Civic Intelligence

Savannah State College Foundation Inc.

990 • Fiscal year 2016 • EIN 23-7305890

Jul 01, 2015 to Jun 30, 2016 • Filed on Apr 03, 2017

Organization ProfileN/A
PO Box 20439Savannah, GA 31404-9707

(912) 897-3087

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

91st percentile

0.99x

Higher debt load relative to assets than 91% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Liabilities / Revenue

98th percentile

18.19x

Higher debt load relative to revenue than 98% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Net Margin

69th percentile

8.3%

Higher net margin than 69% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Top Officer Pay

4th percentile

$0

Higher top officer pay than 4% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Asset Growth

33rd percentile

-1.3%

Faster asset growth than 33% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Revenue Growth

29th percentile

-4.3%

Faster revenue growth than 29% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$95,812,723

Down $1,220,981 (-1.3%) from 2015

Net Assets

Down

$1,261,607

Down $2,718,260 (-68%) from 2015

Liabilities

Up

$94,551,116

Up $1,497,279 (+1.6%) from 2015

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin69th percentile

Revenue

Down

$5,198,934

Down $234,747 (-4.3%) from 2015

Expenses

Down

$4,766,155

Down $108,294 (-2.2%) from 2015

Net Income

Down

$432,779

Down $126,453 (-23%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth33rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$100M$50M$0-$50MAssets 2011: $96,449,023Liabilities 2011: $95,562,871Net Assets 2011: $886,1522011Assets 2012: $99,959,429Liabilities 2012: $99,864,426Net Assets 2012: $95,0032012Assets 2013: $98,914,033Liabilities 2013: $93,254,146Net Assets 2013: $5,659,8872013Assets 2015: $97,033,704Liabilities 2015: $93,053,837Net Assets 2015: $3,979,8672015Assets 2016: $95,812,723Liabilities 2016: $94,551,116Net Assets 2016: $1,261,6072016Assets 2017: $88,025,352Liabilities 2017: $86,373,502Net Assets 2017: $1,651,8502017Assets 2018: $86,286,621Liabilities 2018: $82,056,696Net Assets 2018: $4,229,9252018Assets 2020: $82,130,337Liabilities 2020: $82,483,253Net Assets 2020: -$352,9162020Assets 2021: $70,189,584Liabilities 2021: $76,892,895Net Assets 2021: -$6,703,3112021Assets 2022: $89,611,630Liabilities 2022: $90,520,320Net Assets 2022: -$908,6902022

Highlighted filing

2016

Assets$95,812,723
Liabilities$94,551,116
Net Assets$1,261,607
Open 2016 Filing

Operations Trend

Revenue Growth29th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2011: $3,114,3522011Expenses 2012: $4,002,7592012Expenses 2013: $4,512,3272013Revenue 2015: $5,433,681Expenses 2015: $4,874,449Net Income 2015: $559,2322015Revenue 2016: $5,198,934Expenses 2016: $4,766,155Net Income 2016: $432,7792016Revenue 2017: $5,188,114Expenses 2017: $8,989,018Net Income 2017: -$3,800,9042017Revenue 2018: $5,367,301Expenses 2018: $5,185,486Net Income 2018: $181,8152018Revenue 2020: $4,967,727Expenses 2020: $4,773,870Net Income 2020: $193,8572020Revenue 2021: $6,773,497Expenses 2021: $4,491,224Net Income 2021: $2,282,2732021Revenue 2022: $5,951,749Expenses 2022: $4,256,919Net Income 2022: $1,694,8302022

Highlighted filing

2016

Revenue$5,198,934
Expenses$4,766,155
Net Income$432,779
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Apr 3, 2017
Return Version
2015v3.0
Gross Receipts
$5,198,934
Mission and Program Overview

Mission

The purpose of the foundation is the establishment of funds to be used for the advancement of savannah state university and for the promotion of the education and welfare of faculty and students. This includes raising and managing funds, providing scholarships, and renovating and operating student housing complexes on the campus.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$5,207,348$5,710,933▲ $503,585
Cash and Non-Interest-Bearing Accounts$412,593$530,153▲ $117,560
Other Notes and Loans Receivable, Net$295,862$282,629▼ $13,233
Prepaid Expenses and Deferred Charges$3,581$6,277▲ $2,696
Savings and Temporary Cash Investments$1,447$2,606▲ $1,159
Total Assets$97,033,704$95,812,723▼ $1,220,981
Other Assets Total$91,112,873$89,280,125▼ $1,832,748
Liabilities
Tax Exempt Bond Liabilities$80,308,858$78,709,411▼ $1,599,447
Other Liabilities$10,760,212$13,883,498▲ $3,123,286
Mortgage Notes Payable Secured by Investment Property$1,968,802$1,796,066▼ $172,736
Accounts Payable and Accrued Expenses$15,965$162,141▲ $146,176
Total Liabilities$93,053,837$94,551,116▲ $1,497,279
Net Assets / Fund Balance
Unrestricted Net Assets$3,754,753$1,035,023▼ $2,719,730
Temporarily Rstr Net Assets$115,114$116,584▲ $1,470
Permanently Rstr Net Assets$110,000$110,000→ $0
Total Net Assets Fund Balance$3,979,867$1,261,607▼ $2,718,260
Total Liabilities and Net Assets / Fund Balance$97,033,704$95,812,723▼ $1,220,981

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$33,775--
Other Securities$174,706--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$225,144$5,250▲ $1,244-$226,584
2014$202,297$21,384▲ $7,138-$225,144
2013$181,323$7,886▲ $17,488-$202,297
2012$162,698$10,000▲ $10,751$500$181,323
2011----$162,698
Compensation and Service Providers
Top Officer Pay4th percentile

Board Members and Trustees

NameTitle
Charles G YoungChairman
James O Thomas JrChairman Eme
Dr Jimmie C JacksonChairman-eme
Arthur TerryVice-chairma
Betty EllingtonDirector
Bobby LockettDirector
Capt Bernard JacksonDirector
Dr Blenda J WilsonDirector
Dr Carlton H MorseDirector
Dr Daniel StephensonDirector
Dr Gardner J HobbsDirector
Dr Patricia Mosley HarrisDirector
Dr William T SimmonsDirector
Florene BolesDirector
Glennera E MartinDirector
Julius SmithDirector
Kendall WalkerDirector
Latanga Allen-felderDirector
Ltgeneral Walter GaskinDirector
Nathan a Saunders IiDirector
Robert L BessDirector
Stephen L GeridoDirector
Dr Cheryl D DozierEx-officio D
Dr Clarissa M HarrisEx-officio D
Dr Kenneth JordanEx-officio D
Edward B Jolley JrEx-officio D
Vivian Mitchell BrannenEx-officio D
Phillip D AdamsExecutive Di
Dr Virginia J MorrisonFinancial Se
Judge Barbara J MobleySecretary
John KelleyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$98,359
Program Service Revenue
$5,096,532
Investment Income
$4,043
Other Revenue
$0
Change in Net Assets
$432,779

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,198,934
Revenue Not Reported on Form 990
$-2,250
Total Revenue per Audited Statements
$5,196,684
Total Revenue per Form 990
$5,198,934
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,610,872
Grants and Similar Amounts Paid$155,283
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$4,139,803--$4,139,803
Grants to Domestic Individuals$155,283--$155,283
Depreciation Depletion$111,011--$111,011
Fees for Services Accounting$34,990--$34,990
Other Expenses$45,991$33,817-$33,817
Total Functional Expenses$4,732,338$33,817$0$4,766,155

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$7,914,944
Expenses per Audited Statements$4,766,155
Total Expenses per Form 990$4,766,155
Expenses Not Reported on Form 990$3,148,789
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Interest Rate Swap Liability$13,558,506
Accrued Interest$309,027
Due to Related Party$15,965

Bond Issues

BondIssuerIssuedIssue PricePurpose
CSavannah Economic Dvlpmt Authority2010-12-16$36,475,000To acquire and develop land for a sports complex, construct and furnish
ASavannah Economic Dvlpmt Authority2008-02-27$26,245,000To construct and equip a dining/recreational facility
BSavannah Economic Dvlpmt Authority2008-02-27$22,975,000To enhance an existing apartment complex and convert it into student

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$36,475,000-$2,530,000$295,459
A$26,245,000-$2,450,000$426,184
B$22,975,000-$1,590,000$382,220

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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, Page 6, Part VI, Line 2

“Charles young family dr. Patricia harris family dr. Virginia morrison family arthur terry family james o thomas family nathan saunders family dr. Jimmie jackson family”

Form 990, Page 6, Part VI, Line 8B

“Committees do meet outside of the main board meetings. Minutes are not taken at these meetings. These committees report back to the entire board in the main board meetings which are documented through minutes. No action can be taken by the committees without approval of the entire board.”

Form 990, Page 6, Part VI, Line 11B

“A designated officer/board member/committee or board accountant will review a draft of the form 990 in detail made available by the preparer. Afterwards, a copy is made available to the full board for their review and comment prior to filing the return. A designated officer then signs the return after considering board comments (approval for mailing).”

Form 990, Page 6, Part VI, Line 12C

“The policy is monitored annually by the board.”

Form 990, Page 6, Part VI, Line 19

“The board will consider requests on a case-by-case basis for information beyond what is available in form 1023 (application for exempt status) and the three most recent forms 990. Additional information can be obtained on web site http://www2.guidestar.org”

Filing and Contact Details

Filer

Filer Name
Savannah State University
EIN
23-7305890
Phone
9128973087
Address
PO BOX 20439, SAVANNAH, GA 31404-9707

Signing Officer

Name
Charles G Young
Title
Chairman
Phone
9128973087
Signed
2017-04-03

Organization Details

Principal Officer
Charles G Young
Formed
1972
Legal Domicile
Ga
Voting Board Members
28
Independent Board Members
28
Employees
0

Preparer

Firm
Tjs Deemer Dana Llp
Address
118 PARK OF COMMERCE DR SUITE 200, SAVANNAH, GA 31405
Preparer
John a Vandaveer CPA
Phone
9122381001
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The purpose of the foundation is the establishment of funds to be used for the advancement of savannah state university and for the promotion of the education and welfare of faculty and students. This includes raising and managing funds, providing scholarships, and renovating and operating student housing complexes on the campus.”

Form 990, Part XI, Line 9

“Change in value - interest rate swap agreement -3,148,789 total -3,148,789”

Financial Statement Notes

Schedule D, Page 3, Part X

“Fasb asc requires management to annually evaluate the foundation's tax positions, including accounting and measurement of uncertain tax positions. For the years ending june 30, 2016 and 2015, management concluded that no uncertain tax positions had been taken that would require adjustment to or disclosure in the consolidated financial statements. With few exceptions, the foundation is no longer subject to income tax examinations by federal, state, or local tax authorities for years before 2012.”

Schedule D, Page 4, Part XII, Line 2D

“Change in value - interest rate swap agreement 3,148,789”

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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$95,812,723
Liabilities
$94,551,116
Net assets
$1,261,607
Revenue
$5,198,934
Expenses
$4,766,155
Net income
$432,779
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$89.6$90.5$0.91$5.95$4.26$1.69
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$70.2$76.9$6.70$6.77$4.49$2.28
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$82.1$82.5$0.35$4.97$4.77$0.19
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$86.3$82.1$4.23$5.37$5.19$0.18
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$88.0$86.4$1.65$5.19$8.99$3.80
2016Detailed filing. Detailed filing data is available for this year.$95.8$94.6$1.26$5.20$4.77$0.43
2015Detailed filing. Detailed filing data is available for this year.$97.0$93.1$3.98$5.43$4.87$0.56
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$98.9$93.3$5.66$4.51
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$100.0$99.9$0.10$4.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$96.4$95.6$0.89$3.11