Michigan Tech Fund
- Assets
- $217.1m
- Revenue
- $42.7m
- Investments
- $37.2m
- Employees
- 0
- Location
- Houghton, MI
- Founding
- 07/1955
- Data as of
- 06/2021
- EIN
- 38-1554664
Organization Overview
Michigan Tech Fund is located in Houghton, MI. The organization was established in 1955. 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. Michigan Tech Fund 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 06/2021, Michigan Tech Fund generated $42.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $12.1m during the year ending 06/2021. 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
RECEIVES, INVESTS, AND DISBURSES CONTRIBUTIONS RAISED TO SUPPORT MICHIGAN TECHNOLOGICAL UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MICHIGAN TECH FUND PROVIDES FINANCIAL SUPPORT TO ALL MICHIGAN TECHNOLOGICAL UNIVERSITY'S ACADEMIC UNITS AND TO ITS INFRASTRUCTURE.
THE MICHIGAN TECH FUND AWARDS APPROXIMATELY 1,000 SCHOLARSHIPS AND FELLOWSHIPS TO MICHIGAN TECHNOLOGICAL UNIVERSITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director | Trustee | $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 | $34,977,235 |
| Noncash contributions included in lines 1a–1f | $6,203,197 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $34,977,235 |
| Total Program Service Revenue | $0 |
| Investment income | $2,218,131 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,418,037 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,674,434 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $11,114,994 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $443,671 |
| Fees for services: Other | $471,436 |
| Advertising and promotion | $0 |
| Office expenses | $89,328 |
| 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 | $0 |
| Total functional expenses | $12,119,429 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,110 |
| Savings and temporary cash investments | $11,165,150 |
| Pledges and grants receivable | $19,038,677 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $140,187,691 |
| Investments—other securities | $37,201,590 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,465,290 |
| Total assets | $217,061,508 |
| Accounts payable and accrued expenses | $200,388 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $17,766,850 |
| Total liabilities | $17,967,238 |
| Net assets without donor restrictions | $8,799,716 |
| Net assets with donor restrictions | $190,294,554 |
| 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 | $217,061,508 |
Grants Recieved
Over the last fiscal year, we have identified 41 grants that Michigan Tech Fund has recieved totaling $1,448,986.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $423,470 |
The Robert D And Patricia E Kern Family Foundation Inc Waukesha, WI PURPOSE: KEEN IMPLEMENTATION; ENTREPRENEURIAL MINDED FACULTY DEVELOPMENT TRAINING | $410,000 |
The Robert D And Patricia E Kern Family Foundation Inc Waukesha, WI PURPOSE: KEEN IMPLEMENTATION; ENTREPRENEURIAL MINDED FACULTY DEVELOPMENT TRAINING | $208,500 |
Thompson Foundation Plymouth, MI PURPOSE: THOMPSON WORKING FAMILY SCHOLARS PROGRAM FUND | $107,500 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $63,048 |
American Forests Washington, DC PURPOSE: Northern Institute of Applied Climate Science Grant | $55,000 |
Endowment Analysis
| Beg. Balance | $117,623,889 |
| Earnings | $29,326,931 |
| Admin Expense | $2,514,502 |
| Net Contributions | $9,069,630 |
| Other Expense | $744,767 |
| Grants | $1,241,456 |
| Ending Balance | $151,519,725 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iu Medical Group Foundation Inc Indianapolis, IN | $256,189,183 | $45,380,536 |
Western Michigan University Foundation Kalamazoo, MI | $431,026,780 | $43,479,998 |
Pelotonia Columbuus, OH | $27,807,886 | $34,892,875 |
Miami University Foundation Inc Oxford, OH | $724,573,926 | $28,643,439 |
Bowling Green State University Foundation Inc Bowling Green, OH | $269,755,787 | $28,051,237 |
Ball State University Foundation Muncie, IN | $262,845,495 | $25,627,270 |
The University Of Toledo Foundation Toledo, OH | $690,162,176 | $41,543,760 |
Ics Support Organization Inc Franklin, WI | $552,959,577 | $28,861,342 |
Youngstown State University Foundation Youngstown, OH | $318,269,128 | $38,933,738 |
Michigan State University Foundation East Lansing, MI | $535,425,307 | $55,850,938 |
Ivy Tech Foundation Inc Indianapolis, IN | $133,152,328 | $30,082,278 |
Kent State University Foundation Kent, OH | $245,939,628 | $27,886,498 |