← LAKE SUPERIOR STATE UNIVERSITY FOUNDATION

Form 990 for tax year 2022

Filed by LAKE SUPERIOR STATE UNIVERSITY FOUNDATION.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2022 , filed 8 December 2023. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Both are the same on the two returns, so the amendment changed something else.

Totals

Total revenue: $3,637,982
Total expenses: $2,166,565
Contributions and grants received: $2,724,286
Grants paid: $1,467,285
Program service revenue: $0
Investment income: $913,696
Other revenue: $0
Total assets, end of year: $25,784,435
Total liabilities, end of year: $45,750
Net assets or fund balances, end of year: $25,738,685
Program services expenses (Part IX): $1,467,285
Management and general expenses: $683,335
Fundraising expenses: $15,945
Program service expenses (Part III): $1,467,285

Program services were 67.7% 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

$36,989
1d · Related organizations

$328,210
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$2,359,087
1g · Noncash contributions included above

$12,700
3 · Investment income

total $690,790 · related or exempt $0 · unrelated business $0 · excluded $690,790
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 $380,990 · other assets $0
7b · Less cost or other basis and sales expenses

securities $158,084 · other assets $0
7c · Gain or loss

securities $222,906 · other assets $0
7d · Net gain or loss

total $222,906 · related or exempt $0 · unrelated business $0 · excluded $222,906
8a · Fundraising events: gross income

$13,354
8a · Fundraising events: contributions included on line 1c

$36,989
8b · Fundraising events: direct expenses

$13,354
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 $1,467,285 · program services $1,467,285
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 $108,338 · program services $0 · management and general $108,338 · fundraising $0
6 · Compensation of disqualified persons

total $0 · program services $0 · management and general $0 · fundraising $0
7 · Other salaries and wages

total $147,081 · program services $0 · management and general $142,627 · fundraising $4,454
8 · Pension plan contributions

total $14,742 · program services $0 · management and general $14,742 · fundraising $0
9 · Other employee benefits

total $33,401 · program services $0 · management and general $33,401 · fundraising $0
10 · Payroll taxes

total $10,712 · program services $0 · management and general $10,604 · fundraising $108
11a · Fees: management

total $0 · program services $0 · management and general $0 · fundraising $0
11b · Fees: legal

total $19,275 · program services $0 · management and general $19,275 · fundraising $0
11c · Fees: accounting

total $6,795 · program services $0 · management and general $6,795 · 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 $52,695 · program services $0 · management and general $52,695 · fundraising $0
11g · Fees: other

total $0 · program services $0 · management and general $0 · fundraising $0
12 · Advertising and promotion

total $745 · program services $0 · management and general $745 · fundraising $0
13 · Office expenses

total $9,744 · program services $0 · management and general $9,286 · fundraising $458
14 · Information technology

total $9,521 · program services $0 · management and general $9,521 · fundraising $0
15 · Royalties

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

total $20,810 · program services $0 · management and general $20,810 · fundraising $0
17 · Travel

total $4,475 · program services $0 · management and general $4,475 · fundraising $0
18 · Travel or entertainment for public officials

total $0 · program services $0 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $20,995 · program services $0 · management and general $10,070 · fundraising $10,925
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 $2,154 · program services $0 · management and general $2,154 · fundraising $0
24a · Other expenses: Annuity Payments

total $30,940 · program services $0 · management and general $30,940 · fundraising $0
24b · Other expenses: Liquor License

total $384 · program services $0 · management and general $384 · fundraising $0
24c · Other expenses: Filing and License to Solicit fees

total $265 · program services $0 · management and general $265 · fundraising $0
24d · Other expenses: Memberships

total $25 · program services $0 · management and general $25 · fundraising $0
24e · All other expenses

total $206,183 · program services $0 · management and general $206,183 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $278,373 · end of year $304,221
2 · Savings and temporary cash investments

beginning of year $1,482,283 · end of year $1,595,283
3 · Pledges and grants receivable

beginning of year $757,040 · end of year $1,522,223
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 $19,932,835 · end of year $22,362,708
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 $5,976 · end of year $0
17 · Accounts payable and accrued expenses

beginning of year $1,994 · end of year $14,860
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 $10,908 · end of year $30,890
27 · Net assets without donor restrictions

beginning of year $22,278,340 · end of year $25,393,119
28 · Net assets with donor restrictions

beginning of year $165,265 · end of year $345,566

Mission and programs · 2022

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 $1,467,285 · Grants $1,467,285

As filed on the 2022 return.

Listed in Part VII

Sharon Dorrity

Secretary of Board/Coord Donor Relations

Total calculated

$38,814

From this org

$0

From related orgs

$38,814

Other

$0

Hours/week

40

Schedule J breakdown matched by us

Base

$0 + $38,814 related

Bonus

$0

Other

$0

Deferred

$0

Nontaxable benefits

$0

Filer's total

$0 + $38,814 related
Scott P Smith

Vice President of Advancement

Total calculated

$29,477

From this org

$0

From related orgs

$29,477

Other

$0

Hours/week

7.06 + 32.84 related

Schedule J breakdown matched by us

Base

$0 + $29,477 related

Bonus

$0

Other

$0

Deferred

$0

Nontaxable benefits

$0

Filer's total

$0 + $29,477 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
H James Bourque

Emeritus

Total calculated

$0

Hours/week

0
Allison Brawley

Board Member

Total calculated

$0

Hours/week

0
Joseph Breed

Board Member-Executive Committee

Total calculated

$0

Hours/week

0
Anthony Damiano

Board Member

Total calculated

$0

Hours/week

0
Michael Day

Board Member

Total calculated

$0

Hours/week

0
Ted Haapala

Board Member

Total calculated

$0

Hours/week

0
David Jahn

Board Member

Total calculated

$0

Hours/week

0
Robert Kjolhede

Board Member-Executive Committee

Total calculated

$0

Hours/week

0
Rebecca C Novo

Board Member

Total calculated

$0

Hours/week

0
Michael O'Toole

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
Michael Wyse

Board Member

Total calculated

$0

Hours/week

0
Maurice Walworth

Treasurer

Total calculated

$0

Hours/week

0 + 40 related
Dr Lynn Gillette

Second Vice Chair/Ex-Officio

Total calculated

$0

Hours/week

0 + 40 related
Richard Barch

Board Member/Ex-Officio Representative

Total calculated

$0

Hours/week

0
Randy Pingatore

Board Member/Ex-Officio Representative

Total calculated

$0

Hours/week

0
Nafez Alayn

Treasurer

Total calculated

$0

Hours/week

0 + 40 related
Rodney S Hanley

Second Vice Chair/Ex-Officio

Total calculated

$0

Hours/week

0 + 40 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

3 · Compensation committee
3 · Written employment contract
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

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

Lake Superior State University

$1,454,585

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.

Lake Superior State University

501(c)(1) · Educational Institution - Four Year Public University · MI

Provenance

Return type: form_990
Tax year: 2022
Filed: 8 December 2023
IRS schema version: 2022v5.0
Source object: 202430169349304343

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.