2017-05-12T12:01:44-05:00 2016-06-30 450250958 EIDE BAILLY LLP PO BOX 1387 WILLISTON ND 588021387 990 2015-07-01 456012226 Williston State College Foundation WILL 7015729275 P O Box 1286 Williston ND 588021286 Terry Olson Executive Director 7015729275 2017-05-11 1 Nancy Swallom CPA P00137671 7015772157 2017-05-04 2015 2021-01-29 14:40:06Z Terry Olson P O Box 1286 Williston ND 588021286 11994863 0 X www.wscfoundation.com X 1962 ND To promote and support Williston State College. 11 11 22 11 474022 0 1179186 2324906 73447 68582 562322 691604 5666322 2983948 7481277 6069040 3553281 2797950 0 0 719386 731619 0 0 22009 565474 486015 4838141 4015584 2643136 2053456 30280046 31734554 7523433 7215871 22756613 24518683 X The Foundation partners with the 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 2792464 2792464 The organization provides scholarships for higher education at Williston State College (WSC), grants for continuing education, and WSC staff grants for the support of college and community programs and projects. 403043 64005 The Foundation owns property and equipment that is rented by Williston State College and produces a quarterly publication - Teton Thunder News. Housing is provided though Williston State College Housing LLC to Williston State College employees and other essential service workers. 5486 5486 Contributions to other charities that support the Williston North Dakota area. 3200993 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 7 1 1 22 1 1 1 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 ND X Terry Olson 7015729275 721 East Highland Drive Suite E Williston ND 58801 Pete Furuseth President 5.00 X X 0 0 0 Charlotte Schilke Vice President 1.00 X X 0 0 0 Kim Hennessy Secretary/Treasurer 1.00 X X 0 0 0 Dean Aafedt Director 1.00 X 0 0 0 Rick Medalen Director 1.00 X 0 0 0 Ward Koeser Director 1.00 X 0 0 0 Tammy Sogard Director 1.00 X 0 0 0 Myron Lee Director 1.00 X 0 0 0 Dr Brett Vibeto Director 1.00 X 0 0 0 Nathan Jepsen Director 1.00 X 0 0 0 Larry Grondahl Director 1.00 X 0 0 0 Terry Olson Executive Director 50.00 X 173842 0 36101 173842 0 36101 1 0 0 1 Edman Builders PO Box 4306 Williston ND 58802 Construction 316039 1 2324906 10000 2324906 Teton Motor Coach Lease Income 900099 60000 60000 8582 4005 4577 68582 349769 349769 2080191 2080191 1030520 1010907 19613 19613 -28949 48562 345321 0 3486 345321 -3486 341835 341835 5045757 4911430 134327 134327 ND Motor Vehicle 900099 475112 475112 Horizon Capital K-1 Income 900099 274705 23282 251423 749817 6069040 64005 474022 3206107 2797950 2797950 215673 150972 43134 21567 341240 7320 333920 39541 1174 38367 97952 10458 87494 37213 9503 27268 442 4090 4090 34509 34509 114212 69834 44378 47128 47128 9307 9307 15978 15978 23392 16743 6649 3402 3402 5592 5592 104 104 100116 66997 33119 2725 2725 Credit Card Fees 34352 34352 Teton Thunder News 13282 13282 77826 9632 68194 4015584 3200993 792582 22009 83614 106506 6222954 7077215 25000 452334 7384 12667 27809 28101 12651812 1755775 11020530 10896037 10503203 10904501 2389552 2257193 30280046 31734554 80098 116965 500000 400847 85039 72310 5540751 5336528 1250000 1250000 67545 39221 7523433 7215871 X 3706772 3711944 12617000 13536589 6432841 7270150 22756613 24518683 30280046 31734554 2053456 -291386 0 X 0 1 X 1 0 X 531277 499850 652436 1179186 2324906 5187655 531277 499850 652436 1179186 2324906 5187655 5187655 334250 2681678 6291567 6082765 3460480 18850740 1524174 39743 251423 1815340 25853735 137452 0.20070 0.14140 X Schedule A, Part II, Line 10, Explanation of Other Income: Horizon K-1 Income - 2011 Amount: $ 1,524,174. 2014 Amount: $ 39,743. 2015 Amount: $ 251,423. Schedule A, Part II, Line 17a, Facts and Circumstances Test: Facts and Circumstances to be Considered a Publicly Supported Organization Under 509(a)(1) For the Year Ended June 30, 2016 Williston State College Foundation fails to meet the public support test for the years ended July 1, 2015 through June 30, 2016. However, based on the following facts and circumstances, the organization should continue to be recognized as a publicly supported organization under Internal Revenue Code Section 509(a)(1). Ten-Percent of Support: The total amount of public support for the organization during the above mentioned period is 20.07%. 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 alumi 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 will be 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 as publicly supported under Internal Revenue Code Section 509(a)(1). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 18555730 837309 1839796 987016 20245819 16087050 50000 4309330 1856541 34109 18555730 10851894 7224189 1919371 5000 64662 16087050 9736126 3033306 504704 1374975 37848 10851905 9671482 50000 1804247 721059 758729 309815 9736126 0.01000 0.36000 0.63000 0 0 7890 7890 12040625 1380954 10659671 603297 374821 228476 10896037 Accrued Interest Receivable 16392 Federal Income Tax Withholding 1219 Due from Related Party 467745 Horizon Capital 997125 Mineral Rights 354190 Oil Royalties 253922 Restricted Cash 166600 2257193 Accrued Interest Payable 22516 Due to Related Party 16705 39221 X 11703477 -291386 -291386 11994863 -5925823 -5925823 6069040 9941407 5925823 5925823 4015584 0 4015584 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: 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. All required filings are up to date. Part XI, Line 4b - Other Adjustments: Gaming Expenses Reported in Expenses on Financial Statements -4,911,430. Rental Expenses Reported in Expenses on Financial Statements -1,010,907. Loss on Sale of Fixed Assets in Expenses on Financial Statements -3,486. Part XII, Line 2d - Other Adjustments: Gaming Expenses Reported in Expenses on Financial Statements 4,911,430. Rental Expenses Reported in Expenses on Financial Statements 1,010,907. Loss on Sale of Fixed Assets in Expenses on Financial Statements 3,486. 2598023 2081829 35947 371864 0 2447734 2083476 33868 304446 0 5045757 4165305 69815 676310 4911430 134327 ND 1 0 1 0 1.00000 Eide Bailly LLP PO Box 1387 Williston ND 588021387 0 Roseanne Marquez 37632 Manage gaming operations, hire and fire employees, make deposits, prepare reports required by gaming regulations X 1 324748 1 Williston State College 1410 University Ave Williston ND 58801 450324813 WSC 2792464 Student scholarships; college infrastructure & program support 1 0 Part I, Line 2: The Foundation has a close working relationship with Williston State College. Due to this relationship and the fact that the Foundation's purpose is to support the college, once grant disbursements are made no further follow-up is done to monitor the use of the funds. X X 0 0 X X 0 0 0 0 0 0 0 0 0 Terry Olson Executive Director 167842 0 0 0 6000 0 22599 0 13501 0 209942 0 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, an unrelated organization 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 A, line 1 The Executive Committee shall be composed of the officers of the Board of Directors and two (2) additional directors to be appointed by the President. The Executive Committee shall have and exercise the powers of the Board of Directors between meetings of the Board of Directors. However, the directors may designate such additional committees, as they deem advisable. Designation and appointment of any such committee or committees and the delegation thereto of authority shall not operate to relieve the Board of Directors, or any individual director, of any responsibility imposed on it or him or her by law. All committees shall and have to exercise the authority of the Board of Directors as delineated and outlined in their appointment; however, no committee shall have the authority of the Board of Directors in reference to the amending, altering, or repealing of the by-laws, and all acts of the committee shall be subject to the approval of the Board of Directors. Form 990, Part VI, Section B, line 11 The Form 990 is provided to the governing body for review prior to filing. 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 conflict 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 the 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 Foundation's best interest and for its own benefit and whether the transaction is fair and reasonable to the Foundation and shall make its decision as to whether to enter into the transaction or arrangement in conformity with such determination. Form 990, Part VI, Section B, line 15a Review and approval by the Board of Directors. The Board of Directors uses the ND State Broadbanding scale to determine Executive Director's compensation. This process last took place in May 2016. Form 990, Part VI, Section C, line 19 Copies of the governing documents, conflict of interest policy and financial statements may be made available for public inspection upon request by calling the Foundation office. A condensed copy of the financial statements is published in the Foundation's annual Rave Review. Williston Statae College Housing PO Box 1286 Williston ND 58802 371693089 Affordable housing for WSC employees and other essential service entities ND 975832 7248431 WSC Foundation Horizon Capital LLC PO Box 14010 Grand Forks ND 582084010 451045906 Affordable housing for essential workers and commercial real estate leasing ND WSC Foundation Excluded 274705 4823668 0 274705 0 0.43910 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0