2012-11-08T13:23:39-06:00 2012-06-30 450371951 VOLLER LEE SUESS ASSOCIATES CPAS PC WILLISTON ND 588021387 990 2011-07-01 456012226 WILLISTON STATE COLLEGE FOUNDATION WILL 7015729275 P O BOX 1286 WILLISTON ND 588021286 TERRY OLSON 7015729275 2012-11-05 1 NANCY SWALLOM P00137671 7015772157 2011 2016-02-24 21:20:13Z TERRY OLSON P O BOX 1286 WILLISTON ND 588021286 10734452 0 X WWW.WSCFOUNDATION.COM X 1962 ND THE CORPORATION SHALL BE OPERATED EXCLUSIVELY FOR EDUCATIONAL PURPOSES AND TO PROMOTE & SUPPORT AN INSTITUTION OF HIGHER EDUCATION IN WILLISTON, ND 11 11 26 0 235768 -5756 98515 531277 104700 362268 419913 451515 1285132 2250175 1908260 3595235 1227180 1997526 0 0 145116 373088 0 0 0 317171 396300 1689467 2766914 218793 828321 12046530 13598048 117465 863935 11929065 12734113 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 1970902 SCHOLARSHIPS FOR HIGHER EDUCATION AT WILLISTON STATE COLLEGE GRANTS FOR CONTINUING EDUCATION - WSC STAFF GRANTS FOR THE SUPPORT OF COLLEGE AND COMMUNITY PROGRAMS & PROJECTS 26624 CONTRIBUTIONS TO OTHER CHARITIESTHAT SUPPORT THE WILLISTON ND AREA 196442 154564 ND STATE HISTORICAL, RENTALS EXPENSE, SPECIAL EVENTS, TETON THUNDER NEWS 196442 154564 2193968 1 1 0 0 0 0 0 0 0 1 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4 0 1 26 0 1 1 0 0 0 0 0 0 0 X 11 11 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 0 0 X TERRY OLSON 7015729275 501 18TH ST EAST WILLISTON ND 58801 DEAN AAFEDT 1.00 X 0 0 0 JON ELLEFSON 1.00 X 0 0 0 JERRY GRATZ 1.00 X 0 0 0 CHARLOTTE SCHILKE 1.00 X 0 0 0 KIM HENNESSY 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 JERRY ZUNICH 5.00 X X 0 0 0 DUANE DEMARS 5.00 X X 0 0 0 PETE FURUSETH 5.00 X X 0 0 0 TERRY OLSON 50.00 X 99375 34648 18380 99375 34648 18380 0 0 1 0 0 100000 431277 531277 ND MOTOR VEHICLE 900099 235768 235768 RENT WSC STUDENT HOUSI 531110 90500 90500 RENT WSC TRUCK LEASE 532420 36000 36000 362268 328566 328566 7800 0 7800 7800 7800 462397 359642 486859 212231 -24462 147411 122949 122949 7132380 6440127 692253 692253 OIL PRODUCTION 211110 1461666 1461666 OIL LEASE 531190 62508 62508 CARCASS CHALLENGE 900099 28064 28064 -2116 -2116 1550122 3595235 154564 235768 2673626 1997526 1997526 329542 329542 14808 14808 18940 18940 9798 9798 2085 2085 25588 25588 29956 29956 8450 8450 30044 30044 26335 26335 6000 6000 76 76 66906 51865 15041 5621 3324 2297 TETON THUNDER NEWS 89999 89999 MOTOR VEHICLE OPERATION 48820 48820 SPECIAL EVENTS 40978 40978 ADMIN 7374 7374 8068 1826 6242 2766914 2193968 572946 0 55487 55382 1206923 2544092 13957 7558 9340 35924 4000 2000 185708 613797 1220 1381 1389514 365193 695385 1024321 9827153 9310593 47357 3000 12046530 13598048 79354 243178 616108 38111 4649 117465 863935 X 1982684 2797793 3612170 3556634 6334211 6379686 11929065 12734113 12046530 13598048 X 828321 -23273 X 0 1 0 X 0 X 574293 656567 364430 98515 531277 2225082 42731 38400 60000 113589 154564 409284 281814 318528 360340 583167 692253 2236102 898838 1013495 784770 795271 1378094 4870468 0 0 0 4870468 319794 354383 304225 339342 334250 1651994 319794 354383 304225 339342 334250 1651994 632584 434413 785486 688403 1524174 4065060 1851216 1802291 1874481 1823016 3236518 10587522 0.46000 0.66540 0.15600 0.33460 X SCHEDULE A, PART II, LINE 12, EXPLANATION OF OTHER INCOME: OIL & GAS INC FROM DONATED MINERALS MISCELLANEOUS RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9671482 50000 1804247 721059 758729 309815 9736126 8700073 158895 1834403 809005 44489 168395 9671482 7778780 301933 1160086 391112 356 149256 8700073 8103381 426871 -278261 393778 54379 25054 7778780 0.01570 0.65530 0.32900 0 0 7890 7890 280981 124129 156852 437591 183554 241064 380081 479498 479498 1024321 TRUST ACCOUNTS 115414 F EQUITY MUTUAL FUNDS 4991439 F TRUST AGENCY ACCOUNTS 3933895 F MINERAL RIGHTS 190887 C PROJECT HOUSE-WSC PROGRAM 78958 C 9310593 ANNUITIES PAYABLE 4649 4649 3595235 2766914 828321 -23273 -23273 805048 10016273 -23273 6440127 6416854 3599419 -4184 -4184 3595235 9211229 6444315 6444315 2766914 0 2766914 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: USED FOR SCHOLARSHIPS TO ATTEND WILLISTON STATE COLLEGE AND OTHER VARIOUS PROGRAMS AND IMPROVEMENTS FOR THE COLLEGE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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 8 - OTHER ADJUSTMENTS: ROUNDING ADJUSTMENT PART XII, LINE 2D - OTHER ADJUSTMENTS: GAMING EXPENSES 6,440,127. PART XII, LINE 4B - OTHER ADJUSTMENTS: K-1 LOSS -4,188. ROUNDING 4. PART XIII, LINE 2D - OTHER ADJUSTMENTS: GAMING EXPENSES 6,440,127. K-1 LOSS 4,188. 2443461 1930054 28630 299758 0 4688919 3894580 16596 28635 241874 0 7132380 5824634 16596 57265 541632 6440127 692253 ND 1 0 1 0 0.00000 1.00000 VOLLER LEE SUESS & ASSOCIATES CPAS PO BOX 1387 WILLISTON ND 588021387 0 ROSEANNE MARQUEZ 31985 MANAGE GAMING OPERATIONS, HIRE AND FIRE EMPLOYEES, MAKE DEPOSITS, PREPARE REPORTS REQUIRED BY GAMING REGULATIONS. X 1 444398 0 WILLISTON STATE COLLEGE PO BOX 1326 WILLISTON ND 58801 450324813 ND UNIVERSITY SYSTEM 1117462 SCHOLARSHIPS WILLISTON STATE COLLEGE PO BOX 1326 WILLISTON ND 58801 450324813 ND UNIVERSITY SYSTEM 159212 GRANTS FOR UPGRADES & IMPROVEMENTS WILLISTON AREA TEACHERS CENTER 1410 UNIVERSITY AVE WILLISTON ND 58801 ND UNIVERSITY SYSTEM 8000 2012 SORENSON INSERVICE DR. SHINN & DR. PEPPERS WILLISTON BASIN SKATING CLUB PO BOX 2453 WILLISTON ND 58801 450360016 501(C)3 34560 SUPPORT AGRI SPORT COMPLEX BUILDING & YOUTH HOCKEY PROGRAMS WSC SMALL BUSINESS DEVELOPMENT CENTER 1410 UNIVERSITY AVE WILLISTON ND 58801 450324813 ND UNIVERSITY SYSTEM 6000 SUPPORT SMALL BUSINESS IN NW ND X 0 0 0 0 0 0 0 0 0 TERRY OLSON 93375 34648 0 0 6000 0 0 0 18380 0 117755 34648 0 0 WILLISTON STATE COLLEGE PLEDGES COLLECTED NOT REMITTED TO FOUNDATION X 10000 2000 0 0 1 2000 FORM 990, PART VI, SECTION A, LINE 2 DIRECTOR TAMMY SOGARD IS A SHAREHOLDER AND OFFICER AT AMERICAN STATE BANK WHERE THE FOUNDATION HOLDS INVESTMENTS AND BANK ACCOUNTS. PRESIDENT JERRY ZUNICH IS AN AGENT AND INVESTMENT ADVISOR WITH NATIONAL PLANNING CORP. IN WHICH THE FOUNDATION INVESTS IN MUTUAL FUNDS. DIRECTOR PETE FURUSETH PROVIDES LEGAL SERVICES TO THE FOUNDATION. FORM 990, PART VI, SECTION B, LINE 11 BOARD OBTAINS AN INDEPENDENT REVIEW OF FORM 990 WHEN IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD MEMBER COMPLETES AN ANNUAL QUESTIONNAIRE INDICATING WHETHER A CONFLICT OF INTEREST EXISTS. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS USES THE ND STATE BROADBANDING SCALE TO DETERMINE EXECUTIVE DIRECTOR'S COMPENSATION. FORM 990, PART VI, SECTION C, LINE 18 COPIES MAY BE MADE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST BY CALLING THE FOUNDATION OFFICE. FORM 990, PART VI, SECTION C, LINE 19 COPIES MAY BE MADE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST BY CALLING THE FOUNDATION OFFICE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -23,273. ROUNDING ADJUSTMENT TOTAL TO FORM 990, PART XI, LINE 5: -23,273.