The Northern Michigan University Foundation
- Assets
- $70.9m
- Revenue
- $18.0m
- Investments
- $3.7m
- Employees
- 0
- Location
- Marquette, MI
- Founding
- 09/1969
- Data as of
- 06/2023
- EIN
- 23-7034523
Organization Overview
The Northern Michigan University Foundation is located in Marquette, MI. The organization was established in 1969. According to its NTEE Classification (B43) the organization is classified as: Universities, 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. Northern Michigan University 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 06/2023, Northern Michigan University Foundation generated $18.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 21.4% each year . All expenses for the organization totaled $4.8m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Northern Michigan University Foundation has awarded 51 individual grants totaling $27,390,031. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE NMU FOUNDATION WILL ESTABLISH AND FOSTER RELATIONSHIPS TO GENERATE RESOURCES THAT BENEFIT THE STRATEGIC GOALS OF NORTHERN MICHIGAN UNIVERSITY.
Describe the Organization's Program Activity:
SCHOLARSHIPS AND OTHER FINANCIAL AID - PROVIDING FINANCIAL ASSISTANCE TO STUDENTS, ENABLING THEM TO OBTAIN A COLLEGE EDUCATION.
PUBLIC TELEVISION (412,867) - PROVIDE OPERATING FUNDS FOR NORTHERN MICHIGAN UNIVERSITY'S PUBLIC TV STATION, BENEFITING THE RESIDENTS OF THE CENTRAL PORTION OF THE UPPER PENINSULA OF MICHIGAN WHO CHOOSE TO VIEW IT. ATHLETICS (331,062) - PROVIDE SUPPORT FOR VARIOUS ATHLETIC PROGRAMS AT NORTHERN MICHIGAN UNIVERSITY, BENEFITING NORTHERN MICHIGAN UNIVERSITY ATHLETES, STUDENTS, AND AREA RESIDENTS.
ACADEMIC DEPARTMENTS AND PROGRAMS - PROVIDE SUPPORT TO NORTHERN MICHIGAN UNIVERSITY'S ACADEMIC DEPARTMENTS AND PROGRAMS TO INCREASE THE EDUCATIONAL OPPORTUNITIES FOR ITS STUDENTS.
PUBLIC RADIO - PROVIDE OPERATING FUNDS FOR NORTHERN MICHIGAN UNIVERSITY'S PUBLIC RADIO STATION, BENEFITING THE RESIDENTS OF THE CENTRAL PORTION OF THE UPPER PENINSULA OF MICHIGAN WHO CHOOSE TO LISTEN TO IT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad M Canale Chief Executive Officer | OfficerTrustee | 40 | $0 |
Kevin C Boyle Secretary/treasurer | OfficerTrustee | 1.9 | $0 |
John F List President | OfficerTrustee | 1.9 | $0 |
Katherine L Miller Vice President | OfficerTrustee | 1.9 | $0 |
Jesse W Bell Trustee | Trustee | 0.6 | $0 |
William W Bowerman Trustee | Trustee | 0.6 | $0 |
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 | $15,734,952 |
| Noncash contributions included in lines 1a–1f | $6,668,817 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,734,952 |
| Total Program Service Revenue | $0 |
| Investment income | $1,838,230 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $434,923 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,008,930 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,094,038 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $65,816 |
| Fees for services: Legal | $84,835 |
| Fees for services: Accounting | $120,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $95,043 |
| Fees for services: Other | $287,871 |
| Advertising and promotion | $5,040 |
| Office expenses | $72,599 |
| Information technology | $75,135 |
| Royalties | $0 |
| Occupancy | $540,646 |
| Travel | $19,673 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,674 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $293,743 |
| Insurance | $26,527 |
| All other expenses | $0 |
| Total functional expenses | $4,810,789 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $149,301 |
| Savings and temporary cash investments | $490,398 |
| Pledges and grants receivable | $2,066,971 |
| Accounts receivable, net | $3,676,393 |
| 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 | $38,140 |
| Net Land, buildings, and equipment | $7,392,596 |
| Investments—publicly traded securities | $53,319,896 |
| Investments—other securities | $3,749,636 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $70,883,331 |
| Accounts payable and accrued expenses | $275,406 |
| Grants payable | $0 |
| Deferred revenue | $4,000,000 |
| 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 | $722,819 |
| Total liabilities | $4,998,225 |
| Net assets without donor restrictions | $16,216,454 |
| Net assets with donor restrictions | $49,668,652 |
| 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 | $70,883,331 |
Grants Awarded
Over the last fiscal year, The Northern Michigan University Foundation has awarded $3,094,038 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
NORTHERN MICHIGAN UNIVERSITY PURPOSE: PUBLIC TELEVISION | $412,867 |
NORTHERN MICHIGAN UNIVERSITY PURPOSE: PUBLIC RADIO | $417,250 |
NORTHERN MICHIGAN UNIVERSITY PURPOSE: ATHLETIC PROGRAMS | $331,062 |
NORTHERN MICHIGAN UNIVERSITY PURPOSE: SCHOLARSHIPS | $1,237,152 |
NORTHERN MICHIGAN UNIVERSITY PURPOSE: OTHER DEPARTMENTS AND PROGRAMS | $669,387 |
NORTHERN MICHIGAN UNIVERSITY PURPOSE: OTHER DEPARTMENTS AND PROGRAMS | $11,500 |