Virginia Commonwealth University Foundation
- Assets
- $117.2m
- Revenue
- $9.6m
- Investments
- $84.2m
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 09/1964
- Data as of
- 06/2020
- EIN
- 54-0757884
Organization Overview
Virginia Commonwealth University Foundation is located in Richmond, VA. The organization was established in 1964. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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 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 06/2020, Virginia Commonwealth University Foundation generated $9.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (8.1%) each year. All expenses for the organization totaled $12.1m during the year ending 06/2020. As we would expect to see with falling revenues, expenses have declined by (5.5%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT THE EDUCATIONAL,SCIENTIFIC & CHARITABLE ACTIVITIES OF VCU.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO SUPPORT VIRGINIA COMMONWEALTH UNIVERSITY AND RELATED ORGANIZATIONS THROUGH THE MANAGEMENT OF INVESTED FUNDS AND THE ADMINISTRATION OF ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laura Kottkamp Executive Director And Secretary | Officer | 16 | $115,034 |
Kevin Nicholson President | OfficerTrustee | 1 | $0 |
Julie Weissend Vice President | OfficerTrustee | 1 | $0 |
Jim Gregory Trustee | Trustee | 1 | $0 |
Michael Jones Trustee | Trustee | 1 | $0 |
Cathy Saunders Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,886,414 |
| Investment income | $455,578 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,211 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,637,107 |
| Statement of Expenses | |
|---|---|
| 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. | $0 |
| 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 | $344,426 |
| Fees for services: Legal | $23,282 |
| Fees for services: Accounting | $22,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $140,601 |
| Fees for services: Other | $0 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $12,135,941 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $20,733,532 |
| Pledges and grants receivable | $7,431,184 |
| Accounts receivable, net | $0 |
| 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 |
| Investments—publicly traded securities | $3,393,069 |
| Investments—other securities | $84,180,316 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,472,252 |
| Total assets | $117,210,353 |
| Accounts payable and accrued expenses | $835,618 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $36,028,879 |
| Total liabilities | $36,864,497 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $80,345,856 |
Grants Awarded
Over the last fiscal year, Virginia Commonwealth University Foundation has awarded $15,908,527 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
VIRGINIA COMMONWEALTH UNIVERSITY PURPOSE: THE FOUNDATION EXISTS SOLELY TO ASSIST, SUPPORT, AND FOSTER VIRGINIA COMMONWEALTH UNIVERSITY IN ALL PROPER WAYS THAT FROM TIME TO TIME BE APPROVED BY THE TRUSTEES OF THE FOUNDATION WITH THE GUIDANCE OF THE UNIVERSITY. THE FOUNDATION MANAGES AND DISTRIBUTES CURRENT AND ENDOWMENT GIFTS FOR ALL SCHOOLS, DEPARTMENTS, AND PROGRAMS THROUGHOUT THE UNIVERSITY WITH MAJOR EMPHASIS ON PROGRAMS FOR THE MONROE PARK CAMPUS. | $15,908,527 |
Grants Recieved
Over the last fiscal year, we have identified 23 grants that Virginia Commonwealth University Foundation has recieved totaling $1,131,182.
| Awarding Organization | Amount |
|---|---|
The Community Foundation Inc Richmond, VA PURPOSE: GENERAL PURPOSES | $317,393 |
Childrens Cancer Research Fund Minneapolis, MN PURPOSE: HARD TO TREAT CANCER RESEARCH | $250,000 |
American Endowment Foundation Hudson, OH PURPOSE: EDUCATIONAL | $112,413 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $85,000 |
Pulmonary Fibrosis Foundation Chicago, IL PURPOSE: See Part IV | $75,000 |
Pulmonary Fibrosis Foundation Chicago, IL PURPOSE: See Part IV | $75,000 |
Endowment Analysis
| Beg. Balance | $50,843,106 |
| Earnings | $17,567,339 |
| Net Contributions | $3,765,165 |
| Other Expense | $1,721,580 |
| Ending Balance | $70,454,030 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Unc Health Foundation Inc Chapel Hill, NC | $571,825,040 | $92,147,897 |
William & Mary Foundation Williamsburg, VA | $1,122,551,962 | $79,373,462 |
University Of Virginia Foundation Charlottesville, VA | $508,958,321 | $36,530,024 |
North Carolina State University Foundation Inc Raleigh, NC | $679,121,022 | $52,520,062 |
University Health Services Inc Richmond, VA | $34,736,696 | $16,366,834 |
Medical College Of Virginia Foundation Richmond, VA | $645,911,510 | $54,318,573 |
University Of Memphis Foundation Memphis, TN | $175,396,802 | $38,710,840 |
Virginia Commonwealth University College Of Engineering Foundation Richmond, VA | $131,974,636 | $12,076,889 |
University Of Maryland Foundation Inc Adelphi, MD | $2,110,990,979 | $62,167,598 |
Communities In Schools Inc Alexandria, VA | $73,470,009 | $25,993,702 |
University Of Virginia Law School Foundation Charlottesville, VA | $789,832,433 | $37,875,854 |
University Of Maryland Baltimore Foundation Inc Baltimore, MD | $437,980,331 | $59,974,746 |