Rowan University Foundation Inc
- Assets
- $339.8m
- Revenue
- $39.2m
- Investments
- $131.8m
- Employees
- 0
- Location
- Glassboro, NJ
- Founding
- 12/1984
- Data as of
- 06/2021
- EIN
- 22-2482802
Organization Overview
Rowan University Foundation Inc is located in Glassboro, NJ. The organization was established in 1984. 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. Rowan 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 06/2021, Rowan University Foundation Inc generated $39.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.7% each year . All expenses for the organization totaled $15.1m during the year ending 06/2021. 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
TO SUPPORT ROWAN UNIVERSITY IN ITS ROLE AS A NEW MODEL FOR EXCELLENCE IN HIGHER EDUCATION.
Describe the Organization's Program Activity:
GRANTS TO ROWAN UNIVERSITY AND AFFILIATE-THE ROWAN UNIVERSITY FOUNDATION OVERSEES AND COORDINATES ALL FUND-RAISING ACTIVITIES AND IS RESPONSIBLE FOR THE MANAGEMENT, INVESTMENT AND DISTRIBUTION OF ALL CHARITABLE CONTRIBUTIONS TO BENEFIT ROWAN UNIVERSITY. AS THE INDEPENDENT, OFFICIALLY DESIGNATED NON-PROFIT ORGANIZATION OF PHILANTHROPIC AID TO THE INSTITUTION, THE FOUNDATION IS THE ONLY VEHICLE THROUGH WHICH CHARITABLE GIFTS MAY BE MADE TO ROWAN UNIVERSITY. THE LARGEST FUNDING SOURCE IS THE HENRY M. ROWAN ENDOWMENT FUND WHICH CONTRIBUTES UNRESTRICTED FUNDS TO SUPPORT THE UNIVERSITY.
SCHOLARSHIPS GIVEN TO STUDENTS -THE ROWAN UNIVERSITY FOUNDATION'S SCHOLARSHIP PROGRAM AIMS TO ASSIST STUDENTS WITH THE RISING COST OF TUITION. SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON BOTH NEED AND MERIT. IN FY21, THE ROWAN UNIVERSITY FOUNDATION AWARDED OVER $2 MILLION IN SCHOLARSHIPS. AWARDS ARE MADE TO STUDENTS MAJORING IN ALL OF ROWAN'S ELEVEN ACADEMIC COLLEGES AND UNDERGRADUATE SCHOOLS AS WELL AS OUR TWO MEDICAL SCHOOLS.
FOUNDATION OPERATIONS - OTHER ROWAN UNIVERSITY FOUNDATION ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
April Carty-Sipp Secretary | OfficerTrustee | 1 | $0 |
Reginald J Middleton Treasurer | OfficerTrustee | 1 | $0 |
Erica Ortiz Vice Chair | OfficerTrustee | 1 | $0 |
Jack Hafner Chair | OfficerTrustee | 1 | $0 |
Jesse Shafer Executive Director As Of June 2021 | Officer | 10 | $0 |
Ronald J Tallarida Executive Director Thru June 2021 | Officer | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $21,512 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $31,245,187 |
| Noncash contributions included in lines 1a–1f | $20,951,380 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $31,266,699 |
| Total Program Service Revenue | $0 |
| Investment income | $3,504,033 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,390,774 |
| Net Income from Fundraising Events | -$10,000 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $39,224,287 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $11,803,213 |
| Grants and other assistance to domestic individuals. | $2,795,990 |
| 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 | $37,587 |
| Fees for services: Accounting | $72,880 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $283,730 |
| Fees for services: Other | $65,600 |
| Advertising and promotion | $7,566 |
| Office expenses | $18,975 |
| Information technology | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $40,233 |
| All other expenses | $11,659 |
| Total functional expenses | $15,137,433 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $14,314,175 |
| Pledges and grants receivable | $2,768,476 |
| Accounts receivable, net | $253,014 |
| 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 | $7,500 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $190,644,618 |
| Investments—other securities | $131,820,894 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $339,808,677 |
| Accounts payable and accrued expenses | $86,455 |
| Grants payable | $0 |
| Deferred revenue | $161,800 |
| 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 | $794,149 |
| Total liabilities | $1,042,404 |
| Net assets without donor restrictions | $90,995,497 |
| Net assets with donor restrictions | $247,770,776 |
| 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 | $339,808,677 |
Grants Awarded
Over the last fiscal year, Rowan University Foundation Inc has awarded $11,803,213 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ROWAN UNIVERSITY PURPOSE: TO SUPPORT ROWAN UNIVERSITY | $11,798,167 |
Glassboro, NJ PURPOSE: TO SUPPORT STUDENT GOVERNMENT ACTIVITIES | $5,046 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Rowan University Foundation Inc has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Hungry Minds Inc Moorestown, NJ PURPOSE: FUNDING FOR HUNGRY MINDS ANNUAL SCHOLARSHIP PROGRAM | $8,000 |
Charles Wei-Hsun Fu Foundation San Diego, CA PURPOSE: STUDENT SCHOLARSHIPS | $2,000 |
Endowment Analysis
| Beg. Balance | $220,255,877 |
| Earnings | $81,202,338 |
| Net Contributions | $25,545,326 |
| Grants | $9,162,025 |
| Ending Balance | $317,841,516 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Anderson Center Services Inc Staatsburg, NY | $47,866,926 | $36,341,767 |
Forrestal Agricultural Corporation Princeton, NJ | $368,119,233 | $43,096,782 |
Faculty-Student Assoc Of State University Of Ny At Stony Brook Stony Brook, NY | $54,956,974 | $31,334,535 |
Foundation For Indiana University Of Pennsylvania Indiana, PA | $226,911,998 | $27,994,482 |
Foundation Of The State University Of New York At Binghamton Inc Binghamton, NY | $286,478,699 | $29,318,635 |
New York University School Of Law Foundation New York, NY | $145,376,406 | $16,902,006 |
Ubf Faculty-Student Housing Corp Buffalo, NY | $136,055,512 | $19,963,891 |
Educational And Cultural Trust Fund Of The Electrical Industry Flushing, NY | $84,016,859 | $24,193,596 |
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 |