← MEDICAL COLLEGE OF VIRGINIA FOUNDATION

Form 990 for tax year 2022

Filed by MEDICAL COLLEGE OF VIRGINIA FOUNDATION.

Totals

Total revenue: $57,642,255
Total expenses: $40,344,703
Contributions and grants received: $51,160,391
Grants paid: $30,761,000
Program service revenue: $1,765,672
Investment income: $4,716,192
Other revenue: $0
Total assets, end of year: $893,271,630
Total liabilities, end of year: $6,943,630
Net assets or fund balances, end of year: $886,328,000
Program services expenses (Part IX): $30,761,000
Management and general expenses: $8,349,703
Fundraising expenses: $1,234,000
Program service expenses (Part III): $30,761,000

Program services were 76.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1f · All other contributions, gifts and grants

$51,160,391
1g · Noncash contributions included above

$6,492,725
2a · Program service revenue: EDUCATIONAL PROGRAMS, LECTURES,
2b · Program service revenue: SEMINARS & CLASSES

total $1,765,672 · related or exempt $1,765,672
3 · Investment income

total $3,759,968 · excluded $3,759,968
4 · Income from investment of tax-exempt bond proceeds

total $0
5 · Royalties

total $0
6c · Rental income or loss

real property $0 · personal property $0
6d · Net rental income or loss

total $0
7a · Gross sales of assets other than inventory

securities $956,224
7c · Gain or loss

securities $956,224
7d · Net gain or loss

total $956,224 · excluded $956,224
8a · Fundraising events: gross income

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $30,761,000 · program services $30,761,000
2 · Grants to domestic individuals

total $0
3 · Grants to foreign organizations and individuals

total $0
4 · Benefits paid to or for members

total $0
5 · Compensation of officers, directors and key employees

total $1,396,315 · management and general $1,396,315
6 · Compensation of disqualified persons

total $0
7 · Other salaries and wages

total $1,480,685 · management and general $1,480,685
8 · Pension plan contributions

total $217,000 · management and general $217,000
9 · Other employee benefits

total $430,000 · management and general $399,000 · fundraising $31,000
10 · Payroll taxes

total $163,000 · management and general $163,000
11a · Fees: management

total $0
11b · Fees: legal

total $20,000 · management and general $20,000
11c · Fees: accounting

total $91,000 · management and general $91,000
11d · Fees: lobbying

total $0
11e · Fees: professional fundraising services

total $0
11f · Fees: investment management

total $3,659,703 · management and general $3,659,703
11g · Fees: other

total $0
12 · Advertising and promotion

total $370,000 · fundraising $370,000
13 · Office expenses

total $350,000 · management and general $295,000 · fundraising $55,000
14 · Information technology

total $201,000 · management and general $201,000
15 · Royalties

total $0
16 · Occupancy

total $0
17 · Travel

total $0
18 · Travel or entertainment for public officials

total $0
19 · Conferences, conventions and meetings

total $390,000 · management and general $115,000 · fundraising $275,000
20 · Interest

total $0
21 · Payments to affiliates

total $0
22 · Depreciation, depletion and amortization

total $278,000 · management and general $278,000
23 · Insurance

total $29,000 · management and general $29,000
24a · Other expenses: PRINTING & PUBLICATIONS

total $354,000 · program services $0 · management and general $0 · fundraising $354,000
24b · Other expenses: PUBLIC RELATIONS

total $126,000 · program services $0 · management and general $1,000 · fundraising $125,000
24c · Other expenses: FUNDRAISING PROGRAM SUPPORT

total $19,000 · program services $0 · management and general $0 · fundraising $19,000
24d · Other expenses: MISCELLANEOUS

total $9,000 · program services $0 · management and general $4,000 · fundraising $5,000

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $35,307,709 · end of year $31,334,858
2 · Savings and temporary cash investments

beginning of year $1,751,000 · end of year $2,091,000
3 · Pledges and grants receivable

beginning of year $11,637,724 · end of year $10,008,132
4 · Accounts receivable

beginning of year $0 · end of year $0
5 · Loans and receivables from officers and key people

beginning of year $0 · end of year $0
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $150,779 · end of year $185,693
8 · Inventories for sale or use

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $75,777 · end of year $144,423
10a · Land, buildings and equipment: cost or other basis

$3,428,457
10b · Land, buildings and equipment: accumulated depreciation

$2,034,507
10c · Land, buildings and equipment, net

beginning of year $1,652,789 · end of year $1,393,950
11 · Investments: publicly traded securities

beginning of year $85,355,000 · end of year $74,584,000
12 · Investments: other securities

beginning of year $691,518,017 · end of year $772,728,574
13 · Investments: program-related

beginning of year $0 · end of year $0
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $510,002 · end of year $801,000
17 · Accounts payable and accrued expenses

beginning of year $1,477,301 · end of year $1,440,350
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $0 · end of year $0
20 · Tax-exempt bond liabilities

beginning of year $0 · end of year $0
21 · Escrow or custodial account liability

beginning of year $2,077,062 · end of year $2,195,864
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $0 · end of year $0
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $0
25 · Other liabilities

beginning of year $4,290,853 · end of year $3,307,416
27 · Net assets without donor restrictions

beginning of year $85,140,725 · end of year $66,611,000
28 · Net assets with donor restrictions

beginning of year $734,972,856 · end of year $819,717,000

Mission and programs · 2022

Mission

MCV FOUNDATION INSPIRES, SEEKS, SECURES, AND STEWARDS PHILANTHROPIC RESOURCES FOR VCU HEALTH.

Activities or mission (Part I)

MCV FOUNDATION INSPIRES, SEEKS, SECURES AND STEWARDS PHILANTHROPIC RESOURCES FOR VCU HEALTH.

EDUCATION, RESEARCH, AND GENERAL EXPENSES FOR VCU HEALTH (VCU health includes the six health sciences schools, The Massey Comprehensive Cancer Center, VCU Health Hospital & Community Clinics).

Expenses $14,058,000 · Grants $14,058,000 · Revenue $1,765,672
TO AID, STRENGTHEN, AND EXTEND WORK OF VCU HEALTH (FACULTY SALARIES PAID TO VCU).

Expenses $10,560,000 · Grants $10,560,000
SCHOLARSHIPS AND AWARDS

Expenses $6,030,000 · Grants $6,030,000
EQUIP., INDIGENT PATIENT CARE, & OTHER

Expenses $113,000 · Grants $113,000

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Margaret Ann BollmeierMARGARET ANN BOLLMEIER

PRESIDENT & CEO

Total calculated

$466,870

From this org

$418,256

From related orgs

$0

Other

$48,614

Hours/week

40

Schedule J breakdown matched by us

Base

$365,820

Bonus

$52,436

Other

$0

Deferred

$41,769

Nontaxable benefits

$6,845

Filer's total

$466,870
Brian ThomasBRIAN THOMAS

VP & CHIEF DEVELOPMENT OFFICER

Total calculated

$330,818

From this org

$298,737

From related orgs

$0

Other

$32,081

Hours/week

40

Schedule J breakdown matched by us

Base

$292,131

Bonus

$6,606

Other

$0

Deferred

$29,874

Nontaxable benefits

$2,207

Filer's total

$330,818
David SilverDAVID SILVER

VP FOR FIN. & ADMINISTRATION

Total calculated

$281,475

From this org

$253,452

From related orgs

$0

Other

$28,023

Hours/week

40

Schedule J breakdown matched by us

Base

$236,148

Bonus

$17,304

Other

$0

Deferred

$23,615

Nontaxable benefits

$4,408

Filer's total

$281,475
Julie SearsJULIE SEARS

DIRECTOR OF FINANCIAL MGMT

Total calculated

$195,353

From this org

$176,421

From related orgs

$0

Other

$18,932

Hours/week

40

Schedule J breakdown matched by us

Base

$167,856

Bonus

$8,565

Other

$0

Deferred

$16,786

Nontaxable benefits

$2,146

Filer's total

$195,353
Eric PetersERIC PETERS

VP FOR COMMUNICATIONS

Total calculated

$143,442

From this org

$127,444

From related orgs

$0

Other

$15,998

Hours/week

40
Ellen E SpongELLEN E SPONG

CHAIR

Total calculated

$0

Hours/week

1
Darius A JohnsonDARIUS A JOHNSON

CHAIR-ELECT

Total calculated

$0

Hours/week

1
D Oscarlyn ElderD OSCARLYN ELDER

TREASURER

Total calculated

$0

Hours/week

1
Susan Kornstein MDSUSAN KORNSTEIN MD

SECRETARY

Total calculated

$0

Hours/week

1
Wyatt S Beazley IV JDWYATT S BEAZLEY IV JD

TRUSTEE

Total calculated

$0

Hours/week

1
John O Beckner RphJOHN O BECKNER RPH

TRUSTEE

Total calculated

$0

Hours/week

1
Michael BiscegliaMICHAEL BISCEGLIA

TRUSTEE

Total calculated

$0

Hours/week

1
Charles F Bryan Jr PhDCHARLES F BRYAN JR PHD

TRUSTEE

Total calculated

$0

Hours/week

1
Elizabeth Whalley Buono JDELIZABETH WHALLEY BUONO JD

TRUSTEE

Total calculated

$0

Hours/week

1
George W Burke III MDGEORGE W BURKE III MD

TRUSTEE

Total calculated

$0

Hours/week

1
Robert C CanfieldROBERT C CANFIELD

TRUSTEE

Total calculated

$0

Hours/week

1
Alex CecilALEX CECIL

TRUSTEE

Total calculated

$0

Hours/week

1
I Lee Chapman IVI LEE CHAPMAN IV

TRUSTEE

Total calculated

$0

Hours/week

1
Richard M Clary MDRICHARD M CLARY MD

TRUSTEE

Total calculated

$0

Hours/week

1
Sheila A CorcoranSHEILA A CORCORAN

TRUSTEE

Total calculated

$0

Hours/week

1
Charles F CroneCHARLES F CRONE

TRUSTEE

Total calculated

$0

Hours/week

1
Paul W CrostonPAUL W CROSTON

TRUSTEE

Total calculated

$0

Hours/week

1
George P Emerson JrGEORGE P EMERSON JR

TRUSTEE

Total calculated

$0

Hours/week

1
Peter FarrellPETER FARRELL

TRUSTEE

Total calculated

$0

Hours/week

1
Robert L FindlingROBERT L FINDLING

TRUSTEE

Total calculated

$0

Hours/week

1
Jennifer F FlinchumJENNIFER F FLINCHUM

TRUSTEE

Total calculated

$0

Hours/week

1
Louis Formica DDSLOUIS FORMICA DDS

TRUSTEE

Total calculated

$0

Hours/week

1
Moses W Foster JrMOSES W FOSTER JR

TRUSTEE

Total calculated

$0

Hours/week

1
Stephen J GaidosSTEPHEN J GAIDOS

TRUSTEE

Total calculated

$0

Hours/week

1
Sheryl L GarlandSHERYL L GARLAND

TRUSTEE

Total calculated

$0

Hours/week

1
Stephen McCarthy GoddardSTEPHEN MCCARTHY GODDARD

TRUSTEE

Total calculated

$0

Hours/week

1
Elizabeth HopkinsELIZABETH HOPKINS

TRUSTEE

Total calculated

$0

Hours/week

1
Basil Leonard Hurst IIIBASIL LEONARD HURST III

TRUSTEE

Total calculated

$0

Hours/week

1
J Keith MiddletonJ KEITH MIDDLETON

TRUSTEE

Total calculated

$0

Hours/week

1
H Frederick T MooreH FREDERICK T MOORE

TRUSTEE

Total calculated

$0

Hours/week

1
Ghulam D Qureshi MDGHULAM D QURESHI MD

TRUSTEE

Total calculated

$0

Hours/week

1
Dorothy Kee Tilghman RabbDOROTHY KEE TILGHMAN RABB

TRUSTEE

Total calculated

$0

Hours/week

1
W Taylor Reveley III JDW TAYLOR REVELEY III JD

TRUSTEE

Total calculated

$0

Hours/week

1
Michele A Romano MDMICHELE A ROMANO MD

TRUSTEE

Total calculated

$0

Hours/week

1
Kathryn Elizabeth Jarvis ScottKATHRYN ELIZABETH JARVIS SCOTT

TRUSTEE

Total calculated

$0

Hours/week

1
Louise Woltz SmithLOUISE WOLTZ SMITH

TRUSTEE

Total calculated

$0

Hours/week

1
Tracy Kemp StallingsTRACY KEMP STALLINGS

TRUSTEE

Total calculated

$0

Hours/week

1
James H Starkey IIIJAMES H STARKEY III

TRUSTEE

Total calculated

$0

Hours/week

1
Judith Forehand StarkeyJUDITH FOREHAND STARKEY

TRUSTEE

Total calculated

$0

Hours/week

1
Richard P Wenzel MD MscRICHARD P WENZEL MD MSC

TRUSTEE

Total calculated

$0

Hours/week

1
T Spencer WilliamsonT SPENCER WILLIAMSON

TRUSTEE

Total calculated

$0

Hours/week

1
Rachel YostRACHEL YOST

TRUSTEE

Total calculated

$0

Hours/week

1
Michael Rao PhDMICHAEL RAO PHD

TRUSTEE - EX OFFICIO

Total calculated

$0

Hours/week

1
Marlon F Levy MDMARLON F LEVY MD

TRUSTEE - EX OFFICIO

Total calculated

$0

Hours/week

1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

1a · Health or social club dues or initiation fees
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Independent compensation consultant
3 · Form 990 of other organizations
3 · Written employment contract
3 · Compensation survey or study
3 · Approval by the board or compensation committee

Answered no

4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
7 · Other non-fixed payments
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A:: THE VICE PRESIDENT OF DEVELOPMENT (FUNDRAISING) IS REIMBURSED FOR MONTHLY MEMBERSHIP DUES TO A SOCIAL CLUB IN DOWNTOWN RICHMOND THAT SERVES FOOD AND PROVIDES EVENT SPACE AND CATERING FOR FOUNDATION BUSINESS MEETINGS AND FUNDRAISING RELATED EVENTS. THE MEMBERSHIP DUES REIMBURSEMENT IS TREATED AS A NON-TAXABLE BUSINESS EXPENSE REIMBURSEMENT TO THE RECIPIENT.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

VCUVCU HEALTH CAMPUS

$30,761,000

SEE PART IV

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

MCVF HOLDINGS LLC

REAL ESTATE · VA · income $0 · assets $0

Directly controlled by MCVF

Provenance

Return type: form_990
Tax year: 2022
Filed: 14 May 2024
IRS schema version: 2022v5.0
Source object: 202411369349305416

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