﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2025v4.1" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-09-17T11:09:09-07:00</ReturnTs>
    <TaxPeriodEndDt>2026-06-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>450448187</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>NADINE JULSON LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>506 DAKOTA AVE</AddressLine1Txt>
        <CityNm>WAHPETON</CityNm>
        <StateAbbreviationCd>ND</StateAbbreviationCd>
        <ZIPCd>58075</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2025-07-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>450407617</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>NDSCS FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>NDSC</BusinessNameControlTxt>
      <PhoneNum>7016712270</PhoneNum>
      <USAddress>
        <AddressLine1Txt>800 6TH STREET NORTH</AddressLine1Txt>
        <CityNm>WAHPETON</CityNm>
        <StateAbbreviationCd>ND</StateAbbreviationCd>
        <ZIPCd>58076</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>Kim Nelson</PersonNm>
      <PersonTitleTxt>Executive Dir.</PersonTitleTxt>
      <SignatureDt>2026-09-17</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>DANIEL JULSON</PreparerPersonNm>
      <PTIN>P02039369</PTIN>
      <PhoneNum>7016428146</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2025</TaxYr>
  </ReturnHeader>
  <ReturnData documentCnt="7">
    <IRS990 documentId="IRS990" referenceDocumentId="IRS990ScheduleO" softwareId="25022934" softwareVersionNum="2025v4.1">
      <PrincipalOfficerNm>Kim Nelson</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>800 6TH STREET NORTH</AddressLine1Txt>
        <CityNm>WAHPETON</CityNm>
        <StateAbbreviationCd>ND</StateAbbreviationCd>
        <ZIPCd>58076</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>13388515</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>false</GroupReturnForAffiliatesInd>
      <Organization501c3Ind>X</Organization501c3Ind>
      <WebsiteAddressTxt>http://www.ndscsalumni.com/</WebsiteAddressTxt>
      <TypeOfOrganizationCorpInd>X</TypeOfOrganizationCorpInd>
      <FormationYr>1988</FormationYr>
      <LegalDomicileStateCd>ND</LegalDomicileStateCd>
      <ActivityOrMissionDesc>The North Dakota State College of Science Foundations primary mission is to support the financial needs of the school and students through prudent investing of resources and to ensure that the Foundation honors the requests of donors.</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>20</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>20</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>0</TotalEmployeeCnt>
      <TotalGrossUBIAmt>0</TotalGrossUBIAmt>
      <PYContributionsGrantsAmt>15749902</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>6304446</CYContributionsGrantsAmt>
      <PYProgramServiceRevenueAmt>341842</PYProgramServiceRevenueAmt>
      <CYProgramServiceRevenueAmt>337873</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>6703608</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>2504026</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>204649</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>-647466</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>23000001</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>8498879</CYTotalRevenueAmt>
      <PYGrantsAndSimilarPaidAmt>6803221</PYGrantsAndSimilarPaidAmt>
      <CYGrantsAndSimilarPaidAmt>3069654</CYGrantsAndSimilarPaidAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>710689</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>735088</CYSalariesCompEmpBnftPaidAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>0</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>979973</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>513071</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>8493883</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>4317813</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>14506118</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>4181066</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>80350231</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>85960538</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>10844266</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>8168731</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>69505965</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>77791807</NetAssetsOrFundBalancesEOYAmt>
      <MissionDesc>The North Dakota State College of Science Foundations primary mission is to support the financial needs of the school and students through prudent investing of resources and to ensure that the Foundation honors the requests of donors.</MissionDesc>
      <SignificantNewProgramSrvcInd>false</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>false</SignificantChangeInd>
      <ExpenseAmt>3156609</ExpenseAmt>
      <GrantAmt>3069654</GrantAmt>
      <RevenueAmt>337873</RevenueAmt>
      <Desc>Support and activities that develop and strengthen the North Dakota State College of Science.</Desc>
      <TotalProgramServiceExpensesAmt>3156609</TotalProgramServiceExpensesAmt>
      <DescribedInSection501c3Ind referenceDocumentId="IRS990ScheduleA">true</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd>false</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>false</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd>false</LobbyingActivitiesInd>
      <SubjectToProxyTaxInd>false</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd referenceDocumentId="IRS990ScheduleD">false</DonorAdvisedFundInd>
      <ConservationEasementsInd referenceDocumentId="IRS990ScheduleD">false</ConservationEasementsInd>
      <CollectionsOfArtInd referenceDocumentId="IRS990ScheduleD">false</CollectionsOfArtInd>
      <CreditCounselingInd referenceDocumentId="IRS990ScheduleD">false</CreditCounselingInd>
      <DonorRstrOrQuasiEndowmentsInd referenceDocumentId="IRSScheduleD">true</DonorRstrOrQuasiEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="IRS990ScheduleD">true</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd referenceDocumentId="IRS990ScheduleD">false</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd referenceDocumentId="IRS990ScheduleD">false</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd referenceDocumentId="IRS990ScheduleD">false</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="IRS990ScheduleD">true</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd referenceDocumentId="IRS990ScheduleD">true</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd referenceDocumentId="IRS990ScheduleD">true</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd referenceDocumentId="IRS990ScheduleD">false</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd>false</SchoolOperatingInd>
      <ForeignOfficeInd>false</ForeignOfficeInd>
      <ForeignActivitiesInd>false</ForeignActivitiesInd>
      <MoreThan5000KToOrgInd>false</MoreThan5000KToOrgInd>
      <MoreThan5000KToIndividualsInd>false</MoreThan5000KToIndividualsInd>
      <ProfessionalFundraisingInd referenceDocumentId="IRS990ScheduleG">false</ProfessionalFundraisingInd>
      <FundraisingActivitiesInd referenceDocumentId="IRS990ScheduleG">true</FundraisingActivitiesInd>
      <GamingActivitiesInd referenceDocumentId="IRS990ScheduleG">false</GamingActivitiesInd>
      <OperateHospitalInd>false</OperateHospitalInd>
      <GrantsToOrganizationsInd referenceDocumentId="IRS990ScheduleI">true</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd referenceDocumentId="IRS990ScheduleI">false</GrantsToIndividualsInd>
      <ScheduleJRequiredInd referenceDocumentId="IRS990ScheduleJ">true</ScheduleJRequiredInd>
      <TaxExemptBondsInd>false</TaxExemptBondsInd>
      <EngagedInExcessBenefitTransInd>false</EngagedInExcessBenefitTransInd>
      <PYExcessBenefitTransInd>false</PYExcessBenefitTransInd>
      <LoanOutstandingInd>false</LoanOutstandingInd>
      <GrantToRelatedPersonInd>false</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>false</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>false</BusinessRlnWithFamMemInd>
      <BusinessRlnWith35CtrlEntInd>false</BusinessRlnWith35CtrlEntInd>
      <DeductibleNonCashContriInd>false</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd>false</DeductibleArtContributionInd>
      <TerminateOperationsInd>false</TerminateOperationsInd>
      <PartialLiquidationInd>false</PartialLiquidationInd>
      <DisregardedEntityInd>false</DisregardedEntityInd>
      <RelatedEntityInd>false</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>false</RelatedOrganizationCtrlEntInd>
      <TrnsfrExmptNonChrtblRltdOrgInd>false</TrnsfrExmptNonChrtblRltdOrgInd>
      <ActivitiesConductedPrtshpInd>false</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>true</ScheduleORequiredInd>
      <IRPDocumentCnt>17</IRPDocumentCnt>
      <IRPDocumentW2GCnt>1</IRPDocumentW2GCnt>
      <BackupWthldComplianceInd>true</BackupWthldComplianceInd>
      <EmployeeCnt>0</EmployeeCnt>
      <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
      <ForeignFinancialAccountInd>false</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>false</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>false</NondeductibleContributionsInd>
      <QuidProQuoContributionsInd>false</QuidProQuoContributionsInd>
      <Form8282PropertyDisposedOfInd>false</Form8282PropertyDisposedOfInd>
      <Form8282FiledCnt>0</Form8282FiledCnt>
      <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
      <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
      <Form8899Filedind>false</Form8899Filedind>
      <Form1098CFiledInd>false</Form1098CFiledInd>
      <IndoorTanningServicesInd>false</IndoorTanningServicesInd>
      <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      <SubjectToExcsTaxNetInvstIncInd>false</SubjectToExcsTaxNetInvstIncInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>20</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>20</IndependentVotingMemberCnt>
      <FamilyOrBusinessRlnInd>false</FamilyOrBusinessRlnInd>
      <DelegationOfMgmtDutiesInd>false</DelegationOfMgmtDutiesInd>
      <ChangeToOrgDocumentsInd>false</ChangeToOrgDocumentsInd>
      <MaterialDiversionOrMisuseInd>false</MaterialDiversionOrMisuseInd>
      <MembersOrStockholdersInd>false</MembersOrStockholdersInd>
      <ElectionOfBoardMembersInd>false</ElectionOfBoardMembersInd>
      <DecisionsSubjectToApprovaInd>false</DecisionsSubjectToApprovaInd>
      <MinutesOfGoverningBodyInd>true</MinutesOfGoverningBodyInd>
      <MinutesOfCommitteesInd>true</MinutesOfCommitteesInd>
      <OfficerMailingAddressInd>false</OfficerMailingAddressInd>
      <LocalChaptersInd>false</LocalChaptersInd>
      <Form990ProvidedToGvrnBodyInd>true</Form990ProvidedToGvrnBodyInd>
      <ConflictOfInterestPolicyInd>true</ConflictOfInterestPolicyInd>
      <AnnualDisclosureCoveredPrsnInd>true</AnnualDisclosureCoveredPrsnInd>
      <RegularMonitoringEnfrcInd>true</RegularMonitoringEnfrcInd>
      <WhistleblowerPolicyInd>true</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>true</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>false</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>false</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>false</InvestmentInJointVentureInd>
      <OwnWebsiteInd>X</OwnWebsiteInd>
      <BooksInCareOfDetail>
        <PersonNm>MICHELLE NELSON</PersonNm>
        <PhoneNum>7016712270</PhoneNum>
        <USAddress>
          <AddressLine1Txt>800 6th St N</AddressLine1Txt>
          <CityNm>Wahpeton</CityNm>
          <StateAbbreviationCd>ND</StateAbbreviationCd>
          <ZIPCd>58075</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <Form990PartVIISectionAGrp>
        <PersonNm>Matthew Hallaway</PersonNm>
        <TitleTxt>Executive Dir.</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>156000</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>42781</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>Kim Nelson</PersonNm>
        <TitleTxt>Executive Dir.</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>29262</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>8009</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>Chad Wehri</PersonNm>
        <TitleTxt>President</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>Paige Kjesbo</PersonNm>
        <TitleTxt>Vice President</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>Michelle Nelson</PersonNm>
        <TitleTxt>Treasurer</TitleTxt>
        <AverageHoursPerWeekRt>6.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotReportableCompRltdOrgAmt>185262</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>50790</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>0</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>false</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>true</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>false</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>COMSTOCK CONSTRUCTION INC</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>280 11TH ST S</AddressLine1Txt>
            <CityNm>WAHPETON</CityNm>
            <StateAbbreviationCd>ND</StateAbbreviationCd>
            <ZIPCd>58075</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>CONSTRUCTION</ServicesDesc>
        <CompensationAmt>187425</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>FUSION ELECTRIC LLC</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>5192 51ST AVE S</AddressLine1Txt>
            <CityNm>FARGO</CityNm>
            <StateAbbreviationCd>ND</StateAbbreviationCd>
            <ZIPCd>58104</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>CONSTRUCTION</ServicesDesc>
        <CompensationAmt>256366</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>GAST CONSTRUCTION CO INC</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>1722 17TH AVE N</AddressLine1Txt>
            <CityNm>WAHPETON</CityNm>
            <StateAbbreviationCd>ND</StateAbbreviationCd>
            <ZIPCd>58075</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>CONSTRUCTION</ServicesDesc>
        <CompensationAmt>281962</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>PETERSON MECHANICAL</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>3001 1ST AVE N</AddressLine1Txt>
            <CityNm>FARGO</CityNm>
            <StateAbbreviationCd>ND</StateAbbreviationCd>
            <ZIPCd>58102</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>CONSTRUCTION</ServicesDesc>
        <CompensationAmt>302817</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>FORTE</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>4575 23RD AVE S STE 100</AddressLine1Txt>
            <CityNm>FARGO</CityNm>
            <StateAbbreviationCd>ND</StateAbbreviationCd>
            <ZIPCd>58104</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>CONSTRUCTION</ServicesDesc>
        <CompensationAmt>153616</CompensationAmt>
      </ContractorCompensationGrp>
      <CntrctRcvdGreaterThan100KCnt>6</CntrctRcvdGreaterThan100KCnt>
      <FederatedCampaignsAmt>2689935</FederatedCampaignsAmt>
      <FundraisingAmt>24680</FundraisingAmt>
      <GovernmentGrantsAmt>3589831</GovernmentGrantsAmt>
      <TotalContributionsAmt>6304446</TotalContributionsAmt>
      <ProgramServiceRevenueGrp>
        <Desc>Program Revenue</Desc>
        <TotalRevenueColumnAmt>337873</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>337873</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>337873</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>1260301</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1260301</RelatedOrExemptFuncIncomeAmt>
      </InvestmentIncomeGrp>
      <IncmFromInvestBondProceedsGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </IncmFromInvestBondProceedsGrp>
      <RoyaltiesRevenueGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </RoyaltiesRevenueGrp>
      <GrossRentsGrp>
        <RealAmt>371072</RealAmt>
      </GrossRentsGrp>
      <LessRentalExpensesGrp>
        <RealAmt>1065190</RealAmt>
      </LessRentalExpensesGrp>
      <RentalIncomeOrLossGrp>
        <RealAmt>-694118</RealAmt>
      </RentalIncomeOrLossGrp>
      <NetRentalIncomeOrLossGrp>
        <TotalRevenueColumnAmt>-694118</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>-694118</RelatedOrExemptFuncIncomeAmt>
      </NetRentalIncomeOrLossGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>4920605</SecuritiesAmt>
        <OtherAmt>64557</OtherAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>3676880</SecuritiesAmt>
        <OtherAmt>64557</OtherAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>1243725</SecuritiesAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>1243725</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1243725</RelatedOrExemptFuncIncomeAmt>
      </NetGainOrLossInvestmentsGrp>
      <FundraisingGrossIncomeAmt>129661</FundraisingGrossIncomeAmt>
      <ContriRptFundraisingEventAmt>24680</ContriRptFundraisingEventAmt>
      <FundraisingDirectExpensesAmt>83009</FundraisingDirectExpensesAmt>
      <NetIncmFromFundraisingEvtGrp>
        <TotalRevenueColumnAmt>46652</TotalRevenueColumnAmt>
      </NetIncmFromFundraisingEvtGrp>
      <NetIncomeFromGamingGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </NetIncomeFromGamingGrp>
      <NetIncomeOrLossGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </NetIncomeOrLossGrp>
      <OtherRevenueTotalAmt>0</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>8498879</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>2147781</RelatedOrExemptFuncIncomeAmt>
      </TotalRevenueGrp>
      <GrantsToDomesticOrgsGrp>
        <TotalAmt>3069654</TotalAmt>
        <ProgramServicesAmt>3069654</ProgramServicesAmt>
      </GrantsToDomesticOrgsGrp>
      <GrantsToDomesticIndividualsGrp>
        <TotalAmt>0</TotalAmt>
      </GrantsToDomesticIndividualsGrp>
      <ForeignGrantsGrp>
        <TotalAmt>0</TotalAmt>
      </ForeignGrantsGrp>
      <BenefitsToMembersGrp>
        <TotalAmt>0</TotalAmt>
      </BenefitsToMembersGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>0</TotalAmt>
      </CompCurrentOfcrDirectorsGrp>
      <CompDisqualPersonsGrp>
        <TotalAmt>0</TotalAmt>
      </CompDisqualPersonsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>506707</TotalAmt>
        <ProgramServicesAmt>5165</ProgramServicesAmt>
        <ManagementAndGeneralAmt>501542</ManagementAndGeneralAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>62335</TotalAmt>
        <ManagementAndGeneralAmt>62335</ManagementAndGeneralAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>128296</TotalAmt>
        <ManagementAndGeneralAmt>128296</ManagementAndGeneralAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>37750</TotalAmt>
        <ProgramServicesAmt>353</ProgramServicesAmt>
        <ManagementAndGeneralAmt>37397</ManagementAndGeneralAmt>
      </PayrollTaxesGrp>
      <FeesForServicesManagementGrp>
        <TotalAmt>0</TotalAmt>
      </FeesForServicesManagementGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>0</TotalAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>11500</TotalAmt>
        <ManagementAndGeneralAmt>11500</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <FeesForServicesLobbyingGrp>
        <TotalAmt>0</TotalAmt>
      </FeesForServicesLobbyingGrp>
      <FeesForServicesProfFundraising>
        <TotalAmt>0</TotalAmt>
      </FeesForServicesProfFundraising>
      <FeesForSrvcInvstMgmntFeesGrp>
        <TotalAmt>117435</TotalAmt>
        <ManagementAndGeneralAmt>117435</ManagementAndGeneralAmt>
      </FeesForSrvcInvstMgmntFeesGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>46141</TotalAmt>
        <ProgramServicesAmt>3145</ProgramServicesAmt>
        <ManagementAndGeneralAmt>42996</ManagementAndGeneralAmt>
      </FeesForServicesOtherGrp>
      <AdvertisingGrp>
        <TotalAmt>16177</TotalAmt>
        <ProgramServicesAmt>11438</ProgramServicesAmt>
        <ManagementAndGeneralAmt>4739</ManagementAndGeneralAmt>
      </AdvertisingGrp>
      <OfficeExpensesGrp>
        <TotalAmt>24948</TotalAmt>
        <ProgramServicesAmt>3063</ProgramServicesAmt>
        <ManagementAndGeneralAmt>21885</ManagementAndGeneralAmt>
      </OfficeExpensesGrp>
      <InformationTechnologyGrp>
        <TotalAmt>0</TotalAmt>
      </InformationTechnologyGrp>
      <RoyaltiesGrp>
        <TotalAmt>0</TotalAmt>
      </RoyaltiesGrp>
      <OccupancyGrp>
        <TotalAmt>0</TotalAmt>
      </OccupancyGrp>
      <TravelGrp>
        <TotalAmt>36144</TotalAmt>
        <ProgramServicesAmt>2705</ProgramServicesAmt>
        <ManagementAndGeneralAmt>33439</ManagementAndGeneralAmt>
      </TravelGrp>
      <PymtTravelEntrtnmntPubOfclGrp>
        <TotalAmt>0</TotalAmt>
      </PymtTravelEntrtnmntPubOfclGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>55360</TotalAmt>
        <ProgramServicesAmt>30483</ProgramServicesAmt>
        <ManagementAndGeneralAmt>24877</ManagementAndGeneralAmt>
      </ConferencesMeetingsGrp>
      <InterestGrp>
        <TotalAmt>0</TotalAmt>
      </InterestGrp>
      <PaymentsToAffiliatesGrp>
        <TotalAmt>0</TotalAmt>
      </PaymentsToAffiliatesGrp>
      <DepreciationDepletionGrp>
        <TotalAmt>3714</TotalAmt>
        <ProgramServicesAmt>3714</ProgramServicesAmt>
      </DepreciationDepletionGrp>
      <InsuranceGrp>
        <TotalAmt>21798</TotalAmt>
        <ManagementAndGeneralAmt>21798</ManagementAndGeneralAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>Postage and Shipping</Desc>
        <TotalAmt>80375</TotalAmt>
        <ProgramServicesAmt>6115</ProgramServicesAmt>
        <ManagementAndGeneralAmt>74260</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>Supplies</Desc>
        <TotalAmt>42244</TotalAmt>
        <ProgramServicesAmt>8553</ProgramServicesAmt>
        <ManagementAndGeneralAmt>33691</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>Miscellaneous</Desc>
        <TotalAmt>26259</TotalAmt>
        <ProgramServicesAmt>9140</ProgramServicesAmt>
        <ManagementAndGeneralAmt>17119</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>Bank Charges</Desc>
        <TotalAmt>19293</TotalAmt>
        <ProgramServicesAmt>2208</ProgramServicesAmt>
        <ManagementAndGeneralAmt>17085</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>11683</TotalAmt>
        <ProgramServicesAmt>873</ProgramServicesAmt>
        <ManagementAndGeneralAmt>10810</ManagementAndGeneralAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>4317813</TotalAmt>
        <ProgramServicesAmt>3156609</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1161204</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>616860</BOYAmt>
        <EOYAmt>1378140</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>390725</BOYAmt>
        <EOYAmt>887494</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <PledgesAndGrantsReceivableGrp>
        <BOYAmt>5745353</BOYAmt>
        <EOYAmt>3756599</EOYAmt>
      </PledgesAndGrantsReceivableGrp>
      <AccountsReceivableGrp>
        <EOYAmt>0</EOYAmt>
      </AccountsReceivableGrp>
      <ReceivablesFromOfficersEtcGrp>
        <EOYAmt>0</EOYAmt>
      </ReceivablesFromOfficersEtcGrp>
      <RcvblFromDisqualifiedPrsnGrp>
        <EOYAmt>0</EOYAmt>
      </RcvblFromDisqualifiedPrsnGrp>
      <OthNotesLoansReceivableNetGrp>
        <BOYAmt>58193</BOYAmt>
        <EOYAmt>56107</EOYAmt>
      </OthNotesLoansReceivableNetGrp>
      <InventoriesForSaleOrUseGrp>
        <EOYAmt>0</EOYAmt>
      </InventoriesForSaleOrUseGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <EOYAmt>0</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>38837863</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>1520282</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>36882611</BOYAmt>
        <EOYAmt>37317581</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>36656489</BOYAmt>
        <EOYAmt>42564617</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <InvestmentsOtherSecuritiesGrp>
        <EOYAmt>0</EOYAmt>
      </InvestmentsOtherSecuritiesGrp>
      <InvestmentsProgramRelatedGrp>
        <EOYAmt>0</EOYAmt>
      </InvestmentsProgramRelatedGrp>
      <IntangibleAssetsGrp>
        <EOYAmt>0</EOYAmt>
      </IntangibleAssetsGrp>
      <OtherAssetsTotalGrp>
        <EOYAmt>0</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>80350231</BOYAmt>
        <EOYAmt>85960538</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>1803756</BOYAmt>
        <EOYAmt>89438</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <DeferredRevenueGrp>
        <BOYAmt>65613</BOYAmt>
      </DeferredRevenueGrp>
      <MortgNotesPyblScrdInvstPropGrp>
        <BOYAmt>8543402</BOYAmt>
        <EOYAmt>7645444</EOYAmt>
      </MortgNotesPyblScrdInvstPropGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>431495</BOYAmt>
        <EOYAmt>433849</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>10844266</BOYAmt>
        <EOYAmt>8168731</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>2972545</BOYAmt>
        <EOYAmt>29624812</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <DonorRestrictionNetAssetsGrp>
        <BOYAmt>66533420</BOYAmt>
        <EOYAmt>48166995</EOYAmt>
      </DonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>69505965</BOYAmt>
        <EOYAmt>77791807</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>80350231</BOYAmt>
        <EOYAmt>85960538</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <InfoInScheduleOPartXIInd>X</InfoInScheduleOPartXIInd>
      <ReconcilationRevenueExpnssAmt>4181066</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>4143969</NetUnrlzdGainsLossesInvstAmt>
      <OtherChangesInNetAssetsAmt>-39193</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>true</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>true</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>true</FederalGrantAuditRequiredInd>
      <FederalGrantAuditPerformedInd>false</FederalGrantAuditPerformedInd>
    </IRS990>
    <IRS990ScheduleA documentId="IRS990ScheduleA" softwareId="25022934" softwareVersionNum="2025v4.1">
      <CollegeOrganizationInd>X</CollegeOrganizationInd>
      <GiftsGrantsContriRcvd170Grp>
        <CurrentTaxYearMinus4YearsAmt>3910709</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>1872105</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>7130826</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>15749902</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>6304446</CurrentTaxYearAmt>
        <TotalAmt>34967988</TotalAmt>
      </GiftsGrantsContriRcvd170Grp>
      <TaxRevLeviedOrgnztnlBnft170Grp>
        <TotalAmt>0</TotalAmt>
      </TaxRevLeviedOrgnztnlBnft170Grp>
      <GovtFurnSrvcFcltsVl170Grp>
        <TotalAmt>0</TotalAmt>
      </GovtFurnSrvcFcltsVl170Grp>
      <TotalCalendarYear170Grp>
        <CurrentTaxYearMinus4YearsAmt>3910709</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>1872105</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>7130826</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>15749902</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>6304446</CurrentTaxYearAmt>
        <TotalAmt>34967988</TotalAmt>
      </TotalCalendarYear170Grp>
      <SubstantialContributorsTotAmt>0</SubstantialContributorsTotAmt>
      <PublicSupportTotal170Amt>34967988</PublicSupportTotal170Amt>
      <GrossInvestmentIncome170Grp>
        <CurrentTaxYearMinus4YearsAmt>1019410</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>1176458</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>1261667</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>1350198</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>1260301</CurrentTaxYearAmt>
        <TotalAmt>6068034</TotalAmt>
      </GrossInvestmentIncome170Grp>
      <UnrelatedBusinessNetIncm170Grp>
        <TotalAmt>0</TotalAmt>
      </UnrelatedBusinessNetIncm170Grp>
      <OtherIncome170Grp>
        <TotalAmt>0</TotalAmt>
      </OtherIncome170Grp>
      <TotalSupportAmt>41036022</TotalSupportAmt>
      <GrossReceiptsRltdActivitiesAmt>1830403</GrossReceiptsRltdActivitiesAmt>
      <PublicSupportCY170Pct>0.85210</PublicSupportCY170Pct>
      <PublicSupportPY170Pct>0.89190</PublicSupportPY170Pct>
      <ThirtyThrPctSuprtTestsCY170Ind>X</ThirtyThrPctSuprtTestsCY170Ind>
    </IRS990ScheduleA>
    <IRS990ScheduleD documentId="IRS990ScheduleD" softwareId="25022934" softwareVersionNum="2025v4.1">
      <CYEndwmtFundGrp>
        <BeginningYearBalanceAmt>35211392</BeginningYearBalanceAmt>
        <ContributionsAmt>3400374</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>6237615</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>2421101</GrantsOrScholarshipsAmt>
        <OtherExpendituresAmt>10650</OtherExpendituresAmt>
        <AdministrativeExpensesAmt>128249</AdministrativeExpensesAmt>
        <EndYearBalanceAmt>42289381</EndYearBalanceAmt>
      </CYEndwmtFundGrp>
      <CYMinus1YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>33046427</BeginningYearBalanceAmt>
        <ContributionsAmt>1344668</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>3777338</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>2747471</GrantsOrScholarshipsAmt>
        <OtherExpendituresAmt>77020</OtherExpendituresAmt>
        <AdministrativeExpensesAmt>132550</AdministrativeExpensesAmt>
        <EndYearBalanceAmt>35211392</EndYearBalanceAmt>
      </CYMinus1YrEndwmtFundGrp>
      <CYMinus2YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>27783617</BeginningYearBalanceAmt>
        <ContributionsAmt>3489096</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>3953147</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>1500464</GrantsOrScholarshipsAmt>
        <OtherExpendituresAmt>570534</OtherExpendituresAmt>
        <AdministrativeExpensesAmt>108435</AdministrativeExpensesAmt>
        <EndYearBalanceAmt>33046427</EndYearBalanceAmt>
      </CYMinus2YrEndwmtFundGrp>
      <CYMinus3YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>26251543</BeginningYearBalanceAmt>
        <ContributionsAmt>743329</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>2335127</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>1334915</GrantsOrScholarshipsAmt>
        <OtherExpendituresAmt>149875</OtherExpendituresAmt>
        <AdministrativeExpensesAmt>61592</AdministrativeExpensesAmt>
        <EndYearBalanceAmt>27783617</EndYearBalanceAmt>
      </CYMinus3YrEndwmtFundGrp>
      <CYMinus4YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>28442394</BeginningYearBalanceAmt>
        <ContributionsAmt>2913447</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>-3863932</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>1051425</GrantsOrScholarshipsAmt>
        <AdministrativeExpensesAmt>188941</AdministrativeExpensesAmt>
        <EndYearBalanceAmt>26251543</EndYearBalanceAmt>
      </CYMinus4YrEndwmtFundGrp>
      <BoardDesignatedBalanceEOYPct>0.02000</BoardDesignatedBalanceEOYPct>
      <PrmnntEndowmentBalanceEOYPct>0.98000</PrmnntEndowmentBalanceEOYPct>
      <EndowmentsHeldUnrelatedOrgInd>false</EndowmentsHeldUnrelatedOrgInd>
      <EndowmentsHeldRelatedOrgInd>false</EndowmentsHeldRelatedOrgInd>
      <RelatedOrgListSchRInd>false</RelatedOrgListSchRInd>
      <LandGrp>
        <OtherCostOrOtherBasisAmt>6424600</OtherCostOrOtherBasisAmt>
        <BookValueAmt>6424600</BookValueAmt>
      </LandGrp>
      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>32199068</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>1346772</DepreciationAmt>
        <BookValueAmt>30852296</BookValueAmt>
      </BuildingsGrp>
      <LeaseholdImprovementsGrp>
        <OtherCostOrOtherBasisAmt>188195</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>163915</DepreciationAmt>
        <BookValueAmt>24280</BookValueAmt>
      </LeaseholdImprovementsGrp>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>26000</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>9595</DepreciationAmt>
        <BookValueAmt>16405</BookValueAmt>
      </EquipmentGrp>
      <TotalBookValueLandBuildingsAmt>37317581</TotalBookValueLandBuildingsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>Liabilities Under Charitable Trusts</Desc>
        <Amt>433849</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>433849</TotalLiabilityAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <TotalRevEtcAuditedFinclStmtAmt>13634419</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>4143969</NetUnrealizedGainsInvstAmt>
      <OtherRevenueAmt>-39193</OtherRevenueAmt>
      <RevenueNotReportedAmt>4104776</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>9529643</RevenueSubtotalAmt>
      <InvestmentExpensesNotIncldAmt>117435</InvestmentExpensesNotIncldAmt>
      <OtherRevenuesNotIncludedAmt>-1148199</OtherRevenuesNotIncludedAmt>
      <RevenueNotReportedFinclStmtAmt>-1030764</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>8498879</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>5348577</TotExpnsEtcAuditedFinclStmtAmt>
      <OtherExpensesIncludedAmt>1148199</OtherExpensesIncludedAmt>
      <ExpensesNotReportedAmt>1148199</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>4200378</ExpensesSubtotalAmt>
      <InvestmentExpensesNotIncld2Amt>117435</InvestmentExpensesNotIncld2Amt>
      <ExpensesNotRptFinclStmtAmt>117435</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>4317813</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part V, Line 4: Intended uses of the endowment fund.</FormAndLineReferenceDesc>
        <ExplanationTxt>Support the financial needs of the North Dakota State College of Science (NDSCS) and the students of NDSCS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part X : FIN48 Footnote</FormAndLineReferenceDesc>
        <ExplanationTxt>The Organization believes it 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 Organization 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.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part XII, Line 2d: Other expenses and losses per audited F/S</FormAndLineReferenceDesc>
        <ExplanationTxt>Rental Expense $1065190 Fundraising Expense $83009</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleG documentId="IRS990ScheduleG" softwareId="25022934" softwareVersionNum="2025v4.1">
      <SpecialFundraisingEventsInd>X</SpecialFundraisingEventsInd>
      <AgrmtProfFundraisingActyInd>false</AgrmtProfFundraisingActyInd>
      <FundraisingEventInformationGrp>
        <Event1Nm>NDSCS Dreams Auction</Event1Nm>
        <GrossReceiptsEvent1Amt>154341</GrossReceiptsEvent1Amt>
        <CharitableContriEvent1Amt>24680</CharitableContriEvent1Amt>
        <GrossRevenueEvent1Amt>129661</GrossRevenueEvent1Amt>
        <RentFacilityCostsEvent1Amt>31386</RentFacilityCostsEvent1Amt>
        <FoodAndBeverageEvent1Amt>3946</FoodAndBeverageEvent1Amt>
        <OtherDirectExpensesEvent1Amt>47677</OtherDirectExpensesEvent1Amt>
        <GrossReceiptsTotalAmt>154341</GrossReceiptsTotalAmt>
        <CharitableContributionsTotAmt>24680</CharitableContributionsTotAmt>
        <GrossRevenueTotalEventsAmt>129661</GrossRevenueTotalEventsAmt>
        <RentFcltyCostsTotalEventsAmt>31386</RentFcltyCostsTotalEventsAmt>
        <FoodAndBeverageTotalEventsAmt>3946</FoodAndBeverageTotalEventsAmt>
        <OthDirectExpnssTotalEventsAmt>47677</OthDirectExpnssTotalEventsAmt>
        <DirectExpenseSummaryEventsAmt>83009</DirectExpenseSummaryEventsAmt>
        <NetIncomeSummaryAmt>46652</NetIncomeSummaryAmt>
      </FundraisingEventInformationGrp>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="IRS990ScheduleI" softwareId="25022934" softwareVersionNum="2025v4.1">
      <GrantRecordsMaintainedInd>true</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>NDSCS</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>800 6th St N</AddressLine1Txt>
          <CityNm>Wahpeton</CityNm>
          <StateAbbreviationCd>ND</StateAbbreviationCd>
          <ZIPCd>58075</ZIPCd>
        </USAddress>
        <RecipientEIN>456002451</RecipientEIN>
        <CashGrantAmt>3069654</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>Cash grants for scholarships.</PurposeOfGrantTxt>
      </RecipientTable>
      <Total501c3OrgCnt>1</Total501c3OrgCnt>
      <TotalOtherOrgCnt>0</TotalOtherOrgCnt>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="IRS990ScheduleJ" softwareId="25022934" softwareVersionNum="2025v4.1">
      <SeverancePaymentInd>false</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>false</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>false</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>false</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>false</CompBsdOnRevRelatedOrgsInd>
      <CompBsdNetEarnsFlngOrgInd>false</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>false</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>false</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>false</InitialContractExceptionInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>Matthew Hallaway</PersonNm>
        <TitleTxt>Executive Dir.</TitleTxt>
        <CompensationBasedOnRltdOrgsAmt>156000</CompensationBasedOnRltdOrgsAmt>
        <DeferredCompRltdOrgsAmt>19500</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsRltdOrgsAmt>23281</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationRltdOrgsAmt>198781</TotalCompensationRltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="25022934" softwareVersionNum="2025v4.1">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>Reviewed and approved at board meeting.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, Line 12c</FormAndLineReferenceDesc>
        <ExplanationTxt>Officers, board members, and staff are required to report any potential conflicts of interest to the Organization for review and possible remedial action.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section C, Line 19</FormAndLineReferenceDesc>
        <ExplanationTxt>Information is available upon request.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part XI, Line 9</FormAndLineReferenceDesc>
        <ExplanationTxt>Change in Split-Interest Agreements = -$39193</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>