West Virginia State University Foundation Inc
- Assets
- $17.9m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Institute, WV
- Founding
- 10/1965
- Data as of
- 06/2021
- EIN
- 55-6019228
Organization Overview
West Virginia State University Foundation Inc is located in Institute, WV. The organization was established in 1965. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. West Virginia 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 06/2021, West Virginia State University Foundation Inc generated $4.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $3.3m during the year ending 06/2021. While expenses have increased by 6.0% per year over the past 6 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
TO SUPPORT THE MISSION OF WEST VIRGINIA STATE UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE SCHOLARSHIPS TO THE STUDENTS OF WEST VIRGINIA STATE UNIVERSITY.
TO PROVIDE SUPPORT FOR THE STUDENT AND FACULTY PROGRAMS OF WEST VIRGINIA STATE UNIVERSITY.
THE CORPORATION CONSTRUCTED A RESIDENCE HALL WHICH UNDER THE TERMS OF THE CAPITAL LEASE AGREEMENT LEASES TO WEST VIRGINIA STATE UNIVERSITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr John L Fuller Director/secretary | OfficerTrustee | 1 | $0 |
Mr Danny Blair Director/treasurer | OfficerTrustee | 1 | $0 |
Dr Sami M Gareeb Director/vice Chair | OfficerTrustee | 1 | $0 |
Mr Mark Pendleton Director/chair | OfficerTrustee | 1 | $0 |
Ms Sue Woodward Director | Trustee | 40 | $0 |
Mrs Cynthia M Rakes Director | Trustee | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $13,210 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,115,552 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,128,762 |
| Total Program Service Revenue | $0 |
| Investment income | $240,756 |
| Tax Exempt Bond Proceeds | $1,575,535 |
| Royalties | $7,942 |
| Net Rental Income | $1,142 |
| Net Gain/Loss on Asset Sales | $104,886 |
| Net Income from Fundraising Events | $38,885 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,097,908 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,486,652 |
| 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. | $182,138 |
| Compensation of current officers, directors, key employees. | $76,680 |
| 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 | $0 |
| Fees for services: Accounting | $25,853 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $27,597 |
| Advertising and promotion | $5,000 |
| Office expenses | $21,191 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $862 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,117 |
| Interest | $1,512,121 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $33,124 |
| Total functional expenses | $3,299,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,110,355 |
| Pledges and grants receivable | $1,285,600 |
| Accounts receivable, net | $1,030,969 |
| 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 | $12,174,215 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $291,636 |
| Total assets | $17,892,775 |
| Accounts payable and accrued expenses | $79,442 |
| 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 | $0 |
| Total liabilities | $79,442 |
| Net assets without donor restrictions | $821,178 |
| Net assets with donor restrictions | $16,992,155 |
| 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 | $17,892,775 |
Grants Recieved
Over the last fiscal year, we have identified 23 grants that West Virginia State University Foundation Inc has recieved totaling $1,062,591.
| Awarding Organization | Amount |
|---|---|
The Seminar Network Inc Arlington, VA PURPOSE: General Operating Support | $200,000 |
Greater Kanawha Valley Foundation Charleston, WV PURPOSE: GENERAL SUPPORT | $149,450 |
Strong-Treister Family Foundation Inc Charleston, WV PURPOSE: MUSIC/ATHLETICS | $125,000 |
Ascendium Education Solutions Inc Madison, WI PURPOSE: Project Success Emergency Aid Program Project Success Paid Internship Program | $108,400 |
Encova Foundation Of West Virginia Charleston, WV PURPOSE: ATHLETIC TEAMS, TRAINING, AND COMPETITION SUPPORT | $105,000 |
Mcgee Foundation Charleston, WV PURPOSE: DIRECT BENEFIT FOR STUDENTS THROUGH NEEDS BASED SCHOLARSHIPS | $100,000 |
Endowment Analysis
| Beg. Balance | $9,024,889 |
| Earnings | $3,494,862 |
| Net Contributions | $454,392 |
| Grants | $373,060 |
| Ending Balance | $12,601,083 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Union Institute & University Cincinnati, OH | $9,527,741 | $17,880,804 |
Cleveland State University Foundation Cleveland, OH | $110,232,117 | $11,409,961 |
Morgan State University Foundation Incorporated Baltimore, MD | $141,263,372 | $14,542,251 |
Appalachian College Of Pharmacy Oakwood, VA | $36,195,397 | $7,728,362 |
Virginia Commonwealth University Real Estate Foundation Richmond, VA | $95,872,198 | $7,982,693 |
Virginia University Of Lynchburg Inc Lynchburg, VA | $13,241,169 | $8,139,477 |
Newark Campus Development Fund Newark, OH | $44,149,352 | $5,377,217 |
Radford University Foundation Inc Radford, VA | $119,642,152 | $17,210,656 |
Simmons College Of Kentucky Inc Louisville, KY | $11,109,137 | $8,273,027 |
Rabbinical College Of Telshe Inc Wickliffe, OH | $4,924,770 | $5,286,495 |
Norfolk State University Foundation Inc Norfolk, VA | $104,193,941 | $9,651,381 |
Valor Christian College Columbus, OH | $1,469,992 | $3,133,613 |