Civic Intelligence

Arkansas State University Red Wolves Foundation Inc.

990 • Fiscal year 2024 • EIN 71-0526367

Jul 01, 2023 to Jun 30, 2024 • Filed on Nov 20, 2024

Organization ProfileWWW.REDWOLVESFOUNDATION.COM
PO Box 2219State University, AR 72467

(870) 972-2401

Siviq Scores

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

Liabilities / Assets

91st percentile

0.90x

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

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

94th percentile

4.82x

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

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

15th percentile

-13%

Higher net margin than 15% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

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

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

10th percentile

-7.2%

Faster asset growth than 10% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

78th percentile

30%

Faster revenue growth than 78% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$44,610,264

Down $3,477,309 (-7.2%) from 2023

Net Assets

Down

$4,567,166

Down $983,682 (-18%) from 2023

Liabilities

Down

$40,043,098

Down $2,493,627 (-5.9%) from 2023

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin15th percentile

Revenue

Up

$8,307,278

Up $1,934,214 (+30%) from 2023

Expenses

Down

$9,375,281

Down $383,842 (-3.9%) from 2023

Net Income

Up

-$1,068,003

Up $2,318,056 (+68%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth10th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$80M$60M$40M$20M$0Assets 2012: $3,411,434Liabilities 2012: $79,143Net Assets 2012: $3,332,2912012Assets 2013: $3,617,870Liabilities 2013: $36,055Net Assets 2013: $3,581,8152013Assets 2014: $9,746,851Liabilities 2014: $3,638,464Net Assets 2014: $6,108,3872014Assets 2015: $25,215,795Liabilities 2015: $19,632,371Net Assets 2015: $5,583,4242015Assets 2016: $44,647,418Liabilities 2016: $39,736,454Net Assets 2016: $4,910,9642016Assets 2017: $42,764,237Liabilities 2017: $32,040,881Net Assets 2017: $10,723,3562017Assets 2018: $55,382,726Liabilities 2018: $46,691,383Net Assets 2018: $8,691,3432018Assets 2019: $63,405,312Liabilities 2019: $53,625,120Net Assets 2019: $9,780,1922019Assets 2020: $64,567,663Liabilities 2020: $54,560,010Net Assets 2020: $10,007,6532020Assets 2021: $56,883,433Liabilities 2021: $44,410,116Net Assets 2021: $12,473,3172021Assets 2022: $49,039,332Liabilities 2022: $40,240,151Net Assets 2022: $8,799,1812022Assets 2023: $48,087,573Liabilities 2023: $42,536,725Net Assets 2023: $5,550,8482023Assets 2024: $44,610,264Liabilities 2024: $40,043,098Net Assets 2024: $4,567,1662024Assets 2025: $41,002,714Liabilities 2025: $35,275,324Net Assets 2025: $5,727,3902025

Highlighted filing

2024

Assets$44,610,264
Liabilities$40,043,098
Net Assets$4,567,166
Open 2024 Filing

Operations Trend

Revenue Growth78th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2012: $2,657,240Expenses 2012: $1,748,504Net Income 2012: $908,7362012Revenue 2013: $3,288,308Expenses 2013: $3,038,784Net Income 2013: $249,5242013Revenue 2014: $5,543,925Expenses 2014: $3,017,353Net Income 2014: $2,526,5722014Revenue 2015: $6,071,620Expenses 2015: $6,596,583Net Income 2015: -$524,9632015Revenue 2016: $7,500,866Expenses 2016: $8,173,326Net Income 2016: -$672,4602016Revenue 2017: $12,795,980Expenses 2017: $6,983,588Net Income 2017: $5,812,3922017Revenue 2018: $7,393,771Expenses 2018: $8,371,275Net Income 2018: -$977,5042018Revenue 2019: $9,015,385Expenses 2019: $7,926,536Net Income 2019: $1,088,8492019Revenue 2020: $8,137,847Expenses 2020: $8,547,800Net Income 2020: -$409,9532020Revenue 2021: $7,737,061Expenses 2021: $9,290,842Net Income 2021: -$1,553,7812021Revenue 2022: $6,488,806Expenses 2022: $9,718,792Net Income 2022: -$3,229,9862022Revenue 2023: $6,373,064Expenses 2023: $9,759,123Net Income 2023: -$3,386,0592023Revenue 2024: $8,307,278Expenses 2024: $9,375,281Net Income 2024: -$1,068,0032024Revenue 2025: $10,420,593Expenses 2025: $9,324,348Net Income 2025: $1,096,2452025

Highlighted filing

2024

Revenue$8,307,278
Expenses$9,375,281
Net Income-$1,068,003
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Nov 20, 2024
Return Version
2023v5.0
Gross Receipts
$8,307,278
Mission and Program Overview

Mission

Support Arkansas State University Intercollegiate Athletic program

Arkansas state university red wolves foundation, inc. Is dedicated to aid, assist and promote the development of intercollegiate athletics at arkansas state university and to work with asu's administration in serving the institution.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$17,676,314$17,077,954▼ $598,360
Accounts Receivable$19,436,495$15,441,678▼ $3,994,817
Investments Program Related$4,257,884$7,020,346▲ $2,762,462
Cash and Non-Interest-Bearing Accounts$3,224,175$3,353,741▲ $129,566
Prepaid Expenses and Deferred Charges$2,691,667$991,667▼ $1,700,000
Pledges and Grants Receivable$487,003$410,843▼ $76,160
Total Assets$48,087,573$44,610,264▼ $3,477,309
Other Assets Total$314,035$314,035→ $0
Liabilities
Deferred Revenue$21,831,695$20,209,781▼ $1,621,914
Mortgage Notes Payable Secured by Investment Property$18,957,067$17,910,377▼ $1,046,690
Accounts Payable and Accrued Expenses$1,747,963$1,922,940▲ $174,977
Total Liabilities$42,536,725$40,043,098▼ $2,493,627
Net Assets / Fund Balance
Net Assets With Donor Restrictions$5,883,724$3,054,264▼ $2,829,460
Net Assets Without Donor Restrictions$-332,876$1,512,902▲ $1,845,778
Total Net Assets Fund Balance$5,550,848$4,567,166▼ $983,682
Total Liabilities and Net Assets / Fund Balance$48,087,573$44,610,264▼ $3,477,309

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$16,830,613$1,899,801$18,730,414
Equipment$247,341$476,114$723,455
Investment Program Related Org$2,085,246--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$1,968,295$26,592▲ $149,566-$2,085,246
2022$1,906,455$2,500▲ $119,649-$1,968,295
2021$2,204,295$2,000▼ $277,210-$1,906,455
2020$1,809,193$3,000▲ $468,430-$2,204,295
2019$1,824,239-▲ $58,292-$1,809,193
Compensation and Service Providers
Top Officer Pay9th percentile

Board Members and Trustees

NameTitle
David HundleyPresident
Adam StaplesBoard Member
Andre ColemanBoard Member
Bill StanleyBoard Member
Brooksie HartnessBoard Member
Chuck MitchellBoard Member
Eddie IshmaelBoard Member
Jeffrey HigginsBoard Member
Kelly CauseyBoard Member
Lance RamthunBoard Member
Mary Nell MastersonBoard Member
Randall PopeBoard Member
Ted HargetBoard Member
Angie CarltonDirector
Nathan LaruePast Preside
Jay AllenSecretary
Chris WoodardTreasurer
Lisa GoldenVice Preside

Highest Paid Contractors

ContractorServicesLocationCompensation
Cbj Enterprises Of Jonesboro LLCProfessional Se3880 RIDGEWOOD COVE, Jonesboro, AR 72404$650,126
Balado Enterprises LLCProfessional Se2317 SEA ISLAND DRIVE, Jonesboro, AR 72404$182,785
Hq ConsultingProfessional Se5370 SAVANNAH AVENUE, Tuscaloosa, AL 35406$155,052
-Professional Se3620 RIVIERA DRIVE, Jonesboro, AR 72404$121,059
-Professional Se1563 CELEBRATION CIRCLE, Bridgeville, PA 15017$105,768
Revenue and Support

Revenue Composition

Contributions and Grants
$4,781,583
Program Service Revenue
$0
Investment Income
$351,300
Other Revenue
$3,174,395
All Other Contributions
$4,781,583
Change in Net Assets
$-1,068,003

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,307,278
Revenue Not Reported on Form 990
$84,321
Total Revenue per Audited Statements
$8,391,599
Total Revenue per Form 990
$8,307,278
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$9,178,382
Salaries, Compensation, and Employee Benefits$196,899
Total Fundraising Expense$52,148
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Payments to Affiliates$2,455,119--$2,455,119
Interest$895,495--$895,495
Depreciation Depletion$598,361--$598,361
All Other Expenses$280,591$119,147$7,377$407,115
Fees for Services Management$169,383$84,801-$254,184
Other Employee Benefits$14,893$182,006-$196,899
Other Expenses$124,160$2,075$20,552$146,787
Advertising$38,054$4,917$24,219$67,190
Insurance$24,381$5,079-$29,460
Travel$19,664$2,569-$22,233
Conferences and Meetings$4,465$500-$4,965
Total Functional Expenses$8,835,883$487,250$52,148$9,375,281

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$9,375,281
Total Expenses per Audited Statements$9,375,281
Total Expenses per Form 990$9,375,281
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“Membership is open to all persons interested and committed to the purposes of the organization in accordance with the by-laws of the organization.”

Form 990, Page 6, Part VI, Line 7A

“Any member in good standing who has been duly nominated and meets all the qualifications may be elected as a director”

Form 990, Page 6, Part VI, Line 7B

“All members in good standing shall be eligible to vote at the meetings and to otherwise enjoy the rights and privileges of membership.”

Form 990, Page 6, Part VI, Line 11B

“A complete copy of form 990 is presented for the approval of the board of directors during the regularly scheduled board meeting.”

Form 990, Page 6, Part VI, Line 19

“The organization's policy documents and financial statements are available by request.”

Filing and Contact Details

Filer

Filer Name
Arkansas State University Red
EIN
71-0526367
Phone
8709722401
Address
PO BOX 2219, STATE UNIVERSITY, AR 72467

Signing Officer

Name
Angie Carlton
Title
Director
Phone
8709722401
Signed
2024-11-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Angie Carlton
Formed
1979
Legal Domicile
Ar
Voting Board Members
17
Independent Board Members
17
Employees
0
Volunteers
25

Preparer

Firm
THOMAS SPEIGHT & NOBLE CPA'S
Address
PO BOX 17167, JONESBORO, AR 72403-6721
Preparer
Jeff L Wicker CPA
Phone
8709325858
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Arkansas state university red wolves foundation, inc. Is dedicated to aid, assist and promote the development of intercollegiate athletics at arkansas state university and to work with asu's administration in serving the institution.”

Form 990, Page 12, Part XII, Line 2C

“The board of directors continues to oversee and respond to the audit results. Any change in the independent auditors is approved by the board of directors.”

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

“The arkansas state university red wolves foundation, inc.'s endowment fund was created to award scholarships to arkansas state university athletes.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MissionDesc0ARKANSAS STATE UNIVERSITY RED WOLVES FOUNDATION, INC. IS DEDICATED TO AID, ASSIST AND PROMOTE THE DEVELOPMENT OF INTERCOLLEGIATE ATHLETICS AT ARKANSAS STATE UNIVERSITY AND TO WORK WITH ASU'S ADMINISTRATION IN SERVING THE INSTITUTION.
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IRS990/PrincipalOfficerNm0ANGIE CARLTON
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1OTHER INCOME IS COMPRISED OF PREMIUM STADIUM SEATING, ARKANSAS STATE UNIVERSITY BOWL GAME, CONTRACT SERVICE BUYOUTS; FOOTBALL STADIUM ENGANCEMENTS FOR THE BENEFIT OF ARKANSAS STATE UNIVERSITY; CORPORATE AND INDIVIDUAL SPONSORSHIPS.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1SUPPLEMENTAL INFORMATION
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$44,610,264
Liabilities
$40,043,098
Net assets
$4,567,166
Revenue
$8,307,278
Expenses
$9,375,281
Net income
-$1,068,003
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$41.0$35.3$5.73$10.4$9.32$1.10
2024Detailed filing. Detailed filing data is available for this year.$44.6$40.0$4.57$8.31$9.38$1.07
2023Detailed filing. Detailed filing data is available for this year.$48.1$42.5$5.55$6.37$9.76$3.39
2022Detailed filing. Detailed filing data is available for this year.$49.0$40.2$8.80$6.49$9.72$3.23
2021Detailed filing. Detailed filing data is available for this year.$56.9$44.4$12.5$7.74$9.29$1.55
2020Detailed filing. Detailed filing data is available for this year.$64.6$54.6$10.0$8.14$8.55$0.41
2019Detailed filing. Detailed filing data is available for this year.$63.4$53.6$9.78$9.02$7.93$1.09
2018Detailed filing. Detailed filing data is available for this year.$55.4$46.7$8.69$7.39$8.37$0.98
2017Detailed filing. Detailed filing data is available for this year.$42.8$32.0$10.7$12.8$6.98$5.81
2016Detailed filing. Detailed filing data is available for this year.$44.6$39.7$4.91$7.50$8.17$0.67
2015Summary only. Only limited summary data is available for this year.$25.2$19.6$5.58$6.07$6.60$0.52
2014Summary only. Only limited summary data is available for this year.$9.75$3.64$6.11$5.54$3.02$2.53
2013Summary only. Only limited summary data is available for this year.$3.62$0.04$3.58$3.29$3.04$0.25
2012Summary only. Only limited summary data is available for this year.$3.41$0.08$3.33$2.66$1.75$0.91