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Nonprofiteer
← TOWSON UNIVERSITY FOUNDATION INC

Form 990 for tax year 2022

Filed by TOWSON UNIVERSITY FOUNDATION INC.

Totals

Total revenue
$15,208,535
Total expenses
$9,346,653
Contributions and grants received
$7,721,381
Grants paid
$3,818,089
Program service revenue
$102,087
Investment income
$6,495,567
Other revenue
$889,500
Total assets, end of year
$112,019,400
Total liabilities, end of year
$3,276,181
Net assets or fund balances, end of year
$108,743,219
Program services expenses (Part IX)
$8,214,056
Management and general expenses
$719,229
Fundraising expenses
$413,368
Program service expenses (Part III)
$8,214,056

Program services were 87.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1a · Federated campaigns

    $24,792

  • 1c · Fundraising events

    $155,471

  • 1f · All other contributions, gifts and grants

    $7,541,118

  • 1g · Noncash contributions included above

    $433,588

  • 2a · Program service revenue: SALES/MISC/CERAMIC GUILD

    total $80,517 · related or exempt $80,517

  • 2b · Program service revenue: MEMBERSHIP FEES

    total $21,570 · related or exempt $21,570

  • 3 · Investment income

    total $2,559,416 · excluded $2,559,416

  • 5 · Royalties

    total $9,337 · excluded $9,337

  • 7a · Gross sales of assets other than inventory

    securities $31,011,651

  • 7b · Less cost or other basis and sales expenses

    securities $27,075,500

  • 7c · Gain or loss

    securities $3,936,151

  • 7d · Net gain or loss

    total $3,936,151 · excluded $3,936,151

  • 8a · Fundraising events: gross income

    $298,373

  • 8a · Fundraising events: contributions included on line 1c

    $155,471

  • 8b · Fundraising events: direct expenses

    $104,500

  • 8c · Net income from fundraising events

    total $193,873 · excluded $193,873

  • 11a · Other revenue: SPECIAL PROGRAMS

    total $686,290 · related or exempt $686,290

  • 11e · Other revenue, total

    $686,290

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,818,089 · program services $3,818,089

  • 5 · Compensation of officers, directors and key employees

    total $158,478 · management and general $158,478

  • 7 · Other salaries and wages

    total $238,783 · management and general $238,783

  • 8 · Pension plan contributions

    total $28,802 · management and general $28,802

  • 9 · Other employee benefits

    total $14,184 · management and general $14,184

  • 10 · Payroll taxes

    total $29,656 · management and general $29,656

  • 11b · Fees: legal

    total $675 · management and general $675

  • 11c · Fees: accounting

    total $50,390 · management and general $50,390

  • 11f · Fees: investment management

    total $313,782 · program services $268,148 · management and general $45,634

  • 11g · Fees: other

    total $1,072,849 · program services $894,777 · management and general $6,248 · fundraising $171,824

  • 12 · Advertising and promotion

    total $939,774 · program services $794,066 · management and general $5,913 · fundraising $139,795

  • 13 · Office expenses

    total $70,458 · program services $64,323 · management and general $5,636 · fundraising $499

  • 14 · Information technology

    total $154,370 · program services $64,369 · management and general $72,328 · fundraising $17,673

  • 16 · Occupancy

    total $53,048 · program services $24,798 · management and general $25,466 · fundraising $2,784

  • 17 · Travel

    total $626,522 · program services $613,997 · management and general $3,844 · fundraising $8,681

  • 19 · Conferences, conventions and meetings

    total $30,264 · program services $25,914 · management and general $4,350

  • 22 · Depreciation, depletion and amortization

    total $1,433 · management and general $1,433

  • 23 · Insurance

    total $439,764 · program services $421,150 · management and general $18,614

  • 24a · Other expenses: EQUIP RENTAL & MAINT.

    total $654,747 · program services $654,747

  • 24b · Other expenses: EDUCATIONAL PROGRAMS

    total $324,466 · program services $323,482 · fundraising $984

  • 24c · Other expenses: CREDIT CARD FEES/MISC

    total $173,652 · program services $114,002 · management and general $1,577 · fundraising $58,073

  • 24d · Other expenses: PRINTING & PUBLICATIONS

    total $91,981 · program services $84,526 · management and general $316 · fundraising $7,139

  • 24e · All other expenses

    total $60,486 · program services $47,668 · management and general $6,902 · fundraising $5,916

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $300 · end of year $300

  • 2 · Savings and temporary cash investments

    beginning of year $11,135,744 · end of year $4,591,971

  • 3 · Pledges and grants receivable

    beginning of year $6,080,553 · end of year $6,492,454

  • 9 · Prepaid expenses and deferred charges

    beginning of year $59,476 · end of year $60,771

  • 10a · Land, buildings and equipment: cost or other basis

    $66,819

  • 10b · Land, buildings and equipment: accumulated depreciation

    $64,549

  • 10c · Land, buildings and equipment, net

    beginning of year $3,703 · end of year $2,270

  • 11 · Investments: publicly traded securities

    beginning of year $69,338,203 · end of year $85,982,819

  • 12 · Investments: other securities

    beginning of year $16,311,595 · end of year $14,565,994

  • 15 · Other assets

    beginning of year $345,434 · end of year $322,821

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,257,574 · end of year $2,041,788

  • 18 · Grants payable

    beginning of year $17,762 · end of year $1,234,393

  • 19 · Deferred revenue

    beginning of year $175 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $3,255,255 · end of year $4,163,468

  • 28 · Net assets with donor restrictions

    beginning of year $98,744,242 · end of year $104,579,751

Mission and programs · 2022

Mission

TOWSON UNIVERSITY FOUNDATION, INC. IS ORGANIZED TO RECEIVE, HOLD, INVEST, MANAGE, USE, DISPOSE OF AND ADMINISTER PROPERTY OF ALL KINDS WHETHER GIVEN ABSOLUTELY, IN TRUST OR BY WAY OF AGENCY OR OTHERWISE FOR THE BENEFIT AND PROMOTION OF TOWSON UNIVERSITY OR FOR ALL OF THE EDUCATION AND SUPPORT ACTIVITIES THAT MAY BE CONDUCTED BY TOWSON UNIVERSITY.

Activities or mission (Part I)

TO RAISE, INVEST, AND DISBURSE FUNDS FOR THE BENEFIT OF TOWSON UNIVERSITY.

  • SCHOLARSHIPS AND AWARDS - TOWSON UNIVERSITY FOUNDATION IS COMMITTED TO PROVIDING STUDENTS WITH THE OPPORTUNITY TO OBTAIN A LIBERAL EDUCATION - AN EDUCATION THAT HELPS STUDENTS DEVELOP THE ABILITY TO THINK CRITICALLY; TO BE LITERATE, INFORMED AND ARTICULATE; TO HONOR DIVERSITY; TO DISCUSS AND DEBATE IDEAS AND ISSUES FROM MULTIPLE PERSPECTIVES, AND TO BE CAPABLE OF TAKING ON RESPONSIBILITY IN AN EVER-CHANGING WORLD. TO CREATE THOSE OPPORTUNITIES, MANY STUDENTS NEED AND DESERVE FINANCIAL ASSISTANCE. AS OF JUNE 30, 2023, TOWSON UNIVERSITY FOUNDATION HAD 352 ENDOWED SCHOLARSHIPS AND PRESENTS ADDITIONAL CASH AWARDS EACH YEAR TO DESERVING STUDENTS FROM EXISTING OPERATING FUNDS. SINCE STATE OF MARYLAND FUNDING NOW ACCOUNTS FOR LESS THAN 1/3 OF THE COST OF A TOWSON UNIVERSITY EDUCATION, PRIVATE FUNDING FROM GENEROUS DONORS ALLOWS TODAY'S STUDENTS AND TOMORROW'S LEADERS TO MEET THEIR FINANCIAL OBLIGATIONS. IN THE FISCAL YEAR ENDING JUNE 30, 2023, THE FOUNDATION MADE 1,262 SEPARATE SCHOLARSHIP AWARDS TO DESERVING STUDENTS TOTALING $2,538,694.ADDITIONALLY, 61 STUDENTS RECEIVED A TOTAL OF $35,920 IN STUDENT EMERGENCY AWARDS, WITH INDIVIDUAL AWARDS RANGING FROM $70 - $1,000.

    Expenses $2,574,614 · Grants $2,574,614

  • UNIVERSITY SUPPORT - TO CREATE AN ENVIRONMENT THAT IS CONDUCIVE TO LEARNING, INSTITUTIONS OF HIGHER LEARNING MUST HAVE PROPER FACILITIES AND FACULTY DEDICATED TO TEACHING. FUNDS ARE MADE AVAILABLE FOR USE BY THE UNIVERSITY PRESIDENT, THE VICE PRESIDENTS AND THE DEANS OF THE SEVEN COLLEGES TO SUPPORT AREAS WHERE IMPROVEMENTS ARE NEEDED. WE REMAIN COMMITTED TO OUR GOAL OF HELPING THE UNIVERSITY ATTRACT, HIRE AND RETAIN FACULTY MEMBERS WHO ARE LEADERS IN THEIR FIELD OF STUDY, AND WHO HAVE DEMONSTRATED SUPERIOR TEACHING SKILLS. TO KEEP THEM CURRENT ON NEW DEVELOPMENTS IN THEIR FIELD AND TEACHING METHODS, THEY ARE ENCOURAGED TO PERFORM RESEARCH AND TO ATTEND SEMINARS AND CONFERENCES. IN ADDITION TO FUNDING PROVIDED BY DONORS, THE FOUNDATION ALSO MAKES FUNDS AVAILABLE TO THE UNIVERSITY THROUGH THE UNRESTRICTED BUDGET PROCESS THAT HELPED TO SUPPORT THE VARIOUS PRESIDENTIAL INITIATIVES. THESE ARE INITIATIVES THAT MIGHT OTHERWISE NOT MOVE FORWARD DUE TO THE LACK OF OTHER FUNDING SOURCES.

    Expenses $1,292,862 · Grants $1,243,475

  • ATHLETIC PROGRAMS - THE FOUNDATION SOLICITS AND MANAGES FUNDS IN SUPPORT OF THE UNIVERSITY'S ALIGNED VISION FOR ATHLETICS, WHICH STATES "TOWSON UNIVERSITY IS COMMITTED TO A FINANCIALLY STABLE, GENDER-EQUITABLE AND COMPETITIVE ATHLETICS PROGRAM. THE UNIVERSITY WILL CONTINUE TO SUPPORT THESE GOALS BY PLACING ACADEMICS FIRST. WE WILL SUPPORT OPPORTUNITIES FOR ALL TOWSON STUDENTS TO PARTICIPATE IN A RANGE OF SPORTS ACTIVITIES AND LEADERSHIP OPPORTUNITIES THAT SUPPORT PHYSICAL WELL-BEING AND PERSONAL EXCELLENCE." THE UNIVERSITY CURRENTLY FIELDS 19 DIVISION I ATHLETIC TEAMS (13 IN WOMEN'S SPORTS, 6 IN MEN'S SPORTS).

    Expenses $1,343,632

  • THE $3,002,948 OF OTHER PROGRAM SERVICE EXPENSES RELATE TO EXPENSES THAT SUPPORT THE VARIETY OF PROGRAMS OFFERED BY TOWSON UNIVERSITY FOR THE BENEFIT OF THE STUDENTS, FACULTY AND STAFF OF THE UNIVERSITY. ALL EXPENSES SUPPORT THE CORE MISSION OF THE FOUNDATION AND THEREFORE THAT OF THE UNIVERSITY AS WELL. THE FOUNDATION EXISTS TO SUPPORT THE UNIVERSITY THROUGH THESE EXPENDITURES.

    Expenses $3,002,948 · Revenue $788,377

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Patricia Hoge

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Kim A Fabian

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Edna Primrose

    PRESIDENT

    Total calculated
    $0
    Hours/week
    4

  • Salvatore Correnti

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • David M Vahos

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Christopher J Cavallaro

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Christopher S Evans

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Raymond J Brusca

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Thomas Coard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Ira W Cox

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Douglas F Erdman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Paul-Sean Gray

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Anthony Hamlett Sr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Stephanie Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Eric M Kruk

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Bradley Chambers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Edward McDonald

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • David Diaz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Susan J Gantz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Shanna N Warburton-Barnes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Larry Letow

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Denny B Mather

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Nancy Grasmick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Steven E Peck

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Debora A Plunkett

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Sherman L Ragland

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jeff S Rosen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Thomas B Smyth

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Eileen Auen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • John J Mease Jr

    VICE PRESIDENT/ CFO

    Total calculated
    $169,968
    From this org
    $158,478
    From related orgs
    $0
    Other
    $11,490
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $158,478
    Bonus
    $0
    Other
    $0
    Deferred
    $11,490
    Nontaxable benefits
    $0
    Filer's total
    $169,968

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • TOWSON UNIVERSITY

    $2,574,614

    SCHOLARSHIPS AND AWARDS PAID TO TOWSON UNIVERSITY FOR VARIOUS STUDENT RECIPIENTS

  • TOWSON UNIVERSITY

    $1,194,994

    SEE SCHEDULE I PART IV

  • TOWSON UNIVERSITY

    $0

    EQUIPMENT FOR USE OF TOWSON UNIVERSITY FACULTY AND STUDENTS

Provenance

Return type
form_990
Tax year
2022
Filed
25 April 2024
IRS schema version
2022v5.0
Source object
202411299349300631

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