Form 990 for tax year 2023
Filed by GEORGIA STATE UNIVERSITY FOUNDATION INC.
Totals
- Total revenue
- $51,589,373
- Total expenses
- $45,910,245
- Contributions and grants received
- $23,047,733
- Grants paid
- $19,879,765
- Program service revenue
- $17,116,075
- Investment income
- $11,685,922
- Other revenue
- -$260,357
- Total assets, end of year
- $534,177,903
- Total liabilities, end of year
- $139,161,915
- Net assets or fund balances, end of year
- $395,015,988
- Program services expenses (Part IX)
- $42,620,969
- Management and general expenses
- $2,013,431
- Fundraising expenses
- $1,275,845
- Program service expenses (Part III)
- $42,620,969
Program services were 92.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1c · Fundraising events
$91,162
-
1f · All other contributions, gifts and grants
$22,956,571
-
1g · Noncash contributions included above
$278,700
-
2a · Program service revenue: RENTAL INCOME
total $9,673,765 · related or exempt $8,902,662 · unrelated business $771,103
-
2b · Program service revenue: DIRECT FINANCING LEASE INCOME
total $6,544,650 · related or exempt $6,544,650
-
2c · Program service revenue: OTHER PROGRAM REVENUE
total $897,660 · related or exempt $897,660
-
3 · Investment income
total $10,935,340 · unrelated business -$51,842 · excluded $10,987,182
-
5 · Royalties
total $2,570 · excluded $2,570
-
7a · Gross sales of assets other than inventory
securities $33,621,718
-
7b · Less cost or other basis and sales expenses
securities $32,871,136
-
7c · Gain or loss
securities $750,582
-
7d · Net gain or loss
total $750,582 · excluded $750,582
-
8a · Fundraising events: gross income
$56,780
-
8a · Fundraising events: contributions included on line 1c
$91,162
-
8b · Fundraising events: direct expenses
$127,516
-
8c · Net income from fundraising events
total -$70,736 · excluded -$70,736
-
11a · Other revenue: CHANGE IN CSV LIFE INS
total -$51,504 · excluded -$51,504
-
11b · Other revenue: CHANGE IN ACCOUNTING ESTIMATE
total -$140,687 · excluded -$140,687
-
11e · Other revenue, total
-$192,191
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $19,879,765 · program services $19,879,765
-
11b · Fees: legal
total $145,220 · program services $69,433 · management and general $75,787
-
11c · Fees: accounting
total $102,856 · program services $15,287 · management and general $87,569
-
11e · Fees: professional fundraising services
total $180,122 · fundraising $180,122
-
11f · Fees: investment management
total $538,866 · management and general $538,866
-
11g · Fees: other
total $1,413,818 · program services $941,314 · management and general $142,675 · fundraising $329,829
-
12 · Advertising and promotion
total $290,249 · program services $225,574 · management and general $9,281 · fundraising $55,394
-
13 · Office expenses
total $2,851,660 · program services $2,098,592 · management and general $532,242 · fundraising $220,826
-
14 · Information technology
total $155,532 · management and general $90,953 · fundraising $64,579
-
16 · Occupancy
total $8,510,211 · program services $8,478,576 · management and general $20,578 · fundraising $11,057
-
17 · Travel
total $1,154,072 · program services $981,263 · management and general $51,192 · fundraising $121,617
-
19 · Conferences, conventions and meetings
total $1,420,005 · program services $947,678 · management and general $284,977 · fundraising $187,350
-
20 · Interest
total $3,624,515 · program services $3,624,515
-
22 · Depreciation, depletion and amortization
total $396,098 · program services $396,098
-
23 · Insurance
total $795,242 · program services $696,662 · management and general $98,580
-
24a · Other expenses: NON-CAPITAL EQUIPMENT
total $2,740,866 · program services $2,735,317 · management and general $5,331 · fundraising $218
-
24b · Other expenses: EVENT EXPENSE
total $1,404,360 · program services $1,232,283 · management and general $75,400 · fundraising $96,677
-
24c · Other expenses: DUES & PROFESSIONAL MEM
total $176,781 · program services $168,605 · fundraising $8,176
-
24d · Other expenses: ANNUITY BENEFIT PAYMENT
total $130,007 · program services $130,007
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $7,454,698 · end of year $13,583,834
-
3 · Pledges and grants receivable
beginning of year $22,926,783 · end of year $21,761,457
-
4 · Accounts receivable
beginning of year $1,141,280 · end of year $104,655
-
9 · Prepaid expenses and deferred charges
beginning of year $20,309 · end of year $69,622
-
10a · Land, buildings and equipment: cost or other basis
$18,927,026
-
10b · Land, buildings and equipment: accumulated depreciation
$6,714,337
-
10c · Land, buildings and equipment, net
beginning of year $12,608,787 · end of year $12,212,689
-
11 · Investments: publicly traded securities
beginning of year $285,220,340 · end of year $308,910,057
-
12 · Investments: other securities
beginning of year $35,861,065 · end of year $41,195,546
-
13 · Investments: program-related
beginning of year $88,791,478 · end of year $84,684,367
-
15 · Other assets
beginning of year $51,000,299 · end of year $51,655,676
-
17 · Accounts payable and accrued expenses
beginning of year $3,962,559 · end of year $3,140,338
-
19 · Deferred revenue
beginning of year $499,724 · end of year $6,196,515
-
20 · Tax-exempt bond liabilities
beginning of year $92,575,367 · end of year $87,016,307
-
23 · Secured mortgages and notes payable
beginning of year $21,014,000 · end of year $0
-
24 · Unsecured notes and loans payable
beginning of year $10,000,000 · end of year $0
-
25 · Other liabilities
beginning of year $14,308,392 · end of year $42,808,755
-
27 · Net assets without donor restrictions
beginning of year $35,710,768 · end of year $42,827,498
-
28 · Net assets with donor restrictions
beginning of year $326,954,229 · end of year $352,188,490
Mission and programs · 2023
Mission
THE GEORGIA STATE UNIVERSITY FOUNDATION SERVES AS AN AMBASSADOR OF GEORGIA STATE UNIVERSITY, SUPPORTING AND ASSISTING THE UNIVERSITY IN ACHIEVING ITS MISSION THROUGH THE IDENTIFICATION, CULTIVATION, SOLICITATION AND STEWARDSHIP OF GIFTS, AND BY COLLABORATING AND ADVISING ON ACTIVITIES FOR THE BENEFIT AND ADVANCEMENT OF THE UNIVERSITY.
Activities or mission (Part I)
SUPPORT THE MISSION AND BEST INTERESTS OF GEORGIA STATE UNIVERSITY
-
PROGRAM SUPPORT: THE GSU FOUNDATION PROVIDED THE UNIVERSITY SUPPORT FOR EDUCATION, FACILITIES, ACTIVITIES AND PROGRAMS OF THE UNIVERSITY. PRIVATE GIFT SUPPORT HELPS PROVIDE SPACE, ENVIRONMENT AND TECHNOLOGIES THAT PROMOTE THE HIGHEST LEVEL OF TEACHING, LEARNING AND RESEARCH.
Expenses $27,191,181 · Grants $4,449,977 · Revenue $16,344,972
-
STUDENT SUPPORT: THE GSU FOUNDATION PROVIDED THE UNIVERSITY SUPPORT FOR STUDENTS. STUDENTS RECEIVED BOTH MERIT AND NEED BASED SCHOLARSHIP SUPPORT ACROSS ALL PROGRAMS AND UNITS OF THE UNIVERSITY. PRIVATE GIFT SUPPORT IS CRITICAL TO REACHING OUR GOAL OF HAVING ALL WILLING STUDENTS ABLE TO EXPLORE THEIR EDUCATIONAL OPPORTUNITIES, EXPERIENCE COLLEGE LIFE, AND EFFICIENTLY MANAGE TUITION COSTS AND DEBT LOADS.
Expenses $9,308,300 · Grants $9,308,300
-
FACULTY AND STAFF SUPPORT: UNIVERSITY FACULTY AND STAFF RECEIVED ADDITIONAL SUPPORT ALLOWING FOR INCREASED RESEARCH OPPORTUNITIES AND IMPROVED CLASSROOM EXPERIENCES FOR ALL STUDENTS. PRIVATE GIFT SUPPORT HELPS MEET THE UNIVERSITY'S GOAL TO ATTRACT AND RETAIN WORLD CLASS FACULTY TO TEACH OUR STUDENTS AND EXPAND OUR RESEARCH.
Expenses $6,121,488 · Grants $6,121,488
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Telly McGahaTELLY MCGAHA
GSUF INTERIM PRESIDENT/ AVP
- Total calculated
- $271,660
- From this org
- $234,209
- From related orgs
- $0
- Other
- $37,451
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $234,209
- Bonus
- $0
- Other
- $0
- Deferred
- $22,262
- Nontaxable benefits
- $15,189
- Filer's total
- $271,660
-
Tabatha MichelTABATHA MICHEL
GSUF INTERIM PRESIDENT/ AVP
- Total calculated
- $268,773
- From this org
- $237,357
- From related orgs
- $0
- Other
- $31,416
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $237,357
- Bonus
- $0
- Other
- $0
- Deferred
- $22,216
- Nontaxable benefits
- $9,200
- Filer's total
- $268,773
-
Chris BurgeCHRIS BURGE
AVP ADVANCEMENT INFOSYS/TECH
- Total calculated
- $251,373
- From this org
- $186,654
- From related orgs
- $0
- Other
- $64,719
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $186,654
- Bonus
- $0
- Other
- $0
- Deferred
- $39,100
- Nontaxable benefits
- $25,619
- Filer's total
- $251,373
-
Dale PalmerDALE PALMER
GSUF ASSISTANT TREASURER/CFO
- Total calculated
- $247,114
- From this org
- $209,084
- From related orgs
- $0
- Other
- $38,030
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $209,084
- Bonus
- $0
- Other
- $0
- Deferred
- $20,038
- Nontaxable benefits
- $17,992
- Filer's total
- $247,114
-
Jason KahnJASON KAHN
FORMER INTERIM PRESIDENT
- Total calculated
- $157,717
- From this org
- $136,720
- From related orgs
- $0
- Other
- $20,997
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $136,720
- Bonus
- $0
- Other
- $0
- Deferred
- $11,396
- Nontaxable benefits
- $9,601
- Filer's total
- $157,717
-
Felicia ThomasFELICIA THOMAS
GSUF ASST. SECRETARY
- Total calculated
- $91,816
- From this org
- $67,936
- From related orgs
- $0
- Other
- $23,880
- Hours/week
- 40
-
Cheryl HarrelsonCHERYL HARRELSON
PRESIDENT & VP OF UNIVERSITY ADVANCEMENT(APRIL - J
- Total calculated
- $0
- Hours/week
- 0.25
-
Frank H BoykinFRANK H BOYKIN
FOUNDATION BOARD CHAIR / TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Kevin E LoftonKEVIN E LOFTON
VICE CHAIR/CHAIR, NOMINATING & GOVERNANCE/TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Joseph W ReinkemeyerJOSEPH W REINKEMEYER
TREASURER & CHAIR, FINANCE COMMITTEE / TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Regynald G WashingtonREGYNALD G WASHINGTON
SECRETARY / TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
M Brian BlakeM BRIAN BLAKE
EX-OFFICIO TRUSTEE & GSU PRESIDENT
- Total calculated
- $0
- Hours/week
- 1
-
L Jared AbramsonL JARED ABRAMSON
EX-OFFICIO & GSU VP FIN/AD
- Total calculated
- $0
- Hours/week
- 1
-
R Todd ShutleyR TODD SHUTLEY
IMMEDIATE PAST BOARD CHAIR / TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Neda A BarqawiNEDA A BARQAWI
CHAIR, DEVELOPMENT COMMITTEE / TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Esmael HillESMAEL HILL
CHAIR, REAL ESTATE COMMITTEE / TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Kimberly S HixonKIMBERLY S HIXON
CHAIR, AUDIT COMMITTEE / TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Mary StokesMARY STOKES
CHAIR, INVESTMENT COMMITTEE / TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Randall KentRANDALL KENT
EX OFFICIO(ALUMNI ASSOCIATION BOARD CHAIR)/TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Mark C AdamsMARK C ADAMS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Alba C BaylinALBA C BAYLIN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Janine BowenJANINE BOWEN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Christopher ChanCHRISTOPHER CHAN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Tracy L DanielsTRACY L DANIELS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Susan EckertSUSAN ECKERT
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Ursula Godoy-ArbalaezURSULA GODOY-ARBALAEZ
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Dr GrimesDR GRIMES
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Alison B JonesALISON B JONES
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Patrick KoPATRICK KO
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Daniel J KrauseDANIEL J KRAUSE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
John W LundeenJOHN W LUNDEEN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Nancy R MansfieldNANCY R MANSFIELD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Felicia M MayfieldFELICIA M MAYFIELD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Alfred Al McRaeALFRED AL MCRAE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
J Gary MeggsJ GARY MEGGS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Erika MeinhardtERIKA MEINHARDT
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Allison PowellALLISON POWELL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Kimberly ReedKIMBERLY REED
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Terrance RogersTERRANCE ROGERS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Sabrina SandersSABRINA SANDERS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Paula E StephanPAULA E STEPHAN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Nikita J TrivediNIKITA J TRIVEDI
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Aileen B ValianosAILEEN B VALIANOS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- FORM 990 PART VII, LINE 5
- COMPENSATION OF OFFICERS AND HIGHLY-COMPENSATED GEORGIA STATE UNIVERSITY FOUNDATION HAS NO EMPLOYEES. CALENDAR COMPENSATION, LISTED IN PART VII, FOR OFFICERS AND HIGHLY COMPENSATED INDIVIDUALS, IS FROM AN UNRELATED ORGANIZATION (GEORGIA STATE UNIVERSITY) FOR SERVICES RENDERED TO GEORGIA STATE UNIVERSITY FOUNDATION. ACCORDINGLY, TELLY MCGAHA, INTERIM FOUNDATION PRESIDENT; TABATHA MICHEL, INTERIM FOUNDATION PRESIDENT; CHRIS BURGE, AVP ADVANCEMENT INFOSYS/TECH; DALE PALMER, ASSISTANT TREASURER/CFO ; JASON KAHN, FORMER INTERIM FOUNDATION PREIDENT; AND FELICIA THOMAS, ASSISTANT SECRETARY; RECEIVED COMPENSATION AND BENEFITS TOTALING $271,660, $268,773, $251,373, $247,114, $157,717 AND $91,816, RESPECTIVELY FROM GEORGIA STATE UNIVERSITY.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
-
GEORGIA STATE UNIVERSITY
$9,308,300
SCHOLARSHIPS AND AWARDS
-
GEORGIA STATE UNIVERSITY
$6,121,488
FACULTY & STAFF SALARY SUPPLEMENTS
-
GEORGIA STATE UNIVERSITY
$79,207
OPERATIONS & PROGRAM SUPPORT
-
OPERATIONS & PROGRAM SUPPORT
-
NATIONAL DOWN SYNDROME CONGRESS
$10,500
OPERATIONS & PROGRAM SUPPORT
-
OPERATIONS & PROGRAM SUPPORT
-
OPERATIONS & PROGRAM SUPPORT
-
GSU LANETTE L SUTTLES CHILD DEV CENTER
$5,004
OPERATIONS & PROGRAM SUPPORT
-
GEORGIA STATE UNIVERSITY
$0
UNIVERSITY FACILITY IMPROVEMENTS
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
STUDENT HOUSING FACILITY FOR THE UNIVERSITY STUDENTS · GA · income $3,701,491 · assets $1,397,109
Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION
-
TO ACQUIRE, DEVELOP, OPERATE AND MANAGE REAL PROPERTY FOR STUDENT HOUSING · GA · income $771,104 · assets $6,951,319
Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION
-
TO PURCHASE AND RENOVATE THE RIALTO THEATER FOR BENEFIT AND USE BY THE UNIV. · GA · income $104,249 · assets $1,610,265
Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION
-
TO PURCHASE THE SUNTRUST BUILD. TO PROVIDE OFFICE & CLASSROOM TO THE UNIV. · GA · income $6,080,324 · assets $63,665,576
Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION
-
TO ACQUIRE, DEVELOP, OPERATE AND MANAGE REAL PROPERTY USED BY THE UNIVERSITY · GA · income $0 · assets $0
Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION
-
TO PURCHASE REAL ESTATE FOR USE OF THE UNIVERSITY · GA · income $0 · assets $0
Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION
-
PROVIDE PRACTICE FOOTBALL FIELD AND FACILITY TO THE UNIVERSITY · GA · income $0 · assets $0
Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION
-
GPC REAL ESTATE STUDENT SUPPORT I LLC
TO ACQUIRE, DEVELOP, OPERATE AND MANAGE REAL PROPERTY FOR THE UNIVERSITY · GA · income $2,609,183 · assets $45,510,270
Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION
-
TO ACQUIRE, DEVELOP, OPERATE AND MANAGE REAL PROPERTY FOR THE UNIVERSITY. · GA · income $11 · assets $2,162,771
Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION
-
TO ACQUIRE, DEVELOP, OPERATE AND MANAGE REAL PROPERTY FOR THE UNIVERSITY. · GA · income $0 · assets $0
Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
100 EDGEWOOD INVESTMENTS LLC
INVESTMENT · TO ACQUIRE, DEVELOP, OPERATE AND MANAGE REAL PROPERTY · GA · 64% owned · general or managing partner
Directly controlled by GSUF EDGEWOOD LLC
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
CHARITABLE REMAINDER UNITRUST (1)
T · TRUST · GA
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 26 March 2025
- IRS schema version
- 2023v6.0
- Source object
- 202530949349300123
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.