2011-10-12T08:10:44-05:00 2011-06-30 EIDE BAILLY LLP 200 EAST 10TH ST PO BOX 5125 SIOUX FALLS SD 571175125 990 2010-07-01 466018891 University of South Dakota Foundation UNIV 6056776703 1110 N Dakota PO BOX 5555 Vermillion SD 57069 Daniel Moen 6056776703 2011-09-29 1 Laurie Hanson 6053391999 2011-09-29 2010 2016-03-07 17:11:31Z Daniel Moen 1110 N Dakota PO BOX 5555 Vermillion SD 57069 46549384 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. 23 23 127 26 66665 65472 9504372 13946401 241918 267667 8424444 4145481 0 74480 18170734 18434029 14089174 9834756 0 0 1714164 1838274 0 0 1431595 1447034 1570707 17250372 13243737 920362 5190292 163461720 194726619 12667594 10668729 150794126 184057890 X The mission of the University of South Dakota Foundation ("Foundation") is to provide private resources for The University of South Dakota ("USD"), in order to increase the excellence of the USD student's educational experience, with the overriding goal of creating the best small public university in the country emphasizing excellence in teaching. The Foundation will supplement the State's funding to USD primarily in the following areas: 1) providing scholarship funds to increase the academic excellence of the student body and the quality of their educational experience; 2) providing funds to construct new campus facilities and restore, repair and maintain existing facilities; 3) providing funds for salary augmentation and other support of the academic faculty and for the support of USD museums and other various auxiliary programs, facilities and services. 0 0 5568356 5568356 5248101 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, 2011, the University of South Dakota Foundation ("Foundation") provided $9,792,406 to the University of South Dakota ("USD"). Included in this amount was scholarship support in the amount of $5.5 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 $5.5 million (292% increase). Total enrollment increased 28% since 2003 and the number of freshman fitting the ACT requirements to receive the scholarship increased 17%. The retention rate also continues to increase as a result of the freshman scholarship program. 2220806 2220806 910214 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 of facilities at USD. During the fiscal year ended June 30, 2011, $2.2 million was provided to USD for this purpose. Since 1996, $49 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 Slagle 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. 2045594 2045594 6963707 Provide funds for salary augmentation and other support of the academic faculty, and funds to support USD museums and various other auxiliary programs. During the fiscal year ended June 30, 2011, the Foundation provided $2 million to USD to support operations and programs. Included in this total was $774 thousand provided for faculty, in the form of salary augmentation, faculty travel and professional development and research. Support to students for travel, assistantships, internships, research, etc was provided in the amount of $346 thousand. Lectures, programs and operational support benefited by $925 thousand. 9834756 1 1 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 1 59 0 127 1 1 1 0 0 0 1 1 1 1 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 0 AK AZ AR CA CO HI IL LA ME MD MA MI MN NH NJ NM NY OH OK SC SD TN UT WA WV X X X Karen Davies 6056776709 USD Foundation PO Box 5555 Vermillion SD 57069 X Paul J Lewis 0.70 X X 0 0 0 Doyle Knudson 0.50 X X 0 0 0 Vern O Holter 0.40 X X 0 0 0 Warren L Prostrollo 0.50 X 0 0 0 Anthony Cleberg 0.40 X 0 0 0 Gary L Conradi 0.40 X 0 0 0 Susan M French 0.50 X 0 0 0 Nancy A Gallagher 0.40 X 0 0 0 John Grundhofer 0.70 X 0 0 0 Thomas L Heinz 0.40 X 0 0 0 George M Mickelson 0.40 X 0 0 0 Daniel J Kelly 0.40 X 0 0 0 Philip A Odeen 0.40 X 0 0 0 Stephanie R Otto 0.40 X 0 0 0 Ellengray Kennedy 0.40 X 0 0 0 Gary Begeman 0.40 X 0 0 0 John Waltner 0.40 X 0 0 0 Lorraine Hart 0.40 X 0 0 0 Robert Hollingsworth 0.50 X 0 0 0 Dean Belbas 0.40 X 0 0 0 Michael Casey 0.40 X 0 0 0 Clayton Cudmore 0.40 X 0 0 0 David Olson 0.40 X 0 0 0 Steven Sikorski 0.40 X 0 0 0 Roger Kozak 0.40 X 0 0 0 Jeannette Porter 0.40 X 0 0 0 J Bryan Benchoff 40.00 X 193756 0 29762 Daniel Moen 40.00 X 72694 0 7563 Karen Davies 40.00 X 109686 0 15378 Thomas Stogsdill 40.00 X 137307 0 16494 513443 0 69197 3 0 1 0 Brandes Investment Partners 11988 Camino Real Ste 500 San Diego CA 92130 Investment management fees 243268 Blackstone Group 345 Park Ave 32nd Floor New York NY 10154 Investment management fees 127519 2 13946401 893929 13946401 Administrative Fees 561000 267667 267667 267667 3333147 3333147 15509 7694 7815 7815 7815 28701880 218115 27880060 227601 821820 -9486 812334 812334 Blackstone Investments 531190 66665 66665 66665 18434029 267667 66665 4153296 9834756 9834756 466749 259115 207634 1118227 423156 695071 37871 9685 28186 103659 28436 75223 111768 42295 69473 9017 9017 42612 42612 652669 652669 13307 13307 34474 19284 15190 63085 63085 110854 110854 59358 59358 67424 4388 63036 52625 52625 1183 1183 106874 106874 15065 15065 Annual Giving 200284 200284 Search & Hire Fees 54218 54218 Research 34054 34054 Rawlins Society 28515 28515 Miscellaneous 23403 8474 14929 1686 1686 13243737 9834756 1977386 1431595 10739538 9910950 19883279 18212123 72165 70993 107339 1880544 887510 1024691 993034 114154818 141647487 16657121 22496608 859115 1359078 163461720 194726619 196364 224232 23003 9523 12448227 10434974 12667594 10668729 X -725023 4631894 42216301 60754405 109302848 118671591 150794126 184057890 163461720 194726619 X 5190292 28073472 X 0 1 1 X 0 X 11568568 15773124 12097785 9504372 13946401 62890250 11568568 15773124 12097785 9504372 13946401 62890250 62890250 6170513 5293397 4182708 3810582 3348656 22805856 85696106 886542 0.73390 0.68130 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 135462712 9929241 32303544 5778069 5018981 2803093 164095354 126164972 5602676 14276761 5721596 2126457 2733645 135462711 133250183 10471802 -10251544 3147198 1509025 2649246 126164972 0.00560 0.72320 0.27120 1 0 100701 100701 1232304 523654 708650 547539 363856 183683 993034 PIMCO All Asset Funds 15802108 F Real Estate Partnerships 6694500 F 22496608 Investments Held for Others 9100055 Gift Annuities 1334919 10434974 Description of Intended Use of Endowment Funds: 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. Description of Uncertain Tax Positions Under FIN 48: Part X: The Organization evaluates its tax positions on an annual basis. Management has determined there are no uncertain tax positions at June 30, 2011 and 2010 that meet the criteria for recognition in the financial statements. As of June 30, 2011, the unrecognized tax benefit accrual was zero. The Organization is subject to Federal tax examinations and will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. Europe 0 0 Investments 119000 0 0 0 119000 0 119000 1 0 0 1 1 0 1 University of South Dakota 414 East Clark Street Vermillion SD 57069 466000364 501(c)(3) 9541267 42358 Expert opinion, Selling price Transfer noncash gifts made to USDF for the benefit of USD. Scholarships, building, facilities, operational and program support Black Hills Playhouse PO Box 2513 Rapid City SD 57709 460215866 501(c)(3) 9573 Scholarship and building facilities Dakota State University 820 N Washington Ave Madison SD 57042 466000364 501(c)(3) 7000 Scholarships National Music Museum 414 East Clark Street Vermillion SD 57069 237266823 501(c)(3) 8780 Operational and program South Dakota Medical School Endowment Association 2600 W 49th Street Sioux Falls SD 57105 466012680 501(c)(3) 26516 Student loan South Dakota State University PO Box 2201 Brookings SD 57007 466000364 501(c)(3) 21400 Scholarships The Fund for Advancement of Medical Education and Research 1400 West 22nd St Sioux Falls SD 57105 363432018 501(c)(3) 22250 Operational and program Sitting Bull College 9299 Hwy 24 Fort Yates ND 58538 237373765 501(c)(3) 6250 Operational and program Sanford School of Medicine USD Residency Corporation 1400 West 22nd St Sioux Falls SD 57105 460418678 501(c)(3) 131712 Operational and program Vermillion Area Chamber of Commerce and Development Company 116 Market Street Ste 103 Vermillion SD 57069 460284795 501(c)(3) 10000 Operational and program 10 0 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, 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 X X X 0 0 0 0 0 0 0 0 0 J Bryan Benchoff 168174 0 18000 0 7582 0 9023 0 21871 0 224650 0 0 0 Thomas Stogsdill 136606 0 0 0 701 0 6930 0 10641 0 154878 0 0 0 X 5521 Expert opinion X 33 162637 Ave of high & low mkt pr X 2 685000 Appraisal X Scientific/Laboratory Equipment 1 12000 Selling Price X Computer Technology & Software 1 4514 Selling Price X Miscellaneous & Items for Auctioning 28 24257 Selling Price and Comparable Price 5 0 1 0 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 currently 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 employees. 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 July 2011. 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 VII, Section A: Compensation provided in Part VII for Dan Moen represents his wages as Major Gift Officer during calendar 2010. No part of his wages reported in Part VII pertain to his current position as acting President. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized gains on investments: 27,458,628. Change in Gift Annuities & Deferred Gifts 614,844. Total to Form 990, Part XI, Line 5: 28,073,472. USDF LLC 1110 N DAKOTA PO BOX 5555 Vermillion SD 57069 466018891 Hold and manage real estate for Foundation SD 619375 1049574