Civic Intelligence

James Madison University Foundation Inc

EIN 23-7156305 • 501(c)3 • Harrisonburg, VA

Profile

We support and serve the James Madison University community. Through our advocacy, philanthropy, asset management, and stewardship we enrich the collegiate experience of its students, faculty and staff.

1031 Harrison Street MSC 8501Harrisonburg, VA 22807

www.jmu.edu/foundation

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.08x

Higher debt load relative to assets than 22% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

42nd percentile

0.38x

Higher debt load relative to revenue than 42% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

94th percentile

56%

Higher net margin than 94% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

56th percentile

6.8%

Faster asset growth than 56% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2024

Revenue Growth

70th percentile

14%

Faster revenue growth than 70% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2024

Assets

Up

$234,955,587

Up $20,553,813 (+9.6%) from 2023

Liabilities

Down

$18,565,419

Down $770,262 (-4.0%) from 2023

Net Assets

Up

$216,390,168

Up $21,324,075 (+11%) from 2023

Revenue

Up

$48,716,381

Up $27,126,458 (+126%) from 2023

Expenses

Down

$21,309,809

Down $57,263 (-0.3%) from 2023

Net Income

Up

$27,406,572

Up $27,183,721 (+12198%) from 2023

Trend Graphs

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2014: $101,578,806Liabilities 2014: $840,403Net Assets 2014: $100,738,4032014Assets 2015: $111,977,490Liabilities 2015: $3,442,449Net Assets 2015: $108,535,0412015Assets 2016: $118,096,403Liabilities 2016: $3,233,887Net Assets 2016: $114,862,5162016Assets 2017: $142,357,564Liabilities 2017: $6,303,179Net Assets 2017: $136,054,3852017Assets 2018: $161,276,054Liabilities 2018: $14,006,728Net Assets 2018: $147,269,3262018Assets 2019: $175,868,373Liabilities 2019: $14,918,266Net Assets 2019: $160,950,1072019Assets 2020: $191,139,680Liabilities 2020: $23,316,097Net Assets 2020: $167,823,5832020Assets 2021: $232,657,669Liabilities 2021: $22,405,697Net Assets 2021: $210,251,9722021Assets 2022: $205,939,528Liabilities 2022: $20,324,044Net Assets 2022: $185,615,4842022Assets 2023: $214,401,774Liabilities 2023: $19,335,681Net Assets 2023: $195,066,0932023Assets 2024: $234,955,587Liabilities 2024: $18,565,419Net Assets 2024: $216,390,1682024

Highlighted filing

2024

Assets$234,955,587
Liabilities$18,565,419
Net Assets$216,390,168

Operations Trend

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

$60M$40M$20M$0Revenue 2014: $27,930,508Expenses 2014: $7,519,650Net Income 2014: $20,410,8582014Revenue 2015: $18,815,673Expenses 2015: $9,680,735Net Income 2015: $9,134,9382015Revenue 2016: $18,881,799Expenses 2016: $9,460,419Net Income 2016: $9,421,3802016Revenue 2017: $19,286,333Expenses 2017: $10,147,423Net Income 2017: $9,138,9102017Revenue 2018: $22,474,643Expenses 2018: $15,189,964Net Income 2018: $7,284,6792018Revenue 2019: $23,523,250Expenses 2019: $14,433,025Net Income 2019: $9,090,2252019Revenue 2020: $18,508,438Expenses 2020: $15,831,670Net Income 2020: $2,676,7682020Revenue 2021: $23,646,493Expenses 2021: $17,555,695Net Income 2021: $6,090,7982021Revenue 2022: $37,424,979Expenses 2022: $13,507,617Net Income 2022: $23,917,3622022Revenue 2023: $21,589,923Expenses 2023: $21,367,072Net Income 2023: $222,8512023Revenue 2024: $48,716,381Expenses 2024: $21,309,809Net Income 2024: $27,406,5722024

Highlighted filing

2024

Revenue$48,716,381
Expenses$21,309,809
Net Income$27,406,572

Filings

Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Mar 2, 2023
Return Version
2021v4.0
Gross Receipts
$64,705,736
Mission and Program Overview

Mission

We support and serve the James Madison University community. Through our advocacy, philanthropy, asset management, and stewardship we enrich the collegiate experience of its students, faculty and staff.

The James Madison University Foundation provides prudent investment policy and stewardship to sustain and grow financial support for the University, while collaborating with the University to create innovative avenues of giving and to meet critical funding initiatives.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$130,059,187$94,825,630▼ $35,233,557
Investments in Publicly Traded Securities$57,846,094$59,532,856▲ $1,686,762
Pledges and Grants Receivable$11,827,753$14,211,997▲ $2,384,244
Savings and Temporary Cash Investments$2,906,492$11,932,874▲ $9,026,382
Other Notes and Loans Receivable, Net$10,777,820$10,069,101▼ $708,719
Land, Buildings, and Equipment, Net$3,396,101$3,988,130▲ $592,029
Cash and Non-Interest-Bearing Accounts$6,452,410$1,698,881▼ $4,753,529
Accounts Receivable$228,260$233,345▲ $5,085
Intangible Assets$154,413$148,718▼ $5,695
Prepaid Expenses and Deferred Charges$78,033$109,998▲ $31,965
Total Assets$232,657,669$205,939,528▼ $26,718,141
Other Assets Total$8,931,106$9,187,998▲ $256,892
Liabilities
Mortgage Notes Payable Secured by Investment Property$20,589,707$19,506,117▼ $1,083,590
Other Liabilities$343,640$329,401▼ $14,239
Deferred Revenue$1,305,850$326,688▼ $979,162
Accounts Payable and Accrued Expenses$166,500$161,838▼ $4,662
Total Liabilities$22,405,697$20,324,044▼ $2,081,653
Net Assets / Fund Balance
Net Assets With Donor Restrictions$178,244,714$159,439,000▼ $18,805,714
Net Assets Without Donor Restrictions$32,007,258$26,176,484▼ $5,830,774
Total Net Assets Fund Balance$210,251,972$185,615,484▼ $24,636,488
Total Liabilities and Net Assets / Fund Balance$232,657,669$205,939,528▼ $26,718,141

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,371,694$496,834$2,868,528
Land$1,593,292-$189,000
Equipment$16,119$102,561$118,680
Other Land Buildings$7,025$45,662$52,687
Leasehold Improvements$0$0$0
Other Securities$390,570--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$154,689,476$5,661,588▼ $31,904,512$0$123,393,340
2020$116,670,157$6,241,765▲ $36,337,919$0$154,689,476
2019$111,064,813$4,836,411▲ $4,874,845$0$116,670,157
2018$103,924,454$6,056,673▲ $4,959,419$0$111,064,813
2017$93,160,366$7,541,823▲ $6,858,872$0$103,924,454
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Warren K ColemanCEOFT$194,258$37,495$231,753
Cheryl L LindsayVice President/Chief Financial OfficerFT$118,546$41,155$159,701
Tammy KC BalserSecretary, Senior Acctg Manager - OperationsFT$85,081$31,017$116,098

Highest Paid Contractors

ContractorServicesLocationCompensation
Monticello AssociatesInvestment fees1800 Larimer Street, Suite 2100, Denver, CO 80202$200,000
Aramark Campus ServicesJMU Dining Services150 Bluestone Drive, MSC 0901, Harrisonburg, VA 22807$120,098
Revenue and Support

Revenue Composition

Contributions and Grants
$24,014,728
Program Service Revenue
$326,363
Investment Income
$12,388,371
Other Revenue
$695,517
All Other Contributions
$23,914,962
Change in Net Assets
$23,917,362

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded79$1,503,045Avg high/low trade price
Real Estate Residential1$665,000Appraisal
Works of Art62$231,276Retail value or appraisal
Other Non Cash Contri Table6$9,370Retail Value
Other Non Cash Contri Table1$1Retail Value/Appraisal
Total Noncash Contributions149$2,408,692-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$9,953,341
Other Expenses$2,484,036
Salaries, Compensation, and Employee Benefits$1,070,240
Total Fundraising Expense$367,010
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$9,953,341--$9,953,341
Interest$706,628$0$0$706,628
Other Salaries and Wages$215,744$238,455$13,697$467,896
Fees for Service Investment Mgmnt Fees$342,164$84,144$0$426,308
Current Officers, Directors, Trustees, and Key Employees$141,726$243,985$28,061$413,772
Fees for Services Other$196,444$2,955$36,500$235,899
All Other Expenses$42,937$-54,887$141,640$129,690
Office Expenses$97,760$18,671$191$116,622
Travel$74,933$16,069$1,657$92,659
Depreciation Depletion$78,431$8,606$0$87,037
Conferences and Meetings$69,643$8,009$2,646$80,298
Other Employee Benefits$22,128$45,491$2,366$69,985
Pension Plan Contributions$26,977$32,305$2,011$61,293
Payroll Taxes$24,239$30,522$2,533$57,294
Insurance$32,862$21,811$0$54,673
Advertising$39,122$4,953$6,692$50,767
Information Technology$10,439$36,429$0$46,868
Fees for Services Accounting$0$21,319$0$21,319
Occupancy$354$17,916$0$18,270
Other Expenses$17,578$0$0$17,578
Fees for Services Legal$858$3,140$0$3,998
Total Functional Expenses$12,346,941$793,666$367,010$13,507,617
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
James Madison UniversityHarrisonburg, VA501(c)(3)Cash Grants: Scholarships - $5,396,884; Budget Recovery - $2,143,934; Salary Support - $2,352,386$9,893,204

International Summary

Offices
0
Employees
0
Spending
$64,593,000

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$57,333,000
Europe (including Iceland and Greenland)Investments-00$7,260,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$91,695
Fundraising Direct Expenses$38,138
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Le Gourmet$116,516$71,785$3,760$68,025
Sparks Scholarship Celebration$42,245$19,910$0$19,910
Total Events$158,761$91,695$38,138$53,557
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Trust & Gift Annuity Obligations$329,401
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 1A

There are three forms of boards directorship - appointed trustees, ex-officio trustees, and adjunct trustees. Adjunct trustees shall have the right to attend meetings of the Board of Trustees, but shall not have the powers, obligations or status of a Trustee. Adjunct Trustees will be the CEO, CFO, and COO of the Foundation.

Form 990, Part VI, Section A, Line 4

Bylaw changes were made in fiscal year 2022 that amended trustee term limits. Trustees appointed after 2019 can only serve three consecutive terms of 3 years each.

Form 990, Part VI, Section B, Line 11B

The Form 990 is prepared by the Foundation's Accounting Manager of Tax and Property. A detailed review of the Form 990 is performed by the Foundation's Controller. An additional review is completed by the CFO/Vice President. The Form 990 is then sent to each board member, with an open comment period. Schedule B is not distributed to the board to maintain donor confidentiality. All other related 990 schedules are disclosed along with the 990. After the comment period elapses, the Form 990 is accepted by the Foundation's audit committee and electronically filed with the IRS.

Form 990, Part VI, Section B, Line 12C

The Foundation has a Conflict of Interest Policy which requires Foundation officers, trustees, and key employees to disclose all potential conflicts of interest to the Chair of the Board and the Foundation CEO for purposes of review and remedial action. The Board Chair, Chair of the governance committee and the CEO shall confer regarding the potential conflict and determine the appropriate action to resolve the potential conflict. In some cases, notice to the committee members or the full board may be appropriate, in others, recusal from voting on the relevant matter may be the proper course. The interested person may be asked to cease the conflicting activity or may be asked to relinquish his or her role with the Board of Trustees. Each party must sign a conflict of interest disclosure form annually. If at any time during the year, the information in the annual disclosure statement changes materially, such person shall disclose such changes and revise the annual disclosure form accordingly.

Form 990, Part VI, Section B, Line 15

The Foundation CEO and Vice President/CFO are compensated by James Madison University Foundation. Compensation is determined using comparable market data and individual employee performance. Annual increases for the Vice President/CFO are determined by the Commonwealth of Virginia or the Foundation's CEO. The Foundation's Executive Committee, with approval from the Board, determines pay adjustments for the CEO.

Form 990, Part VI, Section C, Line 19

Governing documents, the Conflict of Interest policy and consolidated financial statements are made available on an as needed basis for valid business purposes.

Filing and Contact Details

Filer

Filer Name
James Madison University Foundation Inc
EIN
23-7156305
Phone
5405683187
Address
1031 Harrison Street MSC 8501, Harrisonburg, VA 22807

Signing Officer

Name
Cheryl Lindsay
Title
Vice President/CFO
Phone
5405683184
Signed
2023-03-02

Organization Details

Principal Officer
Cheryl Lindsay
Formed
1969
Legal Domicile
Va
Voting Board Members
23
Independent Board Members
23
Employees
8
Volunteers
21
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D

See statement 1 on Schedule O for a breakdown of other program services.

Form 990, Part XI, Line 9

The Foundation wrote-down prior year pledge balances determined to be uncollectible by the Foundation in the current year.

Financial Statement Notes

Schedule D, Part III, Line 4

In 2001, the Foundation granted a large portion of its ancient coin collection to James Madison University for public display and classroom study. The Foundation retained duplicates of the coins delivered to the University and those of poor quality to preserve them for education purposes. For security, the coins are stored off-site in a safe deposit box. Additionally, in 2022 the Foundation received an art collection through an estate gift. The art collection is installed and displayed at the donor's residential home, which was also gifted to the foundation. The artwork will be preserved for educational purposes.

Schedule D, Part V, Line 4

The Foundation's endowments are restricted for the following purposes: Academic scholarships: $63,797,202; Administration: $14,584,777; Academics: $21,179,742; Professorships & fellowships: $8,583,038; Athletic Scholarships: $6,863,788; Chair: $5,403,572, and Student Affairs: $2,981,221.

Schedule D, Part X, Line 2

The Internal Revenue Service has determined that the Foundation is exempt from federal income taxes under IRC Section 501(c)(3) and is organized and operated exclusively for charitable purposes. The Internal Revenue Service has further determined that the Foundation is a public charity as described in IRC Section 509(a)(1). The Foundation has determined that it does not have any material unrecognized tax benefits or obligations as of June 30, 2022 and June 30, 2021. Donations to the Foundation are charitable contributions for tax purposes.

Raw XML AppendixShowing 400 of 1,173 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm1Cheryl L Lindsay
IRS990/Form990PartVIISectionAGrp/PersonNm2Tammy KC Balser
IRS990/Form990PartVIISectionAGrp/PersonNm3J Barry Purcell III
IRS990/Form990PartVIISectionAGrp/PersonNm4A Jerry Benson
IRS990/Form990PartVIISectionAGrp/PersonNm5Jarl Bliss
IRS990/Form990PartVIISectionAGrp/PersonNm6Darrel Branch
IRS990/Form990PartVIISectionAGrp/PersonNm7Linda W Cross
IRS990/Form990PartVIISectionAGrp/PersonNm8Ronald C Devine
IRS990/Form990PartVIISectionAGrp/PersonNm9Joseph K Funkhouser II
IRS990/Form990PartVIISectionAGrp/PersonNm10Enrico Gaglioti
IRS990/Form990PartVIISectionAGrp/PersonNm11James E Hartman
IRS990/Form990PartVIISectionAGrp/PersonNm12Heather Hedrick
IRS990/Form990PartVIISectionAGrp/PersonNm13F Claiborne Johnston III
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IRS990/Form990PartVIISectionAGrp/PersonNm15Nicholas L Langridge
IRS990/Form990PartVIISectionAGrp/PersonNm16Ellen W Meyer
IRS990/Form990PartVIISectionAGrp/PersonNm17Towana H Moore
IRS990/Form990PartVIISectionAGrp/PersonNm18Jon Offley
IRS990/Form990PartVIISectionAGrp/PersonNm19Robin Reifsnider
IRS990/Form990PartVIISectionAGrp/PersonNm20James L Riley
IRS990/Form990PartVIISectionAGrp/PersonNm21Jennifer E Shirkey
IRS990/Form990PartVIISectionAGrp/PersonNm22Spencer R Stouffer II
IRS990/Form990PartVIISectionAGrp/PersonNm23Paul M Thompson
IRS990/Form990PartVIISectionAGrp/PersonNm24Michael S Walden
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice President/Chief Financial Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary, Senior Acctg Manager - Operations
IRS990/Form990PartVIISectionAGrp/TitleTxt3Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt4Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt16Trustee
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