Norfolk State University Foundation, Inc.
700 Park Avenue
HBW Suite 410
Norfolk VA 23504
Mission Statement
The NSU Foundation is organized exclusively to encourage, solicit, administer and disburse contribution, gifts and grants for the support of Norfolk State University.
 
 
Leadership
CEO/Executive Director Mr. Kelvin Arthur
Board Chair Glenn Carrington
Board Chair Company Affiliation Ernst & Young
Contact Information
Address 700 Park Avenue
HBW Suite 410
Norfolk, VA 23504
Telephone 757 823-8323
Fax 757 823-2405
E-mail nsuf@nsu.edu
History and Background
Year of Incorporation 1972
Financial Summary
 
 
Projected Revenue $3,600,000.00
Projected Expenses $2,500,000.00
Statements
Mission
The NSU Foundation is organized exclusively to encourage, solicit, administer and disburse contribution, gifts and grants for the support of Norfolk State University.
 
 
Impact
Accomplishments:
  1. Distributed $796,000 in scholarship funding for over 740 students.
  2. Provided $642,000 in support for university programs and initiatives.
  3. Endowment investment return for fiscal year end was 18.14%.
  4. Established three new endowments and one new charitable gift annuity.
  5. Secured ownership of a $700,000 life insurance planned gift.

 Goals:

  1. Achieve 100% board giving at leadership level;
  2. Establish 10 new endowments;
  3. Increase University support by 15%;
  4. Secure ownership of $1M in life insurance planned gifts.

 

Needs
Needs:
  1. Secure $2M in annual support for Honors College;
  2. Grow endowment fund to $50M by 2021;
  3. Establish multi-year corporate support commitments.
Background
The Norfolk State University Foundation, Incorporated, was organized in 1972 exclusively for charitable, educational and scientific purposes and to the end of achieving such purposes, this nonprofit corporation shall:
 
  • Encourage, solicit, receive, manage, administer, control, invest, and disburse contributions, gifts, grants, bequests, and transfers of funds or property of any nature, and carry out the wishes and seem that the funds and property so received are applied to the uses specified by the donors, to be beneficial to the program, facilities, students, faculty and staff of Norfolk State University.
  • Borrow such funds, on such terms and with such security, if any, as may be prescribed and agreed to by the Board of Directors.
  • Sponsor, encourage, conduct and render financial assistance in student aid programs, alumni events, public relations activities, faculty supplements, curriculum enrichment programs, administrative support,capital improvement projects, research projects and studies as are approved by appropriate authorities of Norfolk State University.
Responsibility for governing the Foundation is vested in a Board of Directors comprised of up to 50 persons, who are elected by the membership.
Areas of Service
Areas Served
Area
In a specific U.S. city, cities, state(s) and/or region.
Hampton Roads
Board Chair
Board Chair Glenn Carrington
Company Affiliation Ernst & Young
Term July 2014 to June 2017
Email Glenn.Carrington@ey.com
Board of Directors
Board Members
NameAffiliation
Yvonne Allmond Towne Bank
Travis Ames AIG
Brenda Andrews The New Journal & Guide
William Bagby Ameriprise
Carla Bailey USA Backgrounds
Willie Brown WLB Inc.
Edward Bullock Retired
Glenn Carrington Ernst & Young
Dr Byron Cherry Norfolk State University
Dr. Herman Clark Regent University
Dr. Lajuana Collins-Morgan Quadsworld LLC
Bryan Cuffee Norfolk State University
Dr. Deborah Fontaine Norfolk State University
Col (Ret) James Harris Retired
Dr. Allen Jones Dominion Physical Therapy
Dr. Keith Jones Shiloh Baptist Church
Leonard Jones Jones & Associates LLC
Dr. Tamara Jones Eastern Virginia Med School
David Kenerson Virginia Global
Dr. Thomas Leecost VA Foot & Ankle Institute
Lamont Maddox Guidance Law Firm
William Mason Robinson Law Group
Eddie Moore Norfolk State University
Sean Neary US Trust, Bank of America
James Petersen City of Hampton
Charles Saunders Saunders & Matthews PLLC
James Spurlock Retired
Dr. Patricia Stith Syracuse University
Fred Thompson Thompson Hospitality
Col (Ret) James Whitehead Retired
Joan Wilmer-Stewart Horseshoe Casino
Jimmie Wilson Retired
Board Demographics - Ethnicity
African American/Black 29
Asian American/Pacific Islander 0
Caucasian 3
Hispanic/Latino 0
Native American/American Indian 0
Board Demographics - Gender
Male 24
Female 8
Governance
Board Term Lengths 3
Board Term Limits 3
Board Meeting Attendance % 90
Written Board Selection Criteria? Under Development
Written Conflict of Interest Policy? Under Development
Percentage Making Monetary Contributions 95
Percentage Making In-Kind Contributions 0
Number of Full Board Meetings Annually 4
Standing Committees
Audit
Executive
Finance
Human Resources / Personnel
Investment
Nominating
Scholarship
Building
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
Executive Director
Executive Director Mr. Kelvin Arthur
Senior Staff
NameTitle
Crystal Jenkins Accountant
Staff
Full Time Staff 2
Part Time Staff 1
Retention Rate 100
Plans
Organization has a Fundraising Plan? Under Development
Organization has a Strategic Plan? Under Development
Management Succession Plan? No
Organization Policy and Procedures No
Whistleblower Policy No
Document Destruction Policy Yes
Directors and Officers Insurance Policy Yes
Programs
Description The Foundation administers grants on behalf of NSU.
Budget $134,000.00
Description
The Foundation makes disbursements to NSU students who are designated by the university to receive scholarships from funds established by various donors.
Budget $625,511.00
Description
The Foundation provides support services for the benefit of NSU and its students.
Budget $507,787.00
Fiscal Year
Projected Revenue $3,600,000.00
Projected Expenses $2,500,000.00
Endowment Value $26,800,000.00
Spending Policy Percentage
Percentage (if selected) 4
IRS Letter of Exemption
Detailed Financials
Expense Allocation
Fiscal Year201520142013
Program Expense$2,249,519$1,438,254$1,591,392
Administration Expense$484,909$405,416$275,607
Fundraising Expense$223,221$204,279$709,293
Payments to Affiliates------
Total Revenue/Total Expenses0.752.801.78
Program Expense/Total Expenses76%70%62%
Fundraising Expense/Contributed Revenue9%12%41%
Assets and Liabilities
Fiscal Year201520142013
Total Assets$28,834,196$28,320,598$24,645,183
Current Assets$1,779,594$692,462$783,855
Long-Term Liabilities$0----
Current Liabilities$367,373$238,797$230,471
Total Net Assets$28,466,823$28,081,801$24,414,712
Short Term Solvency
Fiscal Year201520142013
Current Ratio: Current Assets/Current Liabilities4.842.903.40
Long Term Solvency
Fiscal Year201520142013
Long-Term Liabilities/Total Assets0%0%0%
Capital Campaign
Currently in a Capital Campaign? No
Campaign Purpose Endowment and Capital Building Campaign
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit ExemptionView
Comments
Foundation Comments
  • Form 990 and audit prepared by Dixon, Hughes, Goodman, LLP.
  • Financial information provided by audit.