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← WINSTON-SALEM STATE UNIVERSITY FOUNDATION INCORPORATED

Form 990 for tax year 2022

Filed by WINSTON-SALEM STATE UNIVERSITY FOUNDATION INCORPORATED.

Totals

Total revenue
$8,698,843
Total expenses
$8,377,370
Contributions and grants received
$4,902,708
Grants paid
$1,495,647
Program service revenue
$2,340,229
Investment income
$910,927
Other revenue
$544,979
Total assets, end of year
$98,940,013
Total liabilities, end of year
$31,757,132
Net assets or fund balances, end of year
$67,182,881
Program services expenses (Part IX)
$5,456,379
Management and general expenses
$2,920,186
Fundraising expenses
$805
Program service expenses (Part III)
$5,456,379

Program services were 65.1% 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.

  • 1a · Federated campaigns

    $44,160

  • 1f · All other contributions, gifts and grants

    $4,858,548

  • 1g · Noncash contributions included above

    $5,186

  • 2a · Program service revenue: STUDENT HOUSING

    total $1,590,957 · related or exempt $1,590,957

  • 2b · Program service revenue: PROGRAM REVENUE

    total $749,272 · related or exempt $749,272

  • 3 · Investment income

    total $643,817 · excluded $643,817

  • 7a · Gross sales of assets other than inventory

    securities $267,110

  • 7c · Gain or loss

    securities $267,110

  • 7d · Net gain or loss

    total $267,110 · excluded $267,110

  • 11a · Other revenue: ADMIN FEES-INVESTMENTS

    total $532,178 · excluded $532,178

  • 11b · Other revenue: MISCELLANEOUS INCOME

    total $12,801 · excluded $12,801

  • 11e · Other revenue, total

    $544,979

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,495,647 · program services $1,495,647

  • 7 · Other salaries and wages

    total $288,551 · management and general $288,551

  • 8 · Pension plan contributions

    total $12,120 · management and general $12,120

  • 9 · Other employee benefits

    total $14,519 · management and general $14,519

  • 10 · Payroll taxes

    total $27,881 · management and general $27,881

  • 11b · Fees: legal

    total $8,816 · management and general $8,816

  • 11c · Fees: accounting

    total $76,695 · management and general $76,695

  • 11f · Fees: investment management

    total $124,705 · program services $124,705

  • 11g · Fees: other

    total $566,550 · program services $4,670 · management and general $561,880

  • 12 · Advertising and promotion

    total $21,796 · program services $5,090 · management and general $16,706

  • 13 · Office expenses

    total $61,893 · management and general $61,893

  • 14 · Information technology

    total $193,409 · management and general $193,409

  • 17 · Travel

    total $198,433 · management and general $198,433

  • 20 · Interest

    total $1,450,850 · program services $1,450,850

  • 22 · Depreciation, depletion and amortization

    total $147,206 · program services $51,180 · management and general $96,026

  • 23 · Insurance

    total $10,735 · management and general $10,735

  • 24a · Other expenses: SPECIAL PROGRAMS

    total $1,646,264 · program services $1,646,264

  • 24b · Other expenses: MISCELLANEOUS/OTHER

    total $1,183,591 · management and general $1,182,786 · fundraising $805

  • 24c · Other expenses: ADMINISTRATION FEES

    total $557,311 · program services $557,311

  • 24d · Other expenses: BAD DEBT EXPENSE

    total $169,736 · management and general $169,736

  • 24e · All other expenses

    total $120,662 · program services $120,662

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,901,051 · end of year $4,781,838

  • 2 · Savings and temporary cash investments

    beginning of year $6,577,085 · end of year $6,797,696

  • 3 · Pledges and grants receivable

    beginning of year $1,175,990 · end of year $559,466

  • 4 · Accounts receivable

    beginning of year $13,063 · end of year $18,207

  • 7 · Other notes and loans receivable

    beginning of year $28,689,179 · end of year $27,129,286

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,626 · end of year $8,626

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

    $5,315,127

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

    $292,007

  • 10c · Land, buildings and equipment, net

    beginning of year $5,119,145 · end of year $5,023,120

  • 12 · Investments: other securities

    beginning of year $53,108,402 · end of year $54,269,488

  • 15 · Other assets

    beginning of year $403,465 · end of year $352,286

  • 17 · Accounts payable and accrued expenses

    beginning of year $537,404 · end of year $684,154

  • 20 · Tax-exempt bond liabilities

    beginning of year $33,041,379 · end of year $31,072,978

  • 27 · Net assets without donor restrictions

    beginning of year $32,441,727 · end of year $31,721,343

  • 28 · Net assets with donor restrictions

    beginning of year $33,975,496 · end of year $35,461,538

Mission and programs · 2022

Mission

THE WINSTON-SALEM STATE UNIVERSITY FOUNDATION, INCORPORATED, (THE "FOUNDATION") A NON-PROFIT CORPORATION, SOLICITS AND COLLECTS CONTRIBUTIONS TO PROVIDE SCHOLARSHIPS AND AID TO STUDENTS AND FACULTY OF WINSTON-SALEM STATE UNIVERSITY (THE "UNIVERSITY") AND FINANCIAL SUPPORT FOR THE EDUCATIONAL PROGRAMS OF THE UNIVERSITY.

Activities or mission (Part I)

TO PROVIDE FINANCIAL SUPPORT TO THE STUDENTS AND FACULTY OF WINSTON-SALEM STATE UNIVERSITY.

  • SCHOLARSHIP ASSISTANCE TO STUDENTS: IN THIS FISCAL YEAR, THE FOUNDATION AWARDED 956,569 IN SCHOLARSHIPS TO STUDENTS ON THE WSSU CAMPUS. ADDITIONAL FUNDS WERE GIVEN TO WSSU, WHO DISBURSED ADDITIONAL SCHOLARSHIPS TO ITS STUDENTS.

    Expenses $1,495,647 · Grants $1,495,647

  • STUDENT/FACULTY SPECIAL ASSISTANCE- THE FOUNDATION PROVIDED SUPPORT TO CAMPUS PROGRAMS AND INITIATIVES SUCH AS THE UNIVERSITY CHOIR, RED SEA OF SOUND MARCHING BAND, OFFICE OF INTERNATIONAL PROGRAMS FOR STUDY ABROAD, FACULTY AND STAFF DEVELOPMENT, STUDENT LEADERSHIP DEVELOPMENT AND CAREER SERVICES.

    Expenses $1,740,634 · Revenue $749,272

  • STUDENT HOUSING FACILITY- THE FOUNDATION, THROUGH A WHOLLY OWNED SUBSIDIARY, WINSTON-SALEM STATE UNIVERSITY HOUSING FOUNDATION, LLC (THE "LLC"), OPERATES THREE STUDENT HOUSING FACILITIES. THE FIRST, RAMS COMMONS, IS A 446 BED FACILITY SITUATED ON APPROXIMATELY 7.7 ACRES ADJACENT TO THE UNIVERSITY CAMPUS. IT INCLUDES FOUR RESIDENTIAL BUILDINGS, ONE COMMUNITY CENTER, AND OFF-SITE PARKING. THE SECOND STUDENT HOUSING FACILITY, GLEASON-HAIRSTON TERRACE, IS SITUATED ON APPROXIMATELY 8.3 ACRES. THE 405 BED FACILITY IS LOCATED ON THE SOUTHWEST SIDE OF THE UNIVERSITY CAMPUS. GLEASON-HAIRSTON OPENED FOR STUDENT OCCUPANCY IN AUGUST 2005. FOUNDATION HEIGHTS, THE THIRD PRIVATIZED STUDENT HOUSING PROJECT SPONSORED BY THE FOUNDATION WAS FUNDED THROUGH AN ADDITIONAL BOND ISSUE. THIS FOUR STORY APARTMENT COMMUNITY, SITUATED ON APPROXIMATELY 6 ACRES ON THE SOUTHWEST SIDE OF THE CAMPUS, INCLUDES ONE RESIDENTIAL BUILDING CONTAINING 72 UNITS AND A TOTAL OF 316 BEDS. FOUNDATION HEIGHTS OPENED FOR STUDENT OCCUPANCY IN 2007. RAMS COMMONS, GLEASON-HAIRSTON TERRACE AND FOUNDATION HEIGHTS ARE LEASED TO WINSTON-SALEM STATE UNIVERSITY BY THE LLC.

    Expenses $2,220,098 · Revenue $1,590,957

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

Listed in Part VII

  • Gordon Slade

    FINANCE DIRE

    Total calculated
    $126,908
    From this org
    $120,407
    From related orgs
    $0
    Other
    $6,501
    Hours/week
    40

  • Dr Latanya D Afolayan

    EXECUTIVE DI

    Total calculated
    $0
    Hours/week
    5

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Kristie Benson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tamara Brothers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Nicole Carr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Barry Eisenberg

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ayanna Ferguson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Alex Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sharon Jeffries-Jones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jonathan Lindsay

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Candrice Oliver

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • The Honorable Camille Banks-Prince

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Elwood Robinson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Eric Sadler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Clayton Scott

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tres Vance

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lynne Walker

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Christopher Wilson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mo Wright

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Marcus Cox

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Crystal Thompkins

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Brian Vannoy

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Dr Siobahn Grady

    SECRETARY

    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)

SCHEDULE J, PART III
DR. LATANYA D. AFOLAYAN, THE EXECUTIVE DIRECTOR OF THE FOUNDATION, IS A FULLY PAID EMPLOYEE OF WINSTON-SALEM STATE UNIVERSITY, AN UNRELATED ORGANIZATION. HER COMPENSATION IS AS FOLLOWS: SALARY- 148,261 EMPLOYER RETIREMENT CONTRIBUTION- 10,468 EMPLOYER PAID HEALTH INSURANCE- 7,711 APPROXIMATELY 25% OF HER TIME IS DEVOTED TO THE FOUNDATION BUSINESS.

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

  • WINSTON-SALEM STATE UNIVERSITY

    $1,495,647

    STUDENT SCHOLARSHIPS

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
2022
Filed
23 April 2024
IRS schema version
2022v5.0
Source object
202411159349301531

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