2011-11-08T11:41:22-06:00 2011-06-30 VOLLER LEE SUESS ASSOCIATES CPAS PC WILLISTON ND 588021387 990 2010-07-01 456012226 WILLISTON STATE COLLEGE FOUNDATION WILL 7015729275 P O BOX 1286 WILLISTON ND 588021286 TERRY OLSON 7015729275 2011-11-03 1 NANCY SWALLOM 7015772157 2010 2016-02-24 21:20:13Z TERRY OLSON P O BOX 1286 WILLISTON ND 588021286 6954460 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 34 0 0 0 521394 98515 60000 104700 303986 419913 1148627 1285132 2034007 1908260 905088 1227180 0 0 129806 145116 0 0 0 234450 317171 1269344 1689467 764663 218793 10985635 12046530 217587 117465 10768048 11929065 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 1159542 12910 SCHOLARSHIPS FOR HIGHER EDUCATION AT WILLISTON STATE COLLEGE GRANTS FOR CONTINUING EDUCATION - WSC STAFF GRANTS FOR THE SUPPORT OF COLLEGE AND COMMUNITY PROGRAMS & PROJECTS 67638 0 CONTRIBUTIONS TO OTHER CHARITIESTHAT SUPPORT THE WILLISTON ND AREA 164314 0 113589 ND STATE HISTORICAL, RENTALS EXPENSE, SPECIAL EVENTS, TETON THUNDER NEWS 164314 113589 1391494 1 1 0 0 0 0 0 0 1 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 9 4 1 34 1 0 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 BRUCE STONER 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 30919 17311 99375 30919 17311 0 0 0 0 0 98515 98515 RENT WSC STUDENT HOUSI 531110 68700 68700 RENT WSC TRUCK LEASE 532420 36000 36000 104700 334669 334669 7800 7800 7800 7800 133492 36838 11410 96654 -11410 85244 85244 5581119 4997952 583167 583167 OIL LEASE 531190 343357 343357 OIL PRODUCTION 211110 332543 332543 MISCELLANEOUS 900099 12503 12503 5762 8889 -3127 694165 1908260 113589 0 1696156 1227180 1227180 103147 103147 13538 13538 18125 18125 10306 10306 1016 1016 21815 21815 39245 39245 3368 3368 30888 30888 12466 12466 5392 5392 68 68 66261 58935 7326 8490 6591 1899 TETON THUNDER NEWS 53546 53546 SPECIAL EVENTS 20125 20125 PUBLICATIONS/PROMOTIONA 15714 15714 TRAILERS EXPENSES 11700 11700 ADMIN 9221 9221 17856 10049 7807 1689467 1391494 297973 0 47842 55487 1922741 1206923 37109 13957 12450 9340 6000 4000 213368 185708 606 1549 1220 1019247 323862 586030 695385 8157151 9827153 789 47357 10985635 12046530 34208 79354 90000 93379 38111 217587 117465 X 1631561 1982684 3151568 3612170 5984919 6334211 10768048 11929065 10985635 12046530 X 218793 942224 X 0 1 0 X 0 X 264799 574293 656567 364430 98515 1958604 259314 281814 318528 359667 583167 1802490 524113 856107 975095 724097 681682 3761094 0 0 0 3761094 355410 324727 393730 369897 447169 1890933 355410 324727 393730 369897 447169 1890933 879523 1180834 1368825 1093994 1128851 5652027 0.66540 0.70070 0.33460 0.29930 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8700073 158895 1834403 809005 44489 168395 9671482 7778780 301933 1160086 391112 356 149256 8700073 8103381 426871 -278261 393778 54379 25054 7778780 0.01000 0.65000 0.34000 0 0 7890 7890 225000 232142 138083 319059 416133 138082 185779 368436 695385 TRUST ACCOUNTS 119938 F EQUITY MUTUAL FUNDS 4887402 F TRUST AGENCY ACCOUNTS 4569229 F MINERAL RIGHTS 190887 C PROJECT HOUSE-WSC PROGRAM 59697 C 9827153 ANNUITIES PAYABLE 9111 PLEDGE PAYABLE TO WSC 29000 38111 1908260 1689467 218793 942223 1 942224 1161017 7841578 942223 4997120 5939343 1902235 6025 6025 1908260 6680560 5000245 5000245 1680315 9152 9152 1689467 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 1. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAMING EXPENSES 4,997,952. GAMING LOSS ON SALE OF EQUIP -834. ROUNDING 2. PART XII, LINE 4B - OTHER ADJUSTMENTS: K-1 LOSS -3,127. UNCOLLECTABLE PLEDGES EXP 9,152. PART XIII, LINE 2D - OTHER ADJUSTMENTS: GAMING EXPENSES 4,997,952. K-1 LOSS 3,127. GAMING LOSS ON SALE OF EQUIP -834. PART XIII, LINE 4B - OTHER ADJUSTMENTS: UNCOLLECTABLE PLEDGES 9,152. 0 0 0 -250 739 0 2364811 1857399 26070 262684 0 3216308 2594495 15718 26075 215022 0 5581119 4451894 15718 51895 478445 4997952 583167 ND 1 0 1 0 0.00000 1.00000 VOLLER LEE SUESS & ASSOCIATES CPAS PO BOX 1387 WILLISTON ND 588021387 0 ROSEANNE MARQUEZ 31239 MANAGE GAMING OPERATIONS, HIRE AND FIRE EMPLOYEES, MAKE DEPOSITS, PREPARE REPORTS REQUIRED BY GAMING REGULATIONS. X 1 404466 0 WILLISTON STATE COLLEGE PO BOX 1326 WILLISTON ND 58801 450324813 501(C)3 1117181 SCHOLARSHIPS WILLISTON STATE COLLEGE PO BOX 1326 WILLISTON ND 58801 450324813 501(C)3 5026 GRANTS FOR UPGRADES & IMPROVEMENTS WILLISTON STATE COLLEGE PO BOX 1326 WILLISTON ND 58801 450324813 501(C)3 21550 BASEBALL DIAMOND IMPROVEMENTS WILLISTON BASIN SKATING CLUB PO BOX 2453 WILLISTON ND 58801 450360016 501(C)3 34560 SUPPORT AGRI SPORT COMPLEX BUILDING & YOUTH HOCKEY PROGRAMS WILLISTON STATE COLLEGE PLEDGES COLLECTED NOT REMITTED TO FOUNDATION X 10000 4000 0 0 1 4000 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. 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 GAINS ON INVESTMENTS: 942,223. ROUNDING ADJUSTMENT 1. TOTAL TO FORM 990, PART XI, LINE 5: 942,224.