Kean University Foundation Inc
- Assets
- $104.2m
- Revenue
- $7.6m
- Investments
- $11.5m
- Employees
- 9
- Location
- Union, NJ
- Founding
- 11/1988
- Data as of
- 06/2021
- EIN
- 22-2849480
Organization Overview
Kean University Foundation Inc is located in Union, NJ. The organization was established in 1988. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2021, Kean University Foundation Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kean University Foundation Inc 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, Kean University Foundation Inc generated $7.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $4.3m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION RAISES FUNDS TO SUPPORT KEAN UNIVERSITY
Describe the Organization's Program Activity:
SCHOLARSHIPS TO KEAN UNIVERSITY STUDENTS
PROGRAMS AND GRANTS TO KEAN UNIVERSITY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Miller CEO | OfficerTrustee | 40 | $224,167 |
James Gurland Fundraiser (cdo) | 40 | $148,000 | |
Clarinda Joseph-Cumberbatch COO | Officer | 40 | $115,000 |
Steve Fastook Chairman | OfficerTrustee | 0.25 | $0 |
Anthony Giordano III Treasurer | OfficerTrustee | 0.25 | $0 |
Maria E Bordas Vice Chair | OfficerTrustee | 0.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ccs Fundraising Consulting | 6/29/21 | $420,000 |
Pipitone Group Marketing Agency | 6/29/21 | $214,559 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,951,051 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,951,051 |
| Total Program Service Revenue | $131,354 |
| Investment income | $1,768,832 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,040,745 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,620,099 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,174,176 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $508,685 |
| Compensation of current officers, directors, key employees. | $305,923 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $372,474 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $37,093 |
| Payroll taxes | $67,019 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,590 |
| Fees for services: Accounting | $54,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $221,621 |
| Fees for services: Other | $679,905 |
| Advertising and promotion | $74,695 |
| Office expenses | $7,694 |
| Information technology | $211,198 |
| Royalties | $0 |
| Occupancy | $74,648 |
| Travel | $3,908 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,898 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,907 |
| Insurance | $29,890 |
| All other expenses | $161,780 |
| Total functional expenses | $4,331,281 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,788,868 |
| Pledges and grants receivable | $8,813,955 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $74,856 |
| Net Land, buildings, and equipment | $1,373,375 |
| Investments—publicly traded securities | $77,494,338 |
| Investments—other securities | $11,513,761 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,108,067 |
| Total assets | $104,167,220 |
| Accounts payable and accrued expenses | $1,000 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,543,145 |
| Total liabilities | $1,544,145 |
| Net assets without donor restrictions | $4,873,274 |
| Net assets with donor restrictions | $97,749,801 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $104,167,220 |
Grants Recieved
Over the last fiscal year, we have identified 18 grants that Kean University Foundation Inc has recieved totaling $452,934.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of New Jersey Morristown, NJ PURPOSE: GENERAL SUPPORT | $112,500 |
Partnership Project Inc Washington, DC PURPOSE: PROGRAM SUPPORT | $100,000 |
Raymond James Charitable Endowment Fund St Petersberg, FL PURPOSE: GENERAL SUPPORT | $50,000 |
Joseph And Elizabeth Wilf Foundation Inc Short Hills, NJ PURPOSE: PROGRAM SUPPORT | $30,000 |
1772 Foundation Inc Providence, RI PURPOSE: KEAN FAMILY RESEARCH | $28,700 |
Geraldine R Dodge Foundation Incorporated Morristown, NJ PURPOSE: PROJECT SUPPORT FOR THE 2021-2022 PREMIERE STAGES PLAY FESTIVAL | $20,000 |
Endowment Analysis
| Beg. Balance | $60,286,155 |
| Earnings | $15,603,520 |
| Net Contributions | $975,503 |
| Other Expense | $2,061,407 |
| Ending Balance | $74,803,771 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Unidel Foundation Inc Greenville, DE | $452,249,782 | $36,851,681 |
Hunter College Foundation Inc New York, NY | $144,509,988 | $37,248,838 |
The American Friends Of Winchester College New York, NY | $259,900 | $15,435,931 |
Friends Of@ascend Charter Schools Inc Brooklyn, NY | $51,013,536 | $16,135,870 |
Rowan University Foundation Inc Glassboro, NJ | $339,808,677 | $39,224,287 |
Equitable Facilities Fund Inc New York, NY | $843,754,758 | $34,535,002 |
Stockton Affiliated Services Inc Galloway, NJ | $3,017,488 | $12,674,409 |
Auxiliary Campus Enterprises And Services State University College Alfred, NY | $11,814,689 | $16,740,654 |
College Of Staten Island Auxiliary Services Corp Inc Staten Island, NY | $62,695,629 | $9,780,570 |
American Friends Of The National Gallery London Inc New York, NY | $305,852,204 | $2,300,126 |
Auxiliary Services Corporation Of Suny Cortland Cortland, NY | $19,099,097 | $10,450,642 |
The Roosevelt Institute New York, NY | $39,947,474 | $14,561,739 |