Frostburg State University Foundation
- Assets
- $41.2m
- Revenue
- $7.8m
- Investments
- $0.0
- Employees
- 3
- Location
- Frostburg, MD
- Founding
- 07/1971
- Data as of
- 06/2022
- 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 06/2022, 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.
Form
990
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) | Role | Hours | Compensation |
|---|---|---|---|
Sandra D Adams President | OfficerTrustee | 10 | $0 |
Patrick Friel Vice Preside | OfficerTrustee | 10 | $0 |
John T Short Jr Executive Di | OfficerTrustee | 40 | $0 |
Joseph P George Treasurer | OfficerTrustee | 10 | $0 |
Elizabeth Rhodes Secretary | OfficerTrustee | 10 | $0 |
Quincy M Crawford Board Of Dir | 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 | $4,274,499 |
| 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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $587,214 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $20,223 |
| 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 | $118,415 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,421 |
| 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 | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $550 |
| Office expenses | $62,581 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $60,865 |
| 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 | $9,512 |
| All other expenses | $326,364 |
| Total functional expenses | $2,492,349 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $420,056 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,064,394 |
| Accounts receivable, net | $1,985 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $80,674 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,725 |
| Net Land, buildings, and equipment | $8,550 |
| Investments—publicly traded securities | $39,148,910 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $417,089 |
| Total assets | $41,155,383 |
| Accounts payable and accrued expenses | $25,710 |
| Grants payable | $0 |
| Deferred revenue | $3,160 |
| 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 | $17,324 |
| Total liabilities | $46,194 |
| Net assets without donor restrictions | $3,017,361 |
| Net assets with donor restrictions | $38,091,828 |
| 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 | $41,155,383 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Frostburg State University Foundation has recieved totaling $2,820.
| Awarding Organization | Amount |
|---|---|
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 |
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 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Morgan State University Foundation Incorporated Baltimore, MD | $141,263,372 | $14,542,251 |
American University Of Rome Washington, DC | $5,091,812 | $6,709,805 |
Appalachian College Of Pharmacy Oakwood, VA | $36,195,397 | $7,728,362 |
Virginia Commonwealth University Real Estate Foundation Richmond, VA | $95,872,198 | $7,982,693 |
Virginia University Of Lynchburg Inc Lynchburg, VA | $13,241,169 | $8,139,477 |
Radford University Foundation Inc Radford, VA | $119,642,152 | $17,210,656 |
Norfolk State University Foundation Inc Norfolk, VA | $104,193,941 | $9,651,381 |
West Virginia State University Foundation Inc Institute, WV | $17,892,775 | $4,097,908 |
American Trust 33-11272-66 33-11512-98 Fbo Wilmington, DE | $7,381,611 | $7,490,165 |
Frostburg State University Foundation Frostburg, MD | $41,155,383 | $7,754,148 |
Washington University Of Virginia Inc Annandale, VA | $9,098,373 | $3,341,736 |
Bradford Educational Foundation Bradford, PA | $39,203,686 | $7,196,164 |