NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION

EIN: 383649338 501(c)(3) Community Improvement

NORFOLK, VA

Total Revenue
$6,228,181
Total Expenses
$5,697,619
Total Assets
$27,153,812
Net Assets
$1,563,323
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
2001
Legal Domicile
VA
Principal Officer
CORNELIUS C GRAVES
Phone
7578239065
Tax Period
2023-07-01 to 2024-06-30

NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION, founded in 2001, is a community nonprofit in the Community Improvement sector that reported $7.0M in total revenue in fiscal year 2017. Revenue surged 43% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.7M, a strong 24% operating margin.

Mission

THE MISSION OF THE FOUNDATION IS TO PROVIDE BRANDS AND SERVICES THAT PROMOTE APPLIED RESEARCH AND TECHNOLOGICAL INNOVATIONS THAT, IN TURN, CONTRIBUTE POSITIVELY TO THE ECONOMIC STRENGTH OF THE HAMPTON ROADS REGION AND THE COMMONWEALTH OF VIRGINIA.

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $0
Investment Income $203,266
Other Revenue $6,024,915
TOTAL REVENUE $6,228,181

Expense Breakdown

Grants Paid $0
Salaries & Benefits $545,311
Fundraising Expenses $0
Program Expenses $4,873,769
Other Expenses $5,152,308
TOTAL EXPENSES $5,697,619

Year-over-Year Comparison

2023 2022 Change
Revenue $6,228,181 $6,046,806 +0.0%
Expenses $5,697,619 $5,797,625 0.0%
Net Income $530,562 $249,181 +1.1%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

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Governance

Voting Members
9
Independent Members
7
Employees
N/A
Volunteers
N/A

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
4
$48,212
Total Directors
9
$211,367
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
HUDNALL R CROASDALE BOARD MEMBER 0.50
Director
$163,155 $0 $163,155
DR DOYLE A TEMPLE TREASURER 0.50
Officer Director
$0 $0 $0
DR JUAVAUNE ADAMS-GASTON BOARD MEMBER 0.50
Director
$0 $0 $0
BK FULTON BOARD MEMBER 0.50
Director
$0 $0 $0
WAYNE JONES CHAIR 0.50
Officer Director
$0 $0 $0
RODNEY JORDAN BOARD MEMBER 0.50
Director
$0 $0 $0
KEITH BASIL SECRETARY 0.50
Officer Director
$0 $0 $0
DR HAROLD WATKINS BOARD MEMBER 0.50
Director
$0 $0 $0
CORNELIUS GRAVES ESQ EXEC DIRECTOR & CEO AS OF 10/1/23 40.00
Officer Director
$48,212 $0 $48,212
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
2025 No data No data No data No data
2024 $6,228,181 $5,697,619 $27,153,812 $530,562
2023 $6,046,806 $5,797,625 $25,804,421 $249,181
2022 $5,808,933 $5,408,267 $25,278,732 $400,666
2021 $5,605,532 $5,347,288 $25,665,808 $258,244
2020 $5,728,415 $5,268,378 $26,293,705 $460,037
2019 $5,676,477 $5,279,315 $26,529,861 $397,162
2018 $6,972,370 $5,282,752 $26,547,593 $1,689,618
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