2025-05-05T07:44:57-05:00 2024-06-30 420714325 RSM US LLP 920 5th Avenue Suite 2800 Seattle WA 98104 990 2023-07-01 830403915 The Tower Foundation of San Jose State University TOWE 4089241765 One Washington Square 300 San Jose CA 951920183 Robin Reynolds COO 4089241765 2025-04-23 1 1 Sue Robison P00560072 2062814444 2025-04-23 2023 2025-03-06 01:10:19Z Robin Reynolds One Washington Square 300 San Jose CA 951920183 302678471 0 X www.sjsu.edu/towerfoundation X 2004 CA Assistance to academic programs & facilities, student scholarships, faculty, & athletics programs. 26 20 523 24 -632358 0 16646377 21495799 5541867 4020630 5177211 12815225 1183574 2517945 28549029 40849599 3897924 4416196 0 0 12750337 13381793 0 0 0 10022365 8254899 26670626 26052888 1878403 14796711 300067577 330738995 49274518 54208134 250793059 276530861 The Tower Foundation's mission is to encourage philanthropy amoung SJSU alumni and friends by providing high quality, reliable, and responsive charitable giving services, donor stewardship, and accurate accounting for all gifts. 0 0 21731820 4416196 5257091 The 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. 21731820 1 1 0 0 0 0 0 0 0 1 0 0 1 0 1 1 1 1 0 0 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 43 0 1 523 1 1 1 0 0 0 0 1 1 0 0 0 0 1 0 X 26 20 0 0 1 0 0 1 0 1 1 0 0 0 1 1 1 1 1 0 0 0 CA X X Robin Reynolds 4089241765 One Washington Square 300 San Jose CA 951920183 X Cynthia Teniente-Matson SJSU President 0.50 40.00 X X 0 426454 116611 Karthika Sasikumar Faculty Senate Chair 0.50 40.00 X 0 129906 65783 Judy Nagai CEO 30.00 10.00 X X 0 88335 24895 Tom McCarron Interim VPUA & CEO (until 12/31/23) 30.00 10.00 X X 0 74093 0 Folarin Erogbogbo Faculty At-Large Rep 0.50 40.00 X 11392 76397 80195 Phil Boyce Chair 0.50 0.00 X X 0 0 0 Connie Moore Vice Chair 0.50 0.00 X X 0 0 0 Wanda Hendrix Treasurer 0.50 0.00 X X 0 0 0 John W Baird Director 0.50 0.00 X 0 0 0 William E Barton Director 0.50 0.00 X 0 0 0 Steve Caplan Director 0.50 0.00 X 0 0 0 Vincent Del Casino Director 0.50 40.00 X 0 361511 35903 Dana C Ditmore Director 0.50 0.00 X 0 0 0 Charlie Faas Director 0.50 40.00 X 0 287306 62217 Eric Kelly Director 0.50 0.00 X 0 0 0 Janikke Klem Alumni Appointee 0.50 0.00 X 0 0 0 Mark Lazzarini Director 0.50 0.00 X 0 0 0 Linda Morasch Director 0.50 0.00 X 0 0 0 Sarab Multani Student Body Rep 0.50 0.00 X 0 0 0 Edward Oates Director 0.50 0.00 X 0 0 0 Gary Radine Director 0.50 0.00 X 0 0 0 Jeff Ricci Director 0.50 0.00 X 0 0 0 Kevin Swanson Athletic Directors Council 0.50 0.00 X 0 0 0 Sandy Swanson Athletic Directors Council 0.50 0.00 X 0 0 0 Marko Trapani Director 0.50 0.00 X 0 0 0 Peter V Ueberroth Director 0.50 0.00 X 0 0 0 Colleen B Wilcox Director 0.50 0.00 X 0 0 0 Robin Reynolds COO/Secretary 40.00 0.00 X 0 218394 54303 Brent Brennan Head Coach, Football (until 1/16/24) 1.00 40.00 X 1372900 344385 94629 Timothy Miles Head Coach, Men's Basketball 1.00 40.00 X 478933 343796 82786 Jeffrey Konya Director of Athletics 1.00 40.00 X 163455 274564 100172 Kevin McGiven Assistant Coach, Football 0.50 40.00 X 151588 219273 51817 Derrick Odum Assistant Coach, Football 0.50 40.00 X 136636 226173 82786 Lisa Millora Former CEO 0.00 0.00 X 6000 385011 60830 2320904 3455598 912927 7 1 1 0 Chartwells PO Box 50196 Los Angeles CA 90074 Catering Services 146065 Financial Administrative Support Service 3180 Newberry Drive San Jose CA 95118 Accounting Services 119110 RSM US LLP 5155 Paysphere Circle Chicago IL 60674 Assurance Services 114929 3 21495799 643450 21495799 Reimbursements from SJSU/Auxiliar 611710 4020630 4020630 4020630 5493600 -632358 6125958 226680497 42470000 214418498 47410374 12261999 -4940374 7321625 7321625 Flex Benefits Revenue 611710 1236461 1236461 1281484 1281484 2517945 40849599 5257091 -632358 14729067 4397802 4397802 18394 18394 10393143 8545368 1847775 56476 55476 1000 2395191 1875736 519455 536983 483566 53417 3121 3121 264275 264275 736615 736615 1198720 1072247 126473 56121 56121 2122556 1561358 561198 139914 110892 29022 814162 807523 6639 669136 644714 24422 1567055 1567055 50849 50849 34800 2905 31895 Dues and Subscriptions 316479 253899 62580 Taxes and Licenses 158202 158202 Student Support 122894 120562 2332 26052888 21731820 4321068 0 35740212 6976677 17671632 19290816 4214883 199999 2279478 42470497 424527 270209 0 42040489 182635743 207716910 3097180 3435152 10666032 44393175 1297401 5985560 300067577 330738995 622912 356299 42470000 42470000 6181606 11381835 49274518 54208134 X 250793059 276530861 0 0 0 0 250793059 276530861 300067577 330738995 X 14796711 11063039 -121948 X X 0 1 X 1 0 X 14499094 18088607 14794585 16646377 21495799 85524462 14499094 18088607 14794585 16646377 21495799 85524462 3388647 82135815 3658769 2446752 694844 4666367 6125958 17592690 0 38118 875452 0 0 913570 1490318 1183574 2517945 5191837 109222559 27538661 0.75200 0.78950 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 182645593 25647699 611734 207681558 167381342 19031594 2920089 847254 182645593 197133502 -25324813 3628199 799148 167381342 148747340 49150000 49467 714369 197133502 153212206 -910318 2921322 633226 148747340 0.25530 0.68230 0.06240 0 0 0 Asset-Backed Securities 4763697 F Cash Sweep 324474 F Common Equity 1000391 F Mutual Funds 10095495 F US Government 27448257 F Miscellaneous 760861 F 44393175 Funds Held in Trust Liability 1881381 Due to Related Organizations 9451161 SBITA Liability 49293 11381835 X 52458646 11063039 11063039 41395607 -546008 -546008 40849599 26720844 667956 667956 26052888 0 26052888 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 2021. Part XI, Line 4b - Other Adjustments: Transfers from Affiliates -546,008. Part XII, Line 2d - Other Adjustments: Uncollectible Pledges 121,948. Transfers from Affiliates 546,008. Central America and the Caribbean 0 0 INVESTMENTS 582661 0 0 0 0 0 0 582661 0 582661 1 0 1 1 1 0 1 San Jose State University One Washington Square San Jose CA 95192 770414438 4175076 0 Scholarships/Awards 1 0 Scholarships/Awards 13 18394 Part I, Line 2: The Tower Foundation funds scholarships that are awarded to students of San Jose State University (SJSU). The scholarships are directed by SJSU's financial aid and scholarship office and its athletics department, which evaluate applicants to ensure they meet the criteria stipulated by the donor. The remaining cash grants relate to various student awards, other than scholarships, that are distributed and monitored by various departments of SJSU. 0 0 0 0 0 0 0 0 0 Brent Brennan Head Coach, Football (until 1/16/24) 1366900 344385 0 0 6000 0 0 60812 0 33817 1372900 439014 0 0 Timothy Miles Head Coach, Men's Basketball 396433 343796 82500 0 0 0 0 46733 0 36053 478933 426582 0 0 Cynthia Teniente-Matson SJSU President 0 415454 0 0 0 11000 0 105600 0 11011 0 543065 0 0 Jeffrey Konya Director of Athletics 97080 274564 57375 0 9000 0 0 89026 0 11146 163455 374736 0 0 Lisa Millora Former CEO 6000 385011 0 0 0 0 0 36991 0 23839 6000 445841 0 0 Derrick Odum Assistant Coach, Football 121636 226173 0 0 15000 0 0 46733 0 36053 136636 308959 0 0 Kevin McGiven Assistant Coach, Football 151588 219273 0 0 0 0 0 18000 0 33817 151588 271090 0 0 Vincent Del Casino Director 0 361511 0 0 0 0 0 12000 0 23903 0 397414 0 0 Charlie Faas Director 0 287306 0 0 0 0 0 28400 0 33817 0 349523 0 0 Robin Reynolds COO/Secretary 0 218394 0 0 0 0 0 52067 0 2236 0 272697 0 0 Karthika Sasikumar Faculty Senate Chair 0 129906 0 0 0 0 0 36995 0 28788 0 195689 0 0 Folarin Erogbogbo Faculty At-Large Rep 11392 76397 0 0 0 0 0 24804 26603 28788 37995 129989 0 0 Part I, Line 3 The Organization's CEO is compensated by San Jose State University (SJSU), a related organization. SJSU establishes the compensation of the Organization's CEO based on guidelines of the University and through the use of a compensation survey or study. X 20 643450 FMV 0 0 1 0 Part I, Column (b): Reporting the number of contributions Form 990, Part VI, Section A, line 4 Tower Foundation made the following changes to its bylaws: - Article II, 2A updated the VPFA/CFO and the VP/Provost to ex-officio as appointed, voting members of the Board as well as made updates to the titles of the appointee from Athletics to align with current structure. - Article II, 16 updated "Officer Emeritus" to "Director Emeritus and removed references to the "Emeritus Advisory Council". - Article III, 1 updated the reference from Chief Financial Officer to Chief Operating Officer. - Article III, 11 deleted "unless otherwise entitled to vote as a Director" since the Chief Operating Officer is an Officer but not a Director of the Tower Foundation. 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 Form 990 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. The process and decisions are contemporaneously documented. 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. Form 990, Part XI, line 9: Uncollectible Pledges -121,948. 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. SJSU Tower Real Estate Fund LLC One Washington Square San Jose CA 951920183 830403915 Real Estate Management CA 0 0 The Tower Foundation of San Jose State University Hilo Project LLC One Washington Square San Jose CA 951920183 263694655 Housing Investment HI 0 0 The Tower Foundation of San Jose State University San Jose State University One Washington Square San Jose CA 95192 770414438 Education Institute CA 115 N/A 0 Associated Students of San Jose State University One Washington Square San Jose CA 95192 941156305 Aux. Services CA 501(c)(3) Line 5 San Jose State University 1 San Jose State University Research Foundation One Washington Square San Jose CA 95192 946017638 Aux. Services CA 501(c)(3) Line 7 San Jose State University 1 Spartan Shops Inc SJSU One Washington Square San Jose CA 95192 941392424 Aux. Services CA 501(c)(3) Line 12a, I San Jose State University 1 Student Union of San Jose State University One Washington Square San Jose CA 95192 942830732 Aux. Services CA 501(c)(3) Line 12c, III-FI San Jose State University 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 1 Associated Students San Jose State University R 299846 Cash San Jose State University Research Foundation R 71369 Cash Student Union of San Jose State University R 68254 Cash