2024-04-25T14:14:03-05:00 2023-06-30 420714325 RSM US LLP 6 S Patterson Blvd Dayton OH 45402 990 2022-07-01 341316665 Cleveland State University Foundation CLEV 2166875522 2121 Euclid Avenue UN 501 Cleveland OH 441152214 Julie M Rehm PhD Executive Director 2166875522 2024-04-17 1 Julie Rehm PhD XXX-XX-XXXX 1 Karen O Crim P00368385 9372980201 2024-04-17 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Julie M Rehm PhD 2121 Euclid Avenue UN 501 Cleveland OH 441152214 22642598 0 X https://www.supportcsu.org X 1969 OH The CSUF is organized primarily to engage in activities to provide support and services to CSU. 31 31 0 43 14709 1147 17300080 14098011 43482 45021 5341179 2785124 -53262 146964 22631479 17075120 11936380 15212747 0 0 0 0 0 0 158652 1902463 2101637 13838843 17314384 8792636 -239264 125849909 135609002 9182892 10468972 116667017 125140030 X The Foundation exists primarily to raise, receive, and manage private gifts for the advancement and benefit of Cleveland State University and its students and faculty. Our mission is to improve access to higher education and the quality of that education by providing financial aid and grants. 0 0 15993649 15212747 45021 In fiscal year 2023, the Foundation received $25.1 million in new gifts and pledges, including $10 million for scholarships. Gifts received by the Foundation fall into two basic categories; restricted and unrestricted. Unrestricted gifts may be used for University priorities, programs and services not supported by state funds, endowment income, or other sources. Most gifts received are restricted for specific purposes as directed by the donors, the Foundation, and the University. For example, restricted gifts can be directed to a specified academic department, scholarship, etc. whether restricted or unrestricted, annual gifts are usually spent within the year they are received. Endowment funds are pooled with other gifts and invested. Under the direction of the Foundation's investment committee, endowments are invested by professional fund managers for maximum yield with minimum risk. Endowment funds support general University operations, all nine academic colleges, the School of Nursing, Athletics, and the library.At CSU, 30% of students are from underrepresented minority populations and more than 40% of undergraduates are the first in their families to attend college. More than half of undergraduates receiving federal aid qualify for the maximum amount and 88% of first-time, full-time freshmen rely on financial assistance.The Cleveland State University Foundation (CSUF) is a non-profit organization incorporated under the laws of the state of Ohio and tax-exempt under section 501(C)(3) of the Internal Revenue Code. An outright gift to the CSUF is a fully tax-deductible charitable donation. The CSUF does not receive public funds, such as state and federal grants.State of Ohio appropriations help fund the University's basic operations. Other sources of revenue, such as student fees and auxiliary services, help meet basic operating costs not covered by state funding. Private support, generated through gifts to the CSUF, provides the University a margin of excellence by creating students and faculty resource opportunities from private fundraising that would otherwise not be available. The Foundation further serves the University by maintaining private fund accounts (endowment and current use) from one fiscal year to the next.The CSUF is governed by an independent volunteer board of directors, consisting of no more than 50 directors, and ex-officio directors, including the president of the University. The Foundation's financial records are audited annually by independent auditors. The Cleveland Schools Book Fund is an endowment within the College of Education and managed by the Cleveland State University Foundation as part of the overall investment portfolio. Oversight is provided by a board comprised of both CSU and non-CSU members.The Cleveland Schools Book Fund helps students develop reading skills for academic life success and over the past 10 years has grown to more than $5.5 million. The fund has helped children in the Cleveland Metropolitan Schools become better readers and citizens by providing each pre-k to fourth grade classroom with a library of high-quality storybooks that are specifically chosen to present models of good behavior and citizenship. The book fund has delivered over 200,000 books to classrooms throughout the city, including Campus International School, and nearly 20,000 students read those books every year. In addition, more than 1,000 classrooms have received specifically designed book cases. 15993649 1 1 0 0 0 0 0 0 1 1 0 1 0 0 1 1 1 1 0 0 1 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 7 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 31 31 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 OH X John N Petrus 2166875522 2121 Euclid Avenue UN 501 Cleveland OH 441152214 Thomas E Hopkins Chair 10.00 0.00 X X 0 0 0 Karen White Vice Chair 10.00 0.00 X X 0 0 0 Jeffrey A Vavruska Treasurer 10.00 0.00 X X 0 0 0 Sarah C Flannery Secretary 1.00 0.00 X X 0 0 0 Nancy Berardinelli-Krantz Director 1.00 0.00 X 0 0 0 Theresa Carter Director 1.00 0.00 X 0 0 0 Lonzo Lonnie Coleman Director 1.00 0.00 X 0 0 0 James T Deiotte Director 1.00 0.00 X 0 0 0 Daniel Fashimpaur Director 1.00 0.00 X 0 0 0 Myles Gallagher Director 1.00 0.00 X 0 0 0 Brian Gevry Director 1.00 0.00 X 0 0 0 Rob Gilmore Director 1.00 0.00 X 0 0 0 David Gunning II Director 1.00 0.00 X 0 0 0 Richard A Janus Director 1.00 0.00 X 0 0 0 Gerald Jerry Jarzabek Director 1.00 0.00 X 0 0 0 Michael Jeans Director 1.00 0.00 X 0 0 0 James Kandrac Director 1.00 0.00 X 0 0 0 Ariane Kirkpatrick Director 1.00 0.00 X 0 0 0 Michael Klein Director 1.00 0.00 X 0 0 0 Janet L Kramer Director 1.00 0.00 X 0 0 0 Thomas J Kuluris Director 1.00 0.00 X 0 0 0 Mark Lantz Director 1.00 0.00 X 0 0 0 Alan Nevel Director 1.00 0.00 X 0 0 0 Michael Niederst Director 1.00 0.00 X 0 0 0 Thomas O'Toole Director 1.00 0.00 X 0 0 0 Mary Grace Pattison Director 1.00 0.00 X 0 0 0 Carolyn Rains Director 1.00 0.00 X 0 0 0 Daria L Roebuck Director 1.00 0.00 X 0 0 0 Robert J Rosing Director 1.00 0.00 X 0 0 0 Joseph M Shafran Director 1.00 0.00 X 0 0 0 Marjorie Shorrock Director 1.00 0.00 X 0 0 0 Julie Rehm Executive Director 10.00 40.00 X 0 306716 38119 0 306716 38119 0 0 1 0 0 629845 13468166 185441 14098011 Endowment Management Fee 900099 45021 45021 45021 1648092 14709 1633383 6515694 5378662 1137032 1137032 1137032 19400 629845 188816 -169416 -169416 316380 316380 316380 17075120 45021 14709 2917379 14641758 14641758 570989 570989 333934 333934 36150 36150 219980 219980 234819 127914 106905 150732 85065 324 65343 230245 226094 4151 24402 24402 17228 17228 134692 132108 2584 Personnel Costs 499021 22268 383444 93309 Bad Debt Expense 69917 69917 Membership Dues 53838 53838 Bank Fees 26312 26312 70367 22068 48299 17314384 15993649 1162083 158652 4343845 2419572 838829 2880348 11919193 11450888 82799562 92587908 25660698 25967393 287782 302893 125849909 135609002 56578 64508 0 378091 4487226 4826325 4639088 5200048 9182892 10468972 X 1539698 1887927 115127319 123252103 116667017 125140030 125849909 135609002 X -239264 8703568 8709 X 0 1 X 1 0 X 10263736 9538004 12221890 17300080 14098011 63421721 10263736 9538004 12221890 17300080 14098011 63421721 10410494 53011227 5019081 2326347 1453277 1520527 1633383 11952615 1748 1748 44412 39994 117910 316380 518696 75894780 205889 0.69850 0.74780 X Schedule A, Part II, Line 10, Explanation of Other Income: Other Revenue - 2019 Amount: $ 44,412. 2020 Amount: $ 39,994. 2021 Amount: $ 117,910. 2022 Amount: $ 316,380. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 91107900 4594800 10536822 5377482 946490 99915550 107587136 2090275 -13515154 4117091 937266 91107900 84616715 2047569 25173955 3409129 841974 107587136 84960350 1968392 2246764 3719599 839192 84616715 83914751 2708369 3740860 4046894 561101 795635 84960350 0.00902 0.67053 0.32045 0 0 0 Alternative Investments 25967393 C 25967393 Due to Affiliates 5117643 Annuities Payable 82405 5200048 X 25692718 8703568 -54806 8648762 17043956 219980 -188816 31164 17075120 17219705 195218 195218 17024487 219980 69917 289897 17314384 Part IV, Line 2b: Included in the Foundation's investments are assets held for Cleveland State University and the Cleveland State University Alumni Association. The assets held for these entities are maintained as separate funds on the financial system of the Foundation and receive a proportional share of the investment's activity. The Foundation owns the assets in the investments; the other entities have a financial interest in the investments but do not own the underlying assets. The Foundation has recorded a liability equal to the fair value for the assets held for other entities. Part V, Line 4: The endowment assets are used to fund scholarships for students at Cleveland State University and for other general purposes of the University. Part X, Line 2: The Foundation is a not-for-profit corporation as described in Section 501(c)(3) of the Internal Revenue Code (Code) and is exempt from federal income taxes on related income pursuant to Section 501(a) of the Code. Uncertain income tax positions are evaluated at least annually by management. The Foundation classifies interest and penalties related to income tax matters as income tax expense in the accompanying financial statements. As of June 30, 2023, the Foundation has identified no uncertain income tax positions and has incurred no amounts for income tax penalties and interest for the year then ended. The Foundation files its Federal Form 990 in the U.S. federal jurisdiction and an online charitable registration in the office of the state's Attorney General for the State of Ohio. Part XI, Line 2d - Other Adjustments: Bad Debt Expense -69,917. Increase in Cash Surrender Value of Life Insurance 15,111. Part XI, Line 4b - Other Adjustments: Fundraising Events Expense -188,816. Part XII, Line 2d - Other Adjustments: Change in Charitable Gift Annuities 6,402. Fundraising Events Expense 188,816. Part XII, Line 4b - Other Adjustments: Bad Debt Expense 69,917. Central America and the Caribbean 0 0 Investments 16384467 0 0 0 0 0 0 16384467 0 16384467 1 0 0 0 0 0 Part III Accounting Method: Radiance 649245 629845 19400 188816 649245 629845 19400 188816 188816 -169416 1 Cleveland State University 2121 Euclid Avenue Cleveland OH 44115 340966056 State of Ohio 14641758 0 General Operating Support 1 0 Emergencies 97 59076 Scholarships 121 476990 Start-Up Grant 14 34923 Part I, Line 2: Because of the close connection between the Foundation and Cleveland State University, the Foundation is assured that its grant funds are spent to further educational missions of the University. The Foundation has procedures that help ensure the grant funds are spent appropriately. 0 0 0 0 0 0 0 0 0 Julie Rehm Executive Director 0 306716 0 0 0 0 0 37662 0 457 0 344835 0 0 Part I, Line 3 Cleveland State University (the University), a related organization, determines the compensation of the Executive Director for Cleveland State University Foundation. The University has a compensation manager that does market research and reviews for compensation. There are many sources of information utilized. In addition, for senior leadership positions the university hires a search firm to assist in the hiring / search process. X Instruments 1 185441 FMV 0 0 0 0 Part I, Column (b): Is the number of contributions. Form 990, Part VI, Section B, line 11b Form 990 is reviewed by the Assistant Treasurer of the Cleveland State University Foundation and the Audit and Finance Committees of the Board of Directors with the Assistance of the outside public accounting firm. The 990 is emailed to the entire board prior to filing. Form 990, Part VI, Section B, line 12c The Foundation's Board Members and officers are required to complete conflict statements annually and update them during the year as the need arises. The Board's Audit Committee reviews these statements for potential conflicts. When a conflict arises, the person is not permitted to participate in the discussion of the transaction or to vote on the matter. Persons who are independent of the individual with the conflict make the decision about the transaction. Form 990, Part VI, Section C, line 19 The Foundation makes its financial statements, conflicts of interest policy and governing documents available to the public upon request. The financial statement are also filed with the Auditor of the State of Ohio, who makes them available to the public. Form 990, Part XI, line 9: Change in Charitable Gift Annuities -6,402. Increase in Cash Surrender Value of Life Insurance 15,111. Cleveland State University 2121 Euclid Avenue Cleveland OH 44115 340966056 Education OH N/A 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 Cleveland State University P 499021 Actual Cleveland State University B 14641758 Actual Part II, Identification of Related Tax-Exempt Organizations Due to the close relationship that Cleveland State University Foundation (CSUF) has with Cleveland State University (CSU), management has decided to disclose CSU on the organization's Schedule R. CSU does not control CSUF nor does CSU have the right to appoint more than 50% of the board members of CSUF.