Civic Intelligence

Virginia Commonwealth University Foundation

990 • Fiscal year 2017 • EIN 54-0757884

Jul 01, 2016 to Jun 30, 2017 • Filed on May 08, 2018

Organization ProfileWWW.VCUF.ORG
PO Box 843075Richmond, VA 23284-3075

(804) 828-9292

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.34x

Higher debt load relative to assets than 53% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Liabilities / Revenue

85th percentile

2.51x

Higher debt load relative to revenue than 85% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Net Margin

2nd percentile

-72%

Higher net margin than 2% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Top Officer Pay

3rd percentile

$0

Higher top officer pay than 3% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Asset Growth

8th percentile

-5.5%

Faster asset growth than 8% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Revenue Growth

20th percentile

-4.8%

Faster revenue growth than 20% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets53rd percentile

Assets

Down

$113,846,633

Down $6,578,725 (-5.5%) from 2016

Net Assets

Down

$75,680,836

Down $8,323,271 (-9.9%) from 2016

Liabilities

Up

$38,165,797

Up $1,744,546 (+4.8%) from 2016

Revenue And Expenses
Liabilities / Revenue85th percentileNet Margin2nd percentile

Revenue

Down

$15,231,140

Down $770,518 (-4.8%) from 2016

Expenses

Up

$26,235,897

Up $9,239,026 (+54%) from 2016

Net Income

Down

-$11,004,757

Down $10,009,544 (-1006%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth8th percentile

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

$200M$150M$100M$50M$0Assets 2011: $82,624,343Liabilities 2011: $28,018,153Net Assets 2011: $54,606,1902011Assets 2012: $85,629,619Liabilities 2012: $26,717,349Net Assets 2012: $58,912,2702012Assets 2013: $100,183,041Liabilities 2013: $28,343,619Net Assets 2013: $71,839,4222013Assets 2014: $127,507,492Liabilities 2014: $38,732,285Net Assets 2014: $88,775,2072014Assets 2015: $124,110,589Liabilities 2015: $37,766,035Net Assets 2015: $86,344,5542015Assets 2016: $120,425,358Liabilities 2016: $36,421,251Net Assets 2016: $84,004,1072016Assets 2017: $113,846,633Liabilities 2017: $38,165,797Net Assets 2017: $75,680,8362017Assets 2018: $118,427,886Liabilities 2018: $37,867,220Net Assets 2018: $80,560,6662018Assets 2019: $118,913,323Liabilities 2019: $37,737,895Net Assets 2019: $81,175,4282019Assets 2020: $117,210,353Liabilities 2020: $36,864,497Net Assets 2020: $80,345,8562020Assets 2021: $143,986,574Liabilities 2021: $46,864,256Net Assets 2021: $97,122,3182021Assets 2022: $137,692,636Liabilities 2022: $41,632,161Net Assets 2022: $96,060,4752022Assets 2023: $148,077,514Liabilities 2023: $42,663,718Net Assets 2023: $105,413,7962023Assets 2024: $171,665,687Liabilities 2024: $47,063,145Net Assets 2024: $124,602,5422024

Highlighted filing

2017

Assets$113,846,633
Liabilities$38,165,797
Net Assets$75,680,836
Open 2017 Filing

Operations Trend

Revenue Growth20th percentile

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

$30M$20M$10M$0-$10M-$20MExpenses 2011: $5,227,4582011Revenue 2012: $12,860,169Expenses 2012: $8,372,535Net Income 2012: $4,487,6342012Expenses 2013: $13,571,0292013Revenue 2014: $27,322,623Expenses 2014: $6,861,862Net Income 2014: $20,460,7612014Revenue 2015: $16,736,835Expenses 2015: $19,672,996Net Income 2015: -$2,936,1612015Revenue 2016: $16,001,658Expenses 2016: $16,996,871Net Income 2016: -$995,2132016Revenue 2017: $15,231,140Expenses 2017: $26,235,897Net Income 2017: -$11,004,7572017Revenue 2018: $17,614,147Expenses 2018: $14,159,485Net Income 2018: $3,454,6622018Revenue 2019: $13,391,379Expenses 2019: $13,749,621Net Income 2019: -$358,2422019Revenue 2020: $9,637,107Expenses 2020: $12,135,941Net Income 2020: -$2,498,8342020Revenue 2021: $10,450,045Expenses 2021: $13,897,823Net Income 2021: -$3,447,7782021Revenue 2022: $17,326,830Expenses 2022: $10,490,735Net Income 2022: $6,836,0952022Revenue 2023: $15,943,324Expenses 2023: $12,373,613Net Income 2023: $3,569,7112023Revenue 2024: $20,325,054Expenses 2024: $12,195,300Net Income 2024: $8,129,7542024

Highlighted filing

2017

Revenue$15,231,140
Expenses$26,235,897
Net Income-$11,004,757
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 8, 2018
Return Version
2016v3.0
Gross Receipts
$53,250,820
Mission and Program Overview

Mission

To support the educational, scientific and charitable activities of virginia commonwealth university and related organizations.

To support the educational,scientific & charitable activities of vcu.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$20,143,268$77,122,390▲ $56,979,122
Savings and Temporary Cash Investments$28,162,643$19,651,650▼ $8,510,993
Pledges and Grants Receivable$14,917,835$12,690,870▼ $2,226,965
Investments in Publicly Traded Securities$55,931,647$3,198,599▼ $52,733,048
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$120,425,358$113,846,633▼ $6,578,725
Other Assets Total$1,269,965$1,183,124▼ $86,841
Liabilities
Other Liabilities$35,127,920$36,716,540▲ $1,588,620
Accounts Payable and Accrued Expenses$1,293,331$1,449,257▲ $155,926
Total Liabilities$36,421,251$38,165,797▲ $1,744,546
Net Assets / Fund Balance
Temporarily Rstr Net Assets$53,335,847$43,922,225▼ $9,413,622
Permanently Rstr Net Assets$27,875,834$28,813,278▲ $937,444
Unrestricted Net Assets$2,792,426$2,945,333▲ $152,907
Total Net Assets Fund Balance$84,004,107$75,680,836▼ $8,323,271
Total Liabilities and Net Assets / Fund Balance$120,425,358$113,846,633▼ $6,578,725

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$16,890$16,890
Other Securities$2,241,307--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$38,652,155$981,810▲ $2,845,271$1,303,042$41,176,194
2015$38,339,686$2,267,596▼ $539,116$1,416,011$38,652,155
2014$36,527,990$2,273,294▲ $991,871$1,453,469$38,339,686
2013$33,126,132$1,861,403▲ $3,997,328$2,456,873$36,527,990
2012$30,639,951$1,035,421▲ $3,388,091$1,937,331$33,126,132
Compensation and Service Providers
Top Officer Pay3rd percentile

Board Members and Trustees

NameTitle
Carol MccoyPresident
Patricia WilkersonVice President
Collette MceachinEx-offico Trustee
Dr Michael RaoEx-offico Trustee
William M GintherEx-offico Trustee
Bradford W WellesTrustee
Cathy SaundersTrustee
Dr Gail MoskowtizTrustee
Dr Robert MarchantTrustee
Elizabeth a MasonTrustee
Hattie HamlinTrustee
Joe NadderTrustee
John FainTrustee
John GrierTrustee
John JacobyTrustee
Kevin NicholsonTrustee
Madison WoottenTrustee
Mark D HansanTrustee
Neil AminTrustee
Thomas BenedettiTrustee
Tracy Kemp StallingsTrustee
Thomas C BurkeSecretary
Timothy GrafTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$13,450,702
Program Service Revenue
$0
Investment Income
$1,074,743
Other Revenue
$705,695
All Other Contributions
$13,450,702
Change in Net Assets
$-11,004,757

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 AmountValuation Method
Securities Publicly Traded40$430,625Quoted Market Values
Total Noncash Contributions40$430,625-

Audited Revenue Reconciliation

Revenue per Audited Statements
$14,662,881
Revenue Not Reported on Financial Statements
$568,259
Revenue Not Reported on Form 990
$2,767,550
Total Revenue per Audited Statements
$17,430,431
Total Revenue per Form 990
$15,231,140
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$25,178,368
Other Expenses$1,057,529
Total Fundraising Expense$70,096
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$25,178,368--$25,178,368
Fees for Service Investment Mgmnt Fees$568,259--$568,259
Fees for Services Management$30,041$182,188$70,096$282,325
Other Expenses$94,672$59,073-$59,073
Fees for Services Legal-$30,900-$30,900
Fees for Services Accounting-$22,300-$22,300
Total Functional Expenses$25,871,340$294,461$70,096$26,235,897

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$26,235,897
Expenses per Audited Statements$25,667,638
Total Expenses per Audited Statements$25,667,638
Expenses Not Reported on Financial Statements$568,259
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Virginia Commonwealth UniversityRichmond, VA115The Foundation Exists Solely to Assist, Support, and Foster Virginia Commonwealth University in All Proper Ways That May From Time to Time Be Approved by the Trustees of the Foundation With the Guidance of the University. the Foundation Manages and Distributes Current and Endowment Gifts for All Schools, Departments, and Programs Throughout the University With Major Emphasis on Programs for the Monroe Park Campus.$25,178,368
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
Deposits Held for Vcu$26,865,382
Deposits Held for Vcu Real Estate Foundation$7,580,318
Deposits Held for Vcu Intellectual Property Foundation$1,087,812
Deposits Held for Vcu Alumni Association$799,122
Life Annuities$383,906
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 B, Line 11B

“The organization distributes a copy of the form 990 to all members of the audit committee and makes it available for all other board members prior to the form being filed.”

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

“The organization requires officers, directors and key employees, on an annual basis, to sign a conflict of interest statement and to disclose the existence of any conflicts.”

Form 990, Part VI, Section C, Line 19

“The organization posts its current audited financial statements and form 990 on its web site, each year. In addition, copies of the audited financial statements are sent electronically to all directors. It is the policy of the organization to make available copies of financial statements, governing documents and confict of interest information and other documents to the public.”

Filing and Contact Details

Filer

Filer Name
Virginia Commonwealth University
EIN
54-0757884
Phone
8048289292
Address
PO BOX 843075, RICHMOND, VA 23284-3075

Signing Officer

Name
Timothy a Graf
Title
Treasurer
Phone
8048289292
Signed
2018-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas C Burke
Formed
1917
Legal Domicile
Va
Voting Board Members
20
Independent Board Members
20
Employees
0
Volunteers
0

Preparer

Firm
Mitchell Wiggins & Company Llp
Address
1802 BAYBERRY COURT SUITE 300, RICHMOND, VA 23226
Preparer
M James Hartson Jr CPA
Phone
8042826000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in value of annuity agreements -78,563. Change in value of charitable remainder trusts -6,346. Transfers to virginia commonwealth universtiy affiliated foundations -1,155.”

Form 990 Part XII - Line 2(C)

“The process has not changed from the prior year.”

Financial Statement Notes

PART V, LINE 4:

“The various endowments were established to support the foundation and its mission.”

PART X, LINE 2:

“The foundation has determined that it does not have any material unrecognized tax benefits or obligations at june 30, 2017. The foundation includes penalties and interest assessed by income taxing authorities in operating expenses, if applicable. The foundation did not incur any penalties or interest expense for the year ended june 30, 2017.”

Raw XML AppendixShowing 400 of 603 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/TitleTxt1TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15EX-OFFICO TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20EX-OFFICO TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt22SECRETARY
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IRS990/MissionDesc0TO SUPPORT THE EDUCATIONAL, SCIENTIFIC AND CHARITABLE ACTIVITIES OF VIRGINIA COMMONWEALTH UNIVERSITY AND RELATED ORGANIZATIONS.
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IRS990/OtherChangesInNetAssetsAmt0-86064
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt059073
IRS990/OtherExpensesGrp/ProgramServicesAmt094672
IRS990/OtherExpensesGrp/TotalAmt094672
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IRS990/PayPremiumsPrsnlBnftCntrctInd00
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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt012690870
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0THOMAS C BURKE
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$113,846,633
Liabilities
$38,165,797
Net assets
$75,680,836
Revenue
$15,231,140
Expenses
$26,235,897
Net income
-$11,004,757
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$172$47.1$125$20.3$12.2$8.13
2023Detailed filing. Detailed filing data is available for this year.$148$42.7$105$15.9$12.4$3.57
2022Detailed filing. Detailed filing data is available for this year.$138$41.6$96.1$17.3$10.5$6.84
2021Detailed filing. Detailed filing data is available for this year.$144$46.9$97.1$10.5$13.9$3.45
2020Detailed filing. Detailed filing data is available for this year.$117$36.9$80.3$9.64$12.1$2.50
2019Detailed filing. Detailed filing data is available for this year.$119$37.7$81.2$13.4$13.7$0.36
2018Detailed filing. Detailed filing data is available for this year.$118$37.9$80.6$17.6$14.2$3.45
2017Detailed filing. Detailed filing data is available for this year.$114$38.2$75.7$15.2$26.2$11.0
2016Detailed filing. Detailed filing data is available for this year.$120$36.4$84.0$16.0$17.0$1.00
2015Detailed filing. Detailed filing data is available for this year.$124$37.8$86.3$16.7$19.7$2.94
2014Detailed filing. Detailed filing data is available for this year.$128$38.7$88.8$27.3$6.86$20.5
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$100$28.3$71.8$13.6
2012Summary only. Only limited summary data is available for this year.$85.6$26.7$58.9$12.9$8.37$4.49
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$82.6$28.0$54.6$5.23