Virginia Commonwealth University Real Estate Foundation
- Assets
- $95.9m
- Revenue
- $8.0m
- Investments
- $11.0m
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 07/1995
- Data as of
- 06/2021
- EIN
- 54-1666531
Organization Overview
Virginia Commonwealth University Real Estate Foundation is located in Richmond, VA. The organization was established in 1995. According to its NTEE Classification (B43) the organization is classified as: Universities, 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 Real Estate 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 06/2021, Virginia Commonwealth University Real Estate Foundation generated $8.0m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $5.9m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (1.4%) 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION WAS FOUNDED FOR THE PURPOSE OF ACCEPTING, ACQUIRING, LEASING, SELLING OR DISPOSING, OPERATING AND/OR MANAGING PROPERTY FOR THE EXCLUSIVE BENEFIT OF VIRGINIA COMMONWEALTH UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO SUPPORT VIRGINIA COMMONWEALTH UNIVERSITY THROUGH THE MANAGEMENT OF REAL ESTATE USED IN THE UNIVERSITY'S EDUCATIONAL, SCIENTIFIC AND CHARITABLE ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Burt Pinnock Treasurer | OfficerTrustee | 1 | $0 |
Robert L Hansan Secretary | OfficerTrustee | 1 | $0 |
Brian K Jackson Vice President | OfficerTrustee | 1 | $0 |
Deborah K Fourness President | OfficerTrustee | 1 | $0 |
Thomas W Papa Director | Trustee | 1 | $0 |
Dr Michael Rao Ex-Officio Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Virtexco Corporation Construction | 6/29/21 | $1,025,848 |
M L Bell Construction Construction | 6/29/21 | $127,265 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $7,972,396 |
| Investment income | $34,755 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$24,458 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,982,693 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $144,268 |
| 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 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 | $534,575 |
| Fees for services: Legal | $7,985 |
| Fees for services: Accounting | $23,160 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,750 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,487,629 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,141,477 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,461,306 |
| Insurance | $39,641 |
| All other expenses | $0 |
| Total functional expenses | $5,887,651 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,249,703 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $76,609 |
| 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 | $73,013,233 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $11,015,151 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,517,502 |
| Total assets | $95,872,198 |
| Accounts payable and accrued expenses | $3,258,799 |
| Grants payable | $0 |
| Deferred revenue | $3,310,042 |
| Tax-exempt bond liabilities | $33,767,832 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $7,979,537 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,480,514 |
| Total liabilities | $49,796,724 |
| Net assets without donor restrictions | $45,989,932 |
| Net assets with donor restrictions | $85,542 |
| 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 | $95,872,198 |
Grants Awarded
Over the last fiscal year, Virginia Commonwealth University Real Estate Foundation has awarded $144,268 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Richmond, VA PURPOSE: PER A GIFT AGREEMENT BETWEEN A DONOR AND MCV FOUNDATION, $100,000 OF PROCEEDS FROM SALE OF PROPERTY GIFTED TO VCU REAL ESTATE FOUNDATION, BY THE DONOR, IS TO BE GIVEN TO THE MCV FOUNDATION TO FULFILL THE DONOR'S PLEDGED GIFT | $100,000 |
VIRGINIA COMMONWEALTH UNIVERSITY PURPOSE: ASSISTANCE IS PROVIDED TO SUPPORT VIRGINIA COMMONWEALTH UNIVERSITY THROUGH THE MANAGEMENT OF REAL ESTATE USED IN THE UNIVERSITY'S EDUCATIONAL, SCIENTIFIC AND CHARITABLE ACTIVITIES. | $44,268 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Morgan State University Foundation Incorporated Baltimore, MD | $141,263,372 | $14,542,251 |
American University Of Rome Washington, DC | $5,091,812 | $6,709,805 |
Crown College Powell, TN | $16,563,165 | $8,650,181 |
Appalachian College Of Pharmacy Oakwood, VA | $36,195,397 | $7,728,362 |
Austin Peay State University Foundation Clarksville, TN | $60,731,234 | $13,661,420 |
University Of Tennessee Research Foundation Knoxville, TN | $82,756,683 | $8,787,700 |
School Of Media And Journalism Foundation Of North Carolina Inc Chapel Hill, NC | $50,008,414 | $6,859,944 |
Virginia Commonwealth University Real Estate Foundation Richmond, VA | $95,872,198 | $7,982,693 |
Western Carolina University Foundation Cullowhee, NC | $76,335,154 | $7,286,676 |
Virginia University Of Lynchburg Inc Lynchburg, VA | $13,241,169 | $8,139,477 |
Skema Us Inc Raleigh, NC | $4,455,636 | $4,986,543 |
Radford University Foundation Inc Radford, VA | $119,642,152 | $17,210,656 |