Civic Intelligence

Ferris Foundation

990 • Fiscal year 2014 • EIN 38-6115813

Jul 01, 2013 to Jun 30, 2014 • Filed on Feb 14, 2015

420 Oak Street Prakken 101Big Rapids, MI 49307-2031

(231) 591-2365

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.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

8th percentile

0.03x

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

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Net Margin

96th percentile

67%

Higher net margin than 96% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

80th percentile

$443,100

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 10.3% of source-year revenue.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Asset Growth

81st percentile

15%

Faster asset growth than 81% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Revenue Growth

86th percentile

34%

Faster revenue growth than 86% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Assets

Up

$47,798,031

Up $6,293,625 (+15%) from 2013

Net Assets

Up

$47,684,141

Up $6,295,731 (+15%) from 2013

Liabilities

Down

$113,890

Down $2,106 (-1.8%) from 2013

Revenue

Up

$4,305,593

Up $1,087,475 (+34%) from 2013

Expenses

Down

$1,411,271

Down $37,906 (-2.6%) from 2013

Net Income

Up

$2,894,322

Up $1,125,381 (+64%) from 2013

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $29,818,320Liabilities 2010: $92,403Net Assets 2010: $29,725,9172010Assets 2011: $37,770,981Liabilities 2011: $90,386Net Assets 2011: $37,680,5952011Assets 2012: $36,275,137Liabilities 2012: $101,451Net Assets 2012: $36,173,6862012Assets 2013: $41,504,406Liabilities 2013: $115,996Net Assets 2013: $41,388,4102013Assets 2014: $47,798,031Liabilities 2014: $113,890Net Assets 2014: $47,684,1412014Assets 2015: $55,668,221Liabilities 2015: $268,457Net Assets 2015: $55,399,7642015Assets 2016: $70,484,999Liabilities 2016: $125,762Net Assets 2016: $70,359,2372016Assets 2017: $78,193,417Liabilities 2017: $429,289Net Assets 2017: $77,764,1282017Assets 2018: $82,189,253Liabilities 2018: $177,931Net Assets 2018: $82,011,3222018Assets 2019: $92,821,029Liabilities 2019: $249,542Net Assets 2019: $92,571,4872019Assets 2020: $92,201,355Liabilities 2020: $112,869Net Assets 2020: $92,088,4862020Assets 2021: $122,659,828Liabilities 2021: $127,141Net Assets 2021: $122,532,6872021Assets 2022: $118,188,680Liabilities 2022: $146,985Net Assets 2022: $118,041,6952022Assets 2023: $123,419,079Liabilities 2023: $131,026Net Assets 2023: $123,288,0532023

Highlighted filing

2014

Assets$47,798,031
Liabilities$113,890
Net Assets$47,684,141

Operations Trend

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

$30M$20M$10M$0Expenses 2010: $1,470,2092010Expenses 2011: $1,301,5872011Expenses 2012: $1,249,4502012Revenue 2013: $3,218,118Expenses 2013: $1,449,177Net Income 2013: $1,768,9412013Revenue 2014: $4,305,593Expenses 2014: $1,411,271Net Income 2014: $2,894,3222014Revenue 2015: $15,206,352Expenses 2015: $4,079,202Net Income 2015: $11,127,1502015Revenue 2016: $23,142,815Expenses 2016: $5,946,984Net Income 2016: $17,195,8312016Revenue 2017: $8,819,551Expenses 2017: $6,636,924Net Income 2017: $2,182,6272017Revenue 2018: $15,321,492Expenses 2018: $6,424,894Net Income 2018: $8,896,5982018Revenue 2019: $14,881,111Expenses 2019: $5,530,863Net Income 2019: $9,350,2482019Revenue 2020: $6,412,725Expenses 2020: $5,646,461Net Income 2020: $766,2642020Revenue 2021: $10,707,698Expenses 2021: $6,265,034Net Income 2021: $4,442,6642021Revenue 2022: $12,993,679Expenses 2022: $7,975,969Net Income 2022: $5,017,7102022Revenue 2023: $8,366,973Expenses 2023: $7,184,957Net Income 2023: $1,182,0162023

Highlighted filing

2014

Revenue$4,305,593
Expenses$1,411,271
Net Income$2,894,322
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Feb 14, 2015
Return Version
2013v4.0
Gross Receipts
$11,084,301
Mission and Program Overview

Mission

The foundation was established to advance the mission and goals of ferris state university by generating and managing private support for the university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$32,606,236$40,155,731▲ $7,549,495
Investments in Publicly Traded Securities$7,291,515$5,742,800▼ $1,548,715
Savings and Temporary Cash Investments$812,379$953,018▲ $140,639
Pledges and Grants Receivable$559,884$420,744▼ $139,140
Cash and Non-Interest-Bearing Accounts$226,886$321,616▲ $94,730
Accounts Receivable$7,506$204,122▲ $196,616
Total Assets$41,504,406$47,798,031▲ $6,293,625
Liabilities
Other Liabilities$114,349$111,825▼ $2,524
Accounts Payable and Accrued Expenses$1,647$2,065▲ $418
Total Liabilities$115,996$113,890▼ $2,106
Net Assets / Fund Balance
Permanently Rstr Net Assets$20,422,604$21,262,399▲ $839,795
Temporarily Rstr Net Assets$10,340,546$14,297,950▲ $3,957,404
Unrestricted Net Assets$10,625,260$12,123,792▲ $1,498,532
Total Net Assets Fund Balance$41,388,410$47,684,141▲ $6,295,731
Total Liabilities and Net Assets / Fund Balance$41,504,406$47,798,031▲ $6,293,625

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$246,498--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$40,216,417$846,008▲ $6,676,156-$46,322,161
2013$35,182,604$1,734,159▲ $4,739,121-$40,216,417
2012$36,703,233$505,573▼ $859,490-$35,182,604
2011$28,949,156$1,275,623▲ $7,737,021-$36,703,233
2010$25,141,915$629,049▲ $4,397,742-$28,949,156
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Carla MillerExecutive DiPT$159,671$159,671
Dr Robert FriarBoard Member-$149,446$149,446

Board Members and Trustees

NameTitle
Howard C StrossChair
Dr John HareChair-elect
Dale DehaanBoard Member
Dr Barbara HornBoard Member
Dr David L EislerBoard Member
Dr Jean K ElderBoard Member
Dr John Engelman IiBoard Member
Dr Ronald MahoneyBoard Member
Dr Stephanie LeonardosBoard Member
Gary TrimarcoBoard Member
James GirouxBoard Member
Joe MikolsBoard Member
John Collins JrBoard Member
Karl LinebaughBoard Member
Karl RothBoard Member
Kenneth BaileyBoard Member
Kristian SchroderBoard Member
Mary GarvelinkBoard Member
Michael BigfordBoard Member
Paul M EichenbergBoard Member
Randall L PhelpsBoard Member
Richard ShawBoard Member
Robert LalondeBoard Member
Sueann L WalzBoard Member
Carla MillerExecutive Director
Kevin CrossCurrent Past
Thomas P SchollerSecretary
Jerry L ScobyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$981,325
Program Service Revenue
$0
Investment Income
$3,430,069
Other Revenue
$-105,801
All Other Contributions
$794,576
Change in Net Assets
$2,894,322

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,435,045
Revenue Not Reported on Financial Statements
$-129,452
Revenue Not Reported on Form 990
$3,401,409
Other Revenue Adjustments
$-129,452
Total Revenue per Audited Statements
$7,836,454
Total Revenue per Form 990
$4,305,593
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,152,129
Other Expenses$259,142
Total Fundraising Expense$74,774
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,152,129--$1,152,129
Fees for Services Other-$178,583-$178,583
Travel--$22,974$22,974
Advertising--$22,835$22,835
Insurance--$10,972$10,972
Fees for Services Accounting-$5,000-$5,000
Office Expenses--$4,672$4,672
Information Technology--$3,518$3,518
Other Expenses-$785$540$540
Conferences and Meetings--$67$67
All Other Expenses--$33$33
Total Functional Expenses$1,152,129$184,368$74,774$1,411,271

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,540,723
Expenses per Audited Statements$1,411,271
Total Expenses per Form 990$1,411,271
Expenses Not Reported on Form 990$129,452
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
38-6005159-115Support University$1,152,129

International Summary

Spending
$9,610,876

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments---$9,610,876
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$129,452
Fundraising Gross Income$57,625
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 1$202,474$57,625$73,377$-15,752
Total Events$202,474$57,625$129,452$-71,827
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$111,825
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
No
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

Line 13: written whistleblower policy: the organization does not have its own whistleblower policy that its governing body formally adopted. However, the organization is covered by the state of michigan whistleblower law. Line 15: the board of directors volunteer their time to the ferris foundation. Four of the directors work for and receive compensation from a related entity (ferris state university). The university board of trustees negotiates with the president on his contract. Employee wages are set by the president with consultation of the board if appropriate. Comparability data is used when setting wages for key employees. The most recent year this process was undertaken was fiscal year 2014.

Form 990, Page 6, Part VI, Line 11B

The foundation board audit committee was provided a pdf of the form 990 to review via email before it was submitted, and it has been shared as an informational item with the full board.

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

All directors, honorary life members and committee members, and employees of the ferris foundation are to complete a conflict of interest questionnaire annually. Directors or members with a potential conflict of interest are to give full factual disclosure to the board of directors. Such directors or members shall absent themselves during the review of the matter by the board of directors and its voting on the matter, which would be reflected in the meeting minutes.

Form 990, Page 6, Part VI, Line 19

The bylaws, form 990 tax return, and financial statements are made available on the foundation website. Other documents, including the conflict of interest policy, articles of incorporation, and irs determination letter, are available upon request through the foundation office.

Filing and Contact Details

Filer

EIN
38-6115813
Phone
2315912365

Signing Officer

Name
Jerry L Scoby
Title
Treasurer
Phone
2315912365
Signed
2015-02-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Carla Miller
Formed
1991
Legal Domicile
Mi
Voting Board Members
29
Independent Board Members
25
Employees
0
Volunteers
29

Preparer

Preparer
Lindsey R Laber
Phone
6169426440
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Consulting services 0 178,583 0

Form 990, Part XI, Line 9

Change in split-interest agreement -11,967 fundraising exp - adj revenue on sch. D, part xi, line 4b 129,452 fundraising exp - adj expense on sch. D, part xii, line 2d -129,452

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

To advance the mission and goals of ferris state university.

Schedule D, Page 3, Part X

The internal revenue service has determined that the foundation is tax exempt under section 501(c)(3) of the internal revenue code. Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the organization and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the irs or other applicable taxing authorities. Management has analyzed the tax positions taken by the foundation and has concluded that as of june 30, 2014, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The foundation is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any tax periods. Management believes it is no longer subject to income tax examinations for years prior to june 30, 2011.

Schedule D, Page 4, Part XI, Line 2D

Change in split-interest agreement -11,967

Schedule D, Page 4, Part XI, Line 4B

Fundraising exp - adj revenue on sch. D, part xi, line 4b -129,452

Schedule D, Page 4, Part XII, Line 2D

Fundraising exp - adj expense on sch. D, part xii, line 2d 129,452

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IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt25BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt26BOARD MEMBER
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$123$0.13$123$8.37$7.18$1.18
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$118$0.15$118$13.0$7.98$5.02
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$123$0.13$123$10.7$6.27$4.44
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$92.2$0.11$92.1$6.41$5.65$0.77
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$92.8$0.25$92.6$14.9$5.53$9.35
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$82.2$0.18$82.0$15.3$6.42$8.90
2017Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$78.2$0.43$77.8$8.82$6.64$2.18
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$70.5$0.13$70.4$23.1$5.95$17.2
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$55.7$0.27$55.4$15.2$4.08$11.1
2014Detailed filing. Detailed filing data is available for this year.$47.8$0.11$47.7$4.31$1.41$2.89
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$41.5$0.12$41.4$3.22$1.45$1.77
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.3$0.10$36.2$1.25
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$37.8$0.09$37.7$1.30
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.8$0.09$29.7$1.47