Texas Tech Foundation Inc
- Assets
- $890.4m
- Revenue
- $110.1m
- Investments
- $75.3m
- Employees
- 0
- Location
- Lubbock, TX
- Founding
- 06/1950
- Data as of
- 08/2023
- EIN
- 75-6043842
Organization Overview
Texas Tech Foundation Inc is located in Lubbock, TX. The organization was established in 1950. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. Texas 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 08/2023, Texas Tech Foundation Inc generated $110.1m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $97.0m during the year ending 08/2023. 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
ACCEPTANCE, INVESTMENT, AND DISTRIBUTION OF GIFTS FOR THE BENEFIT OF THE TTU SYSTEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WAS FOUNDED TO FUNCTION AS A CONDUIT FOR THE ACCEPTANCE, INVESTMENT, AND DISTRIBUTION OF PRIVATE GIFTS GIVEN FOR THE ACTIVITIES AND PROGRAMS RELATED TO THE MISSION, ROLE, AND SCOPE OF THE TEXAS TECH UNIVERSITY SYSTEM. DURING 2022-2023 THE FOUNDATION TRANSFERRED $93,821,903 TO THE TEXAS TECH UNIVERSITY SYSTEM AND AFFILIATED FOUNDATIONS.
THE ORGANIZATION GRANTED $750,000 TO THE PROVIDENCE FOUNDATION FOR THE EXPANSION OF PROVIDENCE HOSPITAL'S NEONATAL INTENSIVE CARE UNIT AND TO SUPPORT THE PROVIDENCE FOUNDATION'S MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Penny Harkey Treasurer | OfficerTrustee | 1 | $0 |
Patrick Kramer Chief Executive Officer | OfficerTrustee | 1 | $0 |
Tim G Culp Chairman | OfficerTrustee | 2 | $0 |
Tim Lancaster Vice Chairman | OfficerTrustee | 3 | $0 |
Kimberly C Ford Secretary | OfficerTrustee | 3 | $0 |
Steve Gray Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Zuri Group Consulting & Implementation Services | 8/30/23 | $507,288 |
Anthology Of Missouri Software As A Service | 8/30/23 | $158,335 |
Blackbaud Software As A Service | 8/30/23 | $168,196 |
Anthem Executive Services - Msu President | 8/30/23 | $125,758 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $464,612 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $98,975,449 |
| Noncash contributions included in lines 1a–1f | $7,179,418 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $99,440,061 |
| Total Program Service Revenue | $0 |
| Investment income | $38,836,813 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $308,234 |
| Net Rental Income | $4,972 |
| Net Gain/Loss on Asset Sales | -$28,434,287 |
| Net Income from Fundraising Events | -$7,515 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $110,148,278 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $94,571,903 |
| 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 | $96,536 |
| Fees for services: Lobbying | $221,162 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $476,668 |
| Advertising and promotion | $350,566 |
| Office expenses | $131,187 |
| Information technology | $103,776 |
| Royalties | $0 |
| Occupancy | $498 |
| Travel | $48,155 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $41,885 |
| Interest | $91 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $66,510 |
| Insurance | $196,962 |
| All other expenses | $16,142 |
| Total functional expenses | $97,007,634 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,261,571 |
| Pledges and grants receivable | $74,948,599 |
| Accounts receivable, net | $534 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,898 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,500 |
| Net Land, buildings, and equipment | $2,604,905 |
| Investments—publicly traded securities | $720,791,160 |
| Investments—other securities | $75,254,882 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,571,355 |
| Total assets | $890,446,404 |
| Accounts payable and accrued expenses | $112,586 |
| Grants payable | $0 |
| Deferred revenue | $4,689,050 |
| 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 | $4,801,636 |
| Net assets without donor restrictions | $6,072,036 |
| Net assets with donor restrictions | $879,572,732 |
| 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 | $890,446,404 |
Grants Awarded
Over the last fiscal year, Texas Tech Foundation Inc has awarded $94,571,903 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
TEXAS TECH UNIVERSITY SYSTEM PURPOSE: TO PROMOTE HIGHER EDUCATION BY PROVIDING FUNDS FOR SCHOLARSHIPS AND GENERAL FUNDS FOR OPERATION EXPENSES OF THE TEXAS TECH UNIVERSITY SYSTEM. | $93,821,903 |
PROVIDENCE INLAND NORTHWEST FOUNDATION PURPOSE: TO SUPPORT THE EXPANSION OF PROVIDENCE HOSPITAL'S NEONATAL INTENSIVE CARE UNIT. | $750,000 |