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← OLD DOMINION UNIVERSITY EDUCATIONAL FOUNDATION

Form 990 for tax year 2023

Filed by OLD DOMINION UNIVERSITY EDUCATIONAL FOUNDATION.

Totals

Total revenue
$33,777,034
Total expenses
$18,002,808
Contributions and grants received
$26,365,746
Grants paid
$14,427,898
Program service revenue
$0
Investment income
$6,617,612
Other revenue
$793,676
Total assets, end of year
$374,805,050
Total liabilities, end of year
$75,111,233
Net assets or fund balances, end of year
$299,693,817
Program services expenses (Part IX)
$14,570,860
Management and general expenses
$2,718,837
Fundraising expenses
$713,111
Program service expenses (Part III)
$14,570,860

Program services were 80.9% 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

    $26,365,746

  • 1g · Noncash contributions included above

    $283,659

  • 3 · Investment income

    total $6,015,757 · unrelated business $698,548 · excluded $5,317,209

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $205,601

  • 6b · Less rental expenses

    real property $243,291

  • 6c · Rental income or loss

    real property -$37,690 · personal property $0

  • 6d · Net rental income or loss

    total -$37,690 · excluded -$37,690

  • 7a · Gross sales of assets other than inventory

    securities $95,905,433

  • 7b · Less cost or other basis and sales expenses

    securities $95,303,578

  • 7c · Gain or loss

    securities $601,855

  • 7d · Net gain or loss

    total $601,855 · excluded $601,855

  • 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

  • 11a · Other revenue: OTHER INCOME

    total $831,366 · related or exempt $831,366

  • 11e · Other revenue, total

    $831,366

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $14,427,898 · program services $14,427,898

  • 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 $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $9,618 · management and general $9,618

  • 11c · Fees: accounting

    total $52,700 · management and general $52,700

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $1,132,928 · management and general $1,132,928

  • 11g · Fees: other

    total $124,217 · management and general $24,217 · fundraising $100,000

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $16,082 · management and general $15,685 · fundraising $397

  • 14 · Information technology

    total $7,669 · management and general $7,669

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $177,690 · program services $18,383 · management and general $10,798 · fundraising $148,509

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $199 · management and general $199

  • 23 · Insurance

    total $3,985 · management and general $3,985

  • 24a · Other expenses: PERSONNEL

    total $1,759,221 · management and general $1,376,368 · fundraising $382,853

  • 24b · Other expenses: MISCELLANEOUS EXPENSES

    total $99,353 · program services $33,214 · management and general $9,159 · fundraising $56,980

  • 24c · Other expenses: AWARDS

    total $42,282 · program services $42,282

  • 24d · Other expenses: MEALS AND BANQUET SERVICES

    total $36,363 · program services $8,327 · management and general $6,671 · fundraising $21,365

  • 24e · All other expenses

    total $112,603 · program services $40,756 · management and general $68,840 · fundraising $3,007

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $598,972 · end of year $738,550

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $7,681,958 · end of year $23,798,402

  • 4 · Accounts receivable

    beginning of year $266,669 · end of year $117,527

  • 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 $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $3,970,425

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

    $68,243

  • 10c · Land, buildings and equipment, net

    beginning of year $4,021,508 · end of year $3,902,182

  • 11 · Investments: publicly traded securities

    beginning of year $215,902,213 · end of year $228,584,466

  • 12 · Investments: other securities

    beginning of year $115,501,448 · end of year $117,408,490

  • 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 $258,030 · end of year $255,433

  • 17 · Accounts payable and accrued expenses

    beginning of year $534,972 · end of year $438,843

  • 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 $0 · end of year $0

  • 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 $76,172,429 · end of year $74,672,390

  • 27 · Net assets without donor restrictions

    beginning of year $20,281,592 · end of year $21,449,539

  • 28 · Net assets with donor restrictions

    beginning of year $247,241,805 · end of year $278,244,278

Mission and programs · 2023

Mission

OLD DOMINION UNIVERSITY EDUCATIONAL FOUNDATION WAS ESTABLISHED TO RECEIVE, ADMINISTER, AND DISTRIBUTE FUNDS AND PROPERTY EXCLUSIVELY IN FURTHERANCE OF THE EDUCATIONAL ACTIVITIES AND OBJECTIVES OF OLD DOMINION UNIVERSITY.

Activities or mission (Part I)

SEE SCHEDULE O SUPPLEMENTAL INFORMATION FOR ORGANIZATION'S MISSION

  • TO ADMINISTER AND DISTRIBUTE FUNDS AND PROPERTY EXCLUSIVELY TO SUPPORT THE MISSION, OBJECTIVES AND PROGRAMS OF OLD DOMINION UNIVERSITY. THE FOUNDATION PROVIDES SUPPLEMENTAL FUNDS TO HELP DEFRAY OPERATING COSTS OF ACADEMIC DEPARTMENTS AND SPECIAL PROJECTS. THE SUPPLEMENTAL FUNDS ARE USED TO PROVIDE STUDENT AND FACULTY SCHOLARSHIPS/AWARDS, EMINENT SCHOLAR PROFESSORSHIPS, FACULTY SALARIES AND FACULTY RESEARCH. THE FOUNDATION ALSO PROVIDES FUNDING FOR UNIVERSITY DEVELOPMENT, CAPITAL PROJECTS AND SUBSTANTIAL SUPPORT OF OPERATIONS OF THE LIBRARY AND ITS COLLECTIONS.

    Expenses $14,570,860 · Grants $14,427,898 · Revenue $831,366

As filed on the 2023 return.

Listed in Part VII

  • Prescott Sherrod

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Bruce T Bishop

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • Caroline McCartney

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.2

  • Garret A Alcaraz

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Jacqueline B Amato

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Betsy Atkinson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • James W Beamer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Joe E Carter

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Kim Curtis

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Janet A Ellis

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Gary A Gilmore

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Weyman Gong

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Alton J Harris

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Richard T Harris

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Luke Hillier

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • James J Izard II

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Robert M King Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Mary Maniscalco-Theberge

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • William Monroe

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Johnathan Reed

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Lisa B Smith

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Kevin Stevenson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • L Scott Trainum

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Brad Waitzer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Mark Warden

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Thomas T Winborne

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Rick Wyatt

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Rob Krebs

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Kenneth Rodman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Brian O Hemphill

    EX-OFFICIO

    Total calculated
    $0
    Hours/week
    0.1

  • Andre Wells

    EX-OFFICIO (THRU 06/23)

    Total calculated
    $0
    Hours/week
    0.1

  • Janet Carter

    EX-OFFICIO (FROM 06/23)

    Total calculated
    $0
    Hours/week
    0.1

  • Cindy Gall

    ASST. SECRETARY

    Total calculated
    $0
    Hours/week
    13

  • Michael Larock

    ASST. TREASURER

    Total calculated
    $0
    Hours/week
    13

  • Alonzo Brandon

    EX-OFFICIO/EXECUTIVE DIRECTOR

    Total calculated
    $0
    Hours/week
    10

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.

Grants on this return

Provenance

Return type
form_990
Tax year
2023
Filed
15 August 2024
IRS schema version
2023v5.1
Source object
202412299349300521

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