New Jersey Institute Of Technology Foundation

Organization Overview

New Jersey Institute Of Technology Foundation is located in Newark, NJ. The organization was established in 1961. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Jersey Institute Of Technology Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 06/2021, New Jersey Institute Of Technology Foundation generated $21.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.6% each year. All expenses for the organization totaled $9.3m during the year ending 06/2021. While expenses have increased by 3.3% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990T Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

RESOURCE DEVELOPMENT ORGANIZATION THAT RAISES AND MANAGES FUNDS FOR NJIT.

Describe the Organization's Program Activity:

SCHOLARSHIP AND FELLOWSHIP GRANTS WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN THE AMOUNT OF $5,180,714. FOUNDATION AT NEW JERSEY INSTITUTE OF TECHNOLOGY RECEIVES ENDOWED GIFTS AND ANNUAL GIFTS RESTRICTED FOR FINANCIAL AID. THE ANNUAL ENDOWMENT SPENDING FOR SCHOLARSHIPS AND FELLOWSHIPS AND THE ANNUAL SCHOLARSHIP AND FELLOWSHIP GIFTS ARE GRANTED TO NEW JERSEY INSTITUTE OF TECHNOLOGY AND AWARDED TO STUDENTS THAT HAVE MET THE QUALIFICATIONS AND RESTRICTIONS PLACED BY THE DONORS. UNDERGRADUATE AND GRADUATE AWARDS, FROM DONOR FUNDED SCHOLARSHIPS AND FELLOWSHIPS WERE GIVEN TO APPROXIMATELY 1,397 STUDENTS.


RESEARCH AND PROGRAM GRANTS TOTALING $577,721 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY TO SUPPORT VARIOUS RESEARCH PROJECTS, IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.


INSTRUCTIONAL GRANTS TOTALING $1,365,266 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN SUPPORT OF ITS EDUCATIONAL PROGRAMS IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.


STUDENT SERVICE GRANTS TOTALING $412,306 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN SUPPORT OF ITS ATHLETIC, THEATER, AND OTHER PROGRAMS IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.PUBLIC SERVICE GRANTS TOTALING $168,652 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY TO SUPPORT PRE-COLLEGE AND OUTREACH PROGRAMS IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.ACADEMIC SUPPORT GRANTS TOTALING $319,828 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY TO SUPPORT DEANS AND OTHER ACADEMIC SUPPORT ACTIVITIES IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.INSTITUTIONAL SUPPORT GRANTS TOTALING $899,718 (INCLUDING $714,647 FOR CAPITAL ACQUISITION) WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN SUPPORT OF PUBLIC RELATIONS AND OTHER ADVERTISING ACTIVITIES IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.GRANTS TOTALING $9,508 WERE AWARDED TO THE BETA ALPHA CHAPTER OF PI KAPPA PHI, INC., A STUDENT FRATERNITY ORGANIZATION, TO ASSIST WITH THE PAYMENT OF ITS MORTGAGE ASSOCIATED WITH THE CONSTRUCTION AND FURNISHING OF EDUCATIONAL AREAS OF THEIR CHAPTER HOUSE.


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Board, Officers & Key Employees

Name (title)Compensation
Edward J Bishof
Secretary
$0
Kenneth Alexo Jr
President
$0
Marjorie A Perry
Chairman
$0
Arthur A Kapoor
Vice Chairman
$0
Joel S Bloom
Overseer
$0
Fadi P Deek
Overseer
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$249,878
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$12,085,403
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$12,335,281
Total Program Service Revenue$0
Investment income $3,202,712
Tax Exempt Bond Proceeds $0
Royalties $23,966
Net Rental Income $0
Net Gain/Loss on Asset Sales $6,200,958
Net Income from Fundraising Events -$131,972
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $21,630,945

Grants Awarded

Over the last fiscal year, New Jersey Institute Of Technology Foundation has awarded $8,933,713 in support to 2 organizations.

Grant RecipientAmount

NJ INSTITUTE OF TECHNOLOGY

PURPOSE: SCHOLARSHIP, FELLOWSHIP AND OTHER GRANTS

$8,924,205

BETAALPHACHPTR-PI KAPPA PHI

Org PageRecipient Profile

Califon, NJ

PURPOSE: CONSTRUCTION/FURNISHING OF CHAPTER HOUSE

$9,508
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 3 grants that New Jersey Institute Of Technology Foundation has recieved totaling $42,200.

Awarding OrganizationAmount
Leroe Family Charitable Foundation

Dallas, TX

PURPOSE: UNRESTRICTED GENERAL

$40,000
$2,000
Robert Mceldowney Jr Family Foundation

Williamsburg, VA

PURPOSE: COMMUNITY BASED

$200
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$129,182,786
Earnings$34,634,679
Admin Expense$185,250
Net Contributions$8,223,000
Other Expense$1,559,000
Grants$4,208,000
Ending Balance$166,088,215

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