Overview
What is Foundation At Nj Institute Of Technology?
The Foundation at New Jersey Institute of Technology is a resource development organization based in Newark, New Jersey. It is dedicated to raising and managing funds for New Jersey Institute of Technology (NJIT), primarily through building relationships with supporters. The funds are utilized to enhance scholarships, chairs, professorships, and programs at NJIT, with one hundred percent of restricted funds being allocated in accordance with donor restrictions. In the given year, over $5 million was granted to NJIT, providing scholarships and fellowships to approximately 1,233 students. The Foundation operates under a mission to support NJIT's development and growth while ensuring that all funds are used solely for their intended purposes.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97% (Four-Star out of Four Star rating)
The Foundation at NJ Institute of Technology has achieved an impressive 97% rating from Charity Navigator, reflecting its strong accountability and financial practices. This high score indicates effective management and transparency, which is crucial for building trust with donors and stakeholders. The organization has an excellent independent board composition and maintains rigorous oversight of its financial statements.
Strengths of the foundation include a high percentage of independent board members and a strong program expense ratio of 93.08%, which signifies that most funds are directed toward its mission-related activities. Additionally, the foundation has demonstrated solid financial health, with very low liabilities relative to its assets and a significant working capital ratio. These factors contribute to the organization’s ability to sustain its programs over time.
However, the foundation’s fundraising efficiency ratio is notably low at $0.01, indicating that it may incur higher costs in raising funds compared to others in the sector. This could suggest potential areas for improvement in their fundraising strategies to enhance overall efficiency. Despite this limitation, the overall financial health and governance practices of the foundation position it as a reliable nonprofit organization.
This AI summary has been generated from information found on Charity Navigator.
Is Foundation At Nj Institute Of Technology legitimate?
Foundation At Nj Institute Of Technology is a legitimate nonprofit organization registered as a 501(c)(3) entity. Foundation At Nj Institute Of Technology submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Foundation At Nj Institute Of Technology?
The Foundation at New Jersey Institute of Technology functions as a resource development organization, dedicated to raising and managing funds for New Jersey Institute of Technology (NJIT). Through building relationships with supporters, this foundation aims to expand the reach of scholarships, chairs, professorships, and programs at NJIT. Notably, all the restricted funds raised by the foundation are allocated in accordance with donor restrictions and should not be utilized towards overhead or administrative expenses.
Who is the CEO of Foundation At Nj Institute Of Technology?
Kenneth Alexo Jr is the President of Foundation At Nj Institute Of Technology.
What is the revenue of Foundation At Nj Institute Of Technology?
Foundation At Nj Institute Of Technology's revenue in 2022 was $19,080,456.
Who are the executives of Foundation At Nj Institute Of Technology and what are their salaries?
There 38 volunteers at Foundation At Nj Institute Of Technology.
Here are 45 key members and their salaries:
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- Related: $974,063
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- Related: $613,234
- Other: $36,134
Where can I find the form 990 for Foundation At Nj Institute Of Technology?
Foundation At Nj Institute Of Technology's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Foundation At Nj Institute Of Technology
The Foundation at New Jersey Institute of Technology (FNJIT) is a resource development organization with a mission to generate and manage funds for New Jersey Institute of Technology (NJIT). Through cultivating relationships with supporters, FNJIT advances the development and expansion of scholarships, chairs, professorships, and programs at NJIT. Notably, one hundred percent of the donor-designated funds raised by FNJIT are allocated in accordance with the donors' stipulations and are distinctly earmarked for specific purposes, preventing their utilization for administrative or overhead expenses.
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Impact
October, 2024
The Foundation at NJ Institute of Technology plays a crucial role in advancing educational opportunities at NJIT. Through its efforts in resource development, the Foundation raises and manages substantial funds that directly support scholarships and fellowships. In recent years, it has awarded approximately $5.45 million in grants, impacting about 1,233 undergraduate and graduate students.
The Foundation's commitment ensures that every dollar raised for financial aid is utilized according to donor specifications, strictly for educational purposes, and not for operational costs. By building relationships with supporters, the Foundation fosters growth in academic programs, endowed chairs, and professorships, enhancing the overall educational landscape at NJIT. This financial backing not only alleviates the burden of tuition and related costs for students but also promotes academic excellence and diversity within the institution. The Foundation's efforts ultimately contribute to preparing a skilled workforce for New Jersey and beyond.
This information is meant to be a general summary of Foundation At Nj Institute Of Technology. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $10,015,721
- Gross Receipts: $77,331,828
Assets and Liabilities:
- Total Assets: $157,150,311
- Total Liabilities: $2,632,538
- Net Assets: $154,517,773
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Organization Details
Founding Year
1959
Phone
(973) 596-3427Principal Officer
Kenneth Alexo Jr
Main Address
UNIVERSITY HEIGHTS, NEWARK, NJ, 071021982
NTEE Category
Code: B110 - Education
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