2017-10-16T08:33:17-05:00 2016-12-31 450250958 EIDE BAILLY LLP 200 EAST 10TH ST PO BOX 5125 SIOUX FALLS SD 571175125 990 2016-01-01 466018891 UNIVERSITY OF SOUTH DAKOTA FOUNDATION UNIV 6056776703 1110 N DAKOTA PO BOX 5555 VERMILLION SD 57069 STEVE BROWN PRESIDENT AND CEO 6056776703 2017-10-10 1 LAURIE HANSON P00851848 6053391999 2017-10-10 199.116.171.203 2017-10-10 15:54:07 CD P 4B61DBF71ED046923BE59408037C55F3611352C9 EF8011075554CB02D1779489BD3504755D118D03 2016 2021-01-29 14:40:06Z STEVE BROWN 1110 N DAKOTA PO BOX 5555 VERMILLION SD 57069 101369615 0 X WWW.ONWARDSD.ORG X 1928 SD PROVIDE PRIVATE RESOURCES TO BENEFIT THE UNIVERSITY OF SOUTH DAKOTA. 30 30 45 118 523334 447736 8323905 19504488 412337 1168946 7838010 6708007 422311 516448 16996563 27897889 5108139 27035705 0 0 1661035 3481064 118571 217863 2636926 1133412 2807306 8021157 33541938 8975406 -5644049 257319208 258034955 18227127 20564161 239092081 237470794 TO PROVIDE PRIVATE RESOURCES FOR THE UNIVERSITY OF SOUTH DAKOTA TO INCREASE THE EXCELLENCE OF ITS STUDENTS' EDUCATIONAL EXPERIENCE. 0 0 7329316 7329316 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. DURING THE 2015-2016 ACADEMIC YEAR, $7.3 MILLION IN SCHOLARSHIPS WERE AWARDED. FOR THE 2016-2017 ACADEMIC YEAR, $7.4 MILLION IN SCHOLARSHIPS WILL BE AWARDED. THIS LEVEL OF FUNDING REPRESENTS AN INCREASE OF 26% OVER THE LAST 5 YEARS. 15589002 15589002 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, $64 MILLION HAS BEEN PROVIDED FOR FACILITIES THAT HAVE ENHANCED THE STUDENTS' EDUCATIONAL EXPERIENCE AND OPPORTUNITIES. FUNDRAISING AND CONSTRUCTION ARE UNDERWAY FOR NEW ATHLETIC FACILITIES. 4117387 4117387 1141399 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. 27035705 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 0 1 0 0 1 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 115 0 1 45 1 1 1 0 0 0 0 1 1 0 0 0 0 X 30 30 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 1 1 AR CA IL KY MA MD MI MN NH NJ NV NY OK OR PA SC TN UT WI WV X CHRISTINE TJELMELAND 6052747861 USD FOUNDATION PO BOX 5555 VERMILLION SD 57069 LORRAINE HART CHAIR 0.70 X X 0 0 0 DANIEL J KELLY PAST CHAIR 0.70 X X 0 0 0 ROBERT HOLLINGSWORTH VICE CHAIR 0.70 X X 0 0 0 VERN HOLTER SECRETARY-TREASURER 0.70 X X 0 0 0 JAMES ABBOTT BOARD OF DIRECTORS 0.40 X 0 0 0 JOHN BARKER BOARD OF DIRECTORS 0.40 X 0 0 0 DAVID CULLEN BOARD OF DIRECTORS 0.40 X 0 0 0 GARY ELLIS BOARD OF DIRECTORS 0.40 X 0 0 0 BOB FRIEBERG BOARD OF DIRECTORS 0.40 X 0 0 0 BUSH FULLERTON BOARD OF DIRECTORS 0.40 X 0 0 0 NANCY A GALLAGHER BOARD OF DIRECTORS 0.70 X 0 0 0 TOM GALLAGHER BOARD OF DIRECTORS 0.70 X 0 0 0 JACK GRUNDHOFER BOARD OF DIRECTORS 0.70 X 0 0 0 JARED HIGMAN BOARD OF DIRECTORS 0.40 X 0 0 0 BOYD HOPKINS BOARD OF DIRECTORS 0.40 X 0 0 0 JOANN KUNKEL BOARD OF DIRECTORS 0.40 X 0 0 0 ANGELINE LAVIN BOARD OF DIRECTORS 0.40 X 0 0 0 PAUL J LEWIS BOARD OF DIRECTORS 0.70 X 0 0 0 TOM LIBBIBRIDGE BOARD OF DIRECTORS 0.40 X 0 0 0 DANIEL MEYER BOARD OF DIRECTORS 0.40 X 0 0 0 JOEL PORTICE BOARD OF DIRECTORS 0.40 X 0 0 0 CHRISTINE ROBERTS BOARD OF DIRECTORS 0.40 X 0 0 0 STEPHEN SCHACHT BOARD OF DIRECTORS 0.40 X 0 0 0 STACI STERN BOARD OF DIRECTORS 0.40 X 0 0 0 JEFFREY SVEEN BOARD OF DIRECTORS 0.40 X 0 0 0 RYAN TAYLOR BOARD OF DIRECTORS 0.40 X 0 0 0 SYLVIA WAGNER BOARD OF DIRECTORS 0.40 X 0 0 0 WILLIAM WITTRIG BOARD OF DIRECTORS 0.40 X 0 0 0 MARLON YOUNG BOARD OF DIRECTORS 0.40 X 0 0 0 GARY BEGEMAN BOARD OF DIRECTORS 0.40 X 0 0 0 STEVE BROWN PRESIDENT AND CEO 40.00 X 266399 0 23243 KAREN DAVIES VICE PRESIDENT AND CFO 40.00 X 143249 0 11790 EDGAR STOREY SR. DIRECTOR OF DEVELOPMEN 40.00 X 117814 0 7037 DZENAN BERBEROVIC EXECUTIVE DIRECTOR, PRINCIPAL GIVING 40.00 X 104342 0 6763 JON MAMMENGA ASSOCIATE VP FOR DEVELOPMENT 40.00 X 110077 0 12214 JON SCHEMMEL SR. ASSOCIATE ATHLETIC DIRECTOR/SR. DIRECTOR OF 40.00 X 121800 0 517 863681 0 61564 6 0 1 0 ADAGE CAPITAL MANAGEMENTLP 200 CLARENDON STREET 52ND FLOOR BOSTON MA 02116 INVESTMENT FEES 189917 RSM US LLP 1252 BELL VALLEY RD 300 ROCKFORD IL 61108 SERVER AND DESKTOP MANAGEMENT 167221 BLACKSTONE 345 PARK AVENUE NEW YORK NY 10154 INVESTMENT FEES 134839 RUFFALO NOEL LEVITZ LLC 1025 KIRKWOOD PARKWAY SW CEDAR RAPIDS IA 52404 PHONE CENTER MANAGEMENT 118463 WILSON-BENNETT TECHNOLOGY INC 140 PROFESSIONAL DR SUITE 2 CABOT AR 72023 PHONE CENTER MANAGEMENT 101803 5 206054 19298434 1308760 19504488 ADMINISTRATIVE FEES 561000 1168946 1168946 1168946 3366362 3366362 26208 25131 27547 1077 -27547 -26470 -27547 1077 76679716 2999 73336645 4425 3343071 -1426 3341645 3341645 97562 206054 77978 19584 19584 BLACKSTONE INVESTMENTS 531390 523334 523334 523334 27897889 1141399 523334 6728668 27035705 27035705 468569 346986 121583 2507724 1442509 1065215 94129 52832 41297 229300 196233 33067 181342 108560 72782 13899 13899 41236 41236 217863 217863 477028 477028 80610 80610 18600 18600 104887 87208 17679 255459 250906 4553 161960 74399 87561 553315 50214 503101 60366 60366 178888 107333 71555 18511 12869 5642 UBIT 147490 147490 ANNUAL GIVING 275917 275917 ENGAGEMENT 202268 172484 29784 RESEARCH 147646 147646 69226 60509 8717 33541938 27035705 3869307 2636926 25490391 5760856 18239452 24155316 218142 226159 2407973 1333649 1180241 1074324 157400103 169530040 53259979 55810076 1530900 1478184 257319208 258034955 427066 379316 17800061 20184845 18227127 20564161 X 6835668 1413272 84236453 81092936 148019960 154964586 239092081 237470794 257319208 258034955 X -5644049 4590505 -567743 X 0 1 X 1 0 X 15174713 13208468 18961290 8323905 19504488 75172864 15174713 13208468 18961290 8323905 19504488 75172864 4230825 70942039 3938392 3121156 3069040 1903606 3392570 15424764 107481 281153 198877 365360 447736 1400607 20925 20925 92019160 4468847 0.77090 0.76230 X PART II, SHORT YEAR THE ORGANIZATION CHANGED ITS YEAR END FROM JUNE 30 TO DECEMBER 31 EFFECTIVE DECEMBER 31, 2015. AS SUCH, THE 2011 COLUMN OF THE PUBLIC SUPPORT TEST, PART II, INCLUDES FINANCIAL INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2012. THE 2012 COLUMN OF THE PUBLIC SUPPORT TEST, PART II, INCLUDES FINANCIAL INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2013. THE 2013 COLUMN OF THE PUBLIC SUPPORT TEST, PART II, INCLUDES FINANCIAL INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2014. THE 2014 COLUMN OF THE PUBLIC SUPPORT TEST, PART II, INCLUDES FINANCIAL INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2015. THE 2015 COLUMN OF THE PUBLIC SUPPORT TEST, PART II, INCLUDES FINANCIAL INFORMATION FOR THE SHORT YEAR ENDED DECEMBER 31, 2015. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5835 X X X X SEE PART XIII 0 205669044 10103371 11545287 8038674 4787777 214491251 216099991 3262741 -4027194 3931466 3489578 2245450 205669044 210205498 10043596 8395211 4609447 3454979 4479888 216099991 182335563 4246168 35416857 3932811 3783140 4077139 210205498 163614930 5752008 23243031 4923558 1623877 3726971 182335563 0.01310 0.72250 0.26440 1 0 100701 100701 1342255 766407 575848 965017 567242 397775 1074324 REAL ESTATE PARTNERSHIPS 9080607 F BLACKSTONE EQUITY GROUP 2956887 F CITY OF VERMILLION TIF BOND 346400 F ADAGE CAPITAL 43426182 F 55810076 INVESTMENTS HELD FOR OTHERS 13449761 GIFT ANNUITIES AND LIFE INCOME AGREEMENTS 2827634 DUE TO UNIVERITY OF SD - SCHOLARSHIPS 3907450 20184845 X 31944186 4590505 -551599 4038906 27905280 -7391 -7391 27897889 33565474 16145 16145 33549329 -7391 -7391 33541938 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 INTERNAL REVENUE SERVICE (IRS) HAS RULED THAT THE ORGANIZATION IS A PUBLICLY SUPPORTED ORGANIZATION EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION IS REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, THE ORGANIZATION IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO ITS EXEMPT PURPOSE. THE ORGANIZATION FILES AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS TO REPORT ITS UNRELATED BUSINESS TAXABLE INCOME. IN ADDITION, THE ORGANIZATION IS SUBJECT TO TAX FILINGS REQUIRED BY VARIOUS STATE TAX AUTHORITIES. THE LLC AND LLC2 ARE SINGLE MEMBER LLC'S, THUS CONSIDERED BY THE IRS TO BE DISREGARDED ENTITIES THAT ARE NOT SUBJECT TO SEPARATE FILING REQUIREMENTS. 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 AT DECEMBER 31, 2016 AND 2015 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: RENTAL EXPENSES INCLUDED WITH RENTAL INCOME 16,145. CHANGE IN ANNUITIES AND DEFERRED GIFTS -657,598. NET ASSETS RELEASED FROM RESTRICTIONS 89,854. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -7,391. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES INCLUDED WITH RENTAL INCOME 16,145. PART XII, LINE 4B - OTHER ADJUSTMENTS: FURNDRAISING EXPENSES -7,391. EUROPE 0 0 INVESTMENTS 189531 0 0 0 0 0 0 189531 0 189531 1 0 0 0 1 0 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 FOUR INVESTMENTS IN FOREIGN PARTNERSHIPS. FORM 990, SCHEDULE F, PART IV, LINE 1 THE UNIVERSITY OF SOUTH DAKOTA INDIRECTLY MADE TRANSFERS OF ASSETS TO FOREIGN CORPORATIONS VIA THE INVESTMENT IN VARIOUS PARTNERSHIPS. HOWEVER, THE INCOME FROM THE INVESTMENTS DID NOT GENERATE UNRELATED BUSINESS INCOME, THEREFORE, THE ORGANIZATION IS NOT REQUIRED TO FILE FORM 926. FORM 990, SCHEDULE F, PART IV, LINE 5 THE UNIVERSITY OF SOUTH DAKOTA IS INDIRECTLY CONSIDERED A CATEGORY 3 FILER THROUGH ITS DIRECT AND CONSTRUCTIVE OWNERSHIP INTEREST IN VARIOUS FOREIGN PARTNERSHIPS. HOWEVER, THE ORGANIZATION DID NOT OWN AT LEAST A 10% INTEREST IN ANY OF THE FOREIGN PARTNERSHIPS IMMEDIATELY AFTER THE CONTRIBUTION, AND THE VALUE OF THE PROPERTY CONTRIBUTED DID NOT EXCEED $100,000 TO ANY OF THESE ENTITIES DURING THE REPORTING PERIOD. THEREFORE, THE ORGANIZATION IS NOT REQUIRED TO FILE FORM 8865. X X X X X 1 RUFFALO NOEL LEVITZ LLC 65 KIRKWOOD NORTH RD SW CEDAR RAPIDS IA 52406 PHONE CENTER MANAGER & DIRECT MAIL PIECE 0 111166 116854 -5688 WILSON-BENNETT TECHNOLOGY INC 140 PROFESSIONAL DR SUITE 2 CABOT AR 72023 PHONE CENTER MANAGER & DIRECT MAIL PIECE 0 75397 99400 -24003 186563 216254 -29691 AL AK AR CA CO CT DC GA HI IL KS KY LA ME MD MA MI MN MO NV NH NJ NM NY NC OH OK OR PA RI SC TN UT VA WA WV WI FL MS ND DINNER AND AUCTION 303616 206054 97562 20986 1910 33471 1272 20339 303616 206054 97562 20986 1910 33471 1272 20339 77978 19584 FORM 990 SCHEDULE G,PART I IN ADDITION TO PROFESSIONAL FEES OF $ 116,854.40 PAID TO RUFFALO NOEL-LEVITZ, THE FOUNDATION REIMBURSED RUFFALO NOEL-LEVITZ., $795.41 FOR POSTAGE AND $813.29 FOR LETTER PREPARATION. THE AGREEMENT DISTINGUISHES PAYMENTS FOR PROFESSIONAL FUNDRAISING SERVICES FROM EXPENSE PAYMENTS OR REIMBURSEMENT BY SEPARATE INVOICING SUBMITTED TO THE USD FOUNDATION BY RUFFALO NOEL-LEVITZ. IN ADDITION TO PROFESSIONAL FEES OF $99,400 PAID TO WILSON-BENNETT TECHNOLOGY, INC., THE FOUNDATION REIMBURSED WILSON-BENNET TECHNOLOGY, INC., $186.25 FOR PAPER AND POSTAGE, AND $2,216.57 FOR VOICE OVER INTERNET PROTOCOL (VOIP) MINUTES. THE AGREEMENT DISTINGUISHES PAYMENTS FOR PROFESSIONAL FUNDRAISING SERVICES FROM EXPENSE PAYMENTS OR REIMBURSEMENT BY SEPARATE INVOICING SUBMITTED TO THE USD FOUNDATION BY WILSON-BENNET TECHNOLOGY. 1 UNIVERSITY OF SOUTH DAKOTA 414 EAST CLARK STREET VERMILLION SD 57069 466000364 501(C)(3) 25309316 448985 FMV/APPRAISAL OR OTHER OPINION TRANSFER OF NONCASH GIFTS MADE TO USDF FOR THE BENEFIT OF USD. SCHOLARSHIPS ($7,265,081), BUILDING/FACILITIES ($15,589,002), AND OPERATIONAL/PROGRAMATIC ($2,455,233). SOUTH DAKOTA MEDICAL SCHOOL ENDOWMENT ASSOCIATION 2600 W 49TH STREET SIOUX FALLS SD 57105 466012680 501(C)(3) 27440 STUDENT LOANS SOUTH DAKOTA STATE UNIVERSITY PO BOX 2201 BROOKINGS SD 57007 466000364 501(C)(3) 48750 SCHOLARSHIPS THE FUND FOR ADVANCEMENT OF MEDICAL EDUCATION AND RESEARCH 1400 WEST 22ND ST SIOUX FALLS SD 57105 363432018 501(C)(3) 8064 PROGRAM SUPPORT BLACK HILLS PLAYHOUSE PO BOX 2513 RAPID CITY SD 57709 460215866 501(C)(3) 8223 SCHOLARSHIPS ($5,735) AND PROGRAM SUPPORT($2,488) DAKOTA STATE UNIVERSITY 820 N WASHINGTON AVE MADISON SD 57042 466000364 501(C)(3) 9750 SCHOLARSHIPS 6 0 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. X 1 1 X X X X 0 0 0 0 0 0 0 1 0 STEVE BROWN PRESIDENT AND CEO 223368 0 30637 0 12394 0 15693 0 8590 0 290682 0 0 0 KAREN DAVIES VICE PRESIDENT AND CFO 142985 0 0 0 264 0 9565 0 3085 0 155899 0 0 0 PART I, LINE 1A AS PART OF HIS COMPENSATION PACKAGE REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE, THE CEO IS PROVIDED AN ALLOWANCE EACH MONTH FOR THE BUSINESS USE OF HIS PERSONAL CAR. PART I, LINE 7 THE CEO RECEIVES A BONUS CALCULATED AS 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 3 5835 EXPERT OPINION X 90 1084762 AVG OF HIGH/LOW MKT PRIC X MISCELLANEOUS AUCTION ITEMS 110 210414 MARKET PRICE X MUSIC SCORES 2 6300 DONOR'S ESTIMATE X FOOD PROVIDED AT AN EVENT 1 1449 MARKET PRICE 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 1 THE COMMITTEE SHALL CONSIST OF THE FOUNDATION CHAIR, VICE CHAIR, THE VICE CHAIR ELECT, IMMEDIATE PAST CHAIR, THE CHAIRS OF THE STANDING COMMITTEES, THE CO-CHAIRS OF THE ONWARD CAMPAIGN 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. 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 BOARD 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 AND WITHIN A BOARD MANUAL, THEY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN GIFT ANNUITIES & DEFERRED GIFTS -657,598. NET ASSETS RELEASED FROM RESTRICTIONS 89,855. USDF LLC 1110 N DAKOTA PO BOX 5555 VERMILLION SD 57069 466018891 HOLD AND MANAGE REAL ESTATE FOR FOUNDATION SD 529 331043 UNIVERSITY OF SOUTH DAKOTA FOUNDATION USDF2 LLC 1110 N DAKOTA PO BOX 5555 VERMILLION SD 57069 466018891 HOLD AND MANAGE AIRPLANE FOR FOUNDATION SD -27547 1009739 UNIVERSITY OF SOUTH DAKOTA FOUNDATION CHARITABLE REMAINDER TRUSTS (15) CRT SD N/A T 1 CHARITABLE LEAD TRUSTS (2) CRT SD N/A T 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CHARITABLE REMAINDER TRUST C 52640 FMV