Texas Tech Foundation Inc

Organization Overview

Texas Tech Foundation Inc is located in Lubbock, TX. The organization was established in 1950. 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 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 08/2021, Texas Tech Foundation Inc generated $55.3m 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 (11.2%) each year. All expenses for the organization totaled $106.1m during the year ending 08/2021. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

ACCEPTANCE, INVESTMENT, AND DISTRIBUTION OF GIFTS FOR THE BENEFIT OF THE TTU SYSTEM.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE ORGANIZATION WAS FOUNDED TO FUNCTION AS A CONDUIT FOR THE ACCEPTANCE, INVESTMENT, AND DISTRIBUTION OF PRIVATE GIFTS GIVEN FOR THE ACTIVITIES AND PROGRAMS RELATED TO THE MISSION, ROLE, AND SCOPE OF THE TEXAS TECH UNIVERSITY SYSTEM. DURING 2020-2021 THE FOUNDATION TRANSFERRED $104,736,445 TO THE TEXAS TECH UNIVERSITY SYSTEM.


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Board, Officers & Key Employees

Name (title)Compensation
Donald R Sinclair
Chairman
$0
Tim G Culp
Vice Chairman
$0
Tim Lancaster
Secretary
$0
Gary Barnes
Treasurer
$0
Patrick Kramer
Chief Executive Officer
$0
Kelly Crofoot
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$127,211
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$65,094,814
Noncash contributions included in lines 1a–1f $12,059,733
Total Revenue from Contributions, Gifts, Grants & Similar$65,222,025
Total Program Service Revenue$0
Investment income $32,301,870
Tax Exempt Bond Proceeds $0
Royalties $100,656
Net Rental Income $4,950
Net Gain/Loss on Asset Sales -$42,275,010
Net Income from Fundraising Events -$12,995
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $55,341,496

Grants Recieved

Over the last fiscal year, we have identified 2 grants that Texas Tech Foundation Inc has recieved totaling $125,000.

Awarding OrganizationAmount
Gaylas Heart Ps 34 18 Trust

San Antonio, TX

PURPOSE: CHARITABLE

$75,000
The Powell Foundation

Houston, TX

PURPOSE: QUALITY K-12 PUBLIC SCHOOLS: EXCELLENT EDUCATOR INITIATIVES

$50,000
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$576,940,849
Earnings$160,601,277
Net Contributions$22,437,757
Other Expense$31,741,037
Ending Balance$728,238,846

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