Old Dominion University Educational Foundation
- Assets
- $344.2m
- Revenue
- $28.5m
- Investments
- $115.5m
- Employees
- 1
- Location
- Norfolk, VA
- Founding
- 09/1956
- Data as of
- 12/2022
- EIN
- 54-6052014
Organization Overview
Old Dominion University Educational Foundation is located in Norfolk, VA. The organization was established in 1956. 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. Old Dominion University Educational 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 12/2022, Old Dominion University Educational Foundation generated $28.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $19.4m during the year ending 12/2022. While expenses have increased by 4.6% 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 2017, Old Dominion University Educational Foundation has awarded 26 individual grants totaling $85,219,101. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O SUPPLEMENTAL INFORMATION FOR ORGANIZATION'S MISSION
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ADMINISTER AND DISTRIBUTE FUNDS AND PROPERTY EXCLUSIVELY TO SUPPORT THE MISSION, OBJECTIVES AND PROGRAMS OF OLD DOMINION UNIVERSITY. THE FOUNDATION PROVIDES SUPPLEMENTAL FUNDS TO HELP DEFRAY OPERATING COSTS OF ACADEMIC DEPARTMENTS AND SPECIAL PROJECTS. THE SUPPLEMENTAL FUNDS ARE USED TO PROVIDE STUDENT AND FACULTY SCHOLARSHIPS/AWARDS, EMINENT SCHOLAR PROFESSORSHIPS, FACULTY SALARIES AND FACULTY RESEARCH. THE FOUNDATION ALSO PROVIDES FUNDING FOR UNIVERSITY DEVELOPMENT, CAPITAL PROJECTS AND SUBSTANTIAL SUPPORT OF OPERATIONS OF THE LIBRARY AND ITS COLLECTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Prescott Sherrod Chairman | OfficerTrustee | 1 | $0 |
Bruce T Bishop Vice Chair | OfficerTrustee | 0.5 | $0 |
Caroline Mccartney Secretary | OfficerTrustee | 0.2 | $0 |
Garret A Alcaraz Treasurer | OfficerTrustee | 0.5 | $0 |
Jacqueline B Amato Trustee | Trustee | 0.1 | $0 |
Betsy Atkinson Trustee | Trustee | 0.1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Robert Half Temporary Accounting | 12/30/23 | $189,541 |
The Curtis Group Fndrsng. Csltg. Svc. | 12/30/23 | $110,000 |
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 | $5,785,585 |
| Noncash contributions included in lines 1a–1f | $128,102 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,785,585 |
| Total Program Service Revenue | $0 |
| Investment income | $22,715,590 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$97,129 |
| Net Gain/Loss on Asset Sales | -$752,919 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,545,693 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,216,383 |
| 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 | $0 |
| Fees for services: Legal | $5,774 |
| Fees for services: Accounting | $45,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $883,283 |
| Fees for services: Other | $34,700 |
| Advertising and promotion | $0 |
| Office expenses | $16,506 |
| Information technology | $15,959 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $150,405 |
| 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 | $398 |
| Insurance | $4,150 |
| All other expenses | $304,717 |
| Total functional expenses | $19,356,496 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $598,972 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $7,681,958 |
| Accounts receivable, net | $266,669 |
| 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 | $4,021,508 |
| Investments—publicly traded securities | $215,902,213 |
| Investments—other securities | $115,501,448 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $258,030 |
| Total assets | $344,230,798 |
| Accounts payable and accrued expenses | $534,972 |
| 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 | $76,172,429 |
| Total liabilities | $76,707,401 |
| Net assets without donor restrictions | $20,281,592 |
| Net assets with donor restrictions | $247,241,805 |
| 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 | $344,230,798 |
Grants Awarded
Over the last fiscal year, Old Dominion University Educational Foundation has awarded $13,815,138 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
OLD DOMINION UNIVERSITY PURPOSE: SEE PART IV | $13,387,879 |
OLD DOMINION UNVERSITY ALUMNI ASSOCIATION PURPOSE: SEE PART IV | $278,259 |
OLD DOMINION UNIVERSITY REAL ESTATE FDN PURPOSE: SEE PART VI | $75,000 |
OLD DOMINION UNIVERSITY MUSEUM FOUNDATION PURPOSE: SEE PART IV | $74,000 |