Skip to content
Nonprofiteer
← CLEVELAND STATE UNIVERSITY FOUNDATION

Form 990 for tax year 2024

Filed by CLEVELAND STATE UNIVERSITY FOUNDATION.

Totals

Total revenue
$23,868,027
Total expenses
$16,143,771
Contributions and grants received
$15,437,221
Grants paid
$14,170,568
Program service revenue
$73,259
Investment income
$8,318,366
Other revenue
$39,181
Total assets, end of year
$181,182,093
Total liabilities, end of year
$12,640,339
Net assets or fund balances, end of year
$168,541,754
Program services expenses (Part IX)
$15,023,386
Management and general expenses
$927,298
Fundraising expenses
$193,087
Program service expenses (Part III)
$15,023,386

Program services were 93.1% 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.

  • 1f · All other contributions, gifts and grants

    $15,437,221

  • 2a · Program service revenue: ENDOWMENT MANAGEMENT FEE

    total $73,259 · related or exempt $73,259

  • 3 · Investment income

    total $4,777,080 · unrelated business $182,389 · excluded $4,594,691

  • 7a · Gross sales of assets other than inventory

    securities $20,221,156

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

    securities $16,679,870

  • 7c · Gain or loss

    securities $3,541,286

  • 7d · Net gain or loss

    total $3,541,286 · excluded $3,541,286

  • 11a · Other revenue: NON-CHARITABLE SUPPORT GIFTS

    total $39,181 · excluded $39,181

  • 11e · Other revenue, total

    $39,181

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $13,674,338 · program services $13,674,338

  • 2 · Grants to domestic individuals

    total $496,230 · program services $496,230

  • 11b · Fees: legal

    total $41,847 · management and general $41,847

  • 11c · Fees: accounting

    total $46,122 · management and general $46,122

  • 11f · Fees: investment management

    total $224,150 · management and general $224,150

  • 11g · Fees: other

    total $360,488 · program services $276,656 · management and general $83,832

  • 12 · Advertising and promotion

    total $130,090 · program services $31,740 · fundraising $98,350

  • 13 · Office expenses

    total $84,021 · program services $80,595 · management and general $3,426

  • 16 · Occupancy

    total $2,528 · program services $2,528

  • 17 · Travel

    total $67,092 · program services $64,649 · management and general $2,443

  • 19 · Conferences, conventions and meetings

    total $304,956 · program services $295,174 · management and general $9,782

  • 24a · Other expenses: PERSONNEL COSTS

    total $555,398 · program services $28,364 · management and general $432,297 · fundraising $94,737

  • 24b · Other expenses: BANK & CREDIT CARD FEES

    total $67,773 · management and general $67,773

  • 24c · Other expenses: MEMBERSHIP & SUBSCRIPTI

    total $61,609 · program services $47,786 · management and general $13,823

  • 24e · All other expenses

    total $27,129 · program services $25,326 · management and general $1,803

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,504,689 · end of year $1,860,730

  • 2 · Savings and temporary cash investments

    beginning of year $3,440,055 · end of year $2,710,317

  • 3 · Pledges and grants receivable

    beginning of year $28,430,659 · end of year $16,798,590

  • 11 · Investments: publicly traded securities

    beginning of year $103,523,886 · end of year $134,518,113

  • 12 · Investments: other securities

    beginning of year $27,503,878 · end of year $24,958,514

  • 15 · Other assets

    beginning of year $318,261 · end of year $335,829

  • 17 · Accounts payable and accrued expenses

    beginning of year $91,080 · end of year $105,235

  • 19 · Deferred revenue

    beginning of year $440,958 · end of year $445,367

  • 21 · Escrow or custodial account liability

    beginning of year $5,386,897 · end of year $5,835,391

  • 25 · Other liabilities

    beginning of year $6,769,390 · end of year $6,254,346

  • 27 · Net assets without donor restrictions

    beginning of year $2,472,843 · end of year $3,399,944

  • 28 · Net assets with donor restrictions

    beginning of year $149,560,260 · end of year $165,141,810

Mission and programs · 2024

Mission

THE FOUNDATION EXISTS PRIMARILY TO RAISE, RECEIVE, AND MANAGE PRIVATE GIFTS FOR THE ADVANCEMENT AND BENEFIT OF CLEVELAND STATE UNIVERSITY AND ITS STUDENTS AND FACULTY. OUR MISSION IS TO IMPROVE ACCESS TO HIGHER EDUCATION AND THE QUALITY OF THAT EDUCATION BY PROVIDING FINANCIAL AID AND GRANTS.

Activities or mission (Part I)

THE CSUF IS ORGANIZED PRIMARILY TO ENGAGE IN ACTIVITIES TO PROVIDE SUPPORT AND SERVICES TO CSU.

  • IN FISCAL YEAR 2025 THE FOUNDATION RECEIVED $14.9 MILLION IN NEW GIFTS AND PLEDGES, INCLUDING $7 MILLION FOR SCHOLARSHIPS. GIFTS RECEIVED BY THE FOUNDATION FALL INTO TWO BASIC CATEGORIES; RESTRICTED AND UNRESTRICTED. UNRESTRICTED GIFTS MAY BE USED FOR UNIVERSITY PRIORITIES, PROGRAMS AND SERVICES NOT SUPPORTED BY STATE FUNDS, ENDOWMENT INCOME, OR OTHER SOURCES. MOST GIFTS RECEIVED ARE RESTRICTED FOR SPECIFIC PURPOSES AS DIRECTED BY THE DONORS, THE FOUNDATION, AND THE UNIVERSITY. FOR EXAMPLE, RESTRICTED GIFTS CAN BE DIRECTED TO A SPECIFIED ACADEMIC DEPARTMENT, SCHOLARSHIP, ETC. WHETHER RESTRICTED OR UNRESTRICTED, ANNUAL GIFTS ARE USUALLY SPENT WITHIN THE YEAR THEY ARE RECEIVED. ENDOWMENT FUNDS ARE POOLED WITH OTHER GIFTS AND INVESTED. UNDER THE DIRECTION OF THE FOUNDATION'S INVESTMENT COMMITTEE, ENDOWMENTS ARE INVESTED BY PROFESSIONAL FUND MANAGERS FOR MAXIMUM YIELD WITH MINIMUM RISK. ENDOWMENT FUNDS SUPPORT GENERAL UNIVERSITY OPERATIONS, ALL NINE ACADEMIC COLLEGES, THE SCHOOL OF NURSING, ATHLETICS, AND THE LIBRARY.AT CSU, 30% OF STUDENTS ARE FROM UNDERREPRESENTED MINORITY POPULATIONS AND MORE THAN 40% OF UNDERGRADUATES ARE THE FIRST IN THEIR FAMILIES TO ATTEND COLLEGE. MORE THAN HALF OF UNDERGRADUATES RECEIVING FEDERAL AID QUALIFY FOR THE MAXIMUM AMOUNT AND 88% OF FIRST-TIME, FULL-TIME FRESHMEN RELY ON FINANCIAL ASSISTANCE.THE CLEVELAND STATE UNIVERSITY FOUNDATION (CSUF) IS A NON-PROFIT ORGANIZATION INCORPORATED UNDER THE LAWS OF THE STATE OF OHIO AND TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. AN OUTRIGHT GIFT TO THE CSUF IS A FULLY TAX-DEDUCTIBLE CHARITABLEDONATION. THE CSUF DOES NOT RECEIVE PUBLIC FUNDS, SUCH AS STATE AND FEDERAL GRANTS.STATE OF OHIO APPROPRIATIONS HELP FUND THE UNIVERSITY'S BASIC OPERATIONS. OTHER SOURCES OF REVENUE, SUCH AS STUDENT FEES AND AUXILIARY SERVICES, HELP MEET BASIC OPERATING COSTS NOT COVERED BY STATE FUNDING. PRIVATE SUPPORT, GENERATED THROUGH GIFTS TO THE CSUF, PROVIDES THE UNIVERSITY A MARGIN OF EXCELLENCE BY CREATING STUDENTS AND FACULTY RESOURCE OPPORTUNITIES FROM PRIVATE FUNDRAISING THAT WOULD OTHERWISE NOT BE AVAILABLE. THE FOUNDATION FURTHER SERVES THE UNIVERSITY BY MAINTAINING PRIVATE FUND ACCOUNTS (ENDOWMENT AND CURRENT USE) FROM ONE FISCAL YEAR TO THE NEXT.THE CSUF IS GOVERNED BY AN INDEPENDENT VOLUNTEER BOARD OF DIRECTORS, CONSISTING OF NO MORE THAN 50 DIRECTORS, AND EX-OFFICIO DIRECTORS, INCLUDING THE PRESIDENT OF THE UNIVERSITY. THE FOUNDATION'S FINANCIAL RECORDS ARE AUDITED ANNUALLY BY INDEPENDENT AUDITORS.

    Expenses $15,023,386 · Grants $14,170,568 · Revenue $73,259

  • THE CLEVELAND SCHOOLS BOOK FUND IS AN ENDOWMENT WITHIN THE COLLEGE OF EDUCATION AND MANAGED BY THE CLEVELAND STATE UNIVERSITY FOUNDATION AS PART OF THE OVERALL INVESTMENT PORTFOLIO. OVERSIGHT IS PROVIDED BY A BOARD COMPRISED OF BOTH CSU AND NON-CSU MEMBERS.THE CLEVELAND SCHOOLS BOOK FUND HELPS STUDENTS DEVELOP READING SKILLS FOR ACADEMIC LIFE SUCCESS AND OVER THE PAST 10 YEARS HAS GROWN TO MORE THAN $6 MILLION. THE FUND HAS HELPED CHILDREN IN THE CLEVELAND METROPOLITAN SCHOOLS BECOME BETTER READERS AND CITIZENS BY PROVIDING EACH PRE-K TO FOURTH GRADE CLASSROOM WITH A LIBRARY OF HIGH-QUALITY STORYBOOKS THAT ARE SPECIFICALLY CHOSEN TO PRESENT MODELS OF GOOD BEHAVIOR AND CITIZENSHIP. THE BOOK FUND HAS DELIVERED OVER 200,000 BOOKS TO CLASSROOMS THROUGHOUT THE CITY, INCLUDING CAMPUS INTERNATIONAL SCHOOL, AND NEARLY 20,000 STUDENTS READ THOSE BOOKS EVERY YEAR. IN ADDITION, MORE THAN 1,000 CLASSROOMS HAVE RECEIVED SPECIFICALLY DESIGNED BOOK CASES.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Karen White

    CHAIR

    Total calculated
    $0
    Hours/week
    10

  • Michael Klein

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    10

  • Jeffrey A Vavruska

    TREASURER

    Total calculated
    $0
    Hours/week
    10

  • Jerry Jarzabek

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Anthony S Bakale

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Donnie Bedney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Nancy Berardinelli-Krantz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Theresa Carter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lonnie Coleman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James T Deiotte

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel Fashimpaur

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ann Frangos

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Judy Ghazoul Hilow

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brian Gevry

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Gunning II

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jeff Herzog

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James Kandrac

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Amy Kaplan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ariane Kirkpatrick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Janet L Kramer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mark Lantz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Joe Masters

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Nancy Mendez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Alan Nevel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Carolyn Rains

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Thomas Robenalt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daria Roebuck

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sandra Williams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Thomas O'Toole

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Julie Rehm

    EXECUTIVE DIRECTOR

    Total calculated
    $323,825
    From this org
    $0
    From related orgs
    $283,866
    Other
    $39,959
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $283,866 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $39,501 related
    Nontaxable benefits
    $0 + $458 related
    Filer's total
    $0 + $323,825 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

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 I, LINE 3:
CLEVELAND STATE UNIVERSITY (THE UNIVERSITY), A RELATED ORGANIZATION, UNIVERSITY FOUNDATION. THE UNIVERSITY HAS A COMPENSATION MANAGER THAT DOES INFORMATION UTILIZED. IN ADDITION, FOR SENIOR LEADERSHIP POSITIONS THE DETERMINES THE COMPENSATION OF THE EXECUTIVE DIRECTOR FOR CLEVELAND STATE MARKET RESEARCH AND REVIEWS FOR COMPENSATION. THERE ARE MANY SOURCES OF UNIVERSITY HIRES A SEARCH FIRM TO ASSIST IN THE HIRING / SEARCH PROCESS.

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

  • CLEVELAND STATE UNIVERSITY

    $13,674,338

    GENERAL OPERATING SUPPORT

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.

  • CLEVELAND STATE UNIVERSITY

    115 · EDUCATION · OH

Provenance

Return type
form_990
Tax year
2024
Filed
6 May 2026
IRS schema version
2024v5.5
Source object
202601329349303980

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.