Ustc Initiative Fund
- Assets
- $3.6m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Pasadena, CA
- Founding
- 09/2012
- Data as of
- 12/2022
- EIN
- 27-4542683
Organization Overview
Ustc Initiative Fund is located in Pasadena, CA. The organization was established in 2012. According to its NTEE Classification (B90) the organization is classified as: Educational Services, 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. Ustc Initiative Fund 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 12/2022, Ustc Initiative Fund generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 14.2% each year . All expenses for the organization totaled $882.1k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FURTHER RELATIONSHIP THAT WOULD BENEFIT AND ENRICH THE COMMUNITIES OF UNIVERSITY OF SCIENCE AND TECHNOLOGY OF CHINA IN CHINA AND IN THE USA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UNIVERSITY OF PITTSBURGH SCHOOL OF MEDICINE (UPSOM) OFFERS EXCELLENT EDUCATION IN BIOMEDICAL EDUCATION AND CRITICAL THINKING. THIS DONATION IS TO "PITTSBURGH-TSINGHUA 8-YEAR MD TRAINING SCHOLARSHIP" OF TSINGHUA EDUCATIONAL FOUNDATION NORTH AMERICA (TEFNA). THE GOAL IS TO EDUCATE PHYSICIANS WHO ARE SCIENCE-BASED, SKILLED, AND COMPASSIONATE CLINICIANS PREPARED TO MEETING THE CHALLENGES OF PRACTICING MEDICINE IN TODAY'S HEALTH CARE ENVIRONMENT TO BETTER HUMAN CONDITION.
USTC ALUMNI ACTIVITIES AND SEMINARS.(1)TECHNOLOGY SUMMITS IN NEW YORK, BOSTON, WHERE LEADERS IN BUSINESS AND ACADEMIA SHARED A WEALTH OF EXPERIENCE AND KNOWLEDGE ON A VARIETY OF SUBJECTS WITH HUNDREDS OF PARTICIPANTS, INCLUDING USTC ALUMNI AND FRIENDS.(2)BOSTON DRAGON BOAT FESTIVAL WHICH IS THE FIRST DRAGON BOAT FESTIVAL IN THE UNITED STATES, WHERE STUDENTS FROM HARVARD, MIT, USTC AND OTHER COLLEGES COULD ENJOY WATER SPORTS IN THE SPIRIT OF COMMUNITY AND COMPETITION.
STANFORD UNIVERSITY STUDENT RESEARCH PROGRAM. THE PROGRAM IS AIMED AT BUILDING UNDERSTANDING BETWEEN U.S. AND CHINESE STUDENTS AND BETWEEN STANFORD UNIVERSITY AND TOP CHINESE UNIVERSITIES BY ATTRACTING USTC UNDERGRADUATE STUDENTS TO STANFORD UNIVERSITY TO WORK WITH FACULTY AND STUDENTS ON RESEARCH IN THE SUMMER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hua Jiang President | OfficerTrustee | 2 | $0 |
Lei Zhang Chief Financial Officer | OfficerTrustee | 3 | $0 |
Haoying Sun Secretary | OfficerTrustee | 2 | $0 |
Long Yu Director | OfficerTrustee | 2 | $0 |
Ou Chen Director | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,244,928 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,244,928 |
| Total Program Service Revenue | $0 |
| Investment income | $1,158 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,246,086 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $876,270 |
| 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 | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $5,836 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $882,106 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,168,650 |
| Savings and temporary cash investments | $2,387,124 |
| Pledges and grants receivable | $0 |
| 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 | $7,536 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,563,310 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $3,563,310 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,563,310 |
Grants Awarded
Over the last fiscal year, Ustc Initiative Fund has awarded $860,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
TSINGHUA EDUCATION FOUNDATION N A INC PURPOSE: University of Pittsburgh School of Medicine (UPSOM) offers excellent education in biomedical education and critical thinking. This donation is to "Pittsburgh-Tsinghua 8-Year MD Training Scholarship" of Tsinghua Educational Foundation North America (TEFNA). The goal is to educate physicians who are science-based, skilled, and compassionate clinicians prepared to meeting the challenges of practicing medicine in today's health care environment to better human condition. | $850,000 |
STANFORD UNIVERSITY PURPOSE: USTC undergraduate visiting research program. Aimed at building understanding between U.S. and Chinese students and between Stanford University and USTC by attracting top USTC undergraduate students to Stanford University to work with falculty and students on research in the summer. | $10,000 |