SDSU Alumni & Foundation
Legal name: South Dakota State University Foundation
Nonprofit profile at a glance
- EIN
- 460273801
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Brookings, SD, US
- Phone
- (605) 697-7475
- Rating
- 82
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Single Organization Support
Reported finances
- Revenue
- $73,265,294
- Expenses
- $62,013,343
- Assets
- $411,928,607
- Liabilities
- $12,187,716
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
20 people listed
Executive titles in this filing
- STEVE ERPENBACH (PRESIDENT/CEO)
Highest reported compensation
- STEVE ERPENBACH (PRESIDENT/CEO): $335,604 total reported compensation
- KEITH MAHLUM (VP FOR DEVELOPMENT): $250,123 total reported compensation
- TIM DWIRE (VP FOR FINANCE & OPERATIONS): $248,985 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The SDSU Alumni & Foundation strengthens the university by engaging alumni and friends, generating private donor support, and advancing key university initiatives — from scholarships and capital projects to alumni engagement, events, and lifelong connection.
What it reported doing in 2024
To unite the dreams of our students, university, and donors to build a better sdsu. Approximately $12.46 million in scholarships were awarded, $10.82 million in departmental programs were funded, and $24.86 million in capital projects were funded during 2024.
Operating model
- Revenue model
- Donor-supported. 80% of the money available for current operations came from contributions and gifts.
- Distribution model
- Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and fundraising costs are high for each dollar raised.
Rating breakdown
- Financial Efficiency: 75
- Transparency & Controls: 77
- Accountability: 100
- Sustainability: 82
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 75.9%; rating input score 76
- Program expense ratio: 83.8%; rating input score 84
- Fundraising efficiency: $12.48 raised per $1 spent on fundraising; rating input score 47; 47th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Pass
- Independent consultant: Missing
- Other Form 990s reviewed: Pass
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Scored; rating input score 0
- Grant itemization coverage: 100%; rating input score 100; 49th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 15.4%; rating input score 83; 83rd percentile among comparable filings
- Total-asset coverage ratio: 6.64; rating input score 88; 88th percentile among comparable filings
- Liabilities to assets ratio: 0.03; rating input score 92; 92nd percentile among comparable filings
- Officer compensation ratio: 2.2%; rating input score 51; 51st percentile among comparable filings
Growth
- Program expense growth: 5.6% per year; rating input score 100; 45th percentile among comparable filings
- Revenue growth: 7% per year; rating input score 100; 60th percentile among comparable filings
- Asset growth: 7.8% per year; rating input score 100; 58th percentile among comparable filings
Details
- What they do: 3 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 75.9% of revenue deployed · 83.8% of spending went to programs
- Governance: 13 of 13 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $52M in reported program spending
- Leadership: top reported pay $336K · 20 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $1.5M reported
- Consistency: 39 of 39 current checks pass
- Schedules: 9 filed schedules · includes major donors, foreign activity, grants, executive pay, and related organizations
- Filing history: 15 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 11 filed money-flow records
- Related organizations: 4 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Transparency & Controls: Foreign activity oversight scored 0/100.
- Moderate — Financial Efficiency: Fundraising efficiency scored 47/100.
- Review — Sustainability: Officer compensation ratio scored 51/100.