Civic Intelligence

Virginia Commonwealth University College of Engineering Foundation

990 • Fiscal year 2017 • EIN 54-1808901

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

Organization ProfileWWW.EGR.VCU.EDU
601 West Main Street Room 433Richmond, VA 23284-3068

(804) 828-1475

Siviq Scores

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

Liabilities / Assets

73rd percentile

0.60x

Higher debt load relative to assets than 73% of similar nonprofits.

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

Liabilities / Revenue

92nd percentile

5.50x

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

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

Net Margin

84th percentile

28%

Higher net margin than 84% 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

36th percentile

2.9%

Faster asset growth than 36% of similar nonprofits.

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

Revenue Growth

93rd percentile

82%

Faster revenue growth than 93% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets73rd percentile

Assets

Up

$126,391,007

Up $3,559,650 (+2.9%) from 2016

Net Assets

Up

$50,157,568

Up $13,736,099 (+38%) from 2016

Liabilities

Down

$76,233,439

Down $10,176,449 (-12%) from 2016

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin84th percentile

Revenue

Up

$13,851,838

Up $6,226,523 (+82%) from 2016

Expenses

Up

$10,026,971

Up $3,085,002 (+44%) from 2016

Net Income

Up

$3,824,867

Up $3,141,521 (+460%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth36th percentile

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

$150M$100M$50M$0Assets 2010: $129,765,319Liabilities 2010: $106,895,870Net Assets 2010: $22,869,4492010Assets 2011: $135,472,489Liabilities 2011: $103,715,259Net Assets 2011: $31,757,2302011Assets 2012: $137,648,932Liabilities 2012: $103,595,756Net Assets 2012: $34,053,1762012Assets 2013: $133,323,735Liabilities 2013: $96,223,783Net Assets 2013: $37,099,9522013Assets 2014: $137,236,183Liabilities 2014: $93,409,002Net Assets 2014: $43,827,1812014Assets 2015: $132,581,831Liabilities 2015: $89,584,643Net Assets 2015: $42,997,1882015Assets 2016: $122,831,357Liabilities 2016: $86,409,888Net Assets 2016: $36,421,4692016Assets 2017: $126,391,007Liabilities 2017: $76,233,439Net Assets 2017: $50,157,5682017Assets 2018: $124,293,504Liabilities 2018: $70,685,468Net Assets 2018: $53,608,0362018Assets 2019: $117,868,362Liabilities 2019: $65,985,818Net Assets 2019: $51,882,5442019Assets 2020: $113,000,715Liabilities 2020: $60,802,562Net Assets 2020: $52,198,1532020Assets 2021: $131,974,636Liabilities 2021: $75,789,160Net Assets 2021: $56,185,4762021Assets 2022: $112,599,166Liabilities 2022: $69,960,618Net Assets 2022: $42,638,5482022Assets 2023: $107,390,311Liabilities 2023: $66,076,938Net Assets 2023: $41,313,3732023Assets 2024: $104,684,367Liabilities 2024: $61,513,933Net Assets 2024: $43,170,4342024

Highlighted filing

2017

Assets$126,391,007
Liabilities$76,233,439
Net Assets$50,157,568
Open 2017 Filing

Operations Trend

Revenue Growth93rd percentile

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

$40M$20M$0-$20MExpenses 2010: $6,063,2932010Expenses 2011: $5,675,4432011Expenses 2012: $5,778,4562012Revenue 2013: $18,481,256Expenses 2013: $7,834,551Net Income 2013: $10,646,7052013Revenue 2014: $5,134,437Expenses 2014: $7,557,628Net Income 2014: -$2,423,1912014Revenue 2015: $5,400,403Expenses 2015: $7,363,322Net Income 2015: -$1,962,9192015Revenue 2016: $7,625,315Expenses 2016: $6,941,969Net Income 2016: $683,3462016Revenue 2017: $13,851,838Expenses 2017: $10,026,971Net Income 2017: $3,824,8672017Revenue 2018: $31,436,214Expenses 2018: $8,165,488Net Income 2018: $23,270,7262018Revenue 2019: $19,696,279Expenses 2019: $10,666,678Net Income 2019: $9,029,6012019Revenue 2020: $7,073,587Expenses 2020: $9,244,155Net Income 2020: -$2,170,5682020Revenue 2021: $12,076,889Expenses 2021: $31,812,847Net Income 2021: -$19,735,9582021Revenue 2022: $9,871,542Expenses 2022: $12,954,699Net Income 2022: -$3,083,1572022Revenue 2023: $5,470,963Expenses 2023: $12,064,236Net Income 2023: -$6,593,2732023Revenue 2024: $4,875,602Expenses 2024: $11,884,633Net Income 2024: -$7,009,0312024

Highlighted filing

2017

Revenue$13,851,838
Expenses$10,026,971
Net Income$3,824,867
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 8, 2017
Return Version
2016v3.0
Gross Receipts
$19,552,110
Mission and Program Overview

Mission

To support the educational, scientific and charitable activities of virginia commonwealth university school of engineering.

To support the educational, scientific and charitable activities of vcu school of engineering.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$70,686,817$74,225,109▲ $3,538,292
Land, Buildings, and Equipment, Net$47,200,983$42,846,811▼ $4,354,172
Pledges and Grants Receivable$805,312$6,208,368▲ $5,403,056
Savings and Temporary Cash Investments$3,356,387$3,096,330▼ $260,057
Cash and Non-Interest-Bearing Accounts$170,137$0▼ $170,137
Total Assets$122,831,357$126,391,007▲ $3,559,650
Other Assets Total$611,721$14,389▼ $597,332
Liabilities
Accounts Payable and Accrued Expenses$57,751,972$52,073,837▼ $5,678,135
Grants Payable$24,441,386$22,436,248▼ $2,005,138
Unsecured Notes Loans Payable$4,216,530$1,723,354▼ $2,493,176
Total Liabilities$86,409,888$76,233,439▼ $10,176,449
Net Assets / Fund Balance
Unrestricted Net Assets$20,606,699$24,974,807▲ $4,368,108
Permanently Rstr Net Assets$12,593,367$14,734,447▲ $2,141,080
Temporarily Rstr Net Assets$3,221,403$10,448,314▲ $7,226,911
Total Net Assets Fund Balance$36,421,469$50,157,568▲ $13,736,099
Total Liabilities and Net Assets / Fund Balance$122,831,357$126,391,007▲ $3,559,650

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$38,970,088$30,027,593$68,997,681
Land$3,857,317-$1,057,317
Equipment$19,406$14,426$33,832
Other Securities$397,093--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$67,177,001$2,422,170▲ $8,299,485$10,904,933$66,993,723
2015$73,043,634$2,873,744▼ $4,578,404$4,161,973$67,177,001
2014$74,723,514$1,023,923▲ $2,112,046$4,815,849$73,043,634
2013$15,936,943$53,431,328▲ $9,198,660$3,843,417$74,723,514
2012$15,907,399$22,828▲ $597,619$590,903$15,936,943
Compensation and Service Providers
Top Officer Pay3rd percentile

Board Members and Trustees

NameTitle
William H Goodwin JrChairman Emeritus
Mark CruisePresident
Barbara D BoyanEx Officio Trustee
Dr Michael RaoEx Officio Trustee
Michael B DowdyEx Officio Trustee
Andy HobsonTrustee
Brian RiopelleTrustee
Christopher a GroomeTrustee
Chung-chee TaiTrustee
Dan NewirthTrustee
Dan ShuberTrustee
David E BarlowTrustee
Greg SitkiewiczTrustee
Hans De KoningTrustee
Jason ButlerTrustee
Jeffrey T StanfieldTrustee
Jennifer BoykinTrustee
John a Luke JrTrustee
Julia CainTrustee
Larry CummingsTrustee
Marsha RappleyTrustee
Martin PrakkenTrustee
Mary DoswellTrustee
Nimisha MukherjeeTrustee
P Temple BallardTrustee
Paul F RocheleauTrustee
Scott UkropTrustee
Steve HendersonTrustee
Steven R LindgrenTrustee
Thomas E GottwaldTrustee
William K LampTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$9,726,529
Program Service Revenue
$3,203,533
Investment Income
$904,416
Other Revenue
$17,360
All Other Contributions
$9,726,529
Change in Net Assets
$3,824,867

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded1$996,224Quoted Market Value
Total Noncash Contributions1$996,224-

Audited Revenue Reconciliation

Revenue per Audited Statements
$13,851,838
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$9,911,232
Total Revenue per Audited Statements
$23,763,070
Total Revenue per Form 990
$13,851,838
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$5,282,932
Other Expenses$4,744,039
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$5,282,932--$5,282,932
Depreciation Depletion$2,388,679--$2,388,679
Interest$1,615,148--$1,615,148
Fees for Services Other-$76,821-$76,821
Other Expenses$38,815$9,872-$38,815
Insurance$13,995$5,998-$19,993
Fees for Services Accounting-$18,500-$18,500
Office Expenses$8,184$4,867-$13,051
Travel$6,408--$6,408
Conferences and Meetings$870$3,462-$4,332
Information Technology$1,985--$1,985
Fees for Services Legal-$398-$398
Total Functional Expenses$9,907,053$119,918$0$10,026,971

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$10,026,971
Total Expenses per Audited Statements$10,026,971
Total Expenses per Form 990$10,026,971
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Virginia Commonwealth UniversityRichmond, VA115Assistance Is Provided in Order to Support the Educational, Scientific and Charitable Activities of Virginia Commonwealth University.$2,076,333
Virginia Commonwealth UniversityRichmond, VA115Assistance Is Provided in Order to Support the Educational, Scientific and Charitable Activities of$0
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
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

“NONE.”

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

“They are required to disclose any and all possible conflicts of interest at least annually or as they arise.”

Form 990, Part VI, Section C, Line 19

“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
54-1808901
Phone
8048281475
Address
601 WEST MAIN STREET ROOM 433, RICHMOND, VA 23284-3068

Signing Officer

Name
Paul F Rocheleau
Title
Exec. Director Strategic Programs
Phone
8048281475
Signed
2017-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul F Rocheleau
Formed
1995
Legal Domicile
Va
Voting Board Members
28
Independent Board Members
28
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:

“Unrealized gain on interest rate swap agreement 2,417,817.”

FORM 990, PART XII, LINE 2C:

“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 follows generally accepted accounting principles regarding "accounting for uncertain tax positions" that provides detailed guidance for financial statement recognition, measurement, and disclosure of uncertain tax positions recognized in the foundation's financial statements. It requires an entity to recognize the financial statement impact of a tax position when it is more likely than not that the position will not be sustained upon examination. The tax years of 2014 to 2016 remain subject to examination by the taxing authorities. The foundation includes penalties and interest assessed by income taxing authorities in operating expenses. The organization did not have penalties and interest expenses for the year ended june 30,2017.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Unrealized gain on interest rate swap 2,417,817.”

Raw XML AppendixShowing 400 of 667 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/PersonNm0P TEMPLE BALLARD
IRS990/Form990PartVIISectionAGrp/PersonNm1WILLIAM H GOODWIN JR
IRS990/Form990PartVIISectionAGrp/PersonNm2PAUL F ROCHELEAU
IRS990/Form990PartVIISectionAGrp/PersonNm3JENNIFER BOYKIN
IRS990/Form990PartVIISectionAGrp/PersonNm4DAVID E BARLOW
IRS990/Form990PartVIISectionAGrp/PersonNm5MARK CRUISE
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IRS990/Form990PartVIISectionAGrp/PersonNm7STEVE HENDERSON
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IRS990/Form990PartVIISectionAGrp/PersonNm9JOHN A LUKE JR
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IRS990/Form990PartVIISectionAGrp/PersonNm12MARY DOSWELL
IRS990/Form990PartVIISectionAGrp/PersonNm13GREG SITKIEWICZ
IRS990/Form990PartVIISectionAGrp/PersonNm14DR MICHAEL RAO
IRS990/Form990PartVIISectionAGrp/PersonNm15BARBARA D BOYAN
IRS990/Form990PartVIISectionAGrp/PersonNm16MICHAEL B DOWDY
IRS990/Form990PartVIISectionAGrp/PersonNm17LARRY CUMMINGS
IRS990/Form990PartVIISectionAGrp/PersonNm18HANS DE KONING
IRS990/Form990PartVIISectionAGrp/PersonNm19THOMAS E GOTTWALD
IRS990/Form990PartVIISectionAGrp/PersonNm20MARTIN PRAKKEN
IRS990/Form990PartVIISectionAGrp/PersonNm21BRIAN RIOPELLE
IRS990/Form990PartVIISectionAGrp/PersonNm22JEFFREY T STANFIELD
IRS990/Form990PartVIISectionAGrp/PersonNm23JASON BUTLER
IRS990/Form990PartVIISectionAGrp/PersonNm24JULIA CAIN
IRS990/Form990PartVIISectionAGrp/PersonNm25DAN NEWIRTH
IRS990/Form990PartVIISectionAGrp/PersonNm26MARSHA RAPPLEY
IRS990/Form990PartVIISectionAGrp/PersonNm27DAN SHUBER
IRS990/Form990PartVIISectionAGrp/PersonNm28CHUNG-CHEE TAI
IRS990/Form990PartVIISectionAGrp/PersonNm29SCOTT UKROP
IRS990/Form990PartVIISectionAGrp/PersonNm30ANDY HOBSON
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt300
IRS990/Form990PartVIISectionAGrp/TitleTxt0TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt1CHAIRMAN EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE
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/TitleTxt14EX OFFICIO TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15EX OFFICIO TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16EX OFFICIO TRUSTEE
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/TitleTxt28TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt29TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt30TRUSTEE
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IRS990/Form990TFiledInd01
IRS990/FormationYr01995
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IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
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IRS990/GamingActivitiesInd00
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IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt05282932
IRS990/GrantsToDomesticOrgsGrp/TotalAmt05282932
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt06594445
IRS990/GrossReceiptsAmt019552110
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
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IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
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IRS990/InformationTechnologyGrp/ProgramServicesAmt01985
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IRS990/InsuranceGrp/ManagementAndGeneralAmt05998
IRS990/InsuranceGrp/ProgramServicesAmt013995
IRS990/InsuranceGrp/TotalAmt019993
IRS990/InterestGrp/ProgramServicesAmt01615148
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IRS990/OtherExpensesGrp/ProgramServicesAmt144740
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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
$126,391,007
Liabilities
$76,233,439
Net assets
$50,157,568
Revenue
$13,851,838
Expenses
$10,026,971
Net income
$3,824,867
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$105$61.5$43.2$4.88$11.9$7.01
2023Detailed filing. Detailed filing data is available for this year.$107$66.1$41.3$5.47$12.1$6.59
2022Detailed filing. Detailed filing data is available for this year.$113$70.0$42.6$9.87$13.0$3.08
2021Detailed filing. Detailed filing data is available for this year.$132$75.8$56.2$12.1$31.8$19.7
2020Detailed filing. Detailed filing data is available for this year.$113$60.8$52.2$7.07$9.24$2.17
2019Summary only. Only limited summary data is available for this year.$118$66.0$51.9$19.7$10.7$9.03
2018Detailed filing. Detailed filing data is available for this year.$124$70.7$53.6$31.4$8.17$23.3
2017Detailed filing. Detailed filing data is available for this year.$126$76.2$50.2$13.9$10.0$3.82
2016Detailed filing. Detailed filing data is available for this year.$123$86.4$36.4$7.63$6.94$0.68
2015Detailed filing. Detailed filing data is available for this year.$133$89.6$43.0$5.40$7.36$1.96
2014Detailed filing. Detailed filing data is available for this year.$137$93.4$43.8$5.13$7.56$2.42
2013Summary only. Only limited summary data is available for this year.$133$96.2$37.1$18.5$7.83$10.6
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$138$104$34.1$5.78
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$135$104$31.8$5.68
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$130$107$22.9$6.06