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Nonprofiteer
← LAKE SUPERIOR STATE UNIVERSITY FOUNDATION

Form 990 for tax year 2023

Filed by LAKE SUPERIOR STATE UNIVERSITY FOUNDATION.

Totals

Total revenue
$2,984,410
Total expenses
$2,356,656
Contributions and grants received
$2,099,060
Grants paid
$1,822,322
Program service revenue
$0
Investment income
$885,350
Other revenue
$0
Total assets, end of year
$28,609,201
Total liabilities, end of year
$48,785
Net assets or fund balances, end of year
$28,560,416
Program services expenses (Part IX)
$1,822,322
Management and general expenses
$515,362
Fundraising expenses
$18,972
Program service expenses (Part III)
$1,822,322

Program services were 77.3% 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

    $32,022

  • 1d · Related organizations

    $21,520

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $2,045,518

  • 1g · Noncash contributions included above

    $33,585

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $889,273 · related or exempt $0 · unrelated business $0 · excluded $889,273

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

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

  • 5 · Royalties

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

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

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

  • 7a · Gross sales of assets other than inventory

    securities $2,775,758 · other assets $0

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

    securities $2,779,681 · other assets $0

  • 7c · Gain or loss

    securities -$3,923 · other assets $0

  • 7d · Net gain or loss

    total -$3,923 · related or exempt $0 · unrelated business $0 · excluded -$3,923

  • 8a · Fundraising events: gross income

    $18,395

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

    $32,022

  • 8b · Fundraising events: direct expenses

    $18,395

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

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

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

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

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,822,322 · program services $1,822,322

  • 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 $114,109 · program services $0 · management and general $114,109 · fundraising $0

  • 6 · Compensation of disqualified persons

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

  • 7 · Other salaries and wages

    total $115,084 · program services $0 · management and general $112,838 · fundraising $2,246

  • 8 · Pension plan contributions

    total $10,969 · program services $0 · management and general $10,969 · fundraising $0

  • 9 · Other employee benefits

    total $31,581 · program services $0 · management and general $31,581 · fundraising $0

  • 10 · Payroll taxes

    total $7,892 · program services $0 · management and general $7,837 · fundraising $55

  • 11a · Fees: management

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

  • 11b · Fees: legal

    total $24,267 · program services $0 · management and general $24,267 · fundraising $0

  • 11c · Fees: accounting

    total $8,007 · program services $0 · management and general $8,007 · 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 $60,503 · program services $0 · management and general $60,503 · fundraising $0

  • 11g · Fees: other

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

  • 12 · Advertising and promotion

    total $2,380 · program services $0 · management and general $2,380 · fundraising $0

  • 13 · Office expenses

    total $14,770 · program services $0 · management and general $14,641 · fundraising $129

  • 14 · Information technology

    total $8,627 · program services $0 · management and general $8,627 · fundraising $0

  • 15 · Royalties

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

  • 16 · Occupancy

    total $21,520 · program services $0 · management and general $21,520 · fundraising $0

  • 17 · Travel

    total $3,239 · program services $0 · management and general $3,197 · fundraising $42

  • 18 · Travel or entertainment for public officials

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

  • 19 · Conferences, conventions and meetings

    total $30,226 · program services $0 · management and general $13,342 · fundraising $16,884

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

  • 23 · Insurance

    total $2,187 · program services $0 · management and general $2,187 · fundraising $0

  • 24a · Other expenses: Liquor License

    total $75 · program services $0 · management and general $75 · fundraising $0

  • 24b · Other expenses: Annuity Payments

    total $3,998 · program services $0 · management and general $3,998 · fundraising $0

  • 24c · Other expenses: Filing and License to Solicit fees

    total $515 · program services $0 · management and general $515 · fundraising $0

  • 24d · Other expenses: Memberships

    total $2,278 · program services $0 · management and general $2,278 · fundraising $0

  • 24e · All other expenses

    total $72,107 · program services $0 · management and general $72,491 · fundraising -$384

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $304,221 · end of year $402,268

  • 2 · Savings and temporary cash investments

    beginning of year $1,595,283 · end of year $2,570,205

  • 3 · Pledges and grants receivable

    beginning of year $1,522,223 · end of year $806,399

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 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 $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $22,362,708 · end of year $24,830,329

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,860 · end of year $36,710

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 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 $30,890 · end of year $12,075

  • 27 · Net assets without donor restrictions

    beginning of year $465,123 · end of year $411,200

  • 28 · Net assets with donor restrictions

    beginning of year $25,273,562 · end of year $28,149,216

Mission and programs · 2023

Mission

The Lake Superior State University Foundation exists for the sole purpose of promoting, receiving, managing, and disbursing donations and contributions for the benefit of Lake Superior State University.

Activities or mission (Part I)

The Lake Superior State University Foundation's sole purpose is to promote, receive, manage, and disburse donations and contributions for the benefit of Lake Superior State University.

  • The Lake Superior State University Foundation exists for the sole purpose of promoting, receiving, managing, and disbursing certain private donations and contributions for the benefit of Lake Superior State University.

    Expenses $1,822,322 · Grants $1,822,322

As filed on the 2023 return.

Listed in Part VII

  • Sharon Dorrity

    Secretary of Board/Coord Donor Relations

    Total calculated
    $43,316
    From this org
    $0
    From related orgs
    $43,316
    Other
    $0
    Hours/week
    40

  • Scott P Smith

    Vice President of Advancement

    Total calculated
    $29,941
    From this org
    $0
    From related orgs
    $29,941
    Other
    $0
    Hours/week
    7.2 + 32.8 related

  • Edward F Smith

    Chair & Executive Committee

    Total calculated
    $0
    Hours/week
    0

  • Carol Andary

    Board Member-Executive Committee

    Total calculated
    $0
    Hours/week
    0

  • Brittany Barrett

    Board Member

    Total calculated
    $0
    Hours/week
    0

  • H James Bourque

    Emeritus

    Total calculated
    $0
    Hours/week
    0

  • Joseph Breed

    Board Member-Executive Committee-Secretary

    Total calculated
    $0
    Hours/week
    0

  • Jennifer Brown

    Board Member

    Total calculated
    $0
    Hours/week
    0

  • Anthony Damiano

    Board Member-Executive Committee

    Total calculated
    $0
    Hours/week
    0

  • Megan Fenlon

    Board Member

    Total calculated
    $0
    Hours/week
    0

  • Ted Haapala

    Board Member

    Total calculated
    $0
    Hours/week
    0

  • Robert Kjolhede

    Board Member-Executive Committee

    Total calculated
    $0
    Hours/week
    0

  • Ashley O'Dwyer

    Board Member

    Total calculated
    $0
    Hours/week
    0

  • Thomas G Robinson

    Board Member

    Total calculated
    $0
    Hours/week
    0

  • David Saunders

    Board Member

    Total calculated
    $0
    Hours/week
    0

  • Charles Schmidt

    Board Member-Executive Committee

    Total calculated
    $0
    Hours/week
    0

  • Ken Williams

    Board Member

    Total calculated
    $0
    Hours/week
    0

  • Michael Wyse

    Board Member

    Total calculated
    $0
    Hours/week
    0

  • Maurice Walworth

    Treasurer

    Total calculated
    $0
    Hours/week
    0 + 40 related

  • Dr David Travis

    Second Vice Chair

    Total calculated
    $0
    Hours/week
    0

  • Kevin Cooper

    Board Member

    Total calculated
    $0
    Hours/week
    0

  • Tim Lukenda

    Board Member

    Total calculated
    $0
    Hours/week
    0

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.

Grants on this return

  • Lake Superior State University

    $1,788,737

    Scholarships and grants to the students of Lake Superior State University; funding for various educational activities carried out by Lake Superior State University; operational support for athletics; and support for Lake Superior State University operations.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
16 December 2024
IRS schema version
2023v5.0
Source object
202423559349300942

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