Norfolk State University Foundation Inc

Analysis

Norfolk State University Foundation Inc is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in November 1972, 54 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Norfolk State University Foundation Inc reported income of $7.8m and spending of $6.6m, spending 84% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.4m to $7.8m (+80%), an average of +16% a year. The sharpest change came in the year to December 2020, when income rose by 967%. Over the whole period it spent 28% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Norfolk State University Foundation Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 95th percentile within VA. Charities of a similar size with the same main cause include Rural Regional College of Northern Pennsylvania ($7.8m), Journey School ($7.8m) and Heritage Preparatory School of Georgia Inc ($7.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% of the total. Compensation of current officers, directors and key employees was $137k (2.1% of expenses). Other salaries and wages came to $557k. At year end it held assets of $109.8m against liabilities of $590k, net assets of $109.2m. It reported 5 employees.