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Nonprofiteer
← NORFOLK STATE UNIVERSITY FOUNDATION INC

Form 990 for tax year 2024

Filed by NORFOLK STATE UNIVERSITY FOUNDATION INC.

Totals

Total revenue
$13,370,289
Total expenses
$7,063,095
Contributions and grants received
$9,220,180
Grants paid
$3,408,593
Program service revenue
$0
Investment income
$4,150,109
Other revenue
$0
Total assets, end of year
$121,069,562
Total liabilities, end of year
$148,836
Net assets or fund balances, end of year
$120,920,726
Program services expenses (Part IX)
$5,951,871
Management and general expenses
$932,722
Fundraising expenses
$178,502
Program service expenses (Part III)
$5,951,871

Program services were 84.3% 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.

  • 1f · All other contributions, gifts and grants

    $9,220,180

  • 1g · Noncash contributions included above

    $53,333

  • 3 · Investment income

    total $2,482,942 · excluded $2,482,942

  • 7a · Gross sales of assets other than inventory

    securities $6,551,183

  • 7b · Less cost or other basis and sales expenses

    securities $4,884,016

  • 7c · Gain or loss

    securities $1,667,167

  • 7d · Net gain or loss

    total $1,667,167 · excluded $1,667,167

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,408,593 · program services $3,408,593

  • 5 · Compensation of officers, directors and key employees

    total $152,672 · program services $38,168 · management and general $53,435 · fundraising $61,069

  • 7 · Other salaries and wages

    total $692,117 · program services $619,680 · management and general $55,315 · fundraising $17,122

  • 9 · Other employee benefits

    total $113,261 · program services $23,155 · management and general $85,727 · fundraising $4,379

  • 10 · Payroll taxes

    total $55,838 · program services $26,499 · management and general $27,530 · fundraising $1,809

  • 11b · Fees: legal

    total $14,868 · program services $7,205 · management and general $7,663

  • 11c · Fees: accounting

    total $35,768 · management and general $35,768

  • 11f · Fees: investment management

    total $418,071 · program services $317,321 · management and general $100,750

  • 11g · Fees: other

    total $230,618 · program services $221,408 · management and general $9,210

  • 12 · Advertising and promotion

    total $12,245 · program services $11,220 · management and general $1,025

  • 13 · Office expenses

    total $370,323 · program services $220,701 · management and general $149,622

  • 14 · Information technology

    total $14,232 · program services $4,105 · management and general $10,127

  • 16 · Occupancy

    total $60,346 · program services $43,587 · management and general $10,543 · fundraising $6,216

  • 17 · Travel

    total $277,286 · program services $211,890 · management and general $65,396

  • 19 · Conferences, conventions and meetings

    total $55,088 · program services $53,078 · management and general $2,010

  • 22 · Depreciation, depletion and amortization

    total $69,058 · program services $34,529 · management and general $27,623 · fundraising $6,906

  • 23 · Insurance

    total $96,990 · program services $2,426 · management and general $13,810 · fundraising $80,754

  • 24a · Other expenses: MEALS AND ENTERTAINMENT

    total $396,094 · program services $330,959 · management and general $65,135

  • 24b · Other expenses: SALARY REIMBURSEMENTS

    total $357,504 · program services $188,339 · management and general $169,165

  • 24c · Other expenses: PRIZES AND AWARDS

    total $75,453 · program services $50,355 · management and general $25,098

  • 24d · Other expenses: SPONSORSHIP SUPPORT

    total $58,875 · program services $47,700 · management and general $11,175

  • 24e · All other expenses

    total $97,795 · program services $90,953 · management and general $6,595 · fundraising $247

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,823,590 · end of year $5,905,244

  • 3 · Pledges and grants receivable

    beginning of year $6,611,341 · end of year $7,135,336

  • 7 · Other notes and loans receivable

    end of year $2,081,205

  • 10a · Land, buildings and equipment: cost or other basis

    $3,264,014

  • 10b · Land, buildings and equipment: accumulated depreciation

    $920,651

  • 10c · Land, buildings and equipment, net

    beginning of year $2,360,209 · end of year $2,343,363

  • 11 · Investments: publicly traded securities

    beginning of year $96,751,040 · end of year $103,269,711

  • 12 · Investments: other securities

    beginning of year $51,924 · end of year $40,415

  • 15 · Other assets

    beginning of year $209,605 · end of year $294,288

  • 17 · Accounts payable and accrued expenses

    beginning of year $404,878 · end of year $6,450

  • 25 · Other liabilities

    beginning of year $185,050 · end of year $142,386

  • 27 · Net assets without donor restrictions

    beginning of year $44,817,653 · end of year $49,075,260

  • 28 · Net assets with donor restrictions

    beginning of year $64,400,128 · end of year $71,845,466

Mission and programs · 2024

Mission

TO PROVIDE FINANCIAL SUPPORT TO NORFOLK STATE UNIVERSITY.

Activities or mission (Part I)

THE FOUNDATION PROVIDES FINANCIAL SUPPORT TO NORFOLK STATE UNIVERSITY.

  • THE FOUNDATION MADE SCHOLARSHIP DISBURSEMENTS THIS YEAR TO OVER 1,000 NORFOLK STATE UNIVERSITY STUDENTS WHO ARE DESIGNATED BY THE UNIVERSITY TO RECEIVE SCHOLARSHIPS FROM SCHOLARSHIP FUNDS WHICH HAVE BEEN ESTABLISHED BY VARIOUS DONORS. NEED BASED SCHOLARSHIPS ARE PROVIDED TO TALENTED, FINANCIALLY DISADVANTAGED STUDENTS. MANY STUDENTS ARE ABLE TO ATTEND NORFOLK STATE UNIVERSITY ONLY BECAUSE OF THE GENEROSITY AND SUPPORT OF PRIVATE DONORS WHO GIVE TO THE FOUNDATION. MERIT SCHOLARSHIPS PROVIDED BY THE FOUNDATION, ALLOWS THE UNIVERSITY TO RECRUIT AND RETAIN TOP RANKED STUDENTS FROM ACROSS THE NATION AND THE WORLD, ADDING TO THE RICH ACADEMIC ENVIRONMENT OF THE UNIVERSITY.

    Expenses $3,408,593 · Grants $3,408,593

  • THE FOUNDATION PROVIDES SUPPORT SERVICES FOR THE BENEFIT OF NORFOLK STATE UNIVERSITY AND ITS STUDENTS. THE FOUNDATION SUPPORTED EDUCATIONAL PROGRAMS THAT OFFERED STUDENTS HANDS ON EXPERIENCE WITH NEW PARTNERS LIKE ICON 360, OFFSHORE WIND STUDIES, SENTARA, EVMS, AND ABOUT LOVE WITH TIFFANY & CO., THE SHAWN CARTER FOUNDATION AND BEYGOOD TO NAME JUST A FEW OF THESE AMAZING OPPORTUNITIES THAT DIRECTLY IMPACTED OVER 600 NSU STUDENTS. THE FOUNDATION ENABLES THE UNIVERSITY TO FULFILL ITS MISSION BY SUPPORTING PROGRAMS AND INITIATIVES THAT ENRICH ACADEMIC PROGRAMS, ATTRACT AND RETAIN QUALITY FACULTY, PROVIDE SCHOLARSHIPS TO PROMISING STUDENTS, AND INCREASE STUDENT ACCESS TO CUTTING EDGE TECHNOLOGY.

    Expenses $2,543,278

As filed on the 2024 return.

Listed in Part VII

  • ANTHONY WALTERS

    VICE PRESIDENT, HUMAN RESOURCES COMMITTEE

    Total calculated
    $0
    Hours/week
    1.5

  • ANTONIO HARRISON

    DIRECTOR - NON-VOTING

    Total calculated
    $0
    Hours/week
    0.5

  • BRUCE HUNTER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • DR CLIFFORD PORTER JR

    DIRECTOR - NON-VOTING

    Total calculated
    $301,833
    From this org
    $0
    From related orgs
    $290,125
    Other
    $11,708
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    $0 + $290,125 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $11,708 related
    Filer's total
    $0 + $301,833 related

  • CRYSTAL D JENKINS

    EXECUTIVE DIRECTOR

    Total calculated
    $152,672
    From this org
    $152,672
    From related orgs
    $0
    Other
    $0
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $152,672
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $152,672

  • CRYSTAL LASSITER

    COMMITTEE ON DIRECTORS CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • DAVID R KENERSON JR

    TREASURER, FINANCE/INVESTM

    Total calculated
    $0
    Hours/week
    1.5

  • DEBORAH C FONTAINE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • DIANNE BOARDLEY SUBER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • EARL LEE

    DEVELOPMENT COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • ELIAS OXENDINE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • GREGORY FRANKLIN

    BYLAWS, ARTICLES & INSURANCE COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • HARRY L WATKINS II

    DIRECTOR - NON-VOTING

    Total calculated
    $0
    Hours/week
    0.5

  • JACK HOWARD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • DR JAVAUNE ADAMS-GASTON

    DIRECTOR

    Total calculated
    $556,485
    From this org
    $0
    From related orgs
    $545,277
    Other
    $11,208
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    $0 + $545,277 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $11,208 related
    Filer's total
    $0 + $556,485 related

  • JORDAN D MOODY

    DIRECTOR - NON-VOTING

    Total calculated
    $0
    Hours/week
    0.5

  • KANDI HALL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • KEVIN CLARK

    SECRETARY

    Total calculated
    $0
    Hours/week
    1.5

  • KIM BROWN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • KYLE PRICE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • LORIE MCCOWAN

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1.5

  • NATE JOHNSON

    AUDIT COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • ROBERT K PERKINS

    DIRECTOR - NON-VOTING

    Total calculated
    $0
    Hours/week
    0.5

  • SYDANA ROGERS HOLLINS

    STRATEGIC PLANNING COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • TAMARA JONES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • TERRIS TODD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

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, SCHEDULE J, PART I
THE FOUNDATION DOES NOT HAVE COMPENSATION AND EMPLOYEE BENEFIT PRACTICES FOR DISCLOSURE IN PART I AS THEY ONLY PAY A BASE SALARY AND EMPLOY THE EXECUTIVE DIRECTOR WHO WAS PAID OVER $150,000. THE OTHER RELATED PARTY DIRECTORS OF THE FOUNDATION PAID OVER $150K ARE EMPLOYED BY THE UNIVERSITY AND ARE COMPENSATED BY NORFOLK STATE UNIVERSITY IN PART FOR THE SERVICES THEY PROVIDE TO THE FOUNDATION.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • MARSHALL AVENUE PROPERTIES INC

    HOLDS PROPERTY, BUT NO ACTIVITY · VA

    Directly controlled by NORFOLK STATE UNIVERSITY FOUNDATION INC

  • SHEPHERD'S VILLAGE

    HOLDS PROPERTY, NSU STUDENT HOUSING · VA · income $1 · assets $2,000,000

    Directly controlled by NORFOLK STATE UNIVERSITY FOUNDATION INC

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202513189349309061

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