2014-10-15T14:39:54-05:00 2014-06-30 450250958 EIDE BAILLY LLP 200 EAST 10TH ST PO BOX 5125 SIOUX FALLS SD 571175125 990 2013-07-01 466018891 UNIVERSITY OF SOUTH DAKOTA FOUNDATION UNIV 6056776703 1110 N DAKOTA PO BOX 5555 VERMILLION SD 57069 STEVE BROWN PRESIDENT AND CEO 6056776703 2014-10-15 1 LAURIE HANSON P00851848 6053391999 2014-10-15 2013 2015-11-30 17:44:51Z STEVE BROWN 1110 N DAKOTA PO BOX 5555 VERMILLION SD 57069 79329087 0 X WWW.USDFOUNDATION.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 68 28 343482 281153 15174713 13208468 888249 1092502 5704648 8980825 64432 338534 21832042 23620329 11283505 11368440 0 0 2291451 2902398 0 0 2396202 2232148 2593339 15807104 16864177 6024938 6756152 218096830 251595767 12629190 13847140 205467640 237748627 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 6467077 6467077 PROVIDE SCHOLARSHIP FUNDS TO INCREASE THE ACADEMIC EXCELLENCE OF THE STUDENT BODY AND THE QUALITY OF THEIR EDUCATIONAL EXPERIENCE. DURING THE FISCAL YEAR ENDED JUNE 30, 2014, THE UNIVERSITY OF SOUTH DAKOTA FOUNDATION ("FOUNDATION") PROVIDED $11,340,360 MONETARY SUPPORT TO THE UNIVERSITY OF SOUTH DAKOTA ("USD"), PLUS $99,813 TO SUPPORT FUNDRAISING EXPENSES OF USD'S DEAN. INCLUDED IN THIS AMOUNT WAS SCHOLARSHIP SUPPORT IN THE AMOUNT OF $6.4 MILLION. 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 $6.4 MILLION. ENROLLMENT INCREASED 27% SINCE 2003, WITH FIRST TIME FULL TIME FRESHMAN INCREASING BY 19%. THE NUMBER OF FRESHMAN FITTING THE ACT REQUIREMENTS TO RECEIVE THE SCHOLARSHIP INCREASED 27% DURING THIS PERIOD OF TIME. THE RETENTION RATE ALSO CONTINUES TO INCREASE AS A RESULT OF THE FRESHMAN SCHOLARSHIP PROGRAM. 2191290 2191290 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. DURING THE FISCAL YEAR ENDED JUNE 30, 2014 $2.2 MILLION WAS PROVIDED TO USD FOR THIS PURPOSE. SINCE 1996, ALMOST $53 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. 2710073 2710073 1099568 PROVIDE FUNDS FOR SALARY AUGMENTATION AND OTHER SUPPORT OF ACADEMIC FACULTY, AND FUNDS TO SUPPORT USD MUSEUMS AND VARIOUS OTHER AUXILIARY PROGRAMS. DURING THE FISCAL YEAR ENDED JUNE 30, 2014, THE FOUNDATION PROVIDED $2.7 MILLION TO USD TO SUPPORT OPERATIONS AND PROGRAMS. INCLUDED IN THIS TOTAL WAS $1.2 MILLION PROVIDED FOR FACULTY IN THE FORM OF SALARY AUGMENTATION, TRAVEL, PROFESSIONAL DEVELOPMENT AND RESEARCH. SUPPORT TO STUDENTS FOR TRAVEL, ASSISTANTSHIPS, INTERNSHIPS, RESEARCH, ETC WAS PROVIDED IN THE AMOUNT OF $528 THOUSAND. LECTURES, PROGRAMS AND OPERATIONAL SUPPORT BENEFITED BY $1 MILLION. 11368440 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 1 0 1 1 0 0 1 1 0 0 0 1 54 0 1 68 1 1 1 0 0 0 1 1 1 1 1 1 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 AK AR CA IL KY MD MA MI MN NH NJ NY OK SC TN UT WV DC NV X X 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 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 THOMAS L HEINZ BOARD OF DIRECTORS 0.40 X 0 0 0 JARED HIGMAN BOARD OF DIRECTORS 0.40 X 0 0 0 ROBERT HOLLINGSWORTH BOARD OF DIRECTORS 0.50 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 0.50 X 0 0 0 STEVE PFEIFFER BOARD OF DIRECTORS 0.40 X 0 0 0 JEANNETTE PORTER 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 LARRY HARTOG BOARD OF DIRECTORS TIL OCT 13 0.40 X 0 0 0 WARREN L PROSTROLLO BOARD OF DIRECTORS TIL OCT 13 0.50 X 0 0 0 JOHN LILLIBRIDGE BOARD OF DIRECTORS TIL OCT 13 0.40 X 0 0 0 STEVE BROWN PRESIDENT AND CEO 40.00 X 189035 0 35818 KAREN DAVIES CFO/VICE PRESIDENT 40.00 X 126049 0 17738 MICHAEL MAGOON SR. DIRECTOR OF PRINCIPAL GIFTS 40.00 X 119321 0 15687 EDGAR STOREY SR DIRECTOR OF DEVELOPMENT 40.00 X 107210 0 11736 FIELD GLOVER COO/VICE PRESIDENT 40.00 X 110677 0 15421 652292 0 96400 5 0 1 0 ADAGE CAPITAL PARTNERS 200 CLARENDON STREET BOSTON MA 02116 INVESTMENT MANAGEMENT FEES 467492 BENTZ WHALEY FLESSNER & ASSOCIATES INC 7251 OHMS LANE MINNEAPOLIS MN 55439 ADVISORY SERVICES 204570 BLACKSTONE GROUP 345 PARK AVE 32ND FLOOR NEW YORK NY 10154 INVESTMENT MANAGEMENT FEES 168679 RUFFALO CODY LLC 65 KIRKWOOD NORTH RD SW CEDAR RAPIDS IA 52406 PHONE CENTER MANAGEMENT 109392 4 13208468 1660522 13208468 ADMINISTRATIVE FEES 561000 1092502 1092502 1092502 3109030 3109030 11060 1066 17074 0 -6014 1066 -4948 1066 -6014 60915479 648000 55039441 652243 5876038 -4243 5871795 5871795 BLACKSTONE INVESTMENTS 531390 343482 343482 343482 23620329 1093568 343482 8974811 11368440 11368440 436707 324792 111915 1972371 991148 981223 68384 34185 34199 280535 165563 114972 144401 73665 70736 14537 12044 2493 36823 36823 617947 617947 244893 96550 148343 78602 63278 15324 89929 69470 20459 162046 148519 13527 141003 66479 74524 394906 40258 354648 139964 117063 22901 112417 67450 44967 18622 15138 3484 ANNUAL GIVING 287560 287560 UBIT 142250 142250 EVENTS AND STEWARDSHIP 44911 14924 29987 PLANNED GIVING 43212 43212 23717 1989 21728 16864177 11368440 3099535 2396202 9466994 17066860 15838011 16118580 215868 197205 1972964 1088670 958341 884294 160630198 182630208 28691941 33081339 2295477 1617281 218096830 251595767 301754 387673 12327436 13459467 12629190 13847140 X 6142106 7003660 71117688 97294370 128207846 133450597 205467640 237748627 218096830 251595767 X 6756152 24928847 595988 X 0 1 X 1 0 X 9504372 13946401 9544431 15174713 13208468 61378385 9504372 13946401 9544431 15174713 13208468 61378385 153516 61224869 3749868 3348656 3700296 3938392 3121156 17858368 60714 66665 71423 107481 281153 587436 79824189 2898960 0.76700 0.75590 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 19425 0 X X X X SEE PART XIII 0 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 126164972 5602676 14276761 5721596 2126457 2733645 135462711 0.00980 0.63490 0.35530 1 0 100701 100701 1241398 606042 635356 630865 482628 148237 884294 PIMCO TOTAL RETURN 17769885 F REAL ESTATE PARTNERSHIPS 13569628 F BLACKSTONE EQUITY GROUP 1695326 F GS COMMODITY STRATEGY FD INST 23502 F PIMCO COMMODITY RELA RETURN STRATEGY 22998 F 33081339 INVESTMENTS HELD FOR OTHERS 11204128 GIFT ANNUITIES AND LIFE INCOME AGREEMENTS 2255339 13459467 X 49153450 24928847 604274 25533121 23620329 0 23620329 16872463 8286 8286 16864177 0 16864177 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 NO LONGER SUBJECT TO TAX EXAMINATIONS FOR YEARS BEFORE 2008. DURING NOVEMBER 2011, THE ORGANIZATION FILED AN AMENDED FORM 990-T FOR THE YEARS ENDED JUNE 30, 2008 THROUGH JUNE 30, 2011. AS SUCH, TAX YEARS 2007 - 2010 ARE SUBJECT TO TAX EXAMINATIONS UNTIL NOVEMBER 2014. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES INCLUDED WITH RENTAL INCOME 8,286. CHANGE IN ANNUITIES AND DEFERRED GIFTS 595,988. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES INCLUDED WITH RENTAL INCOME 8,286. EUROPE 0 0 INVESTMENTS 31487 0 0 0 0 0 0 31487 0 31487 1 0 0 0 1 0 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 INCOMES 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 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 1 RUFFALO CODY LLC 65 KIRKWOOD NORTH RD SW CEDAR RAPIDS IA 52406 PHONE CENTER MANAGER 0 377171 218288 377171 377171 218288 377171 AL AK AR CA CO CT DC GA HI IL KS KY LA ME MD MA MI MN MS MO NV NH NJ NM NY NC OH OK OR PA RI SC SD TN UT VA WA WV WI 1 UNIVERSITY OF SOUTH DAKOTA 414 EAST CLARK STREET VERMILLION SD 57069 466000364 501(C)(3) 11063619 66270 EXPERT OPINION, SELLING PRICE TRANSFER NONCASH GIFTS MADE TO USDF FOR THE BENEFIT OF USD. SCHOLARSHIPS, BUILDING, FACILITIES, OPERATIONAL AND PROGRAM SUPPORT SOUTH DAKOTA MEDICAL SCHOOL ENDOWMENT ASSOCIATION 2600 W 49TH STREET SIOUX FALLS SD 57105 466012680 501(C)(3) 26863 STUDENT LOANS SOUTH DAKOTA STATE UNIVERSITY PO BOX 2201 BROOKINGS SD 57007 466000364 501(C)(3) 13000 SCHOLARSHIPS THE FUND FOR ADVANCEMENT OF MEDICAL EDUCATION AND RESEARCH 1400 WEST 22ND ST SIOUX FALLS SD 57105 363432018 501(C)(3) 28642 OPERATIONAL AND PROGRAM SANFORD SCHOOL OF MEDICINE USD RESIDENCY CORPORATION 1400 WEST 22ND ST SIOUX FALLS SD 57105 460418678 501(C)(3) 152811 OPERATIONAL AND PROGRAM BLACK HILLS PLAYHOUSE PO BOX 2513 RAPID CITY SD 57709 460215866 501(C)(3) 7235 SCHOLARSHIPS, BUILDING & EQUIPMENT VERMILLION CHAMBER & DEVELOPMENT CO 116 MARKET STREET STE 103 VERMILLION SD 57069 460284795 501(C)(4) 10000 OPERATIONAL & PROGRAM 6 1 PART I, LINE 2: THE UNIVERSITY OF SOUTH DAKOTA FOUNDATION ACCEPTS GIFTS AND MANAGES PAYMENTS FOR THE PURPOSES SET FORTH BY THE DONORS. THE FOUNDATION INFORMS THE UNIVERSITY OF SOUTH DAKOTA (USD) HOW MUCH IS AVAILABLE FOR EXPENDITURE AND WHAT THE CRITERIA ARE FOR THEIR USE (I.E. SCHOLARSHIP CRITERIA, RESEARCH CRITERIA, STUDENT OR FACULTY SUPPORT CRITERIA, ETC). USD MAKES THE DETERMINATION OF WHO THE SPECIFIC RECIPIENT WILL BE FOR THESE FUNDS, IN ACCORDANCE WITH THE CRITERIA, AND REQUESTS THE FOUNDATION TO ISSUE PAYMENT FOR THESE PURPOSES. BEFORE PAYMENT IS MADE, THE FOUNDATION VERIFIES THAT THE REQUESTED PAYMENT IS AN APPROPRIATE USE OF THE FUNDS AND THAT THE USD REPRESENTATIVE MAKING THE REQUEST IS AUTHORIZED TO DO SO. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 STEVE BROWN PRESIDENT AND CEO 181095 0 0 0 7940 0 10925 0 25959 0 225919 0 0 0 PART I, LINE 1A COO IS PROVIDED AN ALLOWANCE EACH MONTH FOR THE BUSINESS USE OF HIS PERSONAL CAR. PART I, LINE 1B BETSY RICE EMPLOYEE, SPOUSE OF CHET GROSECLOSE (FORMER DIRECTOR) 42187 WAGES 0 X 1 19425 EXPERT OPINION X 4446 EXPERT OPINION X 57 1299982 AVG OF HIGH & LOW MKT PR X 1 72000 APPRAISED VALUE X LIFE INSURANC 1 207460 CASH SURRENDER VALUE X OTHER EQUIPME 4 42399 SELLING/COMPARABLE P X MISC & AUCTIO 4 13610 SELLING/COMPARABLE P X CROPS 1 1200 MARKET PRICE 4 0 1 1 PART I, LINE 32B: A REAL ESTATE AGENT WAS HIRED AND USED TO SELL THE LEMARS PROPERTY WHICH WAS RECEIVED AS A GIFT. RUFFALO CODY LLC WAS HIRED TO MANAGE THE ANNUAL PHONE SOLICITATION PROGRAM. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE CONSISTS OF THE CHAIR, CHAIR-ELECT, PAST-CHAIR AND TWO ELECTED MEMBERS. THE EXECUTIVE COMMITTEE HAS BROAD AUTHORITY TO ACT ON BEHALF OF THE BOARD. 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. THE BOARD OF TRUSTEES APPROVES APPOINTMENTS TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11 THE CFO REVIEWS THE 990 IN DETAIL. AFTER HER REVIEW, THE 990 IS PROVIDED TO EACH BOARD MEMBER. IF THE 990 IS READY BY THE DAKOTA DAYS MEETING IN OCTOBER, IT WILL BE PRESENTED TO THE GOVERNING BOARD AT THAT TIME. APPROVAL WILL BE SOUGHT AT THAT MEETING. IF THE 990 IS NOT READY BY THAT TIME, IT WILL BE EMAILED TO THE GOVERNING BODY AND THEY WILL BE REQUIRED TO RESPOND WITH THEIR APPROVAL. THE 990 WILL NOT BE FILED UNTIL BOARD APPROVAL IS ATTAINED. FORM 990, PART VI, SECTION B, LINE 12C NEW BOARD MEMBERS SIGN A CONFLICT OF INTEREST STATEMENT UPON APPOINTMENT. OTHER BOARD MEMBERS 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. THIS PROCEDURE COVERS ALL VOTING MEMBERS OF THE BOARD OF TRUSTEES, EMPLOYEE-OFFICERS AND KEY STAFF MEMBERS. THE STATEMENTS ARE REVIEWED BY THE DIRECTOR OF ADMINISTRATION AND THE CFO. 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 15 THE EXECUTIVE BOARD SERVES AS THE PERSONNEL COMMITTEE. COMPENSATION AND BENEFITS FOR THE CEO ARE DETERMINED BY THIS COMMITTEE. 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. UPON HIRE, THE COMMITTEE ENTERS INTO AN EMPLOYMENT CONTRACT WITH THE PERSON CHOSEN FOR THE CEO POSITION. COMPENSATION FOR THE CFO IS RECOMMENDED TO THE EXECUTIVE BOARD BY THE CEO. THE EXECUTIVE BOARD APPROVES ALL COMPENSATION LEVELS AND WAGE ADJUSTMENTS. ACTIONS ARE DOCUMENTED IN THE MINUTES. THE PROCESS WAS LAST UNDERTAKEN IN MAY 2014. 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 595,988. USDF LLC 1110 N DAKOTA PO BOX 5555 VERMILLION SD 57069 466018891 HOLD AND MANAGE REAL ESTATE FOR FOUNDATION SD -16091 320033 UNIVERSITY OF SOUTH DAKOTA FOUNDATION USDF2 LLC 1110 N DAKOTA PO BOX 5555 VERMILLION SD 57069 466018891 HOLD AND MANAGE AIRPLANE FOR FOUNDATION SD 102256 1127896 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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CHARITABLE REMAINDER TRUST C 1063824 CASH