINANCIAL OFFICER, THE CHIEF GOVERNANCE OFFICER & LEGAL COUNSEL, AND THE EXECUTIVE DIRECTOR OF PHILANTHROPY ARE PROVIDED A MONTHLY ALLOWANCE FOR BUSINESS USE OF PERSONAL VEHICLES. THESE BENEFITS ARE CONSIDERED TAXABLE BENEFITS AND INCLUDED IN TAXABLE INCOME. PART I, LINE 1B REQUESTS FOR REIMBURSEMENT OF GOLF MEMBERSHIP DUES WERE REVIEWED BY THE CHIEF FINANCIAL OFFICER. PART I, LINE 4A SEVERANCE PAYMENT FOR TERMINATION OF EMPLOYMENT: MICHELLE GREEN, $21,524 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. X 6 48575 COST OF COMPARABLES X 100 COST OF COMPARABLES X 65 3888413 AVG OF HIGH/LOW MKT PRIC X 3 600 COST OF COMPARABLES X MISCELLANEOUS ITEMS 155 86088 FMV 0 0 1 0 PART I, COLUMN (B): COLUMN B REPRESENTS THE NUMBER OF ITEMS CONTRIBUTED. 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 (BOARD MEMBER) AND NANCY GALLAGHER (BOARD MEMBER) HAVE A FAMILY RELATIONSHIP AND A BUSINESS RELATIONSHIP. PAUL HANSON, STEVE YOUNG, 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 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 $9.526 MILLION AND $9.485 MILLION AS OF DECEMBER 31, 2021 AND 2020, RESPECTIVELY. THE FOUNDATION PLANS TO RECOVER THESE NET ASSETS WITHOUT DONOR RESTRICTIONS DEFICIT WITH RECEIPTS ON RECORDED OUTSTANDING PLEDGES TOTALING APPROXIMATELY $8.1 MILLION WHICH HAVE BEEN REDUCED TO APPROXIMATELY $3.6 MILLION AT THE INDIVIDUAL PROJECT LEVEL FOR DISCOUNTS AND ALLOWANCES. IN ADDITION, THE FOUNDATION HAS RECEIVED COMMUNICATION OF APPROXIMATELY $4.2 MILLION IN REVOCABLE GIFTS DESIGNATED TO THE TWO CAPITAL PROJECT FUNDS ALONG WITH ANY FUTURE GIFTS. FORM 990, PART XI, LINE 9: CHANGE IN ANNUITIES & DEFERRED GIFTS 990,773. CASH SURRENDER VALUE OF LIFE INSURANCE 10,676. USDF LLC 1110 N DAKOTA VERMILLION SD 57069 466018891 HOLD AND MANAGE REAL ESTATE FOR FOUNDATION SD 3533 563382 UNIVERSITY OF SOUTH DAKOTA FOUNDATION USDF2 LLC 1110 N DAKOTA VERMILLION SD 57069 466018891 HOLD AND MANAGE AIRPLANE FOR FOUNDATION SD 10337 725424 UNIVERSITY OF SOUTH DAKOTA FOUNDATION CHARITABLE REMAINDER TRUSTS (13) 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 1242941 FMV CHARITABLE LEAD TRUSTS (2) S 135611 FMV