Delaware State University Foundation Inc
- Assets
- $41.6m
- Revenue
- $14.8m
- Investments
- $19.4m
- Employees
- 0
- Location
- Dover, DE
- Founding
- 09/2006
- Data as of
- 06/2023
- 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 06/2023, Delaware State University Foundation Inc generated $14.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 20.0% each year . All expenses for the organization totaled $12.1m during the year ending 06/2023. While expenses have increased by 16.4% per year over the past 8 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
2023
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 |
|---|---|---|---|
Antione Allen University President | OfficerTrustee | 6 | $0 |
Vita Pickrum Foundation President (non-Voting) | OfficerTrustee | 12 | $0 |
Henrietta Savage Controller (non-Voting) | OfficerTrustee | 12 | $0 |
Vincent Rojas Secretary/treasurer/director | Trustee | 4 | $0 |
Enid Wallace-Simms Chair | Trustee | 4 | $0 |
Nicole Dye-Anderson Vice Chair | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Magicoperations Llc Catering Services | 6/29/23 | $429,139 |
Education Advisory Board (Eab) Adult Learner Recruitment Services | 6/29/23 | $242,771 |
Ponix Inc Portable Green House | 6/29/23 | $177,200 |
Amakor Inc Construction New Classroom | 6/29/23 | $165,377 |
Marriott Hotel Services Inc Hosting Symposium Annual Event | 6/29/23 | $124,429 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $841,552 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,730,985 |
| Noncash contributions included in lines 1a–1f | $5,005,300 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,572,537 |
| Total Program Service Revenue | $0 |
| Investment income | $679,221 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,684 |
| Net Gain/Loss on Asset Sales | -$493,509 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,796,790 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,399,536 |
| 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 | $10,103 |
| Fees for services: Accounting | $2,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $42,838 |
| Fees for services: Other | $1,849,684 |
| Advertising and promotion | $0 |
| Office expenses | $364,688 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $31,550 |
| Travel | $385,042 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $46,255 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $475,074 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $12,076,158 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,167,210 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $879,195 |
| 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 | $13,178,868 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $19,367,648 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $41,592,921 |
| Accounts payable and accrued expenses | $1,500 |
| Grants payable | $0 |
| Deferred revenue | $419,721 |
| 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 | $50,861 |
| Total liabilities | $472,082 |
| Net assets without donor restrictions | $26,521,030 |
| Net assets with donor restrictions | $14,599,809 |
| 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 | $41,592,921 |
Grants Awarded
Over the last fiscal year, Delaware State University Foundation Inc has awarded $4,679,859 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
DELAWARE STATE UNIVERSITY PURPOSE: To support academic programs, student scholarships, faculty development, public service initiatives, and other priorities of Delaware State University. | $4,679,859 |