Albany State University Foundation Inc
- Assets
- $8.7m
- Revenue
- $1.6m
- Investments
- $286.5k
- Employees
- 0
- Location
- Albany, GA
- Founding
- 08/1969
- Data as of
- 06/2023
- EIN
- 23-7032763
Organization Overview
Albany State University Foundation Inc is located in Albany, GA. The organization was established in 1969. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Albany 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, Albany State University Foundation Inc generated $1.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (13.5%) each year. All expenses for the organization totaled $1.3m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (15.6%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Albany State University Foundation Inc has awarded 17 individual grants totaling $5,125,413. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL AID TO STUDENTS AND FINANCIAL SUPPORT OF ALBANY STATE UNIVERSITY, ITS FACULTY, STAFF, RESEARCH, AND ADVANCEMENT OF HIGHER EDUCAITON.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RECEIVED AND MANAGED FUNDS PROVIDED TO ALBANY STATE UNIVERSITY TO BE USED FOR FINANCIAL ASSISTANCE TO QUALIFIED UNIVERSITY STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marion Fedrick Ex-Officio Director, President Asu | Trustee | 1 | $0 |
Al Fleming Executive Director | OfficerTrustee | 20 | $0 |
Stan Brown CFO | Officer | 40 | $0 |
Valerie Melton Executive Director | OfficerTrustee | 20 | $0 |
Gregory Hylick Chairman | OfficerTrustee | 0.5 | $0 |
Rachelle Scott Vice Chairman | OfficerTrustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
J C Contractors Paint Residence Halls | 6/29/19 | $157,690 |
Preferred Cooling And Heating Llc Air Conditioning | 6/29/19 | $152,922 |
Nelson Mullins Riley & Scarborough Legal Services | 6/29/19 | $148,038 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $163,281 |
| Related organizations | $0 |
| Government grants | $5,600 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,285,832 |
| Noncash contributions included in lines 1a–1f | $38,800 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,454,713 |
| Total Program Service Revenue | $0 |
| Investment income | $162,414 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,732 |
| Net Income from Fundraising Events | -$28,344 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,600,152 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,104,409 |
| 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 | $6,693 |
| Fees for services: Accounting | $28,650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,853 |
| Fees for services: Other | $1,152 |
| Advertising and promotion | $67,709 |
| Office expenses | $42,641 |
| Information technology | $19,038 |
| Royalties | $0 |
| Occupancy | $2,661 |
| Travel | $10,517 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,284 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,043 |
| All other expenses | $0 |
| Total functional expenses | $1,304,892 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,823,729 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $478,312 |
| 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 | $0 |
| Investments—publicly traded securities | $4,144,597 |
| Investments—other securities | $286,504 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,733,142 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $14,700 |
| Total liabilities | $14,700 |
| Net assets without donor restrictions | $2,589,517 |
| Net assets with donor restrictions | $6,128,925 |
| 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 | $8,733,142 |
Grants Awarded
Over the last fiscal year, Albany State University Foundation Inc has awarded $1,471,979 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ALBANY STATE UNIVERSITY PURPOSE: For University Scholarship Grants, Genral and Athletic Support | $502,570 |
UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC PURPOSE: To supoort future university reserve and replacement projects. | $969,409 |