FOUNDATION AT NJ INSTITUTE OF TECH… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1959

Legal Domicile

Principal Officer

ALAN J KELLY

Phone

9735963427

Tax Period

2024-07-01 to 2025-06-30

FOUNDATION AT NJ INSTITUTE OF TECHNOLOGY, founded in 1959, is a mid-sized nonprofit in the Education sector that reported $37.7M in total revenue in fiscal year 2024. Revenue surged 130% from the prior year, signaling strong growth momentum. The organization ran a surplus of $26.0M, a strong 69% operating margin.

Mission

ESTABLISHED IN 1959, THE FOUNDATION IS A 501(C)(3) TAX-EXEMPT ORGANIZATION THAT RAISES, INVESTS, AND DISTRIBUTES PHILANTHROPIC GIFTS ON BEHALF OF NEW JERSEY INSTITUTE OF TECHNOLOGY (NJIT), THE STATE'S PUBLIC POLYTECHNIC UNIVERSITY. IN CONNECTING ALUMNI AND FRIENDS WITH NJIT'S INNOVATIVE PROGRAMS, RESEARCH-ACTIVE FACULTY, AND TALENTED AND HARDWORKING STUDENTS, THE FOUNDATION ADVANCES NJIT'S PURSUIT OF ITS MISSION OF EDUCATION, RESEARCH, SERVICE, AND ECONOMIC DEVELOPMENT.

Program Service Accomplishments

Program 1

Expenses: $5,585,304 Revenue: $0

SCHOLARSHIP AND FELLOWSHIP GRANTS WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN THE AMOUNT OF $5,585,304. FOUNDATION AT NEW JERSEY INSTITUTE OF TECHNOLOGY RECEIVES ENDOWED GIFTS AND ANNUAL...

SCHOLARSHIP AND FELLOWSHIP GRANTS WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN THE AMOUNT OF $5,585,304. FOUNDATION AT NEW JERSEY INSTITUTE OF TECHNOLOGY RECEIVES ENDOWED GIFTS AND ANNUAL GIFTS RESTRICTED FOR FINANCIAL AID. THE ANNUAL ENDOWMENT SPENDING FOR SCHOLARSHIPS AND FELLOWSHIPS AND THE ANNUAL SCHOLARSHIP AND FELLOWSHIP GIFTS ARE GRANTED TO NEW JERSEY INSTITUTE OF TECHNOLOGY AND AWARDED TO STUDENTS THAT HAVE MET THE QUALIFICATIONS AND RESTRICTIONS PLACED BY THE DONORS. UNDERGRADUATE AND GRADUATE AWARDS, FROM DONOR FUNDED SCHOLARSHIPS AND FELLOWSHIPS WERE GIVEN TO APPROXIMATELY 1,486 STUDENTS.

Program 2

Expenses: $727,263 Revenue: $0

RESEARCH AND PROGRAM GRANTS TOTALING $727,263 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY TO SUPPORT VARIOUS RESEARCH PROJECTS, IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.

Program 3

Expenses: $2,056,715 Revenue: $0

INSTRUCTIONAL GRANTS TOTALING $2,056,715 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN SUPPORT OF ITS EDUCATIONAL PROGRAMS IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $16,812,460

Program Service Revenue $0

Investment Income $20,975,961

Other Revenue $-121,646

TOTAL REVENUE $37,666,775

Expense Breakdown

Grants Paid $10,732,731

Salaries & Benefits $0

Fundraising Expenses $418,444

Program Expenses $10,732,731

Other Expenses $622,184

TOTAL EXPENSES $11,715,442

Year-over-Year Comparison

	2024	2023	Change
Revenue	$37,666,775	$16,393,366	+1.3%
Expenses	$11,715,442	$11,521,409	+0.0%
Net Income	$25,951,333	$4,871,957	+4.3%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,280,339

Total Directors

$3,641,000

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TEIK C LIM	DIRECTOR	1.00	Director	$0	$68,276	$912,649
JOHN A PELESKO	DIRECTOR	1.00	Director	$0	$61,414	$528,916
ATAM DHAWAN	DIRECTOR	1.00	Director	$0	$63,989	$504,774
ANDREW P CHRIST	DIRECTOR	1.00	Director	$0	$30,532	$414,322
CATHERINE Z BRENNAN	SECRETARY (THRU 05/2025)	3.00	Officer Director	$0	$92,316	$444,410
KENNETH ALEXO JR	PRESIDENT (THRU 09/2024)	35.00	Officer Director	$0	$54,108	$350,054
ELIZABETH KORNSTEIN	INTERIM PRESIDENT (09/24-04/25)	1.00	Officer Director	$0	$65,823	$270,418
MICHAEL WALL	INTERIM PRESIDENT (AS OF 04/2025)	1.00	Officer Director	$0	$16,497	$215,457
STEVEN SAPERSTEIN	CHAIRMAN (AS OF 12/2024)	1.00	Officer Director	$0	$0	$0
ROBERT MEDINA	CHAIRMAN (THRU 12/2024)/DIRECTOR	1.00	Officer Director	$0	$0	$0
ARTHUR A KAPOOR	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
KENNETH M COLAO	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
STEPHEN KENNEY	SECRETARY (AS OF 06/2025)	1.00	Officer Director	$0	$0	$0
STEVEN ANNUNZIATO	DIRECTOR (THRU 05/2025)	1.00	Director	$0	$0	$0
SIDDHARTHA BALA	DIRECTOR (THRU 01/2025)	1.00	Director	$0	$0	$0
ALFRED A DE SETA	DIRECTOR	1.00	Director	$0	$0	$0
ANGELO DEL RUSSO	DIRECTOR	1.00	Director	$0	$0	$0
JONATHAN F ECHEVERRIA	DIRECTOR	1.00	Director	$0	$0	$0
KIM Y FELIX	DIRECTOR (THRU 07/2025)	1.00	Director	$0	$0	$0
DONALD FLOOD	DIRECTOR	1.00	Director	$0	$0	$0
CARLOS FONSECA	DIRECTOR	1.00	Director	$0	$0	$0
CHARLES FORMAN	DIRECTOR	1.00	Director	$0	$0	$0
CAREN L FREYER DESOUZA	DIRECTOR	1.00	Director	$0	$0	$0
JOHN J FUMOSA	DIRECTOR (THRU 06/30/2025)	1.00	Director	$0	$0	$0
DAVID T GOCKEL	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTINE GUZMAN	DIRECTOR (AS OF 02/2025)	1.00	Director	$0	$0	$0
NANCY HALL	DIRECTOR (AS OF 10/2024)	1.00	Director	$0	$0	$0
DANIEL A HENDERSON	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT J HILLIER	DIRECTOR	1.00	Director	$0	$0	$0
SONYA KAKKA	DIRECTOR (THRU 02/2025)	1.00	Director	$0	$0	$0
RALPH M MADDALENA	DIRECTOR (THRU 04/2025)	1.00	Director	$0	$0	$0
JOHN MCCANN	DIRECTOR	1.00	Director	$0	$0	$0
RAYMOND J MCGOWAN	DIRECTOR	1.00	Director	$0	$0	$0
PASCAL MONTILUS	DIRECTOR (THRU 06/30/2025)	1.00	Director	$0	$0	$0
PATRICK NATALE	DIRECTOR	1.00	Director	$0	$0	$0
KATHLEEN NATRIELLO	DIRECTOR	1.00	Director	$0	$0	$0
GEORGE M NEWCOMBE	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL D PAGES	DIRECTOR	1.00	Director	$0	$0	$0
MARJORIE A PERRY	DIRECTOR	1.00	Director	$0	$0	$0
PAUL V PROFETA	DIRECTOR (THRU 10/2024)	1.00	Director	$0	$0	$0
MARK ROMANSKI	DIRECTOR	1.00	Director	$0	$0	$0
GREGORY SAUTER	DIRECTOR	1.00	Director	$0	$0	$0
JOHN W SEAZHOLTZ	DIRECTOR	1.00	Director	$0	$0	$0
STEPHANIE TONIC	DIRECTOR	1.00	Director	$0	$0	$0
MARTIN TUCHMAN	DIRECTOR	1.00	Director	$0	$0	$0
KIM V VIERHEILIG	DIRECTOR (THRU 11/2024)	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$37,666,775	$11,715,442	$217,605,738	$25,951,333
2024	No data	No data	No data	No data
2023	$14,094,600	$9,939,238	$171,872,000	$4,155,362
2022	$19,080,456	$9,265,289	$157,150,311	$9,815,167
2021	$21,630,945	$9,335,412	$177,817,526	$12,295,533

FOUNDATION AT NJ INSTITUTE OF TECHNOLOGY