Civic Intelligence

Appalachian State University

EIN 23-7099379 • 501(c)3 • Boone, NC

Profile

The appalachian state university foundation exists to support appalachian state university students, faculty, staff and community through the advancement of financial support, stewardship, growth of resources, and advocacy for the university's mission.

Asu Box 32064 Mckinney Alumni CtrBoone, NC 28608-2064

give.appstate.edu

Siviq Scores

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

Liabilities / Assets

17th percentile

0.04x

Higher debt load relative to assets than 17% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

32nd percentile

0.23x

Higher debt load relative to revenue than 32% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2022

Net Margin

84th percentile

31%

Higher net margin than 84% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

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

Asset Growth

50th percentile

6.0%

Faster asset growth than 50% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

88th percentile

43%

Faster revenue growth than 88% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets17th percentile

Assets

Up

$265,065,463

Up $24,710,874 (+10%) from 2024

Liabilities

Down

$9,998,327

Down $1,472,019 (-13%) from 2024

Net Assets

Up

$255,067,136

Up $26,182,893 (+11%) from 2024

Operations
Liabilities / Revenue32nd percentileNet Margin84th percentile

Revenue

Up

$39,141,698

Up $7,030,561 (+22%) from 2024

Expenses

Up

$30,621,623

Up $915,766 (+3.1%) from 2024

Net Income

Up

$8,520,075

Up $6,114,795 (+254%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth50th percentile

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

$300M$200M$100M$0Assets 2011: $101,053,695Liabilities 2011: $4,091,071Net Assets 2011: $96,962,6242011Assets 2012: $106,359,440Liabilities 2012: $4,286,557Net Assets 2012: $102,072,8832012Assets 2013: $109,657,963Liabilities 2013: $7,718,973Net Assets 2013: $101,938,9902013Assets 2014: $122,523,194Liabilities 2014: $7,463,669Net Assets 2014: $115,059,5252014Assets 2015: $131,931,653Liabilities 2015: $6,528,484Net Assets 2015: $125,403,1692015Assets 2016: $129,453,861Liabilities 2016: $6,331,998Net Assets 2016: $123,121,8632016Assets 2017: $137,321,245Liabilities 2017: $7,112,363Net Assets 2017: $130,208,8822017Assets 2018: $156,475,198Liabilities 2018: $8,622,428Net Assets 2018: $147,852,7702018Assets 2019: $163,259,259Liabilities 2019: $7,498,743Net Assets 2019: $155,760,5162019Assets 2020: $159,413,962Liabilities 2020: $10,516,985Net Assets 2020: $148,896,9772020Assets 2021: $199,365,776Liabilities 2021: $9,883,224Net Assets 2021: $189,482,5522021Assets 2022: $211,346,628Liabilities 2022: $7,490,616Net Assets 2022: $203,856,0122022Assets 2023: $216,184,737Liabilities 2023: $7,266,366Net Assets 2023: $208,918,3712023Assets 2024: $240,354,589Liabilities 2024: $11,470,346Net Assets 2024: $228,884,2432024Assets 2025: $265,065,463Liabilities 2025: $9,998,327Net Assets 2025: $255,067,1362025

Highlighted filing

2025

Assets$265,065,463
Liabilities$9,998,327
Net Assets$255,067,136
Open 2025 Filing

Operations Trend

Revenue Growth88th percentile

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

$40M$20M$0-$20MExpenses 2011: $11,623,9512011Expenses 2012: $12,898,2552012Expenses 2013: $18,085,9572013Revenue 2014: $19,545,564Expenses 2014: $12,521,985Net Income 2014: $7,023,5792014Revenue 2015: $30,257,787Expenses 2015: $13,507,165Net Income 2015: $16,750,6222015Revenue 2016: $12,847,149Expenses 2016: $14,003,624Net Income 2016: -$1,156,4752016Revenue 2017: $13,003,807Expenses 2017: $13,282,716Net Income 2017: -$278,9092017Revenue 2018: $28,236,790Expenses 2018: $18,864,554Net Income 2018: $9,372,2362018Revenue 2019: $17,601,589Expenses 2019: $16,091,444Net Income 2019: $1,510,1452019Revenue 2020: $18,404,104Expenses 2020: $17,579,431Net Income 2020: $824,6732020Revenue 2021: $22,964,979Expenses 2021: $24,108,284Net Income 2021: -$1,143,3052021Revenue 2022: $32,803,152Expenses 2022: $22,692,301Net Income 2022: $10,110,8512022Revenue 2023: $32,992,560Expenses 2023: $26,568,594Net Income 2023: $6,423,9662023Revenue 2024: $32,111,137Expenses 2024: $29,705,857Net Income 2024: $2,405,2802024Revenue 2025: $39,141,698Expenses 2025: $30,621,623Net Income 2025: $8,520,0752025

Highlighted filing

2025

Revenue$39,141,698
Expenses$30,621,623
Net Income$8,520,075
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$265,065,463
Liabilities
$9,998,327
Net assets
$255,067,136
Revenue
$39,141,698
Expenses
$30,621,623
Net income
$8,520,075
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$265$10.00$255$39.1$30.6$8.52
2024Detailed filing. Detailed filing data is available for this year.$240$11.5$229$32.1$29.7$2.41
2023Detailed filing. Detailed filing data is available for this year.$216$7.27$209$33.0$26.6$6.42
2022Detailed filing. Detailed filing data is available for this year.$211$7.49$204$32.8$22.7$10.1
2021Detailed filing. Detailed filing data is available for this year.$199$9.88$189$23.0$24.1$1.14
2020Detailed filing. Detailed filing data is available for this year.$159$10.5$149$18.4$17.6$0.82
2019Detailed filing. Detailed filing data is available for this year.$163$7.50$156$17.6$16.1$1.51
2018Detailed filing. Detailed filing data is available for this year.$156$8.62$148$28.2$18.9$9.37
2017Detailed filing. Detailed filing data is available for this year.$137$7.11$130$13.0$13.3$0.28
2016Detailed filing. Detailed filing data is available for this year.$129$6.33$123$12.8$14.0$1.16
2015Detailed filing. Detailed filing data is available for this year.$132$6.53$125$30.3$13.5$16.8
2014Detailed filing. Detailed filing data is available for this year.$123$7.46$115$19.5$12.5$7.02
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$110$7.72$102$18.1
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$106$4.29$102$12.9
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$101$4.09$97.0$11.6
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Feb 27, 2026
Return Version
2024v5.5
Gross Receipts
$42,680,117
Mission and Program Overview

Mission

To provide support to appalachian state university

Through impactful and engaged stewardship, fundraising, financial management, and thoughtful board leadership, the appalachian state university foundation will provide significant resources in support of the university's mission and key priorities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$172,398,559$199,774,667▲ $27,376,108
Savings and Temporary Cash Investments$41,551,706$41,206,910▼ $344,796
Pledges and Grants Receivable$24,006,527$21,686,291▼ $2,320,236
Land, Buildings, and Equipment, Net$2,140,006$2,193,058▲ $53,052
Prepaid Expenses and Deferred Charges$46,596$43,598▼ $2,998
Accounts Receivable$83,636$34,088▼ $49,548
Cash and Non-Interest-Bearing Accounts$500$500→ $0
Total Assets$240,354,589$265,065,463▲ $24,710,874
Other Assets Total$127,059$126,351▼ $708
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,350,741$5,007,858▼ $342,883
Deferred Revenue$4,297,095$3,186,977▼ $1,110,118
Other Liabilities$1,584,747$1,602,980▲ $18,233
Accounts Payable and Accrued Expenses$237,763$200,512▼ $37,251
Total Liabilities$11,470,346$9,998,327▼ $1,472,019
Net Assets / Fund Balance
Net Assets With Donor Restrictions$216,457,577$240,908,575▲ $24,450,998
Net Assets Without Donor Restrictions$12,426,666$14,158,561▲ $1,731,895
Total Net Assets Fund Balance$228,884,243$255,067,136▲ $26,182,893
Total Liabilities and Net Assets / Fund Balance$240,354,589$265,065,463▲ $24,710,874

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,884,000-$1,884,000
Other Land Buildings$309,058$256,348$565,406
Other Securities$209,166--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$172,613,975$11,093,168▲ $17,864,390$11$197,349,631
2023$150,958,931$8,704,074▲ $16,617,428$1,925$172,613,975
2022$150,235,099$6,322,652▼ $1,928,393$1,059$150,958,931
2021$139,633,281$11,554,131▲ $4,322,803$86,394$150,235,099
2020$99,046,587$5,069,452▲ $38,731,790$136,839$139,633,281
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeOtherTotal
Pamela HardinAssistant Vice Chancellor of Gift Planning/ Real EPT$172,466$172,466
Melinda FriddellSenior Executive Director of DevelopmentPT$135,328$135,328
William SearsPresidentPT$80,833$80,833
Stephanie BillingsExecutive Director of Alumni AffairsPT$57,539$57,539
Clayton ChristianAssistant Vice ChancellorPT$48,114$48,114
Pamela HardinAssistant Vice Chancellor of Gift Pl-$41,649$41,649
Heather NorrisBoard Member-$15,745$15,745
Kyle AllenGift Office, WcobPT$13,714$13,714
Harold SwaimExecutive Director of Donor EngagemePT$9,953$9,953

Board Members and Trustees

NameTitle
Cantey AlexanderBoard Chair
Carolyn SchmalenbergerBoard Vice Chair
Bo HendersonBoard Member
Brett HogeBoard Member
David WilliamsBoard Member
Donna FioriBoard Member
Irene SawyerBoard Member
James ReevesBoard Member
Jamie HarrisBoard Member
Jeannine Underwood CollinsBoard Member
Kyler FergusonBoard Member
Mark RicksBoard Member
Missy HarrillBoard Member
Sam PowersBoard Member
Steve WyattBoard Member
Wyatt DixonBoard Member
Chad SeiglerBoard Secretary
Dennis CovingtonBoard Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$36,513,143
Program Service Revenue
$283,239
Investment Income
$2,308,985
Other Revenue
$36,331
All Other Contributions
$36,097,182
Change in Net Assets
$8,520,075

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
Securities Publicly Traded76$1,212,483Market Quote
Real Estate Other1$1,130,000Fair Market Value (FMV)
Other Non Cash Contri Table36$441,741Cost
Works of Art13$94,948Appraisal
Food Inventory24$55,355Cost
Total Noncash Contributions150$2,934,527-

Audited Revenue Reconciliation

Revenue per Audited Statements
$36,589,614
Revenue Not Reported on Financial Statements
$2,552,084
Revenue Not Reported on Form 990
$25,245,684
Other Revenue Adjustments
$2,113,352
Total Revenue per Audited Statements
$61,835,298
Total Revenue per Form 990
$39,141,698
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$27,342,908
Other Expenses$3,278,715
Total Fundraising Expense$1,652,729
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$27,342,908--$27,342,908
Fees for Services Other$18,717$51,432$880,319$950,468
Fees for Service Investment Mgmnt Fees-$438,732-$438,732
Conferences and Meetings$98,759$155$313,250$412,164
Interest-$304,480-$304,480
Depreciation Depletion-$161,419-$161,419
Office Expenses$22,141$605$126,726$149,472
Information Technology$6,894$32,001$95,930$134,825
Travel$30,699$2,918$96,910$130,527
Insurance$300$65,343$1,618$67,261
Occupancy$731$37,037$25,130$62,898
Fees for Services Accounting-$44,000-$44,000
Other Expenses$138$888$14,187$15,213
Fees for Services Legal-$4,407-$4,407
Advertising$269-$450$719
Total Functional Expenses$27,782,898$1,185,996$1,652,729$30,621,623

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$35,083,975
Total Expenses per Form 990$30,621,623
Expenses per Audited Statements$30,182,891
Expenses Not Reported on Form 990$4,901,084
Expenses Not Reported on Financial Statements$438,732
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Appalachian State UniversityBoone, NCSTATE GOV'T ENTITYSupport for Appalachian State University Student Athlete Scholarships and Programs.$10,746,493
Appalachian State UniversityBoone, NCSTATE GOV'T ENTITYSupport for Appalachian State University Programs and Students.$9,421,188
Appalachian State UniversityBoone, NCSTATE GOV'T ENTITYSupport for Appalachian State University Scholarships.$4,777,482
Appalachian State UniversityBoone, NCSTATE GOV'T ENTITYGeneral Support$1,815,491
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
Yes
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$306,696
Gaming Gross Income$197,349
Fundraising Gross Income$133,988
Gaming Direct Expenses$58,010
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Athletics Ledgends Gala Dinner$176,606$38,690$32,019$6,671
Football Golf$59,450$12,825$42,076$-29,251
Total Events$549,949$133,988$306,696$-172,708
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Split Interest Agreement$1,386,306
Sbita Payable$131,513
Leases Payable$85,161
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
No
Other officer compensation reviewed
No
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 B, Line 11B

“The audit committee reviews and discusses the form 990 with the preparer and then the form 990 is distributed to all board members for review, with the exception of schedule b which the board members will not be able to review. The return is filed after the form 990 is sent to the board members.”

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

“The foundation attorney meets with the board of directors annually to review the conflict of interest policy. Board members receive the conflict of interest annual reporting statement at the meeting for completion and return it to the foundation office.”

Form 990, Part VI, Section B, Line 15

“The foundation does not compensate its president or officers. They are compensated by appalachian state university, a governmental institution. Executive compensation is reviewed and approved by university human resources. University human resources rely on performance evaluations, peer and industry comparisons, and any additional independent data received to set the executive compensation. The decision is documented in the university's records.”

Form 990, Part VI, Section C, Line 19

“Documents are available upon request to the foundation accounting office.”

Form 990 Part VI, Section C Line 19

“Documents are available upon request to the foundation accounting office.”

Filing and Contact Details

Filer

Filer Name
Appalachian State University
EIN
23-7099379
Phone
8282622341
Address
ASU BOX 32064 MCKINNEY ALUMNI CTR, BOONE, NC 28608-2064

Signing Officer

Name
William Sears
Title
President
Phone
8282622341
Signed
2026-02-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William J Sears
Formed
1970
Legal Domicile
Nc
Voting Board Members
20
Independent Board Members
17
Employees
0
Volunteers
100

Preparer

Firm
Sorren Inc
Address
328 E MARKET ST SUITE 100, GREENSBORO, NC 27401
Preparer
Maryellen Prance CPA
Phone
3362751686
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in value of split interest agreements 50,741. Change in allowance for uncollectable pledges receivable -2,112,644. Change in cash surrender value of life insurance -708.”

Form 990 Part XII, Line 2C

“The process has not changed from prior year.”

Financial Statement Notes

PART V, LINE 4:

“The foundation's endowment funds are used for scholarship awards and support of university programs.”

PART X, LINE 2:

“The foundation is exempt from income taxes under section 501(c)(3) of the internal revenue code. The foundation files form 990-t annually and reports unrelated business income. Management evaluated the foundation's tax positions and concluded that the foundation had taken no uncertain tax positions that require adjustment to the financial statements.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Fundraising and gaming expenses netted with revenue 364,706. Change in value of split interest agreements 50,741.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Change in uncollectable pledges receivable 2,112,644. Change in cash surrender value of life insurance 708.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Fundraising and gaming expenses netted with revenue 364,706.”

Raw XML AppendixShowing 400 of 1,070 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/TitleTxt23EXECUTIVE DIRECTOR OF DONOR ENGAGEME
IRS990/Form990PartVIISectionAGrp/TitleTxt24GIFT OFFICE, WCOB
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IRS990/MissionDesc0THE APPALACHIAN STATE UNIVERSITY FOUNDATION EXISTS TO SUPPORT APPALACHIAN STATE UNIVERSITY STUDENTS, FACULTY, STAFF AND COMMUNITY THROUGH THE ADVANCEMENT OF FINANCIAL SUPPORT, STEWARDSHIP, GROWTH OF RESOURCES, AND ADVOCACY FOR THE UNIVERSITY'S MISSION.
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