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← VIRGINIA STUDENT AID FOUNDATION

Form 990 for tax year 2023

Filed by VIRGINIA STUDENT AID FOUNDATION.

Totals

Total revenue
$59,716,708
Total expenses
$48,928,927
Contributions and grants received
$57,560,083
Grants paid
$42,861,426
Program service revenue
$1,404,349
Investment income
$533,630
Other revenue
$218,646
Total assets, end of year
$169,536,214
Total liabilities, end of year
$2,499,188
Net assets or fund balances, end of year
$167,037,026
Program services expenses (Part IX)
$43,976,211
Management and general expenses
$1,952,743
Fundraising expenses
$2,999,973
Program service expenses (Part III)
$43,976,211

Program services were 89.9% 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.

  • 1c · Fundraising events

    $2,800

  • 1f · All other contributions, gifts and grants

    $57,557,283

  • 1g · Noncash contributions included above

    $1,849,461

  • 2a · Program service revenue: PARKING LOT REVENUE

    total $1,129,397 · excluded $1,129,397

  • 2b · Program service revenue: OTHER PGM SVC REVENUE

    total $274,952 · related or exempt $274,952

  • 3 · Investment income

    total $514,393 · excluded $514,393

  • 5 · Royalties

    total $146,381 · excluded $146,381

  • 7a · Gross sales of assets other than inventory

    securities $4,769,375

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

    securities $4,750,138

  • 7c · Gain or loss

    securities $19,237

  • 7d · Net gain or loss

    total $19,237 · excluded $19,237

  • 8a · Fundraising events: gross income

    $172,107

  • 8a · Fundraising events: contributions included on line 1c

    $2,800

  • 8b · Fundraising events: direct expenses

    $99,842

  • 8c · Net income from fundraising events

    total $72,265 · excluded $72,265

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $42,861,426 · program services $42,861,426

  • 5 · Compensation of officers, directors and key employees

    total $917,393 · program services $95,441 · management and general $594,420 · fundraising $227,532

  • 7 · Other salaries and wages

    total $1,779,337 · program services $251,608 · management and general $299,200 · fundraising $1,228,529

  • 8 · Pension plan contributions

    total $152,454 · program services $21,961 · management and general $27,724 · fundraising $102,769

  • 9 · Other employee benefits

    total $243,105 · program services $33,954 · management and general $56,628 · fundraising $152,523

  • 10 · Payroll taxes

    total $188,552 · program services $24,897 · management and general $60,662 · fundraising $102,993

  • 11c · Fees: accounting

    total $49,250 · management and general $49,250

  • 11f · Fees: investment management

    total $208,194 · management and general $208,194

  • 11g · Fees: other

    total $11,727 · management and general $11,727

  • 12 · Advertising and promotion

    total $1,038,651 · program services $630,768 · fundraising $407,883

  • 13 · Office expenses

    total $101,227 · program services $2,940 · management and general $77,502 · fundraising $20,785

  • 14 · Information technology

    total $121,654 · program services $18,248 · management and general $24,331 · fundraising $79,075

  • 17 · Travel

    total $253,768 · program services $25,377 · fundraising $228,391

  • 22 · Depreciation, depletion and amortization

    total $7,448 · management and general $7,448

  • 23 · Insurance

    total $42,432 · management and general $42,432

  • 24a · Other expenses: CAPITAL CAMPAIGN COSTS

    total $330,507 · fundraising $330,507

  • 24b · Other expenses: CREDIT CARD PROCESSING

    total $285,223 · management and general $285,223

  • 24c · Other expenses: RECRUITING AND ONBOARDI

    total $168,274 · management and general $168,274

  • 24d · Other expenses: STEWARDSHIP COSTS

    total $128,577 · program services $9,591 · fundraising $118,986

  • 24e · All other expenses

    total $39,728 · management and general $39,728

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $17,093,814 · end of year $16,926,165

  • 3 · Pledges and grants receivable

    beginning of year $39,217,279 · end of year $54,854,745

  • 4 · Accounts receivable

    beginning of year $402,766 · end of year $539,706

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

    $62,540

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

    $42,101

  • 10c · Land, buildings and equipment, net

    beginning of year $16,282 · end of year $20,439

  • 12 · Investments: other securities

    beginning of year $89,507,034 · end of year $89,774,821

  • 15 · Other assets

    beginning of year $8,735,505 · end of year $7,420,338

  • 17 · Accounts payable and accrued expenses

    beginning of year $773,473 · end of year $305,977

  • 25 · Other liabilities

    beginning of year $1,997,893 · end of year $2,193,211

  • 27 · Net assets without donor restrictions

    beginning of year $18,847,990 · end of year $16,430,187

  • 28 · Net assets with donor restrictions

    beginning of year $133,353,324 · end of year $150,606,839

Mission and programs · 2023

Mission

THE VIRGINIA ATHLETICS FOUNDATION, THROUGH ITS FUND-RAISING EFFORTS, STRIVES TO SUPPORT A PREEMINENT INTERCOLLEGIATE ATHLETICS PROGRAM AT THE UNIVERSITY OF VIRGINIA BY PROVIDING STUDENT-ATHLETES THE OPPORTUNITY TO ACHIEVE ACADEMIC AND ATHLETIC EXCELLENCE.

  • THE FOUNDATION'S PRIMARY PURPOSE IS TO PROVIDE FUNDING FOR SCHOLARSHIPS AND ACADEMIC AFFAIRS SUPPORT FOR STUDENT ATHLETES. IN 2023, MORE THAN 9,500 DONORS TO THE FOUNDATION, INCLUDING FORMER STUDENT-ATHLETES, PARENTS, ALUMNI, FANS, AND BUSINESSES WHO RECOGNIZE THE VALUE OF THE INTERCOLLEGIATE ATHLETICS EXPERIENCE AT THE UNIVERSITY OF VIRGINIA, ENTHUSIASTICALLY PROVIDE SUPPORT IN A VARIETY OF WAYS. THROUGH ITS FUND-RAISING EFFORTS, THE FOUNDATION PROVIDES THE MAXIMUM FUNDING FOR ALL 316.6 SCHOLARSHIPS ALLOWED FOR 25 OF THE 27 TEAMS SANCTIONED BY THE NCAA AT THE UNIVERSITY. SCHOLARSHIPS FOR THE MEN'S AND WOMEN'S SQUASH TEAMS ARE FUNDED BY A UNIVERSITY ENDOWMENT PROVIDED BY A GENEROUS DONOR. TODAY, THERE ARE APPROXIMATELY 750 STUDENT-ATHLETES PARTICIPATING IN 27 INTERCOLLEGIATE PROGRAMS AT THE UNIVERSITY.

    Expenses $22,884,399 · Grants $22,833,508

  • THE FOUNDATION RAISES FUNDS ON BEHALF OF THE UNIVERSITY OF VIRGINIA TO FINANCE THE RENOVATION OF EXISTING ATHLETICS FACILITIES AND THE CONSTRUCTION OF NEW ATHLETICS FACILITIES AS IDENTIFIED AND APPROVED BY THE UNIVERSITY. THE FOUNDATION ALSO PROVIDES FUNDING TO ENHANCE THE OPERATIONAL BUDGETS OF VARIOUS SPORTS AT THE UNIVERSITY. THESE COSTS ARE DETERMINED IN COORDINATION WITH THE UNIVERSITY ATHLETICS DEPARTMENT IN IDENTIFYING STRATEGIC OPPORTUNITIES. ADDITIONALLY, DONATIONS MADE TO THE FRIENDS OF PROGRAM ARE DESIGNATED BY DONORS TO SPECIFIC SPORTS AMONG THE 14 WOMEN'S AND 13 MEN'S VARSITY SPORTS AT THE UNIVERSITY.

    Expenses $20,230,877 · Grants $20,027,918

  • THE FOUNDATION PROVIDES INFORMATIONAL SERVICES TO ITS MEMBERS AND TO THE GENERAL PUBLIC. IN ADDITION, IT PROVIDES ANCILLARY SUPPORT TO THE ATHLETICS PROGRAMS OF THE UNIVERSITY OF VIRGINIA.

    Expenses $860,935 · Revenue $274,952

As filed on the 2023 return.

Listed in Part VII

  • Dirk P Katstra

    EXEC DIRECTOR, SEC/TREAS

    Total calculated
    $293,943
    From this org
    $282,203
    From related orgs
    $0
    Other
    $11,740
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,141
    Bonus
    $27,902
    Other
    $55,160
    Deferred
    $0
    Nontaxable benefits
    $11,740
    Filer's total
    $293,943

  • Franklin S Edmonds Jr

    PRESIDENT/TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Rachel W Sheridan

    VICE PRESIDENT / TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Juliana Schulte O'Reilly

    PAST PRESIDENT/TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mia Mooney Bass

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Charles R Birdsong

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Marvin P Bush

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • W Heywood Fralin

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Michael S Geismar

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Marvin W Gilliam Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Raleigh Anne Gray

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Christopher A Harrison

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Yusef D Jackson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mark M Luellen

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • T Douglas McQuade

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Herman Moore

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Craig W Packer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Barry L Parkhill

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Andrew S Peskin

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Jill Royster

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Edmund N Durden

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • A Wellford Tabor

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Carla G Williams

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Kevin J Miller

    EXEC DIRECTOR, SEC/TREAS

    Total calculated
    $173,901
    From this org
    $163,886
    From related orgs
    $0
    Other
    $10,015
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $80,058
    Bonus
    $0
    Other
    $83,828
    Deferred
    $6,004
    Nontaxable benefits
    $4,011
    Filer's total
    $173,901

  • Lauren Lacy

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Katherine L Heilpern MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Donna G Mahan

    CHIEF FINANCIAL OFFICER

    Total calculated
    $213,950
    From this org
    $175,173
    From related orgs
    $0
    Other
    $38,777
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,250
    Bonus
    $19,920
    Other
    $3,003
    Deferred
    $14,716
    Nontaxable benefits
    $24,061
    Filer's total
    $213,950

  • Michael T Kersey

    CHIEF OPERATING OFFICER

    Total calculated
    $248,910
    From this org
    $207,510
    From related orgs
    $0
    Other
    $41,400
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,750
    Bonus
    $22,741
    Other
    $3,019
    Deferred
    $17,339
    Nontaxable benefits
    $24,061
    Filer's total
    $248,910

  • Jeffrey B Ford

    ASSOCIATE DIRECTOR

    Total calculated
    $158,500
    From this org
    $140,215
    From related orgs
    $0
    Other
    $18,285
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,500
    Bonus
    $13,920
    Other
    $3,795
    Deferred
    $9,460
    Nontaxable benefits
    $8,825
    Filer's total
    $158,500

  • Heather L Troudt

    SENIOR MAJOR GIFTS OFFICER

    Total calculated
    $197,616
    From this org
    $177,778
    From related orgs
    $0
    Other
    $19,838
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,000
    Bonus
    $22,190
    Other
    $1,588
    Deferred
    $11,439
    Nontaxable benefits
    $8,399
    Filer's total
    $197,616

  • Robert G Schmalz

    ASSOCIATE DIRECTOR

    Total calculated
    $156,730
    From this org
    $139,605
    From related orgs
    $0
    Other
    $17,125
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,000
    Bonus
    $16,605
    Other
    $9,000
    Deferred
    $8,726
    Nontaxable benefits
    $8,399
    Filer's total
    $156,730

  • Ryan P Weigand

    SENIOR DIRECTOR OF DEVELOP

    Total calculated
    $158,898
    From this org
    $127,624
    From related orgs
    $0
    Other
    $31,274
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $112,000
    Bonus
    $13,096
    Other
    $2,528
    Deferred
    $12,729
    Nontaxable benefits
    $18,545
    Filer's total
    $158,898

  • Drew M Ossakow

    SENIOR MAJOR GIFTS OFFICER

    Total calculated
    $151,975
    From this org
    $129,941
    From related orgs
    $0
    Other
    $22,034
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,000
    Bonus
    $4,281
    Other
    $660
    Deferred
    $13,634
    Nontaxable benefits
    $8,400
    Filer's total
    $151,975

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 · Housing allowance or residence for personal use
  • 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 · Written employment contract
  • 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

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHARITABLE REMAINDER TRUSTS (20)

    INVESTMENTS · VA

    Directly controlled by VIRGINIA STUDENT AID FOUNDATION INC

  • CHARITABLE REMAINDER TRUST (1)

    INVESTMENTS · SC

    Directly controlled by VIRGINIA STUDENT AID FOUNDATION INC

  • CHARITABLE REMAINDER TRUST (1)

    INVESTMENTS · FL

    Directly controlled by VIRGINIA STUDENT AID FOUNDATION INC

Provenance

Return type
form_990
Tax year
2023
Filed
6 September 2024
IRS schema version
2023v5.1
Source object
202412609349300216

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