Virginia State University Foundation
- Assets
- $28.9m
- Revenue
- $4.4m
- Investments
- $67.1k
- Employees
- 3
- Location
- Petersburg, VA
- Founding
- 06/1968
- Data as of
- 06/2022
- EIN
- 54-6074532
Organization Overview
Virginia State University Foundation is located in Petersburg, VA. The organization was established in 1968. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2022, Virginia State University Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia State University 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 06/2022, Virginia State University Foundation generated $4.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.6% each year. All expenses for the organization totaled $1.9m during the year ending 06/2022. While expenses have increased by 7.9% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT THE MISSION OF VIRGINIA STATE UNIVERSITY BY RECEIVING, MANAGING AND DISTRIBUTING DONATIONS AND CONTRIBUTIONS THAT AID IN THE ENHANCEMENT AND GROWTH OF THE UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS AND AWARDS TO STUDENTS. 296 SCHOLARSHIPS WERE AWARDED DURING THE YEAR.
PROGRAM SUPPORT SERVICES
SUPPORT OF ATHLETIC PROGRAMS
BAND SUPPORT, ACADEMIC SUPPORT, AND VARIOUS MISSION SUPPORT PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert L Turner Jr Executive Director | Officer | 40 | $40,000 |
Harrison Bonner III Director Of Finance & Accounting | Officer | 40 | $12,500 |
Irene F Logan Treasurer | OfficerTrustee | 5 | $0 |
Brenda Stith-Finch Chair | OfficerTrustee | 5 | $0 |
Valarie A Jones Vice-Chair | OfficerTrustee | 5 | $0 |
Earnest A Bazemore Secretary | OfficerTrustee | 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 | $4,058,177 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,058,177 |
| Total Program Service Revenue | $0 |
| Investment income | $418,278 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$83,383 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,393,072 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $696,920 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $75,411 |
| Compensation of current officers, directors, key employees. | $65,411 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $80,738 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $37,221 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $60,051 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $92,483 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $30,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $14,674 |
| All other expenses | $0 |
| Total functional expenses | $1,889,084 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,599,375 |
| Savings and temporary cash investments | $1,984,136 |
| Pledges and grants receivable | $16,673 |
| 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 | $27,000 |
| Investments—publicly traded securities | $24,932,005 |
| Investments—other securities | $67,050 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $305,532 |
| Total assets | $28,931,771 |
| Accounts payable and accrued expenses | $21,529 |
| 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 | $4,226,898 |
| Total liabilities | $4,248,427 |
| Net assets without donor restrictions | $222,438 |
| Net assets with donor restrictions | $24,460,906 |
| 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 | $28,931,771 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Virginia State University Foundation has recieved totaling $6,000.
| Awarding Organization | Amount |
|---|---|
Philip Richardson Family Foundation Williamsburg, VA PURPOSE: GENERAL SUPPORT | $5,000 |
Chapman Foundation Greenville, SC PURPOSE: 501(C)(3) EDUCATIONAL INSTITUTION CONTRIBUTION | $1,000 |
Endowment Analysis
| Beg. Balance | $23,903,848 |
| Earnings | -$3,744,102 |
| Net Contributions | $1,758,294 |
| Other Expense | $481,567 |
| Ending Balance | $21,436,473 |