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Nonprofiteer
← MARSHALL UNIVERSITY FOUNDATION INCORPORATED

Form 990 for tax year 2022

Filed by MARSHALL UNIVERSITY FOUNDATION INCORPORATED.

Totals

Total revenue
$48,068,529
Total expenses
$18,321,336
Contributions and grants received
$23,232,583
Grants paid
$7,999,399
Program service revenue
$50,389
Investment income
$6,027,036
Other revenue
$18,758,521
Total assets, end of year
$387,058,001
Total liabilities, end of year
$79,698,924
Net assets or fund balances, end of year
$307,359,077
Program services expenses (Part IX)
$13,808,488
Management and general expenses
$2,441,396
Fundraising expenses
$2,071,452
Program service expenses (Part III)
$13,808,488

Program services were 75.4% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $1,155,776

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $22,076,807

  • 1g · Noncash contributions included above

    $253,502

  • 2a · Program service revenue: Conference Center Activity

    total $50,389 · related or exempt $23,916 · unrelated business $26,473 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,852,950 · related or exempt $1,852,950 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $25,301 · related or exempt $25,301 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $85,326,624 · other assets $0

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

    securities $81,152,538 · other assets $0

  • 7c · Gain or loss

    securities $4,174,086 · other assets $0

  • 7d · Net gain or loss

    total $4,174,086 · related or exempt $4,174,086 · unrelated business $0 · excluded $0

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

    $0

  • 10a · Gross sales of inventory

    $22,724

  • 10b · Cost of goods sold

    $8,282

  • 10c · Net income from sales of inventory

    total $14,442 · related or exempt $6,854 · unrelated business $7,588 · excluded $0

  • 11a · Other revenue: Change in interest in affiliated organizations

    total $18,718,778 · related or exempt $18,718,778 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $18,718,778

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $7,999,399 · program services $7,999,399

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $530,861 · program services $0 · management and general $408,772 · fundraising $122,089

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $1,717,483 · program services $70,298 · management and general $528,306 · fundraising $1,118,879

  • 8 · Pension plan contributions

    total $119,402 · program services $3,738 · management and general $44,336 · fundraising $71,328

  • 9 · Other employee benefits

    total $442,147 · program services $4,728 · management and general $212,329 · fundraising $225,090

  • 10 · Payroll taxes

    total $154,690 · program services $5,120 · management and general $59,967 · fundraising $89,603

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $79,533 · program services $6,458 · management and general $73,045 · fundraising $30

  • 11c · Fees: accounting

    total $30,250 · program services $0 · management and general $30,250 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $725,530 · program services $572,154 · management and general $153,376 · fundraising $0

  • 11g · Fees: other

    total $3,124,809 · program services $2,946,225 · management and general $70,498 · fundraising $108,086

  • 12 · Advertising and promotion

    total $2,845 · program services $2,845 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $190,387 · program services $50,512 · management and general $83,046 · fundraising $56,829

  • 14 · Information technology

    total $244,097 · program services $21,498 · management and general $164,112 · fundraising $58,487

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $88,335 · program services $1,812 · management and general $86,523 · fundraising $0

  • 17 · Travel

    total $352,063 · program services $224,435 · management and general $15,652 · fundraising $111,976

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $560,880 · program services $459,202 · management and general $48,189 · fundraising $53,489

  • 20 · Interest

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $303,141 · program services $0 · management and general $303,141 · fundraising $0

  • 23 · Insurance

    total $159,679 · program services $94,787 · management and general $53,702 · fundraising $11,190

  • 24a · Other expenses: Dept Support Employment

    total $571,814 · program services $571,814 · management and general $0 · fundraising $0

  • 24b · Other expenses: CGA Trust and Pledge Adj

    total $347,482 · program services $254,293 · management and general $92,620 · fundraising $569

  • 24c · Other expenses: Misc

    total $66,181 · program services $63,782 · management and general $1,334 · fundraising $1,065

  • 24d · Other expenses: Printing and Equip and Supplies

    total $476,199 · program services $442,200 · management and general $6,926 · fundraising $27,073

  • 24e · All other expenses

    total $34,129 · program services $13,188 · management and general $5,272 · fundraising $15,669

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $500 · end of year $500

  • 2 · Savings and temporary cash investments

    beginning of year $30,847,577 · end of year $39,698,445

  • 3 · Pledges and grants receivable

    beginning of year $21,372,523 · end of year $21,512,283

  • 4 · Accounts receivable

    beginning of year $129,546 · end of year $683,769

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $49,776 · end of year $29,730

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

    $13,682,813

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

    $4,796,796

  • 10c · Land, buildings and equipment, net

    beginning of year $9,118,902 · end of year $8,886,017

  • 11 · Investments: publicly traded securities

    beginning of year $170,284,393 · end of year $158,249,256

  • 12 · Investments: other securities

    beginning of year $98,540,945 · end of year $124,556,100

  • 15 · Other assets

    beginning of year $14,373,253 · end of year $33,441,901

  • 17 · Accounts payable and accrued expenses

    beginning of year $626,373 · end of year $682,138

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $2,000 · end of year $3,142

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $72,940,794 · end of year $78,589,601

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $596,116 · end of year $424,043

  • 27 · Net assets without donor restrictions

    beginning of year $20,775,810 · end of year $41,827,675

  • 28 · Net assets with donor restrictions

    beginning of year $249,776,322 · end of year $265,531,402

Mission and programs · 2022

Mission

The organization's primary exempt purpose is to provide support to Marshall University by receiving, investing and administering private resources.

Activities or mission (Part I)

The Marshall University Foundation was chartered on January 3, 1947 as an independent non-profit organization to receive, invest, administer and disburse private resources on behalf of Marshall University.

  • The organization provides support in the form of scholarships and awards to faculty and students related to their educational pursuits at the university

    Expenses $7,999,399 · Grants $7,999,399

  • The organization provides support to the university broadly and to individual departments in support of their respective education priorities in the form of payroll and stipend support, as well as to designated funds on behalf of departmental and university projects.

    Expenses $719,479

  • Department and unit operating funds provide additional resources for programs, travel, training, equipment and supplies, and other miscellaneous purposes on behalf of university departments

    Expenses $1,316,938

  • Other expenses attributable to program funds in support of the university and departments, and adjustments for bad debts.

    Expenses $3,772,672

As filed on the 2022 return.

Listed in Part VII

  • Dr Ronald G Area

    CEO

    Total calculated
    $325,266
    From this org
    $264,755
    From related orgs
    $0
    Other
    $60,511
    Hours/week
    40 + 3 related

    Schedule J breakdown matched by us

    Base
    $267,709
    Bonus
    $0
    Other
    $0
    Deferred
    $23,188
    Nontaxable benefits
    $37,324
    Filer's total
    $328,221

  • Mr R Scott Anderson

    CFO

    Total calculated
    $170,341
    From this org
    $138,036
    From related orgs
    $0
    Other
    $32,305
    Hours/week
    40 + 3 related

    Schedule J breakdown matched by us

    Base
    $143,512
    Bonus
    $0
    Other
    $0
    Deferred
    $8,611
    Nontaxable benefits
    $23,694
    Filer's total
    $175,817

  • Mr Joseph Allwood

    COO

    Total calculated
    $140,259
    From this org
    $121,223
    From related orgs
    $0
    Other
    $19,036
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,438
    Bonus
    $0
    Other
    $0
    Deferred
    $7,466
    Nontaxable benefits
    $11,569
    Filer's total
    $143,473

  • Mrs Nancy E Campbell

    Board Chair

    Total calculated
    $0
    Hours/week
    4

  • Mrs Carol J Hartley

    First Vice Chair

    Total calculated
    $0
    Hours/week
    2

  • Mr Bernard Coston

    Second Vice Chair

    Total calculated
    $0
    Hours/week
    2

  • Mr Leon K Oxley

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Mr Floyd Harlow Jr

    Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Mrs Sharon Shaffer

    Immediate Past Chair

    Total calculated
    $0
    Hours/week
    2

  • Mr Barry Burgess

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mr William W Carter

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mr Mark A Chandler

    Director

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Ms Kathy Eddy

    Director

    Total calculated
    $0
    Hours/week
    2

  • Ms Diane Ramy Faulconer

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mrs Verna Gibson

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mrs Monica Hatfield

    Director

    Total calculated
    $0
    Hours/week
    2

  • Dr Robert Hess

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mr William V Jackson

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mr Rex W Johnson

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mr Max Lederer

    Director

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Mr Norman Mosrie

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mr Charles Neighborgall

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mr Charles W Pace

    Director

    Total calculated
    $0
    Hours/week
    2

  • Dr Joseph Touma

    Director

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Mr Danny Vance

    Director

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Mr Steven Wellman

    Director

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Mr John Jay White

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mr Marc Williams

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mrs A Sue Zemba

    Director

    Total calculated
    $0
    Hours/week
    2

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

  • 1a · Travel for companions
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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)

Schedule J, Part I, Line 1a
Social club dues and a limited amount of spousal travel are a part of the employment agreement with the CEO.
Schedule J, Part I, Line 3
CEO compensation and performance are reviewed annually by the Human Resources Committee using resources that include board surveys and formal review.

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

  • Marshall University

    $13,801,343

    to support the students and university departments in their educational mission

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Marshall Services Corporation

    C · Invest in joint venture for internationalization of campus · WV · 100% owned · controlled entity

    Directly controlled by The Marshall University Foundation Inc

Provenance

Return type
form_990
Tax year
2022
Filed
8 March 2024
IRS schema version
2022v5.0
Source object
202400719349300610

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