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Nonprofiteer
← ROWAN UNIVERSITY FOUNDATION INC

Form 990 for tax year 2023

Filed by ROWAN UNIVERSITY FOUNDATION INC.

Totals

Total revenue
$33,947,105
Total expenses
$20,222,813
Contributions and grants received
$23,905,429
Grants paid
$19,143,792
Program service revenue
$0
Investment income
$9,944,287
Other revenue
$97,389
Total assets, end of year
$428,578,315
Total liabilities, end of year
$1,277,307
Net assets or fund balances, end of year
$427,301,008
Program services expenses (Part IX)
$19,315,237
Management and general expenses
$907,576
Fundraising expenses
$0
Program service expenses (Part III)
$19,315,237

Program services were 95.5% 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.

  • 1c · Fundraising events

    $26,723

  • 1f · All other contributions, gifts and grants

    $23,878,706

  • 1g · Noncash contributions included above

    $542,053

  • 3 · Investment income

    total $4,603,079 · unrelated business -$105,820 · excluded $4,708,899

  • 7a · Gross sales of assets other than inventory

    securities $23,604,449

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

    securities $18,263,241

  • 7c · Gain or loss

    securities $5,341,208

  • 7d · Net gain or loss

    total $5,341,208 · unrelated business $168,920 · excluded $5,172,288

  • 8a · Fundraising events: gross income

    $4,796

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

    $26,723

  • 8b · Fundraising events: direct expenses

    $27,148

  • 8c · Net income from fundraising events

    total -$22,352 · excluded -$22,352

  • 11a · Other revenue: ALUMNI EVENTS

    total $78,266 · excluded $78,266

  • 11b · Other revenue: OTHER REVENUE

    total $26,502 · excluded $26,502

  • 11c · Other revenue: MERCHANT COMMISSIONS

    total $14,973 · excluded $14,973

  • 11e · Other revenue, total

    $119,741

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $15,305,394 · program services $15,305,394

  • 2 · Grants to domestic individuals

    total $3,838,398 · program services $3,838,398

  • 11b · Fees: legal

    total $18,082 · management and general $18,082

  • 11c · Fees: accounting

    total $93,649 · management and general $93,649

  • 11f · Fees: investment management

    total $258,295 · management and general $258,295

  • 11g · Fees: other

    total $286,634 · program services $159,338 · management and general $127,296

  • 12 · Advertising and promotion

    total $109,971 · management and general $109,971

  • 13 · Office expenses

    total $57,240 · program services $1,655 · management and general $55,585

  • 17 · Travel

    total $44,441 · management and general $44,441

  • 23 · Insurance

    total $54,136 · management and general $54,136

  • 24a · Other expenses: CATERING & OFFICIAL REC

    total $146,121 · management and general $146,121

  • 24b · Other expenses: LICENSE & REGISTRATIONS

    total $10,452 · program services $10,452

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $20,739,315 · end of year $16,492,628

  • 3 · Pledges and grants receivable

    beginning of year $1,683,644 · end of year $3,360,371

  • 11 · Investments: publicly traded securities

    beginning of year $175,599,663 · end of year $189,335,917

  • 12 · Investments: other securities

    beginning of year $193,542,502 · end of year $218,115,652

  • 15 · Other assets

    beginning of year $23,191 · end of year $1,273,747

  • 17 · Accounts payable and accrued expenses

    beginning of year $116,991 · end of year $124,895

  • 25 · Other liabilities

    beginning of year $1,046,423 · end of year $1,152,412

  • 27 · Net assets without donor restrictions

    beginning of year $80,007,514 · end of year $87,278,041

  • 28 · Net assets with donor restrictions

    beginning of year $310,417,387 · end of year $340,022,967

Mission and programs · 2023

Mission

THE ROWAN UNIVERSITY FOUNDATION OPERATES WITH THE EXPRESS PURPOSE OF RAISING FUNDS AND OBTAINING OBJECTS OF VALUE, THROUGH DONATION, PRIVATE OR PUBLIC GRANTS, GIFTS, OR OTHERWISE, FOR THE USE OR BENEFIT OF ROWAN UNIVERSITY AND OTHER UNIVERSITY-HELD ATTRACTIONS WITH THE GOAL OF ENRICHING THE EDUCATION AND STUDENT LIFE OF THE STUDENTS OF ROWAN UNIVERSITY AND IMPROVING THE EDUCATIONAL OPPORTUNITIES AND/OR SERVICES PROVIDED TO STUDENTS, FACULTY, ALUMNI, AND THE GENERAL PUBLIC.

Activities or mission (Part I)

TO SUPPORT ROWAN UNIVERSITY IN ITS ROLE AS A NEW MODEL FOR EXCELLENCE IN HIGHER EDUCATION.

  • GRANTS TO ROWAN UNIVERSITY AND AFFILIATE -THE ROWAN UNIVERSITY FOUNDATION OVERSEES AND COORDINATES ALL FUND-RAISING ACTIVITIES AND IS RESPONSIBLE FOR THE MANAGEMENT, INVESTMENT AND DISTRIBUTION OF ALL CHARITABLE CONTRIBUTIONS TO BENEFIT ROWAN UNIVERSITY. AS THE INDEPENDENT, OFFICIALLY DESIGNATED NON-PROFIT ORGANIZATION OF PHILANTHROPIC AID TO THE INSTITUTION, THE FOUNDATION IS THE ONLY VEHICLE THROUGH WHICH CHARITABLE GIFTS MAY BE MADE TO ROWAN UNIVERSITY.

    Expenses $15,476,839 · Grants $15,305,394

  • Withheld by Nonprofiteer: this text may name a private individual.

    Expenses $3,838,398 · Grants $3,838,398

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

  • DR ALI HOUSHMAND

    DIRECTOR (PRES., ROWAN UNIVERSITY)

    Total calculated
    $1,215,041
    From this org
    $0
    From related orgs
    $988,394
    Other
    $226,647
    Hours/week
    1 + 54 related

    Schedule J breakdown matched by us

    Base
    $0 + $739,452 related
    Bonus
    $0 + $97,079 related
    Other
    $0 + $151,863 related
    Deferred
    $0 + $147,322 related
    Nontaxable benefits
    $0 + $79,325 related
    Filer's total
    $0 + $1,215,041 related

  • DR JAMES GEORGE

    DIRECTOR (FACULTY, ROWAN UNIVERSITY)

    Total calculated
    $128,085
    From this org
    $0
    From related orgs
    $79,526
    Other
    $48,559
    Hours/week
    1 + 35 related

  • REGINALD J MIDDLETON

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • DAVE BURGIN

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL CONNALLON

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • ANGELA BROWN

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • GEORGE AWAD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SALMAN BHATTI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DR TONYA BRELAND

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ANTHONY CALABRESE

    DIRECTOR THRU AUG 2023

    Total calculated
    $0
    Hours/week
    1

  • APRIL CARTY-SIPP

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • STEPHEN H CLARK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TONY GALVIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JACK HAFNER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL HARRINGTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BRIGHID BURGIN HOEMPLER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROBERT W HOEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SCOTT KINTZING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • STANLEY LABRUNA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • NIKITAS MOUSTAKAS

    DIRECTOR AS OF NOV 2023

    Total calculated
    $0
    Hours/week
    1

  • ERICA ORTIZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ALYCE PARKER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SALVATORE PATTI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • YUVAL SAAR

    DIRECTOR

    Total calculated
    $1,674
    From this org
    $0
    From related orgs
    $1,674
    Other
    $0
    Hours/week
    1

  • HARRY I SCHEYER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DR STEPHANIE SCHLITT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PAULINE SCHNEIDER

    DIRECTOR THRU FEB 2024

    Total calculated
    $0
    Hours/week
    1

  • ERIC STEIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JIM STEWART

    DIRECTOR AS OF NOV 2023

    Total calculated
    $0
    Hours/week
    1

  • DAVID J STROUT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DOROTHY STUBBLEBINE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JAMES TARANGELO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JACK TARDITI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PAUL TULLY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • STACEY VAIL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JON J VOGEL

    DIRECTOR (FACULTY, ROWAN UNIVERSITY)

    Total calculated
    $11,142
    From this org
    $0
    From related orgs
    $10,317
    Other
    $825
    Hours/week
    1

  • JESSE SHAFER

    EXECUTIVE DIRECTOR THRU MAR 2024

    Total calculated
    $311,460
    From this org
    $0
    From related orgs
    $297,460
    Other
    $14,000
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $292,464 related
    Bonus
    $0
    Other
    $0 + $4,996 related
    Deferred
    $0 + $14,000 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $311,460 related

  • JOHN J ZABINSKI

    EXECUTIVE DIRECTOR AS OF APR 2024

    Total calculated
    $0
    Hours/week
    10

  • RONALD J TALLARIDA

    FORMER EXECUTIVE DIRECTOR

    Total calculated
    $318,953
    From this org
    $0
    From related orgs
    $304,953
    Other
    $14,000
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $281,822 related
    Bonus
    $0
    Other
    $0 + $23,131 related
    Deferred
    $0 + $14,000 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $318,953 related

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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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 I, LINE 3
THE ORGANIZATION'S EXECUTIVE DIRECTOR, JESSE R. SHAFER (THROUGH MARCH 2024), WAS COMPENSATED BY A RELATED ORGANIZATION, ROWAN UNIVERSITY. HIS COMPENSATION WAS DETERMINED THROUGH ROWAN UNIVERSITY'S SALARY REVIEW PROCESS, WHICH INCLUDES A REVIEW BY THE UNIVERSITY'S CHIEF HUMAN RESOURCE OFFICER, CHIEF FINANCIAL OFFICER, AND THE PRESIDENT OF ROWAN UNIVERSITY. THESE REVIEWS INCLUDED THE USE OF COMPARABILITY DATA FOR BOTH INTERNAL AND EXTERNAL COMPENSATION EQUITY.
PART I, LINE 4B
ALI HOUSHMAND, A DIRECTOR OF THE ORGANIZATION AND THE PRESIDENT OF ROWAN UNIVERSITY, PARTICIPATES IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN WITH THE UNIVERSITY, A RELATED ORGANIZATION. THE UNIVERSITY CONTRIBUTED $133,322 TO THE PLAN ON HIS BEHALF IN CALENDAR YEAR 2023. HE ALSO RECEIVED DISTRIBUTION FROM THE 457(F) PLAN IN AMOUNT OF $38,213 IN CALENDAR YEAR 2023. THE AMOUNT IS REPORTABLE AS TAXABLE COMPENSATION IN PART II, COLUMN B (III).

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202501359349304450

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