Skip to content
Nonprofiteer
← GEORGIA STATE UNIVERSITY FOUNDATION INC

Form 990 for tax year 2022

Filed by GEORGIA STATE UNIVERSITY FOUNDATION INC.

Totals

Total revenue
$75,121,053
Total expenses
$41,786,024
Contributions and grants received
$48,033,474
Grants paid
$16,873,576
Program service revenue
$19,759,989
Investment income
$7,284,079
Other revenue
$43,511
Total assets, end of year
$505,025,039
Total liabilities, end of year
$142,360,042
Net assets or fund balances, end of year
$362,664,997
Program services expenses (Part IX)
$37,860,498
Management and general expenses
$3,181,419
Fundraising expenses
$744,107
Program service expenses (Part III)
$37,860,498

Program services were 90.6% 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

    $159,032

  • 1f · All other contributions, gifts and grants

    $47,874,442

  • 1g · Noncash contributions included above

    $300,495

  • 2a · Program service revenue: RENTAL INCOME

    total $12,725,106 · related or exempt $12,008,600 · unrelated business $716,506

  • 2b · Program service revenue: DIRECT FINANCING LEASE INCOME

    total $6,762,075 · related or exempt $6,762,075

  • 2c · Program service revenue: OTHER PROGRAM REVENUE

    total $272,808 · related or exempt $272,808

  • 3 · Investment income

    total $9,638,938 · unrelated business $21,667 · excluded $9,617,271

  • 5 · Royalties

    total $86 · excluded $86

  • 7a · Gross sales of assets other than inventory

    securities $36,130,699 · other assets $2,367,575

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

    securities $40,853,133 · other assets $0

  • 7c · Gain or loss

    securities -$4,722,434 · other assets $2,367,575

  • 7d · Net gain or loss

    total -$2,354,859 · excluded -$2,354,859

  • 8a · Fundraising events: gross income

    $39,758

  • 8a · Fundraising events: contributions included on line 1c

    $159,032

  • 8b · Fundraising events: direct expenses

    $86,691

  • 8c · Net income from fundraising events

    total -$46,933 · excluded -$46,933

  • 11a · Other revenue: CHANGE IN CSV LIFE INS

    total $49,521 · excluded $49,521

  • 11b · Other revenue: CHANGE IN ACCOUNTING ESTIMATE

    total $40,837 · excluded $40,837

  • 11e · Other revenue, total

    $90,358

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $16,873,576 · program services $16,873,576

  • 11b · Fees: legal

    total $14,171 · program services $14,171

  • 11c · Fees: accounting

    total $105,067 · program services $33,820 · management and general $71,247

  • 11e · Fees: professional fundraising services

    total $168,983 · fundraising $168,983

  • 11f · Fees: investment management

    total $602,699 · management and general $602,699

  • 11g · Fees: other

    total $1,568,233 · program services $759,897 · management and general $718,852 · fundraising $89,484

  • 12 · Advertising and promotion

    total $459,843 · program services $97,619 · management and general $305,129 · fundraising $57,095

  • 13 · Office expenses

    total $2,668,205 · program services $2,123,612 · management and general $468,727 · fundraising $75,866

  • 14 · Information technology

    total $75,724 · program services $393 · management and general $75,331

  • 16 · Occupancy

    total $9,679,086 · program services $9,669,311 · management and general $3,250 · fundraising $6,525

  • 17 · Travel

    total $1,009,785 · program services $811,776 · management and general $141,517 · fundraising $56,492

  • 19 · Conferences, conventions and meetings

    total $1,375,094 · program services $679,816 · management and general $477,513 · fundraising $217,765

  • 20 · Interest

    total $4,184,357 · program services $4,184,357

  • 22 · Depreciation, depletion and amortization

    total $665,798 · program services $665,798

  • 23 · Insurance

    total $585,399 · program services $495,856 · management and general $89,543

  • 24a · Other expenses: EVENT EXPENSE

    total $1,085,669 · program services $901,972 · management and general $121,516 · fundraising $62,181

  • 24b · Other expenses: NON-CAPITAL EQUIPMENT

    total $356,800 · program services $355,267 · management and general $1,533

  • 24c · Other expenses: DUES & PROFESSIONAL MEM

    total $170,732 · program services $56,454 · management and general $104,562 · fundraising $9,716

  • 24d · Other expenses: ANNUITY BENEFIT PAYMENT

    total $136,803 · program services $136,803

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,677,205 · end of year $7,454,698

  • 3 · Pledges and grants receivable

    beginning of year $20,782,587 · end of year $22,926,783

  • 4 · Accounts receivable

    beginning of year $731,268 · end of year $1,141,280

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,755,739 · end of year $20,309

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

    $18,927,027

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

    $6,318,240

  • 10c · Land, buildings and equipment, net

    beginning of year $13,274,587 · end of year $12,608,787

  • 11 · Investments: publicly traded securities

    beginning of year $235,277,014 · end of year $285,220,340

  • 12 · Investments: other securities

    beginning of year $37,380,407 · end of year $35,861,065

  • 13 · Investments: program-related

    beginning of year $92,628,421 · end of year $88,791,478

  • 15 · Other assets

    beginning of year $48,565,977 · end of year $51,000,299

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,565,167 · end of year $3,962,559

  • 19 · Deferred revenue

    beginning of year $370,819 · end of year $499,724

  • 20 · Tax-exempt bond liabilities

    beginning of year $98,029,725 · end of year $92,575,367

  • 23 · Secured mortgages and notes payable

    beginning of year $22,120,000 · end of year $21,014,000

  • 24 · Unsecured notes and loans payable

    beginning of year $10,000,000 · end of year $10,000,000

  • 25 · Other liabilities

    beginning of year $18,663,655 · end of year $14,308,392

  • 27 · Net assets without donor restrictions

    beginning of year $36,178,681 · end of year $35,710,768

  • 28 · Net assets with donor restrictions

    beginning of year $279,145,158 · end of year $326,954,229

Mission and programs · 2022

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 $24,961,514 · Grants $3,974,592 · Revenue $19,043,483

  • 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 $7,684,000 · Grants $7,684,000

  • 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 $5,214,984 · Grants $5,214,984

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JASON KAHN

    FOUNDATION PRESIDENT-PARTIAL YEAR

    Total calculated
    $359,952
    From this org
    $343,157
    From related orgs
    $0
    Other
    $16,795
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $343,157
    Bonus
    $0
    Other
    $0
    Deferred
    $11,546
    Nontaxable benefits
    $5,249
    Filer's total
    $359,952

  • DALE PALMER

    GSUF ASSISTANT TREASURER/CFO - AVP GSU

    Total calculated
    $259,361
    From this org
    $204,067
    From related orgs
    $0
    Other
    $55,294
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,067
    Bonus
    $0
    Other
    $0
    Deferred
    $31,007
    Nontaxable benefits
    $24,287
    Filer's total
    $259,361

  • TELLY MCGAHA

    INTERIM FOUNDATION PRESIDENT

    Total calculated
    $222,208
    From this org
    $171,411
    From related orgs
    $0
    Other
    $50,797
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,411
    Bonus
    $0
    Other
    $0
    Deferred
    $27,989
    Nontaxable benefits
    $22,808
    Filer's total
    $222,208

  • MILDRED GARMON

    COMPTROLLER

    Total calculated
    $188,126
    From this org
    $152,958
    From related orgs
    $0
    Other
    $35,168
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,958
    Bonus
    $0
    Other
    $0
    Deferred
    $19,551
    Nontaxable benefits
    $15,617
    Filer's total
    $188,126

  • DONNA NICHOLS

    ASSISTANT SECRETARY

    Total calculated
    $99,488
    From this org
    $62,484
    From related orgs
    $0
    Other
    $37,004
    Hours/week
    40

  • FELICIA THOMAS

    INTERIM ASST SECRETARY

    Total calculated
    $87,223
    From this org
    $61,482
    From related orgs
    $0
    Other
    $25,741
    Hours/week
    40

  • FRANK BOYKIN

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • NEDA BARQAWI

    SECRETARY & TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • KEVIN LOFTON

    VICE CHAIR & TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • BRIAN BLAKE

    EX-OFFICIO TRUSTEE & GSU PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • JARED ABRAMSON

    EX OFFICIO & GSU VP FIN/AD

    Total calculated
    $0
    Hours/week
    1

  • CATHY SCARVER

    EX-OFFICIO ALUMNI BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • TODD SHUTLEY

    TRUSTEE & PAST CHAIR

    Total calculated
    $0
    Hours/week
    2

  • AILEEN VALIANOS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ALISON JONES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ERIKA MEINHARDT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • FELICIA MAYFIELD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ALBA BAYLIN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DAVID DEETER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TRACY DANIELS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • PAULA STEOHAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • PATRICK KO

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • AL MCRAE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JOHN LUNDEEN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • NANCY REEVES MANSFIELD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • GARY MEGGS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DANIEL O'LEARY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JOSEPH REINKEMEYER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • CHRIS CHAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • D R GRIMES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ESMAEL HILL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MICHAEL LAWLINGS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • REGYNALD WASHINGTON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • SABRINA SANDERS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MARY STOKES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • KIMBERLEY HIXON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • DANIEL KRAUSE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MEREDITH LEAPLEY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TERRENCE ROGERS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TRACY JONES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • BRAD FERRER

    EX OFFICIO TRUSTEE & EMERITI CHAIR

    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. 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, JASON KAHN, FOUNDATION PRESIDENT; TELLY MCGAHA, INTERIM FOUNDATION PRESIDENT; DALE PALMER, ASSISTANT TREASURER/CFO; DONNA NICHOLS, ASSISTANT SECRETARY; FELICIA THOMAS, INTERIM ASSISTANT SECRETARY; AND MILDRED GARMON, COMPTROLLER; RECEIVED COMPENSATION AND BENEFITS TOTALING $359,952, $222,207, $259,360, $99,488, $87,223 AND $188,127, 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

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.

  • UNIVERSITY LOFTS LLC

    STUDENT HOUSING FACILITY FOR THE UNIVERSITY STUDENTS · GA · income $4,688,593 · assets $988,492

    Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION

  • PANTHER HOLDINGS LLC

    TO ACQUIRE, DEVELOP, OPERATE AND MANAGE REAL PROPERTY FOR STUDENT HOUSING · GA · income $833,559 · assets $6,994,762

    Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION

  • RIALTO LLC

    TO PURCHASE AND RENOVATE THE RIALTO THEATER FOR BENEFIT AND USE BY THE UNIV. · GA · income $94,772 · assets $1,455,275

    Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION

  • PANTHER PLACE LLC

    TO PURCHASE THE SUNTRUST BUILD. TO PROVIDE OFFICE & CLASSROOM TO THE UNIV. · GA · income $4,695,855 · assets $61,063,750

    Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION

  • PANTHER LOT LLC

    TO ACQUIRE, DEVELOP, OPERATE AND MANAGE REAL PROPERTY USED BY THE UNIVERSITY · GA · income $191,183 · assets $151

    Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION

  • PANTHER REAL ESTATE LLC

    TO PURCHASE REAL ESTATE FOR USE OF THE UNIVERSITY · GA · income $0 · assets $0

    Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION

  • PANTHER LAND LLC

    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 $2,599,821 · assets $45,304,943

    Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION

  • GPCF REAL ESTATE NEWTON LLC

    TO ACQUIRE, DEVELOP, OPERATE AND MANAGE REAL PROPERTY FOR THE UNIVERSITY. · GA · income $10 · assets $2,499,167

    Directly controlled by GEORGIA STATE UNIVERSITY FOUNDATION

  • GSUF EDGEWOOD LLC

    TO ACQUIRE, DEVELOP, OPERATE AND MANAGE REAL PROPERTY FOR THE UNIVERSITY. · GA · income $0 · assets $6,109,520

    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 · share of income $2,845,000 · share of assets $34,278,963 · 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 · share of income $210,767 · share of assets $2,078,185

Provenance

Return type
form_990
Tax year
2022
Filed
1 April 2024
IRS schema version
2022v5.0
Source object
202440959349300509

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.