Civic Intelligence

Old Dominion Athletic Foundation

990 • Fiscal year 2014 • EIN 54-6051933

Jan 01, 2014 to Dec 31, 2014 • Filed on Aug 12, 2015

4417 Monarch Way 4th FloorNorfolk, VA 23529

(757) 683-4261

Siviq Scores

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

Liabilities / Assets

19th percentile

0.03x

Higher debt load relative to assets than 19% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

35th percentile

0.19x

Higher debt load relative to revenue than 35% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Net Margin

84th percentile

32%

Higher net margin than 84% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

81st percentile

$460,840

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 5.8% of source-year revenue.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Asset Growth

54th percentile

5.2%

Faster asset growth than 54% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Revenue Growth

55th percentile

5.7%

Faster revenue growth than 55% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Assets

Up

$42,950,142

Up $2,107,717 (+5.2%) from 2013

Net Assets

Up

$41,469,840

Up $2,216,518 (+5.6%) from 2013

Liabilities

Down

$1,480,302

Down $108,801 (-6.8%) from 2013

Revenue

Up

$7,936,252

Up $428,829 (+5.7%) from 2013

Expenses

Up

$5,433,869

Up $1,675,044 (+45%) from 2013

Net Income

Down

$2,502,383

Down $1,246,215 (-33%) from 2013

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2011: $30,175,877Liabilities 2011: $1,907,237Net Assets 2011: $28,268,6402011Assets 2012: $35,220,956Liabilities 2012: $1,344,638Net Assets 2012: $33,876,3182012Assets 2013: $40,842,425Liabilities 2013: $1,589,103Net Assets 2013: $39,253,3222013Assets 2014: $42,950,142Liabilities 2014: $1,480,302Net Assets 2014: $41,469,8402014Assets 2015: $44,203,740Liabilities 2015: $1,445,327Net Assets 2015: $42,758,4132015Assets 2016: $39,393,086Liabilities 2016: $1,570,769Net Assets 2016: $37,822,3172016Assets 2017: $45,306,664Liabilities 2017: $553,357Net Assets 2017: $44,753,3072017Assets 2018: $51,401,801Liabilities 2018: $789,700Net Assets 2018: $50,612,1012018Assets 2019: $60,312,374Liabilities 2019: $242,897Net Assets 2019: $60,069,4772019Assets 2020: $67,759,888Liabilities 2020: $240,049Net Assets 2020: $67,519,8392020Assets 2021: $75,318,666Liabilities 2021: $734,113Net Assets 2021: $74,584,5532021Assets 2022: $70,701,057Liabilities 2022: $380,903Net Assets 2022: $70,320,1542022Assets 2023: $70,523,628Liabilities 2023: $204,389Net Assets 2023: $70,319,2392023Assets 2024: $71,770,497Liabilities 2024: $893,806Net Assets 2024: $70,876,6912024

Highlighted filing

2014

Assets$42,950,142
Liabilities$1,480,302
Net Assets$41,469,840

Operations Trend

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

$20M$10M$0-$10MExpenses 2011: $3,534,1132011Expenses 2012: $3,469,4162012Revenue 2013: $7,507,423Expenses 2013: $3,758,825Net Income 2013: $3,748,5982013Revenue 2014: $7,936,252Expenses 2014: $5,433,869Net Income 2014: $2,502,3832014Revenue 2015: $7,840,478Expenses 2015: $6,179,048Net Income 2015: $1,661,4302015Revenue 2016: $5,391,096Expenses 2016: $11,238,010Net Income 2016: -$5,846,9142016Revenue 2017: $11,906,440Expenses 2017: $7,930,953Net Income 2017: $3,975,4872017Revenue 2018: $13,840,532Expenses 2018: $7,370,082Net Income 2018: $6,470,4502018Revenue 2019: $11,408,952Expenses 2019: $7,570,014Net Income 2019: $3,838,9382019Revenue 2020: $11,016,579Expenses 2020: $8,073,869Net Income 2020: $2,942,7102020Revenue 2021: $6,634,127Expenses 2021: $8,282,545Net Income 2021: -$1,648,4182021Revenue 2022: $14,428,347Expenses 2022: $14,083,299Net Income 2022: $345,0482022Revenue 2023: $8,548,905Expenses 2023: $12,398,621Net Income 2023: -$3,849,7162023Revenue 2024: $7,511,314Expenses 2024: $11,304,314Net Income 2024: -$3,793,0002024

Highlighted filing

2014

Revenue$7,936,252
Expenses$5,433,869
Net Income$2,502,383
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Aug 12, 2015
Return Version
2014v5.0
Gross Receipts
$22,847,715
Mission and Program Overview

Mission

Athletic foundation was established to receive, maintain and administer assets exclusively for educational purposes and to use and apply the whole or any part of the income and principal therefrom for such purposes either directly or by contributions to other organizations.

The old dominion university athletic foundation was established to receive, maintain and administer assets exclusively for educational purposes and to use and apply the whole or any part of the income and principal therefrom for such purposes either directly or by contributions to other organizations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$14,447,104$15,646,497▲ $1,199,393
Investments in Publicly Traded Securities$12,069,317$12,498,630▲ $429,313
Investments Other Securities$8,578,481$8,878,248▲ $299,767
Pledges and Grants Receivable$5,426,754$5,404,417▼ $22,337
Land, Buildings, and Equipment, Net$152,105$100,064▼ $52,041
Accounts Receivable$117,844$63,666▼ $54,178
Total Assets$40,842,425$42,950,142▲ $2,107,717
Other Assets Total$50,820$358,620▲ $307,800
Liabilities
Other Liabilities$1,509,654$1,379,058▼ $130,596
Accounts Payable and Accrued Expenses$79,449$101,244▲ $21,795
Total Liabilities$1,589,103$1,480,302▼ $108,801
Net Assets / Fund Balance
Permanently Rstr Net Assets$15,344,818$15,621,018▲ $276,200
Temporarily Rstr Net Assets$13,733,446$14,830,716▲ $1,097,270
Unrestricted Net Assets$10,175,058$11,018,106▲ $843,048
Total Net Assets Fund Balance$39,253,322$41,469,840▲ $2,216,518
Total Liabilities and Net Assets / Fund Balance$40,842,425$42,950,142▲ $2,107,717

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$100,064$254,458$354,522
Other Securities$8,878,248--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$20,647,798$351,715▲ $1,196,679$-255,613$21,227,530
2013$18,703,329$357,821▲ $2,427,628-$20,647,798
2012$16,751,717$451,034▲ $2,005,435-$18,703,329
2011$15,950,294$775,733▲ $439,912-$16,751,717
2010$14,517,956$378,214▲ $1,748,722$-182,078$15,950,294
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Cindy GallAssistant SecretaryPT$57,206$57,206
Revenue and Support

Revenue Composition

Contributions and Grants
$6,173,932
Program Service Revenue
$0
Investment Income
$1,486,281
Other Revenue
$276,039
All Other Contributions
$5,744,271
Change in Net Assets
$2,502,383

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 Traded20$584,918Selling Price
Other Non Cash Contri Table56$149,283Fair Market Value
Boats and Planes2$15,000Experts and Comparable
Total Noncash Contributions78$749,201-

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,836,397
Revenue Not Reported on Financial Statements
$99,855
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$99,855
Total Revenue per Audited Statements
$7,836,397
Total Revenue per Form 990
$7,936,252
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$3,254,931
Other Expenses$2,045,333
Total Fundraising Expense$256,640
Salaries, Compensation, and Employee Benefits$133,605
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$3,254,931--$3,254,931
Travel$1,054,342-$65,981$1,120,323
Other Salaries and Wages-$42,764$90,841$133,605
Other Expenses$102,459$120,013$91,223$102,459
All Other Expenses$67,441$6,575$8,595$82,611
Depreciation Depletion$81,302--$81,302
Insurance$244$13,549-$13,793
Fees for Services Accounting-$13,300-$13,300
Total Functional Expenses$4,981,028$196,201$256,640$5,433,869

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,619,879
Total Expenses per Audited Statements$5,619,879
Total Expenses per Form 990$5,433,869
Expenses Not Reported on Form 990$0
Expenses Not Reported on Financial Statements$-186,010
Other Expense Adjustments$-186,010
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Old Dominion UniversityNorfolk, VA115To Assist With the Educational Activities and Objectives of Old Dominion University.$3,254,931
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$202,377
Fundraising Direct Expenses$186,010
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
MEN'S BASKETBALL ENHANCEMENT$173,900$43,242$21,695$21,547
Football Team Enhancement$137,771$33,329$25,838$7,491
Total Events$632,038$202,377$186,010$16,367
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Seat Rentals and Scholarships$1,244,058
Athletic Grants$135,000
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

The 990 tax forms are reviewed by the finance, audit and executive committees and provided to voting members of the board prior to filing.

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

Once the forms are received, management reviews them to ensure that there are no issues.

Form 990, Part VI, Section B, Line 15

Employees listed are all hired by the university in accordance with university policies and procedures which include a wage comparison to other higher education institutions and comply with the guidelines issued by the commonwealth of virginia. All have written contracts, the majority of which are approved by the university's governing board.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents available upon request.

Filing and Contact Details

Filer

Filer Name
Old Dominion Athletic Foundation
EIN
54-6051933
Phone
7576834261
Address
4417 MONARCH WAY 4TH FLOOR, NORFOLK, VA 23529

Signing Officer

Name
Richard a Massey
Title
Assistant Treasurer
Phone
7576833090
Signed
2015-08-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard a Massey
Formed
1964
Legal Domicile
Va
Voting Board Members
41
Independent Board Members
41
Employees
1
Volunteers
46

Preparer

Firm
Dixon Hughes Goodman Llp
Address
440 MONTICELLO AVE SUITE 1400, NORFOLK, VA 23510
Preparer
Melinda Davis
Phone
7576245100
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

The foundation's finance and audit committee assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from prior years.

Financial Statement Notes

PART V, LINE 4:

The foundation's endowment consists of 70 individual funds established for a variety of purposes. The endowment includes both donor-restricted endowment funds and funds designated by the board of trustees to function as endowments. Net assets associated with endowment funds, including funds designated by the board of trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions.

PART X, LINE 2:

The foundation has determined that it does not have any material unrecognized tax benefits or obligations as of december 31, 2014. Years ending on or after december 31, 2011 remain subject to examination by federal and state tax authorities.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Expenses attributable to special event income -186,010. Unrealized loss on investments 285,865.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Expenses allocated to special events -186,010.

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IRS990/ActivityOrMissionDesc0THE OLD DOMINION UNIVERSITY ATHLETIC FOUNDATION WAS ESTABLISHED TO RECEIVE, MAINTAIN AND ADMINISTER ASSETS EXCLUSIVELY FOR EDUCATIONAL PURPOSES AND TO USE AND APPLY THE WHOLE OR ANY PART OF THE INCOME AND PRINCIPAL THEREFROM FOR SUCH PURPOSES EITHER DIRECTLY OR BY CONTRIBUTIONS TO OTHER ORGANIZATIONS.
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IRS990/Form990PartVIISectionAGrp/OfficerInd0X
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IRS990/Form990PartVIISectionAGrp/PersonNm0G ROBERT ASTON JR
IRS990/Form990PartVIISectionAGrp/PersonNm1CARLTON F BENNETT
IRS990/Form990PartVIISectionAGrp/PersonNm2JERRY L BOWMAN
IRS990/Form990PartVIISectionAGrp/PersonNm3GERARD P BRUNICK
IRS990/Form990PartVIISectionAGrp/PersonNm4JERRY CANADA
IRS990/Form990PartVIISectionAGrp/PersonNm5MARY COMMANDER
IRS990/Form990PartVIISectionAGrp/PersonNm6WILLIAM C CREECY
IRS990/Form990PartVIISectionAGrp/PersonNm7STACY CUMMINGS JR
IRS990/Form990PartVIISectionAGrp/PersonNm8CHARLES G HACKWORTH II
IRS990/Form990PartVIISectionAGrp/PersonNm9LEWIS D HIRSCHLER JR
IRS990/Form990PartVIISectionAGrp/PersonNm10RICHARD F KIEFNER JR
IRS990/Form990PartVIISectionAGrp/PersonNm11BARRY M KORNBLAU
IRS990/Form990PartVIISectionAGrp/PersonNm12ROBERT KREBS
IRS990/Form990PartVIISectionAGrp/PersonNm13GAY LATIMER
IRS990/Form990PartVIISectionAGrp/PersonNm14DR WILLETTE L LEHEW
IRS990/Form990PartVIISectionAGrp/PersonNm15ERROL S LIFLAND
IRS990/Form990PartVIISectionAGrp/PersonNm16JOSEPH MERSEL
IRS990/Form990PartVIISectionAGrp/PersonNm17ALFRED J MOORE JR
IRS990/Form990PartVIISectionAGrp/PersonNm18ROBIN D RAY
IRS990/Form990PartVIISectionAGrp/PersonNm19CONRAD SHUMADINE
IRS990/Form990PartVIISectionAGrp/PersonNm20JEAN F SIEBERT
IRS990/Form990PartVIISectionAGrp/PersonNm21LAWRENCE L SUTTON
IRS990/Form990PartVIISectionAGrp/PersonNm22W RUSSELL TURNER
IRS990/Form990PartVIISectionAGrp/PersonNm23PAUL D VESTAL
IRS990/Form990PartVIISectionAGrp/PersonNm24MARK A WEST
IRS990/Form990PartVIISectionAGrp/PersonNm25BRIAN K HOLLAND
IRS990/Form990PartVIISectionAGrp/PersonNm26JEFFREY D KORNBLAU
IRS990/Form990PartVIISectionAGrp/PersonNm27RICHARD A MCGRATH
IRS990/Form990PartVIISectionAGrp/PersonNm28DR LEE T WEINSTEIN
IRS990/Form990PartVIISectionAGrp/PersonNm29DANIEL J CLARKSON
IRS990/Form990PartVIISectionAGrp/PersonNm30WILLIAM B DREWRY
IRS990/Form990PartVIISectionAGrp/PersonNm31LARRY R HILL
IRS990/Form990PartVIISectionAGrp/PersonNm32JEFF WATSON
IRS990/Form990PartVIISectionAGrp/PersonNm33JEFFREY S CHERNITZER
IRS990/Form990PartVIISectionAGrp/PersonNm34ROBERT H WALKER
IRS990/Form990PartVIISectionAGrp/PersonNm35S GREY FOLKES JR
IRS990/Form990PartVIISectionAGrp/PersonNm36W TAYLOR FRANKLIN
IRS990/Form990PartVIISectionAGrp/PersonNm37C BRADFORD HOBBS
IRS990/Form990PartVIISectionAGrp/PersonNm38GEORGINA MILLER
IRS990/Form990PartVIISectionAGrp/PersonNm39PIETER REIDY
IRS990/Form990PartVIISectionAGrp/PersonNm40KATIE VAN BUREN
IRS990/Form990PartVIISectionAGrp/PersonNm41ADAM WHITE
IRS990/Form990PartVIISectionAGrp/PersonNm42CHRISTAKIS J PAPHITES
IRS990/Form990PartVIISectionAGrp/PersonNm43JEFFREY A SAUNDERS
IRS990/Form990PartVIISectionAGrp/PersonNm44MOLLY DEY
IRS990/Form990PartVIISectionAGrp/PersonNm45BENN L RICHELS
IRS990/Form990PartVIISectionAGrp/PersonNm46ALONZO C BRANDON
IRS990/Form990PartVIISectionAGrp/PersonNm47CAMDEN WOOD SELIG
IRS990/Form990PartVIISectionAGrp/PersonNm48RICHARD A MASSEY
IRS990/Form990PartVIISectionAGrp/PersonNm49CINDY GALL
IRS990/Form990PartVIISectionAGrp/PersonNm50JOHN R BRODERICK
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50379370
IRS990/Form990PartVIISectionAGrp/TitleTxt0TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt1TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$71.8$0.89$70.9$7.51$11.3$3.79
2023Detailed filing. Detailed filing data is available for this year.$70.5$0.20$70.3$8.55$12.4$3.85
2022Detailed filing. Detailed filing data is available for this year.$70.7$0.38$70.3$14.4$14.1$0.35
2021Detailed filing. Detailed filing data is available for this year.$75.3$0.73$74.6$6.63$8.28$1.65
2020Detailed filing. Detailed filing data is available for this year.$67.8$0.24$67.5$11.0$8.07$2.94
2019Detailed filing. Detailed filing data is available for this year.$60.3$0.24$60.1$11.4$7.57$3.84
2018Detailed filing. Detailed filing data is available for this year.$51.4$0.79$50.6$13.8$7.37$6.47
2017Detailed filing. Detailed filing data is available for this year.$45.3$0.55$44.8$11.9$7.93$3.98
2016Detailed filing. Detailed filing data is available for this year.$39.4$1.57$37.8$5.39$11.2$5.85
2015Detailed filing. Detailed filing data is available for this year.$44.2$1.45$42.8$7.84$6.18$1.66
2014Detailed filing. Detailed filing data is available for this year.$43.0$1.48$41.5$7.94$5.43$2.50
2013Detailed filing. Detailed filing data is available for this year.$40.8$1.59$39.3$7.51$3.76$3.75
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$35.2$1.34$33.9$3.47
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$30.2$1.91$28.3$3.53