Georgia Tech Foundation Inc
- Assets
- $3.1b
- Revenue
- $246.3m
- Investments
- $765.6m
- Employees
- 41
- Location
- Atlanta, GA
- Founding
- 07/1944
- Data as of
- 06/2021
- EIN
- 58-6043294
Organization Overview
Georgia Tech Foundation Inc is located in Atlanta, GA. The organization was established in 1944. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2021, Georgia Tech Foundation Inc employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Georgia Tech 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 06/2021, Georgia Tech Foundation Inc generated $246.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.9% each year . All expenses for the organization totaled $99.7m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Georgia Tech Foundation Inc has awarded 49 individual grants totaling $687,977,279. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE CAUSE OF HIGHER EDUCATION IN GEORGIA; TO RAISE AND RECEIVE FUNDS FOR THE SUPPORT OF GA TECH; AND TO AID GA TECH IN ITS DEVELOPMENT AS A LEADING EDUCATIONAL INSTITUTION.
Describe the Organization's Program Activity:
ACADEMIC AND RESEARCH PROGRAM SUPPORT: THE FOUNDATION PROVIDES SUPPORT FOR MANY ACADEMIC PROGRAMS AND SOME RESEARCH PROGRAMS AT GEORGIA TECH. THIS FUNDING INCLUDES FACULTY SUPPORT THROUGH ENDOWED CHAIRS AND PROFESSORSHIPS, CURRICULUM DEVELOPMENT, FACULTY GRANTS, LIBRARY SUPPORT AND RENOVATION AND CONSTRUCTION OF FACILITIES.
SCHOLARSHIPS AND FELLOWSHIPS: THE FOUNDATION PROVIDES FUNDING FOR GRANTS, SCHOLARSHIPS, FELLOWSHIPS AND LOAN FUNDS FOR UNDERGRADUATE AND GRADUATE STUDENTS AT GEORGIA TECH. THE OFFICE OF FINANCIAL AID AND ACADEMIC UNITS AT GEORGIA TECH SELECT THE RECIPIENTS OF THE SCHOLARSHIPS AND FELLOWSHIPS. EXAMPLES OF TWO PROGRAMS FUNDED BY THE FOUNDATION ARE THE GEORGIA TECH PROMISE PROGRAM, WHICH IS A PROGRAM TO PROVIDE SCHOLARSHIPS FOR NEEDY STUDENTS AND THE GEORGIA TECH PRESIDENT'S SCHOLARSHIP PROGRAM, WHICH IS A SCHOLARSHIP PROGRAM FOR STUDENTS WITH EXCEPTIONAL MERIT.
ALUMNI ASSOCIATION: THE FOUNDATION PROVIDES FUNDING FOR THE GEORGIA TECH ALUMNI ASSOCIATION, WHICH PROVIDES PROGRAMS FOR GEORGIA TECH ALUMNI AND STUDENTS.
OTHER PROGRAM SERVICESGEORGIA TECH FOUNDATION, INC. PROVIDES GENERAL SUPPORT TO THE GEORGIA INSTITUTE OF TECHNOLOGY AND ITS AFFILIATED ORGANIZATIONS. THE GENERAL SUPPORT PROVIDES FUNDS FOR EDUCATIONAL AND VARIOUS OTHER ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Pellegrino Chief Investment Officer | Officer | 40 | $1,384,455 |
Alfredo Trujillo President & COO | Officer | 40 | $391,729 |
Lu Yan Managing Director - Investments | 40 | $336,779 | |
Mark Delorenzo CFO & Secretary | Officer | 40 | $273,789 |
Patrick Liu Director - Private Investments | 40 | $258,427 | |
Dwight Dozier Chief Information Officer | 40 | $200,101 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blackbaud Accounting | 6/29/20 | $376,124 |
Kpmg Llp Audit And Tax | 6/29/20 | $312,625 |
Albourne America Llc Investment Research | 6/29/20 | $240,000 |
Jcp Sculptures Llc Artwork | 6/29/20 | $233,200 |
Dawn C Wilson Investing Consultant | 6/29/20 | $170,000 |
Blackbaud Accounting | 6/29/20 | $376,124 |
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 | $100,715,385 |
| Noncash contributions included in lines 1a–1f | $7,997,207 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $100,715,385 |
| Total Program Service Revenue | $613,594 |
| Investment income | $38,659,880 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $502,286 |
| Net Rental Income | -$4,215,491 |
| Net Gain/Loss on Asset Sales | $110,028,460 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $246,304,114 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $79,961,213 |
| 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. | $1,589,000 |
| Compensation of current officers, directors, key employees. | $1,589,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,608,079 |
| Pension plan accruals and contributions | $383,098 |
| Other employee benefits | $389,721 |
| Payroll taxes | $287,652 |
| Fees for services: Management | $135,464 |
| Fees for services: Legal | $139,845 |
| Fees for services: Accounting | $278,913 |
| Fees for services: Lobbying | $14,993 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,847,731 |
| Fees for services: Other | $1,460,855 |
| Advertising and promotion | $0 |
| Office expenses | $805,146 |
| Information technology | $54,143 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $47,196 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,907,031 |
| Interest | $1,578,044 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $336,286 |
| Insurance | $272,219 |
| All other expenses | $0 |
| Total functional expenses | $99,723,442 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $21,719,277 |
| Pledges and grants receivable | $88,528,312 |
| Accounts receivable, net | $16,651,722 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $818,941 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $216,170,654 |
| Investments—publicly traded securities | $1,797,111,284 |
| Investments—other securities | $765,593,681 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $151,062,774 |
| Total assets | $3,057,656,645 |
| Accounts payable and accrued expenses | $28,529,962 |
| Grants payable | $0 |
| Deferred revenue | $13,096,758 |
| Tax-exempt bond liabilities | $96,441,349 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $215,723,129 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $217,012,368 |
| Total liabilities | $570,803,566 |
| Net assets without donor restrictions | $351,781,072 |
| Net assets with donor restrictions | $2,135,072,007 |
| 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 | $3,057,656,645 |
Grants Awarded
Over the last fiscal year, Georgia Tech Foundation Inc has awarded $79,961,213 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Atlanta, GA PURPOSE: SCHOLARSHIPS, FELLOWSHIPS | $74,914,056 |
Atlanta, GA PURPOSE: ALUMNI ASSOCIATION | $3,643,091 |
Atlanta, GA PURPOSE: SCHOLARSHIPS | $1,087,233 |
Atlanta, GA PURPOSE: CONSTRUCTION PROJECT | $185,685 |
Atlanta, GA PURPOSE: CAPITAL PROJECTS | $131,148 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Georgia Tech Foundation Inc has recieved totaling $141,700.
| Awarding Organization | Amount |
|---|---|
Mycelium Foundation Inc Titusville, FL PURPOSE: CHARITABLE | $75,000 |
Smart Family Foundation Greenville, SC PURPOSE: TO FUND SCHOLARSHIPS | $50,000 |
Ronnell S Beal Foundation Collierville, TN PURPOSE: THE CONTRIBUTION WILL BE USED IN THE CHARITABLE WORKS OF THE ORGANIZATION | $10,000 |
Edmund C Glover Foundation Inc West Point, GA PURPOSE: CONTRIBUTION | $5,000 |
Press On Foundation Tr Ponte Vedra, FL PURPOSE: EDUCATIONAL | $1,000 |
Colleen And Sam Nunn Family Foundation Atlanta, GA PURPOSE: CHARITABLE | $500 |
Endowment Analysis
| Beg. Balance | $1,461,135,121 |
| Earnings | $560,190,809 |
| Net Contributions | $59,768,038 |
| Other Expense | $64,593,022 |
| Ending Balance | $2,016,500,946 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Georgia Research Foundation Inc Athens, GA | $126,359,390 | $273,465,461 |
University Of Florida Foundation Inc Gainesville, FL | $2,706,541,368 | $287,971,873 |
Robert W Woodruff Health Sciences Center Fund Inc Atlanta, GA | $1,114,739,846 | $188,927,419 |
University Of Georgia Foundation Athens, GA | $1,813,135,367 | $241,177,913 |
Georgia Tech Foundation Inc Atlanta, GA | $3,057,656,645 | $246,304,114 |
The University Of Tennessee Foundat Ion Inc Knoxville, TN | $742,610,209 | $198,804,674 |
University Of South Florida Foundation Inc Tampa, FL | $929,677,670 | $144,887,499 |
Auburn University Foundation Auburn, AL | $857,894,187 | $96,896,842 |
Nc State Investment Fund Inc Raleigh, NC | $1,930,063,391 | $166,344,497 |
Florida State University Foundation Inc Tallahassee, FL | $730,089,060 | $57,370,131 |
Spelman College Special Ventures Fund Inc Atlanta, GA | $236,389,415 | $26,274,154 |
University Of South Carolina Educational Foundation Columbia, SC | $607,523,681 | $89,201,263 |