Civic Intelligence

Savannah State College Foundation Inc.

990 • Fiscal year 2017 • EIN 23-7305890

Jul 01, 2016 to Jun 30, 2017 • Filed on May 09, 2018

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

(912) 358-4375

Siviq Scores

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

Liabilities / Assets

91st percentile

0.98x

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

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

98th percentile

16.65x

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

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Net Margin

3rd percentile

-73%

Higher net margin than 3% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

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.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Asset Growth

7th percentile

-8.1%

Faster asset growth than 7% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

30th percentile

-0.2%

Faster revenue growth than 30% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$88,025,352

Down $7,787,371 (-8.1%) from 2016

Net Assets

Up

$1,651,850

Up $390,243 (+31%) from 2016

Liabilities

Down

$86,373,502

Down $8,177,614 (-8.6%) from 2016

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin3rd percentile

Revenue

Down

$5,188,114

Down $10,820 (-0.2%) from 2016

Expenses

Up

$8,989,018

Up $4,222,863 (+89%) from 2016

Net Income

Down

-$3,800,904

Down $4,233,683 (-978%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth7th 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

2017

Assets$88,025,352
Liabilities$86,373,502
Net Assets$1,651,850
Open 2017 Filing

Operations Trend

Revenue Growth30th 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

2017

Revenue$5,188,114
Expenses$8,989,018
Net Income-$3,800,904
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 9, 2018
Return Version
2016v3.1
Gross Receipts
$5,188,800
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$5,710,933$5,728,229▲ $17,296
Cash and Non-Interest-Bearing Accounts$530,153$439,105▼ $91,048
Other Notes and Loans Receivable, Net$282,629$309,475▲ $26,846
Prepaid Expenses and Deferred Charges$6,277$6,046▼ $231
Savings and Temporary Cash Investments$2,606$3,012▲ $406
Total Assets$95,812,723$88,025,352▼ $7,787,371
Other Assets Total$89,280,125$81,539,485▼ $7,740,640
Liabilities
Tax Exempt Bond Liabilities$78,709,411$74,838,038▼ $3,871,373
Other Liabilities$13,883,498$9,688,557▼ $4,194,941
Mortgage Notes Payable Secured by Investment Property$1,796,066$1,584,960▼ $211,106
Accounts Payable and Accrued Expenses$162,141$261,947▲ $99,806
Total Liabilities$94,551,116$86,373,502▼ $8,177,614
Net Assets / Fund Balance
Unrestricted Net Assets$1,035,023$1,404,517▲ $369,494
Temporarily Rstr Net Assets$116,584$137,333▲ $20,749
Permanently Rstr Net Assets$110,000$110,000→ $0
Total Net Assets Fund Balance$1,261,607$1,651,850▲ $390,243
Total Liabilities and Net Assets / Fund Balance$95,812,723$88,025,352▼ $7,787,371

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$81,539,485--
Other Securities$195,358--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$133,875-▲ $16,799-$149,597
2015$134,002-▲ $949-$133,875
2014$129,600-▲ $5,472-$134,002
2013$117,700-▲ $13,460-$129,600
2012$118,737-▼ $987-$117,700
Compensation and Service Providers
Top Officer Pay4th percentile

Board Members and Trustees

NameTitle
Dr William T SimmonsChairman
James O Thomas JrChairman Eme
Dr Jimmie C JacksonChairman-eme
Latanga Allen-felderVice Chairma
Annie AndrewsDirector
Arthur TerryDirector
Betty EllingtonDirector
Bobby LockettDirector
Capt Bernard JacksonDirector
Charles G YoungDirector
Dr Daniel StephensonDirector
Dr Gardner J HobbsDirector
Dr Patricia Mosley HarrisDirector
Dr Virginia J MorrisonDirector
Edna B JacksonDirector
Florene BolesDirector
Glennera E MartinDirector
Judge Barbara J MobleyDirector
Julius SmithDirector
Ltgeneral Walter GaskinDirector
Nathan a Saunders IiDirector
Robert L BessDirector
Stephen L GeridoDirector
Barbara McgheeEx-officio D
Dr Cheryl D DozierEx-officio D
Dr F Carl WaltonEx-officio D
Edward B Jolley JrEx-officio D
Sarah DillardEx-officio D
Phillip D AdamsExecutive Di
John KelleyFinancial Se
Hon Emanuel Larkin JrTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$137,079
Program Service Revenue
$5,045,549
Investment Income
$5,486
Other Revenue
$0
All Other Contributions
$137,079
Change in Net Assets
$-3,800,904

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,241,277
Revenue Not Reported on Financial Statements
$3,946,837
Revenue Not Reported on Form 990
$4,191,147
Other Revenue Adjustments
$3,946,837
Total Revenue per Audited Statements
$5,432,424
Total Revenue per Form 990
$5,188,114
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,808,910
Grants and Similar Amounts Paid$180,108
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$4,003,506--$4,003,506
Grants to Domestic Individuals$180,108--$180,108
Depreciation Depletion$114,483--$114,483
Other Expenses$85,077$153,978-$85,077
All Other Expenses$57,766--$57,766
Fees for Services Accounting$29,174--$29,174
Fees for Services Other$21,297--$21,297
Total Functional Expenses$8,835,040$153,978$0$8,989,018

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$8,989,018
Expenses per Audited Statements$5,042,181
Total Expenses per Audited Statements$5,042,181
Expenses Not Reported on Financial Statements$3,946,837
Other Expense Adjustments$3,946,837
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$9,385,534
Accrued Interest$287,058
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-$3,250,000$295,459
A$26,245,000-$3,060,000$426,184
B$22,975,000-$2,045,000$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 report at board meeting and committee reports are documented in board minutes.”

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
9123584375
Address
PO BOX 20439, SAVANNAH, GA 31404-9707

Signing Officer

Name
Dr William T Simmons
Title
Chairman
Phone
9128973087
Signed
2018-05-09

Organization Details

Principal Officer
Dr William T Simmons
Formed
1972
Legal Domicile
Ga
Voting Board Members
31
Independent Board Members
31
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 agreements 4,172,972 contribution classification -98,234 loss on lease modification -3,848,603 contribution classification 98,234 loss on lease modification 3,848,603 total 4,172,972”

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, 2017 and 2016, 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 examinatins by federal, state, or local tax authorities for years before 2013.”

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

“Change in value interest rate swap agreements 4,172,972”

Schedule D, Page 4, Part XI, Line 4B

“Contribution classification 98,234 loss on lease modification 3,848,603”

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

“Contribution classification 98,234 loss on lease modification 3,848,603”

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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$88,025,352
Liabilities
$86,373,502
Net assets
$1,651,850
Revenue
$5,188,114
Expenses
$8,989,018
Net income
-$3,800,904
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
2017Detailed filing. Detailed filing data is available for this year.$88.0$86.4$1.65$5.19$8.99$3.80
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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