Texas Tech Alumni Association Endowment Trust
- Assets
- $14.0m
- Revenue
- $246.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Lubbock, TX
- Founding
- 09/1973
- Data as of
- 08/2021
- EIN
- 23-7319286
Organization Overview
Texas Tech Alumni Association Endowment Trust is located in Lubbock, TX. The organization was established in 1973. 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. Texas Tech Alumni Association Endowment Trust 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 08/2021, Texas Tech Alumni Association Endowment Trust generated $246.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (22.1%) each year. All expenses for the organization totaled $579.9k during the year ending 08/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST IN DEVELOPING AND INCREASING THE FACILITIES OF TEXAS TECH UNIVERSITY BY AND THROUGH ACTIVITIES OF THE TEXAS TECH ALUMNI ASSOCIATION. THE GOAL IS THE ADVANCEMENT OF HIGHER EDUCATION AND BROADER EDUCATIONAL OPPORTUNITIES INCLUDING RESEARCH AND OTHER LITERARY AND SCIENTIFIC UNDERTAKINGS. PROVIDES SCHOLARSHIPS AND ALUMNI FACULTY AWARDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SCHOLARSHIPS AND AWARDS TO THE STUDENTS OF TEXAS TECH UNIVERSITY FROM THE ENDOWED FUNDS' EARNINGS AND CONTRIBUTIONS FOR SUCH PURPOSES FROM ALUMNI OF TEXAS TECH UNIVERSITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Gayler Chairman | OfficerTrustee | 2 | $0 |
Randy Golden Board Member | Trustee | 1 | $0 |
Tyler Young Board Member | Trustee | 1 | $0 |
Kevin Nelson Board Member | Trustee | 1 | $0 |
Rick Overton 920 - 1220 Board Member | Trustee | 1 | $0 |
David Waggoner 920 - 1220 Board Member | Trustee | 1 | $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 | $413,733 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $413,733 |
| Total Program Service Revenue | $0 |
| Investment income | $52,300 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$219,260 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $246,773 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $558,197 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,675 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| All other expenses | $6,031 |
| Total functional expenses | $579,903 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $95,529 |
| Savings and temporary cash investments | $2,810,679 |
| Pledges and grants receivable | $0 |
| 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 | $430,488 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $10,665,770 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $500 |
| Total assets | $14,002,966 |
| Accounts payable and accrued expenses | $11,000 |
| Grants payable | $84,548 |
| Deferred revenue | $375 |
| 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 | $0 |
| Total liabilities | $95,923 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $13,907,043 |
| 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 | $14,002,966 |
Endowment Analysis
| Beg. Balance | $11,689,144 |
| Earnings | $2,384,069 |
| Admin Expense | $15,675 |
| Net Contributions | $413,733 |
| Other Expense | $6,031 |
| Grants | $558,197 |
| Ending Balance | $13,907,043 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Arkansas Foundation Inc Fayetteville, AR | $2,089,992,333 | $297,590,096 |
Texas A & M Research Foundation College Station, TX | $17,651,760 | $64,742,890 |
Tiger Athletic Foundation Baton Rouge, LA | $492,455,521 | $67,955,012 |
Vanguard Academy Pharr, TX | $58,411,993 | $65,696,988 |
Southwestern Medical Foundation Dallas, TX | $1,318,497,986 | $133,001,887 |
Unm Rainforest Innovations Albuquerque, NM | $22,586,721 | $58,002,418 |
University Of New Mexico Foundation Incorporated Albuquerque, NM | $270,142,035 | $53,815,950 |
University Of Texas Foundation Austin, TX | $88,879,484 | $47,692,096 |
L S U Foundation Baton Rouge, LA | $804,249,383 | $72,730,367 |
Southeastern Louisiana Area Health Education Center Natalbany, LA | $8,364,528 | $32,019,241 |
University Of Arkansas Fayetteville Campus Foundation Inc Fayetteville, AR | $748,157,500 | $15,686,060 |
Razorback Foundation Inc Fayetteville, AR | $72,537,377 | $26,130,749 |