The Tower Foundation of San Jose State University (EIN 830403915) - Form 990 Financial Analysis & Trantor Score

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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

2004

Legal Domicile

Principal Officer

Robin Reynolds

Phone

4089241765

Tax Period

2023-07-01 to 2024-06-30

The Tower Foundation of San Jose State University, founded in 2004, is a mid-sized nonprofit in the Education sector that reported $40.8M in total revenue in fiscal year 2023. Revenue surged 43% from the prior year, signaling strong growth momentum. The organization ran a surplus of $14.8M, a strong 36% operating margin.

Mission

Assistance to academic programs & facilities, student scholarships, faculty, & athletics programs.

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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 (2023)

Revenue Breakdown

Contributions & Grants $21,495,799

Program Service Revenue $4,020,630

Investment Income $12,815,225

Other Revenue $2,517,945

TOTAL REVENUE $40,849,599

Expense Breakdown

Grants Paid $4,416,196

Salaries & Benefits $13,381,793

Fundraising Expenses $0

Program Expenses $21,731,820

Other Expenses $8,254,899

TOTAL EXPENSES $26,052,888

Year-over-Year Comparison

	2023	2022	Change
Revenue	$40,849,599	$28,549,029	+0.4%
Expenses	$26,052,888	$26,670,626	0.0%
Net Income	$14,796,711	$1,878,403	+6.9%

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

523

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

$1,003,085

Total Directors

$1,840,998

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Cynthia Teniente-Matson	SJSU President	0.50	Officer Director	$0	$116,611	$543,065
Karthika Sasikumar	Faculty Senate Chair	0.50	Director	$0	$65,783	$195,689
Judy Nagai	CEO	30.00	Officer Director	$0	$24,895	$113,230
Tom McCarron	Interim VPUA & CEO (until 12/31/23)	30.00	Officer Director	$0	$0	$74,093
Folarin Erogbogbo	Faculty At-Large Rep	0.50	Director	$11,392	$80,195	$167,984
Phil Boyce	Chair	0.50	Officer Director	$0	$0	$0
Connie Moore	Vice Chair	0.50	Officer Director	$0	$0	$0
Wanda Hendrix	Treasurer	0.50	Officer Director	$0	$0	$0
John W Baird	Director	0.50	Director	$0	$0	$0
William E Barton	Director	0.50	Director	$0	$0	$0
Steve Caplan	Director	0.50	Director	$0	$0	$0
Vincent Del Casino	Director	0.50	Director	$0	$35,903	$397,414
Dana C Ditmore	Director	0.50	Director	$0	$0	$0
Charlie Faas	Director	0.50	Director	$0	$62,217	$349,523
Eric Kelly	Director	0.50	Director	$0	$0	$0
Janikke Klem	Alumni Appointee	0.50	Director	$0	$0	$0
Mark Lazzarini	Director	0.50	Director	$0	$0	$0
Linda Morasch	Director	0.50	Director	$0	$0	$0
Sarab Multani	Student Body Rep	0.50	Director	$0	$0	$0
Edward Oates	Director	0.50	Director	$0	$0	$0
Gary Radine	Director	0.50	Director	$0	$0	$0
Jeff Ricci	Director	0.50	Director	$0	$0	$0
Kevin Swanson	Athletic Directors Council	0.50	Director	$0	$0	$0
Sandy Swanson	Athletic Directors Council	0.50	Director	$0	$0	$0
Marko Trapani	Director	0.50	Director	$0	$0	$0
Peter V Ueberroth	Director	0.50	Director	$0	$0	$0
Colleen B Wilcox	Director	0.50	Director	$0	$0	$0
Robin Reynolds	COO/Secretary	40.00	Officer	$0	$54,303	$272,697
Brent Brennan	Head Coach, Football (until 1/16/24)	1.00	Highest	$1,372,900	$94,629	$1,811,914
Timothy Miles	Head Coach, Men's Basketball	1.00	Highest	$478,933	$82,786	$905,515
Jeffrey Konya	Director of Athletics	1.00	Highest	$163,455	$100,172	$538,191
Kevin McGiven	Assistant Coach, Football	0.50	Highest	$151,588	$51,817	$422,678
Derrick Odum	Assistant Coach, Football	0.50	Highest	$136,636	$82,786	$445,595
Lisa Millora	Former CEO	0.00		$6,000	$60,830	$451,841

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	$40,849,599	$26,052,888	$330,738,995	$14,796,711
2023	$28,549,029	$26,670,626	$300,067,577	$1,878,403
2022	$32,559,828	$22,673,220	$280,294,745	$9,886,608
2021	$46,353,106	$23,148,854	$263,921,731	$23,204,252
2020	$29,787,267	$24,652,766	$204,408,600	$5,134,501
2019	$27,044,574	$26,049,500	$211,640,861	$995,074
2018	$35,594,581	$30,060,759	$208,610,527	$5,533,822
2017	$32,989,103	$31,444,958	$202,905,479	$1,544,145

The Tower Foundation of San Jose State University