Middlesex College Foundation Inc
- Assets
- $21.6m
- Revenue
- $928.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Edison, NJ
- Founding
- 08/1966
- Data as of
- 06/2023
- EIN
- 22-6079662
Organization Overview
Middlesex College Foundation Inc is located in Edison, NJ. The organization was established in 1966. According to its NTEE Classification (B43) the organization is classified as: Universities, 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. Middlesex College 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, Middlesex College Foundation Inc generated $928.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (9.1%) each year. All expenses for the organization totaled $1.6m during the year ending 06/2023. 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
HELPING STUDENTS OPEN DOORS TO THEIR FUTURE WITH FINANCIAL AID, SCHOLARSHIPS, AND EDUCATIONAL RESOURCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAMS AND GRANTS - IN ADDITION TO PROVIDING SCHOLARSHIPS FOR MIDDLESEX COLLEGE STUDENTS, MIDDLESEX COLLEGE FOUNDATION SEEKS FUNDING FOR A WIDE VARIETY OF ONGOING PROGRAMS AND ACADEMIC INITIATIVES. THE MC FOUNDATION STRIVES TO ENCOURAGE AND SUSTAIN LONG-TERM RELATIONSHIPS WITH ALUMNI, FRIENDS, AND BUSINESSES, AND TO SEEK THEIR ACTIVE SUPPORT OF THE COLLEGE'S MISSION. THESE RELATIONSHIPS BUILD COMMITMENT AND INCLUSION IN SUPPORT OF THE COLLEGE'S GOAL OF SERVING THE ENTIRE COMMUNITY.
MEETINGS, RECOGNITION, ANNUITY DISTRIBUTIONS
SCHOLARSHIPS - SINCE 1967, THE MIDDLESEX COLLEGE FOUNDATION HAS DISTRIBUTED OVER $18 MILLION IN SCHOLARSHIPS, FINANCIAL AID AND GRANTS TO MORE THAN 18,000 DESERVING STUDENTS. THE MIDDLESEX COLLEGE FOUNDATION CURRENTLY OFFERS 152 ENDOWED AND ANNUAL SCHOLARSHIPS FOR QUALIFIED STUDENTS. THE NUMBER OF DESERVING MIDDLESEX COLLEGE STUDENTS IN NEED OF FINANCIAL ASSISTANCE ALWAYS EXCEEDS AVAILABLE FUNDING. THE MIDDLESEX COLLEGE FOUNDATION IS COMMITTED TO INCREASING OUR FINANCIAL RESOURCES SO THAT WE MAY ASSIST MORE STUDENTS EACH YEAR. SPENDING OF FUNDS ARE BASED ON DONOR RESTRICTION AND MAY BE TEMPORARILY OR PERMANENTLY RESTRICTED.
DIRECT STUDENT SUPPORT - STUDENT SUCCESS OFTEN DEPENDS ON FACTORS BEYOND ACADEMIC SCHOLARSHIP. MIDDLESEX COLLEGE FOUNDATION SEEKS TO SUPPORT THE WHOLE STUDENT JOURNEY AND HAS MADE OF A COMMITMENT TO DIRECT STUDENTS SUPPORTS THROUGH THE FUNDING OF PROGRAMS SUCH AS THE STUDENT EMERGENCY FUND AND MIDDLESEX COLLEGE FOOD PANTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Diane Conboy Chairperson | OfficerTrustee | 1 | $0 |
Deangelina Inman 1st Vice Chair/2nd Vice Chair Thru Nov 2022 | OfficerTrustee | 1 | $0 |
Barbara Bernard Trustee 1st Chair Vice Thru Nov 2022 | OfficerTrustee | 1 | $0 |
Anthony Osbourne 2nd Vice Chair/trustee Thru Nov 2022 | OfficerTrustee | 1 | $0 |
James Campbell Treasurer | OfficerTrustee | 1 | $0 |
Joanne Fillweber Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $5,538 |
| Related organizations | $0 |
| Government grants | $18,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $905,557 |
| Noncash contributions included in lines 1a–1f | $26,154 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $929,595 |
| Total Program Service Revenue | $0 |
| Investment income | $575,170 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$626,664 |
| Net Income from Fundraising Events | -$2,684 |
| Net Income from Gaming Activities | $53,362 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $928,779 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $715,732 |
| Grants and other assistance to domestic individuals. | $656,171 |
| 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 | $13,190 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $119,456 |
| Fees for services: Other | $22,540 |
| Advertising and promotion | $0 |
| Office expenses | $4,455 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $394 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $798 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,567,637 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $428,855 |
| Savings and temporary cash investments | $787,380 |
| Pledges and grants receivable | $265,989 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $20,084,140 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,484 |
| Total assets | $21,571,848 |
| Accounts payable and accrued expenses | $36,014 |
| Grants payable | $1,176,562 |
| 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 | $1,212,576 |
| Net assets without donor restrictions | $2,809,789 |
| Net assets with donor restrictions | $17,549,483 |
| 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 | $21,571,848 |