Midwestern State University Foundation Inc
- Assets
- $32.5m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Wichita Falls, TX
- Founding
- 01/1961
- Data as of
- 08/2021
- EIN
- 75-1101337
Organization Overview
Midwestern State University Foundation Inc is located in Wichita Falls, TX. The organization was established in 1961. According to its NTEE Classification (B43) the organization is classified as: Universities, 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. Midwestern State University 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 08/2021, Midwestern State University Foundation Inc generated $1.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $1.6m during the year ending 08/2021. While expenses have increased by 0.8% per year over the past 6 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO RECEIVE CONTRIBUTIONS BY MEANS OF DONATIONS, GIFTS, AND BEQUESTS AND TO EXPEND SUCH FUNDS FOR THE ADVANCEMENT OF THE LITERARY, SCIENTIFIC, AND OTHER EDUCATIONAL ENDEAVORS OF MIDWESTERN STATE UNIVERSITY, A TAX EXEMPT INSTITUTION OF HIGHER LEARNING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AWARDING SCHOLARSHIPS TO QUALIFIED STUDENTS ON THE BASIS OF NEED AND MERIT.
FUNDING OF VARIOUS SPECIAL PROJECTS OF THE UNIVERSITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Reno Gustafson Chairman | OfficerTrustee | 2 | $0 |
Kevin O'connell Vice Chairman | OfficerTrustee | 1 | $0 |
David Welch Treasurer | OfficerTrustee | 1 | $0 |
Teresa Caves Secretary | OfficerTrustee | 1 | $0 |
Anthony Inman Trustee | Trustee | 1 | $0 |
Darrell Coleman Trustee | Trustee | 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 | $299,283 |
| Noncash contributions included in lines 1a–1f | $1,608 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $299,283 |
| Total Program Service Revenue | $0 |
| Investment income | $424,952 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $1,228 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $371,722 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,097,185 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,274,305 |
| 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 | $70,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $133,731 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $15 |
| 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 | $1,601,550 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,428 |
| Savings and temporary cash investments | $5,293,211 |
| Pledges and grants receivable | $2,713,646 |
| Accounts receivable, net | $50,149 |
| 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 | $11,313 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $24,336,741 |
| Investments—other securities | $0 |
| Investments—program-related | $116,915 |
| Intangible assets | $3,717 |
| Other assets | $0 |
| Total assets | $32,541,120 |
| 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 | $91,286 |
| Net assets with donor restrictions | $32,449,834 |
| 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 | $32,541,120 |
Grants Awarded
Over the last fiscal year, Midwestern State University Foundation Inc has awarded $1,274,305 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MIDWESTERN STATE UNIVERSITY PURPOSE: Funds to be expended on special projects of the University as designated in the fund agreements. | $716,442 |
MIDWESTERN STATE UNIVERSITY PURPOSE: Funds to be expended on scholarships as designated in scholarship agreements. | $557,863 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Midwestern State University Foundation Inc has recieved totaling $308,072.
| Awarding Organization | Amount |
|---|---|
Wichita Falls Area Community Foundation Wichita Falls, TX PURPOSE: Educational | $200,000 |
Work Services Corporation Wichita Falls, TX PURPOSE: SCHOLARSHIPS | $100,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $8,000 |
Pfizer Foundation Inc New York, NY PURPOSE: MATCHING GIFTS | $50 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $22 |
Endowment Analysis
| Beg. Balance | $29,807,195 |
| Earnings | $3,585,860 |
| Net Contributions | $299,283 |
| Grants | $1,242,505 |
| Ending Balance | $32,449,833 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hallmark University Inc San Antonio, TX | $50,738,491 | $19,939,747 |
University Of Central Oklahoma Fdn Edmond, OK | $57,594,022 | $22,644,873 |
College Of Biblical Studies-Houston Houston, TX | $14,076,191 | $8,568,117 |
University Of Central Arkansas Foundation Inc Conway, AR | $76,302,395 | $12,983,167 |
Southern University System Foundation Baton Rouge, LA | $59,341,239 | $13,209,342 |
University Of Science & Arts Of Oklahoma Foundation Inc Chickasha, OK | $18,769,545 | $3,373,213 |
Kings University Southlake, TX | $0 | $6,930,347 |
Amberton University Garland, TX | $60,380,717 | $9,173,181 |
Randall University Inc Moore, OK | $6,608,368 | $7,433,894 |
Stephen F Austin State University Foundation Inc Nacogdoches, TX | $115,560,450 | $21,375,091 |
Texas A&m University-Kingsville Foundation Inc Kingsville, TX | $109,298,613 | $9,889,505 |
Baptist University Of The Americas San Antonio, TX | $13,785,547 | $6,893,983 |