2026-03-30T09:15:58-05:00 2025-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2024-07-01 237115345 THE ELIZABETH CITY STATE UNIV FOUNDATION ELIZ 2523353225 1704 WEEKSVILLE ROAD ELIZABETH CITY NC 27909 LADANIEL GATLING II VICE CHANCELLOR 2523353225 2026-03-23 1 1 MELANIE MCPEAK P01346034 7043771678 2024 2025-03-06 01:10:19Z LADANIEL GATLING II 1704 WEEKSVILLE ROAD ELIZABETH CITY NC 27909 5328387 0 X HTTP://WWW.ECSU.EDU/FOUNDATION X 1971 NC SEE SCHEDULE O 17 16 0 21 0 0 1961293 1614941 821404 821404 484597 682884 82721 35266 3350015 3154495 616926 573365 0 0 0 0 0 0 0 1801663 1785100 2418589 2358465 931426 796030 21460773 22540024 18684688 18290459 2776085 4249565 X GOVERNED BY A 20 MEMBER BOARD, THE FOUNDATION'S PURPOSE IS TO AID, SUPPORT AND PROMOTE TEACHING, RESEARCH AND SERVICES IN THE VARIOUS EDUCATIONAL, SCIENTIFIC, SCHOLARLY, PROFESSIONAL, ARTISTIC AND CREATIVE ENDEAVORS OF THE UNIVERSITY. THE ECSU FOUNDATION IS COMMITTED TO ENDURING THE FUTURE OF THE UNIVERSITY BY BUILDING ECSU'S ENDOWMENT TO PROVIDE FOR ITS NEED IN PERPETUITY. THE INVESTMENT AND ANNUAL REINVESTMENT, ALLOWED AT A HIGHER RATE OF RETURN THAN OTHER RESERVE FUNDS, OF THE ECSU FOUNDATION ENDOWMENT ALLOWS THE UNIVERSITY TO INCREASE ITS IMPACT ON THE REGION AS WELL AS THE CAPACITY TO MEET THE NEEDS OF THE STUDENTS IT SERVES. 0 0 105990 105990 PROVIDED FUNDING TO UNIVERSITY FOR DORMITORY RENOVATIONS. 467375 467375 THE ECSU FOUNDATION PROVIDED SCHOLARSHIPS TO STUDENTS AT ELIZABETH CITY STATE UNIVERSITY. 1230882 841936 PROVIDED HOUSING FOR STUDENTS OF ELIZABETH CITY STATE UNIVERSITY THROUGH VIKINGS VILLAGE APARTMENTS. 1804247 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 29 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 17 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X X UNIVERSITY ADVANCEMENT OR CONTROLLER 2523353743 1704 WEEKSVILLE ROAD ELIZABETH CITY NC 27909 KIMREY RHINEHARDT CHAIRMAN 4.00 0.00 X X 0 0 0 BERNADINE A COBB VICE CHAIRMAN 2.00 0.00 X X 0 0 0 JERMAINE MCKINLEY TREASURER 2.00 0.00 X X 0 0 0 ANNALISA CARAWAN MORGAN SECRETARY 2.00 0.00 X X 0 0 0 CATHERINE EDMONDS INTERIM CHANCELLOR 2.00 0.00 X 0 0 0 JENNIFER BAILEY BOARD MEMBER 2.00 0.00 X 0 0 0 COL RANDY B BELL BOARD MEMBER 1.00 0.00 X 0 0 0 JAMES BELL BOARD MEMBER 2.00 0.00 X 0 0 0 JAMES CHERRY II BOARD MEMBER 1.00 0.00 X 0 0 0 DIANA M GARDNER BOARD MEMBER 2.00 0.00 X 0 0 0 CHRISTINE EVANS NON-VOTING BOARD MEMBER 1.00 0.00 X 0 0 0 LORI GIBBS BOARD MEMBER 2.00 0.00 X 0 0 0 TIMOTHY MINOR BOARD MEMBER 2.00 0.00 X 0 0 0 NYLISSA SNAGG NON-VOTING BOARD MEMBER 1.00 0.00 X 0 0 0 ROBERT THIBEAULT NON-VOTING BOARD MEMBER 2.00 0.00 X 0 0 0 KEVIN WADE EXECUTIVE DIRECTOR/NON-VOTING MEMBER 40.00 0.00 X X 0 183732 65837 RAYMOND WEAVER BOARD MEMBER 2.00 0.00 X 0 0 0 KENNETH WEEDEN BOARD MEMBER 2.00 0.00 X 0 0 0 LISA WESTBROOK BOARD MEMBER 2.00 0.00 X 0 0 0 SADIE JOHNSON-CARTER BOARD MEMBER 2.00 0.00 X 0 0 0 0 183732 65837 0 0 1 0 0 81000 1533941 1614941 STUDENT HOUSING RENTAL INCOME 531110 821404 821404 821404 389232 389232 2401349 2107697 293652 293652 293652 80929 66195 14734 14734 20532 20532 20532 3154495 841936 0 697618 X 573365 573365 39703 39703 38193 38193 548393 362731 185662 20230 15605 4625 105778 66022 39756 102 61 41 194608 116765 77843 417105 417105 218772 131263 87509 8357 5014 3343 SUPPLIES 184686 110812 73874 9173 5504 3669 2358465 1804247 554218 0 5066499 5277057 206 2539 8600762 1375919 7443615 7224843 8782139 9836344 168314 199241 21460773 22540024 62652 70282 28763 28763 18593273 18191414 18684688 18290459 X -4255062 -3817826 7031147 8067391 2776085 4249565 21460773 22540024 796030 677450 0 X 0 1 X 1 0 X 1254956 2576298 1659137 1961293 1614941 9066625 1254956 2576298 1659137 1961293 1614941 9066625 212148 8854477 126503 139794 250632 385897 389232 1292058 106992 104245 166789 43586 14734 436346 10795029 3522526 0.82020 0.73720 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8586833 257978 1579046 467375 288560 9667922 5324966 280205 3563962 367060 215240 8586833 6436921 447418 -1080450 324169 154754 5324966 7018532 311248 -422166 267757 202936 6436921 5390218 222840 1888028 346207 136347 7018532 0.00000 1.00000 0.00000 0 0 690583 690583 7894245 1374326 6519919 15934 1593 14341 7224843 X 4086095 677450 226148 66195 969793 3116302 38193 38193 3154495 2089520 226148 66195 292343 1797177 38193 523095 561288 2358465 PART V, LINE 4: TO PROVIDE SCHOLARSHIPS FOR ELIZABETH CITY STATE UNIVERSITY STUDENTS. THE PERCENTAGE REPORTED FOR PERMANENT ENDOWMENTS INCLUDES AMOUNTS THAT MUST BE MAINTAINED IN PERPETUITY AS WELL AS ACCUMULATED EARNINGS ON SUCH AMOUNTS THAT HAVE NOT YET BEEN APPROPRIATED FOR EXPENDITURE. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"). IN ACCORDANCE WITH IRC REGULATIONS, THE FOUNDATION IS TAXED ON UNRELATED BUSINESS INCOME, WHICH CONSISTS OF EARNINGS FROM ACTIVITIES NOT RELATED TO THE EXEMPT PURPOSE OF THE FOUNDATION. THE FOUNDATION ACCOUNTS FOR TAX UNCERTAINTIES BASED ON A MORE LIKELY THAN NOT RECOGNITION THRESHOLD WHEREBY TAX BENEFITS ARE ONLY RECOGNIZED WHEN THE FOUNDATION BELIEVES THAT THEY HAVE A GREATER THAN 50% LIKELIHOOD OF BEING SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE FOUNDATION HAS EVALUATED ALL OF ITS TAX POSITIONS AND DETERMINED THAT IT HAD NO UNCERTAIN INCOME TAX POSITIONS AS OF JUNE 30, 2025. MANAGEMENT BELIEVES THAT THE FOUNDATION CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX EXEMPT ORGANIZATION AND IS NOT SUBJECT TO TAX. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN REFLECTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES REPORTED NET OF REVENUES 66,195. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES REPORTED NET OF REVENUES 66,195. PART XII, LINE 4B - OTHER ADJUSTMENTS: TRANSFER TO UNIVERSITY 105,990. INTEREST EXPENSE 417,105. GALA 80929 80929 28454 14443 23298 80929 80929 28454 14443 23298 66195 14734 1 ELIZABETH CITY STATE UNIVERSITY 1704 WEEKSVILLE RD ELIZABETH CITY NC 27909 561047680 170(C)(1) 467375 0 SCOLARSHIPS TO ECSU STUDENTS. ELIZABETH CITY STATE UNIVERSITY 1704 WEEKSVILLE RD ELIZABETH CITY NC 27909 561047680 170(C)(1) 105990 0 DORMITORY RENOVATIONS 1 0 PART I, LINE 2: THE FOUNDATION ONLY MAKES GRANTS TO THE UNIVERSITY WHICH IT EXISTS TO SUPPORT. THE CLOSE RELATIONSHIP BETWEEN THE ORGANIZATIONS SERVES TO MONITOR THE USE OF THE FUNDS. 0 0 0 0 0 0 0 0 0 KEVIN WADE EXECUTIVE DIRECTOR/NON-VOTING MEMBER 0 183732 0 0 0 0 0 57742 0 8095 0 249569 0 0 FORM 990, PART I, LINE 1 THE ECSU FOUNDATION MISSION IS TO SERVE AS THE STEWARD OF PRIVATE CONTRIBUTIONS TO ELIZABETH CITY STATE UNIVERSITY TO PROVIDE EDUCATIONAL ASSISTANCE FOR STUDENTS, TO SUPPORT FACULTY, AND TO SECURE THE OPERATIONAL NEEDS OF THE UNIVERSITY. THE FOUNDATION RECEIVES, INVESTS, AND ADMINISTERS FUNDS RECEIVED, BECAUSE OF CHARITABLE CONTRIBUTIONS FROM THE PRIVATE SECTOR, ON BEHALF OF THE STUDENTS AND PROGRAMS AT ECSU AND, AS A RESULT, FOR THE GREATER GOOD OF THE COMMUNITY. THE FOUNDATION SECURES AND MANAGES FUNDS, ON BEHALF OF ECSU, TO ESTABLISH SCHOLARSHIPS, SUPPORT DISTINGUISHED PROFESSORSHIPS, AND DELIVER BOTH ACADEMIC AND COMMUNITY OUTREACH PROGRAMMING. IN ALL ITS EFFORTS, THE ECSU FOUNDATION IS DEDICATED TO THE ADVANCEMENT AND PROMOTION OF ELIZBETH CITY STATE UNIVERSITY. ONE OF THE MAIN FUNDRAISING EVENTS IS THE ANNUAL FOUNDER'S DAY GALA, HELD IN THE FOUNDING MONTH OF MARCH. DURING THE PAST 18 YEARS, THE FOUNDERS DAY SCHOLARSHIP GALA HAS HELPED RAISE MORE THAN $1.9 MILLION FOR STUDENT SCHOLARSHIPS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 WAS SENT TO THE BOARD CHAIR AND VICE CHAIRMAN FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS ARE REQUIRED TO SIGN A FORM DISCLOSING ANY CONFLICTS OF INTEREST. NO OFFICER, DIRECTOR, OR EMPLOYEE HAVING A PRIVATE BUSINESS INTEREST IN A FOUNDATION BUSINESS TRANSACTION MAY BE INVOLVED IN THE DECISION WITH RESPECT TO WHETHER THE FOUNDATION SHOULD ENTER INTO SUCH TRANSACTION. SHOULD A CONFLICT ARISE, AT THE REQUEST OF THE CHANCELLOR, PRESIDENT, OR THE BOARD CHAIR, THE MEMBER MUST MEET WITH THE REQUESTED PERSON, HIS OR HER DESIGNEE, OR THE INTERNAL AUDITOR/AUDIT COMMITTEE OF THE FOUNDATION AND ALLOW THAT PERSON TO INSPECT DOCUMENTATION RELATED TO THE CONFLICT FOR A RESOLUTION. FORM 990, PART VI, SECTION B, LINE 15 THE FOUNDATION DOES NOT HAVE EMPLOYEES. EMPLOYEES ARE EMPLOYEES OF THE UNIVERSITY AND ARE SUBJECT TO COMPENSATION GUIDELINES OF THE STATE OF NC IN ORDER TO ASSURE REASONABLENESS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 133,518. MANAGEMENT AND GENERAL EXPENSES 89,012. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 222,530. OTHER SERVICES: PROGRAM SERVICE EXPENSES 229,213. MANAGEMENT AND GENERAL EXPENSES 96,650. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 325,863. ECSU HOUSING FOUNDATION 1704 WEEKSVILLE ROAD ELIZABETH CITY NC 27909 SUPPORT UNIVERSITY AND CONSTRUCT STUDENT HOUSING NC 853880 7210502 ELIZABETH CITY STATE UNIVERSITY FOUNDATION ELIZABETH CITY STATE UNIVERSITY 1704 WEEKSVILLE ROAD ELIZABETH CITY NC 27909 UNIVERSITY OFFERING BACCALAURATE AND GRADUATE PROGRAMS NC 170(C)(1) N/A N/A 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 ELIZABETH CITY STATE UNIVERSITY B 573365 FMV ELIZABETH CITY STATE UNIVERSITY C 206245 FMV