2015-04-01T17:47:26-05:00 2014-06-30 450250958 EIDE BAILLY LLP 210 UNIVERSITY AVE PO BOX 1387 WILLISTON ND 588021387 990 2013-07-01 456012226 Williston State College Foundation WILL 7015729275 P O Box 1286 Williston ND 588021286 Terry Olson Executive Director 7015729275 2015-03-30 1 Nancy Swallom CPA P00137671 7015772157 2015-03-27 2013 2016-02-25 16:41:14Z Terry Olson P O Box 1286 Williston ND 588021286 14206131 0 X www.wscfoundation.com X 1962 ND To promote and support Williston State College. 11 10 19 11 421719 -88141 499850 652436 162524 200111 337245 383457 3237480 6421299 4237099 7657303 1287430 2407809 0 0 210374 239794 0 0 5079 743799 963326 2241603 3610929 1995496 4046374 22747109 27234271 7566876 7233754 15180233 20000517 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. 1 0 2392709 2392709 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. 368741 200111 The Foundation provides support for the William Shemorry Library for the ND State Historical Society, 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. 15100 15100 Contributions to other charities that support the Williston North Dakota area. 2776550 1 1 0 0 0 0 0 0 0 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 1 0 0 0 0 1 0 0 0 0 1 11 5 1 19 1 1 1 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 0 0 1 0 0 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 115464 0 20950 115464 0 20950 1 0 0 1 0 652436 652436 Student Housing Mobile Home Lease 531110 62500 62500 Teton Motor Coach Lease Income 900099 45000 45000 Miscellaneous Revenue 900099 40983 40983 Student Housing 531110 38128 38128 TrainND Lease Income 534420 13500 13500 200111 300171 300171 5080420 5080420 910976 673739 237237 237237 237237 83286 0 83286 83286 83286 6557012 5875089 681923 681923 ND Motor Vehicle 900099 421719 421719 421719 7657303 200111 421719 6383037 X 2407809 2407809 145060 65277 75816 3967 69365 13781 55584 778 40 738 14826 6200 8626 9765 4199 5371 195 720 720 30474 30474 440033 19710 419406 917 40406 36085 4321 9331 9331 58050 43236 14814 4251 4251 10256 10256 73 73 125749 97410 28339 8542 8542 Credit Card Fees 122160 122160 Teton Thunder News 56069 56069 Carcass Challenge 19666 19666 Bad Debt Expense 1671 1671 35875 5397 30478 3610929 2776550 829300 5079 80561 86411 4314417 3665932 6000 6000 13402 32749 1671 1521 29244 12686181 934626 9414869 11751555 8118143 9949861 190887 605638 1712519 22747109 27234271 900607 206910 5722426 6586147 1250000 80122 54418 7566876 7233754 X 4056866 3940452 4619645 9542772 6503722 6517293 15180233 20000517 22747109 27234271 4046374 773910 0 X 0 1 X 1 0 X 364430 98515 531277 499850 652436 2146508 60000 113589 154564 126524 200111 654788 360340 583167 692253 6394125 6557012 14586897 784770 795271 1378094 7020499 7409559 17388193 0 0 0 17388193 304225 339342 334250 2681678 6291567 9951062 304225 339342 334250 2681678 6291567 9951062 785486 688403 1524174 2998063 1874481 1823016 3236518 9702177 13701126 30337318 0.57320 0.59620 0.32800 0.21770 X Schedule A, Part III, Line 12: Oil & Gas Inc From Donated Minerals 2009 Amount: $763,888 2010 Amount: $675,900 2011 Amount: $1,524,174 Explanation: Miscellaneous 2009 Amount: $21,598 2010 Amount: 12,503 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10851905 6876897 1919371 5000 64673 15739758 9736126 3033306 504704 1374975 37848 10851905 9671482 50000 1804247 721059 758729 309815 9736126 8700073 158895 1834403 809005 44489 168395 9671482 7778780 301933 1160086 391112 356 149256 8700075 0.01000 0.41000 0.58000 0 0 7890 7890 11667651 524161 11143490 1010640 410465 600175 11751555 Accrued interest receivable 11939 Federal income tax withholding 1523 Due from related party 544167 Horizon Capital 800000 Mineral Rights 354890 1712519 Accrued interest payable 19799 Due to related party 34619 54418 X 14980041 773910 773910 14206131 -6548828 -6548828 7657303 10159757 6548828 6548828 3610929 0 3610929 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 is exempt from income tax under Section 501(c)(3) of the Internal Revenue Code and comparable state law. The Foundation is organized as a North Dakota nonprofit corporation. The federal income tax returns of the Foundation are subject to examination by the IRS, generally for three years after they were filed. 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 substantial 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. Part XI, Line 4b - Other Adjustments: Gaming expenses reported in expenses on financial statements -5,875,089. Rental expenses reported in expenses on financial statements -673,739. Part XII, Line 2d - Other Adjustments: Gaming expenses reported in expenses on financial statements 5,875,089. Rental expenses reported in expenses on financial statements 673,739. 2521827 2017044 16200 74914 0 4035185 3314843 22456 33165 396467 0 6557012 5331887 22456 49365 471381 5875089 681923 ND 1 0 1 0 1.00000 Eide Bailly LLP PO Box 1387 Williston ND 588021387 0 Roseanne Marquez 33074 Manage gaming operations, hire and fire employees, make deposits, prepare reports required by gaming regulations. X 1 446290 1 Williston State College PO Box 1326 Williston ND 58801 450324813 ND University System 1001325 Scholarships Williston State College PO Box 1326 Williston ND 58801 450324813 ND University System 941704 Scholarships from gaming WSC State College Building Fund PO Box 1326 Williston ND 58801 450324813 ND University System 431679 Front drive, dugouts WSC Small Business Development Center 1410 University Ave Williston ND 58801 450324813 501(c)3 6000 Support small business in NW ND WSC Athletic Department 1410 University Ave Williston ND 58801 450324813 ND University System 27101 Hockey matching funds/Teton Booster 5 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 0 0 X X 0 0 0 0 0 0 0 0 0 Terry Olson Executive Director 107414 0 2050 0 6000 0 12864 0 8450 0 136778 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. 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. American State Bank Board member a shareholder and officer at bank holding organization's loan 286788 interest payment on loan 0 American State Bank Board member a shareholder and officer at bank holding organization's loan 14956 accrued interest at 6/30/14 0 Form 990, Part III, line 2 The Foundation's wholly-owned subsidiary, Williston State College Housing LLC, began providing housing for Williston State College employees and other essential service workers due to the housing shortage in the Williston area. 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 A, line 6 The organization has one class of members, divided into three subdivisions: business, family and individual. Membership is granted to any business, family or individual that supports the mission and purposes of the organization and who pays the annual dues set by the Board of Directors. The members have no voting rights. 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 The Board of Directors uses the ND State Broadbanding scale to determine Executive Director's compensation. This process last took place in March 2014. Form 990, Part VI, Section C, line 19 Copies may be made available for public inspection upon request by calling the Foundation office. Form 990, Part IX, line 11g Trust Fees: Program service expenses 0. Management and general expenses 56,587. Fundraising expenses 0. Total expenses 56,587. Contracted Services: Program service expenses 0. Management and general expenses 337,609. Fundraising expenses 0. Total expenses 337,609. Payroll Services: Program service expenses 19,710. Management and general expenses 25,210. Fundraising expenses 917. Total expenses 45,837. Williston State College Housing LLC PO Box 1286 Williston ND 58802 371693089 Affordable housing for WSC employees & other essential service entities ND 840884 11065692 WSC Foundation