Georgia Tech Foundation Inc
- Assets
- $3.1b
- Revenue
- $283.9m
- Investments
- $2.5b
- Employees
- 47
- Location
- Atlanta, GA
- Founding
- 07/1944
- Data as of
- 06/2022
- EIN
- 58-6043294
Organization Overview
Georgia Tech Foundation Inc is located in Atlanta, GA. The organization was established in 1944. 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, Georgia Tech Foundation Inc employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Georgia Tech 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, Georgia Tech Foundation Inc generated $283.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $118.4m during the year ending 06/2022. While expenses have increased by 0.9% 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, Georgia Tech Foundation Inc has awarded 50 individual grants totaling $693,787,489. 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
ACADEMIC AND RESEARCH PROGRAM SUPPORT: THE FOUNDATION PROVIDES SUPPORT FOR MANY ACADEMIC PROGRAMS AND SOME RESEARCH PROGRAMS AT GEORGIA TECH. THIS FUNDING INCLUDES FACULTY SUPPORT THROUGH ENDOWED CHAIRS AND PROFESSORSHIPS, CURRICULUM DEVELOPMENT, FACULTY GRANTS, LIBRARY SUPPORT AND RENOVATION AND CONSTRUCTION OF FACILITIES.
OTHER PROGRAM SERVICESGEORGIA TECH FOUNDATION, INC. PROVIDES GENERAL SUPPORT TO THE GEORGIA INSTITUTE OF TECHNOLOGY AND ITS AFFILIATED ORGANIZATIONS. THE GENERAL SUPPORT PROVIDES FUNDS FOR EDUCATIONAL AND VARIOUS OTHER ACTIVITIES.
SCHOLARSHIPS AND FELLOWSHIPS: THE FOUNDATION PROVIDES FUNDING FOR GRANTS, SCHOLARSHIPS, FELLOWSHIPS AND LOAN FUNDS FOR UNDERGRADUATE AND GRADUATE STUDENTS AT GEORGIA TECH. THE OFFICE OF FINANCIAL AID AND ACADEMIC UNITS AT GEORGIA TECH SELECT THE RECIPIENTS OF THE SCHOLARSHIPS AND FELLOWSHIPS. EXAMPLES OF TWO PROGRAMS FUNDED BY THE FOUNDATION ARE THE GEORGIA TECH PROMISE PROGRAM, WHICH IS A PROGRAM TO PROVIDE SCHOLARSHIPS FOR NEEDY STUDENTS AND THE GEORGIA TECH PRESIDENT'S SCHOLARSHIP PROGRAM, WHICH IS A SCHOLARSHIP PROGRAM FOR STUDENTS WITH EXCEPTIONAL MERIT.
ALUMNI ASSOCIATION: THE FOUNDATION PROVIDES FUNDING FOR THE GEORGIA TECH ALUMNI ASSOCIATION, WHICH PROVIDES PROGRAMS FOR GEORGIA TECH ALUMNI AND STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Angel Cabrera President Ga Institute Of | Trustee | 1 | $0 |
Gregory J Owens Chair | OfficerTrustee | 1 | $0 |
Thomas M Holder Vice Chair - Chair Elect | OfficerTrustee | 1 | $0 |
James R Borders Treasurer | OfficerTrustee | 1 | $0 |
Joseph W Evans Past Chair | OfficerTrustee | 1 | $0 |
Rodney C Adkins Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kpmg Llp Audit And Tax | 6/29/20 | $312,625 |
Albourne America Llc Investment Research | 6/29/20 | $240,000 |
Blackbaud Accounting | 6/29/20 | $376,124 |
Jcp Sculptures Llc Artwork | 6/29/20 | $233,200 |
Dawn C Wilson Investing Consultant | 6/29/20 | $170,000 |
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 | $100,942,019 |
| Noncash contributions included in lines 1a–1f | $7,611,274 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $100,942,019 |
| Total Program Service Revenue | $773,490 |
| Investment income | $26,445,817 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $750,304 |
| Net Rental Income | $4,056,147 |
| Net Gain/Loss on Asset Sales | $150,916,731 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $283,884,508 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $82,153,011 |
| 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. | $2,477,897 |
| Compensation of current officers, directors, key employees. | $2,477,897 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,986,092 |
| Pension plan accruals and contributions | $410,557 |
| Other employee benefits | $458,201 |
| Payroll taxes | $308,865 |
| Fees for services: Management | $46,095 |
| Fees for services: Legal | $55,736 |
| Fees for services: Accounting | $331,518 |
| Fees for services: Lobbying | $40,507 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,764,040 |
| Fees for services: Other | $1,020,288 |
| Advertising and promotion | $0 |
| Office expenses | $1,116,668 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $58,571 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,527,999 |
| Interest | $3,409,808 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $430,254 |
| Insurance | $292,692 |
| All other expenses | $0 |
| Total functional expenses | $118,388,406 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $28,116,048 |
| Pledges and grants receivable | $84,699,395 |
| Accounts receivable, net | $19,375,986 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $541,655 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $230,344,661 |
| Investments—publicly traded securities | $62,514,164 |
| Investments—other securities | $2,495,989,377 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $147,619,611 |
| Total assets | $3,069,200,897 |
| Accounts payable and accrued expenses | $30,753,268 |
| Grants payable | $0 |
| Deferred revenue | $10,954,157 |
| Tax-exempt bond liabilities | $88,057,220 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $296,859,438 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $196,729,480 |
| Total liabilities | $623,353,563 |
| Net assets without donor restrictions | $348,375,577 |
| Net assets with donor restrictions | $2,097,471,757 |
| 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 | $3,069,200,897 |
Grants Awarded
Over the last fiscal year, Georgia Tech Foundation Inc has awarded $82,153,011 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
GEORGIA TECH ALUMNI ASSOCIATION PURPOSE: ALUMNI ASSOCIATION | $3,728,308 |
GEORGIA INSTITUTE OF TECHNOLOGY PURPOSE: SCHOLARSHIPS, FELLOWSHIPS | $77,868,474 |
GEORGIA TECH FACILITIES INC PURPOSE: CONSTRUCTION PROJECT | $79,347 |
GEORGIA TECH FOUNDATION FUNDING CORPORATION PURPOSE: CAPITAL PROJECTS | $129,884 |
GEORGIA TECH ATHLETIC ASSOCIATION PURPOSE: SCHOLARSHIPS | $321,998 |
GEORGIA TECH GLOBAL INC PURPOSE: SUPPORT | $25,000 |