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 represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.1% 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
990
Mission & Program ActivityExcerpts From the 990 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:
Part 3 - Line 4a
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.
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 FY2022, THE ROWAN UNIVERSITY FOUNDATION AWARDED OVER $2.9 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Ali Houshmand Director (pres., Rowan University | Trustee | 1 | $0 |
April Carty-Sipp Chair | OfficerTrustee | 1 | $0 |
Reginald J Middleton Vice Chair | OfficerTrustee | 1 | $0 |
Michael Connallon Treasurer | OfficerTrustee | 1 | $0 |
Dave Burgin Secretary | OfficerTrustee | 1 | $0 |
George Awad Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $31,266,699 |
| 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 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 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 | $0 |
| 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 |
| 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 | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $338,766,273 |
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 |
ROWAN UNIVERSITY STUDENT GOVERNMENT ASSOCIATION PURPOSE: TO SUPPORT STUDENT GOVERNMENT ACTIVITIES | $5,046 |