Minot State University Development Foundation
- Assets
- $52.9m
- Revenue
- $11.7m
- Investments
- $0.0
- Employees
- 12
- Location
- Minot, ND
- Founding
- 08/1978
- Data as of
- 06/2022
- EIN
- 45-0344784
Organization Overview
Minot State University Development Foundation is located in Minot, ND. The organization was established in 1978. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2022, Minot State University Development Foundation employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minot State University Development Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Minot State University Development Foundation generated $11.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.7% each year . All expenses for the organization totaled $2.8m during the year ending 06/2022. While expenses have increased by 12.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ESTABLISH, PROMOTE AND STIMULATE VOLUNTARY FINANCIAL SUPPORT FOR THE BENEFIT OF MINOT STATE UNIVERSITY, ESPECIALLY IN BUILDING OF ENDOWMENT AND IN ADDRESSING THE LONG-TERM PRIORITIES OF THE UNIVERSITY.
Describe the Organization's Program Activity:
PROVIDE SCHOLARSHIPS TO STUDENTS BASED ON CRITERIA AND SUPPORT THE UNIVERSITY THROUGH FUNDRAISING AND FUNDING OF VARIOUS CAMPUS PROJECTS AND UNIVERSITY ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jon Backes President | OfficerTrustee | 0.3 | $0 |
Dr Steve Shirley Director (ex-Officio) | Trustee | 0.3 | $0 |
Jarid Lundeen Director | Trustee | 0.3 | $0 |
Myron Thompson Director | Trustee | 0.3 | $0 |
Kathy Aas Director | Trustee | 0.3 | $0 |
Bob Sando Director | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $712,464 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,127,509 |
| Noncash contributions included in lines 1a–1f | $2,112,651 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,839,973 |
| Total Program Service Revenue | $0 |
| Investment income | $1,345,896 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $152,747 |
| Net Rental Income | $19,685 |
| Net Gain/Loss on Asset Sales | $1,246,927 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,663,994 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,684,868 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $516,384 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $58,104 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $163,692 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,363 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $20,118 |
| Travel | $58,635 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $32,204 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,697 |
| All other expenses | $87,236 |
| Total functional expenses | $2,806,889 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,088,484 |
| Accounts receivable, net | $11,673 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $11,184 |
| Net Land, buildings, and equipment | $13,789,943 |
| Investments—publicly traded securities | $36,684,763 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,354,127 |
| Total assets | $52,940,174 |
| Accounts payable and accrued expenses | $511,857 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,817,937 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,796,294 |
| Total liabilities | $10,126,088 |
| Net assets without donor restrictions | $7,838,950 |
| Net assets with donor restrictions | $34,975,136 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $52,940,174 |