2024-05-14T15:26:23-05:00 2023-06-30 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2022-07-01 810301477 Montana State University Billings Foundation MONT 4066572244 1500 University Drive Billings MT 59101 Thomas Potter Chair 4066572244 2024-05-14 1 Thomas Potter 999009999 1 Kim Hunwardsen CPA P00484560 6122536500 2024-05-09 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Thomas Potter 1500 University Drive Billings MT 59101 21519315 0 X www.msubfoundation.com X 1967 MT The Foundation is a charitable organization founded to advance the goals of MSU Billings. 14 14 14 200 -15835 0 2420437 2375164 274735 169431 439764 96541 709141 457337 3844077 3098473 2236649 1870903 0 0 925949 729917 0 0 383319 717583 761115 3880181 3361935 -36104 -263462 38846778 40792683 3482650 3252343 35364128 37540340 X Montana State University Billings Foundation is a publicly supported, non-profit corporation founded in 1968 to advance the goals of Montana State University Billings by (1) establishing lifelong relationships(Continued on Schedule O)with university students, parents, faculty, alumni, friends and community partners; (2) creating pathways to success and sustaining them through philanthropy, stewardship and community engagement; (3) seeking and nurturing innovative partnerships to support the realization of current and emerging university priorities; and (4) fostering a culture of inclusivity that celebrates diversity on campus and beyond. 0 0 1033798 1019684 Student Scholarships - activities that provide direct financial support for MSU Billings students. The Foundation provided funds for 1,064 scholarships to students ranging in value from $90 to $4,000. 535497 441938 Campus Projects - activities related to capital expenditures for MSU Billings and for intercollegiate athletic programs and the MSU Billings Library. 470859 196705 Campus and Community Outreach - activities related to the Foundation's public relations efforts to promote MSU Billings throughout the greater community. 448801 212576 169431 Academic programs - activities that provide funding to support academic programs at MSU Billings by providing specific resources and faculty development opportunities.Alumni relations - activities related to all activities of the MSU Billings Alumni Association. 448801 212576 169431 2488955 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 1 0 0 0 1 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 17 0 1 14 1 1 1 0 0 0 0 1 1 0 0 0 1 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MT X Jeff Clarke 4066572244 1500 University Drive Billings MT 59101 Donald L Roberts Chair 4.00 X X 0 0 0 JoAnne Sheridan Vice Chair 2.00 X X 0 0 0 Thomas Potter Treasurer 2.00 X X 0 0 0 Kay Berry Secretary 2.00 X X 0 0 0 Karen Moses Trustee 0.50 X 0 0 0 Merry Lee Olson Trustee 0.50 X 0 0 0 Alan Bryan Trustee 0.10 X 0 0 0 Brittany Cremer Trustee 0.50 X 0 0 0 Buddy Windy Boy Trustee 0.50 X 0 0 0 David Wanzenried Trustee 0.50 X 0 0 0 Jani McCall Trustee 0.50 X 0 0 0 Krikor Jansezian Trustee 0.50 X 0 0 0 William Henry Trustee 0.50 X 0 0 0 Dave Warne Trustee 0.50 X 0 0 0 Krista Montague President & CEO 40.00 X 108789 0 18472 Jon Egeland VP of Finance 40.00 X 79512 0 23048 William Kennedy Former CEO 0.00 X 152720 0 3733 341021 0 45253 2 1 1 0 Commonfund Securities Inc 15 Old Danbury Road Wilton CT 06897 Investment Management 108328 1 375317 1999847 218969 2375164 College Contract Revenue 561000 125000 125000 44431 44431 169431 187937 -15835 203772 562575 74230 488345 488345 488345 18051848 18143244 -91396 -91396 -91396 172360 375317 203368 -31008 -31008 3098473 169431 -15835 569713 1870903 1870903 240117 107969 57733 74415 373024 167731 89689 115604 22319 10036 5366 6917 44372 19951 10669 13752 50085 22520 12044 15521 16863 15247 1616 35503 35503 137587 137587 39375 13125 13125 13125 81030 40096 3084 37850 108549 20565 81756 6228 24013 9101 4592 10320 20591 12073 8518 15053 5458 9595 Special Events 42355 22280 20075 Program Expenses 34515 3612 30903 Cultivation and Steward 21628 10814 10814 Dues and Subscriptions 15304 7604 96 7604 168749 154187 5582 8980 3361935 2488955 489661 383319 85227 35694 875274 442249 1303788 430958 17426 23823 61480 61838 2294308 1526062 846235 768246 5076988 5593672 29687101 32494689 893259 941514 38846778 40792683 71558 76568 856650 648929 2032276 2128901 158304 0 363862 397945 3482650 3252343 X 5017006 5161480 30347122 32378860 35364128 37540340 38846778 40792683 X -263462 3153310 -713636 X 0 1 X 1 0 X 3291166 3786092 2223003 2420437 2375164 14095862 3291166 3786092 2223003 2420437 2375164 14095862 380297 13715565 1271306 1352732 977326 709763 766365 5077492 200830 137020 17336 231691 0 586877 7395 7466 17330 32191 19792422 584166 0.69300 0.70480 X Schedule A, Part II, Line 10, Explanation of Other Income: Other Revenue - 2018 Amount: $ 7,395. 2019 Amount: $ 7,466. 2020 Amount: $ 17,330. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 31910 0 19365 X 0 0 1 X 29957268 762830 2937902 972205 95239 32590556 33837899 491498 -3352967 910362 108800 29957268 27055408 497591 7537343 1104843 33985499 26805783 466305 884676 1101356 27055408 26247613 315410 1372116 1129356 26805783 0.06913 0.93087 0.00000 0 0 17000 17000 2034469 1359073 675396 36139 25397 10742 206700 141592 65108 768246 Global equity funds 16263064 F Private capital 2297716 F Fixed income funds 6650383 F Real estate and natural resource funds 4031054 F Diversifying strategy funds 3252472 F 32494689 Present Value of Planned Gift 397945 397945 X 6199102 3153310 84906 3238216 2960886 137587 137587 3098473 4022890 798542 798542 3224348 137587 137587 3361935 Part III, Line 4: The artwork is available for display on campus to promote art and culture, for the benefit of all students and the Billings community. Part IV, Line 2b: The Foundation recognizes the assets held in trust for the Montana Center for Inclusive Education as a liability. The Foundation and its Board of Trustees have no decisionmaking authority on these assets. The Foundation serves as the administrator of these assets. Part V, Line 4: The Foundation's endowment consists of funds established by donors to provide annual funding for scholarships, specific activities, and general operations. The Endowment also includes certain net assets without donor restrictions designated for endowment by the Board of Directors. Part V, line 1a: The beginning of year amount reported in column (b) was restated to appropriately reflect the June 30, 2021 Endowment balance. Part X, Line 2: Management believes that the Foundation has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The Foundation would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XI, Line 2d - Other Adjustments: Change in value of beneficial interests held by others. 84,906. Part XII, Line 2d - Other Adjustments: Loss on uncollectable promises to give 798,542. Central America and the Caribbean 0 0 Investments 3252000 0 0 0 0 0 0 3252000 0 3252000 1 0 1 1 1 0 Part III Accounting Method: Schedule F, Part IV: The Foundation reviews its direct and indirect investments during the tax period for determining required foreign filings. The Foundation makes direct and indirect transfers to foreign corporations and foreign partnerships. The Foundation would file Form 926 or Form 8865 if the transfers met the requirements for filing. The Foundation's transfers to foreign corporations did not require filing Form 926. The Foundation's transfers to foreign partnerships did not require filing Form 8865. The Foundation has ownership interests in foreign corporations and foreign partnerships. The Foundation would file Form 5471 or Form 8865 if the ownership met the requirements for filing. The Foundation's ownership in foreign corporations did not require filing Form 5471. The Foundation's ownership in foreign partnerships did not require filing Form 8865. The Foundation invests in partnerships that hold direct or indirect interests in passive foreign investment companies (PFICs). The Foundation would file Form 8621s for underlying investments that generate unrelated business income. The Foundation would not file Form 8621s where the investment partnerships have properly filed Form 8621s, or where the underlying investments did not generate any unrelated business income. The Foundation did not require filing Form 8621. Fall Festival 547677 375317 172360 48768 66479 88121 547677 375317 172360 48768 66479 88121 203368 -31008 1 Montana State University Billings 1500 University Drive Billings MT 59101 816001642 State of Montana 0 1019684 To fund Montana State University Billings Scholarships awarded to 1,064 recipients. Montana State University Billings 1500 University Drive Billings MT 59101 816001642 State of Montana 0 851219 To support Montana State University Billings Academic Programs, Campus Projects, Campus and Community Outreach and Alumni Relations. 1 0 Part I, Line 2: The Montana State University Billings Financial Aid department monitors the use of scholarship funds according to donor wishes and reviews various scholarship criteria to make student recipient selections. The Foundation makes payments to the University on behalf of the students selected to receive scholarships. X X 1 0 0 0 0 0 0 0 0 William Kennedy Former CEO 62220 0 0 0 90500 0 0 0 3733 0 156453 0 0 0 Part I, Line 4a William Kennedy, as part of a separation agreement received lump sum payments of $62,220 and $90,500. These amounts are included in Schedule J, Part II, Column (B)(i) and Schedule J, Part II, Column (B)(iii), respectively. X 2 92000 Fair Market Value X 1 40073 Fair Market Value X 6 70337 Fair Market Value X Educational Materials for Classroom 5 13960 Fair Market Value X Promotional Material for Event 22 2599 Fair Market Value 0 0 0 0 Part I, Column (b): Column (b) represents number of contributions. Form 990, Part VI, Section A, line 1a The Executive Committee has broad authority to act on behalf of the Governing Body. The committee includes the Chair, Vice Chair, Secretary, and Treasurer of the Board. The CEO serves as a non-voting member of the committee and the Chancellor of the University serves as an ex-officio non-voting member of the committee. Form 990, Part VI, Section B, line 11b An electronic copy of the Form 990 with all supporting attachments was securely transmitted for the trustees and fiscal affairs committee to review prior to submitting to the IRS. Form 990, Part VI, Section B, line 12c At the start of each fiscal year, all Foundation trustees, officers, and key employees (if any) complete the Foundation's conflict of interest policy form where they disclose potential conflicts. If a conflict of interest is found to exist, the interested party will be recused from voting on the issue. Form 990, Part VI, Section B, line 15a The Foundation's trustees are responsible for hiring the President/CEO to manage the Foundation's affairs. The Executive Committee evaluates the President/CEO at least every two years with the expectations documented in a two-year employment contract. Incorporated into the contract is the President/CEO salary, which was negotiated by independent trustees, factoring local and regional salary trends of similar non-profit executives. The President/CEO is responsible for hiring the Foundation's staff. When determining compensation for the VP of Finance, the President/CEO utilized HR survey information from a local organization providing HR report services to determine reasonable compensation levels. Form 990, Part VI, Section C, line 19 The Foundation makes their governing documents, conflict of interest policy, and financial statements available upon request. Financial information is also available at www.msubfoundation.com and in the Foundation's annual report. Form 990, Part XI, line 9: Change in value of beneficial interests held by others. 84,906. Loss on uncollectable promises to give -798,542.