Virginia Union University
- Assets
- $96.4m
- Revenue
- $51.0m
- Investments
- $0.0
- Employees
- 472
- Location
- Richmond, VA
- Founding
- 04/1944
- Data as of
- 06/2023
- EIN
- 54-0524516
Organization Overview
Virginia Union University is located in Richmond, VA. The organization was established in 1944. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2024, Virginia Union University employed 472 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Union University 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, Virginia Union University generated $51.0m 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 $54.8m during the year ending 06/2023. While expenses have increased by 3.0% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE A NURTURING, INTELLECTUALLY CHALLENGING AND SPIRITUALLY ENRICHING ENVIRONMENT FOR LEARNING, EMPOWER STUDENTS TO DEVELOP STRONG MORAL VALUES, AND DEVELOP SCHOLARS, LEADERS AND LIFELONG LEARNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VIRGINIA UNION UNIVERSITY PROVIDES HIGHER EDUCATION OPPORTUNITIES TO STUDENTS ON A NON-DISCRIMINATORY BASIS. PROGRAM EXPENSES RELATE TO PROVIDING THIS EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr W Franklyn Richardson Chairman | OfficerTrustee | 2 | $0 |
Dr Darran T Brandon Sr Trustee | Trustee | 2 | $0 |
Ms Jeannie P Baliles Trustee | Trustee | 2 | $0 |
Reverend Milton P Bunting Trustee | Trustee | 2 | $0 |
Dr Lucille M Brown Trustee | Trustee | 2 | $0 |
Ms An'jou C White Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Taylor & Parrish Construction Company | 6/29/24 | $5,307,813 |
Richweb Inc It Services | 6/29/24 | $803,052 |
Thompson Hospitality Food Services | 6/29/24 | $2,279,204 |
Mediatech Inc It Services | 6/29/24 | $664,138 |
Servpro Of Richmond 5073 Restoration Servies | 6/29/24 | $2,119,687 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $16,914,275 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,618,593 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,532,868 |
| Total Program Service Revenue | $28,851,321 |
| Investment income | $1,129,396 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$529,174 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $50,984,411 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $5,310,473 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $951,289 |
| Compensation of current officers, directors, key employees. | $951,289 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $16,774,392 |
| Pension plan accruals and contributions | $203,323 |
| Other employee benefits | $1,033,372 |
| Payroll taxes | $1,245,265 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $808,526 |
| Fees for services: Accounting | $419,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $319,748 |
| Fees for services: Investment Management | $137,463 |
| Fees for services: Other | $0 |
| Advertising and promotion | $31,749 |
| Office expenses | $751,441 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,544,129 |
| Travel | $947,704 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $259,777 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,698,143 |
| Insurance | $1,247,182 |
| All other expenses | $0 |
| Total functional expenses | $54,833,069 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,418,981 |
| Savings and temporary cash investments | $1,772,972 |
| Pledges and grants receivable | $5,684,544 |
| Accounts receivable, net | $5,066,251 |
| 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 | $580,559 |
| Net Land, buildings, and equipment | $40,305,900 |
| Investments—publicly traded securities | $32,588,564 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,007,847 |
| Total assets | $96,425,618 |
| Accounts payable and accrued expenses | $6,464,922 |
| Grants payable | $0 |
| Deferred revenue | $3,008,650 |
| 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 | $11,134,408 |
| Other liabilities | $1,612,488 |
| Total liabilities | $22,220,468 |
| Net assets without donor restrictions | $22,850,502 |
| Net assets with donor restrictions | $51,354,648 |
| 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 | $96,425,618 |