Civic Intelligence

Governors State University Foundation

EIN 23-7039376 • 501(c)3 • University Park, IL

Profile

Support for Governors State University and its student body.

One University ParkwayUniversity Park, IL 60484

www.govst.edu/foundation

Siviq Scores

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

Liabilities / Assets

30th percentile

0.03x

Higher debt load relative to assets than 30% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

50th percentile

0.15x

Higher debt load relative to revenue than 50% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

68th percentile

15%

Higher net margin than 68% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

92nd percentile

$380,410

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 40.1% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2016

Asset Growth

12th percentile

-9.5%

Faster asset growth than 12% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

31st percentile

-1.7%

Faster revenue growth than 31% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets30th percentile

Assets

Up

$9,649,830

Up $834,241 (+9.5%) from 2023

Liabilities

Up

$575,319

Up $19,450 (+3.5%) from 2023

Net Assets

Up

$9,074,511

Up $814,791 (+9.9%) from 2023

Operations
Liabilities / Revenue50th percentileNet Margin68th percentile

Revenue

Up

$2,417,914

Up $592,516 (+32%) from 2023

Expenses

Down

$1,824,369

Down $23,726 (-1.3%) from 2023

Net Income

Up

$593,545

Up $616,242 (+2715%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth12th percentile

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

$10M$5.0M$0Assets 2016: $5,983,824Liabilities 2016: $88,165Net Assets 2016: $5,895,6592016Assets 2017: $6,512,999Liabilities 2017: $6,419Net Assets 2017: $6,506,5802017Assets 2018: $6,861,855Liabilities 2018: $67,815Net Assets 2018: $6,794,0402018Assets 2019: $7,294,383Liabilities 2019: $409,922Net Assets 2019: $6,884,4612019Assets 2020: $7,651,308Liabilities 2020: $334,108Net Assets 2020: $7,317,2002020Assets 2021: $9,546,209Liabilities 2021: $454,212Net Assets 2021: $9,091,9972021Assets 2022: $8,637,867Liabilities 2022: $269,581Net Assets 2022: $8,368,2862022Assets 2023: $8,815,589Liabilities 2023: $555,869Net Assets 2023: $8,259,7202023Assets 2024: $9,649,830Liabilities 2024: $575,319Net Assets 2024: $9,074,5112024

Highlighted filing

2024

Assets$9,649,830
Liabilities$575,319
Net Assets$9,074,511
Open 2024 Filing

Operations Trend

Revenue Growth31st percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2016: $948,618Expenses 2016: $657,661Net Income 2016: $290,9572016Revenue 2017: $1,094,425Expenses 2017: $697,455Net Income 2017: $396,9702017Revenue 2018: $1,142,513Expenses 2018: $959,771Net Income 2018: $182,7422018Revenue 2019: $1,091,429Expenses 2019: $952,895Net Income 2019: $138,5342019Revenue 2020: $1,118,092Expenses 2020: $799,075Net Income 2020: $319,0172020Revenue 2021: $1,783,909Expenses 2021: $1,153,159Net Income 2021: $630,7502021Revenue 2022: $1,752,710Expenses 2022: $1,483,825Net Income 2022: $268,8852022Revenue 2023: $1,825,398Expenses 2023: $1,848,095Net Income 2023: -$22,6972023Revenue 2024: $2,417,914Expenses 2024: $1,824,369Net Income 2024: $593,5452024

Highlighted filing

2024

Revenue$2,417,914
Expenses$1,824,369
Net Income$593,545
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$9,649,830
Liabilities
$575,319
Net assets
$9,074,511
Revenue
$2,417,914
Expenses
$1,824,369
Net income
$593,545
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$9.65$0.58$9.07$2.42$1.82$0.59
2023Detailed filing. Detailed filing data is available for this year.$8.82$0.56$8.26$1.83$1.85$0.02
2022Detailed filing. Detailed filing data is available for this year.$8.64$0.27$8.37$1.75$1.48$0.27
2021Detailed filing. Detailed filing data is available for this year.$9.55$0.45$9.09$1.78$1.15$0.63
2020Detailed filing. Detailed filing data is available for this year.$7.65$0.33$7.32$1.12$0.80$0.32
2019Detailed filing. Detailed filing data is available for this year.$7.29$0.41$6.88$1.09$0.95$0.14
2018Detailed filing. Detailed filing data is available for this year.$6.86$0.07$6.79$1.14$0.96$0.18
2017Detailed filing. Detailed filing data is available for this year.$6.51$0.01$6.51$1.09$0.70$0.40
2016Detailed filing. Detailed filing data is available for this year.$5.98$0.09$5.90$0.95$0.66$0.29
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Apr 24, 2025
Return Version
2023v6.0
Gross Receipts
$4,466,643
Mission and Program Overview

Mission

Support for Governors State University and its student body.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$5,715,732$6,345,605▲ $629,873
Cash and Non-Interest-Bearing Accounts$404,327$648,935▲ $244,608
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$8,815,589$9,649,830▲ $834,241
Other Assets Total$2,695,530$2,655,290▼ $40,240
Liabilities
Accounts Payable and Accrued Expenses$313,894$433,133▲ $119,239
Other Liabilities$241,975$142,186▼ $99,789
Total Liabilities$555,869$575,319▲ $19,450
Net Assets / Fund Balance
Net Assets With Donor Restrictions$7,997,873$9,018,830▲ $1,020,957
Net Assets Without Donor Restrictions$261,847$55,681▼ $206,166
Total Net Assets Fund Balance$8,259,720$9,074,511▲ $814,791
Total Liabilities and Net Assets / Fund Balance$8,815,589$9,649,830▲ $834,241

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$2,422,956--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$3,639,709$157,307--$3,797,016
2022$3,363,463$276,246--$3,639,709
2021$2,867,314$496,149--$3,363,463
2020$2,459,756$407,558--$2,867,314
2019$2,400,536$59,220--$2,459,756
Compensation and Service Providers
Top Officer Pay92nd percentile

Employees

NameTitleOtherTotal
Stephen WagnerBoard Member$146,781$146,781

Board Members and Trustees

NameTitle
Carney BarrPresident
Paul LabonneVice President
Angie ZunigaBoard Member
Dr Cheryl GreenBoard Member
Dr Marlon CummingsBoard Member
Helen HillBoard Member
Jermaine PaulBoard Member
Joah SopiarzBoard Member
Kevin BrookinsBoard Member
Lorine SamuelsBoard Member
Octavia MatthewsBoard Member
Gia OrrBoad Member
William A DavisCEO
Villalyn BalugaEx-Officio Memb
Hank JohnsonOfficer
David BarrSecretary
Michelle Redd-NewellTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,392,564
Program Service Revenue
$432,485
Investment Income
$623,176
Other Revenue
$-30,311
All Other Contributions
$1,296,369
Change in Net Assets
$593,545

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,357,103
Revenue Not Reported on Financial Statements
$60,811
Revenue Not Reported on Form 990
$260,275
Total Revenue per Audited Statements
$2,617,378
Total Revenue per Form 990
$2,417,914
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,608,338
Other Expenses$216,031
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,331,225--$1,331,225
Grants to Domestic Individuals$277,113--$277,113
Depreciation Depletion-$96,040-$96,040
Fees for Service Investment Mgmnt Fees-$60,811-$60,811
Fees for Services Accounting-$21,015-$21,015
Office Expenses-$16,258-$16,258
Interest-$11,227-$11,227
Other Expenses-$8,780-$8,780
Fees for Services Other-$1,900-$1,900
Total Functional Expenses$1,608,338$216,031$0$1,824,369

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,824,369
Total Expenses per Audited Statements$1,802,587
Expenses per Audited Statements$1,763,558
Expenses Not Reported on Financial Statements$60,811
Expenses Not Reported on Form 990$39,029
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Governors State UniversityUniversity Park, IL-Supported Organization$898,740
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$39,029
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Sculpture Wine & Dine$96,195-$5,269-
Total Events$96,195-$39,029$-39,029
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Long term subscription payable$142,186
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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 2

“David Barr and Carney Barr have a family relationship”

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

“The Governors State Universtiy Controller Reviews the Form 990 on behalf of the Foundation before filing.”

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

“Conflict of interest policies and disclosure forms are furnished to all members, signed, returned, and maintained on file annually. Members are expected to monitor themselves to avoid conflict.”

Form 990, Part VI, Section B, Line 15A

“The CEO is compensated by a related organization, Governors State University.The Foundation has no other compensated officers or key employees.”

Form 990, Part VI, Section B, Line 15B

“Compensation commensurate with experience, qualifications, and to comparable industry.”

Form 990, Part VI, Section C, Line 19

“The Foundation makes its governing documents, conflict of interest policy and financial statements available to the public upon request at Governors State Universtity Business offices.”

Filing and Contact Details

Filer

Filer Name
Governors State University Foundation
EIN
23-7039376
Phone
7085345000
Address
One University Parkway, University Park, IL 60484

Signing Officer

Name
William A Davis
Title
CEO
Signed
2025-04-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William A Davis
Formed
1969
Legal Domicile
Il
Voting Board Members
18
Independent Board Members
17
Employees
0

Preparer

Firm
Borschnack Pelletier & Co
Address
200 E COURT ST STE 608, KANKAKEE, IL 60901
Preparer
Paul A Pelletier
Phone
8159331771
Supplemental Narrative

Financial Statement Notes

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“Fundraising Expenses netted $39029”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Fundraising Expenses netted $39029”

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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/PersonNm1William A Davis
IRS990/Form990PartVIISectionAGrp/PersonNm2Villalyn Baluga
IRS990/Form990PartVIISectionAGrp/PersonNm3Stephen Wagner
IRS990/Form990PartVIISectionAGrp/PersonNm4Carney Barr
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IRS990/Form990PartVIISectionAGrp/PersonNm6David Barr
IRS990/Form990PartVIISectionAGrp/PersonNm7Michelle Redd-Newell
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IRS990/Form990PartVIISectionAGrp/PersonNm10Dr Marlon Cummings
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Some of the current members of the Foundation's board serve due to their positions with the University or have some role with the University. THe officers and directors of the foundation maintain a close continuous working relationship with the officers and directors of the University. The University's Vice President of Development serves as the Chief Executive Officer of the Foundation. The officers and directors of the University have a significant voice in the investment policies of the foundation, the timing of grants, the manner of making them, and the selection of recipients, and in otherwise directing the use of the income and assets of the Foundation.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1IN ACCORDANCE WITH THE GOVERNORS STATE UNIVERSITY FOUNDATION'S (THE"FOUNDATION") ARTICLES OF INCORPORATION AND BY-LAWS, THE FOUNDATION WASESTABLISHED TO ASSIST IN THE DEVELOPMENT OF THE GOVERNORS STATEUNIVERSITY (THE "UNIVERSITY") FOR BROADER EDUCATIONAL OPPORTUNITIES FORAND SERVICE TO ITS STUDENTS, ALUMNI AND CITIZENS OF THE STATE OFILLINOIS BY ENCOURAGING GIFTS TO SERVE PURPOSES OTHER THAN THOSE FORWHICH THE STATE OF ILLINOIS ORDINARILY MAKES SUFFICIENT APPROPRIATIONS.THE FOUNDATION'S ARTICLES OF INCORPORATION AND BY-LAWS DO NOT EMPOWERTHE FOUNDATION TO ENGAGE IN ACTIVITIES THAT ARE NOT IN FURTHERANCE OFSUCH PURPOSES, AND DO NOT EXPRESSLY EMPOWER THE FOUNDATION TO SUPPORTOR BENEFIT ANY ORGANIZATION OTHER THAN THE UNIVERSITY. THEFOUNDATION'S BY-LAWS FURTHER PROVIDES THAT IN THE EVENT OF DISSOLUTIONOF THE FOUNDATION, ALL OF ITS ASSETS ARE TO BE TRANSFERRED TO THEILLINOIS BOARD OF HIGHER EDUCATION, TO BE HELD IN TRUST FOR THE UNIVERSITY, AND SUCH ASSETS OR INCOME THEREFROM SHALL BE USED TO ADVANCE THE EDUCATIONAL PURPOSES OF THE UNIVERSITY.SOME OF THE CURRENT MEMBERS OF THE FOUNDATION'S BOARD SERVE DUE TOTHEIR POSITIONS WITH THE UNIVERSITY OR HAVE SOME ROLE WITH THEUNIVERSITY. THE OFFICERS AND DIRECTORS OF THE FOUNDATION MAINTAIN ACLOSE CONTINUOUS WORKING RELATIONSHIP WITH THE OFFICERS AND DIRECTORSOF THE UNIVERSITY. THE UNIVERSITY'S VICE PRESIDENT OF DEVELOPMENTSERVES AS THE CHIEF EXECUTIVE OFFICER OF THE FOUNDATION. THE OFFICERSAND DIRECTORS OF THE UNIVERSITY HAVE A SIGNIFICANT VOICE IN THEINVESTMENT POLICIES OF THE FOUNDATION, THE TIMING OF GRANTS, THE MANNEROF MAKING THEM, AND THE SELECTION OF RECIPIENTS, AND IN OTHERWISEDIRECTING THE USE OF THE INCOME AND ASSETS OF THE FOUNDATION.THE ONLY ORGANIZATION SUPPORTED BY THE FOUNDATION IS THE UNIVERSITY.THE FOUNDATION ASSISTS AND SUPPORTS THE UNIVERSITY'S EDUCATIONAL ANDCULTURAL MISSION THROUGH ENCOURAGING PHILANTHROPIC GIFTS OF MONEY,PROPERTY, WORKS OF ART, AND OTHER MATERIALS HAVING EDUCATIONAL,ARTISTIC OR HISTORIC VALUE. THE FOUNDATION, THROUGH ITS FUNDRAISINGEFFORTS, RECOGNIZES ACADEMIC EXCELLENCE AND AWARDS SCHOLARSHIPS TODESERVING STUDENTS IN PURSUIT OF A DEGREE AT THE UNIVERSITY. THEFOUNDATION PROVIDES FINANCIAL SUPPORT FOR PERFORMANCES HELD AT THEUNIVERSITY'S CENTER FOR PERFORMING ARTS. THE CENTER FOR PERFORMINGARTS PRESENTS MORE THAN 50 PERFORMANCES OFFERING DIVERSE, HIGH QUALITYAND AFFORDABLE CULTURAL AND ARTS EDUCATION EXPERIENCES TO MORE THAN60,000 PEOPLE, AND OFFERS NATIONAL TOURING ACTS, CHICAGO-BASED ARTISTSAND COMMUNITY AND ACADEMIC THEATRE.THE UNIVERSITY'S OFFICE OF FINANCIAL SERVICES MAINTAINS THE FINANCIALRECORDS OF THE FOUNDATION, AND PREPARES THE QUARTERLY AND ANNUALFINANCIAL STATEMENTS FOR THE FOUNDATION. THESE FINANCIAL STATEMENTSREFLECT THE FOUNDATION'S ACTIVITIES AND RESULTS OF OPERATIONS, AND AREREVIEWED BY THE FOUNDATION MANAGEMENT AND THE FOUNDATION BOARD.FURTHER, THE FOUNDATION BOARD MEETS QUARTERLY TO DISCUSS AND REVIEWMATTERS RELATING TO THE FOUNDATION.

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