Civic Intelligence

Frostburg State University Foundation

990 • Fiscal year 2022 • EIN 23-7120883

Jul 01, 2021 to Jun 30, 2022 • Filed on Sep 30, 2022

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

6th percentile

0.00x

Higher debt load relative to assets than 6% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

5th percentile

0.01x

Higher debt load relative to revenue than 5% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

94th percentile

68%

Higher net margin than 94% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2022

Asset Growth

65th percentile

6.2%

Faster asset growth than 65% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

88th percentile

58%

Faster revenue growth than 88% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets6th percentile

Assets

Up

$41,155,383

Up $2,395,149 (+6.2%) from 2021

Net Assets

Up

$41,109,189

Up $2,392,211 (+6.2%) from 2021

Liabilities

Up

$46,194

Up $2,938 (+6.8%) from 2021

Revenue And Expenses
Liabilities / Revenue5th percentileNet Margin94th percentile

Revenue

Up

$7,754,148

Up $2,854,593 (+58%) from 2021

Expenses

Up

$2,492,349

Up $453,727 (+22%) from 2021

Net Income

Up

$5,261,799

Up $2,400,866 (+84%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth65th 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 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

2022

Assets$41,155,383
Liabilities$46,194
Net Assets$41,109,189
Open 2022 Filing

Operations Trend

Revenue Growth88th 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 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

2022

Revenue$7,754,148
Expenses$2,492,349
Net Income$5,261,799
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Sep 30, 2022
Return Version
2021v4.0
Gross Receipts
$7,754,148
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$36,638,789$39,148,910▲ $2,510,121
Pledges and Grants Receivable$1,159,160$1,064,394▼ $94,766
Cash and Non-Interest-Bearing Accounts$439,076$420,056▼ $19,020
Other Notes and Loans Receivable, Net$88,693$80,674▼ $8,019
Prepaid Expenses and Deferred Charges$14,913$13,725▼ $1,188
Land, Buildings, and Equipment, Net$8,550$8,550→ $0
Accounts Receivable$4,192$1,985▼ $2,207
Total Assets$38,747,744$41,155,383▲ $2,407,639
Other Assets Total$394,371$417,089▲ $22,718
Liabilities
Accounts Payable and Accrued Expenses$19,353$25,710▲ $6,357
Other Liabilities$20,878$17,324▼ $3,554
Deferred Revenue$3,025$3,160▲ $135
Total Liabilities$43,256$46,194▲ $2,938
Net Assets / Fund Balance
Net Assets With Donor Restrictions$35,580,453$38,091,828▲ $2,511,375
Net Assets Without Donor Restrictions$3,124,035$3,017,361▼ $106,674
Total Net Assets Fund Balance$38,704,488$41,109,189▲ $2,404,701
Total Liabilities and Net Assets / Fund Balance$38,747,744$41,155,383▲ $2,407,639

Asset Categories

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

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$34,816,929$3,131,178▲ $914,832$394,889$37,315,291
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
Compensation and Service Providers
Top Officer PayScore unavailable

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
Kathy a BoykinsBoard of Director
Laron LockeBoard of Director
Lawrence MckenzieBoard of Director
Marion S LeonardBoard of Director
Mary C Biscoe-hallBoard of Director
Maureen BrewerBoard of Director
Melvin W Carr IiiBoard of Director
Quincy M CrawfordBoard of Director
Raymond Nelson JrBoard 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
Thomas CreamerBoard of Director
Timi M HadraBoard of Director
Wayne M ScottBoard of Director
Gregory GettyAssistant Tr
Gladys W FahertyAt Large
Jessica L MasserAt 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
$4,274,499
Program Service Revenue
$169,107
Investment Income
$3,175,339
Other Revenue
$135,203
All Other Contributions
$4,274,499
Change in Net Assets
$5,261,799

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 Miscellaneous23$673,101Fair Market Value
Books and Publications-$144,882Various
Other Non Cash Contri Table32$73,859Various
Other Non Cash Contri Table2$1,200Various
Works of Art1$495Various
Clothing and Household Goods-$400Various
Total Noncash Contributions58$893,937-

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,754,148
Revenue Not Reported on Form 990
$-2,857,098
Total Revenue per Audited Statements
$4,897,050
Total Revenue per Form 990
$7,754,148
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,757,076
Grants and Similar Amounts Paid$607,437
Salaries, Compensation, and Employee Benefits$127,836
Total Fundraising Expense$80,503
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$587,214--$587,214
All Other Expenses$221,164$99,314$5,886$326,364
Other Salaries and Wages-$118,415-$118,415
Other Expenses$70,813$8,132$28,058$78,945
Office Expenses$8,656$8,991$44,934$62,581
Travel$55,003$4,596$1,266$60,865
Foreign Grants$20,223--$20,223
Insurance$1,142$8,370-$9,512
Payroll Taxes-$9,421-$9,421
Advertising$400$150-$550
Total Functional Expenses$2,044,895$366,951$80,503$2,492,349

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,492,349
Total Expenses per Audited Statements$2,492,349
Total Expenses per Form 990$2,492,349
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Frostburg State UniversityFrostburg, MDGovEducational Assistan$366,377

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$68,491
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Athletics Raffl$50,985$50,985-$50,985
Total Events$50,985$50,985-$50,985
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$17,324
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
2022-09-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John T Short Jr
Formed
1971
Legal Domicile
Md
Voting Board Members
31
Independent Board Members
31
Employees
3
Volunteers
32

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 404,274 21,993 35,612 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

“Memberships 51,774 20,592 2,048 supplies 46,209 8,551 3,064 refunds 51,032 1,030 0 grant expense 0 38,621 125 trophies/awards 32,971 2,104 0 public relations & gifts 8,428 14,680 474 student aid/work study 14,137 4,272 75 credit card fees 4,906 1,937 0 bad debt pledges 5,695 265 0 rentals 5,061 288 0 contributions 180 3,090 100 state registrations 0 2,165 0 service fees 43 1,394 0 flowers 728 325 0 total 221,164 99,314 5,886”

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. Management has reviewed the organization's tax positions for all open tax years (tax years after june 30, 2019) 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/TitleTxt13BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt15BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt17EXECUTIVE DI
IRS990/Form990PartVIISectionAGrp/TitleTxt18IMMEDIATE PA
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IRS990/Form990PartVIISectionAGrp/TitleTxt23BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt24AT LARGE
IRS990/Form990PartVIISectionAGrp/TitleTxt25BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt26SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt27BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt28BOARD OF DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt29BOARD OF DIR
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$41,155,383
Liabilities
$46,194
Net assets
$41,109,189
Revenue
$7,754,148
Expenses
$2,492,349
Net income
$5,261,799
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
2022Detailed filing. Detailed filing data is available for this year.$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
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