Civic Intelligence

Salisbury University Foundation Inc

EIN 52-1127396 • 501(c)3 • Salisbury, MD

Profile

The purpose of the foundation is to enrich the activities, educational programs, athletics and scholarships of salisbury university.

PO Box 2655Salisbury, MD 21802

www.salisbury.edu/FOUNDATION

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

13th percentile

0.02x

Higher debt load relative to assets than 13% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Liabilities / Revenue

25th percentile

0.17x

Higher debt load relative to revenue than 25% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Net Margin

91st percentile

50%

Higher net margin than 91% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Top Officer Pay

5th percentile

$0

Higher top officer pay than 5% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Asset Growth

78th percentile

15%

Faster asset growth than 78% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2023 to 2025

Revenue Growth

86th percentile

37%

Faster revenue growth than 86% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2023 to 2025

Balance Sheet
Liabilities / Assets13th percentile

Assets

Up

$145,704,085

Up $20,359,103 (+16%) from 2024

Liabilities

Up

$2,489,197

Up $9,472 (+0.4%) from 2024

Net Assets

Up

$143,214,888

Up $20,349,631 (+17%) from 2024

Operations
Liabilities / Revenue25th percentileNet Margin91st percentile

Revenue

Up

$14,715,504

Up $6,377,466 (+76%) from 2024

Expenses

Up

$7,428,597

Up $1,186,746 (+19%) from 2024

Net Income

Up

$7,286,907

Up $5,190,720 (+248%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth78th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0Assets 2011: $52,432,740Liabilities 2011: $5,192,420Net Assets 2011: $47,240,3202011Assets 2012: $55,775,281Liabilities 2012: $4,910,912Net Assets 2012: $50,864,3692012Assets 2013: $62,754,793Liabilities 2013: $5,488,641Net Assets 2013: $57,266,1522013Assets 2014: $73,190,467Liabilities 2014: $5,222,021Net Assets 2014: $67,968,4462014Assets 2015: $73,326,023Liabilities 2015: $5,445,002Net Assets 2015: $67,881,0212015Assets 2016: $71,477,392Liabilities 2016: $5,168,827Net Assets 2016: $66,308,5652016Assets 2017: $85,590,525Liabilities 2017: $10,893,556Net Assets 2017: $74,696,9692017Assets 2018: $89,361,022Liabilities 2018: $9,640,443Net Assets 2018: $79,720,5792018Assets 2019: $90,391,019Liabilities 2019: $9,061,078Net Assets 2019: $81,329,9412019Assets 2020: $82,972,694Liabilities 2020: $3,580,218Net Assets 2020: $79,392,4762020Assets 2021: $111,020,277Liabilities 2021: $4,101,933Net Assets 2021: $106,918,3442021Assets 2022: $98,030,195Liabilities 2022: $2,374,503Net Assets 2022: $95,655,6922022Assets 2023: $110,537,610Liabilities 2023: $2,412,659Net Assets 2023: $108,124,9512023Assets 2024: $125,344,982Liabilities 2024: $2,479,725Net Assets 2024: $122,865,2572024Assets 2025: $145,704,085Liabilities 2025: $2,489,197Net Assets 2025: $143,214,8882025

Highlighted filing

2025

Assets$145,704,085
Liabilities$2,489,197
Net Assets$143,214,888
Open 2025 Filing

Operations Trend

Revenue Growth86th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2011: $4,617,484Expenses 2011: $7,586,603Net Income 2011: -$2,969,1192011Expenses 2012: $5,966,1632012Expenses 2013: $3,863,1602013Revenue 2014: $12,440,567Expenses 2014: $4,397,563Net Income 2014: $8,043,0042014Revenue 2015: $5,576,745Expenses 2015: $4,051,663Net Income 2015: $1,525,0822015Revenue 2016: $8,920,656Expenses 2016: $9,197,114Net Income 2016: -$276,4582016Revenue 2017: $7,413,535Expenses 2017: $4,086,776Net Income 2017: $3,326,7592017Revenue 2018: $9,210,358Expenses 2018: $7,970,364Net Income 2018: $1,239,9942018Revenue 2019: $8,945,517Expenses 2019: $5,982,144Net Income 2019: $2,963,3732019Revenue 2020: $7,073,115Expenses 2020: $5,094,829Net Income 2020: $1,978,2862020Revenue 2021: $7,263,579Expenses 2021: $3,980,578Net Income 2021: $3,283,0012021Revenue 2022: $9,520,292Expenses 2022: $4,599,128Net Income 2022: $4,921,1642022Revenue 2023: $7,805,094Expenses 2023: $5,378,594Net Income 2023: $2,426,5002023Revenue 2024: $8,338,038Expenses 2024: $6,241,851Net Income 2024: $2,096,1872024Revenue 2025: $14,715,504Expenses 2025: $7,428,597Net Income 2025: $7,286,9072025

Highlighted filing

2025

Revenue$14,715,504
Expenses$7,428,597
Net Income$7,286,907
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$145,704,085
Liabilities
$2,489,197
Net assets
$143,214,888
Revenue
$14,715,504
Expenses
$7,428,597
Net income
$7,286,907
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$146$2.49$143$14.7$7.43$7.29
2024Detailed filing. Detailed filing data is available for this year.$125$2.48$123$8.34$6.24$2.10
2023Detailed filing. Detailed filing data is available for this year.$111$2.41$108$7.81$5.38$2.43
2022Detailed filing. Detailed filing data is available for this year.$98.0$2.37$95.7$9.52$4.60$4.92
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$111$4.10$107$7.26$3.98$3.28
2020Detailed filing. Detailed filing data is available for this year.$83.0$3.58$79.4$7.07$5.09$1.98
2019Detailed filing. Detailed filing data is available for this year.$90.4$9.06$81.3$8.95$5.98$2.96
2018Detailed filing. Detailed filing data is available for this year.$89.4$9.64$79.7$9.21$7.97$1.24
2017Detailed filing. Detailed filing data is available for this year.$85.6$10.9$74.7$7.41$4.09$3.33
2016Detailed filing. Detailed filing data is available for this year.$71.5$5.17$66.3$8.92$9.20$0.28
2015Detailed filing. Detailed filing data is available for this year.$73.3$5.45$67.9$5.58$4.05$1.53
2014Detailed filing. Detailed filing data is available for this year.$73.2$5.22$68.0$12.4$4.40$8.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$62.8$5.49$57.3$3.86
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$55.8$4.91$50.9$5.97
2011Summary only. Only limited summary data is available for this year.$52.4$5.19$47.2$4.62$7.59$2.97
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Jan 26, 2026
Return Version
2024v5.5
Gross Receipts
$20,076,316
Mission and Program Overview

Mission

The purpose of the foundation is to enrich the activities, educational programs, athletics and scholarships of salisbury university.

To enrich the activities, educational programs, athletics and scholarships of salisbury university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$117,459,711$132,079,355▲ $14,619,644
Pledges and Grants Receivable$3,377,508$9,828,379▲ $6,450,871
Cash and Non-Interest-Bearing Accounts$327,888$321,977▼ $5,911
Land, Buildings, and Equipment, Net$94,626$83,104▼ $11,522
Savings and Temporary Cash Investments$6,598$52,480▲ $45,882
Inventories for Sale or Use$16,829$38,932▲ $22,103
Prepaid Expenses and Deferred Charges$70,740$34,739▼ $36,001
Total Assets$125,344,982$145,704,085▲ $20,359,103
Other Assets Total$3,991,082$3,265,119▼ $725,963
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,752,486$1,752,486→ $0
Other Liabilities$480,700$467,186▼ $13,514
Accounts Payable and Accrued Expenses$138,314$164,580▲ $26,266
Deferred Revenue$108,225$104,945▼ $3,280
Total Liabilities$2,479,725$2,489,197▲ $9,472
Net Assets / Fund Balance
Net Assets With Donor Restrictions$110,053,991$129,673,419▲ $19,619,428
Net Assets Without Donor Restrictions$12,811,266$13,541,469▲ $730,203
Total Net Assets Fund Balance$122,865,257$143,214,888▲ $20,349,631
Total Liabilities and Net Assets / Fund Balance$125,344,982$145,704,085▲ $20,359,103

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$23,526$366,996-
Land$59,578--
Equipment$0$80,167-
Other Securities$5,242,500--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$79,877,538$2,937,716▲ $11,443,719$2,601,443$91,657,530
2023$71,287,410$2,580,144▲ $12,958,370$6,948,386$79,877,538
2022$64,380,612$1,018,094▲ $10,027,619$4,138,915$71,287,410
2021$77,647,210$3,641,094▼ $11,899,440$5,008,252$64,380,612
2020$53,966,426$3,644,648▲ $23,212,714$3,176,578$77,647,210
Compensation and Service Providers
Top Officer Pay5th percentile

Board Members and Trustees

NameTitle
Ashley SternChair
Michele GariglianoImmediate Past Chair
Eric MclauchlinVice Chair
Samantha HowardVice Chair
David J HarkinsDirector
Dr Charles B Silvia JrDirector
Dr Mark BowenDirector
Dr Peter JacksonDirector
Dr Robert ClarkeDirector
Dr Simona EngDirector
Dr Thomas W JonesDirector
J Michael ScarboroughDirector
Julius M Jones JrDirector
Kimberly S MagahaDirector
Kimmerly MessickDirector
Konrad Morgan WaysonDirector
Louis TaylorDirector
Maria WallerDirector
Mark SmithDirector
Nicole D TurnerDirector
Pete BuzyDirector
Phyllis VinyardDirector
Ron McgannDirector
Ruby BrownDirector
Sandy S Fitzgerald-angelloDirector
Sonya WhitedDirector
Stephen FarrowDirector
William HallDirector
Jason CurtinExecutive Director
Joe DorregoSecretary
Dawn L Adkins-harcumTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Yard Designs INCLandscaping1314 WOODLAND RD, Salisbury, MD 21801$239,370
Revenue and Support

Revenue Composition

Contributions and Grants
$11,800,991
Program Service Revenue
$209,433
Investment Income
$2,613,203
Other Revenue
$91,877
All Other Contributions
$11,767,900
Change in Net Assets
$7,286,907

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 Publicly Traded17$573,597Fair Market Value
Other Non Cash Contri Table0$109,660Donor
Clothing and Household Goods-$97,443Donor
Cars and Other Vehicles1$63,718Donor
Other Non Cash Contri Table104$30,639Donor
Other Non Cash Contri Table9$2,344Donor
Works of Art2$1,800-
Books and Publications-$150Donor
Total Noncash Contributions133$879,351-

Audited Revenue Reconciliation

Revenue per Audited Statements
$14,525,616
Revenue Not Reported on Financial Statements
$189,888
Revenue Not Reported on Form 990
$13,334,936
Total Revenue per Audited Statements
$27,860,552
Total Revenue per Form 990
$14,715,504
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$3,603,442
Other Expenses$2,854,265
Salaries, Compensation, and Employee Benefits$970,890
Total Fundraising Expense$619,749
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$3,300,344--$3,300,344
Other Salaries and Wages$180,843$566,585$223,462$970,890
Conferences and Meetings$125,873$31,748$187,768$345,389
Grants to Domestic Individuals$303,098--$303,098
Fees for Service Investment Mgmnt Fees-$189,888-$189,888
Travel$135,389$2,170$36,413$173,972
Interest-$117,713-$117,713
All Other Expenses$98,598$1,950$1,000$101,548
Other Expenses$17,893$57,612$15,880$91,385
Depreciation Depletion$2,597$8,925-$11,522
Total Functional Expenses$5,676,189$1,132,659$619,749$7,428,597

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$7,510,921
Total Expenses per Form 990$7,428,597
Expenses per Audited Statements$7,238,709
Expenses Not Reported on Form 990$272,212
Expenses Not Reported on Financial Statements$189,888
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Salisbury UniversitySalisbury, MD170(c)(1)Grants Include Reimbursements to Cover Expenses Paid for by Salisbury University, Including Payroll, Equipment, Copies, Printing, and Other Expenses$2,391,954
Salisbury UniversitySalisbury, MD170(c)(1)Scholarships and Awards Paid to Salisbury University for Various Student Recepients$2,103,786
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$277,012
Fundraising Direct Expenses$272,212
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Sea Gull Century$273,865$267,712$258,462$9,250
Golf Classic$36,238$9,300$13,750$-4,450
Total Events$310,103$277,012$272,212$4,800
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Annuities Payable$467,186
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
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, Section B, Line 11B

“The organization's executive director and governing body review the form 990 before it is filed”

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

“Officers and directors are required to fill out a form annually disclosing any conflict of interest. The organization monitors and enforces compliance on a regular basis. If a situation arises regarding a conflict of interest, the organization's executive committee will discuss the situation and make a decision regarding the matter.”

Form 990, Part VI, Section B, Line 15

“Salisbury university foundation, inc. Is affiliated with a state of maryland institution (salisbury university), and it abides by the state institution's standard compensation schedules. The foundation reimburses salisbury university for all personnel costs.”

Form 990, Part VI, Section C, Line 19

“The organization's financial statements are available to view on its website. Its governing documents and conflict of interest policy are available upon request.”

Filing and Contact Details

Filer

Filer Name
Salisbury University Foundation Inc
EIN
52-1127396
Phone
4105436392
Address
PO BOX 2655, SALISBURY, MD 21802

Signing Officer

Name
Jason Curtin
Title
Executive Director
Phone
4105436392
Signed
2026-01-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jason Curtin
Formed
1973
Legal Domicile
Md
Voting Board Members
30
Independent Board Members
30
Employees
0
Volunteers
40

Preparer

Firm
Uhy Advisors Mid-atlantic Inc
Address
955 MT HERMON ROAD, SALISBURY, MD 21804
Preparer
Roy J Geiser
Phone
4107421328
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in value of split interest agreement 6,883.”

FORM 990, PART XII, LINE 2C:

“Process has not changed from the prior year”

Financial Statement Notes

PART V, LINE 4:

“The intended use of the organization's endowment funds is to enrich the activities, educational programs, athletics, and scholarships of salisbury university.”

PART X, LINE 2:

“The foundation is recognized by the internal revenue service as an organization described under section 501(c)(3) of the internal revenue code and is generally exempt from federal and state income taxes on related income. However, income from certain activities not directly related to the foundation's tax-exempt purpose may be subject to taxation as unrelated business income. The foundation believes it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements. Tax years considered open and subject to examination include returns for the foundation for the years ended june 30, 2022 through june 30, 2024.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Change in value of split interest agreements 6,883. Expenses incurred on fundraising income 272,212.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Expenses incurred on fundraising income 272,212.”

Part XII and Part XIII

“Line 2d: amounts represent fundraising event expenses (for 990, part viii, line 8b). These expenses are shown as reductions of revenue on form 990, but are included with expenses on the audited financial statements. Expenses incurred on fundraising income total”

Raw XML AppendixShowing 400 of 864 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/PersonNm1DR MARK BOWEN
IRS990/Form990PartVIISectionAGrp/PersonNm2JASON CURTIN
IRS990/Form990PartVIISectionAGrp/PersonNm3PETE BUZY
IRS990/Form990PartVIISectionAGrp/PersonNm4DR ROBERT CLARKE
IRS990/Form990PartVIISectionAGrp/PersonNm5MICHELE GARIGLIANO
IRS990/Form990PartVIISectionAGrp/PersonNm6DR SIMONA ENG
IRS990/Form990PartVIISectionAGrp/PersonNm7SAMANTHA HOWARD
IRS990/Form990PartVIISectionAGrp/PersonNm8SONYA WHITED
IRS990/Form990PartVIISectionAGrp/PersonNm9JOE DORREGO
IRS990/Form990PartVIISectionAGrp/PersonNm10RON MCGANN
IRS990/Form990PartVIISectionAGrp/PersonNm11ASHLEY STERN
IRS990/Form990PartVIISectionAGrp/PersonNm12KIMMERLY MESSICK
IRS990/Form990PartVIISectionAGrp/PersonNm13PHYLLIS VINYARD
IRS990/Form990PartVIISectionAGrp/PersonNm14JULIUS M JONES JR
IRS990/Form990PartVIISectionAGrp/PersonNm15J MICHAEL SCARBOROUGH
IRS990/Form990PartVIISectionAGrp/PersonNm16MARK SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm17LOUIS TAYLOR
IRS990/Form990PartVIISectionAGrp/PersonNm18DAWN L ADKINS-HARCUM
IRS990/Form990PartVIISectionAGrp/PersonNm19RUBY BROWN
IRS990/Form990PartVIISectionAGrp/PersonNm20DAVID J HARKINS
IRS990/Form990PartVIISectionAGrp/PersonNm21ERIC MCLAUCHLIN
IRS990/Form990PartVIISectionAGrp/PersonNm22NICOLE D TURNER
IRS990/Form990PartVIISectionAGrp/PersonNm23STEPHEN FARROW
IRS990/Form990PartVIISectionAGrp/PersonNm24WILLIAM HALL
IRS990/Form990PartVIISectionAGrp/PersonNm25DR CHARLES B SILVIA JR
IRS990/Form990PartVIISectionAGrp/PersonNm26MARIA WALLER
IRS990/Form990PartVIISectionAGrp/PersonNm27SANDY S FITZGERALD-ANGELLO
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IRS990/Form990PartVIISectionAGrp/PersonNm29KIMBERLY S MAGAHA
IRS990/Form990PartVIISectionAGrp/PersonNm30KONRAD MORGAN WAYSON
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IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt30DIRECTOR
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