Civic Intelligence

The College of William & Mary Foundation

990 • Fiscal year 2016 • EIN 54-0734117

Jul 01, 2015 to Jun 30, 2016 • Filed on May 15, 2017

5300 Discovery Park BoulevardWilliamsburg, VA 23188-2695

(757) 221-1906

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

11th percentile

0.04x

Higher debt load relative to assets than 11% of similar nonprofits.

2016 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2016

Liabilities / Revenue

61st percentile

0.73x

Higher debt load relative to revenue than 61% of similar nonprofits.

2016 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2016

Net Margin

11th percentile

-13%

Higher net margin than 11% of similar nonprofits.

2016 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2016

Top Officer Pay

31st percentile

$561,903

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2016 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2016

Asset Growth

23rd percentile

-2.6%

Faster asset growth than 23% of similar nonprofits.

2016 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Revenue Growth

14th percentile

-15%

Faster revenue growth than 14% of similar nonprofits.

2016 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Assets

Down

$691,108,828

Down $18,446,628 (-2.6%) from 2015

Net Assets

Down

$663,585,258

Down $17,042,763 (-2.5%) from 2015

Liabilities

Down

$27,523,570

Down $1,403,865 (-4.9%) from 2015

Revenue

Down

$37,904,099

Down $6,469,614 (-15%) from 2015

Expenses

Up

$42,950,088

Up $10,974,926 (+34%) from 2015

Net Income

Down

-$5,045,989

Down $17,444,540 (-141%) from 2015

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5B$1.0B$500M$0Assets 2010: $465,677,735Liabilities 2010: $27,397,825Net Assets 2010: $438,279,9102010Assets 2011: $529,852,378Liabilities 2011: $27,691,323Net Assets 2011: $502,161,0552011Assets 2012: $544,308,092Liabilities 2012: $27,817,412Net Assets 2012: $516,490,6802012Assets 2013: $628,980,542Liabilities 2013: $28,212,551Net Assets 2013: $600,767,9912013Assets 2014: $707,525,133Liabilities 2014: $29,868,285Net Assets 2014: $677,656,8482014Assets 2015: $709,555,456Liabilities 2015: $28,927,435Net Assets 2015: $680,628,0212015Assets 2016: $691,108,828Liabilities 2016: $27,523,570Net Assets 2016: $663,585,2582016Assets 2017: $750,596,771Liabilities 2017: $28,594,421Net Assets 2017: $722,002,3502017Assets 2018: $806,248,130Liabilities 2018: $29,058,763Net Assets 2018: $777,189,3672018Assets 2019: $868,970,215Liabilities 2019: $30,063,852Net Assets 2019: $838,906,3632019Assets 2020: $868,886,184Liabilities 2020: $28,514,080Net Assets 2020: $840,372,1042020Assets 2021: $1,122,551,962Liabilities 2021: $35,724,609Net Assets 2021: $1,086,827,3532021Assets 2022: $1,102,294,415Liabilities 2022: $31,033,524Net Assets 2022: $1,071,260,8912022Assets 2023: $1,134,029,696Liabilities 2023: $33,715,967Net Assets 2023: $1,100,313,7292023Assets 2024: $1,294,159,126Liabilities 2024: $36,220,357Net Assets 2024: $1,257,938,7692024

Highlighted filing

2016

Assets$691,108,828
Liabilities$27,523,570
Net Assets$663,585,258

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$200M$150M$100M$50M$0-$50MExpenses 2010: $22,096,1592010Expenses 2011: $29,721,9742011Expenses 2012: $19,824,4822012Expenses 2013: $20,577,1932013Revenue 2014: $48,326,021Expenses 2014: $23,673,869Net Income 2014: $24,652,1522014Revenue 2015: $44,373,713Expenses 2015: $31,975,162Net Income 2015: $12,398,5512015Revenue 2016: $37,904,099Expenses 2016: $42,950,088Net Income 2016: -$5,045,9892016Revenue 2017: $96,448,406Expenses 2017: $38,169,638Net Income 2017: $58,278,7682017Revenue 2018: $83,416,784Expenses 2018: $31,349,921Net Income 2018: $52,066,8632018Revenue 2019: $83,490,525Expenses 2019: $41,566,200Net Income 2019: $41,924,3252019Revenue 2020: $88,636,871Expenses 2020: $49,308,062Net Income 2020: $39,328,8092020Revenue 2021: $79,373,462Expenses 2021: $39,031,296Net Income 2021: $40,342,1662021Revenue 2022: $100,704,101Expenses 2022: $42,267,429Net Income 2022: $58,436,6722022Revenue 2023: $41,051,162Expenses 2023: $52,596,974Net Income 2023: -$11,545,8122023Revenue 2024: $161,638,025Expenses 2024: $72,625,450Net Income 2024: $89,012,5752024

Highlighted filing

2016

Revenue$37,904,099
Expenses$42,950,088
Net Income-$5,045,989
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 15, 2017
Return Version
2015v3.0
Gross Receipts
$152,191,126
Mission and Program Overview

Mission

To aid, strengthen and expand, in every proper and useful way, the work of the college of william & mary in virginia, a public university.

See schedule oto aid, strengthen and expand, in every proper and useful way, the work of the college of william and mary in virginia, a public university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$525,946,502$492,575,578▼ $33,370,924
Pledges and Grants Receivable$13,093,627$13,713,669▲ $620,042
Land, Buildings, and Equipment, Net$7,575,550$7,373,487▼ $202,063
Savings and Temporary Cash Investments$5,866,222$5,885,800▲ $19,578
Investments in Publicly Traded Securities$5,318,000$5,335,459▲ $17,459
Other Notes and Loans Receivable, Net$1,275,298$1,080,299▼ $194,999
Accounts Receivable$2,933,198$831,299▼ $2,101,899
Prepaid Expenses and Deferred Charges$1,198,756$572,719▼ $626,037
Total Assets$709,555,456$691,108,828▼ $18,446,628
Other Assets Total$146,348,303$163,740,518▲ $17,392,215
Liabilities
Other Liabilities$18,691,234$17,392,249▼ $1,298,985
Tax Exempt Bond Liabilities$8,090,000$8,090,000→ $0
Unsecured Notes Loans Payable$1,732,487$1,239,848▼ $492,639
Accounts Payable and Accrued Expenses$374,450$765,662▲ $391,212
Deferred Revenue$39,264$35,811▼ $3,453
Total Liabilities$28,927,435$27,523,570▼ $1,403,865
Net Assets / Fund Balance
Permanently Rstr Net Assets$402,585,344$430,027,131▲ $27,441,787
Temporarily Rstr Net Assets$246,597,573$207,233,003▼ $39,364,570
Unrestricted Net Assets$31,445,104$26,325,124▼ $5,119,980
Total Net Assets Fund Balance$680,628,021$663,585,258▼ $17,042,763
Total Liabilities and Net Assets / Fund Balance$709,555,456$691,108,828▼ $18,446,628

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,569,388$1,827,531$6,396,919
Land$2,586,610-$2,586,610
Equipment$23,151$819,391$842,542
Other Land Buildings$194,338$281,648$475,986
Other Assets Org$82,859--
Other Securities$21,800--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$485,718,369$14,246,888▼ $11,570,651$18,765,582$458,546,529
2014$467,512,590$14,219,989▲ $20,475,814$5,821,846$485,718,369
2013$400,246,517$23,984,145▲ $58,784,493$6,212,579$467,512,590
2012$355,375,806$22,783,343▲ $37,421,091$5,746,251$400,246,517
2011$359,415,745$15,125,283▼ $4,541,752$5,650,675$355,375,806
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
F Brian HiestandChief Investment OfficerFT$420,873$50,023$470,896
William D Copan JrAsst Treas Asst VP InvFT$130,482$40,286$170,768
Mary W StebbinsDirector Finance/controllerFT$117,219$34,541$151,760

Highest Paid Contractors

ContractorServicesLocationCompensation
Jeannette Marie PowerEvent Consulting And Staffing32 INGALLS ROAD, Fort Monroe, VA 23651-1017$146,465
Marketing Communication Resource INCMail Service Management4800 E 345TH ST, Willovghby, OH 44094-4607$137,217
Deloitte LLPAccounting Fees7900 TYSONS ONE PLACE SUITE 800, Mclean, VA 22102$126,555
Mcguirewoods Consulting LLCConsulting901 E CARY STREET, Richmond, VA 23219$120,000
Deborah M RatliffRecruiting Services3057 SHADELAND DRIVE, Falls Church, VA 22044-1725$109,201
Revenue and Support

Revenue Composition

Contributions and Grants
$21,120,784
Program Service Revenue
$865,554
Investment Income
$11,507,253
Other Revenue
$4,410,508
All Other Contributions
$21,002,451
Change in Net Assets
$-5,045,989

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported Amount
Securities Publicly Traded7$2,278,242
Total Noncash Contributions7$2,278,242
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$25,256,732
Other Expenses$11,716,949
Total Fundraising Expense$9,363,361
Salaries, Compensation, and Employee Benefits$5,533,986
Professional Fundraising Fees$442,421

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$25,255,075--$25,255,075
Other Salaries and Wages$391,731$417,363$3,573,808$4,382,902
Fees for Services Other$796,039$4,696$1,600,854$2,401,589
Fees for Service Investment Mgmnt Fees-$1,781,618-$1,781,618
Office Expenses$439,814$63,810$1,266,600$1,770,224
Travel$551,998$22,486$372,781$947,265
Current Officers, Directors, Trustees, and Key Employees-$658,962-$658,962
Information Technology$69,793$5,074$478,842$553,709
Other Expenses$174,336$12,237$266,194$452,767
Fees for Services Professional Fundraising--$442,421$442,421
Insurance$56,600$366,315$18,010$440,925
Interest$334,475--$334,475
Conferences and Meetings$138,434$6,814$86,249$231,497
Other Employee Benefits$51,659$55,673$115,973$223,305
Depreciation Depletion$198,166$838$17,456$216,460
Occupancy$161,296--$161,296
Pension Plan Contributions$25,043$53,874$62,715$141,632
All Other Expenses$78,212$255$61,416$139,883
Payroll Taxes$28,947$52,366$45,872$127,185
Fees for Services Accounting-$119,100-$119,100
Fees for Services Legal$25,768$42,501$5,199$73,468
Grants to Domestic Individuals$1,657--$1,657
Total Functional Expenses$29,886,974$3,699,753$9,363,361$42,950,088
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The College of William & MaryWilliamsburg, VAGOV'T ENTITYOther Activities of the College$12,841,932
The College of William & MaryWilliamsburg, VAGOV'T ENTITYScholarships and Awards for Students of the College of William & Mary$8,210,240
The College of William & MaryWilliamsburg, VAGOV'T ENTITYSalary Supplements for Professors and Other Staff$3,782,584
Society of the Alumni of the College of William & Mary in VirginiaWilliamsburg, VA501(c)(3)Activities of the Society$152,820
Murray 1693 Scholars FoundationWilliamsburg, VA501(c)(3)Activities of the Foundation$108,190
Omohundro Institute of Early American History & CultureWilliamsburg, VA501(c)(3)Activities of the Institute$45,891
Marshall-wythe School of Law FoundationWilliamsburg, VA501(c)(3)Activities of the Foundation$27,642
Richard Bland College FoundationSouth Prince George, VA501(c)(3)Activities of the Foundation$12,803

International Summary

Offices
0
Employees
0
Spending
$127,234,919

International Compliance

Foreign grant records maintained
Yes
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 & the CaribbeanInvestments-00$100,825,919
Europe (including Iceland and Greenland)Investments-00$13,708,000
East Asia and the PacificInvestments-00$7,195,000
Sub-saharan AfricaInvestments-00$2,457,000
North AmericaInvestments-00$1,545,000
South AsiaInvestments-00$1,018,000
Middle East and North AfricaInvestments-00$486,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$442,421
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-TrusteeSee BelowNo$109,193
-TrusteeSee BelowNo$37,887
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Funds Held for Others$15,097,201
Obligations Under Split-interests Agreements$1,561,766
Deferred Compensation Liability$442,427
Life Estates Retained by Donors$290,855

Bond Issues

BondIssuerIssuedIssue PricePurpose
AEconomic Development Authority of James City County Virginia2011-12-20$8,090,000Refund prior tax-exempt bond issued 12/21/06.

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$8,090,000$8,090,000--

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
Yes
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 family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
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
No

Governance Explanations

Form 990, Part VI, Section A, Line 1

The governing documents of the foundation authorize the executive committee to exercise the full power and authority of the board of trustees between meetings of the trustees except to the extent limited by the articles of incorporation, the bylaws and the laws of the commonwealth of virginia. The executive committee is comprised of the chairperson and vice chairpersons of the board, secretary, treasurer, chairperson of each committee, the immediate past chairperson of the board, and at large trustees of the board. All executive committee members are voting members of the board of trustees.

Form 990, Part VI, Section A, Line 7A

The virginia institute of marine science foundation, the marshall-wythe school of law foundation and the william and mary business school foundation each appoint one ex officio voting member of the college of william & mary foundation's board of trustees.

Form 990, Part VI, Section B, Line 11

The foundation provided a copy of form 990 to the governing body before it was filed. Prior to filing form 990, the foundation's director of finance/controller, assistant treasurer and the college of william & mary's vice president for finance (a non-voting ex officio member of the board of trustees) review a draft of the form. The director of finance/controller and assistant treasurer review the final version prior to signing.

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

Annual disclosures are reviewed for possible conflicts, which are addressed in the manner outlined in the conflict of interest policy. Matters raised either prior to or during a meeting of the board or any committee are addressed at that time. The policy covers board members and key staff members. Voting board members are restricted from voting on matters in which they may have a conflict, and are excused from meetings when a vote is taken. Determination of whether a conflict exists is made at the committee or board level, based on authority to take action.

Form 990, Part VI, Section B, Line 15

And part v, line 1b: the organization does not have any employees of record. All work is performed by employees of the college of william and mary. The organization may then reimburse the college for all or part of salary and benefit costs. The salaries in line 7 of part ix reflect costs for staff who perform duties relating to foundation operations. Compensation is generally established within the guidelines of the college, including comparable market data as appropriate. Compensation listed for the assistant vice president for investment administration represents pay as a key employee, and not pay as assistant treasurer. Compensation listed for the director of finance/controller represents pay as a key employee. Compensation for the chief investment officer is determined in part by the investments committee, which considered a survey of compensation of individuals in similar positions at similar organizations.

Form 990, Part VI, Section C, Line 19

The consolidated financial statements of the organization and its related entities are made available upon request. Conflict of interest policy and governing documents are generally not available to the public.

Filing and Contact Details

Filer

Filer Name
The College of William & Mary Foundation
EIN
54-0734117
Phone
7572211906
Address
5300 DISCOVERY PARK BOULEVARD, WILLIAMSBURG, VA 23188-2695

Signing Officer

Name
William D Copan Jr
Title
Assistant Treasurer
Phone
7572212746
Signed
2017-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William D Copan Jr
Formed
1939
Legal Domicile
Va
Voting Board Members
44
Independent Board Members
44
Employees
0
Volunteers
51

Preparer

Firm
Deloitte Tax Llp
Address
7900 TYSONS ONE PLACE SUITE 800, MCLEAN, VA 22102
Preparer
John W Sadoff Jr
Phone
7032511000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Murray 1693 scholars foundation -11,362,296. Change in value of split interest agreements 651,397. Change in value of life insurance policies 101,212. Change in value of funds held in trust by others 19,126,773.

FORM 990, PART IX:

Fundraising expenses in part ix include expenses for a major capital campaign. The campaign is for the benefit of the foundation, the college of william & mary and other foundations that support the mission of the college.

Financial Statement Notes

PART III, LINE 4:

The foundation owns works of art for the benefit of the muscarelle museum of the college of william and mary, as well as antiques used by the college of william and mary in various buildings.

PART V, LINE 4:

Payout from endowment funds is used for scholarships, professorships and other departmental uses, or for the general purposes of the foundation or the college of william and mary. Part v: in addition to endowments reported in schedule d, the foundation has an irrevocable interest a portion of the income from three entities. The value of the foundation's interest in these entities is reported as funds held in trust by others, and was $149,908,314 and $130,829,146 at june 30, 2016 and 2015, respectively. Change in the value of this interest during the year was $19,079,168. The foundation also holds certain endowments for the benefit of the omohundro institute of early american history and culture valued at $15,097,201 and $16,104,805 at june 30, 2016 and 2015, respectively. In accordance with accounting guidance, the omohundro endowments are reported with an offsetting liability and activity relating to the omohundro endowments is not reported in the foundation's statement of activity. As a result, the omohundro funds are not included in part v of schedule d. Distributions in the amount of $580,499 were made from the omohundro endowments to the omohundro institute during the year.

PART X, LINE 2:

Asc topic 740, income taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in financial statements. Asc topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing tax returns of the foundation, cei, ref and reliance to determine whether the tax positions will "more-likely-than-not" be sustained by the applicable tax authority. As a result, tax positions not meeting the more-likely-than-not threshold would result in a current year expense or the absence of a benefit, as appropriate for the tax position. The foundation has concluded that no provision for income tax is required in the foundation's financial statements for the years ended june 30, 2016 and 2015.

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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/ReportableCompFromOrgAmt240

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1,294$36.2$1,258$162$72.6$89.0
2023Detailed filing. Detailed filing data is available for this year.$1,134$33.7$1,100$41.1$52.6$11.5
2022Detailed filing. Detailed filing data is available for this year.$1,102$31.0$1,071$101$42.3$58.4
2021Detailed filing. Detailed filing data is available for this year.$1,123$35.7$1,087$79.4$39.0$40.3
2020Detailed filing. Detailed filing data is available for this year.$869$28.5$840$88.6$49.3$39.3
2019Detailed filing. Detailed filing data is available for this year.$869$30.1$839$83.5$41.6$41.9
2018Detailed filing. Detailed filing data is available for this year.$806$29.1$777$83.4$31.3$52.1
2017Detailed filing. Detailed filing data is available for this year.$751$28.6$722$96.4$38.2$58.3
2016Detailed filing. Detailed filing data is available for this year.$691$27.5$664$37.9$43.0$5.05
2015Detailed filing. Detailed filing data is available for this year.$710$28.9$681$44.4$32.0$12.4
2014Detailed filing. Detailed filing data is available for this year.$708$29.9$678$48.3$23.7$24.7
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$629$28.2$601$20.6
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$544$27.8$516$19.8
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$530$27.7$502$29.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$466$27.4$438$22.1