Purchase College Foundation
- Assets
- $93.6m
- Revenue
- $10.8m
- Investments
- $63.5m
- Employees
- 0
- Location
- Purchase, NY
- Founding
- 07/1970
- Data as of
- 06/2022
- EIN
- 23-7066616
Organization Overview
Purchase College Foundation is located in Purchase, NY. The organization was established in 1970. 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. Purchase College 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 06/2022, Purchase College Foundation generated $10.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $5.0m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION WAS INCORPORATED UNDER THE NOT-FOR-PROFIT LAWS OF THE STATE OF NEW YORK FOR THE PROMOTION AND SUPPORT OF PURCHASE COLLEGE, STATE UNIVERSITY OF NEW YORK. UNIQUELY, PURCHASE COLLEGE COMBINES BOTH RENOWNED AND HIGHLY SELECTIVE PROFESSIONAL AND CONSERVATORY ARTS PROGRAMS WITH DISTINGUISHED LIBERAL ARTS AND SCIENCES PROGRAMS. THE LARGEST PROGRAMS ARE IN VISUAL ARTS, MUSIC, LIBERAL STUDIES, PSYCHOLOGY, DANCE, BIOLOGY, JOURNALISM AND NEW MEDIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDED RESOURCES IN ORDER TO ATTRACT AND RETAIN EXCEPTIONAL FACULTY, AID IN CURRICULUM ENHANCEMENT AND SUPPORT PUBLIC LECTURES WHICH PROVIDE OPPORTUNITIES FOR STUDENTS AND LOCAL COMMUNITY MEMBERS ALIKE TO INTERACT WITH EXPERTS IN VARIOUS DISCIPLINES.
INSTITUTIONAL SCHOLARSHIPS ARE AWARDED BY THE COLLEGE USING FUNDS FROM THE PURCHASE COLLEGE FOUNDATION, AS WELL AS OTHER SOURCES. FOUNDATION FUNDS COME FROM THE GENEROUS CONTRIBUTIONS OF DONORS TO THE FOUNDATION. THESE DONORS ARE INDIVIDUALS, FAMILIES, FOUNDATIONS AND CORORATIONS. DURING THE 2021-2022 ACADEMIC YEAR, 638 STUDENTS WERE RECIPIENTS OF SCHOLARSHIPS FROM THE PURCHASE COLLEGE FOUNDATION.
THE NEUBERGER MUSEUM OF ART IS THE PREMIER MUSEUM OF MODERN, CONTEMPORARY AND AFRICAN ART IN WESTCHESTER AND FAIRFIELD COUNTIES. A TEACHING MUSEUM, THE NEUBERGER PROMOTES THE APPRECIATION AND ENJOYMENT OF THE VISUAL ARTS AS INSEPARABLE FROM AN UNDERSTANDING OF THEIR PLACE IN CULTURAL AND INTELLECTUAL HISTORY AND THEIR RELEVANCE TO CONTEMPORARY SOCIAL LIFE. AS AN INTERGRAL PART OF PURCHASE COLLEGE AND A VITAL CENTER OF THE COMMUNITY ENGAGEMENT, THE NEUBERGER SUPPORTS LIFELONG LEARNING BY TAKING A CRITICAL, INTERDISCIPLINARY APPROACH TO ITS COLLECTIONS, EXHIBITIONS, AND PUBLIC PROGRAMS. APPROXIMATELY 16,900 VISITORS ATTEND THE MUSEUM EACH YEAR.
OTHER PROGRAM SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michelle C Ifill Vice Chair | OfficerTrustee | 1 | $0 |
Suellen Peluso Vice Chair | OfficerTrustee | 1 | $0 |
Lucille Werlinich Chair | OfficerTrustee | 1 | $0 |
Judith A Riggs Treasurer | OfficerTrustee | 1 | $0 |
David Fleisher Vice Chair | OfficerTrustee | 1 | $0 |
William Klingenstein Secretary | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Opus 3 Artists Artist Fees | 6/29/16 | $147,000 |
Purchase College Fee For Services | 6/29/16 | $537,341 |
Columbia Artist Management Llc Artist Fees | 6/29/16 | $117,000 |
Boston Symphony Orchestra Inc Artist Fees | 6/29/16 | $165,000 |
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 | $2,278,857 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,278,857 |
| Total Program Service Revenue | $300,057 |
| Investment income | $1,317,169 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,927,508 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,823,591 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,779,038 |
| 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 | $1,193,300 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $566 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,173 |
| Fees for services: Accounting | $70,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $241,089 |
| Fees for services: Other | $441,298 |
| Advertising and promotion | $0 |
| Office expenses | $281,660 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $31,720 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $22,323 |
| All other expenses | $0 |
| Total functional expenses | $5,032,239 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,309,001 |
| Savings and temporary cash investments | $847,378 |
| Pledges and grants receivable | $497,969 |
| 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 | $14,012 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $27,449,052 |
| Investments—other securities | $63,450,137 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,343 |
| Total assets | $93,577,892 |
| Accounts payable and accrued expenses | $152,878 |
| Grants payable | $0 |
| Deferred revenue | $82,201 |
| 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 | $11,197,418 |
| Total liabilities | $11,432,497 |
| Net assets without donor restrictions | $7,323,981 |
| Net assets with donor restrictions | $74,821,414 |
| 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 | $93,577,892 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Purchase College Foundation has recieved totaling $40,000.
| Awarding Organization | Amount |
|---|---|
Merce Cunningham Trust New York, NY PURPOSE: TO SUPPORT COURSES IN MODERN TECHNIQUE AND MODERN REPERTORY WITHIN THE PURCHASE COLLEGE CONSERVATORY OF DANCE. | $25,000 |
Merce Cunningham Trust New York, NY PURPOSE: TO SUPPORT COURSES IN MODERN TECHNIQUE AND MODERN REPERTORY WITHIN THE PURCHASE COLLEGE CONSERVATORY OF DANCE. | $15,000 |
Endowment Analysis
| Beg. Balance | $90,209,904 |
| Earnings | -$8,809,815 |
| Net Contributions | $944,302 |
| Other Expense | $4,041,215 |
| Grants | $969,007 |
| Ending Balance | $77,334,169 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Dudley Square Realty Corporation Boston, MA | $98,074,702 | $123 |
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 |