James Madison University Foundation Inc
- Assets
- $214.4m
- Revenue
- $21.6m
- Investments
- $92.7m
- Employees
- 11
- Location
- Harrisonburg, VA
- Founding
- 07/1972
- Data as of
- 06/2023
- EIN
- 23-7156305
Organization Overview
James Madison University Foundation Inc is located in Harrisonburg, VA. The organization was established in 1972. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2023, James Madison University Foundation Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. James Madison University Foundation Inc 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 06/2023, James Madison University Foundation Inc generated $21.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $21.4m during the year ending 06/2023. While expenses have increased by 10.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, James Madison University Foundation Inc has awarded 16 individual grants totaling $86,874,555. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE JAMES MADISON UNIVERSITY FOUNDATION PROVIDES PRUDENT INVESTMENT POLICY AND STEWARDSHIP TO SUSTAIN AND GROW FINANCIAL SUPPORT FOR THE UNIVERSITY, WHILE COLLABORATING WITH THE UNIVERSITY TO CREATE INNOVATIVE AVENUES OF GIVING AND TO MEET CRITICAL FUNDING INITIATIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS & FELLOWSHIPS - INCLUDES EXPENDITURES FOR SCHOLARSHIPS AND FELLOWSHIPS IN THE FORM OF GRANTS TO STUDENTS, RESULTING FROM SELECTION BY DONOR-ESTABLISHED CRITERIA OR BY THE JAMES MADISON UNIVERSITY FOUNDATION'S BOARD DESIGNATION OF UNRESTRICTED FUNDS.
OPERATION & MAINTENANCE OF PLANT - INCLUDES EXPENDITURES FOR THE OPERATION AND MAINTENANCE OF JAMES MADISON UNIVERSITY'S PHYSICAL PLANT. CURRENT YEAR EXPENDITURES INCLUDE TRANSFERS TO JAMES MADISON UNIVERSITY OF DONOR-DESIGNATED FUNDS FOR THE CONSTRUCTION OF A COLLEGE OF BUSINESS LEARNING COMPLEX, AND VARIOUS ATHLETICS CONSTRUCTION PROJECTS.
INSTITUTIONAL SUPPORT - INCLUDES EXPENDITURES FOR CENTRAL AND ADMINISTRATIVE-LEVEL ACTIVITIES CONCERNED WITH MANAGEMENT AND LONG-RANGE PLANNING FOR THE ENTIRE INSTITUTION. IT ALSO INCLUDES EXPENDITURES FOR OPERATIONS RELATED TO HUMAN RESOURCES, POSTAL SERVICES, FINANCE, RESOURCE PLANNING, INFORMATION TECHNOLOGY, AND FOR ADVANCEMENT TO MAINTAIN RELATIONS WITH THE COMMUNITY, ALUMNI AND OTHER CONSTITUENTS AND TO CONDUCT ACTIVITIES RELATED TO INSTITUTION-WIDE DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Warren K Coleman CEO | Officer | 45 | $229,913 |
Cheryl L Lindsay Vice President/chief Financial Officer | Officer | 40 | $132,435 |
Tammy Kc Balser Secretary, Senior Acctg Manager - Operations | Officer | 39 | $93,878 |
J Barry Purcell III Chair | OfficerTrustee | 1 | $0 |
John Alouf Trustee | Trustee | 1 | $0 |
A Jerry Benson Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Monticello Associates Investment Fees | 6/29/23 | $200,000 |
Aramark Campus Services Jmu Dining Services | 6/29/23 | $247,246 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $43,733 |
| Related organizations | $77,065 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $17,572,580 |
| Noncash contributions included in lines 1a–1f | $3,213,536 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,693,378 |
| Total Program Service Revenue | $349,541 |
| Investment income | $2,914,959 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $736,128 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$164,514 |
| Net Income from Fundraising Events | $60,431 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,589,923 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,238,512 |
| 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. | $454,817 |
| Compensation of current officers, directors, key employees. | $268,605 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $558,267 |
| Pension plan accruals and contributions | $69,326 |
| Other employee benefits | $77,414 |
| Payroll taxes | $66,416 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,342 |
| Fees for services: Accounting | $20,852 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $375,898 |
| Fees for services: Other | $349,246 |
| Advertising and promotion | $109,142 |
| Office expenses | $130,709 |
| Information technology | $73,219 |
| Royalties | $0 |
| Occupancy | $58,820 |
| Travel | $109,240 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $100,124 |
| Interest | $635,917 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $104,109 |
| Insurance | $37,779 |
| All other expenses | $184,646 |
| Total functional expenses | $21,367,072 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $253,327 |
| Savings and temporary cash investments | $7,142,992 |
| Pledges and grants receivable | $10,410,568 |
| Accounts receivable, net | $179,143 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,538,152 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $53,724 |
| Net Land, buildings, and equipment | $4,442,302 |
| Investments—publicly traded securities | $81,037,501 |
| Investments—other securities | $92,739,595 |
| Investments—program-related | $0 |
| Intangible assets | $139,696 |
| Other assets | $8,464,774 |
| Total assets | $214,401,774 |
| Accounts payable and accrued expenses | $254,414 |
| Grants payable | $0 |
| Deferred revenue | $364,013 |
| 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 | $18,412,183 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $305,071 |
| Total liabilities | $19,335,681 |
| Net assets without donor restrictions | $30,470,462 |
| Net assets with donor restrictions | $164,595,631 |
| 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 | $214,401,774 |
Grants Awarded
Over the last fiscal year, James Madison University Foundation Inc has awarded $17,070,080 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
JAMES MADISON UNIVERSITY PURPOSE: Cash Grants: Scholarships - $7,704,181; Budget Recovery - $1,398,000; Salary Support - $2,959,008; and Capital Projects $4,900,000. | $16,961,189 |
JAMES MADISON UNIVERSITY REAL ESTATE FOUNDATION | | | $108,891 |