University of South Dakota Foundation & Alumni Association

University of South Dakota Foundation & Alumni Association

Founded in 1928 by Vermillion residents, the University of South Dakota Foundation operates as an independent nonprofit endowment supporting the University of South Dakota. Noah Shepard serves as President and CEO, while Lance Bultena, a partner at Hogan Lovells, chairs the board — a governance pairing that places a Washington-based attorney alongside a campus-focused executive. The Foundation's sole purpose under IRS 501(c)(3) designation is to secure, invest, and distribute private gifts for the university. Asset class exposure spans real estate, private equity, and pooled endowment holdings. The Foundation is a limited partner in multiple Blackstone real estate funds, adding institutional private-market exposure to a portfolio that also includes directly owned commercial properties at 1110 N Dakota Street and residential holdings at 204 E Cherry Street in Vermillion. Beyond traditional assets, the portfolio holds a Beechcraft Super King Air 350, an airplane hangar, and art collections featuring works by Oscar Howe and Wilber M. Stilwell. Geographic concentration remains firmly in South Dakota, anchored by the USD Discovery District capital guarantee in Sioux Falls and LLC-held properties around Vermillion. Altss estimates total assets at roughly $289 million, a figure the Foundation does not publicly disclose. The organization participates in professional networks through NACUBO and operates an athletic fundraising arm known as The Howling Pack. A notable gift from donors Gary and Sue Ellis — a $3 million commitment — seeded the Ellis Impact initiative, exemplifying the donor-directed architecture behind the Foundation's grantmaking. Board membership includes Richard Held, a managing director at UBS, bringing wealth-management connectivity to the investment committee. As an endowment linked to a public university, the Foundation can accept gifts of illiquid assets — including commercial real estate and aircraft — that a university treasury might struggle to hold directly. This structural separation creates a vehicle capable of retaining and managing complex, long-duration assets on behalf of the campus while insulating the university's operating budget from portfolio volatility.