Frostburg State University Foundation
- Assets
- $47.0m
- Revenue
- $6.7m
- Investments
- $0.0
- Employees
- 3
- Location
- Frostburg, MD
- Founding
- 07/1971
- Data as of
- 06/2024
- EIN
- 23-7120883
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 06/2024, 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 06/2024, Frostburg State University Foundation generated $6.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $3.9m during the year ending 06/2024. While expenses have increased by 5.1% per year over the past 9 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
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.
EXPENSES INCLUDING GRANTS OF REVENUE PASS THROUGH ACCOUNTS 552,773 77,110 47,820 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.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sandra D Adams Immediate Pa | Trustee | 2 | $0 |
Stephen L Beauregard Board Of Dir | Trustee | 2 | $0 |
Maureen Brewer Board Of Dir | Trustee | 2 | $0 |
Thomas Creamer Board Of Dir | Trustee | 2 | $0 |
Rosemary F Fagler Board Of Dir | Trustee | 2 | $0 |
Gladys W Faherty At Large | Trustee | 2 | $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 | $4,252,239 |
| Noncash contributions included in lines 1a–1f | $450,023 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,252,239 |
| Total Program Service Revenue | $124,197 |
| Investment income | $2,157,525 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $71,551 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,673,393 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,093,590 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $23,248 |
| 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 | $133,820 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,250 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $370,234 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,663 |
| Office expenses | $43,574 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $50,312 |
| 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 | $10,026 |
| All other expenses | $360,947 |
| Total functional expenses | $3,887,342 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $416,839 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $779,143 |
| Accounts receivable, net | $9,295 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $39,469 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,591 |
| Net Land, buildings, and equipment | $8,550 |
| Investments—publicly traded securities | $45,254,868 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $455,065 |
| Total assets | $46,976,820 |
| Accounts payable and accrued expenses | $40,447 |
| Grants payable | $0 |
| Deferred revenue | $6,205 |
| 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 | $12,411 |
| Total liabilities | $59,063 |
| Net assets without donor restrictions | $3,605,958 |
| Net assets with donor restrictions | $43,311,799 |
| 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 | $46,976,820 |