New Jersey Institute Of Technology Foundation
- Assets
- $177.8m
- Revenue
- $21.6m
- Investments
- $8.5m
- Employees
- 0
- Location
- Newark, NJ
- Founding
- 12/1961
- Data as of
- 06/2021
- EIN
- 22-1714037
Organization Overview
New Jersey Institute Of Technology Foundation is located in Newark, NJ. The organization was established in 1961. 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. New Jersey Institute Of Technology Foundation 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, New Jersey Institute Of Technology Foundation generated $21.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.6% each year. All expenses for the organization totaled $9.3m during the year ending 06/2021. While expenses have increased by 3.3% per year over the past 6 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
RESOURCE DEVELOPMENT ORGANIZATION THAT RAISES AND MANAGES FUNDS FOR NJIT.
Describe the Organization's Program Activity:
SCHOLARSHIP AND FELLOWSHIP GRANTS WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN THE AMOUNT OF $5,180,714. FOUNDATION AT NEW JERSEY INSTITUTE OF TECHNOLOGY RECEIVES ENDOWED GIFTS AND ANNUAL GIFTS RESTRICTED FOR FINANCIAL AID. THE ANNUAL ENDOWMENT SPENDING FOR SCHOLARSHIPS AND FELLOWSHIPS AND THE ANNUAL SCHOLARSHIP AND FELLOWSHIP GIFTS ARE GRANTED TO NEW JERSEY INSTITUTE OF TECHNOLOGY AND AWARDED TO STUDENTS THAT HAVE MET THE QUALIFICATIONS AND RESTRICTIONS PLACED BY THE DONORS. UNDERGRADUATE AND GRADUATE AWARDS, FROM DONOR FUNDED SCHOLARSHIPS AND FELLOWSHIPS WERE GIVEN TO APPROXIMATELY 1,397 STUDENTS.
RESEARCH AND PROGRAM GRANTS TOTALING $577,721 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY TO SUPPORT VARIOUS RESEARCH PROJECTS, IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.
INSTRUCTIONAL GRANTS TOTALING $1,365,266 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN SUPPORT OF ITS EDUCATIONAL PROGRAMS IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.
STUDENT SERVICE GRANTS TOTALING $412,306 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN SUPPORT OF ITS ATHLETIC, THEATER, AND OTHER PROGRAMS IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.PUBLIC SERVICE GRANTS TOTALING $168,652 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY TO SUPPORT PRE-COLLEGE AND OUTREACH PROGRAMS IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.ACADEMIC SUPPORT GRANTS TOTALING $319,828 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY TO SUPPORT DEANS AND OTHER ACADEMIC SUPPORT ACTIVITIES IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.INSTITUTIONAL SUPPORT GRANTS TOTALING $899,718 (INCLUDING $714,647 FOR CAPITAL ACQUISITION) WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN SUPPORT OF PUBLIC RELATIONS AND OTHER ADVERTISING ACTIVITIES IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.GRANTS TOTALING $9,508 WERE AWARDED TO THE BETA ALPHA CHAPTER OF PI KAPPA PHI, INC., A STUDENT FRATERNITY ORGANIZATION, TO ASSIST WITH THE PAYMENT OF ITS MORTGAGE ASSOCIATED WITH THE CONSTRUCTION AND FURNISHING OF EDUCATIONAL AREAS OF THEIR CHAPTER HOUSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward J Bishof Secretary | OfficerTrustee | 3 | $0 |
Kenneth Alexo Jr President | OfficerTrustee | 35 | $0 |
Marjorie A Perry Chairman | OfficerTrustee | 1 | $0 |
Arthur A Kapoor Vice Chairman | OfficerTrustee | 1 | $0 |
Joel S Bloom Overseer | Trustee | 1 | $0 |
Fadi P Deek Overseer | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $249,878 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,085,403 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,335,281 |
| Total Program Service Revenue | $0 |
| Investment income | $3,202,712 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $23,966 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,200,958 |
| Net Income from Fundraising Events | -$131,972 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,630,945 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,933,713 |
| 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 | $29,555 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $181,261 |
| Fees for services: Other | $100,580 |
| Advertising and promotion | $7,800 |
| Office expenses | $9,128 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $16,792 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,408 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $51,175 |
| Total functional expenses | $9,335,412 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,890,970 |
| Pledges and grants receivable | $1,961,715 |
| Accounts receivable, net | $15,819 |
| 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 | $157,590,403 |
| Investments—other securities | $8,496,446 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,862,173 |
| Total assets | $177,817,526 |
| Accounts payable and accrued expenses | $19,905 |
| 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 | $3,350,819 |
| Total liabilities | $3,370,724 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $33,581,520 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $140,865,282 |
| Total liabilities and net assets/fund balances | $177,817,526 |
Grants Awarded
Over the last fiscal year, New Jersey Institute Of Technology Foundation has awarded $8,933,713 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NJ INSTITUTE OF TECHNOLOGY PURPOSE: SCHOLARSHIP, FELLOWSHIP AND OTHER GRANTS | $8,924,205 |
Califon, NJ PURPOSE: CONSTRUCTION/FURNISHING OF CHAPTER HOUSE | $9,508 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that New Jersey Institute Of Technology Foundation has recieved totaling $42,200.
| Awarding Organization | Amount |
|---|---|
Leroe Family Charitable Foundation Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $40,000 |
Albert And Louise Davis Scholarship Fund Fbo Rotary Club Elzbth Nj Inc Berkeley Heights, NJ PURPOSE: SCHOLARSHIP | $2,000 |
Robert Mceldowney Jr Family Foundation Williamsburg, VA PURPOSE: COMMUNITY BASED | $200 |
Endowment Analysis
| Beg. Balance | $129,182,786 |
| Earnings | $34,634,679 |
| Admin Expense | $185,250 |
| Net Contributions | $8,223,000 |
| Other Expense | $1,559,000 |
| Grants | $4,208,000 |
| Ending Balance | $166,088,215 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Unidel Foundation Inc Greenville, DE | $452,249,782 | $36,851,681 |
Hunter College Foundation Inc New York, NY | $144,509,988 | $37,248,838 |
The American Friends Of Winchester College New York, NY | $259,900 | $15,435,931 |
Friends Of@ascend Charter Schools Inc Brooklyn, NY | $51,013,536 | $16,135,870 |
Rowan University Foundation Inc Glassboro, NJ | $339,808,677 | $39,224,287 |
Equitable Facilities Fund Inc New York, NY | $843,754,758 | $34,535,002 |
Stockton Affiliated Services Inc Galloway, NJ | $3,017,488 | $12,674,409 |
Auxiliary Campus Enterprises And Services State University College Alfred, NY | $11,814,689 | $16,740,654 |
College Of Staten Island Auxiliary Services Corp Inc Staten Island, NY | $62,695,629 | $9,780,570 |
American Friends Of The National Gallery London Inc New York, NY | $305,852,204 | $2,300,126 |
Auxiliary Services Corporation Of Suny Cortland Cortland, NY | $19,099,097 | $10,450,642 |
The Roosevelt Institute New York, NY | $39,947,474 | $14,561,739 |