Civic Intelligence

Albany State University Foundation Inc

EIN 23-7032763 • 501(c)3 • Albany, GA

Profile

The Albany State University Foundation, Inc. enhances the academic vision and priorities of ASU through its organized fundraising activities and funds management. The Foundation, a non-profit corporation, is governed by an elected Board of Trustees, whose members serve as advocates for the University and its colleges, schools and programs.Private support funds scholarships, eminent scholar chairs, professorships and the innovative programs that distinguish ASU as an exceptional institution. We know it is our generous donors who will sustain our tradition of academic excellence.

504 College DriveAlbany, GA 31705

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

9th percentile

0.00x

Higher debt load relative to assets than 9% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

10th percentile

0.01x

Higher debt load relative to revenue than 10% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

90th percentile

55%

Higher net margin than 90% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

77th percentile

17%

Faster asset growth than 77% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

76th percentile

25%

Faster revenue growth than 76% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets9th percentile

Assets

Up

$10,178,685

Up $1,445,543 (+17%) from 2023

Liabilities

Up

$15,033

Up $333 (+2.3%) from 2023

Net Assets

Up

$10,163,652

Up $1,445,210 (+17%) from 2023

Operations
Liabilities / Revenue10th percentileNet Margin90th percentile

Revenue

Up

$1,997,259

Up $397,107 (+25%) from 2023

Expenses

Down

$907,416

Down $397,476 (-30%) from 2023

Net Income

Up

$1,089,843

Up $794,583 (+269%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth77th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$100M$50M$0Assets 2013: $84,696,317Liabilities 2013: $80,467,461Net Assets 2013: $4,228,8562013Assets 2014: $83,642,157Liabilities 2014: $79,005,269Net Assets 2014: $4,636,8882014Assets 2016: $83,187,960Liabilities 2016: $75,835,973Net Assets 2016: $7,351,9872016Assets 2017: $82,773,280Liabilities 2017: $71,710,668Net Assets 2017: $11,062,6122017Assets 2018: $80,276,725Liabilities 2018: $69,710,024Net Assets 2018: $10,566,7012018Assets 2019: $47,282,655Liabilities 2019: $39,040,808Net Assets 2019: $8,241,8472019Assets 2020: $46,424,761Liabilities 2020: $37,963,319Net Assets 2020: $8,461,4422020Assets 2021: $7,770,602Liabilities 2021: $986Net Assets 2021: $7,769,6162021Assets 2022: $8,434,724Liabilities 2022: $275,183Net Assets 2022: $8,159,5412022Assets 2023: $8,733,142Liabilities 2023: $14,700Net Assets 2023: $8,718,4422023Assets 2024: $10,178,685Liabilities 2024: $15,033Net Assets 2024: $10,163,6522024

Highlighted filing

2024

Assets$10,178,685
Liabilities$15,033
Net Assets$10,163,652
Open 2024 Filing

Operations Trend

Revenue Growth76th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2013: $5,579,9402013Revenue 2014: $5,379,715Expenses 2014: $4,971,683Net Income 2014: $408,0322014Revenue 2016: $5,083,023Expenses 2016: $5,089,749Net Income 2016: -$6,7262016Revenue 2017: $5,764,163Expenses 2017: $5,876,891Net Income 2017: -$112,7282017Revenue 2018: $4,847,460Expenses 2018: $5,449,026Net Income 2018: -$601,5662018Revenue 2019: $5,438,135Expenses 2019: $6,496,194Net Income 2019: -$1,058,0592019Revenue 2020: $3,219,695Expenses 2020: $2,960,390Net Income 2020: $259,3052020Revenue 2021: $1,543,862Expenses 2021: $2,231,107Net Income 2021: -$687,2452021Revenue 2022: $1,919,573Expenses 2022: $746,519Net Income 2022: $1,173,0542022Revenue 2023: $1,600,152Expenses 2023: $1,304,892Net Income 2023: $295,2602023Revenue 2024: $1,997,259Expenses 2024: $907,416Net Income 2024: $1,089,8432024

Highlighted filing

2024

Revenue$1,997,259
Expenses$907,416
Net Income$1,089,843
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,178,685
Liabilities
$15,033
Net assets
$10,163,652
Revenue
$1,997,259
Expenses
$907,416
Net income
$1,089,843
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$10.2$0.02$10.2$2.00$0.91$1.09
2023Detailed filing. Detailed filing data is available for this year.$8.73$0.01$8.72$1.60$1.30$0.30
2022Detailed filing. Detailed filing data is available for this year.$8.43$0.28$8.16$1.92$0.75$1.17
2021Detailed filing. Detailed filing data is available for this year.$7.77$0.00$7.77$1.54$2.23$0.69
2020Detailed filing. Detailed filing data is available for this year.$46.4$38.0$8.46$3.22$2.96$0.26
2019Detailed filing. Detailed filing data is available for this year.$47.3$39.0$8.24$5.44$6.50$1.06
2018Detailed filing. Detailed filing data is available for this year.$80.3$69.7$10.6$4.85$5.45$0.60
2017Detailed filing. Detailed filing data is available for this year.$82.8$71.7$11.1$5.76$5.88$0.11
2016Detailed filing. Detailed filing data is available for this year.$83.2$75.8$7.35$5.08$5.09$0.01
2014Detailed filing. Detailed filing data is available for this year.$83.6$79.0$4.64$5.38$4.97$0.41
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$84.7$80.5$4.23$5.58
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$2,051,957
Mission and Program Overview

Mission

The Albany State University Foundation, Inc. enhances the academic vision and priorities of ASU through its organized fundraising activities and funds management. The Foundation, a non-profit corporation, is governed by an elected Board of Trustees, whose members serve as advocates for the University and its colleges, schools and programs.Private support funds scholarships, eminent scholar chairs, professorships and the innovative programs that distinguish ASU as an exceptional institution. We know it is our generous donors who will sustain our tradition of academic excellence.

To provide financial aid to students and financial support of Albany State University, its faculty, staff, research, and advancement of higher educaiton.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$3,823,729$4,800,111▲ $976,382
Investments in Publicly Traded Securities$4,144,597$4,722,980▲ $578,383
Pledges and Grants Receivable$478,312$369,090▼ $109,222
Investments Other Securities$286,504$286,504→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$8,733,142$10,178,685▲ $1,445,543
Liabilities
Other Liabilities$14,700$15,000▲ $300
Accounts Payable and Accrued Expenses$0$33▲ $33
Total Liabilities$14,700$15,033▲ $333
Net Assets / Fund Balance
Net Assets With Donor Restrictions$6,128,925$7,347,967▲ $1,219,042
Net Assets Without Donor Restrictions$2,589,517$2,815,685▲ $226,168
Total Net Assets Fund Balance$8,718,442$10,163,652▲ $1,445,210
Total Liabilities and Net Assets / Fund Balance$8,733,142$10,178,685▲ $1,445,543

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$8,950$8,950

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$4,519,285$93,938▲ $582,976$20,314$5,175,885
2022$4,043,047$147,496▲ $364,181$35,439$4,519,285
2021$4,114,598$425,122▼ $476,726$19,947$4,043,047
2020$3,275,118$27,244▲ $819,236$7,000$4,114,598
2019$3,208,596$67,362▲ $13,699$14,539$3,275,118
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeOtherTotal
Stan BrownChief Financial OfficerFT$92,039$92,039

Board Members and Trustees

NameTitle
Gregory HylickChair
Marion FedrickPresident of ASU
Rachelle ScottVice Chair
Carolyn Jernigan-GlennBoard Member
Daniel SimmonsBoard Member
Graham EdwardsBoard Member
Maria BoyntonBoard Member
Mark JohnsonBoard Member
Marvin LasterBoard Member
Vinson DavisBoard Member
Virgil AdamsBoard Member
Virginia HarrisBoard Member
Valerie MeltonExecutive Director
Bruce MeltonSecretary
TaKeshia ThomasTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,607,521
Program Service Revenue
$0
Investment Income
$388,295
Other Revenue
$1,443
All Other Contributions
$1,342,540
Change in Net Assets
$1,089,843

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table1$30,000Fair Market Value (FMV)
Other Non Cash Contri Table16$10,079Fair Market Value (FMV)
Total Noncash Contributions17$40,079-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,047,827
Revenue Not Reported on Financial Statements
$-50,568
Revenue Not Reported on Form 990
$568,588
Other Revenue Adjustments
$-54,698
Total Revenue per Audited Statements
$2,616,415
Total Revenue per Form 990
$1,997,259
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$690,000
Other Expenses$217,416
Total Fundraising Expense$20,465
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$690,000--$690,000
Advertising$59,091$40,863$20,465$120,419
Travel-$32,444-$32,444
Fees for Services Accounting-$28,500-$28,500
Office Expenses$12,671$3,538-$16,209
Other Expenses-$5,164-$5,164
Fees for Service Investment Mgmnt Fees-$4,130-$4,130
Insurance-$3,245-$3,245
Occupancy-$2,565-$2,565
Fees for Services Other$1,792--$1,792
Information Technology$145$1,305-$1,450
Conferences and Meetings-$893-$893
Fees for Services Legal-$605-$605
Total Functional Expenses$763,699$123,252$20,465$907,416

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,171,205
Total Expenses per Form 990$907,416
Expenses per Audited Statements$903,286
Expenses Not Reported on Form 990$267,919
Expenses Not Reported on Financial Statements$4,130
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Albany State UniversityAlbany, GA501(c)(3)For University Scholarship Grants, Genral and Athletic Support$690,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$54,698
Fundraising Gross Income$42,166
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$301,147$42,166$4,730$37,436
Total Events$301,147$42,166$54,698$-12,532
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Related party payable$15,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 8B

“The organization documents the meeting held by each committee only to make recommendations to the board or executive committee for action.”

Form 990, Part VI, Section B, line 11B

“Board Members will review return before filing.”

Form 990, Part VI, Section B, line 12C

“Annually, the Foundation Board will complete and sign the Conflict of Interest Declaration and disclose any actual or potential conflict of interest.”

Form 990, Part VI, Section B, line 15

“The officers of the Foundation are state employees, and their compensation is based on what comparable positions pay at similar sector universities within the University System of Georgia.”

Form 990, Part VI, Section C, line 19

“Documents are avaliable upon request to the Office of Institutional Advancement.”

Filing and Contact Details

Filer

Filer Name
Albany State University Foundation Inc
EIN
23-7032763
Phone
2295003289
Address
504 College Drive, Albany, GA 31705

Signing Officer

Name
Valerie Melton
Title
Executive Director
Phone
2295003289
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Greg Hylick
Formed
1969
Legal Domicile
Ga
Voting Board Members
14
Independent Board Members
12
Employees
0
Volunteers
12

Preparer

Firm
Mauldin & Jenkins LLC
Address
200 Galleria Pkwy SE Ste 1700, Atlanta, GA 30339-5946
Preparer
Melissa Seward
Phone
7709558600
Supplemental Narrative

Additional Explanations

Form 990, Part XII, line 2C

“The organization has not made any changes to the oversight process.”

Financial Statement Notes

Part V, Line 4:

“Provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the historic dollar value of the endowment assets.”

Part X, Line 2:

“The Foundation qualifies as a tax-exempt organization as described in Internal Revenue Code Section 501(c)(3) and has been classified by the Internal Revenue Service as a publicly supported organization and not as a private foundation. However, income from certain activities not directly related to the Foundation's tax-exempt purpose is subject to taxation as unrelated business income. Campus Facilities I, LLC is treated as a single member LLC for federal and state income tax purposes. Since the Foundation is the sole member of this LLC, all income, losses, and credits are reported on the Foundation's income tax returns. The Foundation follows the statutory requirements for its income tax accounting and generally avoids risks associated with potentially problematic tax positions that may be challenged upon examination. Management believes any liability resulting from taxing authorities imposing additional income taxes from activities deemed to be unrelated to the Foundation's tax-exempt status would not have a material effect on the Foundation's financial statements. The Foundation files the Form 990 in the U.S. federal jurisdiction and the state of Georgia.”

Part XI, Line 4B - Other Adjustments:

“Fundraising expenses -54,698.”

Part XII, Line 2D - Other Adjustments:

“Fundraising expenses 54,698.”

Raw XML AppendixShowing 400 of 663 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm1Valerie Melton
IRS990/Form990PartVIISectionAGrp/PersonNm2Gregory Hylick
IRS990/Form990PartVIISectionAGrp/PersonNm3Rachelle Scott
IRS990/Form990PartVIISectionAGrp/PersonNm4TaKeshia Thomas
IRS990/Form990PartVIISectionAGrp/PersonNm5Bruce Melton
IRS990/Form990PartVIISectionAGrp/PersonNm6Graham Edwards
IRS990/Form990PartVIISectionAGrp/PersonNm7Daniel Simmons
IRS990/Form990PartVIISectionAGrp/PersonNm8Carolyn Jernigan-Glenn
IRS990/Form990PartVIISectionAGrp/PersonNm9Virginia Harris
IRS990/Form990PartVIISectionAGrp/PersonNm10Marvin Laster
IRS990/Form990PartVIISectionAGrp/PersonNm11Virgil Adams
IRS990/Form990PartVIISectionAGrp/PersonNm12Vinson Davis
IRS990/Form990PartVIISectionAGrp/PersonNm13Maria Boynton
IRS990/Form990PartVIISectionAGrp/PersonNm14Mark Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm15Stan Brown
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt150
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt1564582
IRS990/Form990PartVIISectionAGrp/TitleTxt0President of ASU
IRS990/Form990PartVIISectionAGrp/TitleTxt1Executive Director
IRS990/Form990PartVIISectionAGrp/TitleTxt2Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt3Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt4Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt6Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt7Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt8Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt9Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt10Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt11Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt12Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt13Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt14Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt15Chief Financial Officer
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IRS990/FormationYr01969
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IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd01
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IRS990/MinutesOfCommitteesInd00
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IRS990/MissionDesc0The Albany State University Foundation, Inc. enhances the academic vision and priorities of ASU through its organized fundraising activities and funds management. The Foundation, a non-profit corporation, is governed by an elected Board of Trustees, whose members serve as advocates for the University and its colleges, schools and programs.Private support funds scholarships, eminent scholar chairs, professorships and the innovative programs that distinguish ASU as an exceptional institution. We know it is our generous donors who will sustain our tradition of academic excellence.
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IRS990/MoreThan5000KToOrgInd00
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IRS990/PrincipalOfficerNm0Greg Hylick
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IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
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IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/SupportedOrgVoiceInvestmentInd01
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/TimelyProvidedDocumentsInd01
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0The Albany State University Foundation, Inc. supports Albany State University ("ASU"). ASU is a University in the State of Georgia University System and hence is a unit of government.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1Albany State University Foundation's Mission is to be an advocate for Albany State University (the "University") and to receive, invest, account for, and allocate private gifts and contributions in support of the University. The Foundation provides student housing, parking, and leases administrative, dining, and classroom space to the University. All these activities are essential to the operations of Albany State University. If the Foundation did not conduct these activities, another organization, or the University itself, would have to manage such activities and properties.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2All activities engaged in by the Foundation are for the benefit of the supported organization, Albany State University. The scholarships help students to attend and the academic programs enrich the other programs offered by the faculty; leasing operations provide the University's students with housing, parking, office, and dining spaces.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt3The Foundation's supported organization (Albany State University) has a significant voice in the investment policies and the use of income and assets of the Foundation throughout the year. This is evidenced by the following facts: Albany State University employees are involved with the Foundation's daily operations; the deference the Foundation's board has to Albany State University's President and their cabinet regarding all matters; the presence of the President's and/or their emissaries at committee and board meetings where decisions are made; the fact that the President is a ex-officio trustee of the board and Vice President of Institutional Advancement is actively involved in both the Foundation and the University.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Part IV, Section E, Line 1c:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1Part IV, Section E, Line 2B:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc2Part IV, Section E, Line 2A:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc3Part IV, Section D, Line 3:
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