Civic Intelligence

Frostburg State University Foundation

990 • Fiscal year 2021 • EIN 23-7120883

Jul 01, 2020 to Jun 30, 2021 • Filed on Sep 30, 2021

Organization ProfileWWW.FROSTBURG.EDU/FOUNDATION

Refreshing map…

101 Braddock RoadFrostburg, MD 21532-2303

(301) 687-4161

Siviq Scores

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Balance Sheet

Assets

Up

$38,747,744

Up $8,759,921 (+29%) from 2020

Net Assets

Up

$38,704,488

Up $8,784,057 (+29%) from 2020

Liabilities

Down

$43,256

Down $24,136 (-36%) from 2020

Revenue And Expenses

Revenue

Up

$4,899,555

Up $1,183,547 (+32%) from 2020

Expenses

Down

$2,041,759

Down $362,355 (-15%) from 2020

Net Income

Up

$2,857,796

Up $1,545,902 (+118%) from 2020

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: $30,192,761Liabilities 2019: $55,447Net Assets 2019: $30,137,3142019Assets 2020: $29,987,823Liabilities 2020: $67,392Net Assets 2020: $29,920,4312020Assets 2021: $38,747,744Liabilities 2021: $43,256Net Assets 2021: $38,704,4882021Assets 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

2021

Assets$38,747,744
Liabilities$43,256
Net Assets$38,704,488
Open 2021 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: $4,783,667Expenses 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: $2,041,759Net Income 2021: $2,857,7962021Revenue 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

2021

Revenue$4,899,555
Expenses$2,041,759
Net Income$2,857,796
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Sep 30, 2021
Return Version
2020v4.0
Gross Receipts
$4,924,005
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$27,873,599$36,638,789▲ $8,765,190
Pledges and Grants Receivable$1,228,424$1,159,160▼ $69,264
Cash and Non-Interest-Bearing Accounts$377,423$439,076▲ $61,653
Other Notes and Loans Receivable, Net$73,199$88,693▲ $15,494
Prepaid Expenses and Deferred Charges$19,626$14,913▼ $4,713
Land, Buildings, and Equipment, Net$33,000$8,550▼ $24,450
Accounts Receivable$2,281$4,192▲ $1,911
Total Assets$29,987,823$38,747,744▲ $8,759,921
Other Assets Total$380,271$394,371▲ $14,100
Liabilities
Unsecured Notes Loans Payable$21,100--
Other Liabilities$23,823$20,878▼ $2,945
Accounts Payable and Accrued Expenses$22,249$19,353▼ $2,896
Deferred Revenue$220$3,025▲ $2,805
Total Liabilities$67,392$43,256▼ $24,136
Net Assets / Fund Balance
Net Assets With Donor Restrictions$27,421,574$35,580,453▲ $8,158,879
Net Assets Without Donor Restrictions$2,498,857$3,124,035▲ $625,178
Total Net Assets Fund Balance$29,920,431$38,704,488▲ $8,784,057
Total Liabilities and Net Assets / Fund Balance$29,987,823$38,747,744▲ $8,759,921

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$8,550$1,586$10,136

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$26,478,796$2,479,040▲ $7,267,469$320,964$34,816,929
2019$26,821,358$870,752▲ $314,122$201,738$26,478,796
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
Compensation and Service Providers

Board Members and Trustees

NameTitle
Sandra D AdamsPresident
Alfred E MartinBoard of Director
Anthony P ZookBoard of Director
Estelle M MartinBoard of Director
J Matthew GilmoreBoard of Director
Jason SweitzerBoard of Director
Laron LockeBoard of Director
Lawrence MckenzieBoard of Director
Mary C Biscoe-hallBoard of Director
Maureen BrewerBoard of Director
Melvin W Carr IiiBoard of Director
Quincy M CrawfordBoard of Director
Robyn Hager-sineBoard of Director
Ron ForresterBoard of Director
Royal V HinesBoard of Director
Russell W YounkersBoard of Director
Stephen L BeauregardBoard of Director
Timi M HadraBoard of Director
Gregory GettyAssistant Tr
Gladys W FahertyAt Large
Jessica L MasserAt Large
Joseph W LambertAt Large
John T Short JrExecutive Di
Kenneth a Oldham JrImmediate Pa
Elizabeth RhodesSecretary
Joseph P GeorgeTreasurer
Patrick FrielVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$3,455,375
Program Service Revenue
$42,538
Investment Income
$1,280,472
Other Revenue
$121,170
All Other Contributions
$3,455,375
Change in Net Assets
$2,857,796

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 Miscellaneous13$625,444Fair Market Value
Works of Art1$110,980Various
Other Non Cash Contri Table26$44,060Various
Other Non Cash Contri Table2$3,250Various
Books and Publications-$200Various
Total Noncash Contributions42$783,934-

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,899,555
Revenue Not Reported on Form 990
$5,926,261
Total Revenue per Audited Statements
$10,825,816
Total Revenue per Form 990
$4,899,555
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,514,989
Grants and Similar Amounts Paid$407,142
Salaries, Compensation, and Employee Benefits$119,628
Total Fundraising Expense$28,301
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$389,309--$389,309
All Other Expenses$220,191$87,419$611$308,221
Other Salaries and Wages-$110,772-$110,772
Other Expenses$16,505$29,069$11,250$56,824
Office Expenses$6,217$10,200$15,334$31,751
Foreign Grants$17,833--$17,833
Payroll Taxes-$8,856-$8,856
Insurance-$6,586-$6,586
Travel$991$1,901$986$3,878
Advertising$414$150-$564
Total Functional Expenses$1,753,136$260,322$28,301$2,041,759

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,041,759
Total Expenses per Audited Statements$2,041,759
Total Expenses per Form 990$2,041,759
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Frostburg State UniversityFrostburg, MDGovEducational Assistan$230,819

International Compliance

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$18,559
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Annuity Liability$20,878
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 35% controlled entity
No
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 2

“Estelle m. Martin alfred e. Martin director director sister & brother”

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
2021-09-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John T Short Jr
Formed
1971
Legal Domicile
Md
Voting Board Members
27
Independent Board Members
27
Employees
4
Volunteers
28

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 421,465 17,093 10,841 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

“Equipment purchase 47,153 6,707 0 memberships 39,418 13,858 429 refunds 50,063 0 0 public relations & gifts 10,489 23,894 42 food/events/programs 27,064 6,561 0 bad debt pledges 15,368 8,973 0 student aid/work study 15,814 5,832 0 grant expense 0 13,100 0 telephone & utilities 8,939 29 140 credit card fees 3,317 1,376 0 service fees 246 2,252 0 state registrations 0 2,337 0 contributions 0 2,100 0 trophies/awards 1,376 0 0 flowers 944 400 0 total 220,191 87,419 611”

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, 2020 and 2019, 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, 2018) 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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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt5AT LARGE
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt7VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt9ASSISTANT TR
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt15EXECUTIVE DI
IRS990/Form990PartVIISectionAGrp/TitleTxt16IMMEDIATE PA
IRS990/Form990PartVIISectionAGrp/TitleTxt17AT LARGE
IRS990/Form990PartVIISectionAGrp/TitleTxt18BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt19BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt20BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt21AT LARGE
IRS990/Form990PartVIISectionAGrp/TitleTxt22BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt23SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt24BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt25BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt26BOARD OF DIR
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IRS990/GrossReceiptsAmt04924005
IRS990/GrossRentsGrp/RealAmt060900
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IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO FOSTER, ENCOURAGE, AND PROMOTE THE GROWTH, PROGRESS, AND GENERAL WELFARE OF FROSTBURG STATE UNIVERSITY THROUGH ADVOCACY, FUNDRAISING, INVESTMENT MANAGEMENT AND STEWARDSHIP.
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IRS990/PrincipalOfficerNm0JOHN T SHORT JR
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IRS990/ProgramServiceRevenueGrp/Desc1EVENT ADMISSIONS/REGISTRATION
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt117960
IRS990/ProgSrvcAccomActy2Grp/Desc0ENDOWMENT - THESE PROVIDE SUPPORT FOR STUDENT SCHOLARSHIPS AND PROGRAM SUPPORT.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0856429
IRS990/ProgSrvcAccomActy2Grp/GrantAmt098578
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0130
IRS990/ProgSrvcAccomActy3Grp/Desc0PROGRAM SUPPORT - THESE PROVIDE SUPPORT TO SCHOOLS, DEPARTMENTS, DIVISIONS, SPECIAL INTERESTS, AND OTHER PROJECTS APPROVED AND RECOGNIZED BY THE UNIVERSITY. THEY ALSO SUPPORT EMERGENCY STUDENT LOANS.

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$38,747,744
Liabilities
$43,256
Net assets
$38,704,488
Revenue
$4,899,555
Expenses
$2,041,759
Net income
$2,857,796
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
2021Detailed filing. Detailed filing data is available for this year.$38.7$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
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