Morrisville College Foundation Inc
- Assets
- $24.2m
- Revenue
- $6.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Morrisville, NY
- Founding
- 12/1976
- Data as of
- 06/2023
- EIN
- 51-0205028
Organization Overview
Morrisville College Foundation Inc is located in Morrisville, NY. The organization was established in 1976. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, 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. Morrisville 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, Morrisville College Foundation Inc generated $6.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $4.7m 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
THE MORRISVILLE COLLEGE FOUNDATION, INC (THE FOUNDATION) WAS INCORPORATED AS A NOT-FOR-PROFIT NEW YORK STATE CORPORATION FOR THE PURPOSES OF SUPPORTING THE EDUCATIONAL ACTIVITIES OF THE STATE UNIVERSITY OF NEW YORK COLLEGE OF AGRICULTURE AND TECHNOLOGY AT MORRISVILLE. THE SPECIFIC ACTIVITIES OF THE FOUNDATION INCLUDE, BUT ARE NOT LIMITED TO, FUNDING SCHOLARSHIPS, PROVIDING COLLEGE ASSISTANCE, ADMINISTERING ENDOWMENT FUNDS, AND PROVIDING ON-CAMPUS STUDENT HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP SUPPORT INCREASED IN TOTAL THIS YEAR AND AS A RESULT THE AVERAGE STUDENT AWARD WAS INCREASED BY NEARLY 10%. THIS ALLOWED MORE STUDENTS TO STAY ENROLLED WHEN FINANCES HAVE BECOME AN ISSUE.
COMMONS REVENUE RECOVERED THIS YEAR AND THE COLLEGE'S IMPROVED METHODS OF COLLECTING STUDENT RENT MEANT THAT THE COMMONS CASH POSITION WAS MUCH MORE STABLE AND PREDICTABLE THAN IN PREVIOUS YEARS. WHILE OCCUPANCY DROPPED SIGNIFICANTLY FROM FALL TO SPRING, TOTAL OCCUPANCY REMAINED OVER THE 80% REQUIRED IN THE BUDGET.
TEMPORARILY RESTRICTED SUPPORT FOR CAMPUS DEPARTMENTS, TEAMS AND ORGANIZATIONS WAS UP AGAIN THIS YEAR AS DEPARTMENTS COME TO RELY MORE HEAVILY ON FOUNDATION DOLLARS FOR THEIR OPERATIONAL BUDGETS. RESTRICTED GIFTS TO DEPARTMENTS HAVE BECOME MORE POPULAR AND MANY SMALLER CAMPAIGNS AROUND THESE DEPARTMENTS AND THE PURCHASE OF EQUIPMENT, SOFTWARE OR PROGRAMMING CONTINUES TO BE SUCCESSFUL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas C Leamer Chairman | OfficerTrustee | 20 | $0 |
Gary M Smaldone Vice Chairman | OfficerTrustee | 20 | $0 |
Mary C Branham Treasurer | OfficerTrustee | 20 | $0 |
Nancy L Roberts PHD Secretary | OfficerTrustee | 20 | $0 |
Lawerence J Baker Board Member | Trustee | 20 | $0 |
Robert E Berkey III Board Member | Trustee | 20 | $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 | $1,766,923 |
| Noncash contributions included in lines 1a–1f | $444,286 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,766,923 |
| Total Program Service Revenue | $4,049,162 |
| Investment income | $79,626 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $159,938 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,055,649 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $754,409 |
| 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 | $76,734 |
| 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 | $26,159 |
| 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 | $715,309 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $821,227 |
| Insurance | $109,940 |
| All other expenses | $201,491 |
| Total functional expenses | $4,723,935 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,825,254 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $428,231 |
| Accounts receivable, net | $139,932 |
| 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 | $15,283,971 |
| Investments—publicly traded securities | $5,768,154 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $755,673 |
| Total assets | $24,201,215 |
| Accounts payable and accrued expenses | $447,547 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $21,212,331 |
| 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 | $977,062 |
| Total liabilities | $22,636,940 |
| Net assets without donor restrictions | -$4,263,082 |
| Net assets with donor restrictions | $5,827,357 |
| 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 | $24,201,215 |