Dickinson State University Foundation

“The 990 is reveiwed and approved by the court appointed receiver prior to filing.”

“The board members fill out annual questionaires to ensure there is no conflict of interest.”

“Annually the board reviews and approves the salary raises for management and other key employees.”

“All governing documents, conflict of interest policy, and financial statements are available upon request.”

“As directed by the court ordered judgment, the following claims against the foundation were disallowed and the foundation was not required to pay the liabilities: notes payable, premium and accrued interest of $4,059,938 amounts owing to creditors $1,541,354 obligations under trust $ 54,654 total claims disallowed (part viii, line 11(a) $5,655,946”

“On december 31, 2014 the foundation was placed into receivership by the south central district court at the request of the state of north dakota's attorney general. In 2016 the receiver under court order reviewed the activity of the foundation and made a recommendation to the court for liquidation of the foundation. A final judgment was entered in district court on september 12, 2017 for the liquidation of the foundation. The foundation was court ordered to distribute the remaining assets to the dsu heritage foundation and specific creditors. The foundation distributed all assets in 2017, except for a portion of remaining cash held for possible outstanding claims. Any remaining cash will be distributed to the dsu heritage foundation a 501(c)(3) public charity.”

“As directed by the court ordered judgment, the assets listed on schedule n of the foundation were transferred to the following oraganizations: dsu heritage foundation $4,699,033 stark county, north dakota $ 371,532 total transferred-part ix, line 24(a)(b) $5,070,565”