2025-04-25T18:49:50-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 4334 MUNSON STREET SUITE 200 CANTON OH 44718 990 2023-07-01 346575496 THE UNIVERSITY OF AKRON FOUNDATION UNIV 3309725088 302 BUCHTEL COMMON AKRON OH 443256220 MISTY VILLERS INTERIM CFO 3309725088 2025-04-25 1 1 JENNIFER COLEMAN P00743188 3304972000 2025-04-09 2023 2025-03-06 01:10:19Z KIMBERLY COLE 302 BUCHTEL COMMON AKRON OH 443256220 46927929 0 X WWW.UAKRON.EDU/TREASURER/UAF.DOT X 1966 OH TO MANAGE PROPERTY, INVESTMENTS AND CERTAIN EXPENDITURES FOR THE BENEFIT OF THE UNIVERSITY OF AKRON. 38 35 0 605 -67685 0 9849379 18610427 0 0 6783561 7749973 0 0 16632940 26360400 13684494 18921858 0 0 0 0 0 0 800905 5112596 5921536 18797090 24843394 -2164150 1517006 251625335 277324523 8976164 9353031 242649171 267971492 X THE MISSION OF THE UNIVERSITY OF AKRON FOUNDATION (UAF) IS TO OPERATE EXCLUSIVELY FOR THE BENEFIT OF THE UNIVERSITY OF AKRON (UA), INCLUDING BUT NOT LIMITED TO RECEIVING, HOLDING, INVESTING, AND ADMINISTERING PROPERTY FOR THE BENEFIT OF UA, AND BY MAKING EXPENDITURES TO OR FOR THE BENEFIT OF UA. 0 0 7847860 7847860 ACADEMIC SUPPORT: THE UNIVERSITY OF AKRON FOUNDATION PROVIDES MANY OPPORTUNITIES FOR STUDENTS AND FACULTY TO GROW AND EXCEL THROUGH ACADEMIC SUPPORT. DURING THE FISCAL YEAR ENDED JUNE 30, 2024, THE FOUNDATION HELPED FUND APPROXIMATELY 78 COLLEGE AND DEPARTMENT ACCOUNTS, 15 ACADEMIC CHAIR ACCOUNTS, 14 LECTURESHIP ACCOUNTS, 13 FELLOWSHIP ACCOUNTS, 13 INTERNSHIP ACCOUNTS, 8 PROFESSORSHIP ACCOUNTS, 5 INSTITUTE ACCOUNTS, 2 PRE-COLLEGE PROGRAM ACCOUNTS, AND 2 CENTER ACCOUNTS. DURING THE FISCAL YEAR ENDED JUNE 30, 2024, THE FOUNDATION THROUGH ITS ENDOWMENTS FUNDED APPROXIMATELY $3.6 MILLION FOR SCHOLARSHIPS, $2.8 MILLION FOR CHAIRS, PROFESSORSHIPS, AND INTERNSHIPS, AND $0.4 MILLION FOR FACILITY IMPROVEMENTS. 5915333 5915333 STUDENT FINANCIAL AID: ONE OF THE FOUNDATION'S OBJECTIVES IS TO ASSIST THE UNIVERSITY OF AKRON WITH FUNDING FOR STUDENT FINANCIAL AID. DURING THE FISCAL YEAR ENDED JUNE 30, 2024, THE FOUNDATION PROVIDED FUNDING FOR MORE THAN 1,000 SCHOLARSHIP ACCOUNTS WITHIN THE UNIVERSITY OF AKRON. 4093736 4093736 PHYSICAL IMPROVEMENTS AND OPERATIONAL SUPPORT: THE UNIVERSITY OF AKRON FOUNDATION CONTINUES TO SUPPORT THE UNIVERSITY OF AKRON CAMPUS ENHANCEMENTS BY FUNDING OR HELPING TO FUND PHYSICAL IMPROVEMENTS. DURING THE FISCAL YEAR ENDED JUNE 30, 2024, THE FOUNDATION PROVIDED THE FOLLOWING:1) $500,000 FOR UA FOOTBALL STADIUM 2) $362,532 FOR EJ THOMAS RENOVATIONS3) $137,844 ATHLETIC TRACK RENOVATION 1064929 1064929 0 AUXILLIARY PROGRAMS: THE UNIVERSITY OF AKRON FOUNDATION PROVIDED DONOR-DESIGNATED FINANCIAL ASSISTANCE TO THE ATHLETIC PROGRAM, THE PERFORMING ARTS HALL AT THE UNIVERSITY OF AKRON, AND EJ THOMAS PERFORMANCE HALL. 1064929 1064929 0 18921858 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 38 35 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 OH X BARRY JUST 3309725088 302 BUCHTEL COMMON AKRON OH 44325 X PHILIP A LLOYD DIRECTOR AND CHAIR 1.40 X X 0 0 0 KATHRYN W DINDO DIRECTOR AND VICE CHAIR 0.90 X X 0 0 0 JOHN WIENCEK EX-OFFICIO DIRECTOR 0.40 39.60 X X 0 351270 48869 GARY L MILLER EX-OFFICIO DIRECTOR 0.40 39.60 X X 0 527440 47484 DALLAS GRUNDY EX-OFFICIO DIRECTOR 0.40 39.60 X X 0 253965 31979 IRVIN J MUSSON SECRETARY 1.00 X X 0 0 0 PAMELA S WILLIAMS DIRECTOR AND VICE CHAIR 0.90 X X 0 0 0 CHRISTOPHER T TEODOSIO DIRECTOR 0.20 X 0 0 0 DURIYA A DHINJWALA DIRECTOR 0.10 X 0 0 0 HALLE G JONES CAPERS DIRECTOR 0.10 X 0 0 0 GLEN L STEPHENS DIRECTOR 0.10 X 0 0 0 MARLENE K TOOT DIRECTOR 0.30 X 0 0 0 BRIAN C LAYMAN DIRECTOR 0.40 X 0 0 0 JAMES D MCCOOL DIRECTOR 0.30 X 0 0 0 REBECCA SLAYMAN-GALLAGHER DIRECTOR 0.20 X 0 0 0 JOESPH E REECE DIRECTOR 0.30 X 0 0 0 PHILIP S THOMPSON DIRECTOR 0.30 X 0 0 0 SANDRA PIANALTO DIRECTOR 0.20 X 0 0 0 WILLIAM H SKEELES DIRECTOR 0.20 X 0 0 0 THEODORA MUSSON DIRECTOR 0.20 X 0 0 0 MICHAEL D CROME DIRECTOR 0.20 X 0 0 0 RAYMOND K LEE DIRECTOR 0.20 X 0 0 0 RAJKUMAR MAKAM DIRECTOR 0.20 X 0 0 0 JENIFER MEADE DIRECTOR 0.20 X 0 0 0 NAOMI D GANOE DIRECTOR 0.10 X 0 0 0 JOHN R ADAMS DIRECTOR 0.30 X 0 0 0 FRANK P BEVILACQUA DIRECTOR 0.20 X 0 0 0 ANTHONY J ALEXANDER DIRECTOR 0.30 X 0 0 0 SAMUEL D DESHAZIOR DIRECTOR 0.20 X 0 0 0 CARINA S DIAMOND DIRECTOR 0.30 X 0 0 0 LARRY W ALLEN DIRECTOR 0.10 X 0 0 0 DENNIS H GARTMAN DIRECTOR 0.80 X 0 0 0 CHRISTOPHER V GOFF DIRECTOR 0.10 X 0 0 0 DAVID M GRUBB DIRECTOR 0.20 X 0 0 0 KEITH A CLINE DIRECTOR 0.20 X 0 0 0 STEVEN S COX DIRECTOR 0.20 X 0 0 0 LAURA DUDA DIRECTOR 0.20 X 0 0 0 JOSEPH M GINGO DIRECTOR 0.50 X 0 0 0 KIMBERLY M COLE EXECUTIVE DIRECTOR 10.00 30.00 X 0 176577 28792 0 1309252 157124 0 0 1 0 BLACKBAUD INC PO BOX 930256 ATLANTA GA 311930256 SOFTWARE LICENSING 231200 BUCKINGHAM DOOLITTLE & BURROUGHS LLC PO BOX 78000 DETROIT MI 482781184 LEGAL SERVICES 134273 2 392903 18217524 987326 18610427 2509581 -67685 2577266 25807921 20567529 5240392 5240392 5240392 26360400 0 -67685 7817658 18921858 18921858 583350 480665 102685 46222 46222 43007 43007 3204958 3204958 266462 266462 18735 4683 14052 126700 126700 36246 36246 11646 11646 PUBLIC RELATIONS 808338 124170 684168 PAYMENTS TO ANNUITANTS 747242 747242 MISCELLANEOUS EXPENSES 28630 28630 24843394 18921858 5120631 800905 1762587 6074570 5954784 8042254 11035297 12563598 648639 640640 1385884 2203263 1332423 1332423 1332423 18102133 98940648 211055760 147180099 347828 347028 251625335 277324523 547771 613622 28500 28500 5000 5000 8394893 8705909 8976164 9353031 X 10393994 11763677 232255177 256207815 242649171 267971492 251625335 277324523 1517006 23805315 0 X X 0 1 X 0 0 X 10861977 12964699 17369913 9849379 18610427 69656395 10861977 12964699 17369913 9849379 18610427 69656395 4678327 64978068 5357160 3301044 2663221 1506990 2577266 15405681 1945 32797 -37592 -67685 -70535 84991541 0.76450 0.75060 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 195940613 8584056 25855348 3539774 3737417 2993017 220109809 182011068 6549336 16769097 3148249 3525427 2715212 195940613 193044771 7961689 -10892762 2358946 2584250 3159434 182011068 151414946 6011652 43439991 2736582 2884739 2200497 193044771 150383260 7740194 -2308033 1634199 1112987 1653289 151414946 0.02300 0.21200 0.76500 0 1 1 1332423 1332423 1332423 INTEREST IN UA FOUNDATION FUND LP 147180099 C 147180099 ACTUARIAL LIABILITY FOR UNITRUST/AN 8705909 8705909 46213515 23805315 23805315 22408200 3204958 747242 3952200 26360400 20891194 0 20891194 3204958 747242 3952200 24843394 PART IV, LINE 2B: THE BALANCE ON FORM 990, PART X, LINE 21 REPRESENTS THE LIABILITY BALANCE THE FOUNDATION HOLDS RELATING TO A FISCAL AGENCY AGREEMENT. THE BALANCE IS MADE UP OF A DEPOSIT FROM ONE NOT-FOR-PROFIT ORGANIZATION. THE $5,000 REPRESENTS A DEPOSIT FROM AMERICAN LEGION POST 808. POST 808 MANAGES ALL DEPOSITS AND WITHDRAWALS IN THEIR RESTRICTED ACCOUNT. PART V, LINE 4: DISTRIBUTIONS FROM ENDOWMENT FUNDS ARE USED AS DONORS HAVE STIPULATED OR AS THE FOUNDATION BOARD HAS DESIGNATED. THIS INCLUDES, BUT IS NOT LIMITED TO SCHOLARSHIPS, FELLOWSHIPS, LECTURESHIPS, INTERNSHIPS, ACADEMIC CHAIRS, PROFESSORSHIPS, ASSISTANCE TO THE UNIVERSITY OF AKRON COLLEGES AND DEPARTMENTS, CAPITAL IMPROVEMENTS, AS WELL AS SUPPORT OF THE ATHLETIC PROGRAM, THE PERFORMING ARTS HALL, AND HOWER HOUSE. PART XI, LINE 4B - OTHER ADJUSTMENTS: PAYMENTS TO ANNUITANTS 747,242. PART XII, LINE 4B - OTHER ADJUSTMENTS: PAYMENTS TO ANNUITANTS 747,242. 1 THE UNIVERSITY OF AKRON 302 BUCHTEL COMMON AKRON OH 44325 346002924 501(C)(3) 18921858 0 SEE PART IV 1 PART I, LINE 2: UA IS THE SOLE BENEFICIARY OF ASSISTANCE FROM UAF. THE RESTRICTIONS DONORS PLACE ON THEIR CONTRIBUTIONS DETERMINE HOW FUNDS CAN BE USED FOR OR ON BEHALF OF UA. UAF REQUIRES THAT A UA RESTRICTED ACCOUNT BE SET UP FOR EACH DONOR RESTRICTION. THE CONTROLLER'S OFFICE AND RESPECTIVE DEPARTMENTS AT UA ARE SUPPLIED WITH COPIES OF THE DONOR AGREEMENT WHICH LISTS ANY RESTRICTIONS. THE UA ACCOUNT NUMBER IS AN ATTRIBUTE OF THE UAF ACCOUNT WITHIN UAF'S GENERAL LEDGER SYSTEM AND UAF'S ACCOUNT IS ALSO AN ATTRIBUTE OF THE UA ACCOUNT WITHIN UA'S ACCOUNTING DATABASE. THESE CORRESPONDING ATTRIBUTES ARE USED TO TRACK THAT THE FUNDS TRANSFERRED BY UAF ARE DEPOSITED INTO THE APPROPRIATE UA ACCOUNTS. THE EMPLOYEES IN THE CONTROLLER'S OFFICE USE THE DONOR AGREEMENTS TO CONFIRM EXPENDITURES MEET ANY DONOR RESTRICTIONS. PART II, LINE 1H THE UNIVERSITY OF AKRON FOUNDATION'S PURPOSE IS TO OPERATE EXCLUSIVELY FOR THE BENEFIT OF UA. THE FUNDS TRANSFERRED TO UA ARE TO BE USED FOR MANY PURPOSES INCLUDING, BUT NOT LIMITED TO, SCHOLARSHIPS, FELLOWSHIPS, LECTURESHIPS, INTERNSHIPS, ACADEMIC CHAIRS, PROFESSORSHIPS, ASSISTANCE TO UA COLLEGES AND DEPARTMENTS, CAPITAL IMPROVEMENTS, AS WELL AS SUPPORT OF THE ATHLETIC PROGRAM, THE PERFORMING ARTS HALL, AND HOWER HOUSE. 1 0 1 0 0 0 0 0 0 0 GARY L MILLER EX-OFFICIO DIRECTOR 0 472440 0 0 0 55000 0 37492 0 9992 0 574924 0 0 JOHN WIENCEK EX-OFFICIO DIRECTOR 0 351270 0 0 0 0 0 42572 0 6297 0 400139 0 0 DALLAS GRUNDY EX-OFFICIO DIRECTOR 0 227000 0 0 0 26965 0 26386 0 5593 0 285944 0 0 KIMBERLY M COLE EXECUTIVE DIRECTOR 0 176577 0 0 0 0 0 25188 0 3604 0 205369 0 0 PART I, LINE 4B IN CALENDAR YEAR 2023, DALLAS GRUNDY CONTRIBUTED $ $14,500, GARY MILLER CONTRIBUTED $ $30,000 JOHN WINCEK CONTRIBUTED $ $30,000 TO THE UNIVERSITY OF AKRON'S 457(B) PLAN. NO DISTRIBUTIONS WERE MADE FROM THE UNIVERSITY OF AKRON'S 457(B) PLAN DURING CALENDAR YEAR 2023. PART I, LINE 2 THE FOUNDATION DID NOT PROVIDE ANY OF THE ITEMS LISTED IN 1A TO OR FOR A PERSON LISTED ON FORM 990, PART VII, SECTION A, LINE 1A. HOWEVER, IF THERE WERE SUCH EXPENSES, THE FOUNDATION'S POLICIES AND PROCEDURES MANUAL REQUIRES SUBSTANTIATION PRIOR TO ANY DISBURSEMENTS. PART I, LINE 3 THE FOUNDATION DOES NOT PROVIDE COMPENSATION TO ITS EXECUTIVE DIRECTOR OR ANY OTHER OFFICER OR DIRECTOR. X 27 987326 GIFT DATE MKT QUOTES 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE OF THE FOUNDATION, BETWEEN MEETINGS OF THE BOARD OF DIRECTORS, HAS ALL THE AUTHORITY OF THE BOARD OF DIRECTORS IN THE MANAGEMENT OF THE FOUNDATION, EXCEPT AS SUCH AUTHORITY IS LIMITED BY STATUTE OR RESOLUTION OF THE BOARD OF DIRECTORS. ACCORDING TO THE FOUNDATION'S CODE OF REGULATIONS, THE BOARD OF DIRECTORS SHALL APPOINT AN EXECUTIVE COMMITTEE CONSISTING OF THE PRESIDENT OF THE UNIVERSITY OF AKRON (UA), THE SENIOR DEVELOPMENT OFFICER OF UA, THE CHIEF ACADEMIC OFFICER OF UA, THE CHIEF FINANCIAL OFFICER OF UA, THE PRESIDENT, VICE PRESIDENT, SECRETARY, TREASURER, ASSISTANT TREASURER, AND EXECUTIVE DIRECTOR OF THE FOUNDATION, AND NOT LESS THAN TWO OTHER VOTING DIRECTORS WHO ARE MEMBERS OF THE COMMUNITY AT LARGE, AND WHO ARE NOT FULL-TIME EMPLOYEES OF UA OR ITS GOVERNING BOARD. DURING THE FISCAL YEAR ENDED JUNE 30, 2024, ALL MEMBERS OF THE EXECUTIVE COMMITTEE WERE VOTING MEMBERS EXCEPT FOR THE EXECUTIVE DIRECTOR AND TREASURER OF THE FOUNDATION, WHO ARE NON-VOTING MEMBERS. EACH VOTING MEMBER OF THE EXECUTIVE COMMITTEE IS ALSO A VOTING MEMBER OF THE FOUNDATION'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 2 THE FOLLOWING FAMILY RELATIONSHIPS AMONG THE BOARD OF DIRECTORS EXIST: IRVIN MUSSON, SECRETARY, IS THE HUSBAND OF THEODORA MUSSON, DIRECTOR. FORM 990, PART VI, SECTION B, LINE 11B A COMPLETE COPY OF THE FORM 990 IS SENT TO THE FOUNDATION'S EXECUTIVE COMMITTEE IN ELECTRONIC FORM. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, THE DIRECTORS AND OFFICERS OF THE FOUNDATION COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. THE QUESTIONNAIRE IS DESIGNED TO BRING TO LIGHT ANY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. THE EXECUTIVE DIRECTOR OF THE FOUNDATION REVIEWS THE QUESTIONNAIRES AND IS CHARGED WITH INFORMING THE BOARD OF POTENTIAL CONFLICTS. BOARD MEMBERS RECUSE THEMSELVES FROM VOTING WHEN THEY HAVE A CONFLICT. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE FOR INSPECTION UPON WRITTEN REQUEST. FORM 990, PART VI, SECTION B, LINE 13: THE FOUNDATION HAS NO EMPLOYEES, THUS ELIMINATING THE NEED FOR A WHISTLE-BLOWER POLICY. FORM 990, PART VI, SECTION B, LINE 14: THE FOUNDATION'S RECORDS ARE MAINTAINED BY EMPLOYEES OF THE UNIVERSITY OF AKRON WHO FOLLOW THE UNIVERSITY'S DOCUMENT RETENTION AND DESTRUCTION POLICY. FORM 990, PART VI, SECTION B, LINE 15: THE FOUNDATION DOES NOT MAINTAIN ANY EMPLOYEES. THE EMPLOYEES WHO DO WORK FOR THE FOUNDATION ARE UNIVERSITY EMPLOYEES. FORM 990, PART VII, SECTION A, LINE 3: THE TERM FOR OFFICERS AND DIRECTORS FOR THE UNIVERSITY OF AKRON FOUNDATION RUNS FROM OCTOBER 1 TO SEPTEMBER 30. FORM 990, PART XII, LINE 2C: THE FOUNDATION DOES NOT HAVE A SEPARATE COMMITTEE FOR AUDIT OVERSIGHT. HOWEVER, AUDIT RESULTS ARE REVIEWED WITH THE FOUNDATION'S BOARD OF DIRECTORS. ADDITIONALLY, SINCE IT IS A COMPONENT UNIT OF THE UNIVERSITY OF AKRON, THE UNIVERSITY'S BOARD OF TRUSTEES AND AUDIT COMMITTEE PARTICIPATE IN THE FOUNDATION'S FINANCIAL STATEMENT AUDIT. THE FOUNDATION'S INDEPENDENT AUDITOR IS SELECTED IN CONJUNCTION WITH THE UNIVERSITY OF AKRON, WHICH IS THROUGH THE OHIO AUDITOR OF STATE'S BID PROCESS. THE UNIVERSITY OF AKRON 302 BUCHTEL COMMON AKRON OH 44325 346002924 HIGHER EDUCATION OH 501(C)(3) LINE 5 N/A 0 0 1 1 1 0 0 0 0 0 1 0 1 1 1 1 1 0 0 0