Norfolk State University Foundation Inc
- Assets
- $104.2m
- Revenue
- $9.7m
- Investments
- $99.5k
- Employees
- 7
- Location
- Norfolk, VA
- Founding
- 11/1972
- Data as of
- 12/2021
- EIN
- 23-7235954
Organization Overview
Norfolk State University Foundation Inc is located in Norfolk, VA. The organization was established in 1972. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 12/2021, Norfolk State University Foundation Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norfolk 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 12/2021, Norfolk State University Foundation Inc generated $9.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.5% each year . All expenses for the organization totaled $3.7m during the year ending 12/2021. While expenses have increased by 3.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION PROVIDES FINANCIAL SUPPORT TO NORFOLK STATE UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION MADE SCHOLARSHIP DISBURSEMENTS THIS YEAR TO OVER 1,100 NORFOLK STATE UNIVERSITY STUDENTS WHO ARE DESIGNATED BY THE UNIVERSITY TO RECEIVE SCHOLARSHIPS FROM SCHOLARSHIP FUNDS WHICH HAVE BEEN ESTABLISHED BY VARIOUS DONORS. NEED BASED SCHOLARSHIPS ARE PROVIDED TO TALENTED, FINANCIALLY DISADVANTAGED STUDENTS. MANY STUDENTS ARE ABLE TO ATTEND NORFOLK STATE UNIVERSITY ONLY BECAUSE OF THE GENEROSITY AND SUPPORT OF PRIVATE DONORS WHO GIVE TO THE FOUNDATION. MERIT SCHOLARSHIPS PROVIDED BY THE FOUNDATION, ALLOWS THE UNIVERSITY TO RECRUIT AND RETAIN TOP RANKED STUDENTS FROM ACROSS THE NATION AND THE WORLD, ADDING TO THE RICH ACADEMIC ENVIRONMENT OF THE UNIVERSITY.
THE FOUNDATION PROVIDES SUPPORT SERVICES FOR THE BENEFIT OF NORFOLK STATE UNIVERSITY AND ITS STUDENTS. THE FOUNDATION SUPPORTED 64 STUDENTS WITH $26,663 IN COVID EMERGENCY SUPPORT FUNDS AND SUPPORTED EDUCATIONAL PROGRAMS THAT OFFERED STUDENTS HANDS ON EXPERIENCE WITH NEW PARTNERS LIKE ICON 360, OFFSHORE WIND STUDIES, NETFLIX/2U, SENTARA, EVMS, AND ABOUT LOVE WITH TIFFANY & CO., THE SHAWN CARTER FOUNDATION AND BEYGOOD TO NAME JUST A FEW OF THESE AMAZING OPPORTUNITIES THAT DIRECTLY IMPACTED OVER 600 NSU STUDENTS. THE FOUNDATION ENABLES THE UNIVERSITY TO FULFILL ITS MISSION BY SUPPORTING PROGRAMS AND INITIATIVES THAT ENRICH ACADEMIC PROGRAMS, ATTRACT AND RETAIN QUALITY FACULTY, PROVIDE SCHOLARSHIPS TO PROMISING STUDENTS, AND INCREASE STUDENT ACCESS TO CUTTING EDGE TECHNOLOGY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Crystal D Jenkins Executive Director | OfficerTrustee | 48 | $94,145 |
David R Kenerson Jr Treasurer | OfficerTrustee | 1.5 | $0 |
Travis L Ames Sr President | OfficerTrustee | 1.5 | $0 |
Carla Bailey Vice President; Strategic Planning Committee Co-Ch | OfficerTrustee | 1.5 | $0 |
Keith I Jones Secretary | OfficerTrustee | 1.5 | $0 |
Javaune Adams-Gaston Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $9,596,750 |
| Noncash contributions included in lines 1a–1f | $2,500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,596,750 |
| Total Program Service Revenue | $0 |
| Investment income | $30,240 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $24,391 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,651,381 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,690,193 |
| Grants and other assistance to domestic individuals. | $26,663 |
| 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 | $94,145 |
| Other salaries and wages | $226,229 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $40,816 |
| Payroll taxes | $16,687 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $50,043 |
| Fees for services: Accounting | $31,393 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $121,342 |
| Fees for services: Other | $244,633 |
| Advertising and promotion | $18,503 |
| Office expenses | $204,960 |
| Information technology | $74,063 |
| Royalties | $0 |
| Occupancy | $43,205 |
| Travel | $38,020 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,595 |
| Interest | $34 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $39,053 |
| Insurance | $76,539 |
| All other expenses | $30,000 |
| Total functional expenses | $3,680,399 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,757,712 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,002,188 |
| 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 | $2,333,853 |
| Investments—publicly traded securities | $84,733,680 |
| Investments—other securities | $99,450 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $267,058 |
| Total assets | $104,193,941 |
| Accounts payable and accrued expenses | $208,922 |
| 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 | $18,487 |
| Total liabilities | $227,409 |
| Net assets without donor restrictions | $50,960,579 |
| Net assets with donor restrictions | $53,005,953 |
| 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 | $104,193,941 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Norfolk State University Foundation Inc has recieved totaling $58,000.
Endowment Analysis
| Beg. Balance | $33,950,715 |
| Earnings | $11,247,049 |
| Admin Expense | $854,710 |
| Net Contributions | $37,833,293 |
| Other Expense | $670,245 |
| Grants | $12,749 |
| Ending Balance | $81,493,353 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Morgan State University Foundation Incorporated Baltimore, MD | $141,263,372 | $14,542,251 |
American University Of Rome Washington, DC | $5,091,812 | $6,709,805 |
Crown College Powell, TN | $16,563,165 | $8,650,181 |
Appalachian College Of Pharmacy Oakwood, VA | $36,195,397 | $7,728,362 |
Austin Peay State University Foundation Clarksville, TN | $60,731,234 | $13,661,420 |
University Of Tennessee Research Foundation Knoxville, TN | $82,756,683 | $8,787,700 |
School Of Media And Journalism Foundation Of North Carolina Inc Chapel Hill, NC | $50,008,414 | $6,859,944 |
Virginia Commonwealth University Real Estate Foundation Richmond, VA | $95,872,198 | $7,982,693 |
Western Carolina University Foundation Cullowhee, NC | $76,335,154 | $7,286,676 |
Virginia University Of Lynchburg Inc Lynchburg, VA | $13,241,169 | $8,139,477 |
Skema Us Inc Raleigh, NC | $4,455,636 | $4,986,543 |
Radford University Foundation Inc Radford, VA | $119,642,152 | $17,210,656 |