Rush Foundation Inc

“Participation in an arrangement for fund raising the organization conducts auctions as its main fundraiser. Several times a year, the organization auctions a few player uniforms of a professional hockey team (rapid city rush) at the end of a hockey game to individuals in the community. These auctions are conducted by volunteers of the organization. From the total auction proceeds, the organization deducts the cost of the uniforms and splits the net proceeds with the rapid city rush as payment for fundraising costs. In addition to the uniform auctions, the foundation has been authorized by the state of south dakota and the city of rapid city to conduct a 50/50 raffle. Volunteers conduct the raffle at each game. The proceeds of the raffle have been used to support the charitable mission of the foundation which is dedicated to the social, educational, health and cultural needs of the community.”

“In the middle of 2019 we became aware that funds were mis-appropriated from our account. This came to light due to an investigation of an employee of rapid city professional hockey, llc (rcph) conducted by the us attorney and the irs. This person, who subsequently pled guilty and was recently sentenced to 37 months in federal prison, embezzled approximately 700,000 from rcph. Approximately 64,000 of those funds were transferred without our authorization or knowledge from our account over some period of time. We hired an attorney to review this issue and made a request to our bank for relief. This was denied due in part to the timing of our discovery. With the advice of counsel we did not pursue further action. We also reached out to our insurance company to determine if we had coverage and were informed our claim was beyond the scope of our liability coverage. We plan to move our accounting functions to another accountant. The board has on-line access to the bank account in order to monitor activity. The treasurer is currently writing all checks.”

“The form 990 is reviewed by the president of the board of directors prior to filing. The president then reports to the board that the form 990 has been filed at the subsequent board meeting.”

“Each director, principal officer, and member of a committee with governing board delegated powers has a duty to disclose and shall annually sign a statement which affirms receipt, understanding, and compliance with the conflicts of interest policy. The governing board shall conduct periodic reviews to monitor compliance.”

“NO COMPENSATION IS PAID.”

“NO COMPENSATION IS PAID.”

“The organization makes its governing documents and financial statements available to the public upon request.”

“The foundation is dedicated to the social, educational, health and cultural needs of the black hills community. The foundation represents and will assist those who are underprivileged or have very special needs for assistance.”