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Bill approved for website with Legacy Fund investments

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Bill approved for website with Legacy Fund investments


JAMESTOWN, N.D. — A bill has been approved that would require the State Investment Board to maintain a publicly accessible website containing information regarding all Legacy Fund investments.

The Senate approved House Bill 1319 without any amendments on Wednesday, April 2.

The bill — sponsored by Reps. Mitch Ostlie and Bernie Satrom and Sen. Cole Conley, all R-Jamestown — will require the website to list all companies, funds and other financial mechanisms in which the Legacy Fund is invested in accordance with state and federal laws.

“This is a step forward, but I suspect that we’re going to be back at it again next session just to make sure that we’re on the right course,” Satrom said. “This is too important. Our future, our economic future and the future of our state is, I think, riding on how this is handled.”

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Bernie Satrom

Contributed / Urban Toad Media

The fiscal impact of building the new website and hiring an additional full-time employee would be $476,000 for the 2025-27 biennium. For the 2027-29 biennium, the fiscal impact would be over $55,000.

In 2010, North Dakota voters approved a measure that created the Legacy Fund, which is a perpetual source of state revenue from the finite national resources of oil and natural gas, according to the Office of State Treasurer’s website. Thirty percent of the taxes on petroleum produced and extracted in North Dakota are transferred to the Legacy Fund monthly, according to the North Dakota Retirement and Investment Office’s website.

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The Legacy Fund has over $12 billion as of Jan. 31. It has earned over $600 million for the 2023-25 biennium.

The State Investment Board has statutory responsibility for the administration of the investment programs of several funds including the Legacy Fund, according to the Retirement and Investment Office’s website.

Satrom previously said the Legacy Fund is or has been invested in over 60 foreign countries, including Argentina, China, Columbia, Kazakhstan, Kenya, Mexico, Togo and Turkey. He said the Legacy Fund was also invested in Russian government bonds before it invaded Ukraine. He said those investments were divested after Ukraine was invaded.

Satrom said Thursday, April 3, that the bill doesn’t give the full disclosure of all Legacy Fund investments.

“One of the additional components that I had asked for in the meeting was to have it so that we disclose how much was being invested in North Dakota as a percentage,” he said. “Also, we wanted to get more disclosure as far as what was in these funds, of these intermingled funds that, you know, where they’re not telling us what’s in the investment. We got all these commingled funds, and we have no idea what’s in them.”

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He said there is $3.1 billion invested from the Legacy Fund where the underlying investments are hidden from public view.

“This is not really going to help that problem,” he said, referring to the bill.

Satrom said the bill’s approval is the first step to more transparency of Legacy Fund investments.

“We’re not there yet,” he said. “We need to start rethinking how we invest as a state and start making North Dakota investments a priority. One of the investment officials recently said that this is for our great-grandchildren for 100 years from now … Basically, I don’t think we can wait for 100 years to diversify our economy. We need to diversify now so that in 10 or 20 or 30 years from now, if our energy is not wanted, that we’ve diversified our economy and it won’t matter.”

Jodi Smith, interim executive director of the Retirement and Investment Office, previously said what can be disclosed is where the Legacy Fund is invested, the country of origin and how much each fund manager has. She said disclosing the information about the $3.1 billion that Satrom says are underlying investments hidden from public view would lose some investors.

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She also said the website would cut down on the open records requests regarding the Legacy Fund. She said the Retirement and Investment Office is only receiving open records requests for the Legacy Fund.

Masaki Ova

Masaki Ova joined The Jamestown Sun in August 2021 as a reporter. He grew up on a farm near Pingree, N.D. He majored in communications at the University of Jamestown, N.D.





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State humanities group receives funding for ‘America 250’ activities

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State humanities group receives funding for ‘America 250’ activities


GRAND FORKS – The Study ND, formerly Humanities North Dakota, has received $15,000 from the National Endowment for the Arts for a statewide theater and humanities initiative in recognition of the 250th anniversary of the founding of the United States.

This commemorative investment is meant to bring historical events and figures – such as the framers of the U.S. Constitution – to life through virtual and live performances that celebrate the nation’s history.

The grant, along with funding from private sources, has made it possible for The Study ND to host “America 250” activities after the organization sustained a considerable cut in funding from the National Endowment for the Humanities last year, according to Brenna Gerhardt, The Study ND executive director.

“We absorbed a 50% budget cut, resulting in a loss of $467,645 in funding,” Gerhardt said. “As a result, we had to significantly scale back our American 250 initiatives focused on American history and civics education.”

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Funds received from the National Endowment for the Arts will be used to present public readings, theatrical portrayals and guided discussions to encourage audience members to reflect on the nation’s founding in 1776 and on its democratic ideals, while engaging in contemporary conversations about civic life.

All of the programming in the series organized by The Study ND, titled “American Heroes,” will be livestreamed statewide.

In the grant application submitted to the National Endowment for the Arts, “we framed the project around a simple idea: democracy requires more than information, it requires citizens who can think historically, listen well, and argue in good faith,” Gerhardt said.

“This series uses living history performances to bring consequential figures into the room, then turns the room into a civic space through moderated dialogue and related public events. We define ‘heroism’ as civic courage under pressure, the willingness to contend with hard truths, and the capacity to enlarge a community’s moral imagination,” she said.

“The project does not ask audiences to agree on a single interpretation of a figure. It invites them to grapple with complexity together, and to connect the past to the responsibilities of the present.”

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When Gerhardt and her colleagues received the application for grant proposals from the National Endowment for the Arts, “we were already planning a line-up of America 250 events and it fit perfectly with what we were already planning, so then we just wrote the grant,” she said.

Private funds, including matching funds from the Bismarck-based Tom and Frances Leach Foundation, have also been provided for this project.

Details about all the events will probably be posted on the website

www.TheStudyND.org

in March, Gerhardt said.

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The America 250 events, which are planned to take place at Bismarck State College, are 5-6 p.m. July 8, “Reading of the Declaration of Independence, with John Adams,” and 6-7:30 p.m. July 9, “Alexander Hamilton Speaks,” both performed by William Chrystal.

The Living History programs are planned for 7-8:15 p.m. Sept. 17, “Thomas Paine,” performed by Doug Mishler, and Oct. 6, 7-8:15 p.m, “Frederick Douglass,” performed by Nathan Richardson. Both will be moderated by Susan Frontczak.

The performers Chrystal and Richardson live in Virginia, Frontczak in Colorado,and Mishler in Nevada.

Another program, “Hemingway and Gellhorn,” is set for Sept. 16-18 at Bismarck State College, Gerhardt said. “It is part of our broader Chautauqua/living history programming connected to America 250 … (and) will feature performances and discussion centered on Ernest Hemingway and Martha Gellhorn, using their lives and writing as a way to explore major questions about American identity, war reporting, public memory, and the stories we tell about freedom, conflict and responsibility.

“What I am excited about with this event is that it gives us a way to approach America 250 beyond founding-era material. In other words, it helps us show the American story is not just about 1776, but also about the generations that followed and how Americans wrestled with democracy, power, truth and moral courage.”

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This program “expands the initiative beyond commemoration into reflection, dialogue and interpretation, which is where the humanities are especially valuable,” she said. “It helps us reach audiences who may be drawn in through literature, journalism and performance, not only traditional history events.”

The Hemingway and Gellhorn program fits in with America 250 in that “it broadens the frame and adds depth to the larger effort.”

Gerhardt is hoping that these activities will give participants “a better understanding of all the debates and issues going on when our country was founded, and how those debates are continuing today,” she said, “and just to be more thoughtful and informed citizens.”

College students and members of the general public will also be invited to participate in a workshop aimed at teaching participants how to build a living history performance from primary sources and historical research.

Last year, The Study ND lost a substantial amount of funding – nearly $468,000, about half of its annual budget – from the National Endowment for the Humanities for its fiscal 2025 year.

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The loss of that much funding was discouraging, Gerhardt said. “Very much so, because we had a lot of activities planned for America 250 and we had to cancel a lot of them, or – like in this case – seek other funding, which we were lucky to get.”

The Study ND currently has four full-time employees, she said. “We eliminated a part-time marketing position after the cuts.”

A nonprofit organization, The Study ND provides civics, arts and cultural education programming. The organization’s programs – which include online classes, book talks, lectures and more – reached about 24,000 people in 2024, Gerhardt told the North Dakota Monitor in April 2025.

During the summer, the organization hosts a civics education program for high school and middle school social studies teachers, she said.





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Today in History, 1943: 2 North Dakota men die in separate Army plane crashes

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Today in History, 1943: 2 North Dakota men die in separate Army plane crashes


On this day in 1943, two North Dakota army officers, Second Lieut. Arthur B. Kuntz and First Lieut. Bernard A. Anderson, were killed in separate medium bomber training crashes in Florida and Georgia.

Here is the complete story as it appeared in the paper that day:

Army Plane Crashes Kill Two N. D. Men

Two North Dakota officers in the army air forces were killed Sunday in bomber crashes during training flights, Associated Press dispatches revealed Monday.

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Second Lieut. Arthur B. Kuntz of Harvey (Wells county) was killed with 10 others from the Avon Park, Fla., army bomber base when two medium bombers collided during a routine formation flight. Both planes crashed and there were no survivors.

First Lieut. Bernard A. Anderson of Warwick (Benson county) was one of six killed when a medium bomber from MacDill field, Tampa, Fla., crashed near Savannah, Ga. Lieutenant Anderson was co-pilot of the plane.

None of the other victims of either accident was from the Dakotas or Minnesota.

Lieutenant Kuntz, son of Mr. and Mrs. Roy Kuntz of Harvey, was graduated from the army air force navigation school at Hondo, Texas, as a second lieutenant last October, and received his wings as a navigator.

See more history at Newspapers.com

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An ad featured in The Forum on March 2, 1943. Newspapers.com

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Kate Almquist

Kate Almquist is the social media manager for InForum. After working as an intern, she joined The Forum full time starting in January 2022. Readers can reach her at kalmquist@forumcomm.com.





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Presidential Searches at 3 North Dakota Colleges Narrowing

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Presidential Searches at 3 North Dakota Colleges Narrowing


(Michael Achterling/North Dakota Monitor)

 

(North Dakota Monitor) – Two North Dakotans are semifinalists for the Bismarck State College president’s job as North Dakota State University narrows its presidential candidate list.

Valley City State University also is searching for a new president, with an application period closing this month..

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Kevin Black, chair of the State Board of Higher Education and co-chair of the North Dakota State University Presidential Search Committee, said the committee reviewed over 60 applications. The committee is planning off-site interviews with candidates March 9-10 and campus visits with semifinal candidates March 23-27.

“We’re really excited about taking the next step and there’s some very quality people in there,” Black said.



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