Norfolk State University Foundation Inc and Subsidiary

Nonprofit profile at a glance

EIN
237235954
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Norfolk, VA, USA
Phone
7578232928
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
University or Technological Institute

Reported finances

Revenue
$13,370,289
Expenses
$7,063,095
Assets
$121,069,562
Liabilities
$148,836

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

26 people listed

Executive titles in this filing

  • ANTHONY WALTERS (VICE PRESIDENT, HUMAN RESOURCES COMMITTEE)
  • CRYSTAL D JENKINS (EXECUTIVE DIRECTOR)
  • LORIE MCCOWAN (PRESIDENT)

Highest reported compensation

  • DR JAVAUNE ADAMS-GASTON (DIRECTOR): $556,485 total reported compensation
  • DR CLIFFORD PORTER JR (DIRECTOR - NON-VOTING): $301,833 total reported compensation
  • CRYSTAL D JENKINS (EXECUTIVE DIRECTOR): $152,672 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide financial support to norfolk state university.

What it reported doing in 2024

The foundation provides support services for the benefit of norfolk state university and its students. The foundation supported educational programs that offered students hands on experience with new partners like icon 360, offshore wind studies, 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.

Operating model

Revenue model
Donor-supported. 79% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 43% for direct work, and 57% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 71
  • Accountability: 89
  • Sustainability: 91
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 61.3%; rating input score 61
  • Program expense ratio: 84.3%; rating input score 84
  • Fundraising efficiency: $51.65 raised per $1 spent on fundraising; rating input score 76; 76th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90%; rating input score 90; 22nd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 47.2%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 17.14; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 96; 96th percentile among comparable filings
  • Officer compensation ratio: 2.5%; rating input score 72; 72nd percentile among comparable filings

Growth

  • Program expense growth: 11.7% per year; rating input score 100; 76th percentile among comparable filings
  • Revenue growth: 14.2% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 13% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 61.3% of revenue deployed · 84.3% of spending went to programs
  • Governance: 18 of 20 board members independent · 7 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $6M in reported program spending
  • Leadership: top reported pay $556K · 26 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 36 of 36 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.