KENT STATE UNIVERSITY FOUNDATION

EIN: 346576307 501(c)(3) Education

Kent, OH

Total Revenue
$21,201,534
Total Expenses
$30,127,232
Total Assets
$333,642,018
Net Assets
$309,090,687
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1965
Legal Domicile
OH
Principal Officer
VALOREE VARGO
Tax Period
2023-07-01 to 2024-06-30

KENT STATE UNIVERSITY FOUNDATION, founded in 1965, is a mid-sized nonprofit in the Education sector that reported $21.2M in total revenue in fiscal year 2023. Revenue decreased 13% compared to the prior year. Expenses of $30.1M exceeded revenue, resulting in a 42% operating deficit.

Mission

THE KENT STATE UNIVERSITY FOUNDATION PROVIDES LEADERSHIP, PRIVATE SECTOR FUNDING AND STEWARDSHIP OF GIFTS TO SUPPORT KENT STATE UNIVERSITY, MEET ITS NEEDS AND ACHIEVE ITS PRIORITES.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $17,153,117
Program Service Revenue $0
Investment Income $2,711,824
Other Revenue $1,336,593
TOTAL REVENUE $21,201,534

Expense Breakdown

Grants Paid $26,327,681
Salaries & Benefits $0
Fundraising Expenses $372,095
Program Expenses $26,327,681
Other Expenses $3,799,551
TOTAL EXPENSES $30,127,232

Year-over-Year Comparison

2023 2022 Change
Revenue $21,201,534 $24,294,118 -0.1%
Expenses $30,127,232 $28,135,064 +0.1%
Net Income $-8,925,698 $-3,840,946 +1.3%
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

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Liquidity & Cash Position

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Governance

Voting Members
37
Independent Members
31
Employees
N/A
Volunteers
38

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
7
$0
Total Directors
38
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ROBERT ROSS DIRECTOR 1.00
Director
$0 $0 $0
ROB RISMAN DIRECTOR 1.00
Director
$0 $0 $0
MELODY TANKERSLEY DIRECTOR 1.00
Director
$0 $0 $0
DIANA STRONGOSKY DIRECTOR 1.00
Director
$0 $0 $0
SCOTT MCKINNEY DIRECTOR 1.00
Director
$0 $0 $0
STEFFANY MATTICOLA LARKINS DIRECTOR 1.00
Director
$0 $0 $0
MARK POLATAJKO DIRECTOR 1.00
Director
$0 $0 $0
STEPHEN MILKOVICH DIRECTOR 1.00
Director
$0 $0 $0
DANIEL WOLFE DIRECTOR 1.00
Director
$0 $0 $0
ROXIA BOYKIN DIRECTOR 1.00
Director
$0 $0 $0
VIRGINIA ADDICOTT DIRECTOR 1.00
Director
$0 $0 $0
PAMELA BOBST DIRECTOR 1.00
Director
$0 $0 $0
VICKI HAYWOOD DOE DIRECTOR 1.00
Director
$0 $0 $0
NORA JACOBS DIRECTOR 1.00
Director
$0 $0 $0
JOHN ELLIOT DIRECTOR 1.00
Director
$0 $0 $0
VALERIE PATTON GEORGE DIRECTOR 1.00
Director
$0 $0 $0
DIANE PETRELLA DIRECTOR 1.00
Director
$0 $0 $0
TODD DIACON DIRECTOR 1.00
Director
$0 $0 $0
TIMOTHY EIPPERT DIRECTOR 1.00
Director
$0 $0 $0
BARRY FETTERMAN DIRECTOR 1.00
Director
$0 $0 $0
HEATHER CERBONE DIRECTOR 1.00
Director
$0 $0 $0
RAJ AGGARWAL DIRECTOR 1.00
Director
$0 $0 $0
LAWRENCE ARMSTRONG DIRECTOR 1.00
Director
$0 $0 $0
GARY BRAHLER DIRECTOR 1.00
Director
$0 $0 $0
RICHARD FRENCHIE DIRECTOR 1.00
Director
$0 $0 $0
DALE LEPPO DIRECTOR 1.00
Director
$0 $0 $0
JUDIE FALL LASSER DIRECTOR 1.00
Director
$0 $0 $0
RICHARD KRUMEL DIRECTOR 1.00
Director
$0 $0 $0
MARK LUCAS DIRECTOR 1.00
Director
$0 $0 $0
CATHY HEMMING DIRECTOR 1.00
Director
$0 $0 $0
CANDICE HUGHES DIRECTOR 1.00
Director
$0 $0 $0
JESSICA VARGO ASSISTANT TREASURER 2.00
Officer Director
$0 $0 $0
JAMES BAILEY BOARD CHAIR ELECT 2.00
Officer Director
$0 $0 $0
PETER HOLWAY IMMEDIATE PAST CHAIR 2.00
Officer Director
$0 $0 $0
MICHELLE THOMAS BOARD CHAIR 2.00
Officer Director
$0 $0 $0
GREG INNA SECRETARY 2.00
Officer Director
$0 $0 $0
VALOREE VARGO CHIEF EXECUTIVE OFFICER 2.00
Officer Director
$0 $0 $0
GREGORY LONG TREASURER 2.00
Officer 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 No data No data No data No data
2024 $21,201,534 $30,127,232 $333,642,018 $-8,925,698
2023 $24,294,118 $28,135,064 $315,802,364 $-3,840,946
2022 $49,925,385 $17,601,463 $298,774,525 $32,323,922
2021 $21,430,947 $18,582,646 $301,481,915 $2,848,301
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