Eastern Michigan University Foundation
- Assets
- $99.0m
- Revenue
- $32.9m
- Investments
- $80.3m
- Employees
- 32
- Location
- Ypsilanti, MI
- Founding
- 09/1991
- Data as of
- 06/2022
- EIN
- 38-2953297
Organization Overview
Eastern Michigan University Foundation is located in Ypsilanti, MI. The organization was established in 1991. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2022, Eastern Michigan University Foundation employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Eastern Michigan 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 06/2022, Eastern Michigan University Foundation generated $32.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.5% each year . All expenses for the organization totaled $16.6m during the year ending 06/2022. While expenses have increased by 8.6% per year over the past 7 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.
Since 2015, Eastern Michigan University Foundation has awarded 18 individual grants totaling $68,039,636. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
EASTERN MICHIGAN UNIVERSITY FOUNDATION'S PRIMARY PURPOSE IS TO SOLICIT PRIVATE FUNDS ON BEHALF OF AND FOR THE EXCLUSIVE BENEFIT OF EASTERN MICHIGAN UNIVERSITY, AND TO EXPAND ITS RESOURCE BASE THROUGH THE MANAGEMENT OF ASSETS AND THE INVESTMENT AND DISBURSEMENT OF FUNDS.
Describe the Organization's Program Activity:
GIFT ALLOCATION TO EMU-THE FOUNDATION RECEIVES GIFTS ON BEHALF OF EMU. GIFTS DESIGNATED AS EXPENDABLE SCHOLARSHIPS & PROGRAM SERVICES ARE COLLECTED BY THE FOUNDATION AND DIRECTLY DISBURSED TO EMU. ALL OTHER GIFTS ARE ENDOWED/INVESTED FOR FUTURE DISBURSEMENT.
ENDOWED SCHOLARSHIPS AND PROGRAM SERVICES SPENDING ALLOCATED TO EMU-SPENDING FROM THE SCHOLARSHIP & PROGRAM SERVICE ENDOWMENTS ARE DISTRIBUTED TO EASTERN MICHIGAN UNIVERSITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Shepard VP For Advancement/exec Dir Emuf | Officer | 40 | $253,063 |
Jill Hunsberger Assoc VP Advancement | Officer | 40 | $129,564 |
Kelly Quilter Asst VP Alumni & Donor Engagement | Officer | 40 | $128,835 |
Laura Wilbanks Chief Financial Officer | Officer | 40 | $135,580 |
Daniel Mclean Senior Associate Athletic Director Development | 40 | $113,227 | |
Dara Munson Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nepc Llc Investment Consulting | 6/29/22 | $212,462 |
Wells Fargo Investment Management And Custody | 6/29/22 | $121,021 |
Principal Custody Solutions Investment Management And Custody | 6/29/22 | $117,550 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $96,392 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $16,153,546 |
| Noncash contributions included in lines 1a–1f | $2,158,915 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,249,938 |
| Total Program Service Revenue | $1,278,567 |
| Investment income | $688,781 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $14,610,032 |
| Net Income from Fundraising Events | $5,494 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,850,037 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,187,365 |
| 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. | $291,535 |
| Compensation of current officers, directors, key employees. | $145,908 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,433,634 |
| Pension plan accruals and contributions | $62,968 |
| Other employee benefits | $316,824 |
| Payroll taxes | $120,375 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,069 |
| Fees for services: Accounting | $49,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $469,382 |
| Fees for services: Other | $122,998 |
| Advertising and promotion | $2,174 |
| Office expenses | $324,112 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $21,068 |
| Travel | $44,730 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,049 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,888 |
| Insurance | $31,356 |
| All other expenses | $12,521 |
| Total functional expenses | $16,633,698 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,342,543 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,891,263 |
| 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 | $642,588 |
| Investments—publicly traded securities | $9,667,884 |
| Investments—other securities | $80,313,829 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $168,637 |
| Total assets | $99,026,744 |
| Accounts payable and accrued expenses | $1,429,587 |
| 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 | $473,904 |
| Total liabilities | $1,903,491 |
| Net assets without donor restrictions | $1,110,599 |
| Net assets with donor restrictions | $96,012,654 |
| 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 | $99,026,744 |
Grants Awarded
Over the last fiscal year, Eastern Michigan University Foundation has awarded $13,187,365 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
EASTERN MICHIGAN UNIVERSITY PURPOSE: GIFT ALLOCATION TO EMU. | $11,063,976 |
EASTERN MICHIGAN UNIVERSITY PURPOSE: ENDOWED SCHOLARSHIP AND PROGRAM SERVICE SPENDING ALLOCATED TO EMU. | $2,123,389 |