Florida Polytechnic University Foundation Inc
- Assets
- $13.7m
- Revenue
- $6.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Lakeland, FL
- Founding
- 12/2013
- Data as of
- 06/2023
- EIN
- 46-1426289
Organization Overview
Florida Polytechnic University Foundation Inc is located in Lakeland, FL. The organization was established in 2013. 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. Florida Polytechnic University Foundation Inc 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 06/2023, Florida Polytechnic University Foundation Inc generated $6.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $1.4m during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ESTABLISHED TO HELP SUSTAIN THE MISSION OF FLORIDA POLYTECHNIC UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FLORIDA POLYTECHNIC UNIVERSITY FOUNDATION FOSTERS THE MISSION OF THE UNIVERSITY AND HAS PROVIDED SCHOLARSHIP SUPPORT TO THE UNIVERSITY EACH YEAR SINCE IT'S INAUGURAL CLASS IN 14-15.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randy Avent President | OfficerTrustee | 15 | $0 |
Kathleen Bowman CEO | OfficerTrustee | 40 | $0 |
Alice Hunt Chair (thru 05.23) | OfficerTrustee | 1.25 | $0 |
Jack Harrell Vice Chair | OfficerTrustee | 1.25 | $0 |
Derek Horton Treasurer | OfficerTrustee | 40 | $0 |
Kathryn Mizereck Director | Trustee | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $12,975 |
| Related organizations | $276,800 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,228,430 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,518,205 |
| Total Program Service Revenue | $0 |
| Investment income | $210,580 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$223,234 |
| Net Income from Fundraising Events | -$1,723 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,503,828 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $281,683 |
| 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 | $25,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,532 |
| Fees for services: Other | $258,410 |
| Advertising and promotion | $1,275 |
| Office expenses | $10,909 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $858 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,766 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $929 |
| All other expenses | $30,010 |
| Total functional expenses | $1,403,994 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $820,034 |
| Savings and temporary cash investments | $70,345 |
| Pledges and grants receivable | $5,562,569 |
| 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 | $7,199,522 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,652,470 |
| Accounts payable and accrued expenses | $752 |
| 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 | $2,288,506 |
| Total liabilities | $2,289,258 |
| Net assets without donor restrictions | $1,478,819 |
| Net assets with donor restrictions | $9,884,393 |
| 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 | $13,652,470 |
Grants Awarded
Over the last fiscal year, Florida Polytechnic University Foundation Inc has awarded $281,683 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FLORIDA POLYTECHNIC UNIVERSITY PURPOSE: STUDENT SCHOLARSHIPS AND UNIVERSITY SALARIES | $280,218 |
BOARD OF GOVERNORS FOUNDATION PURPOSE: EDUCATION ASSIST TO SUPPORT UNIVERSITY SYSTEM | $1,465 |