dickinson state university – Page 2

The $3.8 million question: As the DSU Foundation heads toward dissolution, how will the remainder of the Biesiot Activities Center’s loan be paid?

Fans sit in the stands during Dickinson Trinity’s football game against Kindred on Friday afternoon at the Henry Biesiot Activities Center in Dickinson. The DSU Foundation, which had been paying the loans on the stadium, is headed toward dissolution after being in fi nancial receivership for nine months. Soon, Southwest District Judge William Herauf will likley be the one to decide how the remaining loan of $3.8 million on the stadium will be paid if the foundation cannot.

A Dickinson judge will decide who takes control of the Henry Biesiot Activities Center’s outstanding loan payments when the Dickinson State University Foundation enters dissolution proceedings in Southwest District Court.

The foundation has more than $3.8 million left to pay on the stadium and events center on DSU’s campus and recently defaulted on its most recent semi-annual loan obligation by paying just 38 percent of the required amount.

Sean Smith, the attorney appointed last December as the foundation’s financial receiver, said he can’t say how or if the foundation has the funds to pay off the BAC’s outstanding loans.

“That’ll all be up to the judge to decide,” Smith said. “There are statutory priorities, and I don’t know what’s going to happen so I can’t comment on those. But ultimately it’ll be up to the judge, the facts and circumstances that are in front of him.”

Continue reading “The $3.8 million question: As the DSU Foundation heads toward dissolution, how will the remainder of the Biesiot Activities Center’s loan be paid?”

Receiver recommends dissolving DSU Foundation: Organization unable to pay loans, financial settlements as it loses donor support

The attorney appointed as financial receiver for the Dickinson State University Foundation says the foundation’s money issues are so bad, it will have to be dissolved.

Court-appointed receiver Sean Smith, in his latest report filed Aug. 31 in Southwest District Court, stated “the continued operation of DSUF is not a viable option” based on its inability to negotiate a financial settlement with developer Granville Brinkman, overall donor reluctance, and because receiver-retained accounting firm Brady, Martz & Associates was unable to determine the foundation’s net assets.

The DSU Foundation was forced into financial receivership by North Dakota Attorney General Wayne Stenehjem last November. During a meeting on Nov. 12, Stenehjem used the word “chaos” to describe the foundation’s financial records. In December, Smith — a partner at Tschider & Smith law firm in Bismarck and a certified public accountant — was appointed as receiver.

Over the past nine months, Smith has released seven reports detailing his work in trying to determine the cause behind the DSU Foundation’s financial issues, which the attorney general alleged stemmed from numerous financial and ethical issues, including that the university used scholarship funds to cover its operating costs.

Continue reading “Receiver recommends dissolving DSU Foundation: Organization unable to pay loans, financial settlements as it loses donor support”

49 apply to be DSU president

Forty-nine people have applied for Dickinson State University’s president position, according to the North Dakota University System, and few have any connection to the university or the state.

There is one internal applicant, one from a different North Dakota university and one Dickinson State University alumnus. About half of the applicants are from the upper Midwest or Rocky Mountain states, and two others have North Dakota connections.

“We have a great pool of interesting and qualifi ed candidates from a wide variety of backgrounds,” DSU presidential search committee chair Kari Reichert said in an email to The Press. “(Washington, D.C.-based) AGB Search consultants are impressed with the strong interest in DSU from across the country. It is an exciting time for the campus and community.”

Notable applicants include:

Continue reading “49 apply to be DSU president”

Coston stepping down as DSU president

D.C. Coston is stepping down as Dickinson State University’s president on Aug. 15.

In an email sent to DSU staff Monday evening and obtained by The Dickinson Press, Coston said health reasons led him to the decision.

The NDUS board will hold a special meeting at 10 a.m. MDT Tuesday in Bismarck to appoint an interim president to begin serving in the role by Aug. 17. DSU’s fall semester begins Aug. 24.

When Coston announced his plan to retire in February, he said he anticipated stepping down when his full-time replacement was hired. He reiterated that plan in his email.

Continue reading “Coston stepping down as DSU president”

Dickinson Investments names former management company operator of Hawks Point

The management company that ran Dickinson’s Hawks Point at its inception will soon be in charge once again.

Dickinson Investments LLC — the group that owns the senior living community on the Dickinson State University campus — announced Thursday that, beginning April 1, Senior Services of America will take over management of the facility.

Senior Services of America managed Hawks Point from its inception in 2007 until 2013, when the company was terminated by Dickinson Investments. From that time forward, the DSU Foundation managed the facility.

However, Dickinson Investments has been searching for a new management company since last November when North Dakota Attorney General Wayne Stenehjem forced the Foundation into financial receivership.

Continue reading “Dickinson Investments names former management company operator of Hawks Point”