Nonprofit · EIN 38-3649338
NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION
Also known as RISE
Tax-exempt · NORFOLK, VA 23504
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $7,484,917 | $6,330,478 | $1,154,439 | $24,148,801 | $23,131,829 | $1,016,972 |
| June 30, 2024 | 990 | $6,228,181 | $5,697,619 | $530,562 | $27,153,812 | $25,590,489 | $1,563,323 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $245,682
- Program service revenue
- $0
- Investment income
- $828,445
- Net rental income
- $6,410,790
- Net gain from sales of assets
- $659,000
- Other revenue
- $6,410,790
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $192,848
- Other salaries and wages
- $161,952
- Salaries, compensation and benefits (total)
- $552,637
- Professional fundraising fees
- $0
- Legal fees
- $131,600
- Accounting fees
- $44,313
- Travel
- $10,469
- Depreciation
- $912,763
- Program services (functional)
- $5,517,224
- Management and general (functional)
- $813,254
Balance sheet and other
- Total assets, start of year
- $27,153,812
- Total assets, end of year
- $24,148,801
- Total liabilities, end of year
- $23,131,829
- Net assets, end of year
- $1,016,972
- Land, buildings and equipment
- $17,815,334
- Net assets without donor restrictions
- $701,507
- Net assets with donor restrictions
- $315,465
- Gross receipts
- $7,526,989
- Employees
- 1
- Volunteers
- 7
- Year formed
- 2001
- State of legal domicile
- VA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| CORNELIUS GRAVES ESQ | CEO/BOARD MEMBER Trustee or director | 40 | $192,846 |
| HUDNALL R CROASDALE | BOARD MEMBER Trustee or director | 0.5 | $0 |
| DOYLE A TEMPLE | TREASURER Trustee or director, Officer | 0.5 | $0 |
| JUAVAUNE ADAMS-GASTON | BOARD MEMBER Trustee or director | 0.5 | $0 |
| HAROLD WATKINS | BOARD MEMBER Trustee or director | 0.5 | $0 |
| WAYNE JONES | BOARD MEMBER Trustee or director | 0.5 | $0 |
| KEITH BASIL | SECRETARY Trustee or director, Officer | 0.5 | $0 |
| RODNEY JORDAN | BOARD MEMBER Trustee or director | 0.5 | $0 |
990 for the year ended June 30, 2024: 9 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| HUDNALL R CROASDALE | BOARD MEMBER Trustee or director | 0.5 | $163,155 |
| CORNELIUS GRAVES ESQ | EXEC DIRECTOR & CEO AS OF 10/1/23 Trustee or director, Officer | 40 | $48,212 |
| DR DOYLE A TEMPLE | TREASURER Trustee or director, Officer | 0.5 | $0 |
| DR JUAVAUNE ADAMS-GASTON | BOARD MEMBER Trustee or director | 0.5 | $0 |
| BK FULTON | BOARD MEMBER Trustee or director | 0.5 | $0 |
| WAYNE JONES | CHAIR Trustee or director, Officer | 0.5 | $0 |
| RODNEY JORDAN | BOARD MEMBER Trustee or director | 0.5 | $0 |
| KEITH BASIL | SECRETARY Trustee or director, Officer | 0.5 | $0 |
| DR HAROLD WATKINS | BOARD MEMBER Trustee or director | 0.5 | $0 |
Address and contacts
- Address (IRS master file)
- 700 PARK AVE STE 410, NORFOLK, VA 23504-8050
- In care of
- % CENTER FOR ENTREPRENEURSHIP
- Principal officer (990 for 2024)
- CORNELIUS C GRAVES, 700 PARK AVENUE BMH A-105 410, NORFOLK, VA 23504
- Signed the 990
- CORNELIUS C GRAVES, EXECUTIVE DIRECTOR & CEO
- Phone
- (757) 823-9065
- Website
- HTTP://NSURIF.ORG
- Return prepared by
- PBMARES LLP
Mission
TO PROVIDE BRANDS AND SERVICES THAT PROMOTE APPLIED RESEARCH AND TECHNOLOGICAL INNOVATIONS THAT, IN TURN, CONTRIBUTE POSITIVELY TO THE ECONOMIC STRENGTH OF THE HAMPTON ROADS REGION AND THE COMMONWEALTH OF VIRGINIA.
Program accomplishments
- STUDENT HOUSING SUPPORTING NORFOLK STATE UNIVERSITY STUDENTS.Expenses $5,517,224 · revenue $6,410,790
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 38-3649338
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2003
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S43)
- Assets (IRS master file)
- $24,148,801
- Income (IRS master file)
- $7,526,989
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $7,484,917 | $6,330,478 | $24,148,801 | IRS |
| 990 | June 2024 | $6,228,181 | $5,697,619 | $27,153,812 | IRS |
| 990 | June 2023 | $6,046,806 | $5,797,625 | $25,804,421 | IRS |
| 990 | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 38-3649338).
Questions about NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION
- What is the EIN of NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION?
- The employer identification number (EIN) of NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION is 38-3649338.
- Is NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2003.
- Are donations to NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION?
- The 990 for the year ended June 30, 2025 names CORNELIUS C GRAVES.
- Who are the officers and directors of NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION?
- The 990 for the year ended June 30, 2025 lists 8 people; 1 received compensation from the organization, the highest $192,846 (CORNELIUS GRAVES ESQ, CEO/BOARD MEMBER).
- How much revenue does NORFOLK STATE UNIVERSITY RESEARCH AND INNOVATION FOUNDATION have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $7,484,917, expenses of $6,330,478 and total assets of $24,148,801 at year end.
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All nonprofits in NORFOLK · Virginia · Community improvement and capacity building