Winston-Salem State University Foundation Incorporated in Winston Salem, North Carolina (NC)

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Winston-Salem State University Foundation Incorporated
Employer Identification Number (EIN)560989620
Name of OrganizationWinston-Salem State University Foundation Incorporated
In Care of NameGordon Slade
AddressS G Atkins House, Winston Salem, NC 27110-0001
ActivitiesGifts, grants, or loans to other organizations, Other school related activities
SubsectionEducational Organization
Ruling Date03/1972
DeductibilityContributions are deductible
FoundationOrganization which operates for benefit of college or university and is owned or operated by a governmental unit
Exempt Organization StatusUnconditional Exemption
Tax Period06/2009
Assets$50,000,000 to greater
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$64,313,561
Amount of Income$6,066,281
Form 990 Revenue Amount$6,009,310
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Single Organization Support

Amount of income in 2009: $6,066,281
Winston-Salem State University Foundation Incorporated:  $6,066,281
Other organizations performing similar types of work:  $6,522,972

Assets in 2009: $64,313,561
Winston-Salem State University Foundation Incorporated:  $64,313,561
Other organizations performing similar types of work:  $20,890,363

Expenses in 2006: $4,182,743
Winston-Salem State University Foundation Incorporated:  $4,182,743
Other organizations performing similar types of work:  $2,785,653

Income to expenses ratio in 2006: 1.1
This organization:  1.1
Other organizations performing similar types of work:  1.5

Expenses allocated to program services in 2006: 82.8%
This organization:  82.8%
Other organizations performing similar types of work:  84.6%

Number of employees in 2006: 3
Winston-Salem State University Foundation Incorporated:  3
Other organizations performing similar types of work:  15

Employees paid over $50,000 in 2006: 66.7%
Winston-Salem State University Foundation Incorporated:  66.7%
Other organizations performing similar types of work:  20.6%

Grants share in income in 2006: 34.7%
Winston-Salem State University Foundation Incorporated:  34.7%
Other organizations performing similar types of work:  50.2%

Financial snapshot ($)

Revenue for 2006

Assets at end of 2006

Expenses for 2006

Functional Expenses for 2006 ($)

Income-Producing Activities for 2006

Revenue, Expenses, and Changes in Net Assets or Fund Balances
Total revenue$782,842$1,291,022$2,440,439$4,045,828$5,084,547$5,893,431$4,411,300
Contributions, gifts, grants, and similar amounts received$535,832$1,015,547$921,473$2,649,197$3,666,569$3,588,804$1,529,661
Contributions to donor advised funds$0
Direct public support$535,832$1,015,547$921,473$2,649,197$3,666,569$3,588,804$1,529,661
Indirect public support$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$0$0$0$0$0$0$0
Membership dues and assessments$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$0$184,568$0$0$0$0$0
Dividends and interest from securities$147,953$0$111,355$54,571$256,226$256,303$852,435
Net rental income or (loss)$0$0$1,108,952$1,093,787$935,735$1,773,005$1,760,860
Gross rents$0$0$1,918,351$2,091,223$1,222,444$1,773,005$1,760,860
Less: rental expenses$0$0$809,399$997,436$286,710$0$0
Other investment income$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$4,226$3,317$44,306$0$0$0$0
Gross amount from sales of assets other than inventory$172,874$413,000$1,119,657$0$0$0$0
Less: cost or other basis and sales expenses$168,648$409,683$1,075,351$0$0$0$0
Net income or (loss) from special events and activities$11,090$19,050$7,416$0$0$0$0
Gross revenue$11,090$34,832$62,998$0$0$0$0
Less: direct expenses other than fundraising expenses$0$15,782$55,582$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0
Other revenue$83,741$68,540$246,937$248,273$226,018$275,319$268,344
Total expenses$1,283,580$1,006,117$2,478,365$2,272,373$3,150,443$3,315,245$4,182,743
Program services$986,802$717,300$2,027,510$1,794,480$2,529,752$2,639,653$3,463,767
Management and general$275,295$288,817$364,492$354,397$411,626$464,281$501,462
Payments to affiliates$0$0$0$0$0$0$0
Net assets or fund balances at end of year$5,094,259$5,096,687$4,813,666$6,933,307$9,303,470$12,237,647$12,207,270
Excess or (deficit) for the year$-500,738$284,905$-37,926$1,773,455$1,934,104$2,578,186$228,557
Net assets or fund balances at beginning of year$5,900,322$5,094,258$5,096,687$4,813,666$6,933,307$9,303,470$12,237,647
Other changes in net assets or fund balances$-305,325$-282,476$-245,095$346,186$436,059$355,991$-258,934
Statement of Functional Expenses (for 2006)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$4,182,743$3,463,767$501,462$217,514
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$624,174
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$112,005$0$0$112,005
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$138,882$0$138,882$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$17,240$0$17,240$0
Payroll taxes$19,680$0$19,680$0
Professional fundraising fees$0$0$0$0
Accounting fees$31,191$0$31,191$0
Legal fees$27,921$0$27,921$0
Postage and shipping$1,689$0$1,689$0
Equipment rental and maintenance$2,501$0$2,501$0
Printing and publications$2,146$0$2,146$0
Conferences, conventions, and meetings$4,011$0$4,011$0
Depreciation, depletion, etc.$9,349$0$9,349$0
Other expenses not covered above$1,095,389$789,703$200,177$105,509
Balance Sheets
Total assets$5,278,548$23,259,645$22,865,908$25,355,671$48,430,573$47,866,213$68,919,974
Cash - non-interest-bearing$1,136,318$1,696,232$1,169,931$2,448,222$4,468,181$5,135,843$5,584,460
Savings and temporary cash investments$0$7,313,673$2,691,571$2,260,598$9,003,559$2,354,529$14,083,802
Accounts receivable less allowance for doubtful accounts$26,145$17,784$82,664$150,039$85,768$9,295$57,075
Pledges receivable less allowance for doubtful accounts$0$13,500$0$1,722,104$3,372,049$4,187,140$2,806,211
Grants receivable$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$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
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$14,118,025$29,286,305$28,811,605
Inventories for sale or use$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$10,000$0$36,283$395,339$1,403,295$1,353,664$2,319,799
Investments - publicly-traded securities$0
Investments - other securities$2,377,885$2,032,633$0$0$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$16,543,070$16,083,096$12,945,699$1,871,119$10,782,536
Investments - other$0$0$1,963,694$2,296,273$3,033,997$3,668,318$4,474,486
Land, buildings, and equipment less accumulated depreciation$1,728,200$12,185,823$0$0$0$0$0
Other assets, including program-related investments$0$0$378,695$0$0$0$0
Total liabilities$184,290$18,162,958$18,052,242$18,422,364$39,127,103$35,628,566$56,712,704
Accounts payable and accrued expenses$58,890$22,958$175,042$170,361$2,296,484$11,276$2,707,704
Grants payable$0$0$0$0$0$0$0
Deferred revenue$0$0$55,825$68,872$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$17,665,000$17,665,000$17,665,000$35,750,000$35,095,000$53,255,000
Mortgages and other notes payable$0$0$0$0$0$0$0
Other liabilities$125,400$475,000$156,375$518,131$1,080,619$522,290$750,000
Total liabilities and net assets/fund balances$5,278,548$23,259,645$22,865,908$25,355,671$48,430,573$47,866,213$68,919,974
Total net assets or fund balances$5,094,258$5,096,687$4,813,666$6,933,307$9,303,470$12,237,647$12,207,270
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
Total revenue$782,842$1,306,804$2,440,439$4,045,828$5,084,547$5,893,431$4,411,300
Total revenue, gains, and other support per audited financial statements$512,690$1,024,328$3,161,118$5,389,450$5,807,316$6,249,422$4,902,366
Other expenses$-270,152$-282,476$720,679$1,343,622$722,769$355,991$491,066
Net unrealized gains on investments$-305,325$-282,476$-88,720$189,811$436,059$355,991$491,066
Donated services and use of facilities$35,173$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
Total expenses$1,283,581$1,021,899$2,478,365$2,272,373$3,150,443$3,315,245$4,182,743
Total expenses and losses per audited financial statements$1,318,754$1,021,899$3,444,139$3,269,809$3,437,153$3,315,245$4,182,743
Other revenue$35,173$0$965,774$997,436$286,710$0$0
Donated services and use of facilities$35,173$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0
Other expenses$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings15
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?No
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, 20063
Analysis of Income-Producing Activities (for 2006)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
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)$852,435$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$1,760,860
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenueTravel arrangement and reservation services$93,610Section 501(c)(3) organization - Income from an activity carried on primarily for the convenience of the organization's members, students, patients, visitors, officers, or employees (hospital parking lot or museum cafeteria, for example) (section 513(a)(2))$174,734$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2006)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2006)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
Total number of other employees paid over $50,0000
Statements About Activities (for 2006)
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
Enter the total number of donor advised funds owned at the end of the tax year$0
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
Enter 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
Enter 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 operated for the benefit of a college or university
Support Schedule
Gifts, grants, and contributions received$903,990$522,580$1,015,547$921,473$2,649,197$3,666,569$2,867,898
Membership fees received$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$0$0$0$0$0$0$0
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$132,816$147,953$184,568$111,355$54,571$256,226$2,113,457
Net income from unrelated business activities not included above$0$0$0$0$0$0$0
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
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
Other income$10,328$10,701$19,050$7,416$0$0$191,130
Lobbying Expenditures by Electing Public Charities (for 2006)
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 2008)
Gross receipts or sales less returns and allowances$74,206$0$0
Cost of goods sold$40,479$0$0
Gross profit$33,727$0$33,727
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$5,166$14$5,166
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$0$0$0
Deductions Not Taken Elsewhere (for 2008)
Total deductions$2,684
Compensation of officers, directors, and trustees$0
Salaries and wages$0
Repairs and maintenance$0
Bad debts$0
Taxes and licenses$2,684
Charitable contributions$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$0
Unrelated business taxable income$35,209
Unrelated business taxable income before net operating loss deduction$36,209
Net operating loss deduction$0
Unrelated business taxable income before specific deduction$36,209
Specific deduction$1,000
Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Gothic Corporation406 Blackwell St Ste 300, Durham, NC 27701-3984NC1993-09$2,639,466,817
2Arizona State University Foundation300 E University Drive G, Tempe, AZ 85281-2061AZ1958-05$654,274,149
3The University Of Nc At Chapel Hill Foundation Investment Fund Inc, Foundation Investment IncCampus Box 1270 104 Airport Dr Su, Chapel Hill, NC 27599-0001NC1996-06$281,704,423
4Nc State Investment Fund IncNcsu Box 7207, Raleigh, NC 27695-0001NC1998-08$242,295,625
5Archdiocesan Educational Fund300 Conshohocken State Rd Ste 100, Conshohocken, PA 19428-3814PA1946-03$48,598,594
6Medical Foundation Of North Carolina Inc880 Martin Luther King Jr Blvd, Chapel Hill, NC 27514-2600NC1951-07$47,413,167
7Appalachian State University Foundation IncAsu Box 32064, Boone, NC 28608-0001NC1971-03$34,126,853
8North Carolina State University Foundation IncNscu Box 7207, Raleigh, NC 27695-0001NC1949-02$32,653,732
9Duke University Special Ventures Fund Inc406 Blackwell St Ste 300, Durham, NC 27701-3984NC1986-06$19,509,996
10Foundation Of The University Of North Carolina At Charlotte Inc9201 University City Blvd, Charlotte, NC 28223-0001NC1963-07$19,095,210
11University Of North Carolina At Greensboro Investment Fund IncPO BOX 26170, Greensboro, NC 27402-6170NC1992-08$16,163,363
12Cardeza T D & Mcd-Cardeza Fdn1525 W Wt Harris Blvd, Charlotte, NC 28262-8522NC1974-11$12,221,642
13East Carolina University Foundation Inc2200 South Charles Blvd, Greenville, NC 27858-5235NC1969-03$11,634,263
14Central Piedmont Community College Foundation IncP O Box 35009, Charlotte, NC 28235NC1968-11$8,062,495
15Aubrey Lee Brooks FoundationPO BOX 13663, Rtp Rk, NC 27709-3663NC1973-04$7,813,692
16University Of North Carolina At Asheville Foundation Inc1 University Hts, Asheville, NC 28804-3251NC1970-06$6,967,980
17Allan Hancock College Auxiliary Programs Corporation800 S College Drive, Santa Maria, CA 93454CA1972-07$6,815,816
18Winston-Salem State University Foundation IncorporatedS G Atkins House, Winston Salem, NC 27110-0001NC1972-03$6,066,281
19American University Of Armenia Corporation300 Lakeside Dr 5th Fl, Oakland, CA 94612-3534CA1991-11$6,000,778
20The Lord Foundation Of North Carolina305 Teer Building, Durham, NC 27708-0001NC1985-08$4,757,124
21Unc-G Excellence FoundationPO BOX 26170, Greensboro, NC 27402-6170NC1967-09$4,253,363
22North Carolina Central University Foundation IncPO BOX 52466, Durham, NC 27717NC1974-09$3,213,747
23Pulp And Paper Foundation IncNcsu Box 7207, Raleigh, NC 27695-7207NC1949-02$2,401,610
24University Of North Carolina School Of The Arts Foundation IncRo Box 12189, Winston Salem, NC 27117NC1964-12$2,222,502
25Guilford Technical Community College Foundation IncPO BOX 309, Jamestown, NC 27282-0309NC1967-05$1,498,374
26Summit Charter School Foundation IncPO BOX 2493, Cashiers, NC 28717-2493NC1998-03$1,116,449
27Duke Management Company406 Blackwell Street, Durham, NC 27701-3983NC1991-10$794,600
28North Carolina Community College Foundation200 W Jones St, Raleigh, NC 27603-1378NC1987-03$650,553
29Montreat College Foundation IncPO BOX 1267, Montreat, NC 28757-1267NC1982-07$444,883
30The Rainbow Mountain Foundation574 Haywood Rd, Asheville, NC 28806-3556NC1994-07$52,691
Number of organizations performing similar types of work
District of Columbia4
North Carolina27
North Dakota4
New Hampshire2
New Jersey12
New Mexico6
New York44
Rhode Island6
South Carolina9
South Dakota2
West Virginia6
Total716 is not associated with, endorsed by, or sponsored by Winston-Salem State University Foundation Incorporated and has no official or unofficial affiliation with Winston-Salem State University Foundation Incorporated