Norfolk State University Foundation Inc

Organization Overview

Norfolk State University Foundation Inc is located in Norfolk, VA. The organization was established in 1972. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 12/2021, Norfolk State University Foundation Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norfolk 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 12/2021, Norfolk State University Foundation Inc generated $9.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.5% each year . All expenses for the organization totaled $3.7m during the year ending 12/2021. While expenses have increased by 3.2% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE FOUNDATION PROVIDES FINANCIAL SUPPORT TO NORFOLK STATE UNIVERSITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE FOUNDATION MADE SCHOLARSHIP DISBURSEMENTS THIS YEAR TO OVER 1,100 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.


THE FOUNDATION PROVIDES SUPPORT SERVICES FOR THE BENEFIT OF NORFOLK STATE UNIVERSITY AND ITS STUDENTS. THE FOUNDATION SUPPORTED 64 STUDENTS WITH $26,663 IN COVID EMERGENCY SUPPORT FUNDS AND SUPPORTED EDUCATIONAL PROGRAMS THAT OFFERED STUDENTS HANDS ON EXPERIENCE WITH NEW PARTNERS LIKE ICON 360, OFFSHORE WIND STUDIES, NETFLIX/2U, 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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Board, Officers & Key Employees

Name (title)Compensation
Crystal D Jenkins
Executive Director
$94,145
David R Kenerson Jr
Treasurer
$0
Travis L Ames Sr
President
$0
Carla Bailey
Vice President; Strategic Planning Committee Co-Ch
$0
Keith I Jones
Secretary
$0
Javaune Adams-Gaston
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$9,596,750
Noncash contributions included in lines 1a–1f $2,500
Total Revenue from Contributions, Gifts, Grants & Similar$9,596,750
Total Program Service Revenue$0
Investment income $30,240
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $24,391
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $9,651,381

Grants Recieved

Over the last fiscal year, we have identified 3 grants that Norfolk State University Foundation Inc has recieved totaling $58,000.

Awarding OrganizationAmount
Kp Cares

Powder Springs, GA

PURPOSE: Scholarships

$28,000
Kp Cares

Powder Springs, GA

PURPOSE: Travel Sponsor

$18,000
Kp Cares

Powder Springs, GA

PURPOSE: Meal Sponsor

$12,000
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$33,950,715
Earnings$11,247,049
Admin Expense$854,710
Net Contributions$37,833,293
Other Expense$670,245
Grants$12,749
Ending Balance$81,493,353

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