Civic Intelligence

Winston-Salem State University Foundation Inc

EIN 56-0989620 • 501(c)3 • Winston Salem, NC

Profile

To provide financial support to the students and faculty of Winston-Salem State University.

Campus Box 19537 No 304Winston Salem, NC 27110

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

57th percentile

0.32x

Higher debt load relative to assets than 57% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

91st percentile

3.65x

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

501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

48th percentile

3.7%

Higher net margin than 48% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

23rd percentile

-1.1%

Faster asset growth than 23% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

14th percentile

-13%

Faster revenue growth than 14% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets57th percentile

Assets

Down

$97,879,162

Down $1,060,851 (-1.1%) from 2023

Liabilities

Down

$27,204,479

Down $4,552,653 (-14%) from 2023

Net Assets

Up

$70,674,683

Up $3,491,802 (+5.2%) from 2023

Operations
Liabilities / Revenue91st percentileNet Margin48th percentile

Revenue

Up

$9,030,501

Up $331,658 (+3.8%) from 2023

Expenses

Up

$12,601,251

Up $4,223,881 (+50%) from 2023

Net Income

Down

-$3,570,750

Down $3,892,223 (-1211%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth23rd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0Assets 2011: $62,566,578Liabilities 2011: $49,439,877Net Assets 2011: $13,126,7012011Assets 2012: $63,296,462Liabilities 2012: $49,381,842Net Assets 2012: $13,914,6202012Assets 2013: $82,753,749Liabilities 2013: $65,035,189Net Assets 2013: $17,718,5602013Assets 2014: $79,598,495Liabilities 2014: $60,812,394Net Assets 2014: $18,786,1012014Assets 2015: $80,144,267Liabilities 2015: $60,572,817Net Assets 2015: $19,571,4502015Assets 2016: $62,954,030Liabilities 2016: $44,865,974Net Assets 2016: $18,088,0562016Assets 2017: $61,193,159Liabilities 2017: $42,435,814Net Assets 2017: $18,757,3452017Assets 2018: $62,546,848Liabilities 2018: $40,783,052Net Assets 2018: $21,763,7962018Assets 2019: $63,118,332Liabilities 2019: $39,219,673Net Assets 2019: $23,898,6592019Assets 2020: $63,688,784Liabilities 2020: $37,489,399Net Assets 2020: $26,199,3852020Assets 2021: $101,451,947Liabilities 2021: $35,520,239Net Assets 2021: $65,931,7082021Assets 2022: $99,996,006Liabilities 2022: $33,578,783Net Assets 2022: $66,417,2232022Assets 2023: $98,940,013Liabilities 2023: $31,757,132Net Assets 2023: $67,182,8812023Assets 2024: $97,879,162Liabilities 2024: $27,204,479Net Assets 2024: $70,674,6832024

Highlighted filing

2024

Assets$97,879,162
Liabilities$27,204,479
Net Assets$70,674,683
Open 2024 Filing

Operations Trend

Revenue Growth14th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$40M$20M$0-$20MRevenue 2011: $4,150,381Expenses 2011: $4,343,634Net Income 2011: -$193,2532011Revenue 2012: $5,578,402Expenses 2012: $4,950,277Net Income 2012: $628,1252012Revenue 2013: $8,078,883Expenses 2013: $5,138,455Net Income 2013: $2,940,4282013Revenue 2014: $5,363,810Expenses 2014: $5,566,146Net Income 2014: -$202,3362014Revenue 2015: $4,632,006Expenses 2015: $4,702,096Net Income 2015: -$70,0902015Revenue 2016: $5,114,598Expenses 2016: $6,395,660Net Income 2016: -$1,281,0622016Revenue 2017: $5,511,532Expenses 2017: $6,134,704Net Income 2017: -$623,1722017Revenue 2018: $6,297,440Expenses 2018: $4,619,974Net Income 2018: $1,677,4662018Revenue 2019: $6,388,883Expenses 2019: $5,025,178Net Income 2019: $1,363,7052019Revenue 2020: $6,940,963Expenses 2020: $4,769,093Net Income 2020: $2,171,8702020Revenue 2021: $36,998,091Expenses 2021: $4,744,386Net Income 2021: $32,253,7052021Revenue 2022: $10,006,933Expenses 2022: $6,991,452Net Income 2022: $3,015,4812022Revenue 2023: $8,698,843Expenses 2023: $8,377,370Net Income 2023: $321,4732023Revenue 2024: $9,030,501Expenses 2024: $12,601,251Net Income 2024: -$3,570,7502024

Highlighted filing

2024

Revenue$9,030,501
Expenses$12,601,251
Net Income-$3,570,750
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$97,879,162
Liabilities
$27,204,479
Net assets
$70,674,683
Revenue
$9,030,501
Expenses
$12,601,251
Net income
-$3,570,750
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$97.9$27.2$70.7$9.03$12.6$3.57
2023Detailed filing. Detailed filing data is available for this year.$98.9$31.8$67.2$8.70$8.38$0.32
2022Detailed filing. Detailed filing data is available for this year.$100.0$33.6$66.4$10.0$6.99$3.02
2021Detailed filing. Detailed filing data is available for this year.$101$35.5$65.9$37.0$4.74$32.3
2020Summary only. Only limited summary data is available for this year.$63.7$37.5$26.2$6.94$4.77$2.17
2019Summary only. Only limited summary data is available for this year.$63.1$39.2$23.9$6.39$5.03$1.36
2018Summary only. Only limited summary data is available for this year.$62.5$40.8$21.8$6.30$4.62$1.68
2017Summary only. Only limited summary data is available for this year.$61.2$42.4$18.8$5.51$6.13$0.62
2016Summary only. Only limited summary data is available for this year.$63.0$44.9$18.1$5.11$6.40$1.28
2015Summary only. Only limited summary data is available for this year.$80.1$60.6$19.6$4.63$4.70$0.07
2014Summary only. Only limited summary data is available for this year.$79.6$60.8$18.8$5.36$5.57$0.20
2013Summary only. Only limited summary data is available for this year.$82.8$65.0$17.7$8.08$5.14$2.94
2012Summary only. Only limited summary data is available for this year.$63.3$49.4$13.9$5.58$4.95$0.63
2011Summary only. Only limited summary data is available for this year.$62.6$49.4$13.1$4.15$4.34$0.19
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 16, 2025
Return Version
2023v6.0
Gross Receipts
$9,030,501
Mission and Program Overview

Mission

The winston-salem state university foundation, incorporated, (the "foundation") a non-profit corporation, solicits and collects contributions to provide scholarships and aid to students and faculty of winston-salem state university (the "university") and financial support for the educational programs of the university.

To provide financial support to the students and faculty of Winston-Salem State University.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$54,269,488$60,705,349▲ $6,435,861
Other Notes and Loans Receivable, Net$27,129,286$22,639,392▼ $4,489,894
Savings and Temporary Cash Investments$6,797,696$6,108,622▼ $689,074
Land, Buildings, and Equipment, Net$5,023,120$5,028,088▲ $4,968
Cash and Non-Interest-Bearing Accounts$4,781,838$3,370,748▼ $1,411,090
Pledges and Grants Receivable$559,466--
Accounts Receivable$18,207$18,337▲ $130
Prepaid Expenses and Deferred Charges$8,626$8,626→ $0
Total Assets$98,940,013$97,879,162▼ $1,060,851
Other Assets Total$352,286--
Liabilities
Tax Exempt Bond Liabilities$31,072,978$25,985,065▼ $5,087,913
Accounts Payable and Accrued Expenses$684,154$1,219,414▲ $535,260
Total Liabilities$31,757,132$27,204,479▼ $4,552,653
Net Assets / Fund Balance
Net Assets With Donor Restrictions$35,461,538$40,652,152▲ $5,190,614
Net Assets Without Donor Restrictions$31,721,343$30,022,531▼ $1,698,812
Total Net Assets Fund Balance$67,182,881$70,674,683▲ $3,491,802
Total Liabilities and Net Assets / Fund Balance$98,940,013$97,879,162▼ $1,060,851

Asset Categories

AssetBook ValueDepreciationBasis
Land$2,985,534-$2,985,534
Buildings$2,022,629-$2,022,629
Equipment$19,925$115,451$135,376
Other Securities$41,763,664--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$36,825,350$1,843,169▲ $4,665,967$1,570,822$41,763,664
2022$36,621,465$1,491,156▼ $42,172$1,245,099$36,825,350
2021$24,764,575$11,043,817▲ $1,077,431$264,358$36,621,465
2020$16,829,280$1,553,627▲ $6,640,061$258,393$24,764,575
2019$14,905,827$2,100,948▲ $375,863$553,358$16,829,280
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr LaTanya D AfolayanExecutive DirectorPT$197,505$12,956$210,461

Board Members and Trustees

NameTitle
Mr Marcus CoxChair
Ms Crystal ThompkinsVice Chair
Dr Anthony GrahamDirector
Dr Clayton A ScottDirector
Dr Eric J SadlerDirector
Dr Tamara Holmes BrothersDirector
Mr Barry EisenbergDirector
Mr Christopher WilsonDirector
Mr Jonathan LindsayDirector
Mr Mo WrightDirector
Mr Tres J VanceDirector
Ms Candrice T OliverDirector
Ms Kristie Swink BensonDirector
Ms Nicole CarrDirector
Ms Sharon Jeffries-JonesDirector
The Honorable Camille Banks-PrinceDirector
Dr Siobahn Day GradySecretary
Mr Brian VannoyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$4,884,363
Program Service Revenue
$987,625
Investment Income
$117,023
Other Revenue
$3,041,490
All Other Contributions
$4,884,363
Change in Net Assets
$-3,570,750

Audited Revenue Reconciliation

Revenue per Audited Statements
$9,030,501
Revenue Not Reported on Form 990
$7,062,552
Total Revenue per Audited Statements
$16,093,053
Total Revenue per Form 990
$9,030,501
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$10,825,864
Grants and Similar Amounts Paid$1,497,185
Salaries, Compensation, and Employee Benefits$278,202
Total Fundraising Expense$178
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,497,185--$1,497,185
Fees for Services Other$379,429$422,334-$801,763
Interest$727,177--$727,177
Other Expenses$283,025$162,603$178$445,806
Travel$174,260$182,314-$356,574
Other Salaries and Wages-$278,202-$278,202
All Other Expenses$135,776$61,590-$197,366
Information Technology$74,430$115,001-$189,431
Occupancy$60,864$100,702-$161,566
Depreciation Depletion-$7,749-$7,749
Total Functional Expenses$11,035,328$1,565,745$178$12,601,251

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$12,691,251
Total Expenses per Audited Statements$12,691,251
Total Expenses per Form 990$12,691,251
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Winston-Salem State UniversityWinston Salem, NCGovStudent Scholarships$1,497,185
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
Federal income taxes-

Bond Issues

BondIssuerIssuedIssue PricePurpose
BWinston Salem State University2024-06-26$16,130,311Student Housing
AWinston Salem State University Housing Fund2016-09-08$13,235,000Student Housing

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$16,130,311---
A$13,235,000---

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
Yes
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, Part VI, Section B, Line 11B

“The Board is supplied an electronic copy of the Form 990 before it is filed.”

Form 990, Part VI, Section B, Line 12C

“At the beginning of each meeting the Chair reads the following statement As Chair of the Board, it is my responsibility to remind all members of the Board of their duty to avoid conflicts of interest and appearances of conflict of interest as defined in our conflict of interest policy and statement annual filing. Each member has received the agenda and related information for this meeting. If any Board Member knows of any conflict of interest or appearance of conflict with respect to any matter coming before the Foundation board at this meeting, the conflict or appearance of conflict should be identified at this time. This statement and any identified conflicts are included in the meeting minutes.”

Form 990, Part VI, Section C, Line 19

“The Foundation makes its governing documents, conflict of interest policy and financial statements available to the public on request. Documents may be viewed in the offices of the Foundation.”

Filing and Contact Details

Filer

Filer Name
Winston-Salem State University Foundation Inc
EIN
56-0989620
Phone
3367503005
Address
Campus Box 19537 No 304, Winston Salem, NC 27110

Signing Officer

Name
Kevan Turman
Title
Vice ChancellorExecutive Director
Phone
3367503005
Signed
2025-05-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevan Turman
Formed
1970
Legal Domicile
Nc
Voting Board Members
18
Independent Board Members
18
Employees
0

Preparer

Firm
Murphy and Company PC
Address
1475 Klondike Road Suite 100, Conyers, GA 30094
Preparer
Dane Alexander
Phone
4048740555
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D

“Program Service Expenses 1,536,693, Grants and allocations 0, Revenue 2,747,062 Foundation Management and Development The Foundation has successfully modernized its infrastructure by investing in technology software and website enhancements, significantly improving its online presence, communication, and data management capabilities. Additionally, the foundation has achieved financial stability through effective management of interest expenses related to debt and investments, thereby strengthening its overall financial health and enhancing its capacity to support the university in the long term.”

Form 990, Part III, Line 1

“The Winston-Salem State University Foundation, Incorporated the Foundation, a non-profit corporation, solicits and collects contributions to provide scholarships and aid to students and faculty of Winston-Salem State University the University and financial support for the educational programs of the University.”

Form 990, Part III, Line 4C

“Student Housing Facility The Foundation, through wholly owned subsidiary, Winston-Salem State University Housing Foundation, LLC the LLC, operates three student housing facilities. The first, Rams Commons, is a 446-bed facility situated on approximately 7.7 acres adjacent to the University campus. It includes four residential buildings, one community center, and off-site parking. The second student housing facility, Gleason-Hairston Terrace, is situated on approximately 8.3 acres. The 405-bed facility is located on the southwest side of the University campus. Gleason-Hairston opened for student occupancy in August 2025. Foundation Heights, the third privatized student housing project sponsored by the foundation was funded through and additional bond issue. This four-story apartment community, situated on approximately 6 acres on the southwest side of the campus, includes one residential building containing 72 units and a total of 316 beds. Foundation Heights opened for student occupancy in 2007. Rams Commons, Gleason-Hairston Terrace and Foundation Heights are leased to Wi”

Financial Statement Notes

V 4

“Endowment funds are established to support studen scholarships, student and faculty development, and student services. Earnings on all endowed funds are disbursed based on written criteria established by our donors.”

X 2

“The Foundation is a not-for-profit organization and is exempt from income taxes under Section 501c3 of the Internal Revenue Code. Accordingly, income tax expense is limited to activities that are deemed by the Internal Revenue Service to be unrelated to their exempt purpose. The LLC is considered to be a disregarded entity directly controlled by the Foundation. The Foundations primary tax positions relate to its status as a not-for-profit entity exempt from income taxes and classification of activities related to its exempt purpose. It is the opinion of management that the Foundation has no uncertain tax positions that would be subject to change upon examination. The Foundation, inclusive of the LLC, is required to file a federal exempt organization tax return Form 990 annually to retain its exempt status. The Foundation is also required to file an exempt organization business income tax return Form 990-T for any year gross un-related business income exceeds 1,000. The Foundations Form 990 filings are generally subject to examination by the Internal Revenue Service for three years after they are filed.”

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IRS990/Form990PartVIISectionAGrp/PersonNm0Dr LaTanya D Afolayan
IRS990/Form990PartVIISectionAGrp/PersonNm1Ms Kristie Swink Benson
IRS990/Form990PartVIISectionAGrp/PersonNm2Dr Tamara Holmes Brothers
IRS990/Form990PartVIISectionAGrp/PersonNm3Ms Nicole Carr
IRS990/Form990PartVIISectionAGrp/PersonNm4Mr Marcus Cox
IRS990/Form990PartVIISectionAGrp/PersonNm5Mr Barry Eisenberg
IRS990/Form990PartVIISectionAGrp/PersonNm6Dr Siobahn Day Grady
IRS990/Form990PartVIISectionAGrp/PersonNm7Ms Sharon Jeffries-Jones
IRS990/Form990PartVIISectionAGrp/PersonNm8Mr Jonathan Lindsay
IRS990/Form990PartVIISectionAGrp/PersonNm9Ms Candrice T Oliver
IRS990/Form990PartVIISectionAGrp/PersonNm10The Honorable Camille Banks-Prince
IRS990/Form990PartVIISectionAGrp/PersonNm11Dr Anthony Graham
IRS990/Form990PartVIISectionAGrp/PersonNm12Dr Eric J Sadler
IRS990/Form990PartVIISectionAGrp/PersonNm13Dr Clayton A Scott
IRS990/Form990PartVIISectionAGrp/PersonNm14Ms Crystal Thompkins
IRS990/Form990PartVIISectionAGrp/PersonNm15Mr Tres J Vance
IRS990/Form990PartVIISectionAGrp/PersonNm16Mr Brian Vannoy
IRS990/Form990PartVIISectionAGrp/PersonNm17Mr Christopher Wilson
IRS990/Form990PartVIISectionAGrp/PersonNm18Mr Mo Wright
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IRS990/Form990PartVIISectionAGrp/TitleTxt16Treasurer
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IRS990/ProgSrvcAccomActy2Grp/Desc0Student/Faculty Special Assistance The Foundation extended its support to various campus programs and initiatives, including the university choir, the Red Sea of Sound marching band, and the athletics department, which encompasses golf, basketball, football, volleyball, and cheerleading. Furthermore, it contributed to AI training and development, as well as technological advancements. Additionally, the foundation supported international programs aimed at enhancing study abroad opportunities for faculty and staff, fostering student leadership development, and providing career services.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Operational and Program Support The Foundation has successfully enhanced operational efficiency and effectiveness by utilizing administrative fees and contract services, which have allowed for improved resource management, regulatory compliance, and mission execution. Additionally, alumni engagement has been significantly strengthened through events and entertainment designed to foster connections and encourage ongoing support for the university. Furthermore, the foundation has actively supported university activities and initiatives by covering expenses related to meals, travel, lodging, and other costs associated with faculty development, student recruitment, and special projects.
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