Civic Intelligence

Kean University Foundation Inc.

990 • Fiscal year 2017 • EIN 22-2849480

Jul 01, 2016 to Jun 30, 2017 • Filed on Nov 15, 2017

Organization ProfileWWW.KEANFOUNDATION.ORG

View Organization Page

1000 Morris AvenueUnion, NJ 07083-0411

(908) 737-3340

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

59th percentile

0.32x

Higher debt load relative to assets than 59% of similar nonprofits.

2017 filings • NTEE B • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

83rd percentile

2.15x

Higher debt load relative to revenue than 83% of similar nonprofits.

2017 filings • NTEE B • $50M-$100M nonprofits • Source year 2017

Net Margin

96th percentile

54%

Higher net margin than 96% of similar nonprofits.

2017 filings • NTEE B • $50M-$100M nonprofits • Source year 2017

Top Officer Pay

4th percentile

$0

Higher top officer pay than 4% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Asset Growth

60th percentile

6.7%

Faster asset growth than 60% of similar nonprofits.

2017 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

90th percentile

66%

Faster revenue growth than 90% of similar nonprofits.

2017 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets59th percentile

Assets

Up

$59,248,393

Up $3,746,278 (+6.7%) from 2016

Net Assets

Up

$40,123,061

Up $4,797,389 (+14%) from 2016

Liabilities

Down

$19,125,332

Down $1,051,111 (-5.2%) from 2016

Revenue And Expenses
Liabilities / Revenue83rd percentileNet Margin96th percentile

Revenue

Up

$8,892,491

Up $3,547,959 (+66%) from 2016

Expenses

Down

$4,095,102

Down $541,618 (-12%) from 2016

Net Income

Up

$4,797,389

Up $4,089,577 (+578%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth60th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2011: $48,160,398Liabilities 2011: $23,529,610Net Assets 2011: $24,630,7882011Assets 2012: $50,641,657Liabilities 2012: $24,772,640Net Assets 2012: $25,869,0172012Assets 2013: $53,672,730Liabilities 2013: $24,187,661Net Assets 2013: $29,485,0692013Assets 2014: $56,755,596Liabilities 2014: $23,501,333Net Assets 2014: $33,254,2632014Assets 2015: $56,124,210Liabilities 2015: $21,506,350Net Assets 2015: $34,617,8602015Assets 2016: $55,502,115Liabilities 2016: $20,176,443Net Assets 2016: $35,325,6722016Assets 2017: $59,248,393Liabilities 2017: $19,125,332Net Assets 2017: $40,123,0612017Assets 2018: $41,890,481Liabilities 2018: $1,851,242Net Assets 2018: $40,039,2392018Assets 2019: $50,511,444Liabilities 2019: $2,086,696Net Assets 2019: $48,424,7482019Assets 2020: $87,078,533Liabilities 2020: $1,578,452Net Assets 2020: $85,500,0812020Assets 2021: $104,167,220Liabilities 2021: $1,544,145Net Assets 2021: $102,623,0752021Assets 2022: $95,899,383Liabilities 2022: $1,244,406Net Assets 2022: $94,654,9772022Assets 2023: $102,482,697Liabilities 2023: $1,621,918Net Assets 2023: $100,860,7792023Assets 2024: $111,099,096Liabilities 2024: $1,485,574Net Assets 2024: $109,613,5222024

Highlighted filing

2017

Assets$59,248,393
Liabilities$19,125,332
Net Assets$40,123,061
Open 2017 Filing

Operations Trend

Revenue Growth90th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$30M$20M$10M$0Revenue 2011: $6,663,955Expenses 2011: $3,740,473Net Income 2011: $2,923,4822011Revenue 2012: $4,483,879Expenses 2012: $3,245,650Net Income 2012: $1,238,2292012Expenses 2013: $2,735,7932013Revenue 2014: $7,709,307Expenses 2014: $3,940,113Net Income 2014: $3,769,1942014Revenue 2015: $5,732,337Expenses 2015: $4,368,740Net Income 2015: $1,363,5972015Revenue 2016: $5,344,532Expenses 2016: $4,636,720Net Income 2016: $707,8122016Revenue 2017: $8,892,491Expenses 2017: $4,095,102Net Income 2017: $4,797,3892017Revenue 2018: $6,486,331Expenses 2018: $6,336,117Net Income 2018: $150,2142018Revenue 2019: $10,649,734Expenses 2019: $2,558,101Net Income 2019: $8,091,6332019Revenue 2020: $39,897,638Expenses 2020: $3,208,004Net Income 2020: $36,689,6342020Revenue 2021: $7,620,099Expenses 2021: $4,331,281Net Income 2021: $3,288,8182021Revenue 2022: $11,069,195Expenses 2022: $5,192,029Net Income 2022: $5,877,1662022Revenue 2023: $10,085,812Expenses 2023: $8,433,241Net Income 2023: $1,652,5712023Revenue 2024: $10,058,819Expenses 2024: $9,826,654Net Income 2024: $232,1652024

Highlighted filing

2017

Revenue$8,892,491
Expenses$4,095,102
Net Income$4,797,389
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 15, 2017
Return Version
2016v3.0
Gross Receipts
$17,509,937
Mission and Program Overview

Mission

The organization raises funds to support kean university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$19,751,918$22,161,783▲ $2,409,865
Investments Other Securities$6,723,807$8,393,092▲ $1,669,285
Savings and Temporary Cash Investments$3,627,592$5,902,616▲ $2,275,024
Land, Buildings, and Equipment, Net$1,980,281$1,768,617▼ $211,664
Pledges and Grants Receivable$3,340,402$1,406,944▼ $1,933,458
Prepaid Expenses and Deferred Charges$474,444$450,727▼ $23,717
Other Notes and Loans Receivable, Net$349,060$355,892▲ $6,832
Total Assets$55,502,115$59,248,393▲ $3,746,278
Other Assets Total$19,254,611$18,808,722▼ $445,889
Liabilities
Tax Exempt Bond Liabilities$17,133,983$16,730,597▼ $403,386
Other Liabilities$2,046,812$1,927,425▼ $119,387
Accounts Payable and Accrued Expenses$995,648$467,310▼ $528,338
Total Liabilities$20,176,443$19,125,332▼ $1,051,111
Net Assets / Fund Balance
Temporarily Rstr Net Assets$14,822,782$16,534,520▲ $1,711,738
Permanently Rstr Net Assets$14,018,737$16,372,754▲ $2,354,017
Unrestricted Net Assets$6,484,153$7,215,787▲ $731,634
Total Net Assets Fund Balance$35,325,672$40,123,061▲ $4,797,389
Total Liabilities and Net Assets / Fund Balance$55,502,115$59,248,393▲ $3,746,278

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,568,808$298,865$1,867,673
Equipment$137,838$822,138$959,976
Other Land Buildings$61,971$387,744$449,715
Other Assets Org$17,370,367--
Other Securities$7,515,782--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$14,018,737$2,354,017--$16,372,754
2015$13,691,682$327,055--$14,018,737
2014$13,539,498$152,184--$13,691,682
2013$13,399,231$140,267--$13,539,498
2012$13,122,985$276,246--$13,399,231
Compensation and Service Providers
Top Officer Pay4th percentile

Board Members and Trustees

NameTitle
Steve FastookDirectorchairman
Audrey M KellyActing President
Maria E BordasVice Chair
Diane MironDirector
Donald BradyDirector
Gerald TarantoloDirector
James G HynesDirector
James K EstabrookDirector
James MullaneyDirector
John TurnerDirector
Kathleen WilkinsonDirector
Marjorie a PerryDirector
Patricia M BarksdaleDirector
Scott N SchoberDirector
William LoehningDirector
Ada MorrellEx Officio
Barbara SobelEx Officio
Dawood Y FarahiEx Officio
Edward a EspositoEx Officio
Linda TumaSecretary
Anthony Giordano IiiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$4,104,728
Program Service Revenue
$481,721
Investment Income
$1,762,639
Other Revenue
$2,543,403
All Other Contributions
$3,991,262
Change in Net Assets
$4,797,389

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,892,491
Revenue Not Reported on Form 990
$540,057
Total Revenue per Audited Statements
$9,432,548
Total Revenue per Form 990
$8,892,491
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,776,421
Grants and Similar Amounts Paid$1,318,681
Total Fundraising Expense$371,789
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,318,681--$1,318,681
Interest-$886,489-$886,489
All Other Expenses-$178,103$217,198$395,301
Other Expenses$616,022$120,683$103$120,786
Fees for Service Investment Mgmnt Fees-$94,708-$94,708
Information Technology-$66,121$17,500$83,621
Payments to Affiliates$46,426--$46,426
Insurance-$16,754-$16,754
Depreciation Depletion-$9,784-$9,784
Travel-$1,458$4,676$6,134
Conferences and Meetings-$5,000$15$5,015
Advertising-$1,700-$1,700
Total Functional Expenses$1,981,129$1,742,184$371,789$4,095,102

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,635,159
Expenses per Audited Statements$4,095,102
Total Expenses per Form 990$4,095,102
Expenses Not Reported on Form 990$540,057
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$162,343
Fundraising Gross Income$162,343
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Gala$318,105$132,297-$132,297
Golf Outing$82,115$30,046-$30,046
Total Events$400,220$162,343$162,343-
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Daniel J CharlestonFormer Board MemberInvestment ActivitiesNo-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Gear Up School Agency Account$1,194,752
Annuity Payable Liability$732,673

Bond Issues

BondIssuerIssuedIssue PricePurpose
ABergen Cnty Improvement Auth2010-12-09$18,161,291Construct academic building

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$18,161,291$1,859,710-$362,986

Bond Financing Compliance

Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

“Form 990 is prepared by an accounting professional. Electronic copies are distributed to board members for review and approval. The final version is reviewed and signed by the president of the foundation, then filed.”

Conflict of interest policy compliance Part VI line 12C

“Officers, directors, trustees and key employees are required to submit a signed statement annually.”

Governing documents etc available to public Part VI line 19

“Copies of all documents are available from the foundation upon request.”

Filing and Contact Details

Filer

Filer Name
Kean University Foundation Inc
EIN
22-2849480
Address
1000 MORRIS AVENUE, UNION, NJ 07083-0411

Signing Officer

Name
Audrey M Kelly
Title
Acting Presiden
Phone
9087373340
Signed
2017-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Audrey M Kelly
Formed
1984
Legal Domicile
Nj
Voting Board Members
21
Independent Board Members
16
Employees
0

Preparer

Firm
R A Eberle & Company LLC
Address
2400 Morris Ave Suite 204, Union, NJ 07083-5706
Preparer
Richard Eberle
Phone
9086877820
Supplemental Narrative

Additional Explanations

List of other expenses Part IX line 24E

“See pdf schedules attached for amounts in columns (c) & (d)”

General explanation attachment

“Form 990 part xii line 2cno change in the selection process”

Financial Statement Notes

Endowment funds intended uses (Part V, line 4)

“To provide a predictable stream of funding to programs supported by the endowment while seeking to preserve the purchasing power of endowment assets.”

Other revenues not included on Form 990 (Part XI, line 2D)

“See pdf schedule attached”

Other expenses not included on Form 990 (Part XII, line 2D)

“See pdf schedule attached”

Footnote for uncertain tax position under FIN 48 (Part X)

“The foundation (fdn) accounts for income taxes in accordance with income tax accounting guidance in fasb asc topic 740, income taxes. The fdn follows the statutory requirements for its income tax accounting and generally avoids risks associated with potentially problematic tax positions that may be challenged upon examination. Management believes any liability resulting from taxing authorities imposing additional income taxes from activities deemed to be unrelated to the fdns tax-exempt status would not have a material effect on the fdns financial statements. The fdn is subject to routine audits by taxing jurisdictions. However, there are currently no audits for any tax periods in progress. The fdn believes it is no longer subject to income tax exams prior to june 30, 2013.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt13EX OFFICIO
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IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$59,248,393
Liabilities
$19,125,332
Net assets
$40,123,061
Revenue
$8,892,491
Expenses
$4,095,102
Net income
$4,797,389
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$111$1.49$110$10.1$9.83$0.23
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$102$1.62$101$10.1$8.43$1.65
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$95.9$1.24$94.7$11.1$5.19$5.88
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$104$1.54$103$7.62$4.33$3.29
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$87.1$1.58$85.5$39.9$3.21$36.7
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$50.5$2.09$48.4$10.6$2.56$8.09
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$41.9$1.85$40.0$6.49$6.34$0.15
2017Detailed filing. Detailed filing data is available for this year.$59.2$19.1$40.1$8.89$4.10$4.80
2016Detailed filing. Detailed filing data is available for this year.$55.5$20.2$35.3$5.34$4.64$0.71
2015Detailed filing. Detailed filing data is available for this year.$56.1$21.5$34.6$5.73$4.37$1.36
2014Detailed filing. Detailed filing data is available for this year.$56.8$23.5$33.3$7.71$3.94$3.77
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$53.7$24.2$29.5$2.74
2012Summary only. Only limited summary data is available for this year.$50.6$24.8$25.9$4.48$3.25$1.24
2011Summary only. Only limited summary data is available for this year.$48.2$23.5$24.6$6.66$3.74$2.92
Peer Organizations

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