Civic Intelligence

Savannah State College Foundation Inc.

990 • Fiscal year 2020 • EIN 23-7305890

Jul 01, 2019 to Jun 30, 2020 • Filed on May 13, 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

93rd percentile

1.00x

Higher debt load relative to assets than 93% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Liabilities / Revenue

98th percentile

16.60x

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

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Net Margin

50th percentile

3.9%

Higher net margin than 50% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Top Officer Pay

6th percentile

$0

Higher top officer pay than 6% of similar nonprofits.

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

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Asset Growth

16th percentile

-2.7%

Faster asset growth than 16% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Revenue Growth

32nd percentile

-4.3%

Faster revenue growth than 32% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Down

$82,130,337

Down $4,156,284 (-4.8%) from 2018

Net Assets

Down

-$352,916

Down $4,582,841 (-108%) from 2018

Liabilities

Up

$82,483,253

Up $426,557 (+0.5%) from 2018

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin50th percentile

Revenue

Down

$4,967,727

Down $399,574 (-7.4%) from 2018

Expenses

Down

$4,773,870

Down $411,616 (-7.9%) from 2018

Net Income

Up

$193,857

Up $12,042 (+6.6%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth16th 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

2020

Assets$82,130,337
Liabilities$82,483,253
Net Assets-$352,916
Open 2020 Filing

Operations Trend

Revenue Growth32nd 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

2020

Revenue$4,967,727
Expenses$4,773,870
Net Income$193,857
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 13, 2020
Return Version
2019v5.0
Gross Receipts
$4,979,600
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$5,822,177$5,878,745▲ $56,568
Cash and Non-Interest-Bearing Accounts$830,201$865,882▲ $35,681
Other Notes and Loans Receivable, Net$235,779$226,336▼ $9,443
Land, Buildings, and Equipment, Net$150,000$150,000→ $0
Savings and Temporary Cash Investments$3,541$6,233▲ $2,692
Prepaid Expenses and Deferred Charges$2,746$3,803▲ $1,057
Total Assets$84,440,656$82,130,337▼ $2,310,319
Other Assets Total$77,396,212$74,999,338▼ $2,396,874
Liabilities
Tax Exempt Bond Liabilities$71,142,178$68,888,590▼ $2,253,588
Other Liabilities$9,088,095$12,026,878▲ $2,938,783
Mortgage Notes Payable Secured by Investment Property$1,351,705$1,146,318▼ $205,387
Accounts Payable and Accrued Expenses$258,700$309,303▲ $50,603
Deferred Revenue$204,588$112,164▼ $92,424
Total Liabilities$82,045,266$82,483,253▲ $437,987
Net Assets / Fund Balance
Net Assets With Donor Restrictions$296,610$298,106▲ $1,496
Net Assets Without Donor Restrictions$2,098,780$-651,022▼ $2,749,802
Total Net Assets Fund Balance$2,395,390$-352,916▼ $2,748,306
Total Liabilities and Net Assets / Fund Balance$84,440,656$82,130,337▼ $2,310,319

Asset Categories

AssetBook ValueDepreciationBasis
Land$150,000-$150,000
Other Assets Org$74,999,338--
Other Securities$216,793--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$169,243-▼ $171-$169,001
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
Compensation and Service Providers
Top Officer Pay6th percentile

Board Members and Trustees

NameTitle
Dr William T SimmonsChairman
Latanga Allen-felderVice Chairma
Alex C HabershamDirector
Annie AndrewsDirector
Arthur J TerryDirector
Carolyn PriceDirector
Cathy HillDirector
Charles G YoungDirector
Clemontine WashingtonDirector
Dr Daniel StephensonDirector
Dr Jimmie C JacksonDirector
Dr Patricia Mosley HarrisDirector
Eugene Felton JrDirector
Florene BolesDirector
James C CarthonDirector
Julius SmithDirector
Michelle AdamsDirector
Otis S JohnsonDirector
Travis StringerDirector
William T Daniel JrDirector
Barbara McgheeBooster Club
Walter E GaskinCommittee Ch
Capt Bernard JacksonCommmittee C
Bobby LockettCommunity/go
Rohnald McgheeDiector
John KelleyFinance, Inv
Kimberly Ballard-washingtonInterim Pres
Edna B JacksonMembership D
Judge Barbara J MobleySecretary
Glennera E MartinSpec. Events
Clyde NewtonSsunaa Presi
Hon Emanuel Larkin JrTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$170,963
Program Service Revenue
$4,776,457
Investment Income
$31,047
Other Revenue
$-10,740
All Other Contributions
$90,207
Change in Net Assets
$193,857

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,967,727
Revenue Not Reported on Form 990
$7,360
Total Revenue per Audited Statements
$4,975,087
Total Revenue per Form 990
$4,967,727
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,542,803
Grants and Similar Amounts Paid$231,067
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$3,856,027$8,359-$3,864,386
Grants to Domestic Orgs$186,067--$186,067
Depreciation Depletion$117,955--$117,955
Grants to Domestic Individuals$45,000--$45,000
Fees for Services Other-$22,493-$22,493
Other Expenses$16,064$24,320-$16,064
Total Functional Expenses$4,691,366$82,504$0$4,773,870

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,784,610
Expenses per Audited Statements$4,773,870
Total Expenses per Form 990$4,773,870
Expenses Not Reported on Form 990$10,740
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Savannah State UniversitySavannah, GA501c3Student Scholarships$186,067
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$10,740
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Scholarship Gal$70,800-$5,000-
Golf Tournament$9,956-$5,740-
Total Events$80,756-$10,740$-10,740
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$12,026,878

Bond Issues

BondIssuerIssuedIssue PricePurpose
CSavannah Economic Dvlpmt Authority2010-12-16$36,475,000To acquire and develop land for a sports complex, construct and furnish buildings
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 housing.

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$36,475,000-$5,585,000$295,459
A$26,245,000-$5,420,000$426,184
B$22,975,000-$3,840,000$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 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, 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
2020-05-13

Organization Details

Principal Officer
Dr William T Simmons
Formed
1972
Legal Domicile
Ga
Voting Board Members
32
Independent Board Members
32
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 -2,938,783”

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, 2020 and 2019, 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 2016.”

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

“Fundraising expenses 10,740”

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

“Fundraising expenses 10,740”

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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$82,130,337
Liabilities
$82,483,253
Net assets
-$352,916
Revenue
$4,967,727
Expenses
$4,773,870
Net income
$193,857
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
2020Detailed filing. Detailed filing data is available for this year.$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
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