Civic Intelligence

Savannah State College Foundation Inc.

990 • Fiscal year 2019 • EIN 23-7305890

Jul 01, 2018 to Jun 30, 2019 • Filed on May 04, 2020

Organization ProfileWWW.SAVANNAHSTATE.EDU/SSU-FOUNDATION
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

0.97x

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

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

98th percentile

15.80x

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

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Net Margin

57th percentile

5.3%

Higher net margin than 57% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

5th percentile

$0

Higher top officer pay than 5% of similar nonprofits.

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

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Asset Growth

19th percentile

-2.1%

Faster asset growth than 19% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

29th percentile

-3.2%

Faster revenue growth than 29% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$84,440,656

Down $1,845,965 (-2.1%) from 2018

Net Assets

Down

$2,395,390

Down $1,834,535 (-43%) from 2018

Liabilities

Down

$82,045,266

Down $11,430 (-0.0%) from 2018

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin57th percentile

Revenue

Down

$5,193,230

Down $174,071 (-3.2%) from 2018

Expenses

Down

$4,917,195

Down $268,291 (-5.2%) from 2018

Net Income

Up

$276,035

Up $94,220 (+52%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth19th 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 2019: $84,440,656Liabilities 2019: $82,045,266Net Assets 2019: $2,395,3902019Assets 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

2019

Assets$84,440,656
Liabilities$82,045,266
Net Assets$2,395,390
Open 2019 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 2019: $5,193,230Expenses 2019: $4,917,195Net Income 2019: $276,0352019Revenue 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

2019

Revenue$5,193,230
Expenses$4,917,195
Net Income$276,035
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 4, 2020
Return Version
2018v3.2
Gross Receipts
$5,206,027
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$5,616,824$5,822,177▲ $205,353
Cash and Non-Interest-Bearing Accounts$696,120$830,201▲ $134,081
Other Notes and Loans Receivable, Net$243,273$235,779▼ $7,494
Land, Buildings, and Equipment, Net$150,000$150,000→ $0
Savings and Temporary Cash Investments$3,644$3,541▼ $103
Prepaid Expenses and Deferred Charges$6,046$2,746▼ $3,300
Total Assets$86,286,621$84,440,656▼ $1,845,965
Other Assets Total$79,570,714$77,396,212▼ $2,174,502
Liabilities
Tax Exempt Bond Liabilities$73,190,767$71,142,178▼ $2,048,589
Other Liabilities$7,269,410$9,088,095▲ $1,818,685
Mortgage Notes Payable Secured by Investment Property$1,546,113$1,351,705▼ $194,408
Accounts Payable and Accrued Expenses$50,406$258,700▲ $208,294
Deferred Revenue-$204,588-
Total Liabilities$82,056,696$82,045,266▼ $11,430
Net Assets / Fund Balance
Unrestricted Net Assets$3,955,173$2,098,780▼ $1,856,393
Temporarily Rstr Net Assets$164,752$186,610▲ $21,858
Permanently Rstr Net Assets$110,000$110,000→ $0
Total Net Assets Fund Balance$4,229,925$2,395,390▼ $1,834,535
Total Liabilities and Net Assets / Fund Balance$86,286,621$84,440,656▼ $1,845,965

Asset Categories

AssetBook ValueDepreciationBasis
Land$150,000-$150,000
Other Assets Org$77,396,212--
Other Securities$219,703--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$162,234-▲ $7,082-$169,243
2017$149,597-▲ $12,715-$162,234
2016$133,875-▲ $16,799-$149,597
2015$134,002-▲ $949-$133,875
2014$129,600-▲ $5,472-$134,002
Compensation and Service Providers
Top Officer Pay5th percentile

Board Members and Trustees

NameTitle
Dr William T SimmonsChairman
Latanga Allen-felderVice Chairma
Annie AndrewsDirector
Arthur J TerryDirector
Barbara McgheeDirector
Bobby LockettDirector
Capt Bernard JacksonDirector
Cathy HillDirector
Charles G YoungDirector
Clemontine WashingtonDirector
Clyde NewtonDirector
Dr Daniel StephensonDirector
Dr Jimmie C JacksonDirector
Dr Patricia Mosley HarrisDirector
Edna B JacksonDirector
Eugene Felton JrDirector
Florene BolesDirector
Glennera E MartinDirector
James C CarthonDirector
James O Thomas JrDirector
John KelleyDirector
Julius SmithDirector
Robert L BessDirector
Travis StringerDirector
Walter E GaskinDirector
Phillip D AdamsExecutive Di
Kimberly Ballard-washingtonInterim Pres
Judge Barbara J MobleySecretary
Hon Emanuel Larkin JrTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$292,490
Program Service Revenue
$4,860,612
Investment Income
$52,925
Other Revenue
$-12,797
All Other Contributions
$235,165
Change in Net Assets
$276,035

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,193,230
Revenue Not Reported on Form 990
$-1,353
Total Revenue per Audited Statements
$5,191,877
Total Revenue per Form 990
$5,193,230
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,415,055
Grants and Similar Amounts Paid$502,140
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$3,902,941--$3,902,941
Grants to Domestic Orgs$464,390--$464,390
Depreciation Depletion$126,943--$126,943
Grants to Domestic Individuals$37,750--$37,750
Other Expenses$15,710$62,911-$15,710
Fees for Services Other-$13,343-$13,343
Total Functional Expenses$4,840,941$76,254$0$4,917,195

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,929,992
Expenses per Audited Statements$4,917,195
Total Expenses per Form 990$4,917,195
Expenses Not Reported on Form 990$12,797
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Savannah State UniversitySavannah, GA501c3Student Scholarships$464,390
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$12,797
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Scholarship Gal$57,325-$12,797-
Total Events$57,325-$12,797$-12,797
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$9,088,095

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-$4,775,000$295,459
A$26,245,000-$4,540,000$426,184
B$22,975,000-$3,165,000$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 arthur terry family james o thomas family dr. Jimmie jackson family”

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
2020-05-04

Organization Details

Principal Officer
Dr William T Simmons
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 agreements -2,096,420”

Financial Statement Notes

Schedule D, Page 3, Part X

“The fasb requires management to annually evaluate the foundation's tax positions, including accounting and measurement of uncertain tax positions. For the years ended june 30, 2019 and 2018, 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 2015.”

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

“Fundraising expenses 12,797”

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

“Fundraising expenses 12,797”

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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$84,440,656
Liabilities
$82,045,266
Net assets
$2,395,390
Revenue
$5,193,230
Expenses
$4,917,195
Net income
$276,035
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
2019Detailed filing. Detailed filing data is available for this year.$84.4$82.0$2.40$5.19$4.92$0.28
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
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