Civic Intelligence

Virginia Commonwealth University Foundation

990 • Fiscal year 2022 • EIN 54-0757884

Jul 01, 2021 to Jun 30, 2022 • Filed on May 12, 2023

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

0.30x

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

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

84th percentile

2.40x

Higher debt load relative to revenue than 84% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Net Margin

87th percentile

39%

Higher net margin than 87% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

8th percentile

$161,865

Higher top officer pay than 8% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Asset Growth

40th percentile

-4.4%

Faster asset growth than 40% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

92nd percentile

66%

Faster revenue growth than 92% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets53rd percentile

Assets

Down

$137,692,636

Down $6,293,938 (-4.4%) from 2021

Net Assets

Down

$96,060,475

Down $1,061,843 (-1.1%) from 2021

Liabilities

Down

$41,632,161

Down $5,232,095 (-11%) from 2021

Revenue And Expenses
Liabilities / Revenue84th percentileNet Margin87th percentile

Revenue

Up

$17,326,830

Up $6,876,785 (+66%) from 2021

Expenses

Down

$10,490,735

Down $3,407,088 (-25%) from 2021

Net Income

Up

$6,836,095

Up $10,283,873 (+298%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth40th 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

2022

Assets$137,692,636
Liabilities$41,632,161
Net Assets$96,060,475
Open 2022 Filing

Operations Trend

Revenue Growth92nd 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

2022

Revenue$17,326,830
Expenses$10,490,735
Net Income$6,836,095
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 12, 2023
Return Version
2021v4.2
Gross Receipts
$19,478,476
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$118,692,166$110,083,928▼ $8,608,238
Savings and Temporary Cash Investments$17,928,457$20,465,983▲ $2,537,526
Pledges and Grants Receivable$5,770,684$5,988,342▲ $217,658
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$143,986,574$137,692,636▼ $6,293,938
Other Assets Total$1,595,267$1,154,383▼ $440,884
Liabilities
Other Liabilities$45,911,597$40,263,806▼ $5,647,791
Accounts Payable and Accrued Expenses$952,659$1,368,355▲ $415,696
Total Liabilities$46,864,256$41,632,161▼ $5,232,095
Net Assets / Fund Balance
Net Assets With Donor Restrictions$93,102,714$92,063,141▼ $1,039,573
Net Assets Without Donor Restrictions$4,019,604$3,997,334▼ $22,270
Total Net Assets Fund Balance$97,122,318$96,060,475▼ $1,061,843
Total Liabilities and Net Assets / Fund Balance$143,986,574$137,692,636▼ $6,293,938

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$16,890$16,890
Other Securities$9,520,154--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$70,454,030$6,580,700▼ $7,234,177$1,610,960$68,189,593
2020$50,843,106$3,765,165▲ $17,567,339$1,721,580$70,454,030
2019$50,187,057$1,237,235▲ $935,226$1,516,412$50,843,106
2018$45,674,788$4,749,406▲ $1,657,658$1,894,795$50,187,057
2017$41,176,194$4,389,462▲ $1,237,340$1,128,208$45,674,788
Compensation and Service Providers
Top Officer Pay8th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Laura KottkampExecutive Director and SecPT$116,449$45,416$161,865

Board Members and Trustees

NameTitle
Kevin NicholsonPresident
Julie WeissendVice President
Dr Michael RaoEx-offico Trustee
Stuart SiegelEx-offico Trustee
April DuffTrustee
Bradford W WellesTrustee
Carl BurrellTrustee
Carrie RothTrustee
Cathy SaundersTrustee
Chris SmallsTrustee
Duke DodsonTrustee
EDDIE O'LEARYTrustee
Jim GregoryTrustee
John FinnTrustee
John PurnellTrustee
John ZehebTrustee
Joseph BartholomewTrustee
Kelly ConwayTrustee
Kenneth JonesTrustee
Leah WalkerTrustee
Lynn McateerTrustee
Michael JonesTrustee
Paul CarderTrustee
Sean BrazierTrustee
Timothy NguyenTrustee
Tracey WileyTrustee
William MurrayTrustee
Zach MccluskeyTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$16,885,623
Program Service Revenue
$0
Investment Income
$49,988
Other Revenue
$391,219
All Other Contributions
$16,885,623
Change in Net Assets
$6,836,095

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 Traded37$5,083,640Quoted Market Values
Total Noncash Contributions37$5,083,640-

Audited Revenue Reconciliation

Revenue per Audited Statements
$16,855,910
Revenue Not Reported on Financial Statements
$470,920
Revenue Not Reported on Form 990
$-7,026,293
Other Revenue Adjustments
$279,435
Total Revenue per Audited Statements
$9,829,617
Total Revenue per Form 990
$17,326,830
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$9,918,644
Other Expenses$408,105
Salaries, Compensation, and Employee Benefits$163,986
Total Fundraising Expense$59,745
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$9,918,644--$9,918,644
Fees for Service Investment Mgmnt Fees$191,485--$191,485
Current Officers, Directors, Trustees, and Key Employees$24,598$81,993$57,395$163,986
Fees for Services Management$11,750$132,303$2,350$146,403
Other Expenses-$43,415-$43,415
Fees for Services Accounting-$22,950-$22,950
Fees for Services Legal-$3,852-$3,852
Total Functional Expenses$10,146,477$284,513$59,745$10,490,735

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$10,490,735
Expenses per Audited Statements$10,299,250
Total Expenses per Audited Statements$10,299,250
Expenses Not Reported on Financial Statements$191,485
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.$9,918,644
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$28,695,460
Deposits Held for Vcu Real Estate Foundation$9,886,133
Deposits Held for Vcu Intellectual Property Foundation$1,418,707
Life Annuities$263,506
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
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.”

FORM 990, PART VII, SECTION A:

“The vcu foundation does not have its own employees. Services are provided by university employees, who are compensated directly by the university. The university does not meet the irs definition of a related organization. The foundation reimburses the university for the proportional salary and benefits allocated to support of the foundation. The foundation's executive director/secretary is compensated by the university in her capacity as an officer of the foundation. As such, the amount paid by the foundation to the university as a reimbursement of her salary and benefits is reported in part vii, section a as if it was paid directly by foundation.”

Filing and Contact Details

Filer

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

Signing Officer

Name
Laura Kottkamp
Title
Executive Director
Phone
8048289292
Signed
2023-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Laura Kottkamp
Formed
1917
Legal Domicile
Va
Voting Board Members
26
Independent Board Members
26
Employees
0
Volunteers
0

Preparer

Firm
Brown Edwards & 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 -29,064. Change in value of charitable remainder trusts -650,189. Transfers to virginia commonwealth universtiy affiliated foundations 85,394. Change in value of beneficial interest in life insurance policy 1,649. Uncollectible contributions receivable -279,435.”

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, 2022.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Uncollectible pledges receivable netted against revenue for fs 279,435.”

Raw XML AppendixShowing 400 of 664 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/PersonNm8JIM GREGORY
IRS990/Form990PartVIISectionAGrp/PersonNm9LYNN MCATEER
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IRS990/Form990PartVIISectionAGrp/PersonNm17KENNETH JONES
IRS990/Form990PartVIISectionAGrp/PersonNm18JOHN ZEHEB
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IRS990/Form990PartVIISectionAGrp/PersonNm24CARRIE ROTH
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IRS990/Form990PartVIISectionAGrp/PersonNm27TRACEY WILEY
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IRS990/Form990PartVIISectionAGrp/TitleTxt0TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt1EX-OFFICO TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13EX-OFFICO TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt24TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt25TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt26TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt27TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt28EXECUTIVE DIRECTOR AND SEC
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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$137,692,636
Liabilities
$41,632,161
Net assets
$96,060,475
Revenue
$17,326,830
Expenses
$10,490,735
Net income
$6,836,095
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