Washington State University Foundation
- Assets
- $715.6m
- Revenue
- $105.4m
- Investments
- $0.0
- Employees
- 141
- Location
- Pullman, WA
- Founding
- 10/1979
- Data as of
- 06/2021
- EIN
- 91-1075542
Organization Overview
Washington State University Foundation is located in Pullman, WA. The organization was established in 1979. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. As of 06/2023, Washington State University Foundation employed 141 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Washington State University Foundation 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 06/2021, Washington State University Foundation generated $105.4m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $84.1m during the year ending 06/2021. While expenses have increased by 1.3% per year over the past 3 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
THE MISSION OF THE FOUNDATION IS TO PROMOTE, ACCEPT, AND MAXIMIZE PRIVATE SUPPORT FOR PROGRAMS, INITIATIVES, AND PROPERTIES OF WASHINGTON STATE UNIVERSITY AND ITS REGIONAL CAMPUSES. THE FOUNDATION ALSO PRUDENTLY MANAGES, INVESTS, AND STEWARDS ASSETS ENTRUSTED TO IT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GENERAL PROGRAM SUPPORT: THE FOUNDATION DOES NOT DIRECTLY PROVIDE THE PROGRAM SERVICE. HOWEVER, CONTRIBUTIONS RECEIVED FOR THIS PURPOSE WERE DISTRIBUTED TO THE UNIVERSITY FOR USE IN ACCORDANCE WITH DONOR AGREEMENTS. THESE CONTRIBUTIONS EARMARKED FUNDS FOR GENERAL AND ADMINISTRATIVE EXPENSES, ENTREPRENEURIAL ACTIVITIES, AND OTHER DEPARTMENTAL AND UNIVERSITY WIDE PROGRAMS.
SCHOLARSHIPS & FELLOWSHIPS: THE FOUNDATION DOES NOT DIRECTLY AWARD SCHOLARSHIPS AND FELLOWSHIPS. HOWEVER, CONTRIBUTIONS FOR THESE PURPOSES WERE DISTRIBUTED TO THE UNIVERSITY FOR USE IN ACCORDANCE WITH DONOR AGREEMENTS. STUDENT FINANCIAL AID WAS RECEIVED FOR LOANS, GRADUATE FELLOWSHIPS, GENERAL SCHOLARSHIPS AND SCHOLARSHIPS WITH SPECIFIC CRITERIA, SUCH AS MERIT, NEED, AND MULTICULTURALISM.
FACILITIES OPERATION AND MAINTENANCE: THE FOUNDATION DOES NOT DIRECTLY PROVIDE FACILITY AND MAINTENANCE PROGRAM SERVICES. HOWEVER, CONTRIBUTIONS RECEIVED FOR THIS PURPOSE ARE DISTRIBUTED TO THE UNIVERSITY FOR USE IN ACCORDANCE WITH THE DONOR AGREEMENTS. CONTRIBUTIONS WERE RECEIVED FOR THE PURCHASE AND MAINTENANCE OF BUILDINGS AND EQUIPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael C Connell Vice President, Chief Executive Officer | Officer | 39.8 | $412,100 |
Harold Don Shearer Senior Associate Vice President | Officer | 40 | $324,425 |
Dawn M Barnard Chief Financial Officer | Officer | 40 | $237,814 |
Julie Benson Associate Vice President | Officer | 40 | $215,706 |
Jon Derek Croteau - Thru Oct 22 Senior Associate Vice President | Officer | 0 | $220,469 |
Victoria Miles Associate Vice President | Officer | 40 | $203,961 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ruffalo Noel Levitz Fundraising | 6/29/23 | $498,003 |
Grenzebach Glier & Associates Consulting | 6/29/23 | $427,293 |
Ellucian Consulting | 6/29/23 | $413,008 |
State Street Custodian Fees | 6/29/23 | $197,592 |
Mercer Investment Management | 6/29/23 | $187,486 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $80,100,918 |
| Investment income | $4,350,924 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $13,011,802 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $105,370,989 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $10,039,576 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,603,759 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,112,055 |
| Pension plan accruals and contributions | $418,412 |
| Other employee benefits | $735,526 |
| Payroll taxes | $543,973 |
| Fees for services: Management | $6,981,133 |
| Fees for services: Legal | $193,052 |
| Fees for services: Accounting | $31,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $519,517 |
| Fees for services: Investment Management | $1,310,125 |
| Fees for services: Other | $801,679 |
| Advertising and promotion | $0 |
| Office expenses | $232,939 |
| Information technology | $625,817 |
| Royalties | $0 |
| Occupancy | $465,572 |
| Travel | $11,385 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $257,427 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,998 |
| Insurance | $59,954 |
| All other expenses | $0 |
| Total functional expenses | $84,144,117 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $192,141 |
| Pledges and grants receivable | $37,950,835 |
| Accounts receivable, net | $2,530 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $423,685 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $385,839 |
| Investments—publicly traded securities | $588,014,605 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $88,091,878 |
| Total assets | $715,596,678 |
| Accounts payable and accrued expenses | $973,347 |
| Grants payable | $0 |
| Deferred revenue | $356,588 |
| 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 | $15,058,533 |
| Total liabilities | $16,388,468 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $699,208,210 |