Civic Intelligence

Frostburg State University Foundation

990 • Fiscal year 2019 • EIN 23-7120883

Jul 01, 2018 to Jun 30, 2019 • Filed on Sep 23, 2019

Organization ProfileWWW.FROSTBURG.EDU/FOUNDATION

Refreshing map…

101 Braddock RoadFrostburg, MD 21532-2303

(301) 687-4161

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$30,169,840

Up $4,828,472 (+19%) from 2017

Net Assets

Up

$30,083,442

Up $4,817,834 (+19%) from 2017

Liabilities

Up

$86,398

Up $10,638 (+14%) from 2017

Revenue And Expenses

Revenue

Up

$4,729,795

Up $355,788 (+8.1%) from 2017

Expenses

Up

$2,514,518

Up $27,839 (+1.1%) from 2017

Net Income

Up

$2,215,277

Up $327,949 (+17%) from 2017

Historical Trend

Balance Sheet Trend

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 2019: $30,169,840Liabilities 2019: $86,398Net Assets 2019: $30,083,4422019Assets 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

2019

Assets$30,169,840
Liabilities$86,398
Net Assets$30,083,442
Open 2019 Filing

Operations Trend

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 2019: $4,729,795Expenses 2019: $2,514,518Net Income 2019: $2,215,2772019Revenue 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

2019

Revenue$4,729,795
Expenses$2,514,518
Net Income$2,215,277
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Sep 23, 2019
Return Version
2018v3.1
Gross Receipts
$4,729,795
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$25,230,971$28,156,286▲ $2,925,315
Pledges and Grants Receivable$1,286,923$1,170,030▼ $116,893
Cash and Non-Interest-Bearing Accounts$402,626$362,376▼ $40,250
Other Notes and Loans Receivable, Net$51,955$53,872▲ $1,917
Land, Buildings, and Equipment, Net$33,182$33,023▼ $159
Prepaid Expenses and Deferred Charges$23,842$25,935▲ $2,093
Accounts Receivable$3,606$1,844▼ $1,762
Total Assets$27,450,778$30,169,840▲ $2,719,062
Other Assets Total$417,673$366,474▼ $51,199
Liabilities
Deferred Revenue$56,922$55,690▼ $1,232
Accounts Payable and Accrued Expenses$22,118$30,708▲ $8,590
Total Liabilities$79,040$86,398▲ $7,358
Net Assets / Fund Balance
Permanently Rstr Net Assets$23,129,901$23,939,679▲ $809,778
Temporarily Rstr Net Assets$3,604,063$3,689,338▲ $85,275
Unrestricted Net Assets$637,774$2,454,425▲ $1,816,651
Total Net Assets Fund Balance$27,371,738$30,083,442▲ $2,711,704
Total Liabilities and Net Assets / Fund Balance$27,450,778$30,169,840▲ $2,719,062

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$33,023$1,563$34,586

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$24,141,113$2,215,606▲ $1,690,371$202,876$26,821,358
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
Compensation and Service Providers

Board Members and Trustees

NameTitle
Kenneth a Oldham JrPresident
Alfred E MartinBoard of Director
Brian a MattinglyBoard of Director
Donald WoodardBoard of Director
Dr Mary Kay FinanBoard of Director
Elizabeth RhodesBoard of Director
Gregory GettyBoard of Director
Jason SweitzerBoard 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
Maureen BrewerBoard of Director
Michael a JoyBoard of Director
Patrick FrielBoard of Director
Quincy M CrawfordBoard of Director
Robyn Hager-sineBoard of Director
Ron ForresterBoard of Director
Russell W YounkersBoard of Director
Lawrence MckenzieBoard Treasu
Gladys W FahertyAt Large
Royal V HinesAt Large
Thomas N CreamerAt 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
$3,312,154
Program Service Revenue
$165,848
Investment Income
$1,086,973
Other Revenue
$164,820
All Other Contributions
$3,312,154
Change in Net Assets
$2,215,277

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
Securities Miscellaneous20$957,019Fair Market Value
Books and Publications-$148,985Various
Works of Art2$46,575Various
Other Non Cash Contri Table3$11,180Various
Other Non Cash Contri Table13$7,610Various
Other Non Cash Contri Table12$2,160Fair Market Value
Clothing and Household Goods-$1,800Various
Other Non Cash Contri Table2$612Fair Market Value
Total Noncash Contributions52$1,175,941-

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,729,795
Revenue Not Reported on Form 990
$496,427
Total Revenue per Audited Statements
$5,226,222
Total Revenue per Form 990
$4,729,795
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,911,411
Grants and Similar Amounts Paid$498,259
Salaries, Compensation, and Employee Benefits$104,848
Total Fundraising Expense$43,054
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$276,514$223,236$13,216$512,966
Grants to Domestic Orgs$477,649--$477,649
Other Salaries and Wages-$96,773-$96,773
Other Expenses$82,194$1,463$2,612$83,657
Travel$33,264$12,195$2,056$47,515
Office Expenses$5,214$14,683$19,931$39,828
Foreign Grants$20,610--$20,610
Insurance$4,275$4,440-$8,715
Payroll Taxes$47$8,028-$8,075
Advertising$525$631$30$1,186
Depreciation Depletion-$159-$159
Total Functional Expenses$2,013,573$457,891$43,054$2,514,518

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,514,518
Total Expenses per Audited Statements$2,514,518
Total Expenses per Form 990$2,514,518
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Frostburg State UniversityFrostburg, MDGovEducational Assistan$258,727

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
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$49,313
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
2019-09-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John T Short Jr
Formed
1971
Legal Domicile
Md
Voting Board Members
30
Independent Board Members
30
Employees
3
Volunteers
31

Preparer

Firm
Turnbull Hoover & Kahl Pa
Address
13179 GARRETT HIGHWAY, OAKLAND, MD 21550
Preparer
Bernard B Kahl CPA
Phone
3013342820
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 pass through accounts 498,150 34,687 15,079 pass-through - most of these provide immediate-impact scholarships for students. In addition, some provide a vehicle for life insurance premium payments, and to record expenditures that will be directly reimbursed by non-charitable income.”

Form 990, Part IX, Line 24E

“Contractual expenses 47,819 32,263 0 contributions 2,929 71,818 1,600 memberships 49,112 23,475 2,225 bad debt pledges 44,432 27,669 0 grant expense 0 35,581 7,605 equipment purchase 34,270 0 0 trophies/awards 28,206 2,040 0 service fees 23,602 2,431 0 public relations & gifts 8,716 14,214 1,191 student aid/work study 16,657 3,894 573 telephone & utilities 11,068 1,378 22 refunds 5,367 3,984 0 credit card fees 3,881 2,200 0 state registrations 0 2,027 0 flowers 395 181 0 repairs & maintenance 60 81 0 total 276,514 223,236 13,216”

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, 2019 and 2018, 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, 2016) 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

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$30,169,840
Liabilities
$86,398
Net assets
$30,083,442
Revenue
$4,729,795
Expenses
$2,514,518
Net income
$2,215,277
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
2019Detailed filing. Detailed filing data is available for this year.$30.2$0.09$30.1$4.73$2.51$2.22
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