The North Carolina A&t Real Estate Foundation Inc
- Assets
- $169.2m
- Revenue
- $33.0m
- Investments
- $19.2m
- Employees
- 0
- Location
- Greensboro, NC
- Founding
- 05/1968
- Data as of
- 06/2022
- EIN
- 56-6075899
Organization Overview
The North Carolina A&t Real Estate Foundation Inc is located in Greensboro, NC. The organization was established in 1968. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, 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. North Carolina A&t Real Estate 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 06/2022, North Carolina A&t Real Estate Foundation Inc generated $33.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 27.6% each year . All expenses for the organization totaled $25.8m during the year ending 06/2022. While expenses have increased by 32.1% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SCHOLARSHIPS AND INSTITUTIONAL SUPPORT TO NORTH CAROLINA A&T STATE UNIVERSITY STUDENTS, FACULTY, AND DEPARTMENTS, AS WELL AS TO SUPPORT INSTITUTIONAL REAL ESTATE ACTIVITY.
Describe the Organization's Program Activity:
THE FOUNDATION PROVIDES DIRECT SUPPORT TO NCA&T STATE UNIVERSITY DEPARTMENTS BY THE MANAGEMENT OF FUND ACCOUNTS THAT INCLUDE RESTRICTED, UNRESTRICTED, SCHOLARSHIPS, ENDOWMENTS AND GRANTS. THE FOUNDATION MANAGED FIVE NEWLY AWARDED GRANTS THAT TOTALED $2,842,000 THAT WERE AWARDED FROM THE FOLLOWING CORPORATIONS AND ORGANIZATIONS: CHARLES & LYNN SCHUSTER FAMILY FOUNDATION, THE NATIONAL MANRRS OFFICE, THE NC PORK COUNCIL, JPMORGAN CHASE BANK, N.A., AND TOYOTA MOTOR COMPANY. THESE GRANTS PROVIDED SCHOLARSHIPS FOR ASPIRING BLACK EDUCATORS, A GRANT TO ESTABLISH AN ASSISTANTSHIP PROGRAM, A GRANT TO SUPPORT EDUCATION AND LIVING EXPENSES OF GRADUATE STUDENTS, A GRANT TO SUPPORT FINANCIAL LITERACY AND TRIO PROGRAMS, AND A GRANT TO PREPARE BUSINESS LEADERS WHO ARE EQUIPPED, MOTIVATED, AND CHALLENGED TO COMPETE IN A GLOBAL MARKET WITHIN THE FOLLOWING COLLEGES AND DEPARTMENT: COLLEGE OF EDUCATION, COLLEGE OF AGRICULTURE AND ANIMAL SCIENCES, OUR UNIVERSITY'S DEPARTMENT OF ACADEMIC AFFAIRS, AND THE COLLEGE OF BUSINESS AND ECONOMICS. AS A RESOURCE TO THE UNIVERSITY, THE FOUNDATION DIRECTLY AWARDED SCHOLARSHIPS IN THE AMOUNT OF $343,790.78. THE FOUNDATION ALSO AWARDED $1,991,501.35 FROM DEPARTMENT SCHOLARSHIP FUNDS AND $17,840 FROM THE THURGOOD MARSHALL FUND FOR EMERGENCY FUNDS TO STUDENTS IMPACTED BY COVID-19.
THE EVENT CENTER PLAYS A PIVOTAL ROLE IN THE EXPANSION OF THE UNIVERSITY. THE MANAGEMENT OF THE EVENT CENTER POSITIVELY SUPPORTS EFFORTS BY THE UNIVERSITY IN RECRUITMENT, FACULTY DEVELOPMENT, COMMUNITY ENGAGEMENT AND MARKETING THE UNIVERSITY TO A MULTITUDE OF CONSTITUENCIES. THIS WAS THE FIRST YEAR THE UNIVERSITY OPERATED UNDER NORMAL CONDITIONS SINCE COVID. THE EVENT CENTER MANAGED THE COVID VACCINATION CLINICS IN PARTNERSHIP WITH THE UNIVERSITY'S STUDENT HEALTH CENTER AND MOSES CONE HEALTH SYSTEM. THE EVENT CENTER ALSO HOSTED AN ADDITIONAL 25 UNIVERSITY DEPARTMENT HELD EVENTS.
THE FOUNDATION'S MISSION IS CENTERED ON EXPANDING THE FOOTPRINT OF OUR UNIVERSITY IN ITS ALIGNMENT WITH THE UNIVERSITY'S MASTER PLAN THAT INCLUDES ECONOMIC DEVELOPMENT AND REVITALIZATION OF THE EAST GREENSBORO AREA SURROUNDING NORTH CAROLINA A&T STATE UNIVERSITY'S COLLEGE CAMPUS. THE FOUNDATION EXPANDED ITS TEAM WITH THE HIRING OF THE DIRECTOR OF REAL ESTATE. MOREOVER, THE FOUNDATION'S STAFF HAS UNDERGONE TRAINING ON NEW MARKET TAX CREDITS TO UNDERPIN ITS ECONOMIC DEVELOPMENT ENDEAVORS. THE FOUNDATION CONTINUES TO WORK IN PARTNERSHIP WITH ITS EAST GREENSBORO RENAISSANCE COMMUNITY ADVISORY COMMITTEE WHOSE FOCUS IS IN THE REVITALIZATION OF THE COMMUNITY SURROUNDING THE UNIVERSITY SPEARHEADING STRATEGIC ECONOMIC DEVELOPMENT PROJECTS IN THE NEXT SEVERAL YEARS. THE FOUNDATION ACQUIRED A MAJOR PROPERTY IN ITS ECONOMIC DEVELOPMENT EFFORTS. THE FOUNDATION ACQUIRED AND RENOVATED A WAREHOUSE TO PROVIDE STORAGE FOR ITS UNIVERSITY'S PARTNERS. THE FOUNDATION SUCCESSFULLY EXECUTED THE PSA TO ACQUIRE TWO ADDITIONAL APARTMENT COMPLEXES THAT WILL ADD AN ADDITIONAL 350 BEDS TO ITS CURRENT INVENTORY. THE FOUNDATION IS ALSO ON TRACK WITH ACQUIRING PROPERTIES TO FACILITATE IN THE UNIVERSITY 'S CONSTRUCTION PLANS OF A NEW 425+ BED RESIDENTIAL LIFE FACILITY WITH RETAIL SPACE.
THE FOUNDATION PROVIDES FACILITIES FOR A FIVE STAR CHILD DEVELOPMENT LABORATORY FOR ACADEMIC PREPARATION AND TEACHING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Russ Parmele Vice Chair | OfficerTrustee | 0.5 | $0 |
Jennifer Duru-Perry Secretary | OfficerTrustee | 0.5 | $0 |
Daniel Lim Treasurer | OfficerTrustee | 0.5 | $0 |
Torian R Priestly Chair | OfficerTrustee | 0.5 | $0 |
Kim Cameron Executive Director | Officer | 45 | $0 |
Jacqueline Stringfellow Director Of Accounting | Officer | 45 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ernst & Young Llp Forensic Accounting | 6/29/15 | $215,883 |
Hutton & Williams Llc Legal | 6/29/15 | $282,310 |
Wilfredo Painting & Home Improvement Llc Building Maintenance | 6/29/15 | $104,150 |
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 | $9,621,045 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,621,045 |
| Total Program Service Revenue | $22,426,599 |
| Investment income | $66,099 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $612 |
| Net Gain/Loss on Asset Sales | $308,213 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,021,773 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,947,772 |
| 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 | $2,865,607 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $596,250 |
| Payroll taxes | $168,702 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,747,171 |
| Advertising and promotion | $0 |
| Office expenses | $250,094 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,159,917 |
| Travel | $244,089 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,769,160 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,972,745 |
| Insurance | $703,039 |
| All other expenses | $0 |
| Total functional expenses | $25,849,892 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,362,365 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,400,086 |
| Accounts receivable, net | $1,403,488 |
| 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 | $108,452,554 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $19,154,547 |
| Investments—program-related | $654,323 |
| Intangible assets | $0 |
| Other assets | $14,723,546 |
| Total assets | $169,150,909 |
| Accounts payable and accrued expenses | $2,511,965 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $107,413,600 |
| Escrow or custodial account liability | $2,116,190 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,401,719 |
| Unsecured mortgages and notes payable | $150,000 |
| Other liabilities | $84,968 |
| Total liabilities | $116,678,442 |
| Net assets without donor restrictions | $19,276,175 |
| Net assets with donor restrictions | $33,196,292 |
| 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 | $169,150,909 |
Grants Recieved
Over the last fiscal year, we have identified 16 grants that The North Carolina A&t Real Estate Foundation Inc has recieved totaling $2,128,705.
| Awarding Organization | Amount |
|---|---|
American Tower Charitable Foundation Inc Boston, MA PURPOSE: GENERAL PURPOSE | $400,000 |
Foundation For The Carolinas Charlotte, NC PURPOSE: CHARITABLE GIFT | $332,250 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $300,637 |
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $209,873 |
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $209,873 |
Baker Hughes Foundation Houston, TX PURPOSE: GENERAL SUPPORT | $195,000 |
Endowment Analysis
| Beg. Balance | $7,095,161 |
| Earnings | -$14,901 |
| Admin Expense | $311,977 |
| Net Contributions | $89,389 |
| Ending Balance | $6,857,672 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Charles Koch Foundation Arlington, VA | $813,753,220 | $68,721,556 |
Education Loan Finance Inc Knoxville, TN | $2,281,627,256 | $227,234,757 |
Educational Foundation Inc Chapel Hill, NC | $193,854,804 | $63,834,996 |
Nc Student Aid Association Inc Raleigh, NC | $102,296,557 | $23,877,668 |
Virginia Student Aid Foundation Charlottesville, VA | $165,530,915 | $45,876,846 |
Georgia Goal Scholarship Program Inc Peachtree Corners, GA | $58,000,031 | $45,569,079 |
Meeting Street Schools Charleston, SC | $31,326,851 | $31,027,510 |
Georgia State University Athletic Association Inc Atlanta, GA | $12,025,331 | $28,251,593 |
The North Carolina A&t Real Estate Foundation Inc Greensboro, NC | $169,150,909 | $33,021,773 |
Horatio Alger Association Of Distinguished Americans Inc Alexandria, VA | $58,355,936 | $27,092,429 |
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |
James Madison University Foundation Inc Harrisonburg, VA | $191,139,680 | $18,508,438 |