Civic Intelligence

Georgia Tech Foundation Inc.

990 • Fiscal year 2017 • EIN 58-6043294

Jul 01, 2016 to Jun 30, 2017 • Filed on Apr 27, 2018

Refreshing map…

760 Spring St NW Ste 400Atlanta, GA 30308

(404) 894-8345

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

34th percentile

0.24x

Higher debt load relative to assets than 34% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Liabilities / Revenue

86th percentile

2.63x

Higher debt load relative to revenue than 86% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Net Margin

91st percentile

37%

Higher net margin than 91% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Top Officer Pay

32nd percentile

$1,148,531

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Asset Growth

75th percentile

13%

Faster asset growth than 75% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2016 to 2017

Revenue Growth

90th percentile

44%

Faster revenue growth than 90% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2016 to 2017

Assets

Up

$2,063,609,702

Up $242,198,236 (+13%) from 2016

Net Assets

Up

$1,562,353,343

Up $170,881,444 (+12%) from 2016

Liabilities

Up

$501,256,359

Up $71,316,792 (+17%) from 2016

Revenue

Up

$190,951,275

Up $58,395,861 (+44%) from 2016

Expenses

Up

$119,429,934

Up $7,855,803 (+7.0%) from 2016

Net Income

Up

$71,521,341

Up $50,540,058 (+241%) from 2016

Historical Trend

Balance Sheet Trend

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

$4.0B$3.0B$2.0B$1.0B$0Assets 2010: $1,436,790,967Liabilities 2010: $438,376,891Net Assets 2010: $998,414,0762010Assets 2011: $1,625,197,936Liabilities 2011: $455,883,875Net Assets 2011: $1,169,314,0612011Assets 2012: $1,632,642,419Liabilities 2012: $504,803,286Net Assets 2012: $1,127,839,1332012Assets 2013: $1,727,888,372Liabilities 2013: $532,419,886Net Assets 2013: $1,195,468,4862013Assets 2014: $1,881,230,235Liabilities 2014: $478,410,487Net Assets 2014: $1,402,819,7482014Assets 2015: $1,918,013,222Liabilities 2015: $451,902,632Net Assets 2015: $1,466,110,5902015Assets 2016: $1,821,411,466Liabilities 2016: $429,939,567Net Assets 2016: $1,391,471,8992016Assets 2017: $2,063,609,702Liabilities 2017: $501,256,359Net Assets 2017: $1,562,353,3432017Assets 2018: $2,181,876,276Liabilities 2018: $488,529,464Net Assets 2018: $1,693,346,8122018Assets 2019: $2,317,147,626Liabilities 2019: $535,265,891Net Assets 2019: $1,781,881,7352019Assets 2020: $2,320,842,471Liabilities 2020: $519,607,046Net Assets 2020: $1,801,235,4252020Assets 2021: $3,057,656,645Liabilities 2021: $570,803,566Net Assets 2021: $2,486,853,0792021Assets 2022: $3,069,200,897Liabilities 2022: $623,353,563Net Assets 2022: $2,445,847,3342022Assets 2023: $3,107,757,706Liabilities 2023: $577,359,353Net Assets 2023: $2,530,398,3532023

Highlighted filing

2017

Assets$2,063,609,702
Liabilities$501,256,359
Net Assets$1,562,353,343

Operations Trend

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

$400M$300M$200M$100M$0Expenses 2010: $108,628,4122010Revenue 2011: $138,249,996Expenses 2011: $93,911,939Net Income 2011: $44,338,0572011Expenses 2012: $121,631,5532012Expenses 2013: $128,764,2462013Revenue 2014: $191,644,689Expenses 2014: $100,624,001Net Income 2014: $91,020,6882014Revenue 2015: $204,350,679Expenses 2015: $106,881,933Net Income 2015: $97,468,7462015Revenue 2016: $132,555,414Expenses 2016: $111,574,131Net Income 2016: $20,981,2832016Revenue 2017: $190,951,275Expenses 2017: $119,429,934Net Income 2017: $71,521,3412017Revenue 2018: $203,383,307Expenses 2018: $109,320,520Net Income 2018: $94,062,7872018Revenue 2019: $373,671,968Expenses 2019: $132,426,625Net Income 2019: $241,245,3432019Revenue 2020: $131,640,518Expenses 2020: $94,435,056Net Income 2020: $37,205,4622020Revenue 2021: $246,304,114Expenses 2021: $99,723,442Net Income 2021: $146,580,6722021Revenue 2022: $283,884,508Expenses 2022: $118,388,406Net Income 2022: $165,496,1022022Revenue 2023: $238,958,217Expenses 2023: $154,131,742Net Income 2023: $84,826,4752023

Highlighted filing

2017

Revenue$190,951,275
Expenses$119,429,934
Net Income$71,521,341
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Apr 27, 2018
Return Version
2016v3.1
Gross Receipts
$523,906,665
Mission and Program Overview

Mission

It is the mission of the georgia tech foundation, inc., to: 1.promote the cause of higher education in the state of georgia; 2.receive and manage financial donations received by the foundation for support and enhancement of the georgia institute of technology; 3.assist the georgia institute of technology in its role as a leading educational and research institution.

To promote the cause of higher education in georgia; to raise and receive funds for the support of ga tech; and to aid ga tech in its development as a leading educational institution

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,114,849,075$1,236,544,641▲ $121,695,566
Investments Other Securities$349,830,841$384,184,753▲ $34,353,912
Land, Buildings, and Equipment, Net$56,972,778$131,964,608▲ $74,991,830
Pledges and Grants Receivable$103,204,846$118,734,895▲ $15,530,049
Savings and Temporary Cash Investments$7,535,959$7,451,375▼ $84,584
Other Notes and Loans Receivable, Net$1,004,800$876,513▼ $128,287
Cash and Non-Interest-Bearing Accounts$300$0▼ $300
Accounts Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $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$1,821,411,466$2,063,609,702▲ $242,198,236
Other Assets Total$188,012,867$183,852,917▼ $4,159,950
Liabilities
Mortgage Notes Payable Secured by Investment Property$123,882,055$187,863,453▲ $63,981,398
Other Liabilities$140,227,362$150,188,628▲ $9,961,266
Tax Exempt Bond Liabilities$123,394,678$122,196,866▼ $1,197,812
Deferred Revenue$25,740,977$23,025,487▼ $2,715,490
Accounts Payable and Accrued Expenses$16,694,495$17,981,925▲ $1,287,430
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$429,939,567$501,256,359▲ $71,316,792
Net Assets / Fund Balance
Temporarily Rstr Net Assets$638,857,080$727,339,121▲ $88,482,041
Permanently Rstr Net Assets$651,192,830$693,105,552▲ $41,912,722
Unrestricted Net Assets$101,421,989$141,908,670▲ $40,486,681
Total Net Assets Fund Balance$1,391,471,899$1,562,353,343▲ $170,881,444
Total Liabilities and Net Assets / Fund Balance$1,821,411,466$2,063,609,702▲ $242,198,236

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$91,528,894$18,616,152$90,464,172
Land$30,782,865-$30,782,865
Equipment$9,652,849$1,105,838$10,758,687
Other Assets Org$8,801,883--
Other Securities$10,893,276--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$1,244,396,116$26,058,701▲ $181,892,359$29,886,411$1,395,313,894
2015$1,315,834,243$39,368,479▼ $51,420,487$34,988,689$1,244,396,116
2014$1,311,598,082$31,044,444▲ $27,361,048$29,472,529$1,315,834,243
2013$1,112,788,225$71,646,318▲ $178,366,253$28,037,812$1,311,598,082
2012$1,012,283,590$33,640,982▲ $112,578,062$23,738,191$1,112,788,225
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
James TaylorChief Investment OfficerFT$362,613$218,840$581,453
Alfredo TrujilloPresident & COOFT$310,163$97,512$407,675
Jonathan KarcshDirector, Public MarketsFT$234,279$102,106$336,385
Patrick LiuDirector, Private InvestmentsFT$199,431$102,273$301,704
Dr G P PetersonPresident GA Institute of TechPT-$266,666$266,666
Mark W LongCFO & SecretaryFT$197,447$56,786$254,233
Dwight DozierChief Information OfficerFT$186,182$30,061$216,243
Patricia WichmannChief Administrative OfficerFT$119,927$33,594$153,521
Michelle JonesAssistant ControllerFT$127,760$17,840$145,600
Andrea L LaliberteTrustee-$95,899$16,412$112,311
Gary T JonesChair--$55,709$55,709
John C BaconTrustee--$11,500$11,500

Highest Paid Contractors

ContractorServicesLocationCompensation
Path FoundationConstructionPO Box 14327, Atlanta, GA 30324$1,066,826
Northern Trust CompanyInvestment Services50 South LaSalle St, Chicago, IL 60603$505,187
Sutherland Asbill BrennanLegal Services999 Peachtree St NE, Atlanta, GA 30309$315,647
Wellington Trust CompanyInvestment Services280 Congress St, Boston, MA 02210$299,690
Jackson Square Partners LLCInvestment Services101 California St, San Francisco, CA 94111$285,278
Revenue and Support

Revenue Composition

Contributions and Grants
$90,577,046
Program Service Revenue
$676,208
Investment Income
$88,146,993
Other Revenue
$11,551,028
All Other Contributions
$86,897,520
Change in Net Assets
$71,521,341

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 Traded155$6,386,812Fair Market Value (FMV)
Other Non Cash Contri Table3$1,516,840Fair Market Value (FMV)
Total Noncash Contributions158$7,903,652-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$92,542,223
Other Expenses$21,772,376
Salaries, Compensation, and Employee Benefits$5,115,335
Total Fundraising Expense$4,130,326
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$92,542,223--$92,542,223
Interest$7,749,807$918,742-$8,668,549
Conferences and Meetings$4,261,226$359,480$1,289,629$5,910,335
Other Salaries and Wages-$2,520,225-$2,520,225
Fees for Service Investment Mgmnt Fees-$2,254,470-$2,254,470
Pension Plan Contributions$763,666$299,509-$1,063,175
Current Officers, Directors, Trustees, and Key Employees-$1,032,176-$1,032,176
Office Expenses$24,981$380,423$11,403$416,807
Fees for Services Legal-$408,210-$408,210
Other Employee Benefits-$307,570-$307,570
Depreciation Depletion$205,349$62,693-$268,042
Fees for Services Accounting-$258,976-$258,976
Payroll Taxes-$192,189-$192,189
Insurance$-31,334$211,116-$179,782
Fees for Services Other$500$125,398$38,209$164,107
Travel$7,479$98,691$3,503$109,673
Fees for Services Management-$102,784-$102,784
Fees for Services Lobbying$28,308--$28,308
Other Expenses$725$-31,012$2,787,582$-31,012
Information Technology-$-39,961-$-39,961
Total Functional Expenses$105,552,930$9,746,678$4,130,326$119,429,934
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Georgia Institute of TechnologyAtlanta, GAGovtScholarships, Fellowships, Awards & Other$84,471,590
Georgia Tech Alumni AssociationAtlanta, GA501(c)(3)Alumni Association$3,417,269
Georgia Tech Foundation Funding CorporationAtlanta, GA501(c)(3)Capital Projects$3,242,689
Georgia Tech Athletic AssociationAtlanta, GA501(c)(3)Scholarships$847,324
Georgia Tech Global IncAtlanta, GA501(c)(3)Costa Rica Tip Prog$292,290
Georgia Tech Facilities IncAtlanta, GA501(c)(3)Construction Projects/building Grants$265,115
Georgia Tech Foundation Real Estate Holding CorpAtlanta, GA501(c)(2)Real Estate Operations$5,947

International Summary

Spending
$538,067,866

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
Europe (Including Iceland and Greenland)Investments---$437,079,000
East Asia and the PacificInvestments---$46,615,000
Central America and the CaribbeanInvestments---$31,495,000
North AmericaInvestments---$17,498,000
South AsiaInvestments---$2,381,000
Middle East and North AfricaInvestments---$2,130,000
South AmericaInvestments---$788,000
Europe (Including Iceland and Greenland)FundraisingResearch Collaboration--$54,110
East Asia and the PacificFundraisingSymposiums/conferences--$10,660
Central America and the CaribbeanFundraisingResearch Collaboration--$5,958
Europe (Including Iceland and Greenland)Program ServicesAcademic--$5,786
East Asia and the PacificProgram ServicesSymposiums/conferences--$2,306
Europe (Including Iceland and Greenland)Program ServicesDiplomacy--$1,141
Europe (Including Iceland and Greenland)Program Services---$574
North AmericaProgram Services---$487
East Asia and the PacificProgram ServicesResearch Collaboration--$346
North AmericaProgram Services---$190
Central America and the CaribbeanProgram ServicesResearch Collaboration--$168
Europe (Including Iceland and Greenland)Program ServicesSymposiums/conferences--$140
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Novare Group Holdings LLCControlling Principal is TrusteePurchase of Office BuildingNo$63,500,000
Novare Group Holdings LLCControlling Principal is TrusteePurchase of Data CenterNo$19,300,000
Novare Group Holdings LLCControlling Principal is TrusteeLease of Office SpaceNo$272,405
Novare Group Holdings LLCControlling Principal is TrusteeLease of Office SpaceNo$125,000

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
Payable/guarantee to Affiliates$126,980,973
Life Income Interest$16,030,063
Commitment Payable$7,177,592

Bond Issues

BondIssuerIssuedIssue PricePurpose
BDEVELOPMENT AUTH OF FULTON COUNTY series 2012a2012-04-11$92,302,322Refund a 2002 prior bond issue
ADEVELOPMENT AUTH OF FULTON COUNTY series 2011a2011-11-09$37,498,996Refund a 2001 prior bond issue

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$92,302,322$91,465,000$0$837,322
A$37,498,996$37,025,339$0$473,597

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
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
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 A, Line 7A

Elected board members the georgia tech foundation, inc. Bylaws state that the ex-officio voting trustees shall be the president of georgia institute of technology; the chairman of the georgia tech advisory board; and the chair, past chair, and chair-elect of the georgia tech alumni association, inc.

Form 990, Part VI, Section B, Line 11

Form 990 review process the trustees, directors, and officers of georgia tech foundation, inc. Are given access to all georgia tech foundation, inc.'s tax returns through a website and asked to review and provide any questions and comments before a certain date. Any questions and comments from the board members are noted and changes are made to the return as appropriate. Once all changes have been made, an updated return is provided to the board members through the same website prior to the return being filed.

Form 990, Part VI, Section B, Line 12

Conflict of interest policy the board of directors and officers of georgia tech foundation, inc. Are required to disclose any conflict of interest with georgia tech foundation, inc. The audit committee of georgia tech foundation, inc. Is then charged with reviewing any conflicts of interest and reporting them to the executive committee. If any action is necessary, the executive committee is responsible for taking the appropriate action.

Form 990, Part VI, Section B, Line 15

Review of officer compensation the compensation committee of the georgia tech foundation is charged with reviewing and approving compensation and benefits provided by the georgia tech foundation, inc. The compensation committee is composed of the four board officers of the georgia tech foundation, who are not compensated and are not related to individuals whose compensation is under review. The compensation committee may hire compensation consultants and relies on market data in assessing reasonableness of compensation and benefits for the president and chief operating officer and the senior staff. The compensation committee of georgia tech foundation contemporaneously documents the deliberations and decisions regarding the compensation of these individuals.

Form 990, Part VI, Section C, Line 19

Documents available to the public the governing documents, conflict of interest policy and financial statements are posted to the georgia tech foundation, inc. Website. The form 990 and form 990-t of georgia tech foundation, inc. Are available upon request.

Form 990, Part VI, Section A, Line 2

Family relationships deborah nash and ronald h. Nash have a family relationship

Form 990, Part VII

Board member compensation related organization compensation is provided by the georgia institute of technology to board members who are employees of georgia tech. No related organization compensation is provided to individuals for their role as board members of georgia tech foundation, inc.

Filing and Contact Details

Filer

Filer Name
Georgia Tech Foundation Inc
EIN
58-6043294
In Care Of
% MARK W LONG
Phone
4048948345
Address
760 SPRING ST NW STE 400, ATLANTA, GA 30308

Signing Officer

Name
Al Trujillo
Title
President/COO
Phone
4048948345
Signed
2018-04-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Al Trujillo
Formed
1932
Legal Domicile
Ga
Voting Board Members
49
Independent Board Members
43
Employees
35
Volunteers
100

Preparer

Firm
Kpmg Llp
Address
300 NORTH GREENE ST STE 400, Greensboro, NC 27401
Preparer
Shawn M Hutchinson
Phone
3362753394
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D

Other program services georgia tech foundation, inc. Provides general support to the georgia institute of technology and its affiliated organizations. The general support provides funds for educational and various other activities.

Form 990, Part XI, Line 9

Other changes in net assets the amount reported on part xi, line 9 consists of the following amounts: actuarial loss 1,435,704 increase in cash surrender value 161,420 ----------------------------------------------- total form 990, part xi, line 9 1,597,125

Financial Statement Notes

Schedule D, Part V, Line 4

Endowment funds income earned on endowments is used to support georgia institute of technology. The income from the endowment is mostly restricted to certain purposes by the donors. The uses include: student support in the form of scholarships, fellowships (loan funds to meet their educational expenses), graduate support, as well as support of faculty in their teaching and research programs. The endowment supports each of the six colleges and many programs, including the library, lectures, faculty recruitment, and program curriculum development, and for the renovation of facilities and laboratories.

Schedule D, Part X, Line 2

FIN 48 (ASC 740) FOOTNOTE The Foundation does not have any material unrecognized tax positions that should be recognized in the consolidated financial statements for 2017 or 2016.

Schedule D, Part III, Line 4

Art collection various sculptures and painting as placed across georgia tech's campus for campus beautification and for enhancement of the student's learning experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm31ANDREA L LALIBERTE
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IRS990/Form990PartVIISectionAGrp/PersonNm36MICHAEL G MESSNER
IRS990/Form990PartVIISectionAGrp/PersonNm37DEBORAH A NASH

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.
2023Summary only. Only limited summary data is available for this year.$3,108$577$2,530$239$154$84.8
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,069$623$2,446$284$118$165
2021Summary only. Only limited summary data is available for this year.$3,058$571$2,487$246$99.7$147
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,321$520$1,801$132$94.4$37.2
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,317$535$1,782$374$132$241
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,182$489$1,693$203$109$94.1
2017Detailed filing. Detailed filing data is available for this year.$2,064$501$1,562$191$119$71.5
2016Detailed filing. Detailed filing data is available for this year.$1,821$430$1,391$133$112$21.0
2015Detailed filing. Detailed filing data is available for this year.$1,918$452$1,466$204$107$97.5
2014Detailed filing. Detailed filing data is available for this year.$1,881$478$1,403$192$101$91.0
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,728$532$1,195$129
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,633$505$1,128$122
2011Summary only. Only limited summary data is available for this year.$1,625$456$1,169$138$93.9$44.3
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,437$438$998$109