2014-05-14T11:54:38-05:00 2013-06-30 450250958 EIDE BAILLY LLP 210 UNIVERSITY AVE PO BOX 1387 WILLISTON ND 588021387 990 2012-07-01 456012226 Williston State College Foundation WILL 7015729275 P O Box 1286 Williston ND 588021286 Terry Olson 7015729275 2014-05-05 1 Nancy Swallom CPA P00137671 7015772157 2014-05-02 2012 2015-11-30 17:44:51Z Terry Olson P O Box 1286 Williston ND 588021286 10819934 0 X www.wscfoundation.com X 1961 ND To promote and support Williston State College. 11 9 26 11 247399 -90120 531277 499850 362268 162524 451515 337245 2250175 3237480 3595235 4237099 1997526 1287430 0 0 373088 210374 0 0 4207 396300 743799 2766914 2241603 828321 1995496 13598048 22747109 863935 7566876 12734113 15180233 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 1271459 1271459 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. 351931 162524 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. 15971 15971 Contributions to other charities that support the Williston North Dakota area. 1639361 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 1 8 6 1 26 1 1 1 0 0 0 0 0 0 0 0 0 X 11 9 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 5.00 X X 0 0 0 Charlotte Schilke 1.00 X X 0 0 0 Kim Hennessy 1.00 X X 0 0 0 Dean Aafedt 1.00 X 0 0 0 Jon Ellefson 1.00 X 0 0 0 Jerry Gratz 1.00 X 0 0 0 Tammy Sogard 1.00 X 0 0 0 Myron Lee 1.00 X 0 0 0 Dr Brett Vibeto 1.00 X 0 0 0 Nathan Jepsen 1.00 X 0 0 0 Larry Grondahl 1.00 X 0 0 0 Terry Olson 50.00 X 138744 0 25669 138744 0 25669 1 0 1 0 Community Contractors Inc 4297 16th Ave N PO Box 13593 Grand Forks ND 582083593 general contractor 8971184 1 499850 499850 Student Housing 531110 80500 80500 Miscellaneous Revenue 900099 46024 46024 TrainND Lease Income 532420 36000 36000 162524 304171 304171 2341507 2341507 767958 102400 745780 91504 22178 10896 33074 33074 6394125 5745551 648574 648574 ND Motor Vehicle 900099 236399 236399 Advertising 900099 11000 11000 247399 4237099 162524 247399 3327326 X 1287430 1287430 184744 75310 109434 6284 3055 3229 321 321 7623 7194 429 11402 4903 6271 228 1811 525 1286 33994 33994 37932 37932 323305 14051 309254 27587 27587 60398 19954 40444 31636 24184 7452 3080 3080 96 96 87323 60797 26526 9895 9895 Teton Thunder News 70849 70849 Carcass Challenge 23031 23031 32862 20491 12371 2241603 1639361 598035 4207 55382 80561 2544092 4314417 7558 6000 35924 13402 2000 613797 1671 1381 1521 9869464 454595 1024321 9414869 8118143 9310593 3000 796525 13598048 22747109 243178 900607 616108 6586147 4649 80122 863935 7566876 X 2797793 4056866 3556634 4619645 6379686 6503722 12734113 15180233 13598048 22747109 1995496 450624 0 X 0 1 X 0 0 X 656567 364430 98515 531277 499850 2150639 38400 60000 113589 154564 126524 493077 318528 360340 583167 692253 6394125 8348413 1013495 784770 795271 1378094 7020499 10992129 0 0 0 10992129 354383 304225 339342 334250 2681678 4013878 354383 304225 339342 334250 2681678 4013878 434413 785486 688403 1524174 3432476 1802291 1874481 1823016 3236518 9702177 18438483 0.59620 0.46000 0.21770 0.15600 X Schedule A, Part II, Line 12, Explanation of Other Income: Oil Gas Inc From Donated Minerals - 2008 Amount: $ 428,729. 2009 Amount: $ 763,888. 2010 Amount: $ 675,900. 2011 Amount: $ 1,524,174. Miscellaneous - 2008 Amount: $ 5,684. 2009 Amount: $ 21,598. 2010 Amount: $ 12,503. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 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 8103381 426871 -278261 393778 54379 25054 7778780 0.01390 0.59930 0.38680 0 0 7890 7890 859725 166727 692998 593822 287868 305954 8408027 8408027 9414869 Annuities payable 2381 Accrued interest payable 23294 Due to related party 54447 80122 X 10434003 450628 725 451353 9982650 -5745551 -5745551 4237099 7987879 725 5745551 5746276 2241603 0 2241603 Description of Intended Use of Endowment Funds: Part V, Line 4: The endowment consists of approximately 30 individual funds established for a variety of purposes, including scholarships for Williston State College and other programs and improvements for the college. Description of Uncertain Tax Positions Under FIN 48: Part X, Line 2: 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 revenue on tax return -5,745,551. Part XII, Line 2d - Other Adjustments: Gaming expenses reported in revenue on tax return 5,745,551. 2296693 1833761 47874 0 4097432 3336138 19140 53275 455363 0 6394125 5169899 19140 53275 503237 5745551 648574 ND 1 0 1 0 1.00000 Eide Bailly LLP PO Box 1387 Williston ND 588021387 0 Roseanne Marquez 33076 Manage gaming operations, hire and fire employees, make deposits, prepare reports required by gaming regulations. X 1 285685 1 Williston State College PO Box 1326 Williston ND 58801 450324813 ND University System 789434 Scholarships Williston State College PO Box 1326 Williston ND 58801 450324813 ND University System 396576 Upgrades & improvements Williston Basin Skating Club PO Box 2453 Williston ND 58801 450360016 501(c)3 34560 Support Agri Sports Complex Building and hockey programs WSC Small Business Development Center 1410 University Ave Williston ND 58801 450324813 ND University System 6000 Support small business in NW ND WSC Workforce Training 1410 University Ave Williston ND 58801 450324813 ND University System 5500 Oil service rig school Williston State College Building Fund PO Box 1326 Williston ND 58801 450324813 ND University System 10000 Science Center building 6 0 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, 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 129783 0 2961 0 6000 0 14880 0 11248 0 164872 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. American State Bank Board member is a shareholder & officer at bank holding organization's loan 179782 interest payment on loan 0 K & A Oil Board member is the owner of company leasing minerals from organization 284375 lease payment 0 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 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 the Executive Director's compensation. This process last took place in March 2013. Form 990, Part VI, Section C, line 19 Copies may be made available for public inspection upon request by calling the Foundation office. Other Fees Form 990, Part IX, line 11g Contracted services: Program service expenses 14,051. Management and general expenses 309,254. Fundraising expenses 0. Total expenses 323,305. Williston State College Housing LLC PO Box 1286 Williston ND 58802 371693089 Affordable housing for WSC employees & other essential service entities ND -5753 8631698 WSC Foundation