Form 990 for tax year 2024
Filed by ELIZABETH CITY STATE UNIVERSITY FOUNDATION.
Totals
- Total revenue
- $3,154,495
- Total expenses
- $2,358,465
- Contributions and grants received
- $1,614,941
- Grants paid
- $573,365
- Program service revenue
- $821,404
- Investment income
- $682,884
- Other revenue
- $35,266
- Total assets, end of year
- $22,540,024
- Total liabilities, end of year
- $18,290,459
- Net assets or fund balances, end of year
- $4,249,565
- Program services expenses (Part IX)
- $1,804,247
- Management and general expenses
- $554,218
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $1,804,247
Program services were 76.5% 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.
-
1e · Government grants (contributions)
$81,000
-
1f · All other contributions, gifts and grants
$1,533,941
-
2a · Program service revenue: STUDENT HOUSING RENTAL INCOME
total $821,404 · related or exempt $821,404
-
3 · Investment income
total $389,232 · excluded $389,232
-
7a · Gross sales of assets other than inventory
securities $2,401,349
-
7b · Less cost or other basis and sales expenses
securities $2,107,697
-
7c · Gain or loss
securities $293,652
-
7d · Net gain or loss
total $293,652 · excluded $293,652
-
8a · Fundraising events: gross income
$80,929
-
8b · Fundraising events: direct expenses
$66,195
-
8c · Net income from fundraising events
total $14,734 · excluded $14,734
-
11d · All other revenue
total $20,532 · related or exempt $20,532
-
11e · Other revenue, total
$20,532
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $573,365 · program services $573,365
-
11c · Fees: accounting
total $39,703 · management and general $39,703
-
11f · Fees: investment management
total $38,193 · management and general $38,193
-
11g · Fees: other
total $548,393 · program services $362,731 · management and general $185,662
-
12 · Advertising and promotion
total $20,230 · program services $15,605 · management and general $4,625
-
13 · Office expenses
total $105,778 · program services $66,022 · management and general $39,756
-
14 · Information technology
total $102 · program services $61 · management and general $41
-
17 · Travel
total $194,608 · program services $116,765 · management and general $77,843
-
20 · Interest
total $417,105 · program services $417,105
-
22 · Depreciation, depletion and amortization
total $218,772 · program services $131,263 · management and general $87,509
-
23 · Insurance
total $8,357 · program services $5,014 · management and general $3,343
-
24a · Other expenses: SUPPLIES
total $184,686 · program services $110,812 · management and general $73,874
-
24e · All other expenses
total $9,173 · program services $5,504 · management and general $3,669
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $5,066,499 · end of year $5,277,057
-
9 · Prepaid expenses and deferred charges
beginning of year $206 · end of year $2,539
-
10a · Land, buildings and equipment: cost or other basis
$8,600,762
-
10b · Land, buildings and equipment: accumulated depreciation
$1,375,919
-
10c · Land, buildings and equipment, net
beginning of year $7,443,615 · end of year $7,224,843
-
11 · Investments: publicly traded securities
beginning of year $8,782,139 · end of year $9,836,344
-
15 · Other assets
beginning of year $168,314 · end of year $199,241
-
17 · Accounts payable and accrued expenses
beginning of year $62,652 · end of year $70,282
-
19 · Deferred revenue
beginning of year $28,763 · end of year $28,763
-
23 · Secured mortgages and notes payable
beginning of year $18,593,273 · end of year $18,191,414
-
27 · Net assets without donor restrictions
beginning of year -$4,255,062 · end of year -$3,817,826
-
28 · Net assets with donor restrictions
beginning of year $7,031,147 · end of year $8,067,391
Mission and programs · 2024
Mission
GOVERNED BY A 20 MEMBER BOARD, THE FOUNDATION'S PURPOSE IS TO AID, SUPPORT AND PROMOTE TEACHING, RESEARCH AND SERVICES IN THE VARIOUS EDUCATIONAL, SCIENTIFIC, SCHOLARLY, PROFESSIONAL, ARTISTIC AND CREATIVE ENDEAVORS OF THE UNIVERSITY. THE ECSU FOUNDATION IS COMMITTED TO ENDURING THE FUTURE OF THE UNIVERSITY BY BUILDING ECSU'S ENDOWMENT TO PROVIDE FOR ITS NEED IN PERPETUITY. THE INVESTMENT AND ANNUAL REINVESTMENT, ALLOWED AT A HIGHER RATE OF RETURN THAN OTHER RESERVE FUNDS, OF THE ECSU FOUNDATION ENDOWMENT ALLOWS THE UNIVERSITY TO INCREASE ITS IMPACT ON THE REGION AS WELL AS THE CAPACITY TO MEET THE NEEDS OF THE STUDENTS IT SERVES.
Activities or mission (Part I)
SEE SCHEDULE O
-
PROVIDED FUNDING TO UNIVERSITY FOR DORMITORY RENOVATIONS.
Expenses $105,990 · Grants $105,990
-
THE ECSU FOUNDATION PROVIDED SCHOLARSHIPS TO STUDENTS AT ELIZABETH CITY STATE UNIVERSITY.
Expenses $467,375 · Grants $467,375
-
PROVIDED HOUSING FOR STUDENTS OF ELIZABETH CITY STATE UNIVERSITY THROUGH VIKINGS VILLAGE APARTMENTS.
Expenses $1,230,882 · Revenue $841,936
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Kimrey RhinehardtKIMREY RHINEHARDT
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 4
-
Bernadine A CobbBERNADINE A COBB
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 2
-
Jermaine McKinleyJERMAINE MCKINLEY
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Annalisa Carawan MorganANNALISA CARAWAN MORGAN
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Catherine EdmondsCATHERINE EDMONDS
INTERIM CHANCELLOR
- Total calculated
- $0
- Hours/week
- 2
-
Jennifer BaileyJENNIFER BAILEY
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Col Randy B BellCOL RANDY B BELL
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
James BellJAMES BELL
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
James Cherry IIJAMES CHERRY II
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Diana M GardnerDIANA M GARDNER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Christine EvansCHRISTINE EVANS
NON-VOTING BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Lori GibbsLORI GIBBS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Timothy MinorTIMOTHY MINOR
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Nylissa SnaggNYLISSA SNAGG
NON-VOTING BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Robert ThibeaultROBERT THIBEAULT
NON-VOTING BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Kevin WadeKEVIN WADE
EXECUTIVE DIRECTOR/NON-VOTING MEMBER
- Total calculated
- $249,569
- From this org
- $0
- From related orgs
- $183,732
- Other
- $65,837
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $0 + $183,732 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $57,742 related
- Nontaxable benefits
- $0 + $8,095 related
- Filer's total
- $0 + $249,569 related
-
Raymond WeaverRAYMOND WEAVER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Kenneth WeedenKENNETH WEEDEN
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Lisa WestbrookLISA WESTBROOK
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Sadie Johnson-CarterSADIE JOHNSON-CARTER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
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
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
-
ELIZABETH CITY STATE UNIVERSITY
$467,375
SCOLARSHIPS TO ECSU STUDENTS.
-
ELIZABETH CITY STATE UNIVERSITY
$105,990
DORMITORY RENOVATIONS
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.
-
ELIZABETH CITY STATE UNIVERSITY
170(C)(1) · UNIVERSITY OFFERING BACCALAURATE AND GRADUATE PROGRAMS · NC · controlled entity
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.
-
ECSU HOUSING FOUNDATION
SUPPORT UNIVERSITY AND CONSTRUCT STUDENT HOUSING · NC · income $853,880 · assets $7,210,502
Directly controlled by ELIZABETH CITY STATE UNIVERSITY FOUNDATION
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 23 March 2026
- IRS schema version
- 2024v5.5
- Source object
- 202620899349300227
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