Alcorn State University Foundation Incorporated
- Assets
- $56.6m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Lorman, MS
- Founding
- 02/1975
- Data as of
- 12/2022
- EIN
- 64-0538018
Organization Overview
Alcorn State University Foundation Incorporated is located in Lorman, MS. The organization was established in 1975. 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. Alcorn 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 12/2022, Alcorn State University Foundation Incorporated generated $5.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.3% each year . All expenses for the organization totaled $1.8m during the year ending 12/2022. 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
SEE ATTACHED STATEMENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
ATHLETIC SUPPORT - TO PROVIDE GENERAL AND SPECIFIC FUNDING TO THE ATHLETIC DEPARTMENT OF ALCORN STATE UNIVERSITY.
ACADEMIC SUPPORT - TO PROVDE GENERAL AND SPECIFIC FUNDING TO THE ALCORN STATE UNIVERSITY TO ASSIST WITH GENERAL OPERATIONAL EXPENSE.
SCHOLARSHIP SUPPORT - TO PROVIDE GENERAL AND SPECIFIC SCHOLARSHIP DOLLARS TO STUDENTS OF ALCORN STATE UNIVERSITY.
INSTITUTIONAL SUPPORT - TO PROVIDE GENERAL AND SPECIFIC FUNDING TO ALCORN STATE UNIVERSITY TO ASSIT WITH GENERAL OPERATIONAL EXPENSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert D Gage IV Director | Trustee | 0.5 | $0 |
Densel Fleming Director | Trustee | 0.5 | $0 |
Dr Jesse E Mcgee Director | Trustee | 0.5 | $0 |
Dr Shelby Wilkes Secretary | OfficerTrustee | 0.5 | $0 |
Dr Charlie Bridges Director | Trustee | 0.5 | $0 |
Dr Anthony Newman Director | Trustee | 0.5 | $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 | $5,334,440 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,334,440 |
| Total Program Service Revenue | $0 |
| Investment income | $164 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,334,604 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $956,817 |
| Grants and other assistance to domestic individuals. | $705,580 |
| 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 | $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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $1,025 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,455 |
| Advertising and promotion | $0 |
| Office expenses | $149 |
| Information technology | $6,262 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $17,195 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,592 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $2,982 |
| Total functional expenses | $1,805,556 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,857,507 |
| Savings and temporary cash investments | $32,620 |
| Pledges and grants receivable | $0 |
| 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 | $45,436 |
| Investments—publicly traded securities | $48,667,489 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,382 |
| Total assets | $56,611,434 |
| Accounts payable and accrued expenses | $356,210 |
| 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 | $356,210 |
| Net assets without donor restrictions | $38,382,490 |
| Net assets with donor restrictions | $17,872,734 |
| 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 | $56,611,434 |