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Nonprofiteer
← KENNESAW STATE UNIVERSITY FOUNDATION INC

Form 990 for tax year 2023

Filed by KENNESAW STATE UNIVERSITY FOUNDATION INC.

Totals

Total revenue
$60,697,286
Total expenses
$46,949,757
Contributions and grants received
$17,277,896
Grants paid
$13,329,748
Program service revenue
$36,555,532
Investment income
$6,978,907
Other revenue
-$115,049
Total assets, end of year
$509,633,557
Total liabilities, end of year
$320,665,076
Net assets or fund balances, end of year
$188,968,481
Program services expenses (Part IX)
$46,081,231
Management and general expenses
$595,081
Fundraising expenses
$273,445
Program service expenses (Part III)
$46,081,231

Program services were 98.2% 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.

  • 1c · Fundraising events

    $454,110

  • 1f · All other contributions, gifts and grants

    $16,823,786

  • 1g · Noncash contributions included above

    $225,115

  • 2a · Program service revenue: LEASING INCOME

    total $36,333,041 · related or exempt $36,333,041

  • 2b · Program service revenue: MANAGEMENT FEE INCOME

    total $222,491 · related or exempt $222,491

  • 3 · Investment income

    total $4,396,442 · unrelated business -$94,808 · excluded $4,491,250

  • 7a · Gross sales of assets other than inventory

    securities $74,310,075 · other assets $1,391,535

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

    securities $72,027,610 · other assets $1,091,535

  • 7c · Gain or loss

    securities $2,282,465 · other assets $300,000

  • 7d · Net gain or loss

    total $2,582,465 · excluded $2,582,465

  • 8a · Fundraising events: gross income

    $59,955

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

    $454,110

  • 8b · Fundraising events: direct expenses

    $175,004

  • 8c · Net income from fundraising events

    total -$115,049 · excluded -$115,049

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $13,329,748 · program services $13,329,748

  • 11b · Fees: legal

    total $34,077 · management and general $34,077

  • 11c · Fees: accounting

    total $86,090 · management and general $86,090

  • 11e · Fees: professional fundraising services

    total $90,000 · fundraising $90,000

  • 11f · Fees: investment management

    total $220,524 · management and general $220,524

  • 11g · Fees: other

    total $642,617 · program services $580,715 · management and general $57,224 · fundraising $4,678

  • 12 · Advertising and promotion

    total $25,126 · program services $25,126

  • 13 · Office expenses

    total $596,301 · program services $546,025 · management and general $17,533 · fundraising $32,743

  • 14 · Information technology

    total $128,562 · program services $73,779 · management and general $53,226 · fundraising $1,557

  • 16 · Occupancy

    total $3,350,299 · program services $3,284,972 · management and general $63,167 · fundraising $2,160

  • 17 · Travel

    total $232,328 · program services $207,903 · management and general $4,770 · fundraising $19,655

  • 19 · Conferences, conventions and meetings

    total $1,182,191 · program services $1,110,119 · management and general $45,347 · fundraising $26,725

  • 20 · Interest

    total $10,907,361 · program services $10,907,361

  • 22 · Depreciation, depletion and amortization

    total $5,847,687 · program services $5,847,687

  • 24a · Other expenses: RENTAL OPERATIONS

    total $6,243,078 · program services $6,243,078

  • 24b · Other expenses: SHARED SERVICES

    total $3,229,275 · program services $3,229,275

  • 24c · Other expenses: PROMOTION AND DEVELOPME

    total $693,554 · program services $616,018 · management and general $2,087 · fundraising $75,449

  • 24d · Other expenses: DUES AND PROFESSIONAL M

    total $108,016 · program services $79,425 · management and general $11,036 · fundraising $17,555

  • 24e · All other expenses

    total $2,923 · fundraising $2,923

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $28,850,632 · end of year $7,617,791

  • 3 · Pledges and grants receivable

    beginning of year $14,620,519 · end of year $18,297,870

  • 4 · Accounts receivable

    beginning of year $1,397,549 · end of year $395,999

  • 9 · Prepaid expenses and deferred charges

    beginning of year $38,046 · end of year $34,363

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

    $158,072,649

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

    $92,380,680

  • 10c · Land, buildings and equipment, net

    beginning of year $68,749,622 · end of year $65,691,969

  • 11 · Investments: publicly traded securities

    beginning of year $21,007,160 · end of year $41,764,272

  • 12 · Investments: other securities

    beginning of year $100,069,467 · end of year $119,112,264

  • 15 · Other assets

    beginning of year $265,906,093 · end of year $256,719,029

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,807,534 · end of year $448,185

  • 19 · Deferred revenue

    beginning of year $572,507 · end of year $726,776

  • 20 · Tax-exempt bond liabilities

    beginning of year $320,816,969 · end of year $306,920,508

  • 25 · Other liabilities

    beginning of year $11,583,065 · end of year $12,569,607

  • 27 · Net assets without donor restrictions

    beginning of year $24,420,779 · end of year $30,565,182

  • 28 · Net assets with donor restrictions

    beginning of year $140,438,234 · end of year $158,403,299

Mission and programs · 2023

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)

TO SERVE AS AN ADVOCATE FOR KENNESAW STATE 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 $29,012,053 · Revenue $36,333,041

  • TO FUND KENNESAW STATE UNIVERSITY ACADEMIC PROGRAMS AND SCHOLARSHIPS.

    Expenses $10,584,627 · Grants $8,506,790

  • SUPPORT OF UNIVERSITY PROGRAMS.

    Expenses $5,928,844 · Grants $4,812,575

  • SPECIAL EVENTS AND PROGRAMS

    Expenses $555,707 · Grants $10,383 · Revenue $222,491

As filed on the 2023 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
    $553,859
    From this org
    $0
    From related orgs
    $479,766
    Other
    $74,093
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $438,566 related
    Bonus
    $0
    Other
    $0 + $41,200 related
    Deferred
    $0 + $62,416 related
    Nontaxable benefits
    $0 + $11,677 related
    Filer's total
    $0 + $553,859 related

  • DR IVAN PULINKALA

    TRUSTEE/KSU PROVOST

    Total calculated
    $439,691
    From this org
    $0
    From related orgs
    $357,738
    Other
    $81,953
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $357,738 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $75,492 related
    Nontaxable benefits
    $0 + $6,461 related
    Filer's total
    $0 + $439,691 related

  • 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

    Total calculated
    $0
    Hours/week
    1

  • MS 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

    Total calculated
    $0
    Hours/week
    1

  • MS CONNIE L ENGEL

    TRUSTEE

    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

  • MS 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

  • MS ROBYN SMITH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MR J LARRY STEVENS

    TRUSTEE

    Total calculated
    $81,024
    From this org
    $0
    From related orgs
    $81,024
    Other
    $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
    $319,272
    From this org
    $0
    From related orgs
    $275,797
    Other
    $43,475
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $265,864 related
    Bonus
    $0
    Other
    $0 + $9,933 related
    Deferred
    $0 + $25,355 related
    Nontaxable benefits
    $0 + $18,120 related
    Filer's total
    $0 + $319,272 related

  • MR STEPHEN BRIDGES

    CFO

    Total calculated
    $224,649
    From this org
    $0
    From related orgs
    $170,276
    Other
    $54,373
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $170,276 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $35,542 related
    Nontaxable benefits
    $0 + $18,831 related
    Filer's total
    $0 + $224,649 related

  • MS JANELLE FUNK

    DIRECTOR OF ANALYSIS

    Total calculated
    $178,168
    From this org
    $0
    From related orgs
    $132,845
    Other
    $45,323
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $132,845 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $38,973 related
    Nontaxable benefits
    $0 + $6,350 related
    Filer's total
    $0 + $178,168 related

  • MS VALERIE PATRICK

    FOUNDATION CONTROLLER

    Total calculated
    $153,310
    From this org
    $0
    From related orgs
    $126,945
    Other
    $26,365
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $126,945 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,899 related
    Nontaxable benefits
    $0 + $13,466 related
    Filer's total
    $0 + $153,310 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
2023
Filed
16 April 2025
IRS schema version
2023v6.0
Source object
202521089349300502

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