Civic Intelligence

Frostburg State University Foundation

990 • Fiscal year 2018 • EIN 23-7120883

Jul 01, 2017 to Jun 30, 2018 • Filed on Sep 21, 2018

Organization ProfileWWW.FROSTBURG.EDU/FOUNDATION

Refreshing map…

101 Braddock RoadFrostburg, MD 21532-2303

(301) 687-4161

Siviq Scores

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

Liabilities / Assets

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

8th percentile

0.02x

Higher debt load relative to revenue than 8% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Net Margin

84th percentile

31%

Higher net margin than 84% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

7th percentile

$0

Higher top officer pay than 7% of similar nonprofits.

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

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Asset Growth

71st percentile

8.3%

Faster asset growth than 71% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

9th percentile

-23%

Faster revenue growth than 9% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets7th percentile

Assets

Up

$27,450,778

Up $2,109,410 (+8.3%) from 2017

Net Assets

Up

$27,371,738

Up $2,106,130 (+8.3%) from 2017

Liabilities

Up

$79,040

Up $3,280 (+4.3%) from 2017

Revenue And Expenses
Liabilities / Revenue8th percentileNet Margin84th percentile

Revenue

Down

$3,389,684

Down $984,323 (-23%) from 2017

Expenses

Down

$2,325,929

Down $160,750 (-6.5%) from 2017

Net Income

Down

$1,063,755

Down $823,573 (-44%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth71st percentile

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

$60M$40M$20M$0Assets 2011: $16,971,141Liabilities 2011: $194,161Net Assets 2011: $16,776,9802011Assets 2012: $16,818,591Liabilities 2012: $218,441Net Assets 2012: $16,600,1502012Assets 2013: $17,725,481Liabilities 2013: $48,992Net Assets 2013: $17,676,4892013Assets 2014: $19,903,681Liabilities 2014: $65,260Net Assets 2014: $19,838,4212014Assets 2015: $20,676,999Liabilities 2015: $67,118Net Assets 2015: $20,609,8812015Assets 2016: $22,726,455Liabilities 2016: $52,599Net Assets 2016: $22,673,8562016Assets 2017: $25,341,368Liabilities 2017: $75,760Net Assets 2017: $25,265,6082017Assets 2018: $27,450,778Liabilities 2018: $79,040Net Assets 2018: $27,371,7382018Assets 2019: $30,192,761Liabilities 2019: $55,447Net Assets 2019: $30,137,3142019Assets 2020: $29,987,823Liabilities 2020: $67,392Net Assets 2020: $29,920,4312020Assets 2021: $38,760,234Liabilities 2021: $43,256Net Assets 2021: $38,716,9782021Assets 2022: $41,155,383Liabilities 2022: $46,194Net Assets 2022: $41,109,1892022Assets 2025: $53,337,822Liabilities 2025: $45,965Net Assets 2025: $53,291,8572025

Highlighted filing

2018

Assets$27,450,778
Liabilities$79,040
Net Assets$27,371,738
Open 2018 Filing

Operations Trend

Revenue Growth9th percentile

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

$15M$10M$5.0M$0Expenses 2011: $2,188,8572011Expenses 2012: $2,297,0642012Expenses 2013: $2,182,8262013Revenue 2014: $3,941,102Expenses 2014: $2,230,880Net Income 2014: $1,710,2222014Revenue 2015: $3,075,164Expenses 2015: $2,440,750Net Income 2015: $634,4142015Revenue 2016: $5,422,678Expenses 2016: $2,477,941Net Income 2016: $2,944,7372016Revenue 2017: $4,374,007Expenses 2017: $2,486,679Net Income 2017: $1,887,3282017Revenue 2018: $3,389,684Expenses 2018: $2,325,929Net Income 2018: $1,063,7552018Revenue 2019: $4,783,667Expenses 2019: $2,514,518Net Income 2019: $2,269,1492019Revenue 2020: $3,716,008Expenses 2020: $2,404,114Net Income 2020: $1,311,8942020Revenue 2021: $4,899,555Expenses 2021: $2,038,622Net Income 2021: $2,860,9332021Revenue 2022: $7,754,148Expenses 2022: $2,492,349Net Income 2022: $5,261,7992022Revenue 2025: $10,492,987Expenses 2025: $3,502,798Net Income 2025: $6,990,1892025

Highlighted filing

2018

Revenue$3,389,684
Expenses$2,325,929
Net Income$1,063,755
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Sep 21, 2018
Return Version
2017v2.3
Gross Receipts
$3,750,071
Mission and Program Overview

Mission

To foster, encourage, and promote the growth, progress, and general welfare of frostburg state university through advocacy, fundraising, investment management and stewardship.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$23,074,414$25,230,971▲ $2,156,557
Pledges and Grants Receivable$670,490$1,286,923▲ $616,433
Cash and Non-Interest-Bearing Accounts$647,446$402,626▼ $244,820
Other Notes and Loans Receivable, Net$48,496$51,955▲ $3,459
Land, Buildings, and Equipment, Net$285,318$33,182▼ $252,136
Prepaid Expenses and Deferred Charges$31,121$23,842▼ $7,279
Accounts Receivable$2,744$3,606▲ $862
Total Assets$25,305,805$27,450,778▲ $2,144,973
Other Assets Total$545,776$417,673▼ $128,103
Liabilities
Deferred Revenue$55,720$56,922▲ $1,202
Accounts Payable and Accrued Expenses$20,040$22,118▲ $2,078
Total Liabilities$75,760$79,040▲ $3,280
Net Assets / Fund Balance
Permanently Rstr Net Assets$21,512,434$23,129,901▲ $1,617,467
Temporarily Rstr Net Assets$3,009,510$3,604,063▲ $594,553
Unrestricted Net Assets$708,101$637,774▼ $70,327
Total Net Assets Fund Balance$25,230,045$27,371,738▲ $2,141,693
Total Liabilities and Net Assets / Fund Balance$25,305,805$27,450,778▲ $2,144,973

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$33,182$1,404$34,586

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$21,581,775$648,050▲ $2,027,486$541,878$23,175,231
2016$21,556,218$622,493▲ $2,618,128$1,198,345$21,556,218
2015$18,561,268$2,871,818▼ $194,851$648,284$20,079,651
2014$17,424,720$1,191,132▲ $840,024$471,438$18,561,268
2013$15,734,623$525,205▲ $1,969,445$423,098$17,424,720
Compensation and Service Providers
Top Officer Pay7th percentile

Board Members and Trustees

NameTitle
Kenneth a Oldham JrPresident
Alfred E MartinBoard of Director
Donnie WoodardBoard of Director
Dr Mary Kay FinanBoard of Director
Gregory GettyBoard of Director
Jeffrey P FeganBoard of Director
Jess L MasserBoard of Director
Joseph P GeorgeBoard of Director
Joseph W LambertBoard of Director
Kurt a PflugerBoard of Director
Laron LockeBoard of Director
Mary MumperBoard of Director
Michael a JoyBoard of Director
Pat FrielBoard of Director
Quincy M CrawfordBoard of Director
Robyn Hager-sineBoard of Director
Ron ForresterBoard of Director
Russell W YounkersBoard of Director
Sandra P DayBoard of Director
Thomas N CreamerBoard of Director
Lawrence MckenzieBoard Treasu
Brian a MattinglyAt Large
Gladys W FahertyAt Large
Royal V HinesAt Large
John T Short JrExecutive Di
Mary E ClapsaddleImmeditate P
Marion S LeonardSecretary
Sandra D AdamsVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$2,319,902
Program Service Revenue
$179,259
Investment Income
$784,006
Other Revenue
$106,517
All Other Contributions
$2,319,902
Change in Net Assets
$1,063,755

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Books and Publications-$218,602Various
Other Non Cash Contri Table17$5,357Various
Other Non Cash Contri Table2$2,040Various
Other Non Cash Contri Table1$230Various
Other Non Cash Contri Table1$180Fair Market Value
Total Noncash Contributions21$226,409-

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,389,684
Revenue Not Reported on Form 990
$1,077,938
Total Revenue per Audited Statements
$4,467,622
Total Revenue per Form 990
$3,389,684
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,735,286
Grants and Similar Amounts Paid$496,516
Salaries, Compensation, and Employee Benefits$94,127
Total Fundraising Expense$32,108
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$477,556--$477,556
All Other Expenses$298,071$128,106$11,944$438,121
Other Salaries and Wages-$94,127-$94,127
Other Expenses$83,788$26,775$4,911$83,788
Travel$67,781$-537$4,713$71,957
Insurance$7,504$18,332-$25,836
Office Expenses$7,992$5,443$10,525$23,960
Foreign Grants$18,960--$18,960
Advertising$1,793-$15$1,808
Depreciation Depletion-$159-$159
Total Functional Expenses$2,010,385$283,436$32,108$2,325,929

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,325,929
Total Expenses per Audited Statements$2,325,929
Total Expenses per Form 990$2,325,929
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Frostburg State UniversityFrostburg, MDGovEducational Assistan$251,147

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
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
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
Yes
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, Page 6, Part VI, Line 11B

“At its annual meeting, the board reviews and approves form 990 tax return before it is filed.”

Form 990, Page 6, Part VI, Line 12C

“Completed copy by each board member on file and will be reviewed and signed each year at october board meeting.”

Form 990, Page 6, Part VI, Line 15B

“Annual review and evaluation. Pay adjustments are in keeping with state of md. Per the approval of the executive committee.”

Form 990, Page 6, Part VI, Line 19

“Governing documents - available upon request conflict of interest statements - available upon request only financial statements - available upon request and copy on file in the fsu ort library form 990 - available upon request and copy on file in the fsu ort library”

Filing and Contact Details

Filer

Filer Name
Frostburg State University Foundat
EIN
23-7120883
Phone
3016874161
Address
101 BRADDOCK ROAD, FROSTBURG, MD 21532-2303

Signing Officer

Name
John T Short Jr
Title
Executive Director
Phone
3016874161
Signed
2018-09-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John T Short Jr
Formed
1971
Legal Domicile
Md
Voting Board Members
28
Independent Board Members
28
Employees
5
Volunteers
29

Preparer

Firm
Turnbull Hoover & Kahl Pa
Address
13179 GARRETT HIGHWAY, OAKLAND, MD 21550
Preparer
Bernard B Kahl CPA
Phone
3017593270
Supplemental Narrative

Additional Explanations

Form 990

“Part viii and part ix difference in-kind is shown on schedule i”

Form 990, Page 2, Part III, Line 4D

“Expenses including grants of revenue endowment funds 521,692 81,799 518 pass through accounts 534,896 12,696 14,376 other -0- -0- 1,705 total other 1,056,588 94,495 16,599”

Form 990, Part IX, Line 24E

“Supplies 75,138 2,365 58 memberships 61,176 7,854 1,308 bad debt pledges 39,653 24,701 0 impairment loss on asset 0 55,000 0 service fees 30,362 1,706 959 grant expense 0 26,205 2,786 trophies/awards 25,838 0 0 equipment purchase 14,593 2,142 0 public relations & gifts 13,997 1,134 203 telephone & utilities 12,473 1,543 20 contributions 5,643 0 5,600 student aid/work study 7,050 1,269 1,010 refunds 6,866 0 0 credit card fees 4,476 1,539 0 state registrations 0 2,562 0 flowers 806 86 0 total 298,071 128,106 11,944”

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization is exempt from federal income taxes under section 501(c) (3) of the internal revenue code and did not conduct unrelated business activities. Therefore, the board has not made any provisions for federal income taxes in the accompanying financial statements. Additionally, the organization has been determined by the internal revenue service not to be a "private foundation" within the meaning of section 509(a) of the internal revenue code.the organization follows the provisions of fasb asc 740-10-25 (formerly fasb interpretation no. 48, accounting for uncertainty in income taxes "fin 48" ). Under fin 48, an organization must recognize the tax benefit associated with tax positions taken for tax return purposes when it is more likely than not the position will be sustained. The implementation of fin 48 had no impact on the organization's financial statements. The organization does not believe there are any material uncertain tax positions and, accordingly, it will not recognize any liability for unrecognized tax liabilities. For the years ended june 30, 2018 and 2017, there were no interest or penalties recorded or included in its financial statements. Management has reviewed the organization's tax positions for all open tax years (tax years after june 30, 2015) and has determined that no provision for income taxes is required in the organization's financial statements, in accordance with financial and accounting disclosure requirements for recognition and measurement of tax positions taken or expected to be taken on a u.s. Income tax return.”

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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$27,450,778
Liabilities
$79,040
Net assets
$27,371,738
Revenue
$3,389,684
Expenses
$2,325,929
Net income
$1,063,755
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$53.3$0.05$53.3$10.5$3.50$6.99
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$41.2$0.05$41.1$7.75$2.49$5.26
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$38.8$0.04$38.7$4.90$2.04$2.86
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$30.0$0.07$29.9$3.72$2.40$1.31
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$30.2$0.06$30.1$4.78$2.51$2.27
2018Detailed filing. Detailed filing data is available for this year.$27.5$0.08$27.4$3.39$2.33$1.06
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.3$0.08$25.3$4.37$2.49$1.89
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.7$0.05$22.7$5.42$2.48$2.94
2015Detailed filing. Detailed filing data is available for this year.$20.7$0.07$20.6$3.08$2.44$0.63
2014Detailed filing. Detailed filing data is available for this year.$19.9$0.07$19.8$3.94$2.23$1.71
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.7$0.05$17.7$2.18
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.8$0.22$16.6$2.30
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.0$0.19$16.8$2.19