Frostburg State University Foundation

Organization Overview

Frostburg State University Foundation is located in Frostburg, MD. The organization was established in 1971. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2022, Frostburg State University Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Frostburg State 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 06/2022, Frostburg State University Foundation generated $7.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $2.5m during the year ending 06/2022. While expenses have increased by 0.1% per year over the past 7 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 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

TO FOSTER, ENCOURAGE, AND PROMOTE THE GROWTH, PROGRESS, AND GENERAL WELFARE OF FROSTBURG STATE UNIVERSITY THROUGH ADVOCACY, FUNDRAISING, INVESTMENT MANAGEMENT AND STEWARDSHIP.

Describe the Organization's Program Activity:

Part 3 - Line 4a

ATHLETIC - THESE PROVIDE SUPPORT FOR THE UNIVERSITY ATHLETICS PROGRAM.


ENDOWMENT - THESE PROVIDE SUPPORT FOR STUDENT SCHOLARSHIPS AND PROGRAM SUPPORT.


PROGRAM SUPPORT - THESE PROVIDE SUPPORT TO SCHOOLS, DEPARTMENTS, DIVISIONS, SPECIAL INTERESTS, AND OTHER PROJECTS APPROVED AND RECOGNIZED BY THE UNIVERSITY. THEY ALSO SUPPORT EMERGENCY STUDENT LOANS.


EXPENSES INCLUDING GRANTS OF REVENUE PASS THROUGH ACCOUNTS 404,274 21,993 35,612 PASS-THROUGH - MOST OF THESE PROVIDE IMMEDIATE-IMPACT SCHOLARSHIPS FOR STUDENTS. IN ADDITION, SOME PROVIDE A VEHICLE FOR LIFE INSURANCE PREMIUM PAYMENTS, AND TO RECORD EXPENDITURES THAT WILL BE DIRECTLY REIMBURSED BY NON-CHARITABLE INCOME.


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Board, Officers & Key Employees

Name (title)Compensation
Sandra D Adams
President
$0
Joseph P George
Treasurer
$0
Patrick Friel
Vice Preside
$0
John T Short Jr
Executive Di
$0
Elizabeth Rhodes
Secretary
$0
Maureen Brewer
Board Of Dir
$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$4,274,499
Noncash contributions included in lines 1a–1f $893,937
Total Revenue from Contributions, Gifts, Grants & Similar$4,274,499
Total Program Service Revenue$169,107
Investment income $3,175,339
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $68,491
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,754,148

Grants Recieved

Over the last fiscal year, we have identified 3 grants that Frostburg State University Foundation has recieved totaling $2,820.

Awarding OrganizationAmount
Gerald F Smith Scholarship Foundati On

Winchester, VA

PURPOSE: SCHOLARSHIP

$2,500
Gannett Foundations Inc

Mclean, VA

PURPOSE: CHARITABLE PURPOSE

$160
Gannett Foundations Inc

Mclean, VA

PURPOSE: CHARITABLE PURPOSE

$160
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$34,816,929
Earnings$914,832
Net Contributions$3,131,178
Other Expense$394,889
Grants$1,152,759
Ending Balance$37,315,291

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