Lock Haven University Foundation
- Assets
- $29.0m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 38
- Location
- Lock Haven, PA
- Founding
- 01/1969
- Data as of
- 06/2023
- EIN
- 23-7007734
Organization Overview
Lock Haven University Foundation is located in Lock Haven, PA. The organization was established in 1969. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2023, Lock Haven University Foundation employed 38 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lock Haven University 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 06/2023, Lock Haven University Foundation generated $4.1m 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 (9.8%) each year. All expenses for the organization totaled $2.6m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (3.0%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Lock Haven University Foundation has awarded 39 individual grants totaling $6,618,943. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO GENERATE AND MANAGE RESOURCES FOR THE BENEFIT OF LOCK HAVEN UNIVERSITY AND ITS STUDENTS.
Describe the Organization's Program Activity:
SUPPORT OF LOCK HAVEN UNIVERSITY'S ACADEMIC PROGRAMS BASED ON THE UNIVERSITY CASE FOR SUPPORT WHICH INCLUDES FACILITY UPGRADES, FACULTY ENHANCEMENTS, GLOBAL HONORS PROGRAMS, INTERNATIONAL EDUCATION, SCIENCE EDUCATION AND STUDENT ENHANCEMENTS AND INTERCOLLEGIATE ATHLETICS.
SUPPORT OF STUDENT SCHOLARSHIPS AND AWARDS BASED ON DONOR DESIGNATION AND CRITERIA. THE ORGANIZATION AWARDS NEARLY 400 ANNUAL SCHOLARSHIPS AND AWARDS TO BOTH FRESHMEN AND UPPERCLASSMEN BASED ON NEED AND MERIT.
OWN AND OPERATE TWO STUDENT HOUSING PROJECTS (EVERGREEN COMMONS AND THE FOUNDATION VILLAGE AT CLEARFIELD) FOR THE BENEFIT OF LOCK HAVEN OR ITS STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Riter Chair | OfficerTrustee | 4 | $0 |
Robert Maguire Vice Chair | OfficerTrustee | 0.5 | $0 |
Ronald Bowes Member | OfficerTrustee | 0.5 | $0 |
James Berkebile Secretary | OfficerTrustee | 0.5 | $0 |
Edward Wright Member | Trustee | 0 | $0 |
Robert Lomison Member | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,740 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,445,115 |
| Noncash contributions included in lines 1a–1f | $8,752 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,446,855 |
| Total Program Service Revenue | $770,086 |
| Investment income | $526,402 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$9,017 |
| Net Gain/Loss on Asset Sales | $336,963 |
| Net Income from Fundraising Events | $50,196 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,121,485 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,095,144 |
| Grants and other assistance to domestic individuals. | $63,469 |
| 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 | $314,855 |
| Pension plan accruals and contributions | $135,869 |
| Other employee benefits | $0 |
| Payroll taxes | $26,089 |
| Fees for services: Management | $38,174 |
| Fees for services: Legal | $24,736 |
| Fees for services: Accounting | $34,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $77,830 |
| Advertising and promotion | $8,079 |
| Office expenses | $17,898 |
| 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 | $12,791 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,877 |
| Insurance | $14,670 |
| All other expenses | $182,252 |
| Total functional expenses | $2,636,135 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $99,371 |
| Savings and temporary cash investments | $2,854,552 |
| Pledges and grants receivable | $866,381 |
| Accounts receivable, net | $22,308 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $37,647 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $75,609 |
| Net Land, buildings, and equipment | $5,974,617 |
| Investments—publicly traded securities | $18,718,540 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $360,268 |
| Total assets | $29,009,293 |
| Accounts payable and accrued expenses | $426,930 |
| Grants payable | $0 |
| Deferred revenue | $40,329 |
| Tax-exempt bond liabilities | $10,121,615 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,301,406 |
| Unsecured mortgages and notes payable | $419,934 |
| Other liabilities | $339,092 |
| Total liabilities | $12,649,306 |
| Net assets without donor restrictions | -$6,402,188 |
| Net assets with donor restrictions | $22,762,175 |
| 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 | $29,009,293 |
Grants Awarded
Over the last fiscal year, Lock Haven University Foundation has awarded $909,769 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
LOCK HAVEN UNIVERSITY PURPOSE: SCHOLARSHIPS & AID SUPPORT OF UNIVERSITY PROGRAMSSTUDENT AND FACULTY SCHOLARSHIPS AND AWARDSFUNDS TO ASSIST WITH CAPITAL IMPROVEMENTS | $904,583 |
STUDENT AUXILIARY SERVICES INC PURPOSE: SCHOLARSHIPS & AID | $2,486 |
HAND IN HAND HOSE COMPANY PURPOSE: DONATION | $50 |
HOPE HOSE COMPANY PURPOSE: DONATION | $50 |
CITIZENS HOSE COMPANY PURPOSE: DONATION | $50 |
NATIONAL MS SOCIETY PURPOSE: DONATION | $100 |