FOUNDATION AT NJ INSTITUTE OF TECHNOLOGY Charity Report

Public IRS 990 nonprofit record

FOUNDATION AT NJ INSTITUTE OF TECHNOLOGY

EIN 22-1714037 · Education (B110)

What they do

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 STATES PUBLIC POLYTECHNIC UNIVERSITY. IN CONNECTING ALUMNI and FRIENDS WITH NJITS INNOVATIVE PROGRAMS, RESEARCH-ACTIVE FACULTY, and TALENTED and HARDWORKING STUDENTS, THE FOUNDATION ADVANCES NJITS PURSUIT of ITS MISSION of EDUCATION, RESEARCH, SERVICE, and ECONOMIC DEVELOPMENT.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $91.60 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders46 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

28.49%of revenue went to mission work91.6% of expenses · Program services

1.11%of revenue went to fundraising3.6% of expenses

$31.10spent for every $100 of revenueRevenue covered expenses this year.

1.50%of revenue went to management and office costs4.8% of expenses

$18.57in assets for every $1 spent this yearSome assets cannot be spent right away.

44.6%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Pay context: The highest compensation shown in this filing is $92,316 for CATHERINE Z BRENNAN (SECRETARY (THRU 05/2025)). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$37,666,775

Mission workProgram services$10,732,73128.49% of revenue91.6% of expenses

ManagementOffice and general costs$564,2671.50% of revenue4.8% of expenses

FundraisingAsking for donations$418,4441.11% of revenue3.6% of expenses

Revenue left after expensesReported annual surplus$25,951,33368.90% of revenueShown in gray on the chart

Total expenses$11,715,44231.10% of revenue

Gray means reported revenue left after expenses for this filing year. It does not necessarily mean cash sitting in a bank account.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 91.6% mission · 4.8% management · 3.6% fundraisingTotal expenses: 31.10% of revenue

2023Expense mix: 92.3% mission · 6.6% management · 1.0% fundraisingTotal expenses: 70.28% of revenue

2022Expense mix: 92.2% mission · 7.3% management · 0.5% fundraisingTotal expenses: 70.52% of revenue

2021Expense mix: 91.4% mission · 4.2% management · 4.4% fundraisingTotal expenses: 48.56% of revenue

2020Expense mix: 95.7% mission · 3.8% management · 0.5% fundraisingTotal expenses: 43.16% of revenue

Money in and money out

Revenue$37,666,775

Expenses$11,715,442

Annual surplus $25,951,333 Revenue was higher than expenses for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$10,732,731 · 91.6% of expenses

Management and office costs$564,267 · 4.8% of expenses

Fundraising$418,444 · 3.6% of expenses

See all reported dollar amounts

Revenue$37,666,775

Expenses$11,715,442

Assets$217,605,738

Income$154,585,512

Contributions$16,812,460

Mission work (program services)$10,732,731

Fundraising$418,444

Grants given$47,933,270

Average grant$3,994,439

Management and general$564,267

Stocks and bonds$106,219,616

Accounting fees$55,611

Investing fees$306,356

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

CATHERINE Z BRENNANSECRETARY (THRU 05/2025) · 3 hrs/week $92,316Base · Other $92,316

TEIK C LIMDIRECTOR · 1 hrs/week $68,276Base · Other $68,276

ELIZABETH KORNSTEININTERIM PRESIDENT (09/24-04/25) · 1 hrs/week $65,823Base · Other $65,823

ATAM DHAWANDIRECTOR · 1 hrs/week $63,989Base · Other $63,989

JOHN A PELESKODIRECTOR · 1 hrs/week $61,414Base · Other $61,414

KENNETH ALEXO JRPRESIDENT (THRU 09/2024) · 35 hrs/week $54,108Base · Other $54,108

ANDREW P CHRISTDIRECTOR · 1 hrs/week $30,532Base · Other $30,532

MICHAEL WALLINTERIM PRESIDENT (AS OF 04/2025) · 1 hrs/week $16,497Base · Other $16,497

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (46)

CATHERINE Z BRENNANSECRETARY (THRU 05/2025)

TEIK C LIMDIRECTOR

ELIZABETH KORNSTEININTERIM PRESIDENT (09/24-04/25)

ATAM DHAWANDIRECTOR

JOHN A PELESKODIRECTOR

KENNETH ALEXO JRPRESIDENT (THRU 09/2024)

ANDREW P CHRISTDIRECTOR

MICHAEL WALLINTERIM PRESIDENT (AS OF 04/2025)

RAYMOND J MCGOWANDIRECTOR

MARK ROMANSKIDIRECTOR

MARTIN TUCHMANDIRECTOR

MICHAEL D PAGESDIRECTOR

NANCY HALLDIRECTOR (AS OF 10/2024)

PASCAL MONTILUSDIRECTOR (THRU 06/30/2025)

PATRICK NATALEDIRECTOR

PAUL V PROFETADIRECTOR (THRU 10/2024)

RALPH M MADDALENADIRECTOR (THRU 04/2025)

MARJORIE A PERRYDIRECTOR

ROBERT MEDINACHAIRMAN (THRU 12/2024)/DIRECTOR

ROBERT J HILLIERDIRECTOR

SIDDHARTHA BALADIRECTOR (THRU 01/2025)

SONYA KAKKADIRECTOR (THRU 02/2025)

STEPHANIE TONICDIRECTOR

STEPHEN KENNEYSECRETARY (AS OF 06/2025)

STEVEN ANNUNZIATODIRECTOR (THRU 05/2025)

STEVEN SAPERSTEINCHAIRMAN (AS OF 12/2024)

ALFRED A DE SETADIRECTOR

ARTHUR A KAPOORVICE CHAIRMAN

CHARLES FORMANDIRECTOR

CHRISTINE GUZMANDIRECTOR (AS OF 02/2025)

DANIEL A HENDERSONDIRECTOR

DAVID T GOCKELDIRECTOR

DONALD FLOODDIRECTOR

CAREN L FREYER DESOUZADIRECTOR

GEORGE M NEWCOMBEDIRECTOR

GREGORY SAUTERDIRECTOR

JOHN MCCANNDIRECTOR

CARLOS FONSECADIRECTOR

JOHN J FUMOSADIRECTOR (THRU 06/30/2025)

JOHN W SEAZHOLTZDIRECTOR

JONATHAN F ECHEVERRIADIRECTOR

KATHLEEN NATRIELLODIRECTOR

ANGELO DEL RUSSODIRECTOR

KENNETH M COLAOVICE CHAIRMAN

KIM V VIERHEILIGDIRECTOR (THRU 11/2024)

KIM Y FELIXDIRECTOR (THRU 07/2025)

About this charity

Recognized since: January 1961
Location: UNIVERSITY HEIGHTS, NEWARK, NJ 07102-0000
County: Essex
In care of: % NEW JERSEY INST OF TECHNOLOGY
Primary officer: STEPHEN KENNEY, SECRETARY

How to reach them

WebsiteVisit the charity’s website Emailelizabeth.s.kornstein@njit.edu Phone(973) 596-3427

Filing and classification

Latest tax year: 2024
Tax period began: July 1, 2024
Return type: 990
Tax preparer: GRANT THORNTON ADVISORS LLC
NTEE classification: Education (B110)
IRS tax category: Other Grantmaking and Giving Services
Grant-giving organization: Yes