2020-04-14T09:57:33-05:00 2019-06-30 450310328 BRADY MARTZ & ASSOCIATES PC POST OFFICE BOX 848 MINOT ND 587020848 990 2018-07-01 456012226 WILLISTON STATE COLLEGE FOUNDATION WILL 7015729275 PO BOX 1286 WILLISTON ND 588021286 TERRY OLSON EXECUTIVE DIRECTOR 7015729275 2020-04-01 1 DARYL D HEIZELMAN CPA P00019837 7018520196 2020-04-01 24.230.153.18 2020-04-01 11:38:15 CD P 2FE766F06032B6E754C6E6A819DBBBCE308B09D8 EDC55127736E7842E3A544001FDEFC34667F2019 2018 2021-01-29 14:40:06Z TERRY OLSON PO BOX 1286 WILLISTON ND 588021286 24629949 0 X WWW.WSCFOUNDATION.COM X 1961 ND TO PROMOTE AND SUPPORT WILLISTON STATE COLLEGE IN WILLISTON, NORTH DAKOTA. 11 11 0 11 170751 2372 347399 1034174 0 0 601112 1270939 2921155 2954599 3869666 5259712 2322912 2864589 0 0 906159 685481 0 0 267152 343014 291814 3572085 3841884 297581 1417828 35346239 27780323 6814871 3718303 28531368 24062020 X THE FOUNDATION SUPPORTS WILLISTON STATE COLLEGE BY BUILDING RELATIONSHIPS WITH ALUMNI, DONORS, AND SURROUNDING COMMUNITIES; GENERATING FINANCIAL SUPPORT; FUNDING STUDENT AND FACULTY DEVELOPMENT SCHOLARSHIPS; AND LEADING CAPITAL EXPANSION TO DEVELOP A THRIVING STATE-OF-THE-ART CAMPUS. 0 0 3018463 2796192 THE FOUNDATION PROVIDES SCHOLARSHIPS TO STUDENTS OF WILLISTON STATE COLLEGE FOR HIGHER EDUCATION, CONTINUING EDUCTION, AND STAFF GRANTS TO SUPPORT COLLEGE AND COMMUNITY PROJECTS. THE FOUNDATION OWNS PROPERTY AND EQUIPMENT THROUGH THEIR PARTNERSHIP WITH WILLISTON STATE COLLLEGE HOUSING, LLC. THIS PROPERTY IS RENTED BY WILLISTON STATE COLLEGE EMPLOYEES AND OTHER ESSENTIAL PERSONNEL AND AFFILIATES. REVENUES DERIVED FROM THIS PROGRAM SERVICE WERE $368,580, AND RELATED EXPENSES WERE $367,852. THIS PROGRAM RENTAL ACTIVITY IS PRESENTED ON FORM 990 IN SECTION VIII, LINES 6A AND 6B. 68397 68397 THE FOUNDATION MAKES CONTRIBUTIONS TO VARIOUS CHARITABLE ORGANIZATIONS THAT PROVIDE SUPPORT TO THE WILLISTON, NORTH DAKOTA AREA. 3086860 1 1 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 3 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 0 0 X LAURIE FURUSETH 7015729275 PO BOX 1286 WILLISTON ND 588021286 WARD KOESER PRESIDENT 2.50 2.50 X X 0 0 0 LARRY GRONDAHL VICE PRESIDENT 0.50 0.50 X X 0 0 0 KIM HENNESSY SECRETARY/TREASURER 0.50 0.50 X X 0 0 0 KATIE KRINGEN DIRECTOR 0.50 0.50 X 0 0 0 RICK MEDALEN DIRECTOR 0.50 0.50 X 0 0 0 BRANDON JOHNSON DIRECTOR 0.50 0.50 X 0 0 0 NATHAN JEPSEN DIRECTOR 0.50 0.50 X 0 0 0 MYRON LEE DIRECTOR 0.50 0.50 X 0 0 0 TAMMY SOGARD DIRECTOR 0.50 0.50 X 0 0 0 TAYLOR OLSON DIRECTOR 0.50 0.50 X 0 0 0 JORY MEYER DIRECTOR 0.50 0.50 X 0 0 0 TERRY OLSON EXECUTIVE DIRECTOR 20.00 20.00 X 0 208354 40790 LAURIE FURUSETH CFO 15.00 15.00 X 0 55348 6734 0 263702 47524 0 0 1 0 0 1034174 1034174 351595 351595 2262017 2262017 789146 756898 32248 32248 31520 728 10344810 9425466 919344 919344 919344 9717114 9187873 529241 529241 ND MOTOR VEHICLE DEPARTMENT 900099 125914 125914 HORIZON CAPITAL 531110 29858 13317 16541 MISCELLANEOUS 900099 374 374 -25053 -25053 131093 5259712 374 170751 4054413 2864589 2864589 263231 58369 116738 88124 251920 63397 91387 97136 63289 14502 26391 22396 70875 15246 36240 19389 36166 8270 15312 12584 7283 7283 33340 33340 71248 71248 300 300 52805 50986 1277 542 3470 487 2983 20093 20093 199 199 9816 9816 DMV OPERATIONS 38069 38069 SPECIAL EVENTS 26533 26533 MISCELLANEOUS 21815 4992 16375 448 TETON THUNDER EXPENSES 3473 3473 3370 2350 1020 3841884 3086860 487872 267152 498730 116983 7042375 8874133 1301000 1020333 420 2905 19619 20753 11741088 2680346 9485825 9060742 14643349 7140853 2354921 1543621 35346239 27780323 89514 111538 54403 50709 3163685 39943 3000000 3000000 507269 516113 6814871 3718303 X 3479972 3223576 17372890 16606014 7678506 4232430 28531368 24062020 35346239 27780323 X 1417828 -572603 -346480 -4968093 X X 0 1 X 1 0 X 1179186 2324906 1494620 347399 1034174 6380285 1179186 2324906 1494620 347399 1034174 6380285 6380285 6082765 3460480 3767289 3171025 3901536 20383095 111483 -112412 3034 2105 39743 251423 -20928 16541 286779 27052264 153526 0.23590 0.20660 X WILLISTON STATE COLLEGE FOUNDATION FAILS TO MEET THE PUBLIC SUPPORT TEST FOR THE YEAR ENDED JUNE 30, 2019. HOWEVER, BASED ON THE FOLLOWING FACTS AND CIRCUMSTANCES, THE ORGANIZATION SHOULD CONTINUE TO BE RECOGNIZED AS A PUBLICLY SUPPORTED ORGANIZATION UNDER INTERNAL REVENUE CODE SECTION509(A)(1).TEN-PERCENT OF SUPPORT:THE TOTAL AMOUNT OF PUBLIC SUPPORT FOR THE ORGANIZATION DURING THE ABOVE MENTIONED PERIOD IS 23.59%. THEREFORE, THE TOTAL PUBLIC SUPPORT IS GREATER THAN THE REQUIRED 10%.ATTRACTION OF PUBLIC SUPPORT:THE WILLISTON STATE COLLEGE FOUNDATION HAS ACTIVELY BEEN SOLICITING FOR COMMUNITY DONATIONS TO INCREASE THE LEVEL OF SUPPORT THAT THEY CAN PROVIDE TO THE WILLISTON STATE COLLEGE. ENROLLMENT NUMBERS HAVE BEEN INCREASING AT THE WILLISTON STATE COLLEGE, AND WITH INCREASED ENROLLMENT, THE FOUNDATION HAS FOUND THAT THERE ARE MORE SCHOLARSHIP AND OTHER NEEDS TO SUPPORT THE WILLISTON STATE COLLEGE. THE FOUNDATION CURRENTLY HAS BEEN SOLICITING DONATIONS BY SENDING OUT MAILINGS TO ALUMNI AND OTHER POTENTIAL DONORS TO TAKE ADVANTAGE OF THE NORTH DAKOTA HIGHER EDUCATION CHALLENGE GRANT AND THE NORTH DAKOTA TAX CREDIT ON ENDOWMENT GIFTS. THEY ARE ALSO SOLICITING GIFTS FOR NAMING OPPORTUNITIES FOR SUITES AT FRONTIER HALL. THIS IS A THREE YEAR CAMPAIGN. THE FOUNDATION SOLICITS FROM A BROAD SOURCE OF SUPPORTERS AND NOT JUST A SELECT FEW INDIVIDUALS.SOURCES OF SUPPORT:WILLISTON STATE COLLEGE FOUNDATION DOES NOT RECEIVE SUPPORT FROM A SINGLE FAMILY; RATHER IT RECEIVES SUPPORT FROM MEMBERS OF THE GENERAL PUBLIC. THE ORGANIZATION RECEIVED A PORTION OF ITS SUPPORT FROM INDIVIDUALS IN THE COMMUNITY.REPRESENTATIVE GOVERNING BODY:WILLISTON STATE COLLEGE FOUNDATION HAS A DIVERSE GROUP OF COMMUNITY MEMBERS SERVING ON THEIR GOVERNING BODY THAT REPRESENTS THE INTEREST OF THE PUBLIC; IT DOES NOT REPRESENT THE INTERESTS OF THE DONORS OF WILLISTON STATE COLLEGE FOUNDATION. THESE REPRESENTATIVES ENSURE THAT THE ORGANIZATION PROMOTES AND SUPPORTS WILLISTON STATE COLLEGE AS PART OF ITS MISSION.BASED ON THE ABOVE FACTS AND CIRCUMSTANCES, WILLISTON STATE COLLEGE FOUNDATION SHOULD CONTINUE TO BE CONSIDERED A PUBLICLY SUPPORTED ORGANIZATION UNDER INTERNAL REVENUE CODE SECTION 509(A)(1). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 23487488 342343 2645019 2250114 4600995 19623741 22349237 128101 1725659 715509 23487488 20245819 133551 2499525 529658 22349237 18555730 837309 1839796 987016 20245819 16087050 50000 4309330 1856541 34109 18555730 0.21550 0.78450 0 0 7890 7890 5767677 5788268 2536982 9018963 177253 143364 33889 9060742 ACCRUED INTEREST RECEIVABLE 2967 FEDERAL INCOME TAX WITHHOLDING 9665 DUE FROM RELATED PARTY 333641 INVESTMENT IN HORIZON CAPITAL 852333 MINERAL RIGHTS 4183 OIL ROYALTIES RECEIVABLE 35653 RESTRICTED CASH 305179 1543621 ACCRUED INTEREST PAYABLE 2266 CONTROLLED BY OUTSIDE PARTIES 513847 516113 X PART IV, LINE 2B: THE FOUNDATION HOLDS SECURITY DEPOSITS IN ESCROW FOR TENANTS. THESE DEPOSITS ARE REFUNDED SUBJECT TO INSPECTION OF THE APARTMENTS FOR DAMAGES. PART V, LINE 4: THE ENDOWMENT CONSISTS OF APPROXIMATELY 50 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES, INCLUDING SCHOLARSHIPS FOR WILLISTON STATE COLLEGE AND OTHER PROGRAMS AND IMPROVEMENTS FOR THE COLLEGE. PART X, LINE 2: THE FOUNDATION'S POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN TAX POSITIONS WILL PREVAIL UPON EXAMINATION BASED ON THE EXTENT TO WHICH THOSE POSITIONS HAVE SUBSTANIAL SUPPORT WITHIN THE INTERNAL REVENUE CODE AND REGULATIONS, REVENUE RULINGS, COURT DECISIONS AND OTHER EVIDENCE. IT IS THE OPINION OF MANAGEMENT THAT THE FOUNDATION HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE FEDERAL INCOME TAX RETURNS OF THE FOUNDATION ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. PART V, LINE 1E DURING THE YEAR ENDED JUNE 30, 2019, THE FOUNDATION TRANSFERRED ENDOWED CASH AND INVESTMENTS TO ITS SUPPORTING FOUNDATION (EIN: 83-2369114) IN THE AMOUNT OF $4,600,995, WHICH REPRESENTS PERMANENTLY ENDOWED CORPUS AND RELATED EARNINGS. THE TRANSFERRED CASH AND INVESTMENTS WILL CONTINUE TO BE HELD FOR ENDOWMENT PURPOSES TO SUPPORT THE MISSION OF THE WILLISTON STATE COLLLEGE FOUNDATION. 61308 31054 505 2583 0 7235087 6585429 59553 304772 0 2420719 2082081 19925 101971 0 9717114 8698564 79983 409326 9187873 529241 ND 1 0 1 0 1.00000 LEE AND SUESS 222 UNIVERSITY AVE WILLISTON ND 58802 0 ROSEANNA MARQUEZ 37823 MANAGE GAMING OPERATIONS, HIRE AND FIRE EMPLOYEES, MAKE DEPOSITS, ASSIST WITH THE PREPARATION OF REPORTS REQUIRED BY GAMING REGULATIONS. X 1 409076 1 WILLISTON STATE COLLEGE 1410 UNIVERSITY AVE WILLISTON ND 58801 450324813 501(C)(3) 2801192 STUDENT SCHOLARSHIPS, COLLEGE INFRASTRUCTURE AND PROGRAM SUPPORT. TETON BOOSTER CLUB 1410 UNIVERSITY AVE WILLISTON ND 58801 450417554 501(C)(3) 49421 IMPROVEMENTS TO BASEBALL FIELD FAMILY CRISIS SHELTER PO BOX 1893 WILLISTON ND 58801 450361519 501(C)(3) 13976 DISBURSEMENT OF NET CHARITABLE RAFFLE PROCEEDS. 3 0 PART I, LINE 2: THE FOUNDATION HAS A CLOSE WORKING RELATIONSHIP WITH WILLISTON STATE COLLEGE AND THEIR RELATED BOOSTER AND ALUMNI ASSOCIATIONS. DUE TO THESE RELATIONSHIPS AND THE FACT THAT THE FOUNDATION'S PURPOSE IS TO PROVIDE SUPPORT TO THE COLLEGE, ONCE GRANT DISBURSEMENTS ARE MADE, NO FURTHER FOLLOW UP IS PERFORMED TO MONITOR THE COLLEGE'S USE OF THE FUNDS. X X 0 0 X X 0 0 0 0 0 0 0 0 0 TERRY OLSON EXECUTIVE DIRECTOR 0 196354 0 0 0 12000 0 25245 0 15545 0 249144 0 0 PART I, LINE 1A TERRY OLSON, EXECUTIVE DIRECTOR, RECEIVED $10,000 IN A DISCRETIONARY SPENDING ACCOUNT WHICH WAS APPROVED BY THE BOARD. THE FUNDS ARE USED FOR SMALL DONATIONS AND SPONSORSHIPS TO OTHER CHARITIES IN THE AREA. THE BOARD SEES ALL EXPENDITURES PAID OUT FROM THE ACCOUNT. THE AMOUNT IS NOT TREATED AS TAXABLE WAGES TO MR. OLSON. ANNUAL DUES FOR MR. OLSON'S ROTARY CLUB MEMBERSHIP WERE PAID BY THE FOUNDATION. MEMBERSHIP IS COMPULSORY AND THEREFORE NOT TREATED AS TAXABLE WAGES. PART I, LINE 3 TERRY OLSON IS COMPENSATED BY WILLISTON STATE COLLEGE AND WILLISTON STATE COLLEGE FOUNDATION REIMBURSES WILLISTON STATE COLLEGE FOR TERRY'S COMPENSATION. THE BOXES MARKED ABOVE REPRESENT THE STEPS TAKEN BY THE FOUNDATION TO DETERMINE TERRY'S COMPENSATION THAT WILL BE REIMBURSED BY THE FOUNDATION. PART II THE COMPENSATION REPORTED IN PART II IS DETERMINED BY WILLISTON STATE COLLEGE FOUNDATION. PAID BY WILLISTON STATE COLLEGE, AND REIMBURSED BY THE FOUNDATION. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS REVIEWS FORM 990 BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY COVERS ALL DIRECTORS, OFFICERS, AND EMPLOYEES OF THE FOUNDATION AND ANY MEMBER OF A COMMITTEE WITH BOARD DELEGATED POWERS. EACH BOARD MEMBER COMPLETES AN ANNUAL QUESTIONNAIRE INDICATING WHETHER A CONFLICT OF INTEREST EXISTS. IF THERE IS A CONFLICT OF INTEREST, THE INTERESTED PERSON SHALL LEAVE THE MEETING WHILE THE POTENTIAL CONFL1CT IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IF NO CONFLICT OF INTEREST EXISTS, THE INTERESTED PERSON MAY PARTICIPATE IN A DISCUSSION OF, AND VOTE ON, THE TRANSACTION OR ARRANGEMENT IN QUESTION. IF A CONFLICT OF INTEREST DOES EXIST, THE FOLLOWING PROCEDURES SHALL BE FOLLOWED: (1) AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE BOARD OR COMMITTEE MEETING, BUT AFTER SUCH PRESENTATION, THE INTERESTED PERSON SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND VOTE ON, THE TRANSACTION OR ARRANGEMENT THAT RESULTS IN THE CONFLICT OF INTEREST; (2) THE CHAIRPERSON OF THE BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT; (3) AFTER EXERCISING DUE DILIGENCE, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE FOUNDATION CAN OBTAIN A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT WITH REASONABLE EFFORTS FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST; (4) IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY ATTAINABLE UNDER CIRCUMSTANCES THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST, THE BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE FOUNDATION'S BEST INTEREST AND FOR ITS OWN BENEFIT, AND WHETHER THE TRANSACTION IS FAIR AND REASONABLE TO THE FOUNDATION. THE BOARD SHALL THE MAKE ITS DECISION TO ENTER INTO THE TRANSACTION OR ARRANGEMENT IN CONFORMITY WITH SUCH DETERMINATION. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS USES THE ND STATE BROADBANDING SCALE TO DETERMINE EXECUTIVE DIRECTOR'S COMPENSATION. FORM 990, PART VI, SECTION C, LINE 18 THE FOUNDATION MAKES ITS FORM 1023, 990 AND 990-T AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART XI, LINE 9: TRANSFER OF NET ASSETS TO SUPPORTING FOUNDATION EIN: 83-2369114 -4,968,093. FORM 990, PART XII, LINE 2C: THE FOUNDATION'S PROCESS FOR SELECTING AND OVERSEEING THE INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM PRIOR YEARS. WILLISTON STATE COLLEGE HOUSING PO BOX 1286 WILLISTON ND 588021286 371693089 AFFORDABLE HOUSING FOR WSC EMPLOYEES AND OTHER ESSENTIAL PERSONNEL. ND 774535 9569205 WILLISTON STATE COLLEGE FOUNDATION WILLISTON STATE COLLEGE 1410 UNIVERSITY AVE WILLISTON ND 58801 TWO YEAR COMMUNITY COLLEGE ND 501(C)(3) LINE 2 0 WILLISTON STATE COLLEGE SUPPORTING FOUNDATION 721 E HIGHLAND DRIVE STE E WILLISTON ND 58801 832369114 SUPPORTING FOUNDATION ND 501(C)(3) LINE 12B, II WILLISTON STATE COLLEGE FOUNDATION 0 HORIZON CAPITAL LLC PO BOX 14010 GRAND FORKS ND 582084010 451045906 AFFORDABLE HOUSING FOR ESSENTIAL WORKERS AND COMMERCIAL REAL ESTATE LEASING. ND WILLISTON STATE COLLEGE FOUNDATION EXCLUDED 154866 4332751 0 0 0.43000 0 1 0 1 0 0 0 0 0 1 1 0 0 0 0 1 0 1 0 WILLISTON STATE COLLEGE K 27000 ANNUAL LEASE PAYMENT WILLISTON STATE COLLEGE P 463263 EMPLOYEES' W-2 WILLISTON STATE COLLEGE D 160346 YEAR END LOAN BALANCE WILLISTON STATE COLLEGE J 58870 YEAR END LEASE BALANCE WILLISTON STATE COLLEGE B 2801192 CASH GRANTS PAID WILLISTON STATE COLLEGE P 3070 COST OF HR AND IT SERVICES HORIZON CAPITAL LLC J 33750 ANNUAL LEASE PAYMENT HORIZON CAPITAL LLC D 55589 YEAR END LOAN BALANCE WILLISTON STATE COLLEGE SUPPORTING FOUNDATION R 4968093 FMV OF ASSETS TRANSFERRED