South Dakota School of Mines and Technology Foundation

South Dakota School of Mines and Technology Foundation

The South Dakota School of Mines and Technology Foundation was established in 1954 to develop and manage private resources for the university. Today it operates as a component unit of the South Dakota Board of Regents, funneling all advancement activities through the Center for Alumni Relations & Advancement (CARA) after the 2020 merger. Its board includes individuals with deep industrial ties, such as Trustee Gaurdie E. Banister, Jr., Lead Independent Director of Tyson Foods. The foundation deploys a fund-of-funds strategy, directing capital across an illiquid credit portfolio and a direct real estate portfolio that includes the Mineral Industries Building, Placer Hall Dormitory, the Pearson Alumni & Conference Center, and a residential rental portfolio — all in Rapid City. It also stewards a brokerage account and the Museum of Geology collection. The real estate holdings serve a dual purpose: generating returns while supporting the university's physical infrastructure. Total assets are estimated at $100M, managed by a small team that includes President Joel Kincart, Board Chair Julie Carver, and CFO Audrey Boehm. Former Investment Committee Chair Lorin Brass brought Shell Oil executive experience to the board. The foundation maintains an agreement with the Hardrock Club to cover rent and utilities, and its CEO sits on the university's Executive Council, ensuring tight alignment between investment decisions and campus priorities. A distinguishing structural feature is the foundation's integration into CARA, which consolidates advancement and endowment management under a single roof. This model eliminates the separation between fundraising and asset oversight common at larger universities, creating a tight feedback loop where donor relationships directly inform the deployment strategy — a configuration particularly suited to a small, specialized institution.