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← KENNESAW STATE UNIVERSITY FOUNDATION INC

Form 990 for tax year 2024

Filed by KENNESAW STATE UNIVERSITY FOUNDATION INC.

Totals

Total revenue
$90,573,212
Total expenses
$55,836,512
Contributions and grants received
$41,717,036
Grants paid
$15,344,897
Program service revenue
$41,964,788
Investment income
$6,996,615
Other revenue
-$105,227
Total assets, end of year
$697,628,763
Total liabilities, end of year
$462,712,507
Net assets or fund balances, end of year
$234,916,256
Program services expenses (Part IX)
$54,876,693
Management and general expenses
$616,049
Fundraising expenses
$343,770
Program service expenses (Part III)
$54,876,693

Program services were 98.3% 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.

  • 1c · Fundraising events

    $190,925

  • 1f · All other contributions, gifts and grants

    $41,526,111

  • 1g · Noncash contributions included above

    $134,751

  • 2a · Program service revenue: LEASING INCOME

    total $41,735,644 · related or exempt $41,735,644

  • 2b · Program service revenue: MANAGEMENT FEE INCOME

    total $229,144 · related or exempt $229,144

  • 3 · Investment income

    total $4,437,528 · unrelated business -$47,621 · excluded $4,485,149

  • 7a · Gross sales of assets other than inventory

    securities $81,395,324

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

    securities $78,836,237

  • 7c · Gain or loss

    securities $2,559,087

  • 7d · Net gain or loss

    total $2,559,087 · excluded $2,559,087

  • 8a · Fundraising events: gross income

    $18,900

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

    $190,925

  • 8b · Fundraising events: direct expenses

    $124,127

  • 8c · Net income from fundraising events

    total -$105,227 · excluded -$105,227

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $15,344,897 · program services $15,344,897

  • 11b · Fees: legal

    total $27,261 · management and general $27,261

  • 11c · Fees: accounting

    total $79,017 · program services $36,698 · management and general $42,319

  • 11e · Fees: professional fundraising services

    total $82,500 · fundraising $82,500

  • 11f · Fees: investment management

    total $277,680 · management and general $277,680

  • 11g · Fees: other

    total $774,043 · program services $730,730 · management and general $42,974 · fundraising $339

  • 12 · Advertising and promotion

    total $42,133 · program services $41,773 · fundraising $360

  • 13 · Office expenses

    total $699,455 · program services $625,689 · management and general $28,658 · fundraising $45,108

  • 14 · Information technology

    total $371,165 · program services $304,619 · management and general $55,715 · fundraising $10,831

  • 16 · Occupancy

    total $3,826,206 · program services $3,681,650 · management and general $96,556 · fundraising $48,000

  • 17 · Travel

    total $247,700 · program services $221,086 · management and general $3,283 · fundraising $23,331

  • 19 · Conferences, conventions and meetings

    total $1,219,835 · program services $1,188,991 · management and general $30,844

  • 20 · Interest

    total $12,893,279 · program services $12,893,279

  • 22 · Depreciation, depletion and amortization

    total $8,008,720 · program services $8,008,720

  • 24a · Other expenses: RENTAL OPERATIONS

    total $7,861,330 · program services $7,861,330

  • 24b · Other expenses: SHARED SERVICES

    total $3,327,695 · program services $3,327,695

  • 24c · Other expenses: PROMOTION AND DEVELOPME

    total $560,467 · program services $465,675 · management and general $1,664 · fundraising $93,128

  • 24d · Other expenses: DUES AND PROFESSIONAL M

    total $168,784 · program services $143,861 · management and general $7,970 · fundraising $16,953

  • 24e · All other expenses

    total $24,345 · management and general $1,125 · fundraising $23,220

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $7,617,791 · end of year $17,346,460

  • 3 · Pledges and grants receivable

    beginning of year $18,297,870 · end of year $23,936,877

  • 4 · Accounts receivable

    beginning of year $395,999 · end of year $435,586

  • 9 · Prepaid expenses and deferred charges

    beginning of year $34,363 · end of year $43,536

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

    $268,648,795

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

    $99,403,902

  • 10c · Land, buildings and equipment, net

    beginning of year $65,691,969 · end of year $169,244,893

  • 11 · Investments: publicly traded securities

    beginning of year $41,764,272 · end of year $60,326,080

  • 12 · Investments: other securities

    beginning of year $119,112,264 · end of year $123,519,364

  • 15 · Other assets

    beginning of year $256,719,029 · end of year $302,775,967

  • 17 · Accounts payable and accrued expenses

    beginning of year $448,185 · end of year $3,658,752

  • 19 · Deferred revenue

    beginning of year $726,776 · end of year $12,861,563

  • 20 · Tax-exempt bond liabilities

    beginning of year $306,920,508 · end of year $431,748,688

  • 25 · Other liabilities

    beginning of year $12,569,607 · end of year $14,443,504

  • 27 · Net assets without donor restrictions

    beginning of year $30,565,182 · end of year $36,967,048

  • 28 · Net assets with donor restrictions

    beginning of year $158,403,299 · end of year $197,949,208

Mission and programs · 2024

Mission

THE KENNESAW STATE UNIVERSITY FOUNDATION'S MISSION IS TO BE AN ADVOCATE FOR THE UNIVERSITY, AND TO RECEIVE, INVEST, ACCOUNT FOR, AND ALLOCATE PRIVATE GIFTS AND CONTRIBUTIONS IN SUPPORT OF KENNESAW STATE UNIVERSITY.

Activities or mission (Part I)

THE KENNESAW STATE UNIVERSITY FOUNDATION AIMS TO SERVE AS AN ADVOCATE FOR THE UNIVERSITY, AND TO RECEIVE, INVEST, ACCOUNT FOR, AND ALLOCATE PRIVATE GIFTS AND CONTRIBUTIONS IN SUPPORT OF KENNESAW STATE UNIVERSITY.

  • LEASING OPERATIONS - PROVIDE STUDENT HOUSING, PARKING, OFFICE, DINING AND SPORTS AND RECREATION FACILITIES TO THE UNIVERSITY.

    Expenses $35,157,649 · Revenue $41,735,644

  • TO FUND KENNESAW STATE UNIVERSITY ACADEMIC PROGRAMS AND SCHOLARSHIPS.

    Expenses $10,496,475 · Grants $8,065,863

  • SUPPORT OF UNIVERSITY PROGRAMS.

    Expenses $5,932,376 · Grants $4,471,594

  • SPECIAL EVENTS AND PROGRAMS

    Expenses $3,290,193 · Grants $2,807,440 · Revenue $229,144

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • DR KATHY SCHWAIG

    TRUSTEE/PRESIDENT

    Total calculated
    $580,542
    From this org
    $0
    From related orgs
    $480,506
    Other
    $100,036
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $439,306 related
    Bonus
    $0
    Other
    $0 + $41,200 related
    Deferred
    $0 + $87,165 related
    Nontaxable benefits
    $0 + $12,871 related
    Filer's total
    $0 + $580,542 related

  • DR IVAN PULINKALA

    TRUSTEE/KSU PROVOST

    Total calculated
    $440,249
    From this org
    $0
    From related orgs
    $358,937
    Other
    $81,312
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $358,937 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $74,200 related
    Nontaxable benefits
    $0 + $7,112 related
    Filer's total
    $0 + $440,249 related

  • MR LARRY STEVENS

    TRUSTEE/KSU EXECUTIVE IN RESIDENCE (RETIRED)

    Total calculated
    $84,424
    From this org
    $0
    From related orgs
    $84,424
    Other
    $0
    Hours/week
    1

  • MR THEODORE L PARRISH

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • MRS JENNIFER BRITT FLECK

    VICE CHAIR - CHAIR ELECT

    Total calculated
    $0
    Hours/week
    1

  • MR ANDRE SCHNABL

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • MR TRENT TURK

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • MR STEVEN CADRANEL

    IMMEDIATE PAST CHAIR

    Total calculated
    $0
    Hours/week
    1

  • MS ANGIE M ALEXANDER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR LUIS ARRIAGA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR RICHARD A BENNETT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR SHAILA BETTADAPUR

    TRUSTEE (THRU 6/30/25)

    Total calculated
    $0
    Hours/week
    1

  • MRS SARAH BOONE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DR RON L BRAUND

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR R ALLEN BROOKS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MS ELIZABETH W CAMP

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MS CARMEN CHUBB

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR MEL C CLEMMONS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DR MICHAEL J COLES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR RICHARD COX

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR DON E DAVIDSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR BORJA DE OLANO

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR STEPHEN W DILS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR JAMES P DUNN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR MICKEY DUNN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MRS SHELLY ELDER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MRS JENNIFER ELLIS

    TRUSTEE (THRU 6/30/25)

    Total calculated
    $0
    Hours/week
    1

  • MS CONNIE L ENGEL

    TRUSTEE (THRU 6/30/25)

    Total calculated
    $0
    Hours/week
    1

  • MS HEATHER FORTNER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR REUEL RICK HAMILTON III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR JOSEPH J HANDY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MRS STACY HAUBENSCHILD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR WILLIAM M HAYES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR FRANK M HOWARD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR I BARRY HYMAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR DON JOHNSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR DOUGLAS E JONES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR RANDY KOPORC

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR LAWRENCE P KRASKA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MRS CATHERINE LAND WATERS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR ROB LEVEN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR BEN L LOOPER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MS BETH LOWRY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR CARIC MARTIN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR DAVID MCKOY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR DAVID MILLICAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MRS JUDITH MOEN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR SIDDHARTHA MOOKERJI

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MRS ALANA MUELLER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR JAMES CHRIS PIKE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MRS DEBORAH PIKE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR NORMAN J RADOW

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR LEE RHYANT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MRS CANDICE L SAUNDERS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR DOUGLAS SHORE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR RICHARD S SIEGEL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MRS ROBYN SMITH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MS TRACY STYF

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR DARRELL SUTTON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MS VALERY VOYLES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR DAVID R WALENS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR TIM WILKERSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR MARK WILSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR LANCE E BURCHETT

    CEO

    Total calculated
    $335,692
    From this org
    $0
    From related orgs
    $297,576
    Other
    $38,116
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $288,754 related
    Bonus
    $0
    Other
    $0 + $8,822 related
    Deferred
    $0 + $17,935 related
    Nontaxable benefits
    $0 + $20,181 related
    Filer's total
    $0 + $335,692 related

  • MR STEPHEN BRIDGES

    CFO

    Total calculated
    $222,037
    From this org
    $0
    From related orgs
    $189,553
    Other
    $32,484
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $189,553 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $11,664 related
    Nontaxable benefits
    $0 + $20,820 related
    Filer's total
    $0 + $222,037 related

  • MS JANELLE FUNK

    DIRECTOR OF ANALYSIS

    Total calculated
    $167,286
    From this org
    $0
    From related orgs
    $139,667
    Other
    $27,619
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $139,667 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $20,570 related
    Nontaxable benefits
    $0 + $7,049 related
    Filer's total
    $0 + $167,286 related

  • MS VALERIE PATRICK

    FOUNDATION CONTROLLER

    Total calculated
    $156,941
    From this org
    $0
    From related orgs
    $133,843
    Other
    $23,098
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $133,843 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $8,990 related
    Nontaxable benefits
    $0 + $14,108 related
    Filer's total
    $0 + $156,941 related

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)

SCHEDULE J, PART I:
KENNESAW STATE UNIVERSITY FOUNDATION, INC. DOES NOT HAVE ANY W-2 EMPLOYEES. ALL EMPLOYEES ARE EMPLOYED BY REPORTING AGENT, KENNESAW STATE UNIVERSITY, EIN 58-0968786, A RELATED ORGANIZATION. THE FOUNDATION REIMBURSES THE UNIVERSITY FOR A PORTION OF THE COMPENSATION OF ALL EMPLOYEES PROVIDING SERVICES 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.

Provenance

Return type
form_990
Tax year
2024
Filed
16 April 2026
IRS schema version
2024v5.5
Source object
202611069349301401

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