Frostburg State University Foundat

Nonprofit profile at a glance

EIN
237120883
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Frostburg, MD, USA
Phone
3016874068
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
University or Technological Institute

Official website

Reported finances

Revenue
$10,492,987
Expenses
$3,502,798
Assets
$53,337,822
Liabilities
$45,965

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

34 people listed

Executive titles in this filing

  • PATRICK FRIEL (PRESIDENT)

Highest reported compensation

  • JOHN T SHORT JR (EXECUTIVE DI): $337,126 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To foster, encourage, and promote the growth, progress, and general welfare of frostburg state university through advocacy, fundraising, investment management and stewardship.

What it reported doing in 2024

Expenses including grants of revenue pass through accounts 543,681 72,393 29,722 pass-through - most of these provide immediate-impact scholarships for students. In addition, some provide a vehicle for life insurance premium payments, and to record expenditures that will be directly reimbursed by non-charitable income.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 72% for direct work, and 28% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of total spending goes to programs and most voting board members are independent. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 62
  • Accountability: 100
  • Sustainability: 94
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 44.6%; rating input score 45
  • Program expense ratio: 87.7%; rating input score 88
  • Fundraising efficiency: $249.92 raised per $1 spent on fundraising; rating input score 91; 91st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: 1 of 8 controls in place; rating input score 12
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 66.6%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 15.23; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 96; 96th percentile among comparable filings
  • Officer compensation ratio: 1.6%; rating input score 80; 80th percentile among comparable filings

Growth

  • Program expense growth: 4.6% per year; rating input score 100; 38th percentile among comparable filings
  • Revenue growth: 7.3% per year; rating input score 100; 61st percentile among comparable filings
  • Asset growth: 8.5% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 44.6% of revenue deployed · 87.7% of spending went to programs
  • Governance: 34 of 34 board members independent · 8 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $3.1M in reported program spending
  • Leadership: top reported pay $337K · 34 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 10 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Mission deployment rate scored 45/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight: 7 of 8 not reported.