2023-11-08T15:21:07-06:00 2022-12-31 540737372 PBMARES LLP 150 BOUSH STREET SUITE 400 NORFOLK VA 23510 990 2022-01-01 237235954 NORFOLK STATE UNIVERSITY FOUNDATION INC AND SUBSIDIARY NORF 7578232928 700 PARK AVENUE NORFOLK VA 23504 CRYSTAL D JENKINS EXECUTIVE DIRECTOR 7578232928 2023-10-31 1 CRYSTAL JENKINS 999009999 0 JENNIFER N FRENCH CPA P00659678 7576274644 2023-10-30 X 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z CRYSTAL D JENKINS 700 PARK AVE NORFOLK VA 23504 89301669 0 X N/A X 1971 VA THE FOUNDATION PROVIDES FINANCIAL SUPPORT TO NORFOLK STATE UNIVERSITY. 25 23 5 29 0 0 9596750 10878122 0 0 54631 -1881439 0 0 9651381 8996683 1716856 1498573 0 0 377877 394204 0 0 100381 1585666 2138958 3680399 4031735 5970982 4964948 104193941 98346627 227409 317849 103966532 98028778 TO PROVIDE FINANCIAL SUPPORT TO NORFOLK STATE UNIVERSITY. 0 0 1498189 1498189 THE FOUNDATION MADE SCHOLARSHIP DISBURSEMENTS THIS YEAR TO OVER 1,000 NORFOLK STATE UNIVERSITY STUDENTS WHO ARE DESIGNATED BY THE UNIVERSITY TO RECEIVE SCHOLARSHIPS FROM SCHOLARSHIP FUNDS WHICH HAVE BEEN ESTABLISHED BY VARIOUS DONORS. NEED BASED SCHOLARSHIPS ARE PROVIDED TO TALENTED, FINANCIALLY DISADVANTAGED STUDENTS. MANY STUDENTS ARE ABLE TO ATTEND NORFOLK STATE UNIVERSITY ONLY BECAUSE OF THE GENEROSITY AND SUPPORT OF PRIVATE DONORS WHO GIVE TO THE FOUNDATION. MERIT SCHOLARSHIPS PROVIDED BY THE FOUNDATION, ALLOWS THE UNIVERSITY TO RECRUIT AND RETAIN TOP RANKED STUDENTS FROM ACROSS THE NATION AND THE WORLD, ADDING TO THE RICH ACADEMIC ENVIRONMENT OF THE UNIVERSITY. 1853736 384 THE FOUNDATION PROVIDES SUPPORT SERVICES FOR THE BENEFIT OF NORFOLK STATE UNIVERSITY AND ITS STUDENTS. THE FOUNDATION SUPPORTED 1 STUDENT WITH $384 IN COVID EMERGENCY SUPPORT FUNDS AND SUPPORTED EDUCATIONAL PROGRAMS THAT OFFERED STUDENTS HANDS ON EXPERIENCE WITH NEW PARTNERS LIKE ICON 360, OFFSHORE WIND STUDIES, NETFLIX/2U, SENTARA, EVMS, AND ABOUT LOVE WITH TIFFANY & CO., THE SHAWN CARTER FOUNDATION AND BEYGOOD TO NAME JUST A FEW OF THESE AMAZING OPPORTUNITIES THAT DIRECTLY IMPACTED OVER 600 NSU STUDENTS. THE FOUNDATION ENABLES THE UNIVERSITY TO FULFILL ITS MISSION BY SUPPORTING PROGRAMS AND INITIATIVES THAT ENRICH ACADEMIC PROGRAMS, ATTRACT AND RETAIN QUALITY FACULTY, PROVIDE SCHOLARSHIPS TO PROMISING STUDENTS, AND INCREASE STUDENT ACCESS TO CUTTING EDGE TECHNOLOGY. 3351925 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 75 0 1 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 25 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X MANAGEMENT 7578232928 700 PARK AVENUE NORFOLK VA 23504 JAVAUNE ADAMS-GASTON DIRECTOR 0.50 X 0 486216 0 CLIFFORD PORTER DIRECTOR - NON-VOTING 0.50 X 0 225456 0 CRYSTAL D JENKINS EXECUTIVE DIRECTOR 48.00 X X 88126 0 0 YVONNE T ALLMOND DIRECTOR 0.50 X 0 0 0 SYDANA ROGERS HOLLINS DIRECTOR 0.50 X 0 0 0 ANTHONY WALTERS HUMAN RESOURCES COMMITTEE 0.50 X 0 0 0 LORIE MCCOWAN DIRECTOR 0.50 X 0 0 0 DEVON HENRY DIRECTOR 0.50 X 0 0 0 KEVIN CLARK DIRECTOR 0.50 X 0 0 0 ALLEN R JONES JR STRATEGIC PLANNING COMMITT 0.50 X 0 0 0 DAVID R KENERSON JR TREASURER 1.50 X X 0 0 0 TRISTAN R BREAUX DIRECTOR 0.50 X 0 0 0 CHARLETTE FAIRCHILD COMMITTEE ON DIRECTORS CO- 0.50 X 0 0 0 DIANNE BOARDLEY SUBER STRATEGIC PLANNING COMMITT 0.50 X 0 0 0 LAWRENCE K LAND DIRECTOR 0.50 X 0 0 0 CHARLES T SAUNDERS AUDIT COMMITTEE CHAIR 0.50 X 0 0 0 JAMES A PETERSON PROPERTY COMMITTEE CHAIR 0.50 X 0 0 0 NATE JOHNSON DIRECTOR 0.50 X 0 0 0 TRAVIS L AMES SR PRESIDENT 1.50 X X 0 0 0 LEONARD W JONES BYLAWS, ARTICLES & INSURAN 0.50 X 0 0 0 TONY ATWATER DIRECTOR - NON-VOTING 0.50 X 0 0 0 HAROLD L WATKINS II DIRECTOR - NON-VOTING 0.50 X 0 0 0 PATRICIA L STITH DIRECTOR 0.50 X 0 0 0 BRENDA ANDREWS DEVELOPMENT COMMITTEE CHAI 0.50 X 0 0 0 ANTONIO HARRISON DIRECTOR - NON-VOTING 0.50 X 0 0 0 DEBORAH C FONTAINE DIRECTOR 0.50 X 0 0 0 EARL LEE DIRECTOR 0.50 X 0 0 0 CARLA BAILEY VICE PRESIDENT; STRATEGIC 1.50 X X 0 0 0 KEITH I JONES SECRETARY 1.50 X X 0 0 0 INDYA RICHARDS DIRECTOR - NON-VOTING 0.50 X 0 0 0 88126 711672 0 0 0 1 0 0 10878122 1282645 10878122 1189838 1189838 77233709 80304986 -3071277 -3071277 -3071277 8996683 0 0 -1881439 1498189 1498189 384 384 88127 22032 30844 35251 210779 170246 30002 10531 70329 14490 54814 1025 24969 7341 15119 2509 8782 3280 5502 39370 36607 2763 272622 243258 29364 157524 138206 19318 8673 7848 825 331633 289305 42328 110561 103788 6773 16503 2877 13051 575 139450 122080 17370 90124 74161 15963 12630 6315 5052 1263 74127 13373 14290 46464 SALARY REIMBURSEMENTS 354130 205103 149027 MEALS AND ENTERTAINMENT 230383 213743 16640 OTHER EXPENSE 104865 68616 36249 PRIZES AND AWARDS 82257 75867 6390 105324 71423 33901 4031735 3351925 579429 100381 12757712 5775183 4002188 6908954 3155048 839121 2333853 2315927 84733680 82796171 99450 61856 267058 488536 104193941 98346627 208922 214103 18487 103746 227409 317849 X 50960579 41487455 53005953 56541323 103966532 98028778 104193941 98346627 X 4964948 -10536901 -365801 X X 0 1 X 1 0 X 4581900 3795981 46413682 9596750 10878122 75266435 4581900 3795981 46413682 9596750 10878122 75266435 4074642 71191793 600112 531758 15565 30240 1189838 2367513 77633948 0.91700 0.96360 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 251774 X X 0 0 81493353 2949987 -11684406 2468010 1164368 912846 68213710 33950715 37833293 11247049 12749 670245 854710 81493353 30191487 1492378 3429944 112507 619969 430618 33950715 24434727 814895 6152819 788449 422505 30191487 24754748 1862148 -1121769 679944 380456 24434727 0.51156 0.28379 0.20465 0 0 148210 148210 1876100 1876100 1130738 839121 291617 2315927 CAPITAL LEASE OBLIGATION 103746 103746 X -1540218 -10536901 -10536901 8996683 0 8996683 4397536 365801 365801 4031735 0 4031735 PART III, LINE 4: THE FOUNDATION MAINTAINS AFRICAN ART COLLECTIONS FOR THE HARRISON B WILSON ARCHIVES. THIS ARTWORK IS ON DISPLAY FOR THE STUDENTS WHO ATTEND NORFOLK STATE UNIVERSITY. PART V, LINE 4: ENDOWMENT FUNDS ARE RESTRICTED PRIMARILY FOR SCHOLARSHIPS AND PROGRAM SUPPORT TO STUDENTS OF NORFOLK STATE UNIVERSITY PART X, LINE 2: THE FOUNDATION IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND THE TAX STATUTES OF THE COMMONWEALTH OF VIRGINIA; ACCORDINGLY, THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION OR LIABILITY FOR FEDERAL AND STATE INCOME TAXES. FASB ASC TOPIC 740, INCOME TAXES, PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE FOUNDATION'S MANAGEMENT HAS EVALUATED THE IMPACT OF THE STANDARD TO ITS CONSOLIDATED FINANCIAL STATEMENTS. THE FOUNDATION'S INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION BY TAXING AUTHORITIES, GENERALLY FOR A PERIOD OF THREE YEARS FROM THE DATE THE RETURNS ARE FILED. THE FOUNDATION'S POLICY IS TO CLASSIFY INCOME TAX RELATED INTEREST AND PENALTIES IN INTEREST EXPENSE AND OTHER EXPENSES, RESPECTIVELY. MASHALL AVENUE PROPERTIES, INC., A VIRGINIA C-CORPORATION, HAD NO ACTIVITY DURING 2022 AND 2021 AND, THEREFORE, DID NOT FILE A RETURN NOR INCUR A TAX LIABILITY. CERTAIN INVESTMENT EARNINGS MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX BUT THE EARNINGS HAVE BEEN IMMATERIAL. THE FOUNDATION HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX OBLIGATIONS AS OF DECEMBER 31, 2022. PART XII, LINE 2D - OTHER ADJUSTMENTS: BAD DEBT EXPENSE 365,801. PART V, LINE 4: ENDOWMENT FUNDS ARE RESTRICTED PRIMARILY FOR SCHOLARSHIPS TO STUDENTS OF NORFOLK STATE UNIVERSITY. 1 NORFOLK STATE UNIVERSITY 700 PARK AVENUE NORFOLK VA 23504 546002808 115 1498189 0 SCHOLARSHIPS AND UNIVERSITY SUPPORT PART I, LINE 2: THE FOUNDATION ASSISTS THE NORFOLK STATE UNIVERSITY UPON THEIR REQUEST TO WORK IN CONJUNCTION WITH THE SCHOLARSHIP RESTRUCTURING COMMITTEE AND FINANCIAL AID. DONOR AGREEMENTS REGARDING THE CRITERIA FOR AWARDING THE SCHOLARSHIPS ARE MAINTAINED IN THE FOUNDATION, UNIVERSITY ADVANCEMENT AND THE FINANCIAL AID OFFICES. THE UNIVERSITY UTILIZES AN ONLINE SCHOLARSHIP PLATFORM CALLED AWARD SPRING AND A DESIGNATED SELECTION COMMITTEE TO MATCH STUDENTS FOR THE SCHOLARSHIP AWARDS. 0 0 0 0 0 0 0 0 0 JAVAUNE ADAMS-GASTON DIRECTOR 0 486216 0 0 0 0 0 0 0 0 0 486216 0 0 CLIFFORD PORTER DIRECTOR - NON-VOTING 0 225456 0 0 0 0 0 0 0 0 0 225456 0 0 FORM 990, SCHEDULE J, PART I THE FOUNDATION DOES NOT HAVE COMPENSATION AND EMPLOYEE BENEFIT PRACTICES FOR DISCLOSURE IN PART I AS THEY DO NOT DIRECTLY EMPLOY THE DIRECTOR(S) WHO ARE PAID OVER $150,000. THESE DIRECTORS OF THE FOUNDATION ARE EMPLOYED BY THE UNIVERSITY AND ARE COMPENSATED BY NORFOLK STATE UNIVERSITY IN PART FOR THE SERVICES THEY PROVIDE TO THE FOUNDATION. X 2 1282645 COMPARABLE SALES 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF DONATIONS. FORM 990, PART VI, SECTION B, LINE 11B THE EXECUTIVE DIRECTOR AND AUDIT COMMITTEE CHAIR WILL REVIEW THE 990. THE FOUNDATION'S FINANCE AND AUDIT COMMITTEE WILL BE PRESENTED WITH THE 990 BY THE FOUNDATION STAFF. AFTER REVIEW OF THE TAX RETURN, THE CPA AUDITOR WILL BE PROVIDED A STATEMENT INDICATING THAT EACH OF THE GROUPS HAVE REVIEWED THE 990. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS IS REQUIRED TO COMPLETE AND SIGN A CONFLICT OF INTEREST FORM ON AN ANNUAL BASIS. THE RESPONSES OF THIS FORM ARE MONITORED FOR ANY CONFLICTS. FORM 990, PART VI, SECTION C, LINE 19 THE ONLY GROUP THAT RECEIVES THE FINANCIAL STATEMENTS IS NORFOLK STATE UNIVERSITY. THE UNIVERSITY THEN PROVIDES THE FINANCIAL STATEMENTS TO THE STATE OF VIRGINIA FOR NSU'S AUDITING PURPOSES. OTHER THAN THE AUDITED FINANCIAL STATEMENTS GIVEN TO NSU, THE FOUNDATION DOES NOT PROVIDE INFORMATION TO THE PUBLIC, UNLESS REQUESTED. FORM 990, PART XI, LINE 9: BAD DEBT EXPENSE -365,801. MARSHALL AVENUE PROPERTIES INC 700 PARK AVENUE NORFOLK VA 23504 237235954 HOLDS PROPERTY, BUT NO ACTIVITY VA NORFOLK STATE UNIVERSITY FOUNDATION INC SHEPHERD'S VILLAGE 805 PARK AVENUE NORFOLK VA 23504 872167006 HOLDS PROPERTY, BUT NO ACTIVITY VA NORFOLK STATE UNIVERSITY FOUNDATION INC NORFOLK STATE UNIVERSITY 700 PARK AVENUE NORFOLK VA 23504 546002808 UNIVERSITY - RECEIVES SCHOLARSHIP FUNDS AND OTHER ASSISTANCE. VA 115 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 NORFOLK STATE UNIVERSITY B 1498189 CASH NORFOLK STATE UNIVERSITY O 354130 CASH