Appalachian State University Foundation Inc in Boone, North Carolina (NC)

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Appalachian State University Foundation Inc
Employer Identification Number (EIN)237099379
Name of OrganizationAppalachian State University Foundation Inc
AddressAus Box 32064 Mckinney Alumni Ctr, Boone, NC 28608-0001
SubsectionEducational Organization
Ruling Date03/1971
DeductibilityContributions are deductible
FoundationOrganization which operates for benefit of college or university and is owned or operated by a governmental unit
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2014
Assets$50,000,000 to greater
Income$10,000,000 to $49,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$122,523,194
Amount of Income$28,924,164
Form 990 Revenue Amount$19,545,564
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Single Organization Support


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Amount of income in 2014: $28,924,164
Appalachian State University Foundation Inc: 

 $28,924,164
Other organizations performing similar types of work: 

 $862,721

Assets in 2014: $122,523,194
Appalachian State University Foundation Inc: 

 $122,523,194
Other organizations performing similar types of work: 

 $1,737,288

Expenses in 2014: $12,521,985
Appalachian State University Foundation Inc: 

 $12,521,985
Other organizations performing similar types of work: 

 $502,842

Income to expenses ratio in 2014: 2.3
This organization: 

 2.3
Other organizations performing similar types of work: 

 4.1

Expenses allocated to program services in 2007: 93.0%
Appalachian State University Foundation Inc: 

 93.0%
Other organizations performing similar types of work: 

 89.2%

Grants share in income in 2014: 86.9%
Appalachian State University Foundation Inc: 

 86.9%
Other organizations performing similar types of work: 

 86.9%

Financial snapshot ($)

Revenue for 2014

Assets at the end of 2014

Functional expenses for 2014

Support schedule

Checklist
201220132014
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?YesYes
Is the organization required to complete Schedule B, Schedule of Contributors?YesYes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?NoNo
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?NoNo
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?NoNo
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?NoNo
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?NoNo
Did the organization maintain collections of works of art, historical treasures, or other similar assets?NoNo
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?NoNo
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?YesYes
Did the organization report an amount for land, buildings, and equipment?YesYes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?YesYes
Did the organization report an amount for investments-program related that is 5% or more of its total assets?NoNo
Did the organization report an amount for other assets that is 5% or more of its total assets?NoNo
Did the organization report an amount for other liabilities?YesYes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?YesYes
Did the organization obtain separate, independent audited financial statements for the tax year?YesYes
Was the organization included in consolidated, independent audited financial statements for the tax year?NoNo
Is the organization a school described in section 170(b)(1)(A)(ii)?NoNo
Did the organization maintain an office, employees, or agents outside of the United States?NoNo
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?NoNo
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?NoNo
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?YesYes
Did the organization report more than $15,000 total of fundraising event gross income and contributions?YesYes
Did the organization report more than $15,000 of gross income from gaming activities?YesYes
Did the organization operate one or more hospital facilities?NoNo
Did the organization attach a copy of its audited financial statements?NoNo
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?YesYes
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?NoNo
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?YesYes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?NoNo
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?NoNo
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?NoNo
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?NoNo
Did the organization engage in an excess benefit transaction with a disqualified person during the year?NoNo
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?NoNo
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?NoNo
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?NoNo
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?NoNo
A family member of a current or former officer, director, trustee, or key employee?NoNo
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?NoNo
Did the organization receive more than $25,000 in non-cash contributions?YesYes
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?YesYes
Did the organization liquidate, terminate, or dissolve and cease operations?NoNo
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?NoNo
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?NoNo
Was the organization related to any tax-exempt or taxable entity?YesYes
Did the organization have a controlled entity within the meaning of section 512(b)(13)?NoNo
Did the organization make any transfers to an exempt non-charitable related organization?NoNo
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?NoNo
Statements Regarding Other IRS Filings and Tax Compliance
201220132014
The number reported in Box 3 of Form 10962116
The number of Forms W-2G10
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?YesNo
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return00
Did the organization file all required federal employment tax returns?NoNo
Did the organization have unrelated business gross income of $1,000 or more during the year?YesNoNo
Has it filed a Form 990-T for this year?NoNo
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?NoNo
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?NoNo
Did the organization file Form 8886-T?NoNo
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?NoNo
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?NoNo
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?YesYes
Did the organization notify the donor of the value of the goods or services provided?YesYes
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?NoNo
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?NoNo
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?NoNo
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?NoNo
Did the sponsoring organization make any taxable distributions under section 4966?NoNo
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?NoNo
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities $0$0$0
Gross income from members or shareholders$0$0$0
Gross income from other sources$0$0$0
Is the organization filing Form 990 in lieu of Form 1041?NoNo
The amount of tax-exempt interest received or accrued during the year$0$0
Is the organization licensed to issue qualified health plans in more than one state?NoNo
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0$0
The amount of reserves on hand$0$0
Did the organization receive any payments for indoor tanning services during the tax year?NoNo
Has it filed a Form 720 to report these payments?NoNo
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
201220132014
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$0$0
Total reportable compensation from related organizations$288,148$283,711
Total estimated amount of other compensation from the organization and related organizations$14,087$30,123
Total number of individuals who received more than $100,000 of reportable compensation from the organization01
Total number of independent contractors who received more than $100,000 of compensation from the organization22
Statement of Revenue
201220132014
Total revenue$23,070,274$14,894,646$19,545,564
Contributions, Gifts, Grants and Other Similar Amounts$20,310,249$12,682,891$16,985,951
Program Service Revenue$53,530$41,574$57,074
Educational Support Services$31,672$35,712
900099$9,902$11,643
480000$0$9,719
All other program service revenue$0$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$1,304,774$1,226,620$1,044,625
Income from investment of tax-exempt bond proceeds$0$0$0
Royalties$202,429$66,184$231,371
Net rental income$0$0$0
Net gain/loss from sales of assets other than inventory$84,009$817,816$1,176,952
Gross amount from sales of assets other than inventory (Securities / Other)$7,529,979 / $17,689$11,629,931 / $2,801$10,473,532 / $380
Less: cost or other basis and sales expenses (Securities / Other)$7,417,907 / $45,752$10,811,390 / $3,526$9,295,887 / $1,073
Gain or (loss) (Securities / Other)$112,072 / $-28,063$818,541 / $-725$1,177,645 / $-693
Net income/loss from fundraising events$-34,043$-15,167$-30,409
Gross income from fundraising events$36,222$53,809$41,231
Less: direct expenses$70,265$68,976$71,640
Net income/loss from gaming activities$20,000$34,024$20,000
Gross income from gaming activities$30,000$51,300$30,000
Less: direct expenses$10,000$17,276$10,000
Net income/loss from sales of inventory$28,489$37,445$15,552
Gross sales of inventory, less returns and allowances$28,489$37,445$15,552
Less: cost of goods sold$0$0$0
Miscellaneous Revenue$1,100,837$3,259$44,448
900099$3,259$44,448
All other revenue$0$0
Statement of Functional Expenses
201220132014
Total functional expenses$12,898,255$18,085,957$12,521,985
Grants and other assistance to domestic organizations and domestic governments$15,874,972$10,707,723
Grants and other assistance to domestic individuals$0$0
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$0$0
Benefits paid to or for members$0$0
Compensation of current officers, directors, trustees, and key employees$0$0$0
Compensation not included above, to disqualified persons$0$0
Other salaries and wages$0$0$0
Pension plan accruals and contributions$0$0
Other employee benefits$0$0
Payroll taxes$0$0$0
Fees for services (non-employees)
Management$0$0
Legal$14,575$16,195
Accounting$34,777$34,533
Lobbying$0$0
Professional fundraising services$40,000$68,656$22,200
Investment management fees$192,274$207,948
Other$24,764$22,614
Advertising and promotion$0$0
Office expenses$218,403$396,820
Information technology$0$0
Royalties$0$0
Occupancy$53,721$0
Travel$266,152$222,095
Payments of travel or entertainment expenses for any federal, state, or local public officials$0$0
Conferences, conventions, and meetings$252,841$286,294
Interest$0$0
Payments to affiliates$0$0
Depreciation, depletion, and amortization$2,445$0
Insurance$26,754$0
Other expenses$440,285$350,452
Other expenses$382,014$138,417
Other expenses$162,283$86,845
Other expenses$0$29,849
Balance Sheet
201220132014
Total assets$106,359,440$109,657,963$122,523,194
Cash - non-interest-bearing$2,000$2,000
Savings and temporary cash investments$1,282,639$1,966,907
Pledges and grants receivable, net$19,022,458$22,559,718
Accounts receivable, net$125,603$47,714
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0$0
Notes and loans receivable, net$8,894$4,668
Inventories for sale or use$0$0
Prepaid expenses and deferred charges$7,167$12,703
Land, buildings, and equipment: cost or other basis$7,466,725$6,651,785
Investments - publicly traded securities$64,179,301$67,867,488
Investments - other securities$17,370,303$23,207,485
Investments - program-related$0$0
Intangible assets$0$0
Other assets$192,873$202,726
Total liabilities$4,286,557$7,718,973$7,463,669
Accounts payable and accrued expenses$538,467$179,033
Grants payable$0$0
Deferred revenue$842,143$434,471
Tax-exempt bond liabilities$0$0$0
Escrow or custodial account liability$0$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0$0
Secured mortgages and notes payable to unrelated third parties$416,135$4,157,650$4,729,156
Unsecured notes and loans payable to unrelated third parties$0$0$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$2,180,713$2,121,009
Total net assets or fund balances$102,072,883$101,938,990$115,059,525
Unrestricted net assets$5,621,441$6,096,499
Temporarily restricted net assets$38,895,346$46,333,711
Permanently restricted net assets$57,422,203$62,629,315
Capital stock or trust principal, or current funds$0$0
Paid-in or capital surplus, or land, building, or equipment fund$0$0
Retained earnings, endowment, accumulated income, or other funds$0$0$0
Reason for Public Charity Status (for 2014)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2010 - 2014)
2010 - 2014 Total
Public Support$73,420,571
Subtotal Support$74,561,785
Gifts, grants, contributions, and membership fees received$74,561,785
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support$1,141,214
Total Support$82,596,160
Public Support$74,561,785
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$6,878,427
Net income from unrelated business activities, whether or not the business is regularly carried on$-14,887
Other income. Do not include gain or loss from the sale of capital assets$1,170,835
Gross receipts from related activities, etc.$839,976
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$22,432,290$5,279,052$5,948,916$11,038,911$10,113,448$11,057,809$16,809,193$22,171,957
Contributions, gifts, grants, and similar amounts received$17,757,944$6,531,832$7,212,293$7,878,621$9,315,860$8,387,535$11,211,395$19,475,185
Contributions to donor advised funds$0$0
Direct public support$17,757,944$6,531,832$7,212,293$7,878,621$9,315,860$8,387,535$11,211,395$19,475,185
Indirect public support$0$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$149,408$110,936$337,730$39,614$65,370$71,018$150,706$237,442
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$0$0$0$0$0$0$0$0
Dividends and interest from securities$1,152,983$941,061$611,474$1,064,543$961,956$1,266,498$1,529,765$1,724,072
Net rental income or (loss)$0$0$0$0$0$0$33,497$-2,364
Gross rents$0$0$0$0$0$0$47,165$11,916
Less: rental expenses$0$0$0$0$0$0$13,668$14,280
Other investment income$23,670$44,763$33,935$45,524$-74,724$9,949$8,088$6,887
Gain or (loss) from sales of assets other than inventory$3,241,567$-2,428,493$-2,053,947$1,989,275$-226,840$1,247,456$3,845,023$682,479
Gross amount from sales of assets other than inventory$3,369,910$152,602$162,327$2,017,024$48,350$21,762,567$20,743,146$16,566,121
Less: cost or other basis and sales expenses$128,343$2,581,095$2,216,274$27,749$275,190$20,515,111$16,898,123$15,883,642
Net income or (loss) from special events and activities$48,220$42,144$33,672$35,287$39,190$37,530$29,313$43,034
Gross revenue$63,220$57,144$48,672$50,287$54,190$52,530$39,313$53,034
Less: direct expenses other than fundraising expenses$15,000$15,000$15,000$15,000$15,000$15,000$10,000$10,000
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0$0
Other revenue$58,498$36,809$-226,241$-13,953$32,636$37,823$1,406$5,222
Total expenses$9,799,404$11,291,324$6,335,926$5,462,048$6,217,229$6,716,947$11,564,406$10,212,643
Program services$7,732,817$9,521,696$5,553,715$4,685,084$5,679,336$6,295,531$11,010,078$9,499,632
Management and general$1,404,477$1,316,147$418,778$386,672$216,361$133,500$79,911$97,604
Fundraising$662,110$453,481$363,433$390,292$321,532$287,916$474,417$615,407
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$56,398,741$49,622,665$51,449,200$58,835,106$64,824,201$71,294,419$80,062,490$87,376,937
Excess or (deficit) for the year$12,632,886$-6,012,272$-387,010$5,576,863$3,896,219$4,340,862$5,244,787$11,959,314
Net assets or fund balances at beginning of year$50,657,318$56,398,741$49,622,665$51,449,200$58,835,106$64,824,201$71,294,419$80,062,490
Other changes in net assets or fund balances$-6,891,463$-763,804$2,213,545$1,809,043$2,092,876$2,129,356$3,523,284$-4,644,867
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$10,212,643$9,499,632$97,604$615,407
Grants paid from donor advised funds$0
Other grants and allocations$8,808,907
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$0$0$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$35,517$0$35,517$0
Legal fees$10,310$3,250$7,060$0
Supplies$434,688$288,783$4,827$141,078
Telephone$18,788$1,663$3,057$14,068
Postage and shipping$61,897$24,677$1,061$36,159
Occupancy$300$300$0$0
Equipment rental and maintenance$60,683$36,208$8,025$16,450
Printing and publications$143,842$78,700$1,375$63,767
Travel$95,575$25,670$4,890$65,015
Conferences, conventions, and meetings$181,411$113,674$1,305$66,432
Interest$0$0$0$0
Depreciation, depletion, etc.$0$0$0$0
Other expenses not covered above$360,725$117,800$30,487$212,438
Balance Sheets
20002001200220032004200520062007
Total assets$59,081,463$52,671,964$53,577,833$60,984,703$68,209,530$74,545,176$86,516,921$96,440,303
Cash - non-interest-bearing$72,154$317,804$371,599$342,095$610,763$685,846$1,221,980$511,702
Savings and temporary cash investments$0$0$0$0$0$0$0$0
Accounts receivable less allowance for doubtful accounts$46,164$62,144$22,540$292,735$121,826$230,943$236,267$154,101
Pledges receivable less allowance for doubtful accounts$14,391,005$12,793,317$12,032,199$10,596,158$11,094,910$11,596,970$11,602,629$9,116,963
Grants receivable$0$32,851$5,880$0$0$0$9,415$25,053
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$178,242$3,761$2,200$798$0$0$0$0
Inventories for sale or use$0$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$14,565$25,839$30,842$92,878$25,751$31,377$29,765$20,576
Investments - publicly-traded securities$0$0
Investments - other securities$40,572,162$38,909,678$40,649,282$49,207,907$54,207,829$59,179,723$67,359,797$71,858,101
Investments - land, buildings, and equipment less accumulated depreciation$211,300$86,000$150,521$138,021$88,021$83,021$3,980,953$10,154,146
Investments - other$245,119$0$0$254,502$141,958$151,907$159,995$166,881
Land, buildings, and equipment less accumulated depreciation$3,344,627$158,809$32,125$32,125$1,909,125$2,577,147$1,916,120$4,432,780
Other assets, including program-related investments$6,125$281,761$280,645$27,484$9,347$8,242$0$0
Total liabilities$2,682,722$3,049,299$2,128,633$2,149,597$3,385,329$3,250,757$6,454,431$9,063,366
Accounts payable and accrued expenses$77,836$26,382$50,224$4,139$15,720$76,953$11,410$20,483
Grants payable$1,394,191$1,428,171$855,168$765,458$613,032$460,651$308,057$154,986
Deferred revenue$293,311$256,861$120,000$235,790$342,669$445,335$547,928$524,481
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0$0
Mortgages and other notes payable$0$397,387$166,225$0$0$0$3,176,000$5,838,655
Other liabilities$917,384$940,498$937,016$1,144,210$2,413,908$2,267,818$2,411,036$2,524,761
Total liabilities and net assets/fund balances$59,081,463$52,671,964$53,577,833$60,984,703$68,209,530$74,545,176$86,516,921$96,440,303
Total net assets or fund balances$56,398,741$49,622,665$51,449,200$58,835,106$64,824,201$71,294,419$80,062,490$87,376,937
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$22,432,290$5,279,052$5,948,916$11,038,911$10,113,448$11,057,809$16,809,193$22,171,957
Total revenue, gains, and other support per audited financial statements$15,540,827$4,515,248$8,162,461$12,847,954$12,206,324$13,187,165$20,332,477$17,527,090
Other expenses$-6,891,463$-763,804$2,213,545$1,809,043$2,092,876$2,129,356$3,523,284$-4,644,867
Net unrealized gains on investments$-6,573,039$-763,804$2,213,545$1,809,043$2,092,876$2,129,356$3,497,214$-4,232,302
Donated services and use of facilities$0$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$-318,424$0$0$0$0$0$26,070$-412,565
Other revenue$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$9,799,404$11,291,324$6,335,926$5,462,048$6,217,229$6,716,947$11,564,406$10,212,643
Total expenses and losses per audited financial statements$8,503,020$10,127,645$6,002,084$5,175,155$6,079,141$6,650,990$11,564,406$10,212,643
Other revenue$0$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Other expenses$1,296,384$1,163,679$333,842$286,893$138,088$65,957$0$0
Investment expenses$0$0$0$0$0$0$0$0
Other$1,296,384$1,163,679$333,842$286,893$138,088$65,957$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings22
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?Yes
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?Yes
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$14,677$2,459,330$222,765
Program service revenue
Program service revenue 1000000$000$0$22,498
Program service revenue 2All other insurance-related activities$14,67700$0$75,379
Program service revenue 3000000$000$0$63,719
Program service revenue 4000000$000$0$720
Program service revenue 5000000$000$0$60,449
000000$000$0$22,498
All other insurance-related activities$14,67700$0$75,379
000000$000$0$63,719
000000$000$0$720
000000$000$0$56,591
000000$000$0$3,858
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$1,724,072$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$0Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)$-2,364$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$6,887$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$682,479$0
Net income or (loss) from special events000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$43,034$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$5,222$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
19992000200120022003200420052006
Total$7,542,491$8,204,948$8,162,255$8,373,480$10,299,461$10,028,489$9,640,118$12,941,882
Gifts, grants, and contributions received$6,050,440$6,800,421$7,043,194$7,630,431$9,188,189$8,798,842$8,196,444$11,211,395
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$368,503$251,544$178,000$131,575$46,729$118,411$146,371$181,425
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$1,123,548$1,152,983$941,061$611,474$1,064,543$1,092,451$1,276,447$1,529,765
Net income from unrelated business activities not included above$0$0$0$0$0$18,785$20,856$19,297
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Unrelated Trade or Business Income (for 2009)
IncomeExpensesNet
Total$1,348$0$1,348
Gross receipts or sales less returns and allowances$0$0$0
Cost of goods sold$0$0$0
Gross profit$0$0$0
Capital gain net income$0$0$0
Net gain$0$0$0
Capital loss deduction for trusts$0$0$0
Income (loss) from partnerships and S corporations$0$0$0
Rent income$0$0$0
Unrelated debt-financed income$0$0$0
Interest, annuities, royalties, and rents from controlled organizations$0$0$0
Investment income of a section 501(c)(7), (9), or (17) organization$0$0$0
Exploited exempt activity income$0$0$0
Advertising income$0$0$0
Other income$1,348$0$1,348
Deductions Not Taken Elsewhere (for 2009)
Total deductions$652
Compensation of officers, directors, and trustees$0
Salaries and wages$0
Repairs and maintenance$0
Bad debts$0
Interest$0
Taxes and licenses$0
Charitable contributions$0
Depreciation$0
Depletion$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$600
Unrelated business taxable income$0
Unrelated business taxable income before net operating loss deduction$696
Net operating loss deduction$0
Unrelated business taxable income before specific deduction$696
Specific deduction$1,000
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1Research Foundation For The State University Of New YorkPO BOX 9, Albany, NY 12201-0009NY1951-11$1,514,296,693
2University Of North Carolina At Chapel Hill Foundation Inc104 Airport Dr Ste 3200 Cb, Chapel Hill, NC 27599-5023NC1977-01$61,929,373
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Number of organizations performing similar types of work
Alaska1
Alabama7
Arkansas3
Arizona3
California53
Colorado9
Connecticut9
District of Columbia4
Delaware4
Florida22
Georgia21
Hawaii2
Iowa5
Illinois19
Indiana8
Kansas13
Kentucky6
Louisiana8
Massachusetts7
Maryland7
Maine1
Michigan16
Minnesota8
Missouri9
Mississippi4
Montana1
North Carolina30
Nebraska3
New Hampshire2
New Jersey12
New Mexico3
Nevada5
New York43
Ohio16
Oklahoma5
Oregon5
Pennsylvania23
Rhode Island1
South Carolina13
South Dakota3
Tennessee12
Texas25
Utah3
Virginia17
Vermont1
Washington8
Wisconsin13
West Virginia4
Wyoming1
International6
Total504

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