2024-05-14T15:06:02-05:00 2023-06-30 540504608 BROWN EDWARDS & COMPANY LLP 4951 LAKE BROOK DRIVE SUITE 375 GLEN ALLEN VA 23060 990 2022-07-01 202661802 VIRGINIA COMMONWEALTH UNIVERSITY SCHOOL OF BUSINESS FOUNDATION VIRG 8048281487 301 WEST MAIN STREET PO BOX 8440 RICHMOND VA 232844000 LAURA KOTTKAMP EXECUTIVE DIRECTOR 8048281487 2024-05-11 1 LAURA KOTTKAMP 999009999 0 M JAMES HARTSON JR CPA P00590214 8042826000 2024-05-07 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z LAURA KOTTKAMP 301 WEST MAIN STREET PO BOX 844000 RICHMOND VA 232844000 8847036 0 X WWW.BUSINESS.VCU.EDU X 2005 VA THE FOUNDATION SUPPORTS AND PROMOTES THE ACTIVITIES AND MISSION OF THE SCHOOL OF BUSINESS AT VIRGINIA COMMONWEALTH UNIVERSITY. IT SOLICITS, MANAGES AND DISTRIBUTES ASSETS FOR PROGRAMS WITHIN THE SCHOOL OF BUSINESS. THROUGH THOSE ACTIVITIES, IT PROVIDES RESOURCES TO EDUCATE STUDENTS, ACHIEVE TEACHING EXCELLENCE, AND PROMOTE SCHOLARLY RESEARCH. 32 32 0 0 0 10148 1895001 2180399 2771318 3295978 61088 246267 13339 13909 4740746 5736553 1989948 3489779 0 0 79447 112813 0 0 165600 3050570 3110956 5119965 6713548 -379219 -976995 83833161 85693465 31943333 28962635 51889828 56730830 X THE MISSION OF THE FOUNDATION IS TO ASSIST, SUPPORT AND FOSTER THE ACTIVITIES AND MISSION OF THE SCHOOL OF BUSINESS AT VIRGINIA COMMONWEALTH UNIVERSITY. IT SOLICITS, MANAGES AND DISTRIBUTES ASSETS TO BENEFIT PROGRAMS IN THE SCHOOL OF BUSINESS. IT ALSO OWNS PROPERTY WHICH IS LEASED TO VIRGINIA COMMONWEALTH UNIVERSITY TO BE USED FOR SCHOOL OF BUSINESS CLASSES AND ACTIVITIES. 0 0 2457231 626134 2018414 THE VCU SCHOOL OF BUSINESS FOUNDATION OWNS NONRESIDENTIAL REAL ESTATE. THAT PROPERTY IS LEASED TO VIRGINIA COMMONWEALTH UNIVERSITY FOR $1 PER YEAR, UNDER A LEASE AGREEMENT WHICH EXPIRES IN 2031, FOR THE PURPOSE OF HOUSING THE MAIN TEACHING AND ACTIVITY FACILITY FOR THE SCHOOL OF BUSINESS. THE REMAINDER OF THE RENTAL INCOME IS IMPUTED. THE FOUNDATION HAS RECORDED AS A LIABILITY AN AMOUNT EQUAL TO THE ESTIMATED PRESENT VALUE OF THE FUTURE RENTAL VALUE OF THE FACILITY OVER THE INITIAL LEASE TERM LESS THE $1 ANNUAL RENT PAYMENT. THE FOUNDATION INCURS INTEREST, DEPRECIATION, AMORTIZATION AND LEGAL EXPENSES WITH REGARDS TO THIS ACTIVITY. 3089400 2773385 13909 THE VCU SCHOOL OF BUSINESS FOUNDATION SUPPORTS PROGRAMMATIC INITIATIVES OF THE SCHOOL OF BUSINESS PRIMARILY BY MANAGING INVESTED FUNDS AND ADMINISTERING THE DISTRIBUTION OF ANNUAL GIFTS, ENDOWMENT AND QUASI-ENDOWMENT FUNDS. THESE PROGRAMS INCLUDE: ENDOWED CHAIRS AND PROFESSORSHIPS, PROVIDING MERIT SCHOLARSHIPS TO MORE THAN 55 STUDENTS ANNUALLY, DEPARTMENTAL SUPPORT OF FACULTY DEVELOPMENT, STUDENT DEVELOPMENT ACTIVITIES, AS WELL AS RESEARCH SUPPORT AND ASSISTANTSHIPS. 687939 90260 1277564 THE VCU SCHOOL OF BUSINESS FOUNDATION ASSISTS AND SUPPORTS VIRGINIA COMMONWEALTH UNIVERSITY'S SCHOOL OF BUSINESS BY PROVIDING EDUCATIONAL CONFERENCES AND NONCREDIT BEARING COURSES FOR MEMBERS OF THE SCHOOL AND COMMUNITY. THESE TYPES OF ACTIVITIES INCLUDE EXECUTIVE EDUCATION COURSES IN LEADERSHIP SKILLS, TECHNICAL TRAINING IN BUSINESS AREAS SUCH AS SIX SIGMA, PROFESSIONAL EXAM REVIEW COURSES AND INDUSTRY CONFERENCES FOR REAL ESTATE, RISK & INSURANCE AND INTERNATIONAL BUSINESS. ANY PROCEEDS FROM CONFERENCES AND NONCREDIT BEARING COURSE REGISTRATIONS THAT EXCEED THE COST OF THE PROGRAMS ARE USED TO SUPPORT PROGRAMMATIC INITIATIVES WITHIN THE SCHOOL OF BUSINESS. 6234570 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 21 0 1 0 1 1 0 0 0 0 0 0 0 0 0 X 32 32 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X LAURA KOTTKAMP 8048281734 301 WEST MAIN STREET BOX 844000 RICHMOND VA 232844000 JOHN N PULLEN TRUSTEE 1.00 X 0 0 0 CHARLES F PHILLIPS III TREASURER 1.00 X X 0 0 0 STEVEN A MARKEL TRUSTEE 1.00 X 0 0 0 ROBERT E HENLEY CHAIRMAN 1.00 X X 0 0 0 MELINA DAVIS TRUSTEE 1.00 X 0 0 0 L DANS CALLANS JR TRUSTEE 1.00 X 0 0 0 ERIC D CEVIS TRUSTEE 1.00 X 0 0 0 JEFFREY K GRONNING TRUSTEE 1.00 X 0 0 0 MARK M GAMBILL TRUSTEE 1.00 X 0 0 0 WILLIAM M GINTHER TRUSTEE 1.00 X 0 0 0 A WILLIAM HAMILL TRUSTEE 1.00 X 0 0 0 PEYTON COX TRUSTEE 1.00 X 0 0 0 MARK LAREAU VICE CHAIRMAN 1.00 X X 0 0 0 JUANITA B LEATHERBERRY TRUSTEE 1.00 X 0 0 0 ROBERT C SLEDD TRUSTEE 1.00 X 0 0 0 THOMAS G SNEAD JR TRUSTEE 1.00 X 0 0 0 MARK J NEWFIELD TRUSTEE 1.00 X 0 0 0 LINDA M WARREN TRUSTEE 1.00 X 0 0 0 RICHARD REINECKE TRUSTEE 1.00 X 0 0 0 MICHAEL RAO EX-OFFICIO 1.00 X 0 0 0 PAUL W CROSTON TRUSTEE 1.00 X 0 0 0 MICHELLE H GLUCK TRUSTEE 1.00 X 0 0 0 JOHN D O'NEILL JR TRUSTEE 1.00 X 0 0 0 TING XU TRUSTEE 1.00 X 0 0 0 LISA RUGGLES TRUSTEE 1.00 X 0 0 0 DAVID MONDAY TRUSTEE 1.00 X 0 0 0 NAOMI BOYD EX-OFFICIO 1.00 X 0 0 0 JUDY GAVANT TRUSTEE 1.00 X 0 0 0 GLENN HARRIS TRUSTEE 1.00 X 0 0 0 LINDA HINES TRUSTEE 1.00 X 0 0 0 ALAN STEWART TRUSTEE 1.00 X 0 0 0 LAURA KOTTKAMP EXECUTIVE DIRECTOR 10.00 X 0 70806 28443 0 70806 28443 0 0 0 0 0 2180399 334814 2180399 RENT INCOME - V.C.U. 531120 2018414 2018414 NON CREDIT COURSE REVENUE 611310 1277564 1277564 3295978 157366 157366 3199384 3110483 88901 88901 88901 MISCELLANEOUS 611310 13909 13909 13909 5736553 3309887 0 246267 3489779 3489779 112813 112813 342218 199340 142878 5135 5135 21800 21800 176178 176178 442019 409988 5055 26976 478778 478778 1351733 1351733 OTHER EXPENSES 225345 64327 25697 135321 SUPPLIES AND MARKETING 67750 64447 3303 6713548 6234570 313378 165600 2919876 2040786 3023550 3607442 2475367 1152790 84125 162493 40198124 20713193 20824868 19484931 1616310 440240 52748173 58642400 0 140892 162383 83833161 85693465 17989513 16459190 13731010 12338730 222810 164715 31943333 28962635 X 13397707 15277174 38492121 41453656 51889828 56730830 83833161 85693465 X -976995 5819110 -1113 X X 0 1 X 1 0 X 8080059 1539474 1299898 1895001 2180399 14994831 8080059 1539474 1299898 1895001 2180399 14994831 5078532 9916299 1542757 433055 18393 13679 157366 2165250 17160081 16401613 0.57790 0.47310 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 50085742 342645 5397278 3371343 52454322 60492015 840013 -8214369 3031917 50085742 48451683 453631 14586094 2999393 60492015 49287100 780975 1337821 2954213 48451683 46743040 7176987 1520567 6153494 49287100 0.34810 0.44710 0.20480 0 0 40198124 20713193 19484931 19484931 PROPERTY HOLDINGS V 313858 F PROPERTY HOLDINGS VI 17089 F VALUEACT CAPITAL INTERNATIONAL 696 F OASIS II FUND 2675 F AEOLUS PROPERTY CATASTROPHE 1452 F LION POINT INTERNATIONAL 10721 F SABBY HEALTHCARE VOLATILITY FUND 9391 F THE RAM FUND 54876246 F THE RAM PRIVATE ASSETS FUND, L.P 3410272 F 58642400 X 11379485 5819110 5819110 5560375 176178 176178 5736553 6538483 1113 1113 6537370 176178 176178 6713548 PART V, LINE 4: VARIOUS ENDOWMENTS HAVE BEEN CREATED TO SUPPORT THE FOUNDATION AND ITS MISSION. THE ENDOWMENTS PROVIDE SCHOLARSHIPS, SUPPORT ENDOWED CHAIRS, SUPPORT PROGRAMS AND OTHER INITIATIVES RELATED TO THE SCHOOL OF BUSINESS. PART X, LINE 2: MANAGEMENT HAS CONCLUDED THAT THE FOUNDATION HAD NO SIGNIFICANT FINANCIAL EXPOSURE TO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2023. THE TAX YEARS OF 2020 TO 2022 REMAIN SUBJECT TO EXAMINATION BY THE TAXING AUTHORITIES. THE ORGANIZATION 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, 2023. PART XII, LINE 2D - OTHER ADJUSTMENTS: WRITE-OFF OF UNCOLLECTIBLE CONTRIBUTION RECEIVABLES 1,113. 1 VIRGINIA COMMONWEALTH UNIVERSITY 912 W FRANKLIN STREET RICHMOND VA 232843035 546001758 115 2863645 626134 PRESENT VALUE ADJUSTMENT FOR ACCRUED CONTRIBUTION TO VCU FOR FUTURE RENT ASSISTANCE IS PROVIDED IN ORDER TO SUPPORT THE EDUCATIONAL, SCIENTIFIC AND CHARITABLE ACTIVITIES OF VIRGINIA COMMONWEALTH UNIVERSITY. 1 X 6 334814 QUOTED MARKET VALUE 0 0 0 PART I, LINE 33: THE ORGANIZATION RECEIVED NONCASH GIFTS OF SECURITIES IN THE AMOUNT OF $304,187 THAT WERE PLEDGE PAYMENTS ON PLEDGES RECORDED AS REVENUE IN A PREVIOUS YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED AND DISCUSSED BY THE MEMBERS OF THE AUDIT COMMITTEE PRIOR TO FILING. THE FORM IS MADE AVAILABLE TO ALL MEMBERS OF THE GOVERNING BODY AFTER THE AUDIT COMMITTEE HAS GIVEN APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, ALL MEMBERS OF THE BOARD OF TRUSTEES ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT IN ORDER TO DISCLOSE THE EXISTENCE OF ANY CONFLICTS. THE DISCLOSURES ARE REVIEWED BY THE AUDIT COMMITTEE, WHO THEN BRINGS ANY POTENTIAL CONFLICTS TO THE NOMINATIONS AND GOVERNANCE COMMITTEE NO LESS FREQUENTLY THAN ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR KEY POSITIONS IS GOVERNED BY APPLICABLE POLICIES ENFORCED BY VIRGINIA COMMONWEALTH UNIVERSITY AND THE COMMONWEALTH OF VIRGINIA. COMPENSATION IS DETERMINED USING COMPARABILITY DATA, AND REVIEWED AT THE UNIVERSITY LEVEL FOR COMPLIANCE WITH EXISTING POLICIES. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS, THE MOST RECENT FORM 990 AND GOVERNING DOCUMENTS ARE POSTED ON THE VCU SCHOOL OF BUSINESS WEBSITE. PRINTED COPIES ARE AVAILABLE BY WRITTEN REQUEST RECEIVED BY MAIL AT THE ORGANIZATION'S BUSINESS ADDRESS. FORM 990, PART XI, LINE 9: WRITE-OFF OF UNCOLLECTIBLE CONTRIBUTIONS RECEIVABLE -1,113. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.