Delaware State University Foundation Inc
- Assets
- $37.3m
- Revenue
- $19.1m
- Investments
- $17.2m
- Employees
- 0
- Location
- Dover, DE
- Founding
- 09/2006
- Data as of
- 06/2022
- EIN
- 20-1372435
Organization Overview
Delaware State University Foundation Inc is located in Dover, DE. The organization was established in 2006. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Delaware State University Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Delaware State University Foundation Inc generated $19.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 27.7% each year . All expenses for the organization totaled $8.7m during the year ending 06/2022. While expenses have increased by 13.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SECURE AND ADMINISTER PRIVATE FUNDS IN SUPPORT OF ACADEMIC PROGRAMS, STUDENT SCHOLARSHIPS, FACULTY DEVELOPMENT, PUBLIC SERVICE INITIATIVES, AND OTHER PRIORITIES OF DELAWARE STATE UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO CREATE A LARGE MONETARY FUND TO SUPPORT THE PROGRAMS, PROJECTS, STUDENTS, AND ENTERPRISE UNDERTAKEN IN THE INTEREST OF DELAWARE STATE UNIVERSITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Enid Wallace-Simms Vice Chair | OfficerTrustee | 4 | $0 |
Vita Pickrum Foundation President (non | OfficerTrustee | 10 | $0 |
Vincent Rojas Secretary/treasurer/direct | OfficerTrustee | 4 | $0 |
Devona Williams Chair | OfficerTrustee | 4 | $0 |
Antione Allen University President | OfficerTrustee | 4 | $0 |
Henrietta Savage Controller (non-Voting) | OfficerTrustee | 10 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dee Hurford Designs Interior Designer | 6/29/22 | $145,990 |
R Entertainment & Productions Llc Entertainment Agent | 6/29/22 | $117,500 |
Nason Construction Construction Company | 6/29/22 | $329,302 |
Sodexo Operations Llc Catering Company | 6/29/22 | $221,263 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $122,071 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $18,004,503 |
| Noncash contributions included in lines 1a–1f | $5,147,900 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,126,574 |
| Total Program Service Revenue | $0 |
| Investment income | $859,006 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $17,871 |
| Net Gain/Loss on Asset Sales | $82,914 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,092,791 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,074,628 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $45,887 |
| Fees for services: Other | $1,011,992 |
| Advertising and promotion | $0 |
| Office expenses | $388,527 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $350 |
| Travel | $116,326 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $102,902 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $333,555 |
| Insurance | $0 |
| All other expenses | $451,302 |
| Total functional expenses | $8,745,735 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,926,244 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $840,301 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,375,925 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $17,192,898 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $37,335,368 |
| Accounts payable and accrued expenses | $120,597 |
| Grants payable | $0 |
| Deferred revenue | $761,975 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $55,061 |
| Total liabilities | $937,633 |
| Net assets without donor restrictions | $20,659,555 |
| Net assets with donor restrictions | $15,738,180 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $37,335,368 |
Grants Awarded
Over the last fiscal year, Delaware State University Foundation Inc has awarded $9,359,718 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Dover, DE PURPOSE: To support academic programs, student scholarships, faculty development, public service initiatives, and other priorities of Delaware State University. | $4,679,859 |
Dover, DE PURPOSE: To support academic programs, student scholarships, faculty development, public service initiatives, and other priorities of Delaware State University. | $4,679,859 |
Grants Recieved
Over the last fiscal year, we have identified 14 grants that Delaware State University Foundation Inc has recieved totaling $1,095,564.
| Awarding Organization | Amount |
|---|---|
Crankstart Foundation San Francisco, CA PURPOSE: SCHOLARSHIPS | $220,000 |
Tech Alabama Birmingham, AL PURPOSE: PROGRAM SUPPORT | $200,000 |
Welfare Foundation Inc Wilmington, DE PURPOSE: CONWELL HALL BUILDING REMEDIATION | $200,000 |
Capital One Foundation Inc Mclean, VA PURPOSE: EXPANDING CAREER SERVICE DEVELOPMENT THROUGH EXPERIENTIAL LEARNING | $200,000 |
Strada Education Network Inc Indianapolis, IN PURPOSE: OPERATING GRANT AND OPERATING SUPPORT | $165,500 |
Phi Community Foundation Washington, DC | | $45,000 |
Endowment Analysis
| Beg. Balance | $16,739,600 |
| Earnings | -$1,235,161 |
| Net Contributions | $418,526 |
| Other Expense | $244,626 |
| Ending Balance | $15,678,339 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Maryland Obstetrical And Gynecological Associates P A Baltimore, MD | $13,649,114 | $19,437,289 |
Unidel Foundation Inc Greenville, DE | $452,249,782 | $36,851,681 |
Educational Foundation Of America Bethesda, MD | $294,733,951 | $32,812,396 |
Rowan University Foundation Inc Glassboro, NJ | $339,808,677 | $39,224,287 |
Stockton Affiliated Services Inc Galloway, NJ | $3,017,488 | $12,674,409 |
Employee Benefit Trust Of Northampton Co Area Community Coll Bethlehem, PA | $1,194,772 | $10,407,527 |
Community College Of Allegheny County-Education Foundation Pittsburgh, PA | $36,645,920 | $15,926,656 |
Shippensburg University Foundation Shippensburg, PA | $91,433,562 | $11,552,800 |
Philadelphia College Of Osteopathic Medicine Foundation Philadelphia, PA | $419,559,519 | $20,326,102 |
New Jersey Institute Of Technology Foundation Newark, NJ | $177,817,526 | $21,630,945 |
Johns Hopkins University Retiree Medical Benefits Tr Baltimore, MD | $393,460,709 | $90,822,229 |
Doctors Center Management Corporation Oceanport, NJ | $41,567 | $8,892,194 |