Civic Intelligence

Virginia State University Real Estate Foundation

EIN 01-0681650 • 501(c)3 • Petersburg, VA

Profile

Vsuref is organized and operated to aquire, develop, receive, maintain and manage real estate assets that further the aims and purposes of virginia state university.

4010 J Mitchell DrivePetersburg, VA 23803

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

92nd percentile

0.96x

Higher debt load relative to assets than 92% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

94th percentile

4.72x

Higher debt load relative to revenue than 94% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

88th percentile

48%

Higher net margin than 88% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

16th percentile

$36,000

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

86th percentile

26%

Faster asset growth than 86% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

16th percentile

-15%

Faster revenue growth than 16% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Assets

Up

$13,508,263

Up $2,792,728 (+26%) from 2023

Liabilities

Up

$12,985,603

Up $1,127,347 (+9.5%) from 2023

Net Assets

Up

$522,660

Up $1,665,381 (+146%) from 2023

Revenue

Down

$2,753,120

Down $477,189 (-15%) from 2023

Expenses

Down

$1,433,145

Down $1,182,734 (-45%) from 2023

Net Income

Up

$1,319,975

Up $705,545 (+115%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0-$10M-$20MAssets 2010: $15,044,363Liabilities 2010: $23,480,904Net Assets 2010: -$8,436,5412010Assets 2011: $14,757,906Liabilities 2011: $24,764,624Net Assets 2011: -$10,006,7182011Assets 2012: $14,490,326Liabilities 2012: $24,045,902Net Assets 2012: -$9,555,5762012Assets 2013: $13,997,446Liabilities 2013: $21,734,707Net Assets 2013: -$7,737,2612013Assets 2014: $13,658,069Liabilities 2014: $21,772,150Net Assets 2014: -$8,114,0812014Assets 2015: $13,035,145Liabilities 2015: $20,459,734Net Assets 2015: -$7,424,5892015Assets 2016: $12,224,878Liabilities 2016: $19,066,789Net Assets 2016: -$6,841,9112016Assets 2017: $11,678,447Liabilities 2017: $17,736,981Net Assets 2017: -$6,058,5342017Assets 2018: $11,314,391Liabilities 2018: $16,415,255Net Assets 2018: -$5,100,8642018Assets 2019: $10,805,076Liabilities 2019: $15,562,566Net Assets 2019: -$4,757,4902019Assets 2020: $10,167,530Liabilities 2020: $14,810,233Net Assets 2020: -$4,642,7032020Assets 2021: $9,858,832Liabilities 2021: $13,165,625Net Assets 2021: -$3,306,7932021Assets 2022: $9,306,796Liabilities 2022: $11,175,339Net Assets 2022: -$1,868,5432022Assets 2023: $10,715,535Liabilities 2023: $11,858,256Net Assets 2023: -$1,142,7212023Assets 2024: $13,508,263Liabilities 2024: $12,985,603Net Assets 2024: $522,6602024

Highlighted filing

2024

Assets$13,508,263
Liabilities$12,985,603
Net Assets$522,660

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0Expenses 2010: $3,207,3872010Expenses 2011: $3,263,2802011Revenue 2012: $3,705,785Expenses 2012: $3,386,614Net Income 2012: $319,1712012Revenue 2013: $3,530,195Expenses 2013: $3,429,246Net Income 2013: $100,9492013Revenue 2014: $3,516,434Expenses 2014: $3,362,859Net Income 2014: $153,5752014Revenue 2015: $3,513,545Expenses 2015: $3,028,851Net Income 2015: $484,6942015Revenue 2016: $3,728,341Expenses 2016: $3,350,399Net Income 2016: $377,9422016Revenue 2017: $3,983,724Expenses 2017: $3,445,546Net Income 2017: $538,1782017Revenue 2018: $4,084,452Expenses 2018: $3,627,365Net Income 2018: $457,0872018Revenue 2019: $4,029,074Expenses 2019: $3,515,318Net Income 2019: $513,7562019Revenue 2020: $4,048,175Expenses 2020: $3,727,847Net Income 2020: $320,3282020Revenue 2021: $4,148,229Expenses 2021: $3,520,373Net Income 2021: $627,8562021Revenue 2022: $4,284,270Expenses 2022: $3,920,367Net Income 2022: $363,9032022Revenue 2023: $3,230,309Expenses 2023: $2,615,879Net Income 2023: $614,4302023Revenue 2024: $2,753,120Expenses 2024: $1,433,145Net Income 2024: $1,319,9752024

Highlighted filing

2024

Revenue$2,753,120
Expenses$1,433,145
Net Income$1,319,975

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.5$13.0$0.52$2.75$1.43$1.32
2023Detailed filing. Detailed filing data is available for this year.$10.7$11.9$1.14$3.23$2.62$0.61
2022Detailed filing. Detailed filing data is available for this year.$9.31$11.2$1.87$4.28$3.92$0.36
2021Detailed filing. Detailed filing data is available for this year.$9.86$13.2$3.31$4.15$3.52$0.63
2020Detailed filing. Detailed filing data is available for this year.$10.2$14.8$4.64$4.05$3.73$0.32
2019Detailed filing. Detailed filing data is available for this year.$10.8$15.6$4.76$4.03$3.52$0.51
2018Detailed filing. Detailed filing data is available for this year.$11.3$16.4$5.10$4.08$3.63$0.46
2017Detailed filing. Detailed filing data is available for this year.$11.7$17.7$6.06$3.98$3.45$0.54
2016Detailed filing. Detailed filing data is available for this year.$12.2$19.1$6.84$3.73$3.35$0.38
2015Detailed filing. Detailed filing data is available for this year.$13.0$20.5$7.42$3.51$3.03$0.48
2014Detailed filing. Detailed filing data is available for this year.$13.7$21.8$8.11$3.52$3.36$0.15
2013Detailed filing. Detailed filing data is available for this year.$14.0$21.7$7.74$3.53$3.43$0.10
2012Summary only. Only limited summary data is available for this year.$14.5$24.0$9.56$3.71$3.39$0.32
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.8$24.8$10.0$3.26
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.0$23.5$8.44$3.21
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 17, 2025
Return Version
2024v5.2
Gross Receipts
$2,753,120
Mission and Program Overview

Mission

Vsuref is organized and operated to aquire, develop, receive, maintain and manage real estate assets that further the aims and purposes of virginia state university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,345,980$3,862,191▼ $483,789
Cash and Non-Interest-Bearing Accounts$1,492,453$1,806,320▲ $313,867
Accounts Receivable$177,688$192,742▲ $15,054
Total Assets$10,893,223$13,508,263▲ $2,615,040
Other Assets Total$4,877,102$7,647,010▲ $2,769,908
Liabilities
Tax Exempt Bond Liabilities$8,758,776$7,549,302▼ $1,209,474
Other Liabilities$2,964,044$5,316,956▲ $2,352,912
Accounts Payable and Accrued Expenses$105,574$89,483▼ $16,091
Deferred Revenue$29,862$29,862→ $0
Total Liabilities$11,858,256$12,985,603▲ $1,127,347
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-965,033$522,660▲ $1,487,693
Total Net Assets Fund Balance$-965,033$522,660▲ $1,487,693
Total Liabilities and Net Assets / Fund Balance$10,893,223$13,508,263▲ $2,615,040

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,258,803$9,150,685$12,409,488
Leasehold Improvements$12,192$2,433,939$2,446,131
Land$542,828-$542,828
Equipment$48,368$421,440$469,808
Other Assets Org$5,020,630--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Joyce E HendersonExecutive DirectorPT$36,000$36,000

Board Members and Trustees

NameTitle
Dr Millard StithPresident
Alonzo Bell JrBoard Member
Kevin Davenport Non-votingBoard Member
Dr Joseph ChaseBov Appointed Liaison
Reginia Barnett-tylerSecretary
Aubrey W Fountain IiiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$57,185
Other Revenue
$2,695,935
Change in Net Assets
$1,319,975

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,753,120
Total Revenue per Audited Statements
$2,753,120
Total Revenue per Form 990
$2,753,120
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,433,145
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$483,789$0$0$483,789
All Other Expenses$349,864$121,862$0$471,726
Interest$421,902$0$0$421,902
Advertising$6,829$0$0$6,829
Other Expenses$5,070$0$0$5,070
Total Functional Expenses$1,311,283$121,862$0$1,433,145

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,433,145
Total Expenses per Audited Statements$1,433,145
Total Expenses per Form 990$1,433,145
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advance$5,020,630
Interest Swap$280,800
Tenant Security Deposit$15,526
Accrued Property Management Fees$0
Line of Credit$0

Bond Issues

BondIssuerIssuedIssue PricePurpose
AVa Small Business Financing Authority2008-08-01$21,845,842REFINANCING OF BONDS

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$21,845,842--$187,799

Bond Financing Compliance

Form 8038-T filed
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes
Filing and Contact Details

Filer

Filer Name
Virginia State University Real Estate Foundation
EIN
01-0681650
Phone
8046914744
Address
4010 J MITCHELL DRIVE, PETERSBURG, VA 23803

Signing Officer

Name
Joyce Henderson
Title
Executive Director
Phone
8046914744
Signed
2025-10-17
Discuss with paid preparer
Yes

Organization Details

Formed
2002
Legal Domicile
Va
Voting Board Members
5
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Larry Saunders & Associates
Address
2902 CHAMBERLAYNE AVE, RICHMOND, VA 23222
Preparer
James E Benson
Phone
8043218512
Supplemental Narrative

Additional Explanations

Pt XI

Change in fair value of interest rate swap obligation

Pt VI, Line 19

The financial statements and all governing documents are available for public access upon request

Pt VI, Line 11B

The form 990 is given to the executive director who reviews it and goes over with the board of directors for their approval to be issued.

Pt VI, Line 15A

The organization did a verbal survey of other state universities in virginia to learn about compensation for their foundation executive director and also reviewed salary data (from salary.com) for foundation executive directors within the state of virginia focusing on salary information for petersburg, richmond and norfolk.

Pt VI, Line 3

Greystar was granted management duties through june 30, 2023, and virginia state university assumed management duties effective july 1, 2023.

Pt VI, Line 12C

Policy implemented in 2015. Board members required to update the conflict of interest form annually and when circumstances change the information on file. The executive director is responsible for securing the annual updates.

Form 990, Part IX, Line 24E

Personnel services 25. 25. 0. 0.

Form 990, Part IX, Line 24E

POSTAGE 0. 0. 0. 0.

Form 990, Part IX, Line 24E

Professional fees 205705. 83843. 121862. 0.

Form 990, Part IX, Line 24E

Property management fees 0. 0. 0. 0.

Form 990, Part IX, Line 24E

Repairs,maintenance 60203. 60203. 0. 0.

Form 990, Part IX, Line 24E

Telephone 2609. 2609. 0. 0.

Form 990, Part IX, Line 24E

TRAINING 0. 0. 0. 0.

Form 990, Part IX, Line 24E

Utilities 132550. 132550. 0. 0.

Form 990, Part IX, Line 24E

Bad debt expense 0. 0. 0. 0.

Form 990, Part IX, Line 24E

Rounding difference 0. 0. 0. 0.

Form 990, Part IX, Line 24E

Insurance 3634. 3634. 0. 0.

Form 990, Part IX, Line 24E

Contributions 67000. 67000. 0. 0.

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IRS990/OtherExpensesGrp/Desc0BANK SERVICE CHARGES
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IRS990/OtherExpensesGrp/Desc2MISC
IRS990/OtherExpensesGrp/Desc3OFFICE SUPPLIES
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IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt00
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt30
IRS990/OtherExpensesGrp/ProgramServicesAmt018539
IRS990/OtherExpensesGrp/ProgramServicesAmt10
IRS990/OtherExpensesGrp/ProgramServicesAmt225290
IRS990/OtherExpensesGrp/ProgramServicesAmt35070
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IRS990/OtherExpensesGrp/TotalAmt10
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IRS990/OtherExpensesGrp/TotalAmt35070
IRS990/OtherLiabilitiesGrp/BOYAmt02964044
IRS990/OtherLiabilitiesGrp/EOYAmt05316956
IRS990/OtherRevenueMiscGrp/BusinessCd0531110
IRS990/OtherRevenueMiscGrp/BusinessCd1531110
IRS990/OtherRevenueMiscGrp/Desc0REIMBUSEABLE INCOME
IRS990/OtherRevenueMiscGrp/Desc1OTHER REVENUE
IRS990/OtherRevenueMiscGrp/ExclusionAmt00
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IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt02671975
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt123960
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt02671975
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt123960
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt00
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt10
IRS990/OtherRevenueTotalAmt02695935
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0JOYCE HENDERSON
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531310
IRS990/ProgramServiceRevenueGrp/Desc0STUDENT HOUSING
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt00
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt051369
IRS990/PYOtherExpensesAmt02615879
IRS990/PYOtherRevenueAmt0188990
IRS990/PYProgramServiceRevenueAmt03167638
IRS990/PYRevenuesLessExpensesAmt0792118
IRS990/PYTotalExpensesAmt02615879
IRS990/PYTotalRevenueAmt03407997
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt01319975
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt00
IRS990ScheduleA/CollegeOrganizationInd0X
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt03230309
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt04284270
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt07514579
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PrivateFoundation170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.00000
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportPY170Pct00.00000
IRS990ScheduleA/PublicSupportTotal170Amt00
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt00
IRS990ScheduleA/TotalSupportAmt07514579
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt03258803
IRS990ScheduleD/BuildingsGrp/DepreciationAmt09150685
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt012409488
IRS990ScheduleD/EquipmentGrp/BookValueAmt048368
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0421440
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0469808
IRS990ScheduleD/ExpensesSubtotalAmt01433145
IRS990ScheduleD/LandGrp/BookValueAmt0542828
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0542828
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt012192
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt02433939
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt02446131
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt00
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt10
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt22626380
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt30
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt40
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt50
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt65020630
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TENANT RENT RECEIVBLE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2RESTRICTED CASH DEBT SERVICE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3DEFERRED BOND
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4DUE FROM VSU TROJAN DEVELOPMENT COMPANY
IRS990ScheduleD/OtherAssetsOrgGrp/Desc5DUE FROM VSU FOUNDATION
IRS990ScheduleD/OtherAssetsOrgGrp/Desc6RESTRICTED CASH ECONOMIC DEVELOPMENT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0280800
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt115526
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt20
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt30
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt45020630
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0INTEREST SWAP
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1TENANT SECURITY DEPOSIT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ACCRUED PROPERTY MANAGEMENT FEES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3LINE OF CREDIT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4REFUNDABLE ADVANCE
IRS990ScheduleD/RevenueSubtotalAmt02753120
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03862191
IRS990ScheduleD/TotalBookValueOtherAssetsAmt07647010
IRS990ScheduleD/TotalExpensesPerForm990Amt01433145
IRS990ScheduleD/TotalLiabilityAmt05316956
IRS990ScheduleD/TotalRevenuePerForm990Amt02753120
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02753120
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01433145
IRS990ScheduleI/GrantRecordsMaintainedInd0false
IRS990ScheduleI/TotalOtherOrgCnt01
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleK/ProceduresCorrectiveActionGrp/BondReferenceCd0A
IRS990ScheduleK/ProceduresCorrectiveActionGrp/ProceduresCorrectiveActionInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/Form8038TFiledInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/TermOfGICPct00.000000000000
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/TermOfHedgePct00.000000000000
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd0true
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02008-08-01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN0541300845
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum0928104KL1
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd0false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt021845842
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0VA SMALL BUSINESS FINANCING AUTHORITY
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd0false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd0false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0REFINANCING OF BONDS
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropPct00.00000
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusConcerningUBIPct00.00000
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusUseByOthersPct00.00000
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/TotalPrivateBusinessUsePct00.00000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd0true
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt020590368
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd0true
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt01067675
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt0187799
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd0false
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd0true
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt021845842
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CHANGE IN FAIR VALUE OF INTEREST RATE SWAP OBLIGATION
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FINANCIAL STATEMENTS AND ALL GOVERNING DOCUMENTS ARE AVAILABLE FOR PUBLIC ACCESS UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 IS GIVEN TO THE EXECUTIVE DIRECTOR WHO REVIEWS IT AND GOES OVER WITH THE BOARD OF DIRECTORS FOR THEIR APPROVAL TO BE ISSUED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION DID A VERBAL SURVEY OF OTHER STATE UNIVERSITIES IN VIRGINIA TO LEARN ABOUT COMPENSATION FOR THEIR FOUNDATION EXECUTIVE DIRECTOR AND ALSO REVIEWED SALARY DATA (FROM SALARY.COM) FOR FOUNDATION EXECUTIVE DIRECTORS WITHIN THE STATE OF VIRGINIA FOCUSING ON SALARY INFORMATION FOR PETERSBURG, RICHMOND AND NORFOLK.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GREYSTAR WAS GRANTED MANAGEMENT DUTIES THROUGH JUNE 30, 2023, AND VIRGINIA STATE UNIVERSITY ASSUMED MANAGEMENT DUTIES EFFECTIVE JULY 1, 2023.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5POLICY IMPLEMENTED IN 2015. BOARD MEMBERS REQUIRED TO UPDATE THE CONFLICT OF INTEREST FORM ANNUALLY AND WHEN CIRCUMSTANCES CHANGE THE INFORMATION ON FILE. THE EXECUTIVE DIRECTOR IS RESPONSIBLE FOR SECURING THE ANNUAL UPDATES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6PERSONNEL SERVICES 25. 25. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7POSTAGE 0. 0. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8PROFESSIONAL FEES 205705. 83843. 121862. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9PROPERTY MANAGEMENT FEES 0. 0. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10REPAIRS,MAINTENANCE 60203. 60203. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11TELEPHONE 2609. 2609. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt12TRAINING 0. 0. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt13UTILITIES 132550. 132550. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt14BAD DEBT EXPENSE 0. 0. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt15ROUNDING DIFFERENCE 0. 0. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt16INSURANCE 3634. 3634. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt17CONTRIBUTIONS 67000. 67000. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt XI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt VI, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Pt VI, Line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part IX, Line 24e

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