Civic Intelligence

Lock Haven University Foundation

990 • Fiscal year 2021 • EIN 23-7007734

Jul 01, 2020 to Jun 30, 2021 • Filed on Mar 02, 2022

401 North Fairview Street No 214Lock Haven, PA 17745

(570) 484-2298

Siviq Scores

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

Liabilities / Assets

74th percentile

0.49x

Higher debt load relative to assets than 74% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

95th percentile

5.83x

Higher debt load relative to revenue than 95% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Net Margin

75th percentile

30%

Higher net margin than 75% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

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

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Asset Growth

57th percentile

13%

Faster asset growth than 57% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

80th percentile

51%

Faster revenue growth than 80% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Assets

Up

$31,680,426

Up $3,599,014 (+13%) from 2020

Net Assets

Up

$16,308,536

Up $4,023,296 (+33%) from 2020

Liabilities

Down

$15,371,890

Down $424,282 (-2.7%) from 2020

Revenue

Up

$2,635,924

Up $886,869 (+51%) from 2020

Expenses

Down

$1,843,178

Down $306,709 (-14%) from 2020

Net Income

Up

$792,746

Up $1,193,578 (+298%) from 2020

Historical Trend

Balance Sheet Trend

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

$100M$50M$0Assets 2011: $35,169,838Liabilities 2011: $28,011,602Net Assets 2011: $7,158,2362011Assets 2012: $67,445,274Liabilities 2012: $62,826,654Net Assets 2012: $4,618,6202012Assets 2013: $85,690,810Liabilities 2013: $82,546,178Net Assets 2013: $3,144,6322013Assets 2014: $71,039,807Liabilities 2014: $65,169,275Net Assets 2014: $5,870,5322014Assets 2015: $70,356,378Liabilities 2015: $62,575,552Net Assets 2015: $7,780,8262015Assets 2017: $29,675,009Liabilities 2017: $18,589,535Net Assets 2017: $11,085,4742017Assets 2019: $29,752,049Liabilities 2019: $16,799,767Net Assets 2019: $12,952,2822019Assets 2020: $28,081,412Liabilities 2020: $15,796,172Net Assets 2020: $12,285,2402020Assets 2021: $31,680,426Liabilities 2021: $15,371,890Net Assets 2021: $16,308,5362021Assets 2022: $27,652,723Liabilities 2022: $13,661,955Net Assets 2022: $13,990,7682022Assets 2023: $29,009,293Liabilities 2023: $12,649,306Net Assets 2023: $16,359,9872023Assets 2024: $28,073,676Liabilities 2024: $8,931,751Net Assets 2024: $19,141,9252024

Highlighted filing

2021

Assets$31,680,426
Liabilities$15,371,890
Net Assets$16,308,536

Operations Trend

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

$10M$5.0M$0-$5.0MExpenses 2011: $2,546,3802011Expenses 2012: $2,797,7522012Expenses 2013: $5,175,0142013Revenue 2014: $4,253,245Expenses 2014: $2,845,887Net Income 2014: $1,407,3582014Revenue 2015: $5,153,331Expenses 2015: $3,275,848Net Income 2015: $1,877,4832015Revenue 2017: $7,668,786Expenses 2017: $3,158,725Net Income 2017: $4,510,0612017Revenue 2019: $2,762,999Expenses 2019: $2,569,434Net Income 2019: $193,5652019Revenue 2020: $1,749,055Expenses 2020: $2,149,887Net Income 2020: -$400,8322020Revenue 2021: $2,635,924Expenses 2021: $1,843,178Net Income 2021: $792,7462021Revenue 2022: $2,532,205Expenses 2022: $1,935,103Net Income 2022: $597,1022022Revenue 2023: $4,121,485Expenses 2023: $2,636,135Net Income 2023: $1,485,3502023Revenue 2024: $4,738,081Expenses 2024: $3,083,098Net Income 2024: $1,654,9832024

Highlighted filing

2021

Revenue$2,635,924
Expenses$1,843,178
Net Income$792,746
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Mar 2, 2022
Return Version
2020v4.2
Gross Receipts
$10,923,675
Mission and Program Overview

Mission

To generate and manage resources for the benefit of commonwealth university - lock haven and its students.

To generate and manage resources for the benefit of lock haven university and its students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$15,713,997$20,126,611▲ $4,412,614
Land, Buildings, and Equipment, Net$7,702,618$7,034,472▼ $668,146
Savings and Temporary Cash Investments$3,212,124$3,351,973▲ $139,849
Cash and Non-Interest-Bearing Accounts$493,749$452,298▼ $41,451
Pledges and Grants Receivable$495,536$281,356▼ $214,180
Other Notes and Loans Receivable, Net$51,811$40,222▼ $11,589
Accounts Receivable$42,056$14,023▼ $28,033
Prepaid Expenses and Deferred Charges$8,900$13,675▲ $4,775
Total Assets$28,081,412$31,680,426▲ $3,599,014
Other Assets Total$360,621$365,796▲ $5,175
Liabilities
Tax Exempt Bond Liabilities$12,206,380$11,534,512▼ $671,868
Mortgage Notes Payable Secured by Investment Property$2,115,652$1,860,050▼ $255,602
Accounts Payable and Accrued Expenses$400,295$934,713▲ $534,418
Unsecured Notes Loans Payable$657,403$649,282▼ $8,121
Other Liabilities$385,583$371,429▼ $14,154
Deferred Revenue$30,859$21,904▼ $8,955
Total Liabilities$15,796,172$15,371,890▼ $424,282
Net Assets / Fund Balance
Net Assets With Donor Restrictions$19,482,972$22,742,815▲ $3,259,843
Net Assets Without Donor Restrictions$-7,197,732$-6,434,279▲ $763,453
Total Net Assets Fund Balance$12,285,240$16,308,536▲ $4,023,296
Total Liabilities and Net Assets / Fund Balance$28,081,412$31,680,426▲ $3,599,014

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,653,810$9,450,104$15,103,914
Equipment$194,417$2,015,419$2,209,836
Land$1,077,341-$1,077,341
Other Land Buildings$108,904-$108,904

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$10,195,258-▲ $4,131,286-$12,935,420
2019$10,845,302-▲ $105,515-$10,195,258
2018$10,845,295-▲ $678,388-$10,845,302
2017$10,588,275-▲ $1,008,250-$10,845,295
2016$10,283,482-▲ $1,055,927-$10,588,275
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$1,100,417
Program Service Revenue
$306,371
Investment Income
$1,313,137
Other Revenue
$-84,001
All Other Contributions
$1,100,417
Change in Net Assets
$792,746

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,848,173
Revenue Not Reported on Financial Statements
$-2,212,249
Revenue Not Reported on Form 990
$3,288,372
Other Revenue Adjustments
$-2,270,075
Total Revenue per Audited Statements
$8,136,545
Total Revenue per Form 990
$2,635,924
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,039,401
Other Expenses$470,434
Salaries, Compensation, and Employee Benefits$333,343
Total Fundraising Expense$149,918
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,007,551--$1,007,551
Other Salaries and Wages$46,443$188,272-$234,715
Fees for Services Other$22,369$31,168$95,512$149,049
Other Employee Benefits$250$81,556-$81,806
All Other Expenses$32,016-$7,910$39,926
Other Expenses$37,623$24,202$36,874$37,623
Fees for Services Accounting-$35,675-$35,675
Grants to Domestic Individuals$31,850--$31,850
Payroll Taxes$2,109$14,713-$16,822
Insurance$2,049$13,162-$15,211
Office Expenses$242$971$5,976$7,189
Fees for Services Legal$3,276$3,444-$6,720
Depreciation Depletion$5,444--$5,444
Advertising$2,750-$982$3,732
Conferences and Meetings$1,676--$1,676
Total Functional Expenses$1,296,840$396,420$149,918$1,843,178

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,113,249
Expenses Not Reported on Form 990$2,270,071
Expenses per Audited Statements$1,843,178
Total Expenses per Form 990$1,843,178
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Lock Haven UniversityLock Haven, PA-Scholarships & Aid Support of University Programsstudent and Faculty Scholarships and Awardsfunds to Assist With Capital Improvements$902,723
Student Auxiliary Services IncLock Haven, PA-Scholarships & Aid$500
Citizens HoseMansfield, PA-Donation$300
Mansfield University--Donation-
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$56,054
Fundraising Direct Expenses$33,999
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Alumni Golf Tournament$20,275$20,275$1,711$18,564
Baseball/wrestling Game Feed & Raff$15,720$15,720$80$15,640
Total Events$56,054$56,054$33,999$22,055
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
-ENTITY > 35% OWNERSHIP BY A FAMILY MEMBER OF DIRECTORInsurance PremiumsNo$9,095
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Split Interest Agreements$396,712
Interest Rate Swap Agreements$1,710
Deferred Debt & Bond Premium Costs$-26,993

Bond Issues

BondIssuerIssuedIssue PricePurpose
APennsylvania Higher Education Facilities Authority2013-05-26$16,057,515Refunding of evergreen commons student housing project

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$15,994,735---

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

The foundation engages a management company to operate the evergreen commons student housing project.

Form 990, Part VI, Section B, Line 11B

The first draft of the form 990 is reviewed by the chief financial officer with the paid preparer. The second draft is reviewed by the finance committee, as presented by the paid preparer. The third draft is provided to the board of directors, preferably electronically, prior to the next regularly scheduled meeting of the board of directors. The final draft of the form 990 is approved or denied by the board of directors. After final approval by the board of directors, the final form 990 will be filed with the internal revenue service.

Form 990, Part VI, Section B, Line 12C

The board of directors requires each director and employee to annually (1) review the conflict of interest policy; (2) disclose any possible personal familial, or business relationships that reasonably could give rise to a conflict involving the foundation or university; and (3) acknowledge by his or her signature that he or she will act in accordance with the letter and spirit of this policy. Information provided on the annual form shall be held in confidence except when, after consultation with the member, the foundation or university best interests would be served by disclosure.

Form 990, Part VI, Section B, Line 15

A recommendation for the annual compensation is developed by the executive committee, who uses salary surveys and market comparisons for comparable positions to identify reasonable compensation and benefit levels. This recommendation is presented to the board of directors for review and approval.

Form 990, Part VI, Section C, Line 19

The foundation's governing documents and conflict of interest policy are available on their website. When a written request is received for public inspection of the financial statements, the executive director, a committee of the board of directors, and/or the board of directors will evaluate the facts and circumstances specific to the individual request to determine if the request will be granted in accordance with applicable law.

Filing and Contact Details

Filer

Filer Name
Lock Haven University Foundation
EIN
23-7007734
Phone
5704842298
Address
401 NORTH FAIRVIEW STREET NO 214, LOCK HAVEN, PA 17745

Signing Officer

Name
Ronald Bowes
Title
Treasurer
Phone
5704842298
Signed
2022-03-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ronald Bowes
Formed
1967
Legal Domicile
Pa
Voting Board Members
17
Independent Board Members
17
Employees
21
Volunteers
0

Preparer

Firm
Urish Popeck & Co LLC
Address
2160 SANDY DRIVE STE C, STATE COLLEGE, PA 16803
Preparer
Kevin M Mcgarry CPA
Phone
8142349007
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of interest rate swaps 2,305. Change in value of split-interest agreements 52,314.

Financial Statement Notes

PART III, LINE 4:

The foundation maintains a donated collection of oil paintings and black/white etchings by john sloan. In addition, the foundation displays donated portraits in the durrwachter alumni conference center. In accordance with its mission to generate and manage resources for the benefit of lock haven university and its students, the collections are used by the university for education, including for loan or exchange programs, and preserves the history of the foundation and the university. Part v, line 4: the intended use of the foundation's endowment funds are driven by the donor's intent. At june 30, 2021, $8,124,189 of the total $13,934,731 endowment net assets are for scholarships. The remaining endowment net assets are for progress of designated departments or projects and charitable gifts payable in future periods. Part x, line 2: the foundation's open audit periods are for fiscal years june 30, 2018 through june 30, 2020. Asc no. 740-10, "income taxes" prescribes a comprehensive model for how an organization should measure, recognize,present and disclose uncertain tax positions taken on its return. The foundation believes that it has appropriate support for tax positions taken and, as such, does not have any uncertain tax positions that are material to the financial statements.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in value interest rate swap 2,305. Change in value of split-interest agreements 52,310.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Rental expenses -2,236,076. Special events -33,999.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Rental expenses 2,236,076. Special events 33,995.

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