Winston-Salem State University Foundation Incorporated
- Assets
- $98.9m
- Revenue
- $8.7m
- Investments
- $54.3m
- Employees
- 36
- Location
- Winstonsalem, NC
- Founding
- 03/1972
- Data as of
- 06/2023
- EIN
- 56-0989620
Organization Overview
Winston-Salem State University Foundation Incorporated is located in Winstonsalem, NC. The organization was established in 1972. 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 06/2023, Winston-Salem State University Foundation Incorporated employed 36 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Winston-Salem State University Foundation Incorporated 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, Winston-Salem State University Foundation Incorporated generated $8.7m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $8.4m during the year ending 06/2023. While expenses have increased by 13.6% per year over the past 4 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
TO PROVIDE FINANCIAL SUPPORT TO THE STUDENTS AND FACULTY OF WINSTON-SALEM STATE UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP ASSISTANCE TO STUDENTS: IN THIS FISCAL YEAR, THE FOUNDATION AWARDED 956,569 IN SCHOLARSHIPS TO STUDENTS ON THE WSSU CAMPUS. ADDITIONAL FUNDS WERE GIVEN TO WSSU, WHO DISBURSED ADDITIONAL SCHOLARSHIPS TO ITS STUDENTS.
STUDENT/FACULTY SPECIAL ASSISTANCE- THE FOUNDATION PROVIDED SUPPORT TO CAMPUS PROGRAMS AND INITIATIVES SUCH AS THE UNIVERSITY CHOIR, RED SEA OF SOUND MARCHING BAND, OFFICE OF INTERNATIONAL PROGRAMS FOR STUDY ABROAD, FACULTY AND STAFF DEVELOPMENT, STUDENT LEADERSHIP DEVELOPMENT AND CAREER SERVICES.
STUDENT HOUSING FACILITY- THE FOUNDATION, THROUGH A WHOLLY OWNED SUBSIDIARY, WINSTON-SALEM STATE UNIVERSITY HOUSING FOUNDATION, LLC (THE "LLC"), OPERATES THREE STUDENT HOUSING FACILITIES. THE FIRST, RAMS COMMONS, IS A 446 BED FACILITY SITUATED ON APPROXIMATELY 7.7 ACRES ADJACENT TO THE UNIVERSITY CAMPUS. IT INCLUDES FOUR RESIDENTIAL BUILDINGS, ONE COMMUNITY CENTER, AND OFF-SITE PARKING. THE SECOND STUDENT HOUSING FACILITY, GLEASON-HAIRSTON TERRACE, IS SITUATED ON APPROXIMATELY 8.3 ACRES. THE 405 BED FACILITY IS LOCATED ON THE SOUTHWEST SIDE OF THE UNIVERSITY CAMPUS. GLEASON-HAIRSTON OPENED FOR STUDENT OCCUPANCY IN AUGUST 2005. FOUNDATION HEIGHTS, THE THIRD PRIVATIZED STUDENT HOUSING PROJECT SPONSORED BY THE FOUNDATION WAS FUNDED THROUGH AN ADDITIONAL BOND ISSUE. THIS FOUR STORY APARTMENT COMMUNITY, SITUATED ON APPROXIMATELY 6 ACRES ON THE SOUTHWEST SIDE OF THE CAMPUS, INCLUDES ONE RESIDENTIAL BUILDING CONTAINING 72 UNITS AND A TOTAL OF 316 BEDS. FOUNDATION HEIGHTS OPENED FOR STUDENT OCCUPANCY IN 2007. RAMS COMMONS, GLEASON-HAIRSTON TERRACE AND FOUNDATION HEIGHTS ARE LEASED TO WINSTON-SALEM STATE UNIVERSITY BY THE LLC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gordon Slade Finance Dire | 40 | $120,407 | |
Dr Latanya D Afolayan Executive Di | Officer | 5 | $0 |
Kristie Benson Director | Trustee | 1 | $0 |
Tamara Brothers Director | Trustee | 1 | $0 |
Nicole Carr Director | Trustee | 1 | $0 |
Barry Eisenberg Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $44,160 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,858,548 |
| Noncash contributions included in lines 1a–1f | $5,186 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,902,708 |
| Total Program Service Revenue | $2,340,229 |
| Investment income | $643,817 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $267,110 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,698,843 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,495,647 |
| 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 | $288,551 |
| Pension plan accruals and contributions | $12,120 |
| Other employee benefits | $14,519 |
| Payroll taxes | $27,881 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,816 |
| Fees for services: Accounting | $76,695 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $124,705 |
| Fees for services: Other | $566,550 |
| Advertising and promotion | $21,796 |
| Office expenses | $61,893 |
| Information technology | $193,409 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $198,433 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,450,850 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $147,206 |
| Insurance | $10,735 |
| All other expenses | $120,662 |
| Total functional expenses | $8,377,370 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,781,838 |
| Savings and temporary cash investments | $6,797,696 |
| Pledges and grants receivable | $559,466 |
| Accounts receivable, net | $18,207 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $27,129,286 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,626 |
| Net Land, buildings, and equipment | $5,023,120 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $54,269,488 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $352,286 |
| Total assets | $98,940,013 |
| Accounts payable and accrued expenses | $684,154 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $31,072,978 |
| 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 | $31,757,132 |
| Net assets without donor restrictions | $31,721,343 |
| Net assets with donor restrictions | $35,461,538 |
| 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 | $98,940,013 |