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Nonprofiteer
← MEDICAL COLLEGE OF VIRGINIA FOUNDATION

Form 990 for tax year 2023

Filed by MEDICAL COLLEGE OF VIRGINIA FOUNDATION.

Totals

Total revenue
$53,247,393
Total expenses
$68,622,811
Contributions and grants received
$45,038,920
Grants paid
$58,270,417
Program service revenue
$1,906,943
Investment income
$6,301,530
Other revenue
$0
Total assets, end of year
$970,176,377
Total liabilities, end of year
$8,797,806
Net assets or fund balances, end of year
$961,378,571
Program services expenses (Part IX)
$58,270,417
Management and general expenses
$9,094,394
Fundraising expenses
$1,258,000
Program service expenses (Part III)
$58,270,417

Program services were 84.9% 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

    $45,038,920

  • 1g · Noncash contributions included above

    $4,678,623

  • 2a · Program service revenue: EDUCATIONAL PROGRAMS, LECTURES,

  • 2b · Program service revenue: SEMINARS & CLASSES

    total $1,906,943 · related or exempt $1,906,943

  • 3 · Investment income

    total $3,809,195 · unrelated business $14,920 · excluded $3,794,275

  • 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 $2,492,335

  • 7c · Gain or loss

    securities $2,492,335

  • 7d · Net gain or loss

    total $2,492,335 · excluded $2,492,335

  • 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 $58,270,417 · program services $58,270,417

  • 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 $1,485,602 · management and general $1,485,602

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $2,097,323 · management and general $2,097,323

  • 8 · Pension plan contributions

    total $191,917 · management and general $191,917

  • 9 · Other employee benefits

    total $359,695 · management and general $328,695 · fundraising $31,000

  • 10 · Payroll taxes

    total $196,463 · management and general $196,463

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $56,626 · management and general $56,626

  • 11c · Fees: accounting

    total $125,209 · management and general $125,209

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $3,460,646 · management and general $3,460,646

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $353,000 · fundraising $353,000

  • 13 · Office expenses

    total $465,000 · management and general $375,000 · fundraising $90,000

  • 14 · Information technology

    total $304,866 · management and general $304,866

  • 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 $497,000 · management and general $233,000 · fundraising $264,000

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $133,940 · management and general $133,940

  • 23 · Insurance

    total $64,107 · management and general $64,107

  • 24a · Other expenses: PRINTING & PUBLICATIONS

    total $351,000 · fundraising $351,000

  • 24b · Other expenses: PUBLIC RELATIONS

    total $147,000 · fundraising $147,000

  • 24c · Other expenses: FUNDRAISING PROGRAM SUPPORT

    total $18,000 · fundraising $18,000

  • 24d · Other expenses: MISCELLANEOUS

    total $45,000 · management and general $41,000 · fundraising $4,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $31,334,858 · end of year $9,956,171

  • 2 · Savings and temporary cash investments

    beginning of year $2,091,000 · end of year $2,006,393

  • 3 · Pledges and grants receivable

    beginning of year $10,008,132 · end of year $7,088,000

  • 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 $185,693 · end of year $8,343

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $144,423 · end of year $121,819

  • 10a · Land, buildings and equipment: cost or other basis

    $3,557,535

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,168,447

  • 10c · Land, buildings and equipment, net

    beginning of year $1,393,950 · end of year $1,389,088

  • 11 · Investments: publicly traded securities

    beginning of year $74,584,000 · end of year $0

  • 12 · Investments: other securities

    beginning of year $772,728,574 · end of year $949,606,563

  • 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 $801,000 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,440,350 · end of year $4,149,682

  • 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 $2,195,864 · end of year $2,416,072

  • 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 $3,307,416 · end of year $2,232,052

  • 27 · Net assets without donor restrictions

    beginning of year $66,611,000 · end of year $72,848,456

  • 28 · Net assets with donor restrictions

    beginning of year $819,717,000 · end of year $888,530,115

Mission and programs · 2023

Mission

TO SUPPORT AND FOSTER VCU HEALTH AND VCU HEALTH SCIENCES THROUGH PHILANTHROPY, STEWARDSHIP, INNOVATION, COMMUNICATION, AND COLLABORATION.

  • 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 $29,746,000 · Grants $29,746,000 · Revenue $1,906,943

  • TO AID, STRENGTHEN, AND EXTEND WORK OF VCU HEALTH (FACULTY SALARIES PAID TO VCU).

    Expenses $19,631,000 · Grants $19,631,000

  • SCHOLARSHIPS AND AWARDS

    Expenses $8,685,000 · Grants $8,685,000

  • EQUIP., INDIGENT PATIENT CARE, & OTHER

    Expenses $208,417 · Grants $208,417

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • MARGARET ANN BOLLMEIER

    PRESIDENT & CEO

    Total calculated
    $490,584
    From this org
    $438,940
    From related orgs
    $0
    Other
    $51,644
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $385,050
    Bonus
    $53,890
    Other
    $0
    Deferred
    $43,894
    Nontaxable benefits
    $7,750
    Filer's total
    $490,584

  • BRIAN THOMAS

    VP & CHIEF DEVELOPMENT OFFICER

    Total calculated
    $348,793
    From this org
    $310,039
    From related orgs
    $0
    Other
    $38,754
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $305,039
    Bonus
    $5,000
    Other
    $0
    Deferred
    $31,004
    Nontaxable benefits
    $7,750
    Filer's total
    $348,793

  • DAVID SILVER

    VP FOR FIN. & ADMINISTRATION

    Total calculated
    $319,663
    From this org
    $283,557
    From related orgs
    $0
    Other
    $36,106
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $268,557
    Bonus
    $15,000
    Other
    $0
    Deferred
    $28,356
    Nontaxable benefits
    $7,750
    Filer's total
    $319,663

  • JULIE SEARS

    DIRECTOR OF FINANCIAL MGMT

    Total calculated
    $202,428
    From this org
    $176,980
    From related orgs
    $0
    Other
    $25,448
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,480
    Bonus
    $7,500
    Other
    $0
    Deferred
    $17,698
    Nontaxable benefits
    $7,750
    Filer's total
    $202,428

  • ERIC PETERS

    VP FOR COMMUNICATIONS

    Total calculated
    $177,787
    From this org
    $154,579
    From related orgs
    $0
    Other
    $23,208
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,579
    Bonus
    $5,000
    Other
    $0
    Deferred
    $15,458
    Nontaxable benefits
    $7,750
    Filer's total
    $177,787

  • GINA PADRONE

    Assoc Dir Treasury & Inv Acct

    Total calculated
    $121,501
    From this org
    $106,933
    From related orgs
    $0
    Other
    $14,568
    Hours/week
    40

  • Paul Brockwell

    Sr. Assoc Dir for Comm

    Total calculated
    $118,468
    From this org
    $100,653
    From related orgs
    $0
    Other
    $17,815
    Hours/week
    40

  • DARIUS A JOHNSON

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Stephen J Gaidos

    Chair-Elect

    Total calculated
    $0
    Hours/week
    1

  • D OSCARLYN ELDER

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • SUSAN KORNSTEIN MD

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • NUPA AGARWAL ESQ

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DANNY AVULA MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • WYATT S BEAZLEY IV JD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JOHN O BECKNER RPH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL BISCEGLIA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ELIZABETH ANNE WHALLEY ESQ

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • GEORGE W BURKE III MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ROBERT C CANFIELD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ALEX CECIL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • I LEE CHAPMAN IV

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • RICHARD M CLARY MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • SHEILA A CORCORAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • PAUL W CROSTON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • STEPHAN DAVIS DNP MHSA FACHE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • GEORGE P EMERSON JR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • PETER FARRELL

    TRUSTEE-EX-OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • ROBERT L FINDLING

    TRUSTEE-EX-OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • JENNIFER F FLINCHUM

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • LOUIS FORMICA DDS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MOSES W FOSTER JR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • SHERYL L GARLAND

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • STEPHEN MCCARTHY GODDARD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ELIZABETH HOPKINS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • BASIL LEONARD HURST III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • J KEITH MIDDLETON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • H FREDERICK T MOORE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • GHULAM D QURESHI MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DOROTHY KEE TILGHMAN RABB

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • W TAYLOR REVELEY III JD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MICHELE A ROMANO MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ERNESTO V SAMPSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • KATHRYN ELIZABETH JARVIS SCOTT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • LOUISE WOLTZ SMITH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ELLEN E SPONG

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TRACY KEMP STALLINGS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JUDITH FOREHAND STARKEY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • RICHARD P WENZEL MD MSC

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • T SPENCER WILLIAMSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • RACHEL YOST

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL RAO PHD

    TRUSTEE-EX-OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • MARLON 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

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.

Provenance

Return type
form_990
Tax year
2023
Filed
11 April 2025
IRS schema version
2023v6.0
Source object
202521019349300842

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