2026-05-14T00:42:30-05:00 2025-06-30 333709623 COHNREZNICK ADVISORY LLC 350 GRANITE STREET SUITE 1200 BRAINTREE MA 02184 990 2024-07-01 830403915 THE TOWER FOUNDATION OF SAN JOSE STATE UNIVERSITY TOWE 4089241765 ONE WASHINGTON SQUARE 300 SAN JOSE CA 951920183 ROBIN REYNOLDS COO 4089241765 2026-05-12 1 1 JOLANTA TUCK P01340068 7813803520 2026-05-07 2024 2025-03-06 01:10:19Z PHIL BOYCE ONE WASHINGTON SQUARE 300 SAN JOSE CA 951920183 168980272 0 X WWW.SJSU.EDU/TOWERFOUNDATION X 2004 CA ASSISTANCE TO ACADEMIC PROGRAMS & FACILITIES, STUDENT SCHOLARSHIPS, FACULTY, & ATHLETICS PROGRAMS. 24 18 560 18 -457972 0 21495799 32195881 4020630 4843735 12815225 11515173 2517945 1512185 40849599 50066974 4416196 5780179 0 0 13381793 13028126 0 0 0 8254899 8402422 26052888 27210727 14796711 22856247 330738995 364329702 54208134 46053082 276530861 318276620 THE TOWER FOUNDATION'S MISSION IS TO ENCOURAGE PHILANTHROPY AMONG SJSU ALUMNI AND FRIENDS BY PROVIDING HIGH-QUALITY, RELIABLE, AND RESPONSIVE CHARITABLE GIVING SERVICES, DONOR STEWARDSHIP, AND ACCURATE ACCOUNTING FOR ALL GIFTS. 0 0 25807766 5780179 6114532 THE TOWER FOUNDATION OF SAN JOSE STATE UNIVERSITY IS ORGANIZED EXCLUSIVELY FOR EDUCATIONAL PURPOSES OF PROMOTING AND ADVANCING THE OBJECTIVES OF SAN JOSE STATE UNIVERSITY. PRIMARY PURPOSES INCLUDE PROVIDING ASSISTANCE TO ACADEMIC PROGRAMS, LIBRARIES, CLASSROOMS, LABORATORIES, STUDENT SCHOLARSHIPS, FACULTY FELLOWSHIPS AND PROFESSORSHIPS, FACULTY RESEARCH AND COMMUNITY PROJECTS, AND ATHLETICS PROGRAMS. 25807766 1 1 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 1 0 0 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 1 120 0 1 560 1 1 1 0 0 0 0 0 0 0 0 0 1 0 X 24 18 1 0 0 0 0 1 0 1 1 0 0 0 1 1 1 1 1 0 0 0 CA X X ROBIN REYNOLDS 4089241765 ONE WASHINGTON SQUARE 300 SAN JOSE CA 951920183 X BILL BARTON DIRECTOR (UNTIL 3/2025) 0.50 0.00 X 0 0 0 CHARLIE FAAS DIRECTOR (UNTIL 1/2025) 0.50 40.00 X 0 315682 80515 COLLEEN WILCOX DIRECTOR 0.50 0.00 X 0 0 0 CONSTANCE MOORE VICE CHAIR (UNTIL 11/2024) 0.50 0.00 X X 0 0 0 CYNTHIA TENIENTE-MATSON SJSU PRESIDENT 0.50 40.00 X X 0 485578 116752 EDWARD OATES DIRECTOR 0.50 0.00 X 0 0 0 ERIC KELLY DIRECTOR 0.50 0.00 X 0 0 0 ERICA LOCKHEIMER DIRECTOR (AS OF 12/2024) 0.50 0.00 X 0 0 0 FOLARIN EROGBOGBO FACULTY REPRESENTATIVE 0.50 40.00 X 0 135345 72652 GARY RADINE DIRECTOR 0.50 0.00 X 0 0 0 JANIKKE KLEM ALUMNI APPOINTEE 0.50 0.00 X 0 0 0 JEFF RICCI DIRECTOR 0.50 0.00 X 0 0 0 JOHN W BAIRD DIRECTOR 0.50 0.00 X 0 0 0 JUDY NAGAI CEO 30.00 10.00 X X 0 280435 95321 KARTHIKA SASIKUMAR ACAD SENATE CHAIR 0.50 40.00 X 0 141782 69670 KEVIN SWANSON ATHLETIC DIRECTORS COUNCIL 0.50 0.00 X 0 0 0 LINDA MORASCH DIRECTOR 0.50 0.00 X 0 0 0 MARK LAZZARINI DIRECTOR 0.50 0.00 X 0 0 0 MARK PASQUALE DIRECTOR 0.50 0.00 X 0 0 0 MARKO TRAPANI DIRECTOR 0.50 0.00 X 0 0 0 PHIL BOYCE CHAIR 0.50 0.00 X X 0 0 0 SANDY SWANSON ATHLETIC DIRECTORS COUNCIL 0.50 0.00 X 0 0 0 SARAB MULTANI STUDENT BODY REP 0.50 0.00 X 0 0 0 SCOTT LEFAVER DIRECTOR (AS OF 12/2024) 0.50 0.00 X 0 0 0 STEVE CAPLAN DIRECTOR 0.50 0.00 X 0 0 0 VINCENT DEL CASINO DIRECTOR 0.50 40.00 X 0 369393 136611 WANDA HENDRIX TREASURER 0.50 0.00 X X 0 0 0 ROBIN REYNOLDS COO/SECRETARY 40.00 0.00 X 0 245035 80029 JEFFREY KONYA DIRECTOR OF ATHLETICS 1.00 40.00 X 214455 299940 105148 KENNETH NIUMATALOLO HEAD COACH, FOOTBALL 1.00 40.00 X 1114159 293839 73791 PATRICIA GAGLIA EXEC DIRECTOR FOR CORP AND FOUNDATION RELATIONS 40.00 0.00 X 172608 0 30287 TIMOTHY MILES HEAD COACH, BASKETBALL 1.00 40.00 X 552419 375027 88635 DERRICK ODUM ASSISTANT COACH, FOOTBALL 0.50 40.00 X 151826 246592 87034 BRENT BRENNAN FORMER HEAD COACH, FOOTBALL 1.00 40.00 X 686041 132072 13845 2891508 3320720 1050290 11 1 1 0 0 32195881 682759 32195881 REIMBURSEMENTS FROM SJSU/AUXILIAR 611710 4843735 4843735 4843735 6044827 -457972 6502799 124011434 372210 118913298 0 5098136 372210 5470346 5470346 FLEX BENEFITS REVENUE 611710 1270797 1270797 241388 241388 1512185 50066974 6114532 -457972 12214533 5761785 5761785 18394 18394 9995923 9995923 66325 66325 2356524 2356524 609354 609354 20392 20392 510825 510825 789182 789182 1289779 1289779 7034 7034 1795652 1795652 77663 77663 443583 443583 917096 917096 1049574 1049574 49067 49067 33495 33495 DUES AND SUBSCRIPTIONS 587105 587105 TAXES & LICENSES 362868 362868 STUDENT SUPPORT 253617 253617 BAD DEBT 215490 215490 27210727 25807766 1402961 0 6976677 11907130 19290816 23198556 199999 0 42470497 41423929 270209 208613 0 0 207716910 238715584 3435152 41876974 44393175 196270 5985560 6802646 330738995 364329702 356299 778656 1846418 42470000 41390000 11381835 2038008 54208134 46053082 X 276530861 318276620 0 0 0 0 276530861 318276620 330738995 364329702 X 22856247 20560856 -1671344 X 0 1 X 1 0 X 18088607 14794585 16646377 21495799 32195881 103221249 18088607 14794585 16646377 21495799 32195881 103221249 3472024 99749225 2446752 694844 4666367 6125958 6502799 20436720 38118 875452 913570 961223 1323223 1183574 2517945 1512185 7498150 132069689 29494484 0.75530 0.78950 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2020 AMOUNT: $ 75,587. 2021 AMOUNT: $ 226,478. 2022 AMOUNT: $ 59,456. 2023 AMOUNT: $ 1,281,484. 2024 AMOUNT: $ 241,388. FLEX BENEFITS REVENUE - 2020 AMOUNT: $ 885,636. 2021 AMOUNT: $ 1,096,745. 2022 AMOUNT: $ 1,124,118. 2023 AMOUNT: $ 1,236,461. 2024 AMOUNT: $ 1,270,797. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 207716910 19920860 1638800 225998970 182645593 25647699 576382 207716910 167381342 19031594 2920089 847254 182645593 197133502 -25324813 3628199 799148 167381342 148747340 49150000 49467 714369 197133504 0.32333 0.61333 0.06333 0 0 0 ALTERNATIVE INVESTMENTS 38184747 F FUNDS HELD IN TRUST 3692227 F 41876974 DUE TO RELATED ORGANIZATIONS 1836324 SBITA LIABILITIES 201684 2038008 X 70627830 20560856 20560856 50066974 0 50066974 28861380 1650653 1650653 27210727 0 27210727 PART V, LINE 4: THE FOUNDATION RECEIVES DONATIONS RESTRICTED TO ENDOWMENT BY DONORS. SUCH DONATIONS ARE INVESTED IN ACCORDANCE WITH THE FOUNDATION'S INVESTMENT POLICY. THE ENDOWMENT PORTFOLIO IS COMPRISED OF A BLEND OF INVESTMENTS AND IS PROFESSIONALLY MANAGED. THE FINANCE AND INVESTMENT COMMITTEE OF THE BOARD OF DIRECTORS IS RESPONSIBLE FOR OVERSIGHT OF THE INVESTMENT PORTFOLIO, MONITORING PERFORMANCE OF THE INVESTMENTS AND APPROVING NEW FUND MANAGERS. THE ENDOWMENT SUPPORTS A VAST ARRAY OF STUDENT SCHOLARSHIPS AS WELL AS VIBRANT PROGRAMS THROUGHOUT SAN JOSE STATE UNIVERSITY. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC") AND SECTION 23701(D) OF THE CALIFORNIA REVENUES AND TAXATION CODE, RESPECTIVELY. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED. FORM 990, FILED BY THE FOUNDATION, IS SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE UP TO THREE YEARS FROM THE EXTENDED DUE DATE OF EACH RETURN. GENERALLY, THE FOUNDATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2022. THE FOUNDATION HAS EVALUATED ITS TAX POSITIONS AND THE CERTAINTY AS TO WHETHER THOSE TAX POSITIONS WILL BE SUSTAINED IN THE EVENT OF AN AUDIT BY TAXING AUTHORITIES AT THE FEDERAL AND STATE LEVELS. THE PRIMARY TAX POSITIONS EVALUATED ARE RELATED TO THE FOUNDATION'S CONTINUED QUALIFICATION AS A TAX-EXEMPT ORGANIZATION AND WHETHER THERE ARE UNRELATED BUSINESS INCOME ACTIVITIES CONDUCTED THAT WOULD BE TAXABLE. MANAGEMENT HAS DETERMINED THAT ALL INCOME TAX POSITIONS WILL MORE LIKELY THAN NOT BE SUSTAINED UPON POTENTIAL AUDIT OR EXAMINATION; THEREFORE, NO DISCLOSURES OF UNCERTAIN INCOME TAX POSITIONS ARE REQUIRED. PART XII, LINE 2D - OTHER ADJUSTMENTS: TRANSFERS FROM AFFILIATES 1,650,653. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENT 1730202 0 0 0 0 0 0 1730202 0 1730202 0 0 0 0 0 0 1 SAN JOSE STATE UNIVERSITY ONE WASHINGTON SQ SAN JOSE CA 95192 770414038 115 5761785 0 SCHOLARSHIPS/AWARDS 1 0 SCHOLARSHIP/AWARD 13 18394 PART I, LINE 2: THE TOWER FOUNDATION FUNDS SCHOLARSHIPS THAT ARE AWARDED TO STUDENTS OF SAN JOSE STATE UNIVERSITY (SJSU). THE SCHOLARSHIPS ARE DIRECTED BY SJSU'S FINANCIAL AID AND SCHOLARSHIP OFFICE AND ITS ATHLETICS DEPARTMENT, WHICH EVALUATE APPLICANTS TO ENSURE THEY MEET THE CRITERIA STIPULATED BY THE DONOR. THE REMAINING CASH GRANTS RELATE TO VARIOUS STUDENT AWARDS, OTHER THAN SCHOLARSHIPS, THAT ARE DISTRIBUTED AND MONITORED BY VARIOUS DEPARTMENTS OF SJSU. 0 0 0 0 0 0 0 1 0 KENNETH NIUMATALOLO HEAD COACH, FOOTBALL 1098477 293839 10000 0 5682 0 0 48419 0 25372 1114159 367630 0 0 TIMOTHY MILES HEAD COACH, BASKETBALL 402419 375027 150000 0 0 0 0 48463 0 40172 552419 463662 0 0 BRENT BRENNAN FORMER HEAD COACH, FOOTBALL 65768 43797 620000 0 273 88275 0 7160 0 6685 686041 145917 0 0 JEFFREY KONYA DIRECTOR OF ATHLETICS 97080 299940 108375 0 9000 0 0 90007 0 15141 214455 405088 0 0 CYNTHIA TENIENTE-MATSON SJSU PRESIDENT 0 473578 0 0 0 12000 0 104279 0 12473 0 602330 0 0 VINCENT DEL CASINO DIRECTOR 0 369393 0 0 0 0 0 107563 0 29048 0 506004 0 0 DERRICK ODUM ASSISTANT COACH, FOOTBALL 151826 246592 0 0 0 0 0 46862 0 40172 151826 333626 0 0 CHARLIE FAAS DIRECTOR (UNTIL 1/2025) 0 315682 0 0 0 0 0 48463 0 32052 0 396197 0 0 JUDY NAGAI CEO 0 280435 0 0 0 0 0 83242 0 12079 0 375756 0 0 ROBIN REYNOLDS COO/SECRETARY 0 245035 0 0 0 0 0 46564 0 33465 0 325064 0 0 KARTHIKA SASIKUMAR ACAD SENATE CHAIR 0 141782 0 0 0 0 0 37404 0 32266 0 211452 0 0 FOLARIN EROGBOGBO FACULTY REPRESENTATIVE 0 135345 0 0 0 0 0 40386 0 32266 0 207997 0 0 PATRICIA GAGLIA EXEC DIRECTOR FOR CORP AND FOUNDATIO 172608 0 0 0 0 0 0 0 30287 0 202895 0 0 0 PART I, LINE 3 THE ORGANIZATION'S CEO IS COMPENSATED BY SAN JOSE STATE UNIVERSITY (SJSU), A RELATED ORGANIZATION. SJSU ESTABLISHES THE COMPENSATION OF THE ORGANIZATION'S CEO BASED ON GUIDELINES OF THE UNIVERSITY AND THROUGH THE USE OF A COMPENSATION SURVEY OR STUDY. PART I, LINE 7 THE FOLLOWING EMPLOYEES RECEIVED BONUS COMPENSATION DURING CALENDAR YEAR 2024 (AMOUNTS DISCLOSED ON SCHEDULE J PART II): - KENNETH NIUMATALOLO - TIMOTHY MILES - BRENT BRENNAN - JEFFREY KONYA X 30 682759 FAIR MARKET VALUE 0 1 0 PART I, COLUMN (B): COLUMN B IS USED FOR REPORTING THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 2 KEVIN SWANSON AND SANDY SWANSON HAVE A FAMILIAL RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 7A THE SAN JOSE STATE UNIVERSITY PRESIDENT, WHO IS A BOARD DIRECTOR OF THE FOUNDATION, HAS THE SOLE AUTHORITY TO APPOINT THE BOARD MEMBERS FOR THE FOUNDATION. FORM 990, PART VI, SECTION B, LINE 11B THE TOWER FOUNDATION'S AUDIT COMMITTEE REVIEWS THE FORM 990 IN DETAIL WITH TOWER MANAGEMENT. MINUTES KEPT FOR THE AUDIT COMMITTEE DOCUMENT THE PROCESS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY AND RELATED DISCLOSURE STATEMENT IS REVIEWED ON AN ANNUAL BASIS AT THE TOWER FOUNDATION AUDIT COMMITTEE MEETING IN SEPTEMBER. THE COMMITTEE RECOMMENDS ANY CHANGE TO THE POLICY AND DISCLOSURE FORM. THIS POLICY AND THE DISCLOSURE FORM ARE THEN PRESENTED AT THE DECEMBER MEETING TO TOWER BOARD MEMBERS. ALL BOARD MEMBERS ARE REQUIRED TO COMPLETE THE DISCLOSURE FORM AND THE FORMS ARE COLLECTED BY TOWER MANAGEMENT. IF THERE ARE ANY DISCLOSED CONFLICTS, THEY ARE ADDRESSED AT THE SUBSEQUENT AUDIT COMMITTEE MEETING AND PRESENTED TO THE BOARD AS APPROPRIATE. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S CEO, OFFICERS AND KEY EMPLOYEES ARE GENERALLY COMPENSATED BY SAN JOSE STATE UNIVERSITY, A RELATED ORGANIZATION OF THE TOWER FOUNDATION. THEREFORE, THE TOWER FOUNDATION HAS NOT ESTABLISHED COMPENSATION POLICIES FOR THESE INDIVIDUALS. HOWEVER, SAN JOSE STATE UNIVERSITY DETERMINES COMPENSATION FOR THE TOWER FOUNDATION'S CEO, OFFICERS AND KEY EMPLOYEES BASED ON REVIEW AND APPROVAL BY INDEPENDENT PERSONS AND COMPARABILITY DATA. THE PROCESS AND DECISIONS ARE CONTEMPORANEOUSLY DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE. GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART VII, SECTION A, LINE 1A, COLUMN D: CSU POLICY REQUIRES THAT STIPEND PAYMENTS BY AN AUXILIARY TO A CSU EMPLOYEE BE MADE THROUGH THE AUXILIARY'S PAYROLL. ACCORDINGLY, SOME STATE UNIVERSITY 83-0403915 THE TOWER FOUNDATION OF SAN JOSE PAYMENTS MADE TO UNIVERSITY EMPLOYEES ON BEHALF OF SJSU ARE REFLECTED AS COMPENSATION FROM THE TOWER FOUNDATION ON FORM 990, PART VII, SECTION A, LINE 1A, COLUMN D. FORM 990, PART XI, LINE 9: TRANSFERS FROM AFFILIATES -1,650,653. RESTATEMENT DUE TO GASB 101 ADOPTION -20,691. SJSU TOWER REAL ESTATE FUND LLC ONE WASHINGTON SQUARE SAN JOSE CA 951920183 830403915 REAL ESTATE MANAGEMENT NC 0 0 THE TOWER FOUNDATION OF SAN JOSE STATE UNIVERSITY HILO PROJECT LLC ONE WASHINGTON SQUARE SAN JOSE CA 951920183 263694655 HOUSING INVESTMENT HI 0 0 THE TOWER FOUNDATION OF SAN JOSE STATE UNIVERSITY SAN JOSE STATE UNIVERSITY ONE WASHINGTON SQUARE SAN JOSE CA 95192 770414438 EDUCATION INSTITUTION CA 115 N/A 0 ASSOCIATED STUDENTS OF SAN JOSE STATE UNIVERSITY ONE WASHINGTON SQUARE SAN JOSE CA 95192 941156305 AUX. SERVICES CA 501(C)(3) LINE 5 SAN JOSE STATE UNIVERSITY 0 SAN JOSE STATE UNIVERSITY RESEARCH FOUNDATION ONE WASHINGTON SQUARE SAN JOSE CA 95192 946017638 AUX. SERVICES CA 501(C)(3) LINE 7 SAN JOSE STATE UNIVERSITY 0 SPARTAN SHOPS INC ONE WASHINGTON SQUARE SAN JOSE CA 95192 941392424 AUX. SERVICES CA 501(C)(3) LINE 12A, I SAN JOSE STATE UNIVERSITY 0 STUDENT UNION OF SAN JOSE STATE UNIVERSITY ONE WASHINGTON SQUARE SAN JOSE CA 95192 942830732 AUX. SERVICES CA 501(C)(3) LINE 12C, III-FI SAN JOSE STATE UNIVERSITY 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 1