Norfolk State University Research And Innovation Foundation
- Assets
- $25.8m
- Revenue
- $6.0m
- Investments
- $864.2k
- Employees
- 0
- Location
- Norfolk, VA
- Founding
- 03/2003
- Data as of
- 06/2023
- EIN
- 38-3649338
Organization Overview
Norfolk State University Research And Innovation Foundation is located in Norfolk, VA. The organization was established in 2003. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norfolk State University Research And Innovation Foundation 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 06/2023, Norfolk State University Research And Innovation Foundation generated $6.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $5.8m during the year ending 06/2023. While expenses have increased by 1.5% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE FOUNDATION IS TO PROVIDE BRANDS AND SERVICES THAT PROMOTE APPLIED RESEARCH AND TECHNOLOGICAL INNOVATIONS THAT, IN TURN, CONTRIBUTE POSITIVELY TO THE ECONOMIC STRENGTH OF THE HAMPTON ROADS REGION AND THE COMMONWEALTH OF VIRGINIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STUDENT HOUSING SUPPORTING NORFOLK STATE UNIVERSITY STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hudnall R Croasdale Board Member | Trustee | 0.5 | $179,470 |
Doyle A Temple Treasurer | OfficerTrustee | 0.5 | $0 |
Juavaune Adams-Gaston Board Member | Trustee | 0.5 | $0 |
Bk Fulton Board Member | Trustee | 0.5 | $0 |
Wayne Jones Board Member | Trustee | 0.5 | $0 |
Rodney Jordan Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hudnall Croasdale Consulting | 6/29/19 | $185,086 |
Capstone On-campus Management Llc Management | 6/29/19 | $126,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $98 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $100,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $100,098 |
| Total Program Service Revenue | $0 |
| Investment income | $129,987 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,846,161 |
| Net Gain/Loss on Asset Sales | -$29,440 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,046,806 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,000 |
| 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. | $179,471 |
| Compensation of current officers, directors, key employees. | $44,868 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $293,510 |
| Pension plan accruals and contributions | $14,852 |
| Other employee benefits | $145,832 |
| Payroll taxes | $42,431 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $316,147 |
| Fees for services: Accounting | $46,798 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $288,591 |
| Advertising and promotion | $2,105 |
| Office expenses | $36,422 |
| Information technology | $30,847 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $11,761 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,454,991 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $883,032 |
| Insurance | $212,118 |
| All other expenses | $0 |
| Total functional expenses | $5,797,625 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,191,638 |
| Savings and temporary cash investments | $4,659,106 |
| Pledges and grants receivable | $495,731 |
| Accounts receivable, net | $46,656 |
| 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 | $25,179 |
| Net Land, buildings, and equipment | $17,039,246 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $864,216 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $482,649 |
| Total assets | $25,804,421 |
| Accounts payable and accrued expenses | $251,058 |
| Grants payable | $0 |
| Deferred revenue | $4,659 |
| Tax-exempt bond liabilities | $24,249,414 |
| 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 | $127,435 |
| Total liabilities | $24,632,566 |
| Net assets without donor restrictions | $676,129 |
| Net assets with donor restrictions | $495,726 |
| 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 | $25,804,421 |
Grants Awarded
Over the last fiscal year, Norfolk State University Research And Innovation Foundation has awarded $19,167 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
757 ACCELERATE INC PURPOSE: GENERAL SUPPORT | $16,667 |
NORFOLK STATE UNIVERSITY PURPOSE: GREEN AND GOLD BALL | $2,500 |