Civic Intelligence

Old Dominion Athletic Foundation

990 • Fiscal year 2018 • EIN 54-6051933

Jan 01, 2018 to Dec 31, 2018 • Filed on Jul 30, 2019

4417 Monarch Way4th FloorNorfolk, VA 23529

(757) 683-4524

Siviq Scores

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

Liabilities / Assets

11th percentile

0.02x

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

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Liabilities / Revenue

11th percentile

0.06x

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

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Net Margin

90th percentile

47%

Higher net margin than 90% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Top Officer Pay

4th percentile

$0

Higher top officer pay than 4% of similar nonprofits.

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

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Asset Growth

81st percentile

13%

Faster asset growth than 81% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Revenue Growth

74th percentile

16%

Faster revenue growth than 74% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Assets

Up

$51,401,801

Up $6,095,137 (+13%) from 2017

Net Assets

Up

$50,612,101

Up $5,858,794 (+13%) from 2017

Liabilities

Up

$789,700

Up $236,343 (+43%) from 2017

Revenue

Up

$13,840,532

Up $1,934,092 (+16%) from 2017

Expenses

Down

$7,370,082

Down $560,871 (-7.1%) from 2017

Net Income

Up

$6,470,450

Up $2,494,963 (+63%) from 2017

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

2018

Assets$51,401,801
Liabilities$789,700
Net Assets$50,612,101

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

2018

Revenue$13,840,532
Expenses$7,370,082
Net Income$6,470,450
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Jul 30, 2019
Return Version
2018v3.1
Gross Receipts
$16,014,468
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 Unversity Athletic Foundation was established to receive, maintain and administer assets exclusively for educational purposes and to use and apply the whole or

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$11,622,849$0▼ $11,622,849
Pledges and Grants Receivable$5,674,533$11,567,843▲ $5,893,310
Investments in Publicly Traded Securities$26,763,189$5,594,122▼ $21,169,067
Cash and Non-Interest-Bearing Accounts$962,172$756,386▼ $205,786
Accounts Receivable$148,938$156,372▲ $7,434
Land, Buildings, and Equipment, Net$60,243$64,947▲ $4,704
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$45,306,664$51,401,801▲ $6,095,137
Other Assets Total$74,740$33,262,131▲ $33,187,391
Liabilities
Accounts Payable and Accrued Expenses$301,262$655,433▲ $354,171
Other Liabilities$252,095$134,267▼ $117,828
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$553,357$789,700▲ $236,343
Net Assets / Fund Balance
Unrestricted Net Assets$17,682,407$20,545,578▲ $2,863,171
Temporarily Rstr Net Assets$10,528,080$18,281,791▲ $7,753,711
Permanently Rstr Net Assets$16,542,820$11,784,732▼ $4,758,088
Total Net Assets Fund Balance$44,753,307$50,612,101▲ $5,858,794
Total Liabilities and Net Assets / Fund Balance$45,306,664$51,401,801▲ $6,095,137

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$64,947$368,509$433,456
Other Assets Org$32,983,824--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$23,857,615$756,967▼ $266,735$389,292$23,265,488
2017$21,549,136$273,556▲ $3,177,593$287,827$23,857,614
2016$21,081,877$380,663▲ $1,155,369$274,679$21,549,136
2015$21,227,530$184,586▲ $706,022$256,423$21,081,877
2014$20,647,798$351,715▲ $1,196,679$255,613$21,227,530
Compensation and Service Providers

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Air Planning LLCAir Charters12 Heritage Way, North Reading, MA 01864$618,054
Revenue and Support

Revenue Composition

Contributions and Grants
$13,618,479
Program Service Revenue
$0
Investment Income
$133,852
Other Revenue
$88,201
All Other Contributions
$13,046,273
Change in Net Assets
$6,470,450

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 Traded18$170,214Selling Price
Other Non Cash Contri Table2$32,160Fair Market Value
Total Noncash Contributions20$202,374-

Audited Revenue Reconciliation

Revenue per Audited Statements
$13,984,622
Revenue Not Reported on Financial Statements
$-144,090
Revenue Not Reported on Form 990
$-265,810
Other Revenue Adjustments
$-144,090
Total Revenue per Audited Statements
$13,718,812
Total Revenue per Form 990
$13,840,532
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$5,340,214
Other Expenses$2,029,868
Total Fundraising Expense$440,597
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$5,340,214--$5,340,214
Travel$468,463$490$49,136$518,089
Other Expenses$82,329$42,893$205,879$248,772
Fees for Services Accounting-$58,500-$58,500
All Other Expenses$31,531$4,729$17,685$53,945
Fees for Services Other$9,754$8,800$23,705$42,259
Depreciation Depletion$35,319-$4,777$40,096
Fees for Services Legal-$20,956-$20,956
Insurance$5,350$14,528-$19,878
Office Expenses-$373$4,764$5,137
Advertising$2,503$169-$2,672
Total Functional Expenses$6,774,090$155,395$440,597$7,370,082

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$7,860,018
Expenses per Audited Statements$7,370,082
Total Expenses per Form 990$7,370,082
Expenses Not Reported on Form 990$489,936
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Old Dominion UnversityNorfolk, VA115To assist with the educational activities and objectives of Old Dominion University.$5,340,214
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$217,841
Fundraising Direct Expenses$144,090
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Mens Basketball$123,343$19,150$6,812$12,338
Football$114,362$18,707$13,769$4,938
Total Events$790,047$217,841$144,090$73,751
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Priority Seating & Deferred Revenue$134,267
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 11B:

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. In the event of a conflict of interest, the affected trustee will abstain from participating in the discussion of the matter and from voting on it.

Form 990, Part VI, Section B, Line 15:

The foundation relies on Old Dominion University's written contracts and the board of visitors' approval of compensation of the management officers of the foundation.

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
In Care Of
% DIRECTOR OF ACCOUNTING/CFO
Phone
7576834524
Address
4417 Monarch Way4th Floor, Norfolk, VA 23529

Signing Officer

Name
Margaret Libby
Title
Assistant Treasurer
Phone
7576834524
Signed
2019-07-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Margaret Libby
Formed
1964
Legal Domicile
Va
Voting Board Members
48
Independent Board Members
48
Employees
0
Volunteers
56

Preparer

Firm
Bdo USA Llp
Address
150 Boush Street Suite 1100, Norfolk, VA 23510
Preparer
James E Prince III
Phone
7576407190
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1, Description of Organization Mission:

any part of the income and principal therefrom for such purposes either directly or by contributions to other organizations.

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.

Form 990 Part XI Line 9 Other Changes

Part xi line 9 includes the sum of the decrease in the allowance for uncollectible pledges [$129,648] and the decrease in the value of investments held with old dominion university educational foundation [$433,134]

Financial Statement Notes

Part V, Line 4

The Foundation's Endowment consists of 93 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 XI LINE 2D

Decrease in the value of investments held with old dominion university educational foundation

PART XI LINE 4B

Fundraising expenses reported in part viii form 990

PART XII LINE 2D

Part xii line 2d includes the sum of fundraising expenses reported in part viii form 990 [$144,090] and the decrease in the allowance for uncollectible pledges [$129,648]

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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/InstitutionalTrusteeInd0X
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt360
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt390
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt490
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt500
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt510
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt530
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt540
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt550
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt560
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt570
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt580
IRS990/Form990PartVIISectionAGrp/PersonNm0Monique Adams
IRS990/Form990PartVIISectionAGrp/PersonNm1Jerry Bowman
IRS990/Form990PartVIISectionAGrp/PersonNm2Gerald P Brunick
IRS990/Form990PartVIISectionAGrp/PersonNm3Audra Bullock
IRS990/Form990PartVIISectionAGrp/PersonNm4Jerry Canada
IRS990/Form990PartVIISectionAGrp/PersonNm5Jeffrey S Chernitzer
IRS990/Form990PartVIISectionAGrp/PersonNm6Thomas F Cherry
IRS990/Form990PartVIISectionAGrp/PersonNm7Daniel J Clarkson
IRS990/Form990PartVIISectionAGrp/PersonNm8William C Creecy
IRS990/Form990PartVIISectionAGrp/PersonNm9Stacy Cummings Jr
IRS990/Form990PartVIISectionAGrp/PersonNm10Carol Curtis
IRS990/Form990PartVIISectionAGrp/PersonNm11William B Drewry
IRS990/Form990PartVIISectionAGrp/PersonNm12S Grey Folkes Jr
IRS990/Form990PartVIISectionAGrp/PersonNm13Jerome Friedman
IRS990/Form990PartVIISectionAGrp/PersonNm14Wayne G Gomes
IRS990/Form990PartVIISectionAGrp/PersonNm15Amy Frostick
IRS990/Form990PartVIISectionAGrp/PersonNm16Charles G Hackworth II
IRS990/Form990PartVIISectionAGrp/PersonNm17H Scott Hardison
IRS990/Form990PartVIISectionAGrp/PersonNm18C Bradford Hobbs
IRS990/Form990PartVIISectionAGrp/PersonNm19Brian K Holland
IRS990/Form990PartVIISectionAGrp/PersonNm20Thomas M Johnston
IRS990/Form990PartVIISectionAGrp/PersonNm21Richard F Kiefner Jr
IRS990/Form990PartVIISectionAGrp/PersonNm22Barry M Kornblau
IRS990/Form990PartVIISectionAGrp/PersonNm23Jeffrey D Kornblau
IRS990/Form990PartVIISectionAGrp/PersonNm24Robert Krebs
IRS990/Form990PartVIISectionAGrp/PersonNm25Dr Willette L LeHew
IRS990/Form990PartVIISectionAGrp/PersonNm26Errol SLifland
IRS990/Form990PartVIISectionAGrp/PersonNm27Richard A McGrath
IRS990/Form990PartVIISectionAGrp/PersonNm28Jeremy McLendon
IRS990/Form990PartVIISectionAGrp/PersonNm29Joseph Mersel
IRS990/Form990PartVIISectionAGrp/PersonNm30Georgina Miller
IRS990/Form990PartVIISectionAGrp/PersonNm31Alex Mitchum
IRS990/Form990PartVIISectionAGrp/PersonNm32Grant Page
IRS990/Form990PartVIISectionAGrp/PersonNm33Dawn Provost
IRS990/Form990PartVIISectionAGrp/PersonNm34Robin D Ray
IRS990/Form990PartVIISectionAGrp/PersonNm35Edward J Reed
IRS990/Form990PartVIISectionAGrp/PersonNm36Ronald C Ripley
IRS990/Form990PartVIISectionAGrp/PersonNm37Jeffrey A Saunders
IRS990/Form990PartVIISectionAGrp/PersonNm38Conrad Shumadine
IRS990/Form990PartVIISectionAGrp/PersonNm39Jean F Siebert
IRS990/Form990PartVIISectionAGrp/PersonNm40Richard B Thurmond
IRS990/Form990PartVIISectionAGrp/PersonNm41Kelly Till
IRS990/Form990PartVIISectionAGrp/PersonNm42Russell S Turner
IRS990/Form990PartVIISectionAGrp/PersonNm43W Russell Turner
IRS990/Form990PartVIISectionAGrp/PersonNm44Katie Van Buren
IRS990/Form990PartVIISectionAGrp/PersonNm45Robert H Walker
IRS990/Form990PartVIISectionAGrp/PersonNm46Dr Lee T Weinstein
IRS990/Form990PartVIISectionAGrp/PersonNm47Adam White
IRS990/Form990PartVIISectionAGrp/PersonNm48Lewis D Hirschler
IRS990/Form990PartVIISectionAGrp/PersonNm49Gay Latimer
IRS990/Form990PartVIISectionAGrp/PersonNm50Alfred J Moore Jr
IRS990/Form990PartVIISectionAGrp/PersonNm51Benn Richels
IRS990/Form990PartVIISectionAGrp/PersonNm52Lawrence L Sutton
IRS990/Form990PartVIISectionAGrp/PersonNm53Paul D Vestal
IRS990/Form990PartVIISectionAGrp/PersonNm54Camden Wood Selig
IRS990/Form990PartVIISectionAGrp/PersonNm55John R Broderick

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