2024-08-14T10:27:56-05:00 2023-09-30 450250958 Eide Bailly LLP 4585 Coleman St Ste 200 Bismarck ND 58503 990 2022-10-01 800625528 North Dakota State Fair Foundation NORT 7013391784 PO Box 1796 Minot ND 587021796 Gerald Iverson Current President 7013391784 2024-08-13 1 1 Lisa Chaffee CPA P00193453 7012551091 2024-08-13 2022 2024-08-08 14:25:15Z Gerald Iverson PO Box 1796 Minot ND 587021796 270206 0 X http://ndstatefairfoundation.com X 2010 ND Support the work of the North Dakota State Fair Association. 7 7 0 10 0 0 96899 126406 32 6308 29011 -86285 62538 31987 188480 78416 50500 92775 0 0 36833 34000 0 0 0 126785 46354 214118 173129 -25638 -94713 1391073 1301784 10 5434 1391063 1296350 X The mission of the North Dakota State Fair Foundation is to develop lifelong relationships with donors to secure the philanthropic gifts that will enhance and support the work of the North Dakota State Fair. 0 0 166329 92775 6308 Develop lifelong relationships with donors to secure the philanthropic gifts that will enhance and support the work of the North Dakota State Fair.The North Dakota State Fair Foundation understands the importance of competitive and agricultural experiences for our youth. The Foundation works to create multiple scholarships that are awarded to North Dakota high school seniors each year.Thirty-two high school seniors from across North Dakota were named to the "North Dakota State Fair Graduating Class of 2023." Applicants had to meet a range of criteria, including the requirement of competing and/or exhibiting at the North Dakota State Fair for a minimum of two years. 166329 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 3 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 1 0 1 0 0 0 1 1 1 1 0 0 0 0 0 X Karen Hennessy 7013391784 PO Box 1796 Minot ND 58702 X Todd Berning President 3.00 X X 0 0 0 Gerald Iverson Vice President 2.00 X X 0 0 0 Joanne Beckman Secretary 2.00 X X 0 0 0 James W Grote Jr Director 1.00 X X 0 0 0 Mark Schaunaman Treasurer 1.00 0.50 X 0 0 0 Brenda Lee Director 1.00 X 0 0 0 Lee Ann Karsky Director (Thru 11/15/2022) 1.00 0.50 X 0 0 0 Travis Bell Director (From 11/15/2022) 1.00 0.50 X 0 0 0 0 0 0 0 0 0 0 0 126406 126406 Parking Pass Revenue 812930 6165 6165 History Book Revenue 459420 110 110 33 33 6308 29094 29094 30200 0 30200 30200 30200 10 115389 -115379 -115379 -115379 78188 76401 1787 1787 78416 6308 0 -54298 46775 46775 46000 46000 34000 34000 6800 6800 28 28 3245 3245 350 350 1774 1774 Friends of the Fair 31002 31002 Licenses & Fees 1825 1825 Tile Expenses 10 10 1320 1320 173129 166329 6800 0 X 233596 208019 17088 17182 25000 76583 1000000 1115389 1000000 1391073 1301784 10 5434 10 5434 X -764429 -859142 2155492 2155492 1391063 1296350 1391073 1301784 -94713 0 X 0 0 0 X X X 1 North Dakota State Fair Association 456013410 6 1 34207 132122 1 34207 132122 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 Part IV, Section A, Line 2: The supported organization does not have an IRS determination of status under section 509(a)(1) or (2) because it is not required to obtain recognition of its public charity status because it is a governmental unit. Schedule A, Part IV, Section A, Line 6: The Organization has an endowed note with an unrelated organization which requires interest only payments with full principal due on maturity. The total note is $1,110,000 with an allowance for uncollectible accounts of $1,110,000, leaving a net balance of $0. In addition, the Organization has a $115,000 rent receivable with an allowance for uncollectible accounts of $65,000, leaving a net balance of $50,000. The Organization entered into these transactions as investment activity and does not consider it to be providing support to anyone other than its supported organization. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2155492 54094 54094 2155492 2155492 54011 54011 2155492 2155492 54004 54004 2155492 2155492 54015 54015 2155492 2155492 26623 26623 2155492 1.00000 0 0 1000000 1000000 1000000 Part V, Line 4: The Foundation's endowment consists of a fund established as a permanent endowment for such purposes as the Foundation determines prudent. Its endowment includes donor-restricted funds. As required by generally accepted accounting principles, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. The NDSF Foundation Board has created an endowment for folks to give to a fund that will produce interest revenue that can be used for its mission, supporting the ND State Fair. The Board will invest the money into land, mutual funds, etc. to get a practical return on investment for the future. Schedule D, Part V is reflecting the current balance of permanently restricted endowment of $2,155,492. The total net assets of the Organization as reflected on the balance sheet are $1,301,784. The permanently restricted donor endowment is currently underwater in the amount of $853,708. 78188 63815 12586 0 0.00000 78188 63815 12586 76401 1787 ND 1 0 0 0 0.00000 1.00000 Jennifer Spiesz Aggie Foundation (July 2022- June 2023) 501 Main St N 2 Velva ND 58790 1 78188 8537 Aggie Foundation 501 Main St N 2 Velva ND 58790 Mindy Norton Gaming Manager employed by and paid by Aggie Foundation 0 1 North Dakota State Fair Association 2005 Burdick Expressway East Minot ND 58701 456013410 Governmental 34207 2568 FMV Benches and Bleachers To provide additional seating at the fair. The Bleachers added accessibility to the seating at the Fairgrounds. The bleachers have accessible cutouts, allowing wheelchairs, hand railing, and fenced backrest to prevent falls. 1 0 Scholarships 12 46000 Part I, Line 2: The Board reviews any grants or allocations given out. Students are eligible to receive a scholarship if they are a current high school graduate, a resident of North Dakota, have at least a 2.5 minimum GPA and have plans to attend an accredited post secondary educational institution. They must also be a 4-H or FFA member and have exhibited at the State Fair. Some scholarship checks are written directly to the student and a 4-H leader or FFA advisor must sign a form stating that the student has met the criteria to be eligible to receive the scholarship. Some scholarship checks are written to the college or university the student will be attending. Hess Corporation, through the North Dakota State Fair Foundation, offers eight scholarships to high school seniors who are current members of either 4-H or FFA and are pursuing secondary education or training in a career related to or in support of the oil and gas industry. This program will include three $10,000 scholarships and five $2,000 scholarships for a total of $40,000 being given to North Dakota students. During fiscal year 2023, the organization donated benches and money to purchase bleachers to the ND State Fair Association. Donors were able to donate a minimum of $2,500 towards the purchase of a Bench. The Benches were able to be personalized and then were given to the ND State Fair Association to be placed on the fairgrounds and provide additional seating at the fair. Money was also raised in a campaign (A Seat for Everyone) for the purchase of Bleachers to be donated to the Association. The Bleachers added accessibility to the seating at the Fairgrounds. Form 990, Part VI, Section A, line 1a Per the Bylaws the President, Vice President, Secretary and Treasurer would make up the Executive Committee, but this is not an active committee. All business is handled by the full board. Form 990, Part VI, Section A, line 7a The President of the North Dakota State Fair Association, a related organization, shall appoint a total of four directors to the board. The remaining 3 board members shall be elected by the appointed four board members. Form 990, Part VI, Section A, line 8b There are no committees with the authority to act on behalf of the board. Form 990, Part VI, Section B, line 11b A copy of the full Form 990 will be provided to the board of directors prior to being filed with the IRS. Form 990, Part VI, Section B, line 12c The Organization has a Conflict of Interest Policy in place. If a conflict were to arise, the board members would review and discuss and determine the appropriate actions to be taken in an appropriate professional manner and consult their accounting firm if necessary. Form 990, Part VI, Section C, line 19 The governing documents and financial statements are available upon request. Form 990, Part X, line 4 and 7: The Organization has an endowed note receivable with an unrelated organization which requires interest only payments with full principal due on materity. The total of the note receivable reported on line 7 is $1,110,000 with an allowance for uncollectible accounts of $1,110,000, leaving a net balance of $0. In addition, the Organization has a $115,000 rent receivable with an allowance for uncollectible accounts of $65,000, leaving a net balance of $50,000. The Foundation owns the land that is being leased to the unrelated third party, however the unrelated 3rd party has used the land as collateral for it's own debt as well. The future of the unrelated third party is uncertain at this time. North Dakota State Fair Association 2005 Burdick Expressway East Minot ND 58701 456013410 Sponsor an annual state fair ND Governmental N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0