Virginia Commonwealth University School Of Business Foundation
- Assets
- $83.8m
- Revenue
- $4.7m
- Investments
- $52.7m
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 07/2005
- Data as of
- 06/2022
- EIN
- 20-2661802
Organization Overview
Virginia Commonwealth University School Of Business Foundation is located in Richmond, VA. The organization was established in 2005. According to its NTEE Classification (B02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Commonwealth University School Of Business Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Virginia Commonwealth University School Of Business Foundation generated $4.7m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $5.1m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (2.4%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION SUPPORTS AND PROMOTES THE ACTIVITIES AND MISSION OF THE SCHOOL OF BUSINESS AT VIRGINIA COMMONWEALTH UNIVERSITY. IT SOLICITS, MANAGES AND DISTRIBUTES ASSETS FOR PROGRAMS WITHIN THE SCHOOL OF BUSINESS. THROUGH THOSE ACTIVITIES, IT PROVIDES RESOURCES TO EDUCATE STUDENTS, ACHIEVE TEACHING EXCELLENCE, AND PROMOTE SCHOLARLY RESEARCH.
Describe the Organization's Program Activity:
THE VCU SCHOOL OF BUSINESS FOUNDATION OWNS NONRESIDENTIAL REAL ESTATE. THAT PROPERTY IS LEASED TO VIRGINIA COMMONWEALTH UNIVERSITY FOR $1 PER YEAR, UNDER A LEASE AGREEMENT WHICH EXPIRES IN 2031, FOR THE PURPOSE OF HOUSING THE MAIN TEACHING AND ACTIVITY FACILITY FOR THE SCHOOL OF BUSINESS. THE REMAINDER OF THE RENTAL INCOME IS IMPUTED. THE FOUNDATION HAS RECORDED AS A LIABILITY AN AMOUNT EQUAL TO THE ESTIMATED PRESENT VALUE OF THE FUTURE RENTAL VALUE OF THE FACILITY OVER THE INITIAL LEASE TERM LESS THE $1 ANNUAL RENT PAYMENT. THE FOUNDATION INCURS INTEREST, DEPRECIATION, AMORTIZATION AND LEGAL EXPENSES WITH REGARDS TO THIS ACTIVITY.
THE VCU SCHOOL OF BUSINESS FOUNDATION SUPPORTS PROGRAMMATIC INITIATIVES OF THE SCHOOL OF BUSINESS PRIMARILY BY MANAGING INVESTED FUNDS AND ADMINISTERING THE DISTRIBUTION OF ANNUAL GIFTS, ENDOWMENT AND QUASI-ENDOWMENT FUNDS. THESE PROGRAMS INCLUDE: ENDOWED CHAIRS AND PROFESSORSHIPS, PROVIDING MERIT SCHOLARSHIPS TO MORE THAN 55 STUDENTS ANNUALLY, DEPARTMENTAL SUPPORT OF FACULTY DEVELOPMENT, STUDENT DEVELOPMENT ACTIVITIES, AS WELL AS RESEARCH SUPPORT AND ASSISTANTSHIPS.
THE VCU SCHOOL OF BUSINESS FOUNDATION ASSISTS AND SUPPORTS VIRGINIA COMMONWEALTH UNIVERSITY'S SCHOOL OF BUSINESS BY PROVIDING EDUCATIONAL CONFERENCES AND NONCREDIT BEARING COURSES FOR MEMBERS OF THE SCHOOL AND COMMUNITY. THESE TYPES OF ACTIVITIES INCLUDE EXECUTIVE EDUCATION COURSES IN LEADERSHIP SKILLS, TECHNICAL TRAINING IN BUSINESS AREAS SUCH AS SIX SIGMA, PROFESSIONAL EXAM REVIEW COURSES AND INDUSTRY CONFERENCES FOR REAL ESTATE, RISK & INSURANCE AND INTERNATIONAL BUSINESS. ANY PROCEEDS FROM CONFERENCES AND NONCREDIT BEARING COURSE REGISTRATIONS THAT EXCEED THE COST OF THE PROGRAMS ARE USED TO SUPPORT PROGRAMMATIC INITIATIVES WITHIN THE SCHOOL OF BUSINESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John N Pullen Trustee | Trustee | 1 | $0 |
Charles F Phillips III Treasurer | OfficerTrustee | 1 | $0 |
Steven A Markel Trustee | Trustee | 1 | $0 |
Robert E Henley Vice Chairman | OfficerTrustee | 1 | $0 |
Melina Davis Trustee | Trustee | 1 | $0 |
L Dans Callans Jr Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,895,001 |
| Noncash contributions included in lines 1a–1f | $569,443 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,895,001 |
| Total Program Service Revenue | $2,771,318 |
| Investment income | $13,679 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $47,409 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,740,746 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,989,948 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $79,447 |
| Compensation of current officers, directors, key employees. | $79,447 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $440,728 |
| Fees for services: Legal | $5,672 |
| Fees for services: Accounting | $19,825 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $183,757 |
| Fees for services: Other | $289,665 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $545,612 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,351,733 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,119,965 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,919,876 |
| Savings and temporary cash investments | $3,023,550 |
| Pledges and grants receivable | $2,475,367 |
| Accounts receivable, net | $84,125 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $20,824,868 |
| Investments—publicly traded securities | $1,616,310 |
| Investments—other securities | $52,748,173 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $140,892 |
| Total assets | $83,833,161 |
| Accounts payable and accrued expenses | $17,989,513 |
| Grants payable | $13,731,010 |
| Deferred revenue | $222,810 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $31,943,333 |
| Net assets without donor restrictions | $13,397,707 |
| Net assets with donor restrictions | $38,492,121 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $83,833,161 |