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Nonprofiteer
← MIDDLESEX COLLEGE FOUNDATION INC

Form 990 for tax year 2023

Filed by MIDDLESEX COLLEGE FOUNDATION INC.

Totals

Total revenue
$1,682,045
Total expenses
$1,301,737
Contributions and grants received
$1,065,320
Grants paid
$1,082,360
Program service revenue
$0
Investment income
$615,860
Other revenue
$865
Total assets, end of year
$23,378,377
Total liabilities, end of year
$903,381
Net assets or fund balances, end of year
$22,474,996
Program services expenses (Part IX)
$1,090,566
Management and general expenses
$211,171
Fundraising expenses
$0
Program service expenses (Part III)
$1,090,566

Program services were 83.8% 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.

  • 1e · Government grants (contributions)

    $16,500

  • 1f · All other contributions, gifts and grants

    $1,048,820

  • 1g · Noncash contributions included above

    $70,480

  • 3 · Investment income

    total $602,345 · excluded $602,345

  • 7a · Gross sales of assets other than inventory

    securities $9,462,115

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

    securities $9,448,600

  • 7c · Gain or loss

    securities $13,515

  • 7d · Net gain or loss

    total $13,515 · excluded $13,515

  • 9a · Gaming: gross income

    $26,464

  • 9b · Gaming: direct expenses

    $26,169

  • 9c · Net income from gaming

    total $295 · excluded $295

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $570 · excluded $570

  • 11e · Other revenue, total

    $570

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $440,916 · program services $440,916

  • 2 · Grants to domestic individuals

    total $641,444 · program services $641,444

  • 11c · Fees: accounting

    total $15,000 · management and general $15,000

  • 11f · Fees: investment management

    total $131,271 · management and general $131,271

  • 11g · Fees: other

    total $15,779 · management and general $15,779

  • 13 · Office expenses

    total $5,244 · management and general $5,244

  • 14 · Information technology

    total $9,520 · management and general $9,520

  • 17 · Travel

    total $539 · management and general $539

  • 19 · Conferences, conventions and meetings

    total $1,762 · management and general $1,762

  • 24a · Other expenses: ALLOCATED PAYROLL

    total $32,056 · management and general $32,056

  • 24b · Other expenses: COMMUNITY EVENTS

    total $6,366 · program services $6,366

  • 24c · Other expenses: ANNUITY DISTRIBUTIONS

    total $1,840 · program services $1,840

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $428,855 · end of year $396,266

  • 2 · Savings and temporary cash investments

    beginning of year $787,380 · end of year $1,148,895

  • 3 · Pledges and grants receivable

    beginning of year $265,989 · end of year $175,464

  • 11 · Investments: publicly traded securities

    beginning of year $20,084,140 · end of year $21,647,171

  • 15 · Other assets

    beginning of year $5,484 · end of year $10,581

  • 17 · Accounts payable and accrued expenses

    beginning of year $36,014 · end of year $25,025

  • 18 · Grants payable

    beginning of year $1,176,562 · end of year $878,356

  • 27 · Net assets without donor restrictions

    beginning of year $2,809,789 · end of year $3,256,702

  • 28 · Net assets with donor restrictions

    beginning of year $17,549,483 · end of year $19,218,294

Mission and programs · 2023

Mission

HELPING STUDENTS OPEN DOORS TO THEIR FUTURE WITH FINANCIAL AID, SCHOLARSHIPS, AND EDUCATIONAL RESOURCES.

  • SCHOLARSHIPS - SINCE 1967, THE MIDDLESEX COLLEGE FOUNDATION HAS DISTRIBUTED OVER $19 MILLION IN SCHOLARSHIPS, FINANCIAL AID, AND GRANTS TO MORE THAN 19,000 DESERVING STUDENTS. THE MIDDLESEX COLLEGE FOUNDATION CURRENTLY OFFERS 152 ENDOWED AND ANNUAL SCHOLARSHIPS FOR QUALIFIED STUDENTS. THE NUMBER OF DESERVING MIDDLESEX COLLEGE STUDENTS IN NEED OF FINANCIAL ASSISTANCE ALWAYS EXCEEDS AVAILABLE FUNDING. THE MIDDLESEX COLLEGE FOUNDATION IS COMMITTED TO INCREASING OUR FINANCIAL RESOURCES SO THAT WE MAY ASSIST MORE STUDENTS EACH YEAR. SPENDING OF FUNDS ARE BASED ON DONOR RESTRICTION AND MAY BE TEMPORARILY OR PERMANENTLY RESTRICTED.

    Expenses $575,136 · Grants $575,136

  • PROGRAMS AND GRANTS - IN ADDITION TO PROVIDING SCHOLARSHIPS FOR MIDDLESEX COLLEGE STUDENTS, MIDDLESEX COLLEGE FOUNDATION SEEKS FUNDING FOR A WIDE VARIETY OF ONGOING PROGRAMS, STUDENT BASIC AND EMERGENT NEEDS, DIGITAL EQUITY, AND ACADEMIC INITIATIVES. THE MIDDLESEX COLLEGE FOUNDATION STRIVES TO ENCOURAGE AND SUSTAIN LONG-TERM RELATIONSHIPS WITH ALUMNI, FRIENDS, AND BUSINESSES, AND TO SEEK THEIR ACTIVE SUPPORT OF THE COLLEGE'S MISSION. THESE RELATIONSHIPS BUILD COMMITMENT AND INCLUSION IN SUPPORT OF THE COLLEGE'S GOAL OF SERVING THE ENTIRE COMMUNITY.

    Expenses $439,416 · Grants $439,416

  • DIRECT STUDENT SUPPORT - STUDENT SUCCESS OFTEN DEPENDS ON FACTORS BEYOND ACADEMIC SCHOLARSHIP. MIDDLESEX COLLEGE FOUNDATION SEEKS TO SUPPORT THE WHOLE STUDENT JOURNEY AND HAS MADE A COMMITMENT TO DIRECT STUDENT SUPPORT THROUGH THE FUNDING OF PROGRAMS SUCH AS THE STUDENT EMERGENCY FUND, MIDDLESEX COLLEGE FOOD PANTRY, AND BRIDGING THE DIGITAL DIVIDE CHROMEBOOK OWNERSHIP PROGRAM.

    Expenses $67,808 · Grants $67,808

  • MEETINGS, RECOGNITION, ANNUITY DISTRIBUTIONS

    Expenses $8,206

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Diane Conboy Kirshenbaum

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Deangelina Inman

    1ST VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Anthony Osbourne

    2ND VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • James Campbell

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Joanne Fillweber

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Barbara Bernard

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Maureen Binetti

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Abhi Diwaker

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Genette Falk

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Rick Gelmetti

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Linda Donato Kennedy

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Keith Menscher Esq

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Priti Pandya-Patel Psyd

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Michael Rofman CPA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Buvana Radhakrishnan

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Michael Fisher

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Lisa Kelly

    EXECUTIVE DIRECTOR

    Total calculated
    $119,327
    From this org
    $100,592
    From related orgs
    $0
    Other
    $18,735
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $98,103
    Bonus
    $0
    Other
    $2,489
    Deferred
    $8,041
    Nontaxable benefits
    $10,694
    Filer's total
    $119,327

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

None.

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

The filer's explanations (Part III)

PART VII, LINE 5:
LISA KELLY, EXECUTIVE DIRECTOR, IS EMPLOYED AND COMPENSATED BY MIDDLESEX COLLEGE, AN UNRELATED PARTY. SHE DEVOTES 75% OF HER TIME TO MIDDLESEX COLLEGE FOUNDATION, INC. AND, IN COMPLIANCE WITH PART VII INSTRUCTIONS OF THE 990, HAS 75% OF HER COMPENSATION ALLOCATED TO THE FOUNDATION($119,327).

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

  • MIDDLESEX COLLEGE

    $439,416

    GRANTS TO SUPPORT COLLEGE'S PROGRAMS

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202501359349315810

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