Fairmont State Foundation Inc
- Assets
- $38.1m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 6
- Location
- Fairmont, WV
- Founding
- 12/1962
- Data as of
- 06/2022
- EIN
- 55-6023559
Organization Overview
Fairmont State Foundation Inc is located in Fairmont, WV. The organization was established in 1962. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 06/2022, Fairmont State Foundation Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fairmont State 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 06/2022, Fairmont State Foundation Inc generated $3.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (7.3%) each year. All expenses for the organization totaled $3.1m during the year ending 06/2022. 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
SCHOLARSHIPS AND OTHER FINANCIAL SUPPORT TO FAIRMONT STATE UNIVERSITY STUDENTS AND FACULTY
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORT FOR FAIRMONT STATE UNIVERSITY STUDENTS AND FACULTY IN PROVIDING SCHOLARSHIPS, LOANS, AND FUNDING MATCHING REQUIREMENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alesia Allison Director Of Operations | Officer | 40 | $89,656 |
Jesse Isner Financial Officer | Officer | 40 | $68,560 |
Julie R Cryser President & CEO | Officer | 40 | $64,058 |
Gary Bennett Director | Trustee | 2 | $0 |
Herman Deprospero Director | Trustee | 2 | $0 |
James Devaul Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,107,050 |
| Investment income | $694,205 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$602,764 |
| Net Income from Fundraising Events | -$8,149 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,252,544 |
| Statement of Expenses | |
|---|---|
| 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. | $76,898 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $242,985 |
| Pension plan accruals and contributions | $10,959 |
| Other employee benefits | $30,378 |
| Payroll taxes | $24,073 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,753 |
| Fees for services: Accounting | $12,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $68,160 |
| Fees for services: Other | $0 |
| Advertising and promotion | $57,680 |
| Office expenses | $9,374 |
| Information technology | $43,535 |
| Royalties | $0 |
| Occupancy | $19,332 |
| Travel | $2,078 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,110 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,905 |
| Insurance | $4,152 |
| All other expenses | $0 |
| Total functional expenses | $3,094,959 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,418,310 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,373,070 |
| 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 | $52,865 |
| Investments—publicly traded securities | $31,828,083 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,120,594 |
| Total assets | $38,139,381 |
| Accounts payable and accrued expenses | $88,018 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $505,215 |
| 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 | $3,299 |
| Total liabilities | $596,532 |
| Net assets without donor restrictions | $3,437,606 |
| Net assets with donor restrictions | $34,105,243 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $37,542,849 |