West Virginia Univ Foundation Inc
- Assets
- $2.5b
- Revenue
- $183.3m
- Investments
- $1.0b
- Employees
- 189
- Location
- Morgantown, WV
- Founding
- 06/1960
- Data as of
- 06/2021
- EIN
- 55-6017181
Organization Overview
West Virginia Univ Foundation Inc is located in Morgantown, WV. The organization was established in 1960. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2023, West Virginia Univ Foundation Inc employed 189 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. West Virginia Univ 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 06/2021, West Virginia Univ Foundation Inc generated $183.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $98.0m during the year ending 06/2021. While expenses have increased by 0.8% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT AND BENEFIT WEST VIRGINIA UNIVERSITY AND ITS AFFILIATED ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION UTILIZES PRIVATE FUNDING TO SUPPORT STUDENTS WITHIN MULTIPLE SCHOOLS, COLLEGES, AND DEPARTMENTS ACROSS CAMPUS; THE MOST SIGNIFICANT OF WHICH WERE THE DEPARTMENT OF INTERCOLLEGIATE ATHLETICS, THE EBERLY COLLEGE OF ARTS AND SCIENCES, THE COLLEGE OF AGRICULTURE, NATURAL RESOURCES AND DESIGN, AND THE STATLER COLLEGE OF ENGINEERING AND MINERAL RESOURCES. SCHOLARSHIP AMOUNTS INCLUDE TUITION, BOOKS, AND ROOM AND BOARD. SCHOLARSHIP AMOUNTS ARE UTILIZED ACROSS CAMPUS TO HELP RECRUIT NATIONALLY PROMINENT STUDENTS AS WELL AS PROVIDE FUNDING SUPPORT TO GIVE OTHER STUDENTS THE OPPORTUNITY TO PURSUE AN ACADEMIC CAREER AT THE HIGHEST LEVEL.
THE ORGANIZATION HAS OTHER DISBURSEMENTS IN DIRECT SUPPORT OF WEST VIRGINIA UNIVERSITY, INCLUDING FACULTY AND STAFF TRAVEL FOR EDUCATIONAL PURPOSES, CLASSROOM, LABORATORY, AND OFFICE SUPPLIES, EDUCATIONAL MATERIALS, ETC.
THE ORGANIZATION UTILIZES PRIVATE FUNDING TO SUPPORT MULTIPLE SCHOOLS, COLLEGES, AND DEPARTMENTS IMPACTING ALL LEVELS OF THE CAMPUS. AMOUNTS FUNDED IN THIS AREA ARE PRIMARILY UTILIZED TO ENHANCE SALARY LEVELS THEREBY POSITIONING WEST VIRGINIA UNIVERSITY TO BE MORE COMPETITIVE IN ATTRACTING AND RETAINING TALENTED INDIVIDUALS WITHIN THE ACADEMIC, ADMINISTRATIVE, AND RESEARCH FIELDS. THE HEALTH SCIENCES CAMPUS WAS THE PRIMARY BENEFICIARY OF FUNDED SALARIES; HOWEVER, VIRTUALLY EVERY ACADEMIC DEPARTMENT, AS WELL AS THE DEPARTMENT OF INTERCOLLEGIATE ATHLETICS, RECEIVED FUNDING FOR THIS CRITICAL FUNCTION.
THE ORGANIZATION UTILIZES PRIVATE FUNDING TO SUPPORT CAPITAL PROJECT INITIATIVES ACROSS CAMPUS. FOR THE CURRENT FISCAL YEAR, WEST VIRGINIA UNIVERSITY RECEIVED FUNDING FROM THE ORGANIZATION TO SUPPORT A VARIETY OF CAPITAL INITIATIVES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ola Adekunle Director | Trustee | 2 | $0 |
George Bicher Director | Trustee | 2 | $0 |
Valentina Bigalke Director | Trustee | 2 | $0 |
Susan Brewer Director | Trustee | 2 | $0 |
Marcia A Broughton Secretary | OfficerTrustee | 2 | $0 |
Natalie Bush Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
36 South Kohinoor Cr Fd Investment Manager | 6/29/23 | $790,852 |
Ruffalo Noel Levitz Fundraising Services | 6/29/23 | $566,049 |
Pickering Energy Partners Investment Manager | 6/29/23 | $524,398 |
Hudson Bay Capital Management Investment Manager | 6/29/23 | $433,294 |
Morgantown Marriott Event Services | 6/29/23 | $394,488 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $112,988,601 |
| Investment income | $11,143,493 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $4,962 |
| Net Rental Income | $601,948 |
| Net Gain/Loss on Asset Sales | $49,401,337 |
| Net Income from Fundraising Events | $33,407 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $183,335,188 |
| 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. | $2,418,369 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $26,093,260 |
| Pension plan accruals and contributions | $1,174,447 |
| Other employee benefits | $4,737,271 |
| Payroll taxes | $813,813 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $209,269 |
| Fees for services: Accounting | $155,838 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $731,528 |
| Fees for services: Investment Management | $3,867,517 |
| Fees for services: Other | $4,690,685 |
| Advertising and promotion | $485,928 |
| Office expenses | $5,187,548 |
| Information technology | $1,135,821 |
| Royalties | $0 |
| Occupancy | $1,469,485 |
| Travel | $308,568 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,088,090 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $506,869 |
| Insurance | $370,169 |
| All other expenses | $0 |
| Total functional expenses | $97,989,488 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $251 |
| Savings and temporary cash investments | $61,828,257 |
| Pledges and grants receivable | $59,448,558 |
| Accounts receivable, net | $1,471,768 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,174,991 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,000,000 |
| Investments—publicly traded securities | $1,352,213,117 |
| Investments—other securities | $1,004,062,692 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $52,532,180 |
| Total assets | $2,549,094,162 |
| Accounts payable and accrued expenses | $5,345,816 |
| 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 | $15,012,442 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,319,600,633 |
| Total liabilities | $1,339,958,891 |
| 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 | $1,209,135,271 |