Ferris Foundation
- Assets
- $118.2m
- Revenue
- $13.0m
- Investments
- $99.9m
- Employees
- 0
- Location
- Big Rapids, MI
- Founding
- 08/1966
- Data as of
- 06/2022
- EIN
- 38-6115813
Organization Overview
Ferris Foundation is located in Big Rapids, MI. The organization was established in 1966. According to its NTEE Classification (T90) the organization is classified as: Named Trusts N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ferris 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, Ferris Foundation generated $13.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.9%) each year. All expenses for the organization totaled $8.0m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION WAS ESTABLISHED TO ADVANCE THE MISSION AND GOALS OF FERRIS STATE UNIVERSITY BY GENERATING AND MANAGING PRIVATE SUPPORT FOR THE UNIVERSITY.
Describe the Organization's Program Activity:
OUR MISSION IS ACCOMPLISHED THROUGH: A COMPREHENSIVE, AGGRESSIVE, AND ETHICAL PRIVATE FUNDRAISING PROGRAM TARGETED TOWARD IDENTIFIED UNIVERSITY NEEDS AND GOALS; AGGRESSIVE, YET PRUDENT, FISCAL MANAGEMENT OF LONG-TERM PRIVATE ASSETS; AND ENTHUSIASTIC AND ETHICAL ADVOCACY OF THE UNIVERSITY AMONG ALL ITS CONSTITUENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr David L Eisler Board Member | Trustee | 0.3 | $0 |
Jim Bachmeier Treasurer | Officer | 1 | $0 |
Susan Jones Board Member | Trustee | 0.3 | $0 |
Robert Murray Executive Di | OfficerTrustee | 20 | $0 |
Barbara Benda Board Member | Trustee | 0.3 | $0 |
Kenneth Bailey Board Member | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $188,669 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,118,737 |
| Noncash contributions included in lines 1a–1f | $727,172 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,307,406 |
| Total Program Service Revenue | $0 |
| Investment income | $1,367,881 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,400,367 |
| Net Income from Fundraising Events | -$70,698 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,993,679 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,346,934 |
| 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 | $6,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $514,657 |
| Advertising and promotion | $10,964 |
| Office expenses | $1,517 |
| Information technology | $6,802 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $24,302 |
| 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 | $12,640 |
| All other expenses | $0 |
| Total functional expenses | $7,975,969 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $513,906 |
| Savings and temporary cash investments | $3,342,991 |
| Pledges and grants receivable | $2,744,410 |
| 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 | $11,646,675 |
| Investments—other securities | $99,940,698 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $118,188,680 |
| Accounts payable and accrued expenses | $50,877 |
| 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 | $96,108 |
| Total liabilities | $146,985 |
| Net assets without donor restrictions | $24,832,534 |
| Net assets with donor restrictions | $93,209,161 |
| 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 | $118,188,680 |