Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $15,734,952

• 1g · Noncash contributions included above

  $6,668,817

• 3 · Investment income

  total $1,838,230 · excluded $1,838,230

• 7a · Gross sales of assets other than inventory

  securities $35,146,611

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

  securities $34,711,688

• 7c · Gain or loss

  securities $434,923

• 7d · Net gain or loss

  total $434,923 · excluded $434,923

• 11a · Other revenue: AUXILIARY INCOME

  total $825 · excluded $825

• 11e · Other revenue, total

  $825

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $3,094,038 · program services $3,094,038

• 11a · Fees: management

  total $65,816 · management and general $65,816

• 11b · Fees: legal

  total $84,835 · management and general $84,835

• 11c · Fees: accounting

  total $120,950 · management and general $120,950

• 11f · Fees: investment management

  total $95,043 · management and general $95,043

• 11g · Fees: other

  total $287,871 · management and general $184,331 · fundraising $103,540

• 12 · Advertising and promotion

  total $5,040 · management and general $40 · fundraising $5,000

• 13 · Office expenses

  total $72,599 · management and general $24,774 · fundraising $47,825

• 14 · Information technology

  total $75,135 · management and general $44,763 · fundraising $30,372

• 16 · Occupancy

  total $540,646 · management and general $540,646

• 17 · Travel

  total $19,673 · management and general $7,076 · fundraising $12,597

• 19 · Conferences, conventions and meetings

  total $2,674 · management and general $519 · fundraising $2,155

• 22 · Depreciation, depletion and amortization

  total $293,743 · management and general $293,743

• 23 · Insurance

  total $26,527 · management and general $26,527

• 24a · Other expenses: BANK FEES

  total $18,478 · management and general $18,478

• 24b · Other expenses: GUEST EXPENSES

  total $7,721 · management and general $4,528 · fundraising $3,193

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $206,771 · end of year $149,301

• 2 · Savings and temporary cash investments

  beginning of year $566,678 · end of year $490,398

• 3 · Pledges and grants receivable

  beginning of year $1,222,108 · end of year $2,066,971

• 4 · Accounts receivable

  beginning of year $3,404,200 · end of year $3,676,393

• 9 · Prepaid expenses and deferred charges

  end of year $38,140

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

  $8,051,136

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

  $658,540

• 10c · Land, buildings and equipment, net

  beginning of year $1,428,679 · end of year $7,392,596

• 11 · Investments: publicly traded securities

  beginning of year $40,290,424 · end of year $53,319,896

• 12 · Investments: other securities

  beginning of year $3,997,011 · end of year $3,749,636

• 15 · Other assets

  beginning of year $456,287 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $47,904 · end of year $275,406

• 19 · Deferred revenue

  end of year $4,000,000

• 25 · Other liabilities

  beginning of year $721,785 · end of year $722,819

• 27 · Net assets without donor restrictions

  beginning of year $5,777,213 · end of year $16,216,454

• 28 · Net assets with donor restrictions

  beginning of year $45,025,256 · end of year $49,668,652

The filer's explanations (Part III)

PART I, LINE 3

NORTHERN MICHIGAN UNIVERSITY USES THE CUPA DATA COMPENSATION SURVEY TO ESTABLISH COMPENSATION FOR THE CHIEF EXECUTIVE OFFICER.

PART I, LINE 4B

UNDER THE TERMS OF AN EMPLOYMENT AGREEMENT (AGREEMENT) BETWEEN NORTHERN MICHIGAN UNIVERSITY (UNIVERSITY) AND BRAD CANALE (EMPLOYEE), THE CHIEF EXECUTIVE OFFICER OF THE NORTHERN MICHIGAN UNIVERSITY FOUNDATION, THE UNIVERSITY CONTRIBUTED TO A DEFERRED COMPENSATION ACCOUNT UNDER A CODE SECTION 457(F) PLAN IN THE AMOUNT OF $20,000 DEPOSITED ON OR AROUND JUNE 15TH OF EACH YEAR DURING THE AGREEMENT. THE AGREEMENT WAS EFFECTIVE SEPTEMBER 1, 2019 AND CONTINUED THROUGH JUNE 30, 2023. THE EMPLOYEE FULLY VESTED IN THE FULL AMOUNT CONTAINED IN THE DEFERRED COMPENSATION ACCOUNT (INCLUDING EARNINGS, IF ANY), AS OF JUNE 30, 2023, LESS APPLICABLE WITHHOLDINGS AND DEDUCTIONS. THE UNIVERSITY AND THE EMPLOYEE ENTERED INTO AN EMPLOYMENT AGREEMENT EFFECTIVE JULY 1, 2023 AND CONTINUING THROUGH JUNE 30, 2027 WITH SIMILAR DEFERRED COMPENSATION TERMS AS THE AGREEMENT EFFECTIVE SEPTEMBER 1, 2019.