New Jersey Institute Of Technology Foundation
- Assets
- $157.2m
- Revenue
- $19.1m
- Investments
- $12.0m
- Employees
- 0
- Location
- Newark, NJ
- Founding
- 12/1961
- Data as of
- 06/2022
- 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 06/2022, New Jersey Institute Of Technology Foundation generated $19.1m in total revenue. The organization has seen a slow decline revenue. Over the past 3 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $9.3m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (3.6%) per year over the past 3 years. 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
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 $5,453,107. 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 1,233 STUDENTS.
STUDENT SERVICE GRANTS TOTALING $383,161 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 $484,307 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 $335,570 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 $200,808 (INCLUDING $44,777 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 $16,367 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.
RESEARCH AND PROGRAM GRANTS TOTALING $648,428 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY TO SUPPORT VARIOUS RESEARCH PROJECTS, IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.
INSTRUCTIONAL GRANTS TOTALING $950,142 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN SUPPORT OF ITS EDUCATIONAL PROGRAMS IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joel S Bloom Overseer (thru 6/22) | Trustee | 1 | $0 |
Fadi P Deek Overseer (thru 6/22) | Trustee | 1 | $0 |
Kenneth Alexo Jr President | OfficerTrustee | 35 | $0 |
Catherine Z Brennan Secretary (as Of 10/21) | OfficerTrustee | 3 | $0 |
Marjorie A Perry Chairman | OfficerTrustee | 1 | $0 |
Arthur A Kapoor Vice Chairman | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $355,758 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,850,918 |
| Noncash contributions included in lines 1a–1f | $322,260 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,206,676 |
| Total Program Service Revenue | $0 |
| Investment income | $3,695,147 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $17,828 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,320,574 |
| Net Income from Fundraising Events | -$159,769 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,080,456 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,471,890 |
| 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 | $40,832 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $199,723 |
| Fees for services: Other | $14,925 |
| Advertising and promotion | $27,000 |
| Office expenses | $1,753 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $21,476 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $42,318 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $9,265,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,095,423 |
| Pledges and grants receivable | $3,012,144 |
| Accounts receivable, net | $52,920 |
| 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 | $60,259 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $133,532,258 |
| Investments—other securities | $11,951,721 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,445,586 |
| Total assets | $157,150,311 |
| Accounts payable and accrued expenses | $2,523 |
| Grants payable | $0 |
| Deferred revenue | $98,100 |
| 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 | $2,531,915 |
| Total liabilities | $2,632,538 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $28,985,368 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $125,532,405 |
| Total liabilities and net assets/fund balances | $157,150,311 |
Grants Awarded
Over the last fiscal year, New Jersey Institute Of Technology Foundation has awarded $8,471,890 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NJ INSTITUTE OF TECHNOLOGY PURPOSE: SCHOLARSHIP, FELLOWSHIP AND OTHER GRANTS | $8,455,523 |
BETAALPHACHPTR-PI KAPPA PHI PURPOSE: CONSTRUCTION/FURNISHING OF CHAPTER HOUSE | $16,367 |