Civic Intelligence

The Tower Foundation of San Jose State University

EIN 83-0403915 • 501(c)3 • San Jose, CA

Profile

The tower foundation's mission is to encourage philanthropy among sjsu alumni and friends by providing high quality, reliable, and responsive charitable giving services, donor stewardship, and accurate accounting for all gifts.

One Washington Square 300San Jose, CA 95192-0183

www.sjsu.edu/TOWERFOUNDATION

Siviq Scores

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

Liabilities / Assets

34th percentile

0.16x

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

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

80th percentile

1.33x

Higher debt load relative to revenue than 80% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

88th percentile

36%

Higher net margin than 88% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

77th percentile

$1,811,914

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 4.4% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Asset Growth

69th percentile

10%

Faster asset growth than 69% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

87th percentile

43%

Faster revenue growth than 87% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$330,738,995

Up $30,671,418 (+10%) from 2023

Liabilities

Up

$54,208,134

Up $4,933,616 (+10%) from 2023

Net Assets

Up

$276,530,861

Up $25,737,802 (+10%) from 2023

Revenue

Up

$40,849,599

Up $12,300,570 (+43%) from 2023

Expenses

Down

$26,052,888

Down $617,738 (-2.3%) from 2023

Net Income

Up

$14,796,711

Up $12,918,308 (+688%) from 2023

Trend Graphs

Balance Sheet Trend

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

$400M$300M$200M$100M$0Assets 2010: $92,251,696Liabilities 2010: $1,288,145Net Assets 2010: $90,963,5512010Assets 2011: $113,324,649Liabilities 2011: $1,263,367Net Assets 2011: $112,061,2822011Assets 2012: $114,800,772Liabilities 2012: $1,357,840Net Assets 2012: $113,442,9322012Assets 2013: $149,150,044Liabilities 2013: $1,543,634Net Assets 2013: $147,606,4102013Assets 2014: $169,115,111Liabilities 2014: $2,427,835Net Assets 2014: $166,687,2762014Assets 2015: $171,070,749Liabilities 2015: $1,488,026Net Assets 2015: $169,582,7232015Assets 2016: $191,290,140Liabilities 2016: $1,389,021Net Assets 2016: $189,901,1192016Assets 2017: $202,905,479Liabilities 2017: $1,938,379Net Assets 2017: $200,967,1002017Assets 2018: $208,610,527Liabilities 2018: $1,559,400Net Assets 2018: $207,051,1272018Assets 2019: $211,640,861Liabilities 2019: $3,374,373Net Assets 2019: $208,266,4882019Assets 2020: $204,408,600Liabilities 2020: $2,711,608Net Assets 2020: $201,696,9922020Assets 2021: $263,921,731Liabilities 2021: $4,240,172Net Assets 2021: $259,681,5592021Assets 2022: $280,294,745Liabilities 2022: $46,627,617Net Assets 2022: $233,667,1282022Assets 2023: $300,067,577Liabilities 2023: $49,274,518Net Assets 2023: $250,793,0592023Assets 2024: $330,738,995Liabilities 2024: $54,208,134Net Assets 2024: $276,530,8612024

Highlighted filing

2024

Assets$330,738,995
Liabilities$54,208,134
Net Assets$276,530,861

Operations Trend

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

$60M$40M$20M$0Expenses 2010: $7,458,0212010Expenses 2011: $11,510,2712011Expenses 2012: $13,199,7522012Expenses 2013: $14,570,6772013Revenue 2014: $30,508,212Expenses 2014: $17,365,679Net Income 2014: $13,142,5332014Revenue 2015: $24,812,169Expenses 2015: $17,271,914Net Income 2015: $7,540,2552015Revenue 2016: $50,116,549Expenses 2016: $22,396,714Net Income 2016: $27,719,8352016Revenue 2017: $32,989,103Expenses 2017: $31,444,958Net Income 2017: $1,544,1452017Revenue 2018: $35,594,581Expenses 2018: $30,060,759Net Income 2018: $5,533,8222018Revenue 2019: $27,044,574Expenses 2019: $26,049,500Net Income 2019: $995,0742019Revenue 2020: $29,787,267Expenses 2020: $24,652,766Net Income 2020: $5,134,5012020Revenue 2021: $46,353,106Expenses 2021: $23,148,854Net Income 2021: $23,204,2522021Revenue 2022: $32,559,828Expenses 2022: $22,673,220Net Income 2022: $9,886,6082022Revenue 2023: $28,549,029Expenses 2023: $26,670,626Net Income 2023: $1,878,4032023Revenue 2024: $40,849,599Expenses 2024: $26,052,888Net Income 2024: $14,796,7112024

Highlighted filing

2024

Revenue$40,849,599
Expenses$26,052,888
Net Income$14,796,711

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$331$54.2$277$40.8$26.1$14.8
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$300$49.3$251$28.5$26.7$1.88
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$280$46.6$234$32.6$22.7$9.89
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$264$4.24$260$46.4$23.1$23.2
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$204$2.71$202$29.8$24.7$5.13
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$212$3.37$208$27.0$26.0$1.00
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$209$1.56$207$35.6$30.1$5.53
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$203$1.94$201$33.0$31.4$1.54
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$191$1.39$190$50.1$22.4$27.7
2015Detailed filing. Detailed filing data is available for this year.$171$1.49$170$24.8$17.3$7.54
2014Detailed filing. Detailed filing data is available for this year.$169$2.43$167$30.5$17.4$13.1
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$149$1.54$148$14.6
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$115$1.36$113$13.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$113$1.26$112$11.5
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$92.3$1.29$91.0$7.46
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2021 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 5, 2022
Return Version
2020v4.2
Gross Receipts
$258,381,181
Mission and Program Overview

Mission

The tower foundation's mission is to encourage philanthropy among sjsu alumni and friends by providing high quality, reliable, and responsive charitable giving services, donor stewardship, and accurate accounting for all gifts.

Assistance to academic programs & facilities, student scholarships, faculty, & athletics programs

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$201,696,992$259,681,559▲ $57,984,567
Investments in Publicly Traded Securities$120,249,243$173,946,574▲ $53,697,331
Savings and Temporary Cash Investments$20,631,147$30,630,407▲ $9,999,260
Investments Other Securities$31,373,905$26,807,187▼ $4,566,718
Pledges and Grants Receivable$21,716,873$19,843,289▼ $1,873,584
Investments Program Related$9,155,120$11,290,384▲ $2,135,264
Accounts Receivable$2,741$125,353▲ $122,612
Prepaid Expenses and Deferred Charges$134,881$42,490▼ $92,391
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Total Assets$204,408,600$263,921,731▲ $59,513,131
Other Assets Total$1,144,690$1,236,047▲ $91,357
Liabilities
Other Liabilities$2,300,515$3,704,084▲ $1,403,569
Accounts Payable and Accrued Expenses$411,093$536,088▲ $124,995
Total Liabilities$2,711,608$4,240,172▲ $1,528,564
Net Assets / Fund Balance
Total Net Assets Fund Balance$201,696,992$259,681,559▲ $57,984,567
Total Liabilities and Net Assets / Fund Balance$204,408,600$263,921,731▲ $59,513,131

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$5,575,824--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$148,747,340$-49,467▲ $49,150,000-$198,562,242
2019$153,212,206$-2,921,322▼ $910,318-$148,747,340
2018$150,056,030$-3,686,217▲ $7,429,657-$153,212,206
2017$142,939,572$-1,251,642▲ $8,987,311-$150,056,030
2016$125,627,222$969,552▲ $16,896,637-$142,939,572
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brent BrennanHead Coach, Football-$665,583$455,487$665,583
Charlie FaasManaging Director/interim Until 12/20)--$374,339$374,339
Marie TuiteAthletics Director-$206,081$352,356$206,081
Kevin McgivenAssistant Coach, Football-$125,334$304,432$125,334
Jean PrioleauHead Coach, Basketball-$123,360$398,081$123,360
Derrick OdumAssistant Coach, Football-$104,136$312,874$104,136
Gary D RadineDirector--$35,638$35,638
David NeighborsEx Officio--$11,067$11,067
Daniele LecesneCOO, Secretary (as of 12/20)FT-$10,000$10,000
Theresa DavisCEOFT$5,000$172,094$5,000

Board Members and Trustees

NameTitle
Eric KellyChairman of the Board
Mary PapazianEx Officio, President
Wanda HendrixEx Officio-alumni Assc President
Colleen B WilcoxDirector
Constance B MooreDirector
Dana C DitmoreDirector
David WengDirector
Edward OatesDirector
Gary J SbonaDirector
Jeff RicciDirector
Joe PintoDirector
John W BairdDirector
Marko TrapaniDirector
Peter V UeberrothDirector
Phillip R BoyceDirector
Richard ConniffDirector
Stephen H CaplanDirector
William E BartonDirector
Allison BricenoDirector (until 06/21)
Leslie C FrancisDirector (until 12/20)
Charles W DavidsonDirector (until 3/21)
Charlie FaasManaging Director/interim Until 12/2
Ravisha MathurEx Officio-academic Senate Rep.
Virginia Lehmkuhl DakweFaculty Representative
Liliana AlderStudent Body Representative
Revenue and Support

Revenue Composition

Contributions and Grants
$18,088,607
Program Service Revenue
$10,160,836
Investment Income
$17,142,440
Other Revenue
$961,223
All Other Contributions
$18,068,607
Change in Net Assets
$23,204,252

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 Traded39$1,100,298Fair Market Value
Other Non Cash Contri Table11$366,525Fair Market Value
Other Non Cash Contri Table12$105,301Fair Market Value
Other Non Cash Contri Table1$4,990Fair Market Value
Total Noncash Contributions63$1,577,114-

Audited Revenue Reconciliation

Revenue per Audited Statements
$46,353,106
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$35,366,609
Total Revenue per Audited Statements
$81,719,715
Total Revenue per Form 990
$46,353,106
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$10,715,048
Salaries, Compensation, and Employee Benefits$8,735,875
Grants and Similar Amounts Paid$3,697,931
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,685,422$981,158-$6,666,580
Grants to Domestic Orgs$3,676,260--$3,676,260
Payments to Affiliates$2,875,071--$2,875,071
Other Employee Benefits$1,295,052$378,981-$1,674,033
Office Expenses$923,724$17,605-$941,329
Fees for Service Investment Mgmnt Fees-$738,578-$738,578
Fees for Services Other$556,477$121,525-$678,002
Fees for Services Accounting-$374,878-$374,878
Payroll Taxes$289,634$41,345-$330,979
Fees for Services Legal$194,035$94,903-$288,938
Conferences and Meetings$116,123$2,014-$118,137
Pension Plan Contributions$28,317$35,966-$64,283
Travel$46,260$1,036-$47,296
Occupancy$6,146$23,344-$29,490
Grants to Domestic Individuals$21,671--$21,671
Insurance-$16,355-$16,355
Other Expenses$6,885$6,839-$13,724
Advertising$7,950$2,484-$10,434
All Other Expenses-$-22-$-22
Total Functional Expenses$20,198,887$2,949,967$0$23,148,854

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$23,735,148
Expenses per Audited Statements$23,148,854
Total Expenses per Form 990$23,148,854
Expenses Not Reported on Form 990$586,294
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
San Jose State UniversitySan Jose, CA501(c)(3)Scholarships/awards$3,617,541
San Jose State University Research FoundationSan Jose, CA-Support for Building Renovation$318,163
Csu Monterey BaySeaside, CA-Scholarships$24,490

International Summary

Offices
0
Employees
0
Spending
$824,145

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
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Investments-00$824,145
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Funds Held in Trust Liability - Noncurrent$1,786,316
Due to Related Organizations$1,764,793
Funds Held in Trust Liability - Current$152,975
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 A, Line 7A

The san jose state university president, who is a board director of the foundation, has the sole authority to appoint the board members for the foundation.

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

The tower foundation's audit committee reviews the 990 form in detail with tower management. Minutes kept for the audit committee document the process.

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

The conflict of interest policy and related disclosure statement is reviewed on an annual basis at the tower foundation audit committee meeting in september. The committee recommends any change to the policy and disclosure form. This policy and the disclosure form are then presented at the december meeting to tower board members. All board members are required to complete the disclosure form and the forms are collected by tower management. If there are any disclosed conflicts, they are addressed at the subsequent audit committee meeting and presented to the board as appropriate.

Form 990, Part VI, Section B, Line 15

The organization's ceo, officers and key employees are generally compensated by san jose state university, a related organization of the tower foundation. Therefore, the tower foundation has not established compensation policies for these individuals. However, san jose state university determines compensation for the tower foundation's ceo, officers and key employees based on review and approval by independent persons and comparability data.

Form 990, Part VI, Section C, Line 19

Audited financial statements and conflict of interest policy are available on the organization's website. Governing documents are available upon request.

FORM 990, PART VII, SECTION A, LINE 1A, COLUMN D:

Csu policy requires that stipend payments by an auxiliary to a csu employee be made through the auxiliary's payroll. Accordingly, some payments made to university employees on behalf of sjsu are reflected as compensation from the tower foundation on form 990, part vii, section a, line 1a, column d.

Filing and Contact Details

Filer

Filer Name
The Tower Foundation of San Jose
EIN
83-0403915
Phone
4089241765
Address
ONE WASHINGTON SQUARE, SAN JOSE, CA 95192-0183

Signing Officer

Name
Daniele Lecesne
Title
COO
Phone
4089241765
Signed
2022-05-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Daniele Lecesne
Formed
2004
Legal Domicile
CA
Voting Board Members
24
Independent Board Members
18
Employees
540
Volunteers
21

Preparer

Firm
Rsm US Llp
Address
30 SOUTH WACKER DR SUITE 3300, CHICAGO, IL 60606-3392
Preparer
Rebekuh Eley
Phone
3126343400
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Uncollectible pledges -586,294.

FORM 990, PART XII, LINE 2C:

The organization's process for overseeing the audit of the financial statements and the selection of an independent accountant has not changed from prior years.

Financial Statement Notes

PART V, LINE 4:

The foundation receives donations restricted to endowment by donors. Such donations are invested in accordance with the foundation's investment policy. The endowment portfolio is comprised of a blend of investments and is professionally managed. The finance and investment committee of the board of directors is responsible for oversight of the investment portfolio, monitoring performance of the investments and approving new fund managers. The endowment supports a vast array of student scholarships as well as vibrant programs throughout san jose state university.

PART X, LINE 2:

The foundation is exempt from federal income taxes under section 501(c)(3) of the irc as a nonprofit organization whereby only unrelated business income is subject to federal income tax. Accordingly, no provision for income taxes has been recorded. Form 990, filed by the foundation, is subject to examination by the internal revenue service up to three years from the extended due date of each return. Generally, the foundation is no longer subject to income tax examinations by the u.s. Federal, state or local tax authorities for years before 2018.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Uncollectible pledges 586,294.

Raw XML AppendixShowing 400 of 1,088 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.

Path#Value
IRS990/AccountantCompileOrReviewInd00
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IRS990/BooksInCareOfDetail/USAddress/CityNm0SAN JOSE
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0CA
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IRS990/Desc0THE TOWER FOUNDATION OF SAN JOSE STATE UNIVERSITY IS ORGANIZED EXCLUSIVELY FOR EDUCATIONAL PURPOSES OF PROMOTING AND ADVANCING THE OBJECTIVES OF SAN JOSE STATE UNIVERSITY. PRIMARY PURPOSES INCLUDE PROVIDING ASSISTANCE TO ACADEMIC PROGRAMS, LIBRARIES, CLASSROOMS, LABORATORIES, STUDENT SCHOLARSHIPS, FACULTY FELLOWSHIPS AND PROFESSORSHIPS, FACULTY RESEARCH AND COMMUNITY PROJECTS, AND ATHLETICS PROGRAMS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1EX OFFICIO, PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2MANAGING DIRECTOR/INTERIM UNTIL 12/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt3EX OFFICIO-ALUMNI ASSC PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5EX OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt6FACULTY REPRESENTATIVE
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IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR (UNTIL 06/21)
IRS990/Form990PartVIISectionAGrp/TitleTxt27EX OFFICIO-ACADEMIC SENATE REP.
IRS990/Form990PartVIISectionAGrp/TitleTxt28COO, SECRETARY (AS OF 12/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt29HEAD COACH, FOOTBALL
IRS990/Form990PartVIISectionAGrp/TitleTxt30ATHLETICS DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt31HEAD COACH, BASKETBALL
IRS990/Form990PartVIISectionAGrp/TitleTxt32ASSISTANT COACH, FOOTBALL
IRS990/Form990PartVIISectionAGrp/TitleTxt33ASSISTANT COACH, FOOTBALL
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IRS990/MissionDesc0THE TOWER FOUNDATION'S MISSION IS TO ENCOURAGE PHILANTHROPY AMONG SJSU ALUMNI AND FRIENDS BY PROVIDING HIGH QUALITY, RELIABLE, AND RESPONSIVE CHARITABLE GIVING SERVICES, DONOR STEWARDSHIP, AND ACCURATE ACCOUNTING FOR ALL GIFTS.
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