University Of Connecticut Foundation Incorporated
- Assets
- $791.4m
- Revenue
- $134.6m
- Investments
- $153.0m
- Employees
- 221
- Location
- Storrs, CT
- Founding
- 12/1964
- Data as of
- 06/2023
- EIN
- 06-6070722
Organization Overview
University Of Connecticut Foundation Incorporated is located in Storrs, CT. The organization was established in 1964. 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 06/2023, University Of Connecticut Foundation Incorporated employed 221 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. University Of Connecticut Foundation Incorporated 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, University Of Connecticut Foundation Incorporated generated $134.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $85.2m during the year ending 06/2023. While expenses have increased by 5.4% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS, AWARDS AND FELLOWSHIPS - THE UNIVERSITY OF CONNECTICUT FOUNDATION, INC. RECEIVES GIFTS ON BEHALF OF DONORS RESTRICTED TO THE SUPPORT OF FINANCIAL AID FOR UNIVERSITY OF CONNECTICUT STUDENTS. TO ENSURE COMPLIANCE WITH ALL UNIVERSITY, FEDERAL AND STATE FINANCIAL AID REQUIREMENTS, THE UNIVERSITY SELECTS THE STUDENT RECIPIENTS AND MAKES THE AWARDS DIRECTLY TO STUDENTS. AFTER RECEIVING APPROPRIATE DOCUMENTATION FROM THE UNIVERSITY, THE FOUNDATION PROVIDES GRANTS TO THE UNIVERSITY TO FUND FINANCIAL AID EXPENDITURES. THE EXPENDITURES ARE FUNDED FROM INVESTMENT INCOME EARNED ON ENDOWMENT FUNDS AND GIFTS RESTRICTED FOR FINANCIAL AID.
PROGRAM SERVICES - THE UNIVERSITY OF CONNECTICUT FOUNDATION, INC. RECEIVES GIFTS ON BEHALF OF DONORS RESTRICTED TO THE SUPPORT OF PROGRAMS AT THE UNIVERSITY OF CONNECTICUT. GENERALLY, THE EXPENDITURE IS MADE TO THE VENDOR DIRECTLY BY THE UNIVERSITY WITH THE FOUNDATION THEN PROVIDING A GRANT TO THE UNIVERSITY TO FUND THE EXPENDITURE AFTER RECEIVING APPROPRIATE DOCUMENTATION. OCCASIONALLY THE FOUNDATION WILL PAY THE VENDOR DIRECTLY.
ENDOWED CHAIRS AND PROFESSORSHIPS - THE UNIVERSITY OF CONNECTICUT FOUNDATION, INC. RECEIVED GIFTS ON BEHALF OF DONORS RESTRICTED TO SUPPORT OF UNIVERSITY OF CONNECTICUT FACULTY COMPENSATION AND RESEARCH. TO ENSURE COMPLIANCE WITH ALL UNIVERSITY AND STATE PERSONNEL POLICIES AND FOR W-2 REPORTING PURPOSES, THE UNIVERSITY PAYS ALL FACULTY DIRECTLY FOR COMPENSATION RELATED ITEMS. AFTER RECEIVING APPROPRIATE DOCUMENTS FROM THE UNIVERSITY, THE FOUNDATION PROVIDES GRANTS TO THE UNIVERSITY TO FUND FACULTY COMPENSATION EXPENDITURES. FOR NON-COMPENSATION EXPENDITURES IN SUPPORT OF FACULTY (E.G. RESEARCH MATERIALS AND EQUIPMENT), GENERALLY THE EXPENDITURES IS MADE TO THE VENDOR DIRECTLY BY THE UNIVERSITY WITH THE FOUNDATION THEN PROVIDING A GRANT TO THE UNIVERSITY TO FUND THE EXPENDITURE AFTER RECEIVING APPROPRIATE DOCUMENTATION. OCCASIONALLY, THE FOUNDATION WILL PAY VENDOR DIRECTLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jacob Lemon President And CEO (until 3/23) | OfficerTrustee | 40 | $489,300 |
David Carney SVP Finance And CFO | Officer | 40 | $363,651 |
Mo Cotton Kelly SVP Stockholder Engagement | Officer | 40 | $287,614 |
Suzanne O'conor General Counsel | 40 | $274,288 | |
Frank Gifford Avp Donor Relations | 40 | $213,913 | |
Michael Oblinger Sr. Assoc. Athletics Director | 40 | $198,215 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Stepstone Group Lp Consulting Services | 6/29/23 | $475,000 |
Apollojets Llc Private Charter | 6/29/23 | $900,218 |
Blackrock Financial Management Inc Advisory Services | 6/29/23 | $1,000,000 |
Simpson Scarborough Llc Consulting Services | 6/29/23 | $437,118 |
Ruffalo Cody Hldgsruffalo Noel Lev Phone Solicitations | 6/29/23 | $353,549 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $161,363 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $99,043,847 |
| Noncash contributions included in lines 1a–1f | $2,594,323 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $99,205,210 |
| Total Program Service Revenue | $10,366,992 |
| Investment income | $12,322,139 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,638,233 |
| Net Income from Fundraising Events | $26,701 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $134,559,275 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $46,617,134 |
| 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. | $1,380,305 |
| Compensation of current officers, directors, key employees. | $532,412 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,147,212 |
| Pension plan accruals and contributions | $1,261,028 |
| Other employee benefits | $2,318,165 |
| Payroll taxes | $1,185,373 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $260,926 |
| Fees for services: Accounting | $283,402 |
| Fees for services: Lobbying | $40,000 |
| Fees for services: Fundraising | $1,079,270 |
| Fees for services: Investment Management | $8,169,515 |
| Fees for services: Other | $292,447 |
| Advertising and promotion | $57,712 |
| Office expenses | $1,048,637 |
| Information technology | $1,620,818 |
| Royalties | $0 |
| Occupancy | $235,804 |
| Travel | $751,447 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $119,908 |
| Interest | $320,797 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $329,568 |
| Insurance | $194,156 |
| All other expenses | $176,584 |
| Total functional expenses | $85,237,029 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,065,436 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $85,093,631 |
| Accounts receivable, net | $217,635 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $7,840 |
| Prepaid expenses and deferred charges | $607,048 |
| Net Land, buildings, and equipment | $2,523,868 |
| Investments—publicly traded securities | $205,545,470 |
| Investments—other securities | $152,972,452 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $308,371,946 |
| Total assets | $791,405,326 |
| Accounts payable and accrued expenses | $18,425,265 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $20,781,847 |
| 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 | $246,027 |
| Total liabilities | $39,453,139 |
| Net assets without donor restrictions | $12,339,283 |
| Net assets with donor restrictions | $739,612,904 |
| 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 | $791,405,326 |