The Black Hills State University Foundation is housed in the Joy (Proctor) Krautschyn Alumni/Foundation Welcome Center on the east edge of the campus at 1351 St. Joe Street. There is ample visitor parking.

Since its founding in 1975 the purpose of the Foundation is to raise, receive, hold, administer, invest and manage funds from donors wishing to benefit Black Hills State University.  The Foundation oversees the distribution to the University of these gifts and of the interest earned from the endowed funds.  The Foundation has a deep commitment to ensuring that funds distributed to the University are utilized in the manner that the donors intend.

The Black Hills State University Foundation is a 501©3 charitable organization exempt from federal income tax.  Contributions are deductible for federal income tax purposes in accordance with applicable law. The Foundation is a registered South Dakota non-profit corporation that is separate from the University. 

The Foundation carries out its responsibilities to BHSU with oversight by the BHSU Vice President for University Advancement and advice from the President of the University on funding priorities.  The Foundation Board of Directors participates in the development of policy and major-decision making at board meetings held two times a year.  New members are elected by the board to serve four-year terms. Board members bring their expertise to a variety of committees. 

Those serving on the Investment Committee have the responsibility for general oversight of the Foundation’s investment portfolio, which includes selection of the investment manager candidates and making recommendations to the entire Board of Directors for final action.  The BHSU President, the Vice President for Finance and the Vice President for University Advancement act in an advisory capacity and are ex-officio members of the committee.

The finances of the Black Hills State University Foundation are independently audited each year.  Auditors change from time to time.  Currently, Ketel Thorstenson & Associates of Rapid City, SD are conducting the annual audits. Foundation staff members and board members share dedication to stewardship of gifts from donors and the auditors provide important oversight as well.

For the audits the Foundation staff is responsible for the preparation and fair presentation of financial statements in accordance with generally accepted accounting principles.  The accounting principles include the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statement that are free from material misstatement, whether due to fraud or error.

The auditor’s responsibility is to express an opinion on these financial statements based on their audit.  The audit is conducted in accordance with generally accepted auditing standards.  The auditors provide an Independent Auditor’s Report to the BHSU Foundation’s Board of Directors.