Civic Intelligence

Dakota State University Foundation

990 • Fiscal year 2022 • EIN 23-7299995

Jul 01, 2021 to Jun 30, 2022 • Filed on May 15, 2023

Organization ProfileWWW.FOUNDATION.DSU.EDU
820 N Washington AvenueMadison, SD 57042

(605) 256-5157

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

84th percentile

0.84x

Higher debt load relative to assets than 84% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

98th percentile

17.23x

Higher debt load relative to revenue than 98% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Net Margin

90th percentile

50%

Higher net margin than 90% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

4th percentile

$0

Higher top officer pay than 4% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Asset Growth

98th percentile

143%

Faster asset growth than 98% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

3rd percentile

-62%

Faster revenue growth than 3% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets84th percentile

Assets

Up

$118,045,718

Up $69,520,549 (+143%) from 2021

Net Assets

Down

$19,409,636

Down $13,355,199 (-41%) from 2021

Liabilities

Up

$98,636,082

Up $82,875,748 (+526%) from 2021

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin90th percentile

Revenue

Down

$5,725,186

Down $9,488,554 (-62%) from 2021

Expenses

Up

$2,887,015

Up $294,609 (+11%) from 2021

Net Income

Down

$2,838,171

Down $9,783,163 (-78%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2011: $9,739,315Liabilities 2011: $2,205,643Net Assets 2011: $7,533,6722011Assets 2012: $10,268,914Liabilities 2012: $1,967,937Net Assets 2012: $8,300,9772012Assets 2013: $11,141,725Liabilities 2013: $1,930,255Net Assets 2013: $9,211,4702013Assets 2014: $14,334,413Liabilities 2014: $1,492,189Net Assets 2014: $12,842,2242014Assets 2015: $18,305,944Liabilities 2015: $1,435,975Net Assets 2015: $16,869,9692015Assets 2016: $17,115,725Liabilities 2016: $503,593Net Assets 2016: $16,612,1322016Assets 2017: $16,181,925Liabilities 2017: $492,311Net Assets 2017: $15,689,6142017Assets 2018: $45,973,776Liabilities 2018: $28,693,148Net Assets 2018: $17,280,6282018Assets 2019: $40,519,237Liabilities 2019: $22,291,069Net Assets 2019: $18,228,1682019Assets 2020: $34,127,740Liabilities 2020: $16,068,852Net Assets 2020: $18,058,8882020Assets 2021: $48,525,169Liabilities 2021: $15,760,334Net Assets 2021: $32,764,8352021Assets 2022: $118,045,718Liabilities 2022: $98,636,082Net Assets 2022: $19,409,6362022Assets 2023: $96,118,718Liabilities 2023: $53,069,757Net Assets 2023: $43,048,9612023Assets 2024: $102,151,272Liabilities 2024: $76,848,409Net Assets 2024: $25,302,8632024

Highlighted filing

2022

Assets$118,045,718
Liabilities$98,636,082
Net Assets$19,409,636
Open 2022 Filing

Operations Trend

Revenue Growth3rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$20M$0-$20MExpenses 2011: $1,112,1382011Expenses 2012: $1,417,4732012Expenses 2013: $1,581,2392013Revenue 2014: $4,185,658Expenses 2014: $1,392,599Net Income 2014: $2,793,0592014Revenue 2015: $5,825,140Expenses 2015: $1,499,156Net Income 2015: $4,325,9842015Revenue 2016: $3,753,521Expenses 2016: $3,186,610Net Income 2016: $566,9112016Revenue 2017: $2,717,176Expenses 2017: $4,439,096Net Income 2017: -$1,721,9202017Revenue 2018: $7,046,474Expenses 2018: $5,692,876Net Income 2018: $1,353,5982018Revenue 2019: $3,847,910Expenses 2019: $2,221,983Net Income 2019: $1,625,9272019Revenue 2020: $3,444,107Expenses 2020: $2,774,279Net Income 2020: $669,8282020Revenue 2021: $15,213,740Expenses 2021: $2,592,406Net Income 2021: $12,621,3342021Revenue 2022: $5,725,186Expenses 2022: $2,887,015Net Income 2022: $2,838,1712022Revenue 2023: $5,886,711Expenses 2023: $13,699,637Net Income 2023: -$7,812,9262023Revenue 2024: $10,218,415Expenses 2024: $27,965,827Net Income 2024: -$17,747,4122024

Highlighted filing

2022

Revenue$5,725,186
Expenses$2,887,015
Net Income$2,838,171
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 15, 2023
Return Version
2021v4.0
Gross Receipts
$9,982,231
Mission and Program Overview

Mission

Dakota state university foundation is an independent non-profit corporation established for the purpose of raising and managing private funding for the benefit of dakota state university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$36,848,144$68,681,344▲ $31,833,200
Pledges and Grants Receivable-$26,886,015-
Savings and Temporary Cash Investments$9,239,839$19,890,627▲ $10,650,788
Land, Buildings, and Equipment, Net$2,079,462$2,289,641▲ $210,179
Accounts Receivable$225$745▲ $520
Total Assets$48,525,169$118,045,718▲ $69,520,549
Other Assets Total$357,499$297,346▼ $60,153
Liabilities
Other Liabilities$15,015,372$71,077,427▲ $56,062,055
Deferred Revenue-$26,886,015-
Mortgage Notes Payable Secured by Investment Property$744,429$672,640▼ $71,789
Accounts Payable and Accrued Expenses$533--
Total Liabilities$15,760,334$98,636,082▲ $82,875,748
Net Assets / Fund Balance
Net Assets With Donor Restrictions$27,209,831$17,148,266▼ $10,061,565
Net Assets Without Donor Restrictions$5,555,004$2,261,370▼ $3,293,634
Total Net Assets Fund Balance$32,764,835$19,409,636▼ $13,355,199
Total Liabilities and Net Assets / Fund Balance$48,525,169$118,045,718▲ $69,520,549

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$2,150,411$742,100$2,892,511
Land$139,230-$139,230
Equipment-$30,934$30,934

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$15,971,554$4,193,088▼ $5,537,319-$17,148,263
2020$15,263,638$677,698▲ $30,218-$15,971,554
2019$14,871,886$397,182▼ $5,430-$15,263,638
2018$14,395,993$483,209▼ $7,316-$14,871,886
2017$10,844,688$3,558,278▼ $6,973-$14,395,993
Compensation and Service Providers
Top Officer Pay4th percentile

Board Members and Trustees

NameTitle
Suzy Collignon-hodgenChair
Tammy MillerVice Chair
Bill BeckBoard Member
Bob CasagrandeBoard Member
Cecelia WittmayerBoard Member
David GeiverBoard Member
Delon MorkBoard Member
Erin NielsenBoard Member
Floyd RummelBoard Member
Hali DiggsBoard Member
Jeff BloomBoard Member
Joshua RobinsonBoard Member
Judy DittmanBoard Member
Kazzi Foster-teelBoard Member
Michael HalversonBoard Member
Miles BeacomBoard Member
Paul SchroederBoard Member
Pooja PullmanBoard Member
Randy SchaeferBoard Member
Renae ProstrolloBoard Member
Robb GrahamBoard Member
Roger DegrootBoard Member
Scott SchlisnerBoard Member
Summer SchultzBoard Member
Stacy KrusemarkTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,837,061
Program Service Revenue
$0
Investment Income
$2,325,303
Other Revenue
$562,822
All Other Contributions
$2,789,610
Change in Net Assets
$2,838,171

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,725,186
Revenue Not Reported on Form 990
$-4,601,808
Total Revenue per Audited Statements
$1,123,378
Total Revenue per Form 990
$5,725,186
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,908,237
Other Expenses$978,778
Total Fundraising Expense$132,329
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,908,237--$1,908,237
Fees for Services Other-$327,601-$327,601
Occupancy-$194,143-$194,143
Other Expenses-$224,329$132,329$132,329
Fees for Service Investment Mgmnt Fees-$53,738-$53,738
Travel-$21,917-$21,917
Office Expenses-$18,585-$18,585
Interest-$6,136-$6,136
Total Functional Expenses$1,908,237$846,449$132,329$2,887,015

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,766,811
Expenses per Audited Statements$2,887,015
Total Expenses per Form 990$2,887,015
Expenses Not Reported on Form 990$879,796
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Dakota State UniversityMadison, SDGov-$1,908,237
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$264,329
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Dsu Gala$311,780$264,329-$264,329
Total Events$311,780$264,329-$264,329
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Investments Held for Others$71,024,566
Annuities Payable$52,861
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The dakota state university assistant controller reviews the form 990 and the foundation treasurer signs after approval.”

Form 990, Page 6, Part VI, Line 12C

“The foundation has formal policies and procedures in place for annually documenting potential conflicts of interests among its governing body. At the beginning of each fiscal year, the organization's conflict of interest policy and code of ethics are sent to all new and returning directors. All directors are asked to acknowledge and to agree to abide by these policies and disclose any potential conflicts of interest pertaining to foundation business.”

Form 990, Page 6, Part VI, Line 19

“The organization's governing documents, conflict of interest policy, and irs form 990 are made available to the public on request. Additionally, annual audited financial statements and information regarding endowment holdings are available to the public on request.”

Filing and Contact Details

Filer

Filer Name
Dakota State University Foundation
EIN
23-7299995
Phone
6052565157
Address
820 N WASHINGTON AVENUE, MADISON, SD 57042

Signing Officer

Name
Stacy Krusemark
Title
Treasurer
Phone
6052565157
Signed
2023-05-15

Organization Details

Principal Officer
Stacy Krusemark
Formed
1970
Legal Domicile
Sd
Voting Board Members
25
Independent Board Members
25
Employees
0
Volunteers
25

Preparer

Firm
Wohlenberg Ritzman & Co LLC
Address
PO BOX 1018, YANKTON, SD 57078
Preparer
Kathleen Doyle
Phone
6056654401
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Part I, Line 6

“Board members serve without compensation”

Form 990, Part IX, Line 11G

“Contractual services 0 327,601 0”

Form 990, Part XI, Line 9

“Depreciation to rental schedule 74,547 depreciation to rental schedule -74,547”

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

“MISSION STATEMENT”

Schedule D, Page 3, Part X

“The foundation is a tax-exempt organization under section 501(c)(3)of the internal revenue code. The state of south dakota has no income tax. Federal tax authorities generally have the right to examine and audit the previous three years of tax returns filed. Any interest or penalties assessed to the foundation would be recorded as operating expenses. The accompanying financial statements do not reflect a provision for income taxes or any interest or penalties, and the foundation has no other tax positions which must be considered for disclosure.”

Schedule D, Page 4, Part XI, Line 2D

“Depreciation to rental schedule 74,547”

Schedule D, Page 4, Part XII, Line 2D

“Depreciation to rental schedule 74,547”

Schedule D, Page 4, Part XIII

“Net assets with donor restrictions at the beginning of june 30,2022 have been adjusted for amounts received in a prior year for the construction of the athletic facility as part of the trojans unite campaign that were incorrectly recognized as revenue rather than amounts held for others. The correction has no effect on the results of the current year's activities. However, the cumulative effect decreases beginning net assets with donor restrictions for june 30,2022 by 10,711,766.”

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$118,045,718
Liabilities
$98,636,082
Net assets
$19,409,636
Revenue
$5,725,186
Expenses
$2,887,015
Net income
$2,838,171
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$102$76.8$25.3$10.2$28.0$17.7
2023Detailed filing. Detailed filing data is available for this year.$96.1$53.1$43.0$5.89$13.7$7.81
2022Detailed filing. Detailed filing data is available for this year.$118$98.6$19.4$5.73$2.89$2.84
2021Detailed filing. Detailed filing data is available for this year.$48.5$15.8$32.8$15.2$2.59$12.6
2020Detailed filing. Detailed filing data is available for this year.$34.1$16.1$18.1$3.44$2.77$0.67
2019Detailed filing. Detailed filing data is available for this year.$40.5$22.3$18.2$3.85$2.22$1.63
2018Detailed filing. Detailed filing data is available for this year.$46.0$28.7$17.3$7.05$5.69$1.35
2017Detailed filing. Detailed filing data is available for this year.$16.2$0.49$15.7$2.72$4.44$1.72
2016Detailed filing. Detailed filing data is available for this year.$17.1$0.50$16.6$3.75$3.19$0.57
2015Detailed filing. Detailed filing data is available for this year.$18.3$1.44$16.9$5.83$1.50$4.33
2014Detailed filing. Detailed filing data is available for this year.$14.3$1.49$12.8$4.19$1.39$2.79
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.1$1.93$9.21$1.58
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.3$1.97$8.30$1.42
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.74$2.21$7.53$1.11