Fitchburg State University Foundation Inc
- Assets
- $26.8m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Fitchburg, MA
- Founding
- 04/1979
- Data as of
- 06/2022
- EIN
- 04-2661048
Organization Overview
Fitchburg State University Foundation Inc is located in Fitchburg, MA. The organization was established in 1979. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, 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. Fitchburg State 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 06/2022, Fitchburg State University Foundation Inc generated $3.8m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 23.0% each year . All expenses for the organization totaled $1.3m 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
TO SUPPORT THE EDUCATIONAL ENDEAVORS OF FITCHBURG STATE UNIVERSITY
Describe the Organization's Program Activity:
CHECK OUT
SUPPORT OF ACADEMIC DEPARTMENT
FUNDRAISING EXPENSES AND INCOME
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard S Lapidus President | Officer | 10 | $0 |
Jay D Bry VP Of Finance Administration | Officer | 10 | $0 |
Catherine Canney Interim Provost VP Academic Affairs | Officer | 2 | $0 |
Jeffrey Wolfman VP Advancement | Officer | 10 | $0 |
Stephen Swartz Chief Information Officer | 0 | $0 | |
Kelly Morgan Professor | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $50,065 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,664,400 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,714,465 |
| Total Program Service Revenue | $80,478 |
| Investment income | $407,412 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,624,497 |
| Net Income from Fundraising Events | -$2,814 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,824,038 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $483,775 |
| Grants and other assistance to domestic individuals. | $565,670 |
| 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 | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $50,118 |
| Information technology | $13,452 |
| 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 | $2,023 |
| Interest | $13,942 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,167 |
| Insurance | $29,489 |
| All other expenses | $0 |
| Total functional expenses | $1,336,245 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,783 |
| Savings and temporary cash investments | $2,576,268 |
| Pledges and grants receivable | $78,404 |
| Accounts receivable, net | $45,564 |
| 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 | $14,200 |
| Net Land, buildings, and equipment | $424,087 |
| Investments—publicly traded securities | $23,098,947 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $521,751 |
| Total assets | $26,762,004 |
| Accounts payable and accrued expenses | $57,300 |
| 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 | $314,141 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $33,578 |
| Total liabilities | $405,019 |
| Net assets without donor restrictions | $2,762,267 |
| Net assets with donor restrictions | $23,594,718 |
| 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 | $26,762,004 |
Grants Awarded
Over the last fiscal year, Fitchburg State University Foundation Inc has awarded $600,122 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
ST ANNA PARISH PURPOSE: Language Studies | $5,000 |
FITCHBURG STATE UNIVERSITY PURPOSE: Intern incentive Program | $104,347 |
FITCHBURG STATE UNIVERSITY PURPOSE: Contributions | $326,000 |
FITCHBURG STATE UNIVERSITY PURPOSE: Lab equipment simulation labs etc | $164,775 |