Civic Intelligence

Lake Superior State University Foundation

990 • Fiscal year 2022 • EIN 38-2576021

Jul 01, 2021 to Jun 30, 2022 • Filed on Dec 22, 2022

Organization Profilefoundation.lssu.edu
650 West Easterday AvenueSault Ste Marie, MI 49783

(906) 635-2665

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.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

7th percentile

0.00x

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

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

90th percentile

53%

Higher net margin than 90% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

15th percentile

$38,144

Higher top officer pay than 15% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

17th percentile

-11%

Faster asset growth than 17% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

35th percentile

-3.9%

Faster revenue growth than 35% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets7th percentile

Assets

Down

$22,456,507

Down $2,878,512 (-11%) from 2021

Net Assets

Down

$22,443,605

Down $2,842,671 (-11%) from 2021

Liabilities

Down

$12,902

Down $35,841 (-74%) from 2021

Revenue And Expenses
Liabilities / Revenue7th percentileNet Margin90th percentile

Revenue

Down

$4,258,550

Down $172,308 (-3.9%) from 2021

Expenses

Down

$2,012,449

Down $667,429 (-25%) from 2021

Net Income

Up

$2,246,101

Up $495,121 (+28%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth17th percentile

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

$40M$30M$20M$10M$0Assets 2011: $8,144,049Liabilities 2011: $88,484Net Assets 2011: $8,055,5652011Assets 2012: $8,610,082Liabilities 2012: $94,129Net Assets 2012: $8,515,9532012Assets 2013: $10,693,145Liabilities 2013: $73,189Net Assets 2013: $10,619,9562013Assets 2014: $13,199,750Liabilities 2014: $77,731Net Assets 2014: $13,122,0192014Assets 2015: $14,256,808Liabilities 2015: $76,773Net Assets 2015: $14,180,0352015Assets 2016: $15,363,311Liabilities 2016: $70,570Net Assets 2016: $15,292,7412016Assets 2017: $17,740,170Liabilities 2017: $65,574Net Assets 2017: $17,674,5962017Assets 2018: $20,896,221Liabilities 2018: $70,290Net Assets 2018: $20,825,9312018Assets 2019: $21,869,131Liabilities 2019: $67,864Net Assets 2019: $21,801,2672019Assets 2020: $20,594,938Liabilities 2020: $55,535Net Assets 2020: $20,539,4032020Assets 2021: $25,335,019Liabilities 2021: $48,743Net Assets 2021: $25,286,2762021Assets 2022: $22,456,507Liabilities 2022: $12,902Net Assets 2022: $22,443,6052022Assets 2023: $25,784,435Liabilities 2023: $45,750Net Assets 2023: $25,738,6852023Assets 2024: $28,609,201Liabilities 2024: $48,785Net Assets 2024: $28,560,4162024Assets 2025: $32,743,972Liabilities 2025: $23,009Net Assets 2025: $32,720,9632025

Highlighted filing

2022

Assets$22,456,507
Liabilities$12,902
Net Assets$22,443,605
Open 2022 Filing

Operations Trend

Revenue Growth35th percentile

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

$10M$5.0M$0Expenses 2011: $992,5722011Expenses 2012: $1,075,7362012Revenue 2013: $3,139,305Expenses 2013: $1,444,708Net Income 2013: $1,694,5972013Revenue 2014: $3,283,261Expenses 2014: $1,675,442Net Income 2014: $1,607,8192014Revenue 2015: $3,730,782Expenses 2015: $2,640,342Net Income 2015: $1,090,4402015Revenue 2016: $3,694,951Expenses 2016: $2,097,646Net Income 2016: $1,597,3052016Revenue 2017: $2,751,221Expenses 2017: $1,446,623Net Income 2017: $1,304,5982017Revenue 2018: $4,336,925Expenses 2018: $1,807,919Net Income 2018: $2,529,0062018Revenue 2019: $3,584,409Expenses 2019: $2,621,166Net Income 2019: $963,2432019Revenue 2020: $3,515,010Expenses 2020: $3,373,819Net Income 2020: $141,1912020Revenue 2021: $4,430,858Expenses 2021: $2,679,878Net Income 2021: $1,750,9802021Revenue 2022: $4,258,550Expenses 2022: $2,012,449Net Income 2022: $2,246,1012022Revenue 2023: $3,637,982Expenses 2023: $2,166,565Net Income 2023: $1,471,4172023Revenue 2024: $2,984,410Expenses 2024: $2,356,656Net Income 2024: $627,7542024Revenue 2025: $8,633,232Expenses 2025: $2,960,455Net Income 2025: $5,672,7772025

Highlighted filing

2022

Revenue$4,258,550
Expenses$2,012,449
Net Income$2,246,101
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Dec 22, 2022
Return Version
2021v4.0
Gross Receipts
$5,228,683
Mission and Program Overview

Mission

The Lake Superior State University Foundation exists for the sole purpose of promoting, receiving, managing, and disbursing certain private donations and contributions for the benefit of Lake Superior State University.

The Lake Superior State University Foundation's sole purpose is to promote, receive, manage, and disburse donations and contributions for the benefit of Lake Superior State University.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$22,629,548$19,932,835▼ $2,696,713
Savings and Temporary Cash Investments$2,008,283$1,482,283▼ $526,000
Pledges and Grants Receivable$410,279$757,040▲ $346,761
Cash and Non-Interest-Bearing Accounts$279,894$278,373▼ $1,521
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0--
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$25,335,019$22,456,507▼ $2,878,512
Other Assets Total$7,015$5,976▼ $1,039
Liabilities
Other Liabilities$16,665$10,908▼ $5,757
Accounts Payable and Accrued Expenses$32,078$1,994▼ $30,084
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$48,743$12,902▼ $35,841
Net Assets / Fund Balance
Net Assets With Donor Restrictions$24,750,807$22,278,340▼ $2,472,467
Net Assets Without Donor Restrictions$535,469$165,265▼ $370,204
Total Net Assets Fund Balance$25,286,276$22,443,605▼ $2,842,671
Total Liabilities and Net Assets / Fund Balance$25,335,019$22,456,507▼ $2,878,512

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$50,245--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$22,134,240$1,395,509▼ $3,663,313$5,502$19,098,582
2021$16,367,012$997,361▲ $5,453,878$5,503$22,134,240
2020$16,524,054$125,918▲ $349,517$6,607$16,367,012
2019$15,786,877$375,286▲ $931,564$9,373$16,524,054
2018$14,509,059$382,714▲ $1,392,959$8,936$15,786,877
Compensation and Service Providers
Top Officer Pay15th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Sharon DorritySecretary of Board/Director Donor RelationsFT$38,144$38,144
Scott P SmithVice President of AdvancementPT$30,120$30,120

Board Members and Trustees

NameTitle
Edward F SmithChair & Executive Committee
Rodney S HanleySecond Vice Chair/Ex-Officio
Allison BrawleyBoard Member
Anthony DamianoBoard Member
David JahnBoard Member
David SaundersBoard Member
Michael DayBoard Member
Michael O'TooleBoard Member
Michael WyseBoard Member
Rebecca C NovoBoard Member
Ted HaapalaBoard Member
Thomas G RobinsonBoard Member
Carol AndaryBoard Member-Executive Committee
Charles SchmidtBoard Member-Executive Committee
Joseph BreedBoard Member-Executive Committee
Robert KjolhedeBoard Member-Executive Committee
Randy PingatoreBoard Member/Ex-Officio Representative
Richard BarchBoard Member/Ex-Officio Representative
H James BourqueEmeritus
Nafez AlaynTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,824,968
Program Service Revenue
$0
Investment Income
$1,433,582
Other Revenue
$0
All Other Contributions
$2,643,925
Change in Net Assets
$2,246,101

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,258,550
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-5,084,083
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$-825,533
Total Revenue per Form 990
$4,258,550
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,557,027
Salaries, Compensation, and Employee Benefits$312,566
Other Expenses$142,856
Total Fundraising Expense$11,683
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,557,027--$1,557,027
Current Officers, Directors, Trustees, and Key Employees$0$176,647$0$176,647
Other Salaries and Wages$0$90,344$2,101$92,445
Fees for Service Investment Mgmnt Fees$0$59,584$0$59,584
Other Employee Benefits$0$24,486$0$24,486
Occupancy$0$20,100$0$20,100
Office Expenses$0$18,578$333$18,911
Conferences and Meetings$0$6,900$8,029$14,929
Pension Plan Contributions$0$13,534$0$13,534
Fees for Services Accounting$0$6,655$0$6,655
Information Technology$0$5,661$0$5,661
Payroll Taxes$0$5,454$0$5,454
Travel$0$3,924$0$3,924
Advertising$0$2,099$890$2,989
Insurance$0$2,153$0$2,153
Fees for Services Legal$0$755$0$755
Other Expenses$0$-32$330$298
All Other Expenses$0$-5,707$0$-5,707
Total Functional Expenses$1,557,027$443,739$11,683$2,012,449

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,012,449
Total Expenses per Audited Statements$2,012,449
Total Expenses per Form 990$2,012,449
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Lake Superior State UniversitySault Ste Marie, MI501(c)(1)Scholarships and grants to the students of Lake Superior State University; funding for various educational activities carried out by Lake Superior State University; operational support for athletics; and support for Lake Superior State University operations.$1,557,027
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$9,346
Fundraising Gross Income$9,346
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
32nd Lake State Golf Classic$53,541$9,346$6,600$2,746
Total Events$53,541$9,346$9,346$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Annuity Obligation$10,908
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
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
No

Governance Explanations

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

“The 990 is prepared by an accountant and reviewed and approved by the Vice President of Advancement. The key employee, Director of Donor Relations, assists in the review.”

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

“All Board of Directors sign a conflict of interest statement annually and they provide any conflict of interest in writing to the Foundation staff. Any hint of conflict of interest is reviewed by the Foundation staff and the Executive Committee of the Board of Directors.”

Form 990, Part VI, Section B, Line 15

“Director of Human Resources, Risk and Safety of LSSU looks at comparable position salary data when determining the salary range for new or existing positions. The actual salary offered also depends on the current candidate's qualifications. Existing employees complete an annual evaluation. For new positions, the employment contract or job description is written; reviewed and approved by the Vacancy Management Committee of LSSU as well as by the Vice President of Advancement. The last new hires were for the Administrative Assistant (06-26-22) and Development Coordinator (5-31-22).”

Form 990, Part VI, Section C, Line 19

“The governing documents and conflict of interest policy are made available upon demand. The annual financial report is included in the Annual Financial Report for Lake Superior State University which is published on its web site.”

Filing and Contact Details

Filer

Filer Name
Lake Superior State University Foundation
EIN
38-2576021
Phone
9066352665
Address
650 West Easterday Avenue, Sault Ste Marie, MI 49783

Signing Officer

Name
Scott P Smith
Title
Vice President of Advancement
Phone
9066356670
Signed
2022-12-22

Organization Details

Principal Officer
Scott P Smith
Formed
1983
Legal Domicile
Mi
Voting Board Members
15
Independent Board Members
15
Employees
0
Volunteers
0
Supplemental Narrative

Additional Explanations

Form 990, Header, Line B

“To correct Lines 27 & 28 on the Part K balance sheet reflecting the reporting of gifts with donor restrictions and gifts without donor restrictions. These figures were reversed on the original 990 reporting.”

Financial Statement Notes

Schedule D, Part V, Line 4

“A portion of the earnings on the majority of the endowment funds is for scholarships for the students of Lake Superior State University. A portion of the earnings on the rest of the endowment funds is for operational support for Lake Superior State University programs.”

Schedule D, Part X, Line 2

“ASC Topic 740, Accounting for Uncertainty in Income Taxes, prescribes the recognition threshold and measurement attribute for disclosures of tax positions previously taken or expected to be taken on an income tax return. The Foundation analyzes its filing positions in the state jurisdictions where it is required to file income tax returns, including tax years 2018 through 2022 in these jurisdictions. The Foundation also treats interest and penalties attributable to income taxes, and reflects any charges for such, to the extent they arise, as a component of operating expenses. The continued application of ASC Topic 740 has had no significant impact on the Foundation's financial statements.”

Schedule D, Part XI, Line 2D

“Change in Split Interest Agreements”

Raw XML AppendixShowing 400 of 862 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Sharon Dorrity
IRS990/Form990PartVIISectionAGrp/PersonNm1Scott P Smith
IRS990/Form990PartVIISectionAGrp/PersonNm2Edward F Smith
IRS990/Form990PartVIISectionAGrp/PersonNm3Carol Andary
IRS990/Form990PartVIISectionAGrp/PersonNm4H James Bourque
IRS990/Form990PartVIISectionAGrp/PersonNm5Allison Brawley
IRS990/Form990PartVIISectionAGrp/PersonNm6Joseph Breed
IRS990/Form990PartVIISectionAGrp/PersonNm7Anthony Damiano
IRS990/Form990PartVIISectionAGrp/PersonNm8Michael Day
IRS990/Form990PartVIISectionAGrp/PersonNm9Ted Haapala
IRS990/Form990PartVIISectionAGrp/PersonNm10David Jahn
IRS990/Form990PartVIISectionAGrp/PersonNm11Robert Kjolhede
IRS990/Form990PartVIISectionAGrp/PersonNm12Rebecca C Novo
IRS990/Form990PartVIISectionAGrp/PersonNm13Michael O'Toole
IRS990/Form990PartVIISectionAGrp/PersonNm14Thomas G Robinson
IRS990/Form990PartVIISectionAGrp/PersonNm15David Saunders
IRS990/Form990PartVIISectionAGrp/PersonNm16Charles Schmidt
IRS990/Form990PartVIISectionAGrp/PersonNm17Michael Wyse
IRS990/Form990PartVIISectionAGrp/PersonNm18Nafez Alayn
IRS990/Form990PartVIISectionAGrp/PersonNm19Rodney S Hanley
IRS990/Form990PartVIISectionAGrp/PersonNm20Richard Barch
IRS990/Form990PartVIISectionAGrp/PersonNm21Randy Pingatore
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt190
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt190
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt200
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Secretary of Board/Dir Donor Relations
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice President of Advancement
IRS990/Form990PartVIISectionAGrp/TitleTxt2Chair & Executive Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt3Board Member-Executive Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt4Emeritus
IRS990/Form990PartVIISectionAGrp/TitleTxt5Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt6Board Member-Executive Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt8Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt9Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt10Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt11Board Member-Executive Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt12Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt13Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt14Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt15Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt16Board Member-Executive Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt17Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt18Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt19Second Vice Chair/Ex-Officio
IRS990/Form990PartVIISectionAGrp/TitleTxt20Board Member/Ex-Officio Representative
IRS990/Form990PartVIISectionAGrp/TitleTxt21Board Member/Ex-Officio Representative
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IRS990/MissionDesc0The Lake Superior State University Foundation exists for the sole purpose of promoting, receiving, managing, and disbursing donations and contributions for the benefit of Lake Superior State University.

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$22,456,507
Liabilities
$12,902
Net assets
$22,443,605
Revenue
$4,258,550
Expenses
$2,012,449
Net income
$2,246,101
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$32.7$0.02$32.7$8.63$2.96$5.67
2024Detailed filing. Detailed filing data is available for this year.$28.6$0.05$28.6$2.98$2.36$0.63
2023Detailed filing. Detailed filing data is available for this year.$25.8$0.05$25.7$3.64$2.17$1.47
2022Detailed filing. Detailed filing data is available for this year.$22.5$0.01$22.4$4.26$2.01$2.25
2021Detailed filing. Detailed filing data is available for this year.$25.3$0.05$25.3$4.43$2.68$1.75
2020Detailed filing. Detailed filing data is available for this year.$20.6$0.06$20.5$3.52$3.37$0.14
2019Detailed filing. Detailed filing data is available for this year.$21.9$0.07$21.8$3.58$2.62$0.96
2018Detailed filing. Detailed filing data is available for this year.$20.9$0.07$20.8$4.34$1.81$2.53
2017Detailed filing. Detailed filing data is available for this year.$17.7$0.07$17.7$2.75$1.45$1.30
2016Detailed filing. Detailed filing data is available for this year.$15.4$0.07$15.3$3.69$2.10$1.60
2015Detailed filing. Detailed filing data is available for this year.$14.3$0.08$14.2$3.73$2.64$1.09
2014Detailed filing. Detailed filing data is available for this year.$13.2$0.08$13.1$3.28$1.68$1.61
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.7$0.07$10.6$3.14$1.44$1.69
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.61$0.09$8.52$1.08
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.14$0.09$8.06$0.99