2015-11-24T10:34:23-06:00 2015-06-30 450250958 EIDE BAILLY LLP 200 EAST 10TH ST PO BOX 5125 SIOUX FALLS SD 571175125 990 2014-07-01 466018891 UNIVERSITY OF SOUTH DAKOTA FOUNDATION UNIV 6056776703 1110 N DAKOTA PO BOX 5555 VERMILLION SD 57069 STEVE BROWN PRESIDENT AND CEO 6056776703 2015-11-17 1 LAURIE HANSON P00851848 6053391999 2015-11-17 2014 2016-03-07 17:11:31Z STEVE BROWN 1110 N DAKOTA PO BOX 5555 VERMILLION SD 57069 49942051 0 X WWW.ONWARDSD.ORG X 1928 SD THE UNIVERSITY OF SOUTH DAKOTA FOUNDATION PROVIDES GIFTS, GRANTS, AND SCHOLARSHIPS TO OR FOR THE BENEFIT OF THE UNIVERSITY OF SOUTH DAKOTA. THESE FUNDS ARE DISBURSED TO USD STUDENTS OR DEPARTMENTS BASED ON FINANCIAL NEED, QUALIFICATIONS, AND/OR IN ACCORDANCE WITH THE DONOR'S WISHES. 26 26 44 102 261566 198877 13208468 18961290 1092502 896807 8980825 9267183 338534 227912 23620329 29353192 11368440 15683399 0 0 2902398 2923139 218228 241651 2424767 2375111 2543146 16864177 21391335 6756152 7961857 251595767 258142222 13847140 14710425 237748627 243431797 X THE MISSION OF THE UNIVERSITY OF SOUTH DAKOTA FOUNDATION IS TO PROVIDE PRIVATE RESOURCES FOR THE UNIVERSITY OF SOUTH DAKOTA TO INCREASE THE EXCELLENCE OF ITS STUDENTS' EDUCATIONAL EXPERIENCE. 0 0 7216548 7216548 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. A NEW FRESHMAN RECRUITING SCHOLARSHIP PROGRAM WAS STARTED IN 2003 THAT HAS BEEN INSTRUMENTAL IN HELPING TO ACCOMPLISH USD'S ENROLLMENT OBJECTIVES. THE AMOUNT OF SCHOLARSHIPS PROVIDED SINCE THIS NEW PROGRAM BEGAN HAS INCREASED FROM $1.9 MILLION TO $7.2 MILLION. DURING THIS PERIOD OF TIME THE NUMBER OF FIRST TIME FULL TIME FRESHMAN INCREASED BY 21% AND THE NUMBER OF FRESHMAN FITTING THE ACT REQUIREMENTS TO RECEIVE THE SCHOLARSHIP INCREASED BY 31%. THE RETENTION RATE ALSO CONTINUES TO INCREASE AS A RESULT OF THE FRESHMAN SCHOLARSHIP PROGRAM. 5874821 5874821 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, $63 MILLION HAS BEEN PROVIDED FOR FACILITIES THAT HAVE ENHANCED THE STUDENTS EDUCATIONAL EXPERIENCE AND OPPORTUNITIES AND HAVE RESULTED IN A NEW HEALTH SCIENCE INFORMATION CENTER BUILDING, THE RENOVATION OF A CHILDCARE FACILITY, REPLACEMENT OF THE DAKOTA DOME ROOF, RENOVATION OF A TECHNOLOGICAL STATE OF THE ART ALLEN H. NEUHARTH CENTER FOR COMMUNICATIONS AND JOURNALISM, RENOVATION OF TWO HISTORICAL BUILDINGS - OLD MAIN AND BELBAS CENTER - TO BE USED FOR CLASSROOMS AND STUDENT SERVICES, RENOVATION OF AALFS AUDITORIUM TO BE USED FOR MAJOR EVENTS AND PROGRAMS, RENOVATION OF THE LEE MEDICAL SCHOOL BUILDING, CONSTRUCTION OF THE MUENSTER UNIVERSITY CENTER - STUDENT CENTER, AND CONSTRUCTION OF A NEW BEACOM SCHOOL OF BUSINESS BUILDING. FUNDRAISING AND CONSTRUCTION PLANNING HAS BEGUN FOR NEW ATHLETIC FACILITIES AND RENOVATION OF THE NATIONAL MUSIC MUSEUM FACILITIES. 2592030 2592030 860977 PROVIDE FUNDS FOR SALARY AUGMENTATION AND OTHER SUPPORT OF ACADEMIC FACULTY, SUPPORT OF STUDENT TRAVEL AND RESEARCH, AND SUPPORT OF USD MUSEUMS AND VARIOUS AUXILIARY PROGRAMS. OF THE $2.6 MILLION PROVIDED FOR THESE PROGRAMS, $1.2 MILLION WAS PROVIDED FOR FACULTY IN THE FORM OF SALARY AUGMENTATION, TRAVEL, PROFESSIONAL DEVELOPMENT AND RESEARCH. 15683399 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 0 1 0 0 1 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 1 68 0 1 44 1 1 1 0 0 0 1 1 1 1 0 0 0 0 X 26 26 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 1 1 AK AR CA IL KY MD MA MI MN NH NJ NY OK SC TN UT WV WI OH OR X KAREN DAVIES 6056776709 USD FOUNDATION PO BOX 5555 VERMILLION SD 57069 DANIEL J KELLY CHAIR 0.70 X X 0 0 0 DOYLE KNUDSON PAST CHAIR 0.70 X X 0 0 0 LORRAINE HART VICE CHAIR 0.70 X X 0 0 0 ROBERT HOLLINGSWORTH VICE CHAIR-ELECT 0.70 X X 0 0 0 VERN O HOLTER TREASURER/SECRETARY 0.70 X X 0 0 0 GARY BEGEMAN BOARD OF DIRECTORS 0.40 X 0 0 0 MICHAEL CASEY BOARD OF DIRECTORS 0.40 X 0 0 0 ANTHONY CLEBERG 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 CHARLES FULLERTON BOARD OF DIRECTORS 0.40 X 0 0 0 NANCY A GALLAGHER BOARD OF DIRECTORS 0.70 X 0 0 0 JOHN 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 ELLENGRAY KENNEDY BOARD OF DIRECTORS 0.40 X 0 0 0 PAUL J LEWIS BOARD OF DIRECTORS 0.70 X 0 0 0 DANIEL MEYER BOARD OF DIRECTORS 0.40 X 0 0 0 DAVID OLSON BOARD OF DIRECTORS 0.40 X 0 0 0 STEVE PFEIFFER BOARD OF DIRECTORS 0.40 X 0 0 0 JEFFREY SVEEN BOARD OF DIRECTORS 0.40 X 0 0 0 CATHLEEN TOBIN 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 THOMAS L HEINZ BOARD OF DIRECTORS (UNTIL OCT 2014) 0.40 X 0 0 0 JEANNETTE PORTER BOARD OF DIRECTORS (UNTIL OCT 2014) 0.40 X 0 0 0 JOANN KUNKEL BOARD OF DIRECTORS (BEG OCT 2014) 0.40 X 0 0 0 STEVE SCHACHT BOARD OF DIRECTORS (BEG OCT 2014) 0.40 X 0 0 0 STEVE BROWN PRESIDENT AND CEO 40.00 X 236063 0 38139 KAREN DAVIES CFO/VICE PRESIDENT 40.00 X 132927 0 18728 MICHAEL MAGOON SR. DIRECTOR OF PRINCIPAL 40.00 X 119749 0 16568 EDGAR STOREY SR DIRECTOR OF DEVELOPMENT 40.00 X 110453 0 10084 FIELD GLOVER COO/VICE PRESIDENT 40.00 X 143894 0 27738 743086 0 111257 5 0 1 0 ADAGE CAPITAL PARTNERS 200 CLARENDON STREET BOSTON MA 02116 INVESTMENT MANAGEMENT FEES 518042 RUFFALO NOEL LEVITZ LLC 1025 KIRKWOOD PARKWAY SW CEDAR RAPIDS IA 52404 PHONE CENTER MANAGEMENT 241651 BLACKSTONE GROUP 345 PARK AVE 32ND FLOOR NEW YORK NY 10154 INVESTMENT MANAGEMENT FEES 117591 MCGLADREY LLP 1252 BELL VALLEY RD 300 ROCKFORD IL 61108 INFORMATION TECHNOLOGY CONSULTING 111074 4 199639 18761651 907069 18961290 ADMINISTRATIVE FEES 561000 875882 875882 20925 20925 896807 3051058 3051058 17982 31698 14905 -13716 -14905 -28621 -14905 -13716 26696618 715 20454393 26815 6242225 -26100 6216125 6216125 56015 199639 61048 -5033 -5033 BLACKSTONE INVESTMENTS 531390 261566 261566 261566 29353192 860977 261566 9269359 15683399 15683399 452786 338139 114647 1961191 1104207 856984 91042 50483 40559 239609 134098 105511 178511 105816 72695 50244 50164 80 36358 36358 241651 241651 670883 670883 173062 103188 69874 89642 76256 13386 85727 64053 21674 122370 118476 3894 179273 88453 90820 470106 52391 417715 161871 130576 31295 112820 67692 45128 16180 11839 4341 EVENTS AND STEWARDSHIP 230166 12977 217189 UBIT 64415 64415 ANNUAL GIVING 53620 53620 PLANNED GIVING 8615 8615 17794 2705 15089 21391335 15683399 3283169 2424767 17066860 22149619 16118580 18083616 197205 168094 2304657 1166295 884294 1138362 164105880 162065241 51605667 52973424 1617281 1563866 251595767 258142222 387673 413623 13459467 14296802 13847140 14710425 X 7003660 7387244 97294370 91564344 133450597 144480209 237748627 243431797 251595767 258142222 X 7961857 -2397487 118800 X 0 1 X 1 0 X 13946401 9544431 15174713 13208468 18961290 70835303 13946401 9544431 15174713 13208468 18961290 70835303 1325659 69509644 3348656 3700296 3938392 3121156 3069040 17177540 66665 71423 107481 281153 198877 725599 20925 20925 88759367 3532924 0.78310 0.76700 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 46350 0 X X X X SEE PART XIII 0 210205498 10043596 8395211 4609447 3454979 4479888 216099991 182335563 4246168 35416857 3932811 3783140 4077139 210205498 163614930 5752008 23243031 4923558 1623877 3726971 182335563 164095354 4382943 4471306 4541579 1576744 3216350 163614930 135462712 9929241 32303544 5778069 5018981 2803093 164095354 0.01150 0.66860 0.31990 1 0 100701 100701 1342255 640459 701796 861701 525836 335865 1138362 REAL ESTATE PARTNERSHIPS 10481289 F BLACKSTONE EQUITY GROUP 2240704 F DAKOTA CARE 82000 F CITY OF VERMILLION TIF BOND 346400 F ADAGE CAPITAL 39823031 F 52973424 INVESTMENTS HELD FOR OTHERS 12416446 GIFT ANNUITIES AND LIFE INCOME AGREEMENTS 1880356 14296802 X 27097414 -2397487 141709 -2255778 29353192 0 29353192 21414244 22909 22909 21391335 0 21391335 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 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. THE ORGANIZATION'S FORM 990-T AND OTHER INCOME TAX FILINGS REQUIRED BY STATE TAX AUTHORITIES ARE GENERALLY NO LONGER SUBJECT TO TAX EXAMINATIONS FOR YEARS BEFORE 2009. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES INCLUDED WITH RENTAL INCOME 22,909. CHANGE IN ANNUITIES AND DEFERRED GIFTS 57,752. NET ASSETS RELEASED FROM RESTRICTIONS 61,048. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES INCLUDED WITH RENTAL INCOME 22,909. EUROPE 0 0 INVESTMENTS 396371 0 0 0 0 0 0 396371 0 396371 0 0 0 0 1 0 FORM 990, SCHEDULE F, PART I, COLUMN (F) THE AMOUNT REPORTED IN COLUMN (F) IS THE TOTAL ENDING CAPITAL BALANCE OF TWO INVESTMENTS IN FOREIGN PARTNERSHIPS. FORM 990, SCHEDULE F, PART IV, LINE 5 THE UNIVERSITY OF SOUTH DAKOTA IS INDIRECTLY CONSIDERED A CATERGORY 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 370282 241651 128631 370282 241651 128631 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 CALLING ALL COYOTES AUCTION 255654 199639 56015 16651 3222 27373 1736 12066 255654 199639 56015 16651 3222 27373 1736 12066 61048 -5033 1 UNIVERSITY OF SOUTH DAKOTA 414 EAST CLARK STREET VERMILLION SD 57069 466000364 501(C)(3) 15465839 87549 FMV/APPRAISAL OR OTHER OPINION TRANSFER OF NONCASH GIFTS MADE TO USDF FOR THE BENEFIT OF USD. SCHOLARSHIPS ($7,140,871), BUILDING/FACILITIES ($5,874,209), AND OPERATIONAL/PROGRAMATIC ($2,538,307). SOUTH DAKOTA MEDICAL SCHOOL ENDOWMENT ASSOCIATION 2600 W 49TH STREET SIOUX FALLS SD 57105 466012680 501(C)(3) 27191 STUDENT LOANS SOUTH DAKOTA STATE UNIVERSITY PO BOX 2201 BROOKINGS SD 57007 466000364 501(C)(3) 46000 SCHOLARSHIPS THE FUND FOR ADVANCEMENT OF MEDICAL EDUCATION AND RESEARCH 1400 WEST 22ND ST SIOUX FALLS SD 57105 363432018 501(C)(3) 9618 PROGRAM SUPPORT SANFORD SCHOOL OF MEDICINE USD RESIDENCY CORPORATION 1400 WEST 22ND ST SIOUX FALLS SD 57105 460418678 501(C)(3) 16914 PROGRAM SUPPORT BLACK HILLS PLAYHOUSE PO BOX 2513 RAPID CITY SD 57709 460215866 501(C)(3) 7288 SCHOLARSHIPS ($6,677) AND BUILDING & EQUIPMENT ($611) DAKOTA STATE UNIVERSITY 820 N WASHINGTON AVE MADISON SD 57042 466000364 501(C)(3) 9500 SCHOLARSHIPS 7 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 199673 0 28416 0 7974 0 14557 0 24622 0 275242 0 0 0 KAREN DAVIES CFO/VICE PRESIDENT 131975 0 0 0 952 0 8040 0 11512 0 152479 0 0 0 FIELD GLOVER COO/VICE PRESIDENT 143702 0 0 0 192 0 6814 0 21805 0 172513 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 2 46350 APPRAISAL & EXPERT OPINI X 1165 EXPERT OPINION X 56 739197 AVG OF HIGH/LOW MKT PRIC X MISC AUCTION ITEMS 129 80323 SALE OF COMPARABLE I X MUSICAL INSTRUMENT 1 37500 APPRAISAL X CONSTRUCTION MATERIAL 1 2534 DONOR'S ESTIMATE 2 0 1 1 PART I, COLUMN (B): THE 56 STOCK GIFTS REPORTED ABOVE INCLUDE GIFTS OF STOCK VALUED AT $298,021 NOT REPORTED AS REVENUE AS THOSE TRANSFERS REPRESENTED PAYMENTS ON PLEDGES WHICH WERE REPORTED AS REVENUE IN EARLIER YEARS. PART I, LINE 32B: AN AUCTIONEER WAS HIRED TO SELL ITEMS AT A FUNDRAISING AUCTION, WHICH INCLUDED THE SALE OF NON-CASH CONTRIBUTIONS. AT THE SAME EVENT, A FACILITATOR WAS HIRED TO PROVIDE TECHNOLOGY, ON SITE ADMINISTRATION, AND REPORTING. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE CONSISTS OF THE CHAIR, VICE-CHAIR, VICE-CHAIR ELECT, IMMEDIATE PAST-CHAIR AND TWO MEMBERS DESIGNATED BY THE FOUNDATION CHAIR FROM AMONG THE ELECTED AND APPOINTED MEMBERS OF THE BOARD OF DIRECTORS AT THE BEGINNING OF THE CHAIR'S TERM AND APPROVED BY THE BOARD OF DIRECTORS. THE 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 4 THE BOARD OF TRUSTEES AMENDED THE BY-LAWS. A VICE-CHAIR-ELECT POSITION WAS ADDED TO THE OFFICERS WITH VOTING RIGHTS. THE EX-OFFICIO VOTING MEMBERS CATEGORY WAS ELIMINATED. THE SECRETARY/TREASURER AND IMMEDIATE PAST CHAIR RETAIN MEMBERSHIP ON THE BOARD AND VOTING RIGHTS AS OFFICERS OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11 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 FINANCIAL STATEMENTS ARE AVAILABLE ON THE WEBSITE. ALL DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN GIFT ANNUITIES & DEFERRED GIFTS 57,752. NET ASSETS RELEASED FROM RESTRICTIONS 61,048. USDF LLC 1110 N DAKOTA PO BOX 5555 VERMILLION SD 57069 466018891 HOLD AND MANAGE REAL ESTATE FOR FOUNDATION SD 5540 327715 UNIVERSITY OF SOUTH DAKOTA FOUNDATION USDF2 LLC 1110 N DAKOTA PO BOX 5555 VERMILLION SD 57069 466018891 HOLD AND MANAGE AIRPLANE FOR FOUNDATION SD -53663 1074233 UNIVERSITY OF SOUTH DAKOTA FOUNDATION CHARITABLE REMAINDER TRUSTS (15) CRT SD N/A T 1 CHARITABLE LEAD TRUSTS (1) CRT SD N/A T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0