Form 990 for tax year 2023
Filed by UNIVERSITY OF SOUTH ALABAMA FOUNDATION.
Totals
- Total revenue
- $11,339,312
- Total expenses
- $20,371,702
- Contributions and grants received
- $11,858
- Grants paid
- $16,552,872
- Program service revenue
- $0
- Investment income
- $10,558,934
- Other revenue
- $768,520
- Total assets, end of year
- $458,334,456
- Total liabilities, end of year
- $1,071,943
- Net assets or fund balances, end of year
- $457,262,513
- Program services expenses (Part IX)
- $19,605,729
- Management and general expenses
- $736,731
- Fundraising expenses
- $29,242
- Program service expenses (Part III)
- $19,605,729
Program services were 96.2% 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
$11,858
-
1g · Noncash contributions included above
$2,533
-
3 · Investment income
total $3,098,432 · excluded $3,098,432
-
5 · Royalties
total $87,751 · excluded $87,751
-
6a · Gross rents
real property $697,434
-
6b · Less rental expenses
real property $67,585
-
6c · Rental income or loss
real property $629,849
-
6d · Net rental income or loss
total $629,849 · excluded $629,849
-
7a · Gross sales of assets other than inventory
securities $9,576,800 · other assets $2,575,873
-
7b · Less cost or other basis and sales expenses
securities $3,892,215 · other assets $799,956
-
7c · Gain or loss
securities $5,684,585 · other assets $1,775,917
-
7d · Net gain or loss
total $7,460,502 · excluded $7,460,502
-
11a · Other revenue: HEAVY EQUIPMENT USAGE
total $38,920 · unrelated business $38,920
-
11b · Other revenue: ACCOUNTING AND ADMIN.
total $12,000 · unrelated business $12,000
-
11e · Other revenue, total
$50,920
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $16,552,872 · program services $16,552,872
-
5 · Compensation of officers, directors and key employees
total $827,257 · program services $645,559 · management and general $155,903 · fundraising $25,795
-
7 · Other salaries and wages
total $409,850 · program services $224,069 · management and general $185,781
-
8 · Pension plan contributions
total $185,355 · program services $142,724 · management and general $40,778 · fundraising $1,853
-
9 · Other employee benefits
total $86,723 · program services $66,777 · management and general $19,079 · fundraising $867
-
10 · Payroll taxes
total $72,654 · program services $55,943 · management and general $15,984 · fundraising $727
-
11b · Fees: legal
total $251,608 · program services $193,738 · management and general $57,870
-
11c · Fees: accounting
total $228,088 · program services $175,628 · management and general $52,460
-
11f · Fees: investment management
total $439,567 · program services $439,567
-
11g · Fees: other
total $74,797 · program services $57,594 · management and general $17,203
-
13 · Office expenses
total $51,577 · program services $39,714 · management and general $11,863
-
16 · Occupancy
total $39,329 · program services $30,283 · management and general $9,046
-
17 · Travel
total $2,862 · program services $2,204 · management and general $658
-
19 · Conferences, conventions and meetings
total $202,194 · program services $155,689 · management and general $46,505
-
22 · Depreciation, depletion and amortization
total $47,738 · program services $36,758 · management and general $10,980
-
23 · Insurance
total $269,862 · program services $207,794 · management and general $62,068
-
24a · Other expenses: TIMBER MGT. & MAINT.
total $222,504 · program services $222,504
-
24b · Other expenses: PROPERTY TAXES
total $220,268 · program services $212,632 · management and general $7,636
-
24c · Other expenses: REPAIRS & MAINTENANCE
total $100,306 · program services $77,236 · management and general $23,070
-
24d · Other expenses: DUES & SUBSCRIPTIONS
total $40,782 · program services $31,402 · management and general $9,380
-
24e · All other expenses
total $45,509 · program services $35,042 · management and general $10,467
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,712,816 · end of year $1,814,486
-
4 · Accounts receivable
beginning of year $120,336 · end of year $32,186
-
10a · Land, buildings and equipment: cost or other basis
$182,219,192
-
10b · Land, buildings and equipment: accumulated depreciation
$1,140,700
-
10c · Land, buildings and equipment, net
beginning of year $180,994,433 · end of year $181,078,492
-
11 · Investments: publicly traded securities
beginning of year $223,531,896 · end of year $262,849,631
-
12 · Investments: other securities
beginning of year $10,277,690 · end of year $9,706,245
-
15 · Other assets
beginning of year $2,605,977 · end of year $2,853,416
-
17 · Accounts payable and accrued expenses
beginning of year $855,071 · end of year $961,943
-
25 · Other liabilities
beginning of year $110,000 · end of year $110,000
-
27 · Net assets without donor restrictions
beginning of year $64,699,431 · end of year $64,553,099
-
28 · Net assets with donor restrictions
beginning of year $353,578,646 · end of year $392,709,414
Mission and programs · 2023
Mission
THE UNIVERSITY OF SOUTH ALABAMA FOUNDATION WAS ESTABLISHED TO SUPPORT THE FUNCTIONS AND ACTIVITIES OF THE UNIVERSITY OF SOUTH ALABAMA. CONTRIBUTIONS ARE MADE DIRECTLY TO THE UNIVERSITY FOR AND IN SUPPORT OF STUDENT SCHOLARSHIPS, FACULTY POSITIONS AND PROGRAMS, AND OTHER
Activities or mission (Part I)
TO SUPPORT THE EDUCATIONAL PROGRAMS OF THE UNIVERSITY OF SOUTH ALABAMA.
-
CONTRIBUTIONS TO THE UNIVERSITY OF SOUTH ALABAMA.
Expenses $19,605,729 · Grants $16,552,872
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Maxey J RobertsMAXEY J ROBERTS
MANAGING DIRECTOR/BOARD MEMBER
- Total calculated
- $364,250
- From this org
- $362,520
- From related orgs
- $0
- Other
- $1,730
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $361,902
- Bonus
- $0
- Other
- $618
- Deferred
- $0
- Nontaxable benefits
- $1,730
- Filer's total
- $364,250
-
Gregory LuceGREGORY LUCE
VICE PRESIDENT/BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
John McMillanJOHN MCMILLAN
PRESIDENT/BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Lowell J BondsLOWELL J BONDS
SECRETARY/BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Robert P HallROBERT P HALL
TREASURER/BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Alexis AtkinsALEXIS ATKINS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Anjanetta DavisANJANETTA DAVIS
BOARD MEMBER (BEG. 3/7/2024)
- Total calculated
- $0
- Hours/week
- 1
-
Arlene MitchellARLENE MITCHELL
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
D Lynn DyessD LYNN DYESS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Damian J CollinsDAMIAN J COLLINS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Don WordDON WORD
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Elizabeth VandewaaELIZABETH VANDEWAA
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Isabel Z BrownISABEL Z BROWN
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
James H CrosbyJAMES H CROSBY
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
John T WhiddonJOHN T WHIDDON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Josiah R Bonner JrJOSIAH R BONNER JR
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Margaret D YoungMARGARET D YOUNG
BOARD MEMBER (DECEASED 12/11/2023)
- Total calculated
- $0
- Hours/week
- 1
-
Nolan C LeakeNOLAN C LEAKE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Normond B McAllister JrNORMOND B MCALLISTER JR
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Otha Lee BiggsOTHA LEE BIGGS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Robin McNairROBIN MCNAIR
BOARD MEMBER (BEG. 12/11/2023)
- Total calculated
- $0
- Hours/week
- 1
-
W Allen Carroll JrW ALLEN CARROLL JR
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Brad B RobertsBRAD B ROBERTS
CHIEF FINANCIAL OFFICER
- Total calculated
- $266,113
- From this org
- $263,979
- From related orgs
- $0
- Other
- $2,134
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $263,703
- Bonus
- $0
- Other
- $276
- Deferred
- $0
- Nontaxable benefits
- $2,134
- Filer's total
- $266,113
-
H Wade FaulknerH WADE FAULKNER
INVESTMENT MANAGER
- Total calculated
- $213,049
- From this org
- $187,847
- From related orgs
- $0
- Other
- $25,202
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $187,055
- Bonus
- $0
- Other
- $792
- Deferred
- $0
- Nontaxable benefits
- $25,202
- Filer's total
- $213,049
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
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
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
-
$14,632,872
SCHOLARSHIPS, FACULTY POSITIONS, AND OTHER SUPPORT
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.
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
KNOLLWOOD DEVELOPMENT INC
C · REAL ESTATE · AL · 100% owned · share of assets $1,513,073 · controlled entity
Directly controlled by UNIVERSITY OF SOUTH ALABAMA FOUNDATION
-
SHUBUTA TIMBER SERVICES INC
C · TIMBER SERVICES · MS · 100% owned · share of income $36,545 · share of assets $72,944 · controlled entity
Directly controlled by UNIVERSITY OF SOUTH ALABAMA FOUNDATION
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 23 December 2024
- IRS schema version
- 2023v5.1
- Source object
- 202423589349300212
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