University Of Toledo Foundation in Toledo, Ohio (OH)

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University Of Toledo Foundation
Employer Identification Number (EIN)237419865
Name of OrganizationUniversity Of Toledo Foundation
Address2801 W Bancroft Driscoll Cntr, Toledo, OH 43606
ActivitiesGifts, grants, or loans to other organizations, Erection or maintenance of public building or works, Endowment fund or financial services
SubsectionEducational Organization
Ruling Date12/1974
DeductibilityContributions are deductible
FoundationOrganization which operates for benefit of college or university and is owned or operated by a governmental unit
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2006
Assets$50,000,000 to greater
Income$10,000,000 to $49,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$123,144,967
Amount of Income$45,306,801
Form 990 Revenue Amount$22,757,180
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Single Organization Support


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Amount of income in 2006: $45,306,801
This organization: 

 $45,306,801
Other organizations performing similar types of work: 

 $7,370,772

Assets in 2006: $123,144,967
University Of Toledo Foundation: 

 $123,144,967
Other organizations performing similar types of work: 

 $26,018,213

Expenses in 2006: $10,440,366
This organization: 

 $10,440,366
Other organizations performing similar types of work: 

 $2,570,274

Income to expenses ratio in 2006: 2.5
This organization: 

 2.5
Other organizations performing similar types of work: 

 2.5

Expenses allocated to program services in 2006: 77.7%
This organization: 

 77.7%
Other organizations performing similar types of work: 

 84.4%

Employees paid over $50,000 in 2006: 8.5%
University Of Toledo Foundation: 

 8.5%
Other organizations performing similar types of work: 

 16.7%

Grants share in income in 2006: 68.5%
This organization: 

 68.5%
Other organizations performing similar types of work: 

 27.0%

Financial snapshot ($)

Revenue for 2006

Assets at end of 2006

Expenses for 2006

Functional Expenses for 2006 ($)

Income-Producing Activities for 2006

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2000200120022003200420052006
Total revenue$16,073,346$10,348,994$5,535,400$13,990,861$16,888,504$22,757,180$25,809,310
Contributions, gifts, grants, and similar amounts received$9,221,269$7,989,297$6,138,410$8,140,756$10,414,195$15,392,963$17,690,199
Contributions to donor advised funds$0
Direct public support$9,221,269$7,989,297$6,138,410$8,140,756$10,414,195$15,392,963$17,690,199
Indirect public support$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$0$0$0$0$0$0$0
Membership dues and assessments$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$1,989,710$1,750,486$1,494,095$1,499,622$1,621,051$1,965,314$2,146,408
Dividends and interest from securities$256,827$250,865$238,300$180,803$204,538$271,012$292,347
Net rental income or (loss)$-3,000$11,700$-3,000$28,200$15,600$0$0
Gross rents$0$14,700$0$28,200$15,600$0$0
Less: rental expenses$3,000$3,000$3,000$0$0$0$0
Other investment income$60,347$55,378$38,840$35,686$29,262$-1,047$15,869
Gain or (loss) from sales of assets other than inventory$3,981,563$-248,833$-2,836,838$3,685,621$4,095,742$4,572,053$5,054,130
Gross amount from sales of assets other than inventory$32,036,450$24,362,958$19,478,875$24,850,233$32,501,973$27,121,674$36,681,562
Less: cost or other basis and sales expenses$28,054,887$24,611,791$22,315,713$21,164,612$28,406,231$22,549,621$31,627,432
Net income or (loss) from special events and activities$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0
Other revenue$566,630$540,101$465,593$420,173$508,116$556,885$610,357
Total expenses$14,558,493$10,079,731$8,132,653$8,711,739$7,889,096$9,310,315$10,440,366
Program services$12,984,548$8,484,220$6,489,629$6,930,642$6,025,113$7,433,019$8,114,424
Management and general$1,025,871$1,045,511$1,093,025$1,169,513$1,266,950$1,348,859$1,542,783
Fundraising$548,074$550,000$549,999$611,584$597,033$528,437$783,159
Payments to affiliates$0$0$0$0$0$0$0
Net assets or fund balances at end of year$86,282,238$78,546,091$78,075,348$91,435,788$101,526,902$118,507,095$145,812,481
Excess or (deficit) for the year$1,514,853$269,263$-2,597,253$5,279,122$8,999,408$13,446,865$15,368,944
Net assets or fund balances at beginning of year$94,696,313$86,282,238$78,546,091$78,075,348$91,435,788$101,526,902$118,507,095
Other changes in net assets or fund balances$-9,928,928$-8,005,410$2,126,510$8,081,318$1,091,706$3,533,328$11,936,442
Statement of Functional Expenses (for 2006)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$10,440,366$8,114,424$1,542,783$783,159
Grants paid from donor advised funds$0
Other grants and allocations$7,910,462
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$122,668$0$122,668$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$549,567$0$472,769$76,798
Pension plan contributions not included above$37,617$0$37,617$0
Employee benefits not included above$69,573$0$69,573$0
Payroll taxes$48,115$0$42,874$5,241
Professional fundraising fees$218,158$0$0$218,158
Accounting fees$159,757$0$39,000$120,757
Legal fees$72,154$0$72,154$0
Supplies$32,619$18,205$0$14,414
Telephone$4,903$4,903$0$0
Postage and shipping$25,205$18,343$0$6,862
Occupancy$61,594$0$34,762$26,832
Equipment rental and maintenance$59,932$59,932$0$0
Printing and publications$137,889$86,216$9,980$41,693
Travel$0$0$0$0
Conferences, conventions, and meetings$168,264$5,642$11,439$151,183
Interest$0$0$0$0
Depreciation, depletion, etc.$10,721$10,721$0$0
Other expenses not covered above$751,168$0$629,947$121,221
Balance Sheets
2000200120022003200420052006
Total assets$91,412,100$82,971,185$83,361,929$96,588,914$106,317,963$123,144,967$150,531,867
Cash - non-interest-bearing$0$0$0$0$0$0$0
Savings and temporary cash investments$1,251,298$5,218,346$4,027,055$4,374,207$3,745,913$3,102,811$4,002,472
Accounts receivable less allowance for doubtful accounts$0$0$0$0$0$0$0
Pledges receivable less allowance for doubtful accounts$3,022,174$2,980,896$2,673,186$3,526,123$3,455,135$10,518,883$17,181,768
Grants receivable$636,229$699,322$782,109$125,488$79,302$78,288$18,300
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0
Other notes and loans receivable less allowance for doubtful accounts$373,584$281,758$458,413$292,065$155,053$92,190$26,194
Inventories for sale or use$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$25,750$58,993$59,548$68,305$65,849$58,512$59,592
Investments - publicly-traded securities$127,628,481
Investments - other securities$83,879,968$71,535,436$73,247,273$86,567,080$97,332,961$107,851,656$0
Investments - land, buildings, and equipment less accumulated depreciation$528,528$525,528$522,528$202,218$11,970$11,970$71,470
Investments - other$1,114,200$1,169,578$1,188,364$1,062,470$1,091,731$1,090,685$1,100,836
Land, buildings, and equipment less accumulated depreciation$183,115$169,489$118,138$75,841$44,569$16,673$5,951
Other assets, including program-related investments$397,254$331,839$285,315$295,117$335,480$323,299$436,803
Total liabilities$5,129,862$4,425,094$5,286,581$5,153,126$4,791,061$4,637,872$4,719,384
Accounts payable and accrued expenses$674,496$509,043$1,040,387$991,641$836,910$925,399$943,813
Grants payable$0$0$0$0$0$0$0
Deferred revenue$0$0$0$0$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0
Mortgages and other notes payable$373,584$281,758$458,413$292,065$155,054$92,190$26,194
Other liabilities$4,081,782$3,634,293$3,787,781$3,869,420$3,799,097$3,620,283$3,749,377
Total liabilities and net assets/fund balances$91,412,100$82,971,185$83,361,929$96,588,914$106,317,963$123,144,967$150,531,867
Total net assets or fund balances$86,282,238$78,546,091$78,075,348$91,435,788$101,526,902$118,507,095$145,812,483
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2000200120022003200420052006
Total revenue$16,073,346$10,348,994$5,535,400$13,990,861$16,888,504$22,757,180$20,755,180
Total revenue, gains, and other support per audited financial statements$5,981,238$1,938,445$7,829,620$22,148,604$19,838,106$26,606,176$38,125,387
Other expenses$-9,782,822$-8,121,410$2,578,381$8,519,881$3,397,883$4,347,389$17,906,709
Net unrealized gains on investments$-9,928,928$-8,005,410$2,126,510$8,081,318$3,093,738$4,128,114$17,386,276
Donated services and use of facilities$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0
Other$146,106$-116,000$451,871$438,563$304,145$219,275$520,433
Other revenue$309,286$289,139$284,161$362,138$448,281$498,393$536,502
Investment expenses$309,286$289,139$284,161$0$0$0$0
Other$0$0$0$362,138$448,281$498,393$536,502
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2000200120022003200420052006
Total expenses$14,558,493$10,079,731$8,132,653$8,711,739$7,889,096$9,310,315$10,440,365
Total expenses and losses per audited financial statements$14,395,313$9,674,592$8,300,363$8,788,164$9,747,995$9,625,982$10,424,296
Other revenue$146,106$-116,000$451,871$438,563$2,307,180$814,060$520,433
Donated services and use of facilities$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0
Other$146,106$-116,000$451,871$438,563$2,307,180$814,060$520,433
Other expenses$309,286$289,139$284,161$362,138$448,281$498,393$536,502
Investment expenses$309,286$289,139$284,161$0$0$0$0
Other$0$0$0$362,138$448,281$498,393$536,502
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings26
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 200647
Analysis of Income-Producing Activities (for 2006)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$7,508,754$610,357
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$2,146,408$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$292,347$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$15,869$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$5,054,130$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$610,357
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2006)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2006)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$72,287$6,323$0
$57,140$16,981$0
$55,113$9,284$0
$51,017$7,751$0
$47,816$4,412$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2006)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization operated for the benefit of a college or university
Support Schedule
1999200020012002200320042005
Total$11,228,514$13,564,093$10,684,883$8,705,218$9,420,914$12,843,288$11,142,991
Gifts, grants, and contributions received$8,407,631$10,604,015$8,031,321$6,446,120$7,287,819$10,485,183$8,329,215
Membership fees received$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$504,433$455,859$537,378$555,838
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$2,194,956$2,333,101$2,058,083$1,754,665$1,677,236$1,820,727$2,257,938
Net income from unrelated business activities not included above$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0
Other income$625,927$626,977$595,479$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2006)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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1Ohio State University Research Foundation1960 Kenny Rd, Columbus, OH 43210-1016OH1943-04$507,108,061
2University Of Akron Foundation302 Buchtel Mall, Akron, OH 44325-0001OH1966-09$225,332,065
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4Miami University Foundation Inc107 Roudebush Hall, Oxford, OH 45056OH1952-04$110,300,124
5Kent State University FoundationPO BOX 5190, Kent, OH 44242-0001OH1966-12$67,365,056
6The University Of Toledo Foundation2801 W Bancroft St, Toledo, OH 43606-3328OH1964-07$59,859,208
7University Of Toledo Foundation2801 W Bancroft Driscoll Cntr, Toledo, OH 43606OH1974-12$45,306,801
8Charles P Taft Memorial Fund425 Walnut St, Cincinnati, OH 45202-3923OH1977-05$41,409,900
9Bowling Green State University Foundation Inc, Bowling State Univ Fndtn TteeMileti Alumni Center, Bowling Green, OH 43403-0054OH1956-07$26,618,754
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Number of organizations performing similar types of work
Alaska1
Alabama13
Arkansas8
Arizona5
California78
Colorado11
Connecticut7
District of Columbia6
Delaware5
Florida38
Georgia18
Hawaii2
Iowa15
Idaho6
Illinois33
Indiana13
Kansas16
Kentucky17
Louisiana12
Massachusetts19
Maryland10
Maine2
Michigan15
Minnesota17
Missouri7
Mississippi4
Montana5
North Carolina30
North Dakota4
Nebraska5
New Hampshire2
New Jersey12
New Mexico6
Nevada2
New York42
Ohio32
Oklahoma11
Oregon7
Pennsylvania19
Rhode Island6
South Carolina8
South Dakota2
Tennessee8
Texas52
Utah4
Virginia29
Washington10
Wisconsin15
West Virginia6
Wyoming2
International4
Total701

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