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Nonprofiteer
← UNIVERSITY OF AKRON FOUNDATION

Form 990 for tax year 2022

Filed by UNIVERSITY OF AKRON FOUNDATION.

Totals

Total revenue
$16,632,940
Total expenses
$18,797,090
Contributions and grants received
$9,849,379
Grants paid
$13,684,494
Program service revenue
$0
Investment income
$6,783,561
Other revenue
$0
Total assets, end of year
$251,625,335
Total liabilities, end of year
$8,976,164
Net assets or fund balances, end of year
$242,649,171
Program services expenses (Part IX)
$13,684,494
Management and general expenses
$4,730,440
Fundraising expenses
$382,156
Program service expenses (Part III)
$13,684,494

Program services were 72.8% 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.

  • 1d · Related organizations

    $67,734

  • 1f · All other contributions, gifts and grants

    $9,781,645

  • 1g · Noncash contributions included above

    $92,998

  • 3 · Investment income

    total $1,469,398 · unrelated business -$37,592 · excluded $1,506,990

  • 7a · Gross sales of assets other than inventory

    securities $10,700,187

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

    securities $5,386,024

  • 7c · Gain or loss

    securities $5,314,163

  • 7d · Net gain or loss

    total $5,314,163 · excluded $5,314,163

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $13,684,494 · program services $13,684,494

  • 11a · Fees: management

    total $517,974 · management and general $422,033 · fundraising $95,941

  • 11b · Fees: legal

    total $136,883 · management and general $136,883

  • 11c · Fees: accounting

    total $71,775 · management and general $71,775

  • 11f · Fees: investment management

    total $2,916,094 · management and general $2,916,094

  • 11g · Fees: other

    total $149,193 · management and general $149,193

  • 13 · Office expenses

    total $9,424 · management and general $2,356 · fundraising $7,068

  • 14 · Information technology

    total $146,545 · management and general $146,545

  • 19 · Conferences, conventions and meetings

    total $12,732 · management and general $12,732

  • 23 · Insurance

    total $20,886 · management and general $20,886

  • 24a · Other expenses: PAYMENTS TO ANNUITANTS

    total $801,203 · management and general $801,203

  • 24b · Other expenses: PUBLIC RELATIONS

    total $315,341 · management and general $36,194 · fundraising $279,147

  • 24c · Other expenses: MISCELLANEOUS EXPENSES

    total $12,472 · management and general $12,472

  • 24d · Other expenses: PROPERTY EXPENSES

    total $2,074 · management and general $2,074

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,322,467 · end of year $1,762,587

  • 2 · Savings and temporary cash investments

    beginning of year $5,775,590 · end of year $5,954,784

  • 3 · Pledges and grants receivable

    beginning of year $11,988,954 · end of year $11,035,297

  • 4 · Accounts receivable

    beginning of year $406,890 · end of year $648,639

  • 7 · Other notes and loans receivable

    beginning of year $220,884 · end of year $1,385,884

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

    $1,332,423

  • 10c · Land, buildings and equipment, net

    beginning of year $747,900 · end of year $1,332,423

  • 11 · Investments: publicly traded securities

    beginning of year $17,707,415 · end of year $18,102,133

  • 12 · Investments: other securities

    beginning of year $193,185,246 · end of year $211,055,760

  • 15 · Other assets

    beginning of year $348,432 · end of year $347,828

  • 17 · Accounts payable and accrued expenses

    beginning of year $562,918 · end of year $547,771

  • 19 · Deferred revenue

    beginning of year $28,500 · end of year $28,500

  • 21 · Escrow or custodial account liability

    beginning of year $5,000 · end of year $5,000

  • 25 · Other liabilities

    beginning of year $8,874,610 · end of year $8,394,893

  • 27 · Net assets without donor restrictions

    beginning of year $9,281,660 · end of year $10,393,994

  • 28 · Net assets with donor restrictions

    beginning of year $220,951,090 · end of year $232,255,177

Mission and programs · 2022

Mission

THE MISSION OF THE UNIVERSITY OF AKRON FOUNDATION (UAF) IS TO OPERATE EXCLUSIVELY FOR THE BENEFIT OF THE UNIVERSITY OF AKRON (UA), INCLUDING BUT NOT LIMITED TO RECEIVING, HOLDING, INVESTING, AND ADMINISTERING PROPERTY FOR THE BENEFIT OF UA, AND BY MAKING EXPENDITURES TO OR FOR THE BENEFIT OF UA.

Activities or mission (Part I)

TO MANAGE PROPERTY, INVESTMENTS AND CERTAIN EXPENDITURES FOR THE BENEFIT OF THE UNIVERSITY OF AKRON.

  • ACADEMIC SUPPORT: THE UNIVERSITY OF AKRON FOUNDATION PROVIDES MANY OPPORTUNITIES FOR STUDENTS AND FACULTY TO GROW AND EXCEL THROUGH ACADEMIC SUPPORT. DURING THE FISCAL YEAR ENDED JUNE 30, 2023, THE FOUNDATION HELPED FUND OVER 78 COLLEGE AND DEPARTMENT ACCOUNTS, 15 ACADEMIC CHAIR ACCOUNTS, 14 LECTURESHIP ACCOUNTS, 13 FELLOWSHIP ACCOUNTS, 13 INTERNSHIP ACCOUNTS, 8 PROFESSORSHIP ACCOUNTS, 5 INSTITUTE ACCOUNTS, 2 PRE-COLLEGE PROGRAM ACCOUNTS, 2 CENTER ACCOUNTS, AND THE HISTORY OF PSYCHOLOGY ARCHIVE ACCOUNT AT THE UNIVERSITY OF AKRON.

    Expenses $7,531,920 · Grants $7,531,920

  • PHYSICAL IMPROVEMENTS AND OPERATIONAL SUPPORT: THE UNIVERSITY OF AKRON FOUNDATION CONTINUES TO SUPPORT THE UNIVERSITY OF AKRON CAMPUS ENHANCEMENTS BY FUNDING OR HELPING TO FUND PHYSICAL IMPROVEMENTS. DURING THE FISCAL YEAR ENDED JUNE 30, 2023, THE FOUNDATION PROVIDED THE FOLLOWING:1) $500,000 FOR ATHLETIC FIELD HOUSE WEIGHT ROOM2) $80,000 FOR HOWER HOUSE HVAC3) $191,000 ATHLETIC TRACK RENOVATION

    Expenses $2,064,916 · Grants $2,064,916

  • STUDENT FINANCIAL AID: ONE OF THE FOUNDATION'S OBJECTIVES IS TO ASSIST THE UNIVERSITY OF AKRON WITH FUNDING FOR STUDENT FINANCIAL AID. DURING THE FISCAL YEAR ENDED JUNE 30, 2023, THE FOUNDATION PROVIDED FUNDING FOR MORE THAN 1,000 SCHOLARSHIP ACCOUNTS WITHIN THE UNIVERSITY OF AKRON.

    Expenses $4,087,658 · Grants $4,087,658

  • AUXILLIARY PROGRAMS: THE UNIVERSITY OF AKRON FOUNDATION PROVIDED DONOR-DESIGNATED FINANCIAL ASSISTANCE TO THE ATHLETIC PROGRAM, THE PERFORMING ARTS HALL AT THE UNIVERSITY OF AKRON, AND HOWER HOUSE, A HISTORIC BUILDING OWNED BY THE UNIVERSITY OF AKRON.

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

Listed in Part VII

  • Philip A Lloyd

    DIRECTOR AND FORMER CHAIR

    Total calculated
    $0
    Hours/week
    1.4

  • Pamela S Williams

    DIRECTOR AND VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.9

  • Kathryn W Dindo

    DIRECTOR AND VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.9

  • John R Adams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Larry W Allen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Frank P Bevilacqua

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Eileen E Burg

    FORMER DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Samuel D Deshazior

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Carina S Diamond

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Laura Duda

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Dennis H Gartman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.8

  • Christopher V Goff

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • David M Grubb

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Joseph C Hete

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Raymond K Lee

    FORMER DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Rajkumar Makam

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • James D McCool

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Theodora Musson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Stephen E Myers

    FORMER DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Sandra Pianalto

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Richard W Pogue

    FORMER DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • James M Pulk

    FORMER DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Joesph E Reece

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Lawrence J Rybka

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Rebecca Slayman-Gallagher

    FORMER DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Craig S Taylor

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Philip S Thompson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Marlene K Toot

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Susan S Wagstaff

    FORMER DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Paul Smucker Wagstaff

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Glen L Stephens

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Halle G Jones Capers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Irvin J Musson

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Duriya A Dhinjwala

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Dallas Grundy

    EX-OFFICIO DIRECTOR

    Total calculated
    $372,667
    From this org
    $0
    From related orgs
    $317,340
    Other
    $55,327
    Hours/week
    0.4 + 39.6 related

    Schedule J breakdown matched by us

    Base
    $0 + $316,592 related
    Bonus
    $0
    Other
    $0 + $748 related
    Deferred
    $0 + $39,452 related
    Nontaxable benefits
    $0 + $15,875 related
    Filer's total
    $0 + $372,667 related

  • Gary L Miller

    EX-OFFICIO DIRECTOR

    Total calculated
    $594,377
    From this org
    $0
    From related orgs
    $531,160
    Other
    $63,217
    Hours/week
    0.4 + 39.6 related

    Schedule J breakdown matched by us

    Base
    $0 + $464,668 related
    Bonus
    $0
    Other
    $0 + $66,492 related
    Deferred
    $0 + $36,105 related
    Nontaxable benefits
    $0 + $27,112 related
    Filer's total
    $0 + $594,377 related

  • John Wiencek

    EX-OFFICIO DIRECTOR

    Total calculated
    $407,482
    From this org
    $0
    From related orgs
    $347,291
    Other
    $60,191
    Hours/week
    0.4 + 39.6 related

    Schedule J breakdown matched by us

    Base
    $0 + $347,291 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $36,294 related
    Nontaxable benefits
    $0 + $23,897 related
    Filer's total
    $0 + $407,482 related

  • Anthony J Alexander

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Michael D Crome

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • William H Skeeles

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Jenifer Meade

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Chris T Teodosio

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Kimberly M Cole

    EXECUTIVE DIRECTOR

    Total calculated
    $200,000
    From this org
    $0
    From related orgs
    $166,427
    Other
    $33,573
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $166,289 related
    Bonus
    $0
    Other
    $0 + $138 related
    Deferred
    $0 + $23,562 related
    Nontaxable benefits
    $0 + $10,011 related
    Filer's total
    $0 + $200,000 related

  • Denny Clutter

    ASSISTANT TREASURER

    Total calculated
    $105,584
    From this org
    $0
    From related orgs
    $85,144
    Other
    $20,440
    Hours/week
    39 + 1 related

  • Sameer Alramahi

    FORMER CONTROLLER

    Total calculated
    $149,442
    From this org
    $0
    From related orgs
    $116,576
    Other
    $32,866
    Hours/week
    0.4 + 39.6 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

  • 2 · Substantiation required before reimbursing expenses
  • 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 4B
IN CALENDAR YEAR 2022, DALLAS GRUNDY CONTRIBUTED $38,500, GARY MILLER CONTRIBUTED $28,501, JOHN WINCEK CONTRIBUTED $32,334, AND DENNY CLUTTER CONTRIBUTED $3,625 TO THE UNIVERSITY OF AKRON'S 457(B) PLAN. NO DISTRIBUTIONS WERE MADE FROM THE UNIVERSITY OF AKRON'S 457(B) PLAN DURING CALENDAR YEAR 2022.
PART I, LINE 2
THE FOUNDATION DID NOT PROVIDE ANY OF THE ITEMS LISTED IN 1A TO OR FOR A PERSON LISTED ON FORM 990, PART VII, SECTION A, LINE 1A. HOWEVER, IF THERE WERE SUCH EXPENSES, THE FOUNDATION'S POLICIES AND PROCEDURES MANUAL REQUIRES SUBSTANTIATION PRIOR TO ANY DISBURSEMENTS.
PART I, LINE 3
THE FOUNDATION DOES NOT PROVIDE COMPENSATION TO ITS EXECUTIVE DIRECTOR OR ANY OTHER OFFICER OR DIRECTOR.

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

  • THE UNIVERSITY OF AKRON

    $13,684,493

    SEE PART IV

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.

  • THE UNIVERSITY OF AKRON

    501(C)(3) · HIGHER EDUCATION · OH

Provenance

Return type
form_990
Tax year
2022
Filed
29 April 2024
IRS schema version
2022v5.0
Source object
202411239349301231

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