Montclair State University Foundation Inc
- Assets
- $119.0m
- Revenue
- $15.3m
- Investments
- $22.8m
- Employees
- 0
- Location
- Montclair, NJ
- Founding
- 07/1960
- Data as of
- 06/2023
- EIN
- 22-6017209
Organization Overview
Montclair State University Foundation Inc is located in Montclair, NJ. The organization was established in 1960. 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. Montclair State 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 06/2023, Montclair State University Foundation Inc generated $15.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $10.4m during the year ending 06/2023. While expenses have increased by 4.4% 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
FOR FISCAL 2023 THE FOUNDATION CONTINUED ITS INCREASED SCHOLARSHIP SUPPORT FOR THE STUDENTS OF THE UNIVERSITY WITH NEED BASED ON SOCIO-ECONOMIC BACKGROUND.IN ADDITION, THE FOUNDATION ALSO PROVIDED ADDITIONAL SUPPORT FOR RESEARCH SPECIFIC FUNDING FOR THE UNIVERSITY IN RESPONSE TO INITIATIVES FOR ITS RESEARCH WORK IN THE SCIENCES, FOR THE ENHANCEMENT AND CLARITY OF COMMUNICATIONS WITHIN MAJOR MEDIA SECTORS, ITS CENTER FOR HUMAN TRAFFICKING, ITS SCHOOL OF BUSINESS, ITS SCHOOL OF SCIENCE & MATHEMATICS AND ECO-EXPLORER'S PROGRAM, AND ITS SUSTAINABILITY PROGRAM AND FOR OTHER SUPPORT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MONTCLAIR STATE UNIVERSITY SUSTAINS IT REPUTATION FOR EXCELLENCE IN PART BY PROVIDING EXCEPTIONAL CURRICULAR AND PROGRAMMATIC ACTIVITIES WHICH FOSTER A HIGH QUALITY LEARNING ENVIRONMENT. THE FOUNDATION PROVIDES NEEDED SUPPORT TO COLLEGES/SCHOOLS ON THE UNIVERSITY CAMPUS TOWARDS THIS ENDEAVOR, AUGMENTING STATE BUDGETED FUNDS WITH ADDITIONAL FUNDING FOR ENHANCED COURSE CURRICULUM, THE OPERATIONS OF INSTITUTES WHICH FURTHER LEARNING, AND OTHER ESSENTIAL NEEDS. FUNDING IS RECEIVED FROM INDIVIDUALS, CORPORATIONS, PRIVATE FOUNDATION AND OTHER SOURCES. THE FOUNDATION MANAGES OVER 600 FUNDS WHICH HAVE BEEN CREATED BASED ON DONOR RESTRICTIONS TOWARDS THESE PURPOSES. FUNDS MAY BE TEMPORARILY RESTRICTED OR PERMANENTLY RESTRICTED (ENDOWED) BASED ON DONOR INTENT. TOP PROGRAMS SUPPORTED IN FISCAL 2023 INCLUDED THE CENTER FOR ENTREPRENEURSHIP, THE SCHOOL OF COMMUNICATIONS & MEDIA, RESEARCH PROGRAMS FOR ENVIRONMENTAL SUSTAINABILITY, AND THE CENTER FOR AUTISM. FOUNDATION SUPPORT OFTEN SERVES AS THE SOLE SOURCE OF FUNDING IN ORDER TO SUSTAIN THESE VITAL INITIATIVES.
THE FOUNDATION MANAGES IN EXCESS OF 250 FUNDS ESTABLISHED TO AWARD SCHOLARSHIPS FOR THE STUDENT POPULATION OF MONTCLAIR STATE UNIVERSITY. SCHOLARSHIP FUNDS ARE AVAILABLE TO STUDENTS BASED ON NEED OR MERIT. ADDITIONALLY, SUCH FUNDS PERMIT THE AWARD TO STUDENTS AT THE ADMISSIONS LEVEL AND/OR ARE RESTRICTED TO A SPECIFIC COLLEGE/SCHOOL, DEPARTMENT, MAJOR OR OTHER DEFINED CRITERIA. FUNDING TOWARDS SCHOLARSHIPS IS GENERATED FROM INDIVIDUALS, CORPORATIONS, PRIVATE FOUNDATIONS, EVENTS AND OTHER SOURCES. FUNDS MAY BE TEMPORARILY RESTRICTED OR PERMANENTLY RESTRICTED (ENDOWED) BASED ON DONOR INTENT. THE FOUNDATION, IN SERVING THE NEEDS OF MONTCLAIR STATE UNIVERSITY, ACKNOWLEDGES THAT ONE OF THE TOP PRIORITIES FOR FUNDRAISING STEMS FROM THE NEED TO MEET THE CHALLENGES REGARDING THE COST OF EDUCATION FOR TODAY'S STUDENTS. THE FOUNDATION FOCUSES ON BOTH SHORT-TERM AND LONG-TERM NEEDS, FACTORING INCREASING STUDENT ENROLLMENT, THE ECONOMY, STATE FUNDING TO THE UNIVERSITY, AND LONG RANGE GROWTH PLANS OF THE UNIVERSITY; AMONG OTHER FACTORS. SCHOLARSHIP AWARDS CONTINUE TO INCREASE AND FOR FISCAL 2023 IN EXCESS OF 1,600 AWARDS WERE MADE TO BOTH NEED AND MERIT BASED STUDENTS.
THE FOUNDATION MANAGES TWO ANNUAL EVENTS WHICH ARE DESIGNED TO INCREASE DONOR CONNECTIVITY, AWARENESS OF THE NEEDS OF THE UNIVERSITY AND THE FOUNDATION, AND TO FULFILL THE MISSION OF ACADEMIC EXCELLENCE. ONE EVENT PROVIDES FOCUSED FUNDRAISING TOWARDS SCHOLARSHIPS WHILE THE SECOND ENABLES THE FOUNDATION TO PROVIDE RESOURCES FOR MUCH NEEDED SUPPORT TO UNIVERSITY STUDENT-ATHLETES AS THEY BALANCE THEIR ATHLETIC COMMITMENTS WITH EDUCATIONAL PRIORITIES. FOR FISCAL 2023 THE NET PROCEEDS OF THE GOLF OUTING WERE USED IN CONTINUED SUPPORT OF VIRTUAL BROADCASTING CAPABILITIES FOR ALL SPORTING EVENTS IN A SOCIAL MEDIA ENVIRONMENT. REVENUES REALIZED FOR FISCAL 2023 ANNUAL SCHOLARSHIP DINNER WERE UTILIZED AS AWARDS TO INCOMING FRESHMEN STUDENTS ACROSS ALL DISCIPLINES AND MAJORS, PROVIDING NEED BASED AWARDS TO STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gregory Collins Chair | OfficerTrustee | 1 | $0 |
Anthony Carlino Vice Chair | OfficerTrustee | 1 | $0 |
Penelope Vance Secretary | OfficerTrustee | 1 | $0 |
Robert Iacullo Treasurer | OfficerTrustee | 1 | $0 |
Angelo J Genova Trustee | Trustee | 1 | $0 |
Beth Gottung Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Goldman Sachs Investment Advisor | 6/29/23 | $459,474 |
Catapult Fundraising Inc Call Center Management | 6/29/23 | $107,638 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $88,210 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $11,657,385 |
| Noncash contributions included in lines 1a–1f | $281,591 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,745,595 |
| Total Program Service Revenue | $0 |
| Investment income | $2,933,923 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $22,500 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $612,196 |
| Net Income from Fundraising Events | $28,099 |
| Net Income from Gaming Activities | $5,010 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,347,323 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,642,557 |
| 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 | $28,467 |
| Fees for services: Accounting | $93,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $107,638 |
| Fees for services: Investment Management | $458,401 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $16,997 |
| Information technology | $137,964 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,736 |
| 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 | $26,667 |
| All other expenses | $0 |
| Total functional expenses | $10,357,786 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,777 |
| Savings and temporary cash investments | $5,254,510 |
| Pledges and grants receivable | $9,918,432 |
| Accounts receivable, net | $0 |
| 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 | $67,650 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $80,953,381 |
| Investments—other securities | $22,758,165 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,648 |
| Total assets | $119,002,563 |
| Accounts payable and accrued expenses | $3,718,944 |
| 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 | $0 |
| Total liabilities | $3,718,944 |
| Net assets without donor restrictions | $13,758,336 |
| Net assets with donor restrictions | $101,525,283 |
| 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 | $119,002,563 |