Albany State University Foundation Inc
- Assets
- $8.4m
- Revenue
- $1.9m
- Investments
- $289.5k
- Employees
- 0
- Location
- Albany, GA
- Founding
- 08/1969
- Data as of
- 06/2022
- EIN
- 23-7032763
Organization Overview
Albany State University Foundation Inc is located in Albany, GA. The organization was established in 1969. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Albany State University Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Albany State University Foundation Inc generated $1.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (13.0%) each year. All expenses for the organization totaled $746.5k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (24.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Albany State University Foundation Inc has awarded 12 individual grants totaling $4,473,506. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL AID TO STUDENTS AND FINANCIAL SUPPORT OF ALBANY STATE UNIVERSITY, ITS FACULTY, STAFF, RESEARCH, AND ADVANCMENT OF HIGHER EDUCAITON.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RECEIVED AND MANAGED FUNDS PROVIDED TO ALBANY STATE UNIVERSITY TO BE USED FOR FINANCIAL ASSISTANCE TO QUALIFIED UNIVERSITY STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
A L Fleming Executive Director | OfficerTrustee | 20 | $0 |
Graham Edwards Vice Chairman | OfficerTrustee | 1 | $0 |
Rachelle Scott Treasurer | OfficerTrustee | 1 | $0 |
Bruce Melton Secretary | OfficerTrustee | 1 | $0 |
Gregory Hylick Chairman | OfficerTrustee | 1 | $0 |
Stan Brown CFO | Officer | 40 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
J C Contractors Paint Residence Halls | 6/29/19 | $157,690 |
Preferred Cooling And Heating Llc Air Conditioning | 6/29/19 | $152,922 |
Nelson Mullins Riley & Scarborough Legal Services | 6/29/19 | $148,038 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $124,606 |
| Related organizations | $0 |
| Government grants | $10,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,533,263 |
| Noncash contributions included in lines 1a–1f | $32,236 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,667,869 |
| Total Program Service Revenue | $0 |
| Investment income | $67,293 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $232,070 |
| Net Income from Fundraising Events | -$67,242 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,919,573 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $547,342 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,385 |
| Fees for services: Accounting | $37,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,516 |
| Fees for services: Other | $0 |
| Advertising and promotion | $47,383 |
| Office expenses | $65,299 |
| Information technology | $2,984 |
| Royalties | $0 |
| Occupancy | $3,427 |
| Travel | $1,332 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,366 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,145 |
| All other expenses | $5,340 |
| Total functional expenses | $746,519 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,795,905 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $561,498 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,787,817 |
| Investments—other securities | $289,504 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,434,724 |
| Accounts payable and accrued expenses | $2,104 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $273,079 |
| Total liabilities | $275,183 |
| Net assets without donor restrictions | $2,544,474 |
| Net assets with donor restrictions | $5,615,067 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $8,434,724 |
Grants Awarded
Over the last fiscal year, Albany State University Foundation Inc has awarded $1,471,979 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Atlanta, GA PURPOSE: To supoort future university reserve and replacement projects. | $969,409 |
ALBANY STATE UNIVERSITY PURPOSE: For University Scholarship Grants, Genral and Athletic Support | $502,570 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Albany State University Foundation Inc has recieved totaling $191,802.
| Awarding Organization | Amount |
|---|---|
Fuller E Callaway Professorial Chairs Trust For Dallas, TX PURPOSE: GRANT FOR PROFESSIORAL SALARIES | $60,294 |
Georgia Power Foundation Inc In Receivership Atlanta, GA PURPOSE: TEACHERS FOR GEORGIA PROGRAM SCHOLARSHIP ENDOWMENT | $50,000 |
At&t Foundation Dallas, TX PURPOSE: EDUCATION | $50,000 |
Tulsa Community Foundation Tulsa, OK PURPOSE: SCHOLARSHIP | $21,329 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $8,414 |
Mccormack Foundation Columbus, GA PURPOSE: EDUCATIONAL | $1,500 |
Endowment Analysis
| Beg. Balance | $4,114,598 |
| Earnings | -$476,726 |
| Net Contributions | $425,122 |
| Other Expense | $19,947 |
| Ending Balance | $4,043,047 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dixie Electric Power Assn Laurel, MS | $277,061,319 | $96,509,999 |
Gibson Electric Membership Corp Trenton, TN | $199,281,246 | $104,510,085 |
Four County Electric Membership Corp Burgaw, NC | $229,795,069 | $103,654,934 |
Central Electric Power Association Carthage, MS | $142,416,370 | $101,127,410 |
Holston Electric Cooperative Inc Rogersville, TN | $140,432,181 | $97,958,544 |
Sequachee Valley Electric Cooperative South Pittsburg, TN | $165,775,520 | $105,669,415 |
Veterans Of Foreign Wars Of The United States Kansas City, MO | $242,275,685 | $98,113,411 |
Central Alabama Electric Cooperative Prattville, AL | $339,092,082 | $97,489,806 |
Institute Of Nuclear Power Operations Atlanta, GA | $114,402,885 | $104,860,180 |
Pee Dee Electric Cooperative Inc Darlington, SC | $181,919,242 | $94,464,000 |
Northeast Missouri Electric Power Cooperative Palmyra, MO | $173,630,221 | $92,260,519 |
West Kentucky Rural Electric Cooperative Corporation Mayfield, KY | $175,044,197 | $94,020,746 |