2016-04-14T17:05:18-05:00 2015-06-30 450250958 EIDE BAILLY LLP PO BOX 1387 WILLISTON ND 588021387 990 2014-07-01 456012226 Williston State College Foundation WILL 7015729275 P O Box 1286 Williston ND 588021286 Terry Olson Executive Director 7015729275 2016-03-31 1 Nancy Swallom CPA P00137671 7015772157 2016-03-30 2014 2016-08-17 19:52:53Z Terry Olson P O Box 1286 Williston ND 588021286 14895297 0 X www.wscfoundation.com X 1962 ND To promote and support Williston State College. 11 11 24 11 568570 0 652436 1179186 200111 73447 383457 562322 6421299 5666322 7657303 7481277 2407809 3553281 0 0 239794 719386 0 0 22619 963326 565474 3610929 4838141 4046374 2643136 27234271 30280046 7233754 7523433 20000517 22756613 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 3537213 3537213 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. 430574 73447 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. 16068 16068 Contributions to other charities that support the Williston North Dakota area. 3983855 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 12 5 1 24 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 501 18th Street East 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 Jon Ellefson Director 1.00 X 0 0 0 Jerry Gratz 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 80153 0 28385 80153 0 28385 0 0 0 1 0 1179186 1179186 Teton Motor Coach Lease Income 900099 60000 60000 Student Housing 531110 10200 10200 Miscellaneous Revenue 900099 3247 3247 73447 596106 596106 4286987 4286987 1199672 1007306 192366 192366 192366 120218 0 154002 120218 -154002 -33784 -33784 6831368 6252712 578656 578656 ND Motor Vehicle 900099 568570 568570 Horizon Capital K-1 Income 900099 39743 39743 608313 7481277 73447 568570 5660074 3553281 3553281 193456 135419 38691 19346 487769 53973 431286 2510 5909 2541 3250 118 15306 6582 8418 306 16946 7287 9320 339 1737 1737 37376 37376 42111 42111 52128 47228 4900 18202 18202 13225 13225 48945 44636 4309 3706 3706 7227 7227 30 30 131810 96796 35014 2658 2658 Credit Card Fees 102500 102500 Teton Thunder News 31792 31792 Carcass Challenge 1261 1261 70766 3059 67707 4838141 3983855 831667 22619 86411 83614 3665932 6222954 6000 25000 32749 7384 29244 27809 12265700 1245170 11751555 11020530 9949861 10503203 1712519 2389552 27234271 30280046 206910 80098 500000 85039 5722426 5540751 1250000 1250000 54418 67545 7233754 7523433 X 3940452 3706772 9542772 12617000 6517293 6432841 20000517 22756613 27234271 30280046 X 2643136 -284893 397853 X 0 1 X 1 0 X 98515 531277 499850 652436 1179186 2961264 98515 531277 499850 652436 1179186 2961264 2961264 339342 334250 2681678 6291567 6082765 15729602 688403 1524174 39743 2252320 20943186 21726160 0.14140 X 0.57320 0.32800 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 governing board is made up of a diverse group of community members, and the Williston State College is the primary beneficiary. Schedule A, Part II, Line 10, Explanation of Other Income: Oil Gas Inc From Donated Mineral Rights - 2010 Amount: $ 675,900. 2011 Amount: $ 1,524,174. Miscellaneous - 2010 Amount: $ 12,503. K-1 Income from Horizon Capital LLC - 2014 Amount: $ 39,743. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 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 8700073 158895 1834403 809005 44489 168395 9671482 0.00840 0.64490 0.34670 0 0 106251 106251 11549846 937110 10612736 609603 308060 301543 11020530 Accrued interest receivable 18303 Federal income tax withholding 2335 Due from related party 769932 Horizon Capital 839743 Mineral Rights 354190 Oil Royalties 405049 2389552 Accrued interest payable 7322 Due to related party 60223 67545 X 14610404 -284893 -284893 14895297 -7414020 -7414020 7481277 12252161 154002 7260018 7414020 4838141 0 4838141 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 -6,252,712. Rental expenses reported in expenses on financial statements -1,007,306. Loss on sale of fixed assets -154,002. Part XII, Line 2d - Other Adjustments: Gaming expenses reported in expenses on financial statements 6,252,712. Rental expenses reported in expenses on financial statements 1,007,306. 3118208 2484898 27300 263301 0 3713160 3205108 34025 238080 0 6831368 5690006 61325 501381 6252712 578656 ND 1 0 1 0 1.00000 Eide Bailly LLP PO Box 1387 Williston ND 588021387 0 Roseanne Marquez 34346 Manage gaming operations, hire and fire employees, make deposits, prepare reports required by gaming regulations. X 1 429636 1 Williston State College 1410 University Ave Williston ND 58801 450324813 Williston St College 3536584 629 Cost Framing for the two "Up From the Confluence" prints Student scholarships; College infrastructure & program support. 1 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 71898 0 2255 0 6000 0 18087 0 10298 0 108538 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 reimbused 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. 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 March 2015. Form 990, Part VI, Section C, line 19 Copies of all may be made available for public inspection upon request by calling the Foundation office. A condensed copy of the F/S is published in the Foundation's annual Rave Review. Form 990, Part XI, line 9: Oil Royalties not included in prior year return 397,853. Williston State College Housing LLC PO Box 1286 Williston ND 58802 371693089 Affordable housing for WSC employees & other essential service entities ND 1370529 11145544 WSC Foundation Horizon Capital LLC PO Box 14010 Grand Forks ND 582084010 461045906 Affordable housing for essential workers & commercial real estate leasing ND WSC Foundation Rental income -26506 8413003 0 0 0.97320 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0