NORFOLK STATE UNIVERSITY FOUNDATION INC AND SUBSIDIARY

EIN: 237235954 501(c)(3) Education

NORFOLK, VA

Total Revenue
$7,829,626
Total Expenses
$6,593,800
Total Assets
$109,807,709
Net Assets
$109,217,781
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Financial Trends

Organization Details

Formation Year
1971
Legal Domicile
VA
Principal Officer
CRYSTAL D JENKINS
Phone
7578232928
Tax Period
2023-01-01 to 2023-12-31

NORFOLK STATE UNIVERSITY FOUNDATION INC AND SUBSIDIARY, founded in 1971, is a community nonprofit in the Education sector that reported $7.8M in total revenue in fiscal year 2023. Revenue decreased 13% compared to the prior year. The organization ran a surplus of $1.2M, a strong 16% operating margin.

Mission

TO PROVIDE FINANCIAL SUPPORT TO NORFOLK STATE UNIVERSITY.

Program Service Accomplishments

Program 1
Expenses: $2,996,381

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...

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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.

Program 2
Expenses: $2,845,707

THE FOUNDATION PROVIDES SUPPORT SERVICES FOR THE BENEFIT OF NORFOLK STATE UNIVERSITY AND ITS STUDENTS. THE FOUNDATION SUPPORTED EDUCATIONAL PROGRAMS THAT OFFERED STUDENTS HANDS ON EXPERIENCE WITH NEW...

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THE FOUNDATION PROVIDES SUPPORT SERVICES FOR THE BENEFIT OF NORFOLK STATE UNIVERSITY AND ITS STUDENTS. THE FOUNDATION SUPPORTED EDUCATIONAL PROGRAMS THAT OFFERED STUDENTS HANDS ON EXPERIENCE WITH NEW PARTNERS LIKE ICON 360, OFFSHORE WIND STUDIES, 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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $7,574,677
Program Service Revenue $0
Investment Income $254,949
Other Revenue $0
TOTAL REVENUE $7,829,626

Expense Breakdown

Grants Paid $2,996,381
Salaries & Benefits $829,059
Fundraising Expenses $131,348
Program Expenses $5,842,088
Other Expenses $2,768,360
TOTAL EXPENSES $6,593,800

Year-over-Year Comparison

2023 2022 Change
Revenue $7,829,626 $8,996,683 -0.1%
Expenses $6,593,800 $4,031,735 +0.6%
Net Income $1,235,826 $4,964,948 -0.8%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Governance

Voting Members
26
Independent Members
24
Employees
5
Volunteers
30

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✓ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$137,247
Total Directors
31
$892,761
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JAVAUNE ADAMS-GASTON DIRECTOR 0.50
Director
$0 $0 $503,969
CLIFFORD PORTER DIRECTOR - NON-VOTING 0.50
Director
$0 $0 $251,545
CRYSTAL D JENKINS EXECUTIVE DIRECTOR 48.00
Officer Director
$137,247 $0 $137,247
YVONNE T ALLMOND DIRECTOR 0.50
Director
$0 $0 $0
SYDANA ROGERS HOLLINS DIRECTOR 0.50
Director
$0 $0 $0
ANTHONY WALTERS HUMAN RESOURCES COMMITTEE 0.50
Director
$0 $0 $0
LORIE MCCOWAN VICE PRESIDENT 1.50
Officer Director
$0 $0 $0
DEVON HENRY DIRECTOR 0.50
Director
$0 $0 $0
TAMARA JONES DIRECTOR 0.50
Director
$0 $0 $0
ALLEN R JONES JR DIRECTOR 0.50
Director
$0 $0 $0
DAVID R KENERSON JR TREASURER, FINANCE/INVESTMENT COMMITTEE CHAIR 1.50
Officer Director
$0 $0 $0
TRISTAN R BREAUX DIRECTOR 0.50
Director
$0 $0 $0
CHARLETTE FAIRCHILD COMMITTEE ON DIRECTORS CO- 0.50
Director
$0 $0 $0
DIANNE BOARDLEY SUBER STRATEGIC PLANNING COMMITT 0.50
Director
$0 $0 $0
CHARLES T SAUNDERS AUDIT COMMITTEE CHAIR 0.50
Director
$0 $0 $0
NATE JOHNSON DIRECTOR 0.50
Director
$0 $0 $0
TRAVIS L AMES SR DIRECTOR 0.50
Director
$0 $0 $0
JORDAN D MOODY DIRECTOR - NON-VOTING 0.50
Director
$0 $0 $0
ROBERT K PERKINS DIRECTOR - NON-VOTING 0.50
Director
$0 $0 $0
LEONARD W JONES BYLAWS, ARTICLES & INSURAN 0.50
Director
$0 $0 $0
KEVIN CLARK SECRETARY 1.50
Officer Director
$0 $0 $0
HAROLD L WATKINS II DIRECTOR - NON-VOTING 0.50
Director
$0 $0 $0
PATRICIA L STITH DIRECTOR 0.50
Director
$0 $0 $0
BRENDA ANDREWS DEVELOPMENT COMMITTEE CHAI 0.50
Director
$0 $0 $0
ANTONIO HARRISON DIRECTOR - NON-VOTING 0.50
Director
$0 $0 $0
DEBORAH C FONTAINE DIRECTOR 0.50
Director
$0 $0 $0
EARL LEE DIRECTOR 0.50
Director
$0 $0 $0
CARLA BAILEY PRESIDENT 1.50
Officer Director
$0 $0 $0
KEITH I JONES DIRECTOR 0.50
Director
$0 $0 $0
TERRIS TODD DIRECTOR 0.50
Director
$0 $0 $0
ELIAS OXENDINE DIRECTOR 0.50
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $7,829,626 $6,593,800 $109,807,709 $1,235,826
2022 $8,996,683 $4,031,735 $98,346,627 $4,964,948
2021 $9,651,381 $3,680,399 $104,193,941 $5,970,982
2020 $46,443,476 $3,017,960 $87,786,511 $43,425,516
2019 $4,354,230 $4,031,751 $41,024,994 $322,479
2018 $5,215,617 $3,050,775 $34,944,696 $2,164,842
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