Civic Intelligence

Savannah State College Foundation Inc.

990 • Fiscal year 2022 • EIN 23-7305890

Jul 01, 2021 to Jun 30, 2022 • Filed on May 15, 2022

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

94th percentile

1.01x

Higher debt load relative to assets than 94% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

98th percentile

15.21x

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

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Net Margin

80th percentile

28%

Higher net margin than 80% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

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.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Asset Growth

88th percentile

28%

Faster asset growth than 88% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Revenue Growth

23rd percentile

-12%

Faster revenue growth than 23% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$89,611,630

Up $19,422,046 (+28%) from 2021

Net Assets

Up

-$908,690

Up $5,794,621 (+86%) from 2021

Liabilities

Up

$90,520,320

Up $13,627,425 (+18%) from 2021

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin80th percentile

Revenue

Down

$5,951,749

Down $821,748 (-12%) from 2021

Expenses

Down

$4,256,919

Down $234,305 (-5.2%) from 2021

Net Income

Down

$1,694,830

Down $587,443 (-26%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth88th 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

2022

Assets$89,611,630
Liabilities$90,520,320
Net Assets-$908,690
Open 2022 Filing

Operations Trend

Revenue Growth23rd 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

2022

Revenue$5,951,749
Expenses$4,256,919
Net Income$1,694,830
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 15, 2022
Return Version
2021v4.0
Gross Receipts
$5,951,749
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$4,942,033$8,244,728▲ $3,302,695
Cash and Non-Interest-Bearing Accounts$3,296,405$4,489,964▲ $1,193,559
Other Notes and Loans Receivable, Net$216,760$271,847▲ $55,087
Land, Buildings, and Equipment, Net$150,000$150,000→ $0
Savings and Temporary Cash Investments$6,638$7,342▲ $704
Prepaid Expenses and Deferred Charges$2,748$2,748→ $0
Total Assets$70,189,584$89,611,630▲ $19,422,046
Other Assets Total$61,575,000$76,445,001▲ $14,870,001
Liabilities
Tax Exempt Bond Liabilities$66,501,052$82,905,436▲ $16,404,384
Mortgage Notes Payable Secured by Investment Property$924,401$4,124,340▲ $3,199,939
Other Liabilities$8,854,685$2,197,660▼ $6,657,025
Accounts Payable and Accrued Expenses$151,250$1,169,733▲ $1,018,483
Deferred Revenue$461,507$123,151▼ $338,356
Total Liabilities$76,892,895$90,520,320▲ $13,627,425
Net Assets / Fund Balance
Net Assets With Donor Restrictions$357,976--
Net Assets Without Donor Restrictions$-7,061,287$-908,690▲ $6,152,597
Total Net Assets Fund Balance$-6,703,311$-908,690▲ $5,794,621
Total Liabilities and Net Assets / Fund Balance$70,189,584$89,611,630▲ $19,422,046

Asset Categories

AssetBook ValueDepreciationBasis
Land$150,000-$150,000
Other Assets Org$76,445,001--
Other Securities$325,985--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$215,254-▲ $8,080-$223,262
2020$169,001-▲ $46,318-$215,254
2019$169,243-▼ $171-$169,001
2018$162,234-▲ $7,082-$169,243
2017$149,597-▲ $12,715-$162,234
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
Ronald 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
$2,003,569
Program Service Revenue
$3,918,235
Investment Income
$29,945
Other Revenue
$0
All Other Contributions
$2,003,569
Change in Net Assets
$1,694,830

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,951,749
Revenue Not Reported on Form 990
$1,313,766
Total Revenue per Audited Statements
$7,265,515
Total Revenue per Form 990
$5,951,749
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,240,181
Grants and Similar Amounts Paid$16,738
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$2,715,408$8,854-$2,724,262
Depreciation Depletion$87,602--$87,602
Fees for Services Other-$39,500-$39,500
Fees for Services Accounting-$39,011-$39,011
Other Expenses$22,916$1,207,687-$22,916
Grants to Domestic Individuals$16,738--$16,738
Total Functional Expenses$2,961,867$1,295,052$0$4,256,919

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,256,919
Total Expenses per Audited Statements$4,256,919
Total Expenses per Form 990$4,256,919
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$2,197,660

Bond Issues

BondIssuerIssuedIssue PricePurpose
CSavannah Economic Dvlpmt Authority2021-10-01$32,330,000To refund the series 2008a bonds, which were used to fund a student housing facility. To refund the
BSavannah Economic Dvlpmt Authority2021-06-09$23,360,000Bond refunding issue for prior bond issue to develop land for a sports complex and to consruct/furni
ASavannah 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$38,672,429--$515,638
B$29,219,699-$765,000$451,537
A$22,975,000$737,319$5,450,000$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 arthur terry 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
2022-05-15

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
Symphona 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 2,786,025 gain on lease modification 1,598,296 loss on bond refinance -262,195 total 4,122,126”

Financial Statement Notes

Schedule D, Page 3, Part X

“The fasb requires management to annually evaluate the foundation's tax positions, including accounting for and measurement of uncertain tax positions. For the years ended june 30, 2022 and 2021 , 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 2018.”

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

“Gain on lease modification 1,598,296 loss on bond refinance -262,195”

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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$89,611,630
Liabilities
$90,520,320
Net assets
-$908,690
Revenue
$5,951,749
Expenses
$4,256,919
Net income
$1,694,830
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$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
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