2024-04-10T16:35:21-05:00 2023-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2022-07-01 237115345 THE ELIZABETH CITY STATE UNIV FOUNDATION ELIZ 2523353225 1704 WEEKSVILLE ROAD ELIZABETH CITY NC 27909 KEVIN WADE INTERIM VICE CHANCELLOR FOR UA 2523353225 2024-04-09 1 KEVIN WADE 999009999 0 AMY DOSIK P00890743 7043771678 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z KEVIN WADE 1704 WEEKSVILLE ROAD ELIZABETH CITY NC 27909 12193927 0 X HTTP://WWW.ECSU.EDU/FOUNDATION X 1971 NC SEE SCHEDULE O 19 19 0 19 0 0 2576298 1659137 29678 821404 561687 3008 128395 193781 3296058 2677330 1413733 804084 0 0 0 0 0 0 0 1586497 1659970 3000230 2464054 295828 213276 19167827 20234174 19441919 19181504 -274092 1052670 X GOVERNED BY A 19 MEMBER BOARD, THE FOUNDATION'S PURPOSE IS TO AID, SUPPORT AND PROMOTE TEACHING, RESEARCH AND SERVICE IN THE VARIOUS EDUCATIONAL, SCIENTIFIC, SCHOLARLY, PROFESSIONAL, ARTISTIC AND CREATIVE ENDEAVORS OF THE UNIVERSITY. THE ECSU FOUNDATION IS COMMITTED TO ENSURING THE FUTURE OF THE UNIVERSITY BY BUILDING ECSU'S ENDOWMENT TO PROVIDE FOR ITS NEEDS IN PERPETUITY. THE INVESTMENT AND ANNUAL REINVESTMENT, ALLOWED AT A HIGHER RATE OF RETURN THAN OTHER RESERVE FUNDS, OF THE ECSU FOUNDATION ENDOWMENT ALLOWS THE UNIVERSITY TO INCREASE ITS IMPACT ON THE REGION AS WELL AS THE CAPACITY TO MEET THE NEEDS OF THE STUDENTS IT SERVES. 0 0 479915 479915 PROVIDED FUNDING TO UNIVERSITY FOR DORMITORY RENOVATIONS. 324169 324169 THE ECSU FOUNDATION PROVIDED SCHOLARSHIPS TO STUDENTS AT ELIZABETH CITY STATE UNIVERSITY. 965662 848396 PROVIDED HOUSING FOR STUDENTS OF ELIZABETH CITY STATE UNIVERSITY THROUGH VIKINGS VILLAGE APARTMENTS. 1769746 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 31 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X UNIVERSITY ADVANCEMENT OR CONTROLLER 2523353743 1704 WEEKSVILLE ROAD ELIZABETH CITY NC 27909 KIMREY RHINEHARDT CHAIRMAN 4.00 0.00 X X 0 0 0 L CHANTEL CHERRY-LASSITER VICE CHAIRMAN 2.00 0.00 X X 0 0 0 JERMAINE MCKINLEY TREASURER 2.00 0.00 X X 0 0 0 LENORA JARVIS-MACKEY SECRETARY 2.00 0.00 X X 0 0 0 DR KARRIE G DIXON CHANCELLOR 2.00 0.00 X 0 0 0 COL RANDY B BELL BOARD MEMBER 2.00 0.00 X 0 0 0 JAMES BELL BOARD MEMBER 2.00 0.00 X 0 0 0 JAMES CHERRY III BOARD MEMBER 1.00 0.00 X 0 0 0 BERNADINE A COBB BOARD MEMBER 2.00 0.00 X 0 0 0 LYDIA DANIEL BOARD MEMBER 2.00 0.00 X 0 0 0 DIANA M GARDNER BOARD MEMBER 2.00 0.00 X 0 0 0 EMMANUEL D HARRIS BOARD MEMBER 2.00 0.00 X 0 0 0 ELSTON HOWELL BOARD MEMBER 1.00 0.00 X 0 0 0 SADIE JOHNSON CARTER BOARD MEMBER 1.00 0.00 X 0 0 0 CHRISTIAN LEWIS BOARD MEMBER 1.00 0.00 X 0 0 0 TIMOTHY MINOR BOARD MEMBER 2.00 0.00 X 0 0 0 ANNALISA CARAWAN MORGAN BOARD MEMBER 1.00 0.00 X 0 0 0 REV JERRY SPRUELL BOARD MEMBER 2.00 0.00 X 0 0 0 DR TRACEY TULLIE BOARD MEMBER 2.00 0.00 X 0 0 0 GARY BROWN EXECUTIVE DIRECTOR 40.00 0.00 X 0 157010 38555 0 157010 38555 0 0 1 0 0 24570 1634567 1659137 STUDENT HOUSING RENTAL INCOME 900099 821404 821404 821404 250632 250632 9223178 9470802 -247624 -247624 -247624 212584 45795 166789 166789 26992 26992 26992 2677330 848396 0 169797 X 804084 804084 25550 25550 29430 29430 363596 218158 145438 15507 9304 6203 136238 81743 54495 1768 1061 707 57041 34225 22816 434841 260905 173936 217709 130625 87084 8998 5399 3599 SUPPLIES 335637 201382 134255 SHARED SERVICES 12199 7319 4880 21456 15541 5915 2464054 1769746 694308 0 4582199 4705774 152 3033 8584828 938907 7863630 7645921 6605331 7728344 116515 151102 19167827 20234174 68948 165282 28763 19372971 18987459 19441919 19181504 X -7293789 -5042123 7019697 6094793 -274092 1052670 19167827 20234174 213276 856427 257059 0 X 0 1 X 1 0 X 790321 1141682 1254956 2576298 1659137 7422394 790321 1141682 1254956 2576298 1659137 7422394 332688 7089706 105120 93220 126503 139794 250632 715269 8137663 3687236 0.87120 0.84350 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6436921 447418 -1080450 324169 154754 5324966 7018532 311248 -422166 267757 202936 6436921 5390218 222840 1888028 346207 136347 7018532 4687068 122684 768032 170208 17358 5390218 4485037 365715 506357 652990 17051 4687068 1.00000 0 0 690583 690583 7894245 938907 6955338 7645921 X 3787950 856427 237828 45795 1140050 2647900 29430 29430 2677330 1803491 237828 45795 283623 1519868 29430 914756 944186 2464054 PART V, LINE 4: TO PROVIDE SCHOLARSHIPS FOR ELIZABETH CITY STATE UNIVERSITY STUDENTS. THE PERCENTAGE REPORTED FOR PERMANENT ENDOWMENTS INCLUDES AMOUNTS THAT MUST BE MAINTAINED IN PERPETUITY AS WELL AS ACCUMULATED EARNINGS ON SUCH AMOUNTS THAT HAVE NOT YET BEEN APPROPRIATED FOR EXPENDITURE. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"). IN ACCORDANCE WITH IRC REGULATIONS, THE FOUNDATION IS TAXED ON UNRELATED BUSINESS INCOME, WHICH CONSISTS OF EARNINGS FROM ACTIVITIES NOT RELATED TO THE EXEMPT PURPOSE OF THE FOUNDATION. THE FOUNDATION ACCOUNTS FOR TAX UNCERTAINTIES BASED ON A MORE LIKELY THAN NOT RECOGNITION THRESHOLD WHEREBY TAX BENEFITS ARE ONLY RECOGNIZED WHEN THE FOUNDATION BELIEVES THAT THEY HAVE A GREATER THAN 50% LIKELIHOOD OF BEING SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE FOUNDATION HAS EVALUATED ALL OF ITS TAX POSITIONS AND DETERMINED THAT IT HAD NO UNCERTAIN INCOME TAX POSITIONS AS OF JUNE 30, 2023. MANAGEMENT BELIEVES THAT THE FOUNDATION CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX EXEMPT ORGANIZATION AND IS NOT SUBJECT TO TAX. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN REFLECTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES REPORTED NET OF REVENUES 45,795. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES REPORTED NET OF REVENUES 45,795. PART XII, LINE 4B - OTHER ADJUSTMENTS: TRANSFER TO UNIVERSITY 479,915. INTEREST EXPENSE 434,841. GALA 212584 212584 45795 212584 212584 45795 45795 166789 1 ELIZABETH CITY STATE UNIVERSITY 1704 WEEKSVILLE RD ELIZABETH CITY NC 27909 561047680 170(C)(1) 324169 0 SCHOLARSHIPS TO ECSU STUDENTS ELIZABETH CITY STATE UNIVERSITY 1704 WEEKSVILLE RD ELIZABETH CITY NC 27909 561047680 170(C)(1) 479915 0 DORMITORY RENOVATIONS 1 0 PART I, LINE 2: THE FOUNDATION ONLY MAKES GRANTS TO THE UNIVERSITY WHICH IT EXISTS TO SUPPORT. THE CLOSE RELATIONSHIP BETWEEN THE ORGANIZATIONS SERVES TO MONITOR THE USE OF THE FUNDS. 0 0 0 0 0 0 0 0 0 GARY BROWN EXECUTIVE DIRECTOR 0 157010 0 0 0 0 0 32133 0 6422 0 195565 0 0 FORM 990, PART I, LINE 1 THE ECSU FOUNDATION MISSION IS TO SERVE AS THE STEWARD OF PRIVATE CONTRIBUTIONS TO ELIZABETH CITY STATE UNIVERSITY IN ORDER TO PROVIDE EDUCATIONAL ASSISTANCE FOR STUDENTS, TO SUPPORT FACULTY, AND TO SECURE THE OPERATIONAL NEEDS OF THE UNIVERSITY. THE FOUNDATION RECEIVES, INVESTS, AND ADMINISTERS FUNDS RECEIVED, AS A RESULT OF CHARITABLE CONTRIBUTIONS FROM THE PRIVATE SECTOR, ON BEHALF OF THE STUDENTS AND PROGRAMS AT ECSU AND, AS A RESULT, FOR THE GREATER GOOD OF THE COMMUNITY. THE FOUNDATION SECURES AND MANAGES FUNDS, ON BEHALF OF ECSU, TO ESTABLISH SCHOLARSHIPS, SUPPORT DISTINGUISHED PROFESSORSHIPS, AND DELIVER BOTH ACADEMIC AND COMMUNITY OUTREACH PROGRAMMING. IN ALL ITS EFFORTS, THE ECSU FOUNDATION IS DEDICATED TO THE ADVANCEMENT AND PROMOTION OF ELIZABETH CITY STATE UNIVERSITY. ONE OF THE MAIN FUNDRAISING EVENTS IS THE ANNUAL FOUNDER'S DAY GALA, HELD IN THE FOUNDING MONTH OF MARCH. DURING THE PAST 16 YEARS, THE FOUNDERS DAY SCHOLARSHIP GALA HAS HELPED RAISE MORE THAN $1.5 MILLION FOR STUDENT SCHOLARSHIPS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 WAS SENT TO THE BOARD CHAIR AND VICE CHAIRMAN FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS ARE REQUIRED TO SIGN A FORM DISCLOSING ANY CONFLICTS OF INTEREST. NO OFFICER, DIRECTOR, OR EMPLOYEE HAVING A PRIVATE BUSINESS INTEREST IN A FOUNDATION BUSINESS TRANSACTION MAY BE INVOLVED IN THE DECISION WITH RESPECT TO WHETHER THE FOUNDATION SHOULD ENTER INTO SUCH TRANSACTION. SHOULD A CONFLICT ARISE, AT THE REQUEST OF THE CHANCELLOR, PRESIDENT, OR THE BOARD CHAIR, THE MEMBER MUST MEET WITH THE REQUESTED PERSON, HIS OR HER DESIGNEE, OR THE INTERNAL AUDITOR/AUDIT COMMITTEE OF THE FOUNDATION AND ALLOW THAT PERSON TO INSPECT DOCUMENTATION RELATED TO THE CONFLICT FOR A RESOLUTION. FORM 990, PART VI, SECTION B, LINE 15 THE FOUNDATION DOES NOT HAVE EMPLOYEES. EMPLOYEES ARE EMPLOYEES OF THE UNIVERSITY AND ARE SUBJECT TO COMPENSATION GUIDELINES OF THE STATE OF NC IN ORDER TO ASSURE REASONABLENESS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 60,290. MANAGEMENT AND GENERAL EXPENSES 40,193. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 100,483. OTHER SERVICES: PROGRAM SERVICE EXPENSES 157,868. MANAGEMENT AND GENERAL EXPENSES 105,245. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 263,113. ECSU HOUSING FOUNDATION 1704 WEEKSVILLE ROAD ELIZABETH CITY NC 27909 SUPPORT UNIVERSITY AND CONSTRUCT STUDENT HOUSING NC 821904 8779706 ELIZABETH CITY STATE UNIVERSITY FOUNDATION ELIZABETH CITY STATE UNIVERSITY 1704 WEEKSVILLE ROAD ELIZABETH CITY NC 27909 UNIVERSITY OFFERING BACCALAURATE AND GRADUATE PROGRAMS NC 170(C)(1) N/A N/A 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0