MINOT STATE UNIVERSITY DEVELOPMENT FOUNDATION

EIN: 450344784 501(c)(3)

MINOT, ND

Total Revenue
$5,674,572
Total Expenses
$3,933,098
Total Assets
$65,369,602
Net Assets
$54,799,900
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1943
Legal Domicile
ND
Principal Officer
RICK HEDBERG
Phone
7018583368
Tax Period
2024-07-01 to 2025-06-30

MINOT STATE UNIVERSITY DEVELOPMENT FOUNDATION, founded in 1943, is a community nonprofit that reported $5.7M in total revenue in fiscal year 2024. The organization ran a surplus of $1.7M, a strong 31% operating margin.

Mission

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.

Program Service Accomplishments

Program 1
Expenses: $2,788,358

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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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $2,425,446
Program Service Revenue $0
Investment Income $2,865,928
Other Revenue $383,198
TOTAL REVENUE $5,674,572

Expense Breakdown

Grants Paid $2,247,133
Salaries & Benefits $933,331
Fundraising Expenses $560,536
Program Expenses $2,788,358
Other Expenses $752,634
TOTAL EXPENSES $3,933,098

Year-over-Year Comparison

2024 2023 Change
Revenue $5,674,572 $5,668,064 +0.0%
Expenses $3,933,098 $5,668,219 -0.3%
Net Income $1,741,474 $-155 -11236.3%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
11
Independent Members
11
Employees
N/A
Volunteers
17

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
3
$225,581
Total Directors
11
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KATHY AAS DIRECTOR 0.30
Director
$0 $0 $0
JON BACKES PRESIDENT 0.30
Officer Director
$0 $0 $0
LESLIE COUGHLIN DIRECTOR 0.30
Director
$0 $0 $0
DAVID GOWAN DIRECTOR 0.30
Director
$0 $0 $0
KENT KIRKHAMMER DIRECTOR 0.30
Director
$0 $0 $0
KAREN KREBSBACH DIRECTOR 0.30
Director
$0 $0 $0
DAN LANGEMO VICE PRESIDENT 0.30
Officer Director
$0 $0 $0
JARID LUNDEEN DIRECTOR 0.30
Director
$0 $0 $0
TOM PROBST DIRECTOR 0.30
Director
$0 $0 $0
BOB SANDO DIRECTOR 0.30
Director
$0 $0 $0
MYRON THOMPSON DIRECTOR 0.30
Director
$0 $0 $0
RICK HEDBERG EXECUTIVE DIRECTOR (EX-OFF 5.00
Officer
$0 $43,779 $225,581
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $5,674,572 $3,933,098 $65,369,602 $1,741,474
2024 $5,668,064 $5,668,219 $61,683,908 $-155
2023 $5,304,845 $3,230,752 $57,770,697 $2,074,093
2022 $11,663,994 $2,806,889 $52,940,174 $8,857,105
2021 $7,678,265 $2,368,146 $52,044,466 $5,310,119
2020 $3,378,893 $2,545,458 $37,175,761 $833,435
2019 $3,875,157 $2,454,641 $37,010,968 $1,420,516
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