Form 990 for tax year 2024
Filed by WINSTON-SALEM STATE UNIVERSITY FOUNDATION INCORPORATED.
Totals
- Total revenue
- $15,611,421
- Total expenses
- $14,542,859
- Contributions and grants received
- $5,959,216
- Grants paid
- $1,165,097
- Program service revenue
- $5,019,332
- Investment income
- $1,334,062
- Other revenue
- $3,298,811
- Total assets, end of year
- $105,317,585
- Total liabilities, end of year
- $29,112,848
- Net assets or fund balances, end of year
- $76,204,737
- Program services expenses (Part IX)
- $12,839,110
- Management and general expenses
- $1,641,800
- Fundraising expenses
- $61,949
- Program service expenses (Part III)
- $12,839,110
Program services were 88.3% 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
$5,959,216
-
2a · Program service revenue: Program income
total $4,905,707 · related or exempt $4,905,707
-
2b · Program service revenue: Lease income
total $113,625 · related or exempt $113,625
-
3 · Investment income
total $1,334,062 · related or exempt $1,334,062
-
11a · Other revenue: Administrative fee income
total $1,055,726 · related or exempt $1,055,726
-
11b · Other revenue: Gain of early extinguishment of debt
total $2,243,085 · related or exempt $2,243,085
-
11e · Other revenue, total
$3,298,811
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $1,165,097 · program services $1,165,097
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $400,000 · management and general $400,000
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $142,896 · management and general $142,896
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $0
-
10 · Payroll taxes
total $0
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $0
-
11c · Fees: accounting
total $0
-
11d · Fees: lobbying
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $1,304,647 · program services $1,304,647
-
12 · Advertising and promotion
total $20,515 · fundraising $20,515
-
13 · Office expenses
total $0
-
14 · Information technology
total $147,268 · program services $108,301 · management and general $38,967
-
15 · Royalties
total $0
-
16 · Occupancy
total $138,660 · program services $110,600 · management and general $28,060
-
17 · Travel
total $287,730 · program services $196,662 · management and general $91,068
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $1,130,457 · program services $1,130,457
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $202,771 · management and general $202,771
-
23 · Insurance
total $0
-
24a · Other expenses: Special programs
total $7,352,222 · program services $7,340,360 · fundraising $11,862
-
24b · Other expenses: Foundation administrative fees
total $542,917 · program services $542,917
-
24c · Other expenses: Alumni events entertainment
total $884,184 · program services $198,523 · management and general $662,532 · fundraising $23,129
-
24d · Other expenses: Meals
total $402,956 · program services $322,723 · management and general $75,506 · fundraising $4,727
-
24e · All other expenses
total $420,539 · program services $418,823 · fundraising $1,716
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,370,748 · end of year $3,280,012
-
2 · Savings and temporary cash investments
beginning of year $6,108,622 · end of year $6,612,225
-
3 · Pledges and grants receivable
end of year $1,537,833
-
4 · Accounts receivable
beginning of year $18,337 · end of year $151,988
-
7 · Other notes and loans receivable
beginning of year $22,639,392 · end of year $21,599,499
-
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
$14,153,523
-
10b · Land, buildings and equipment: accumulated depreciation
$458,049
-
10c · Land, buildings and equipment, net
beginning of year $5,028,088 · end of year $13,695,474
-
12 · Investments: other securities
beginning of year $60,705,349 · end of year $58,431,928
-
17 · Accounts payable and accrued expenses
beginning of year $1,219,414 · end of year $3,382,546
-
20 · Tax-exempt bond liabilities
beginning of year $25,985,065 · end of year $24,358,616
-
23 · Secured mortgages and notes payable
end of year $1,371,686
-
27 · Net assets without donor restrictions
beginning of year $30,022,531 · end of year $34,795,046
-
28 · Net assets with donor restrictions
beginning of year $40,652,152 · end of year $41,409,691
Mission and programs · 2024
Mission
To provide financial support to the students and faculty of Winston-Salem State University.
-
Scholarship Assistance to students The Foundation supports students through scholarship assistance and related educational support.
Expenses $1,165,097 · Grants $1,165,097
-
Student/Faculty Special Assistance The Foundation extended its support to various campus programs and initiatives, including the university choir, the Red Sea of Sound marching band, and the athletics department, which encompasses golf, basketball, football, volleyball, and cheerleading. Furthermore, it contributed to AI training and development, as well as technological advancements. Additionally, the foundation supported international programs aimed at enhancing study abroad opportunities for faculty and staff, fostering student leadership development, and providing career services.
Expenses $7,340,360 · Revenue $5,019,332
-
Operational and Program Support The Foundation has successfully enhanced operational efficiency and effectiveness by utilizing administrative fees and contract services, which have allowed for improved resource management, regulatory compliance, and mission execution. Additionally, alumni engagement has been significantly strengthened through events and entertainment designed to foster connections and encourage ongoing support for the university. Furthermore, the foundation has actively supported university activities and initiatives by covering expenses related to meals, travel, lodging, and other costs associated with faculty development, student recruitment, and special projects.
Expenses $1,623,923
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Mr Kevan Turman
Executive Director
- Total calculated
- $235,000
- From this org
- $0
- From related orgs
- $235,000
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- not reported + $226,096 related
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported + $8,904 related
- Filer's total
- not reported + $235,000 related
-
Mr Alfredo Aguilar
Chief Operating Officer
- Total calculated
- $165,000
- From this org
- $165,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $153,996
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- $11,004
- Filer's total
- $165,000
-
Ms Kristie Swink Benson
Director
- Total calculated
- $0
- Hours/week
- 1
-
Dr Tamara Holmes Brothers
Vice Chair
- Total calculated
- $0
- Hours/week
- 1
-
Ms Nicole Carr
Director
- Total calculated
- $0
- Hours/week
- 1
-
Mr Marcus Cox
Chair
- Total calculated
- $0
- Hours/week
- 1
-
Dr Siobahn Day Grady
Secretary
- Total calculated
- $0
- Hours/week
- 1
-
Mr Jonathan Lindsay
Director
- Total calculated
- $0
- Hours/week
- 1
-
Ms Candrice T Oliver
Secretary
- Total calculated
- $0
- Hours/week
- 1
-
The Honorable Camille Banks-Prince
Director
- Total calculated
- $0
- Hours/week
- 1
-
Mr Tres J Vance
Director
- Total calculated
- $0
- Hours/week
- 1
-
Mr Christopher Wilson
Director
- Total calculated
- $0
- Hours/week
- 1
-
Mr Mo Wright
Treasurer
- Total calculated
- $0
- Hours/week
- 1
-
Dr Bonita Brown
Director
- Total calculated
- $0
- Hours/week
- 1
-
Mr Terry Griffin
Director
- Total calculated
- $0
- Hours/week
- 1
-
Dr Monty Hickman
Director
- Total calculated
- $0
- Hours/week
- 1
-
Mr Harold Respass
Director
- Total calculated
- $0
- Hours/week
- 1
-
Mr Robert Stephens
Director
- Total calculated
- $0
- Hours/week
- 1
-
Dr Bernard Roper
Director
- 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)
- Part II Line 1
- Executive Director, K. Turman is paid by Winston-Salem State University, and not the Foundation. Turman currently serves as the Vice Chancellor of Advancement Executive Director of the Foundation. The Foundation does not reimburse the University for Turmans salary.
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
$1,165,097
Student Scholarships
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 13 May 2026
- IRS schema version
- 2024v5.2
- Source object
- 202611339349309531
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