Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $3,783,650

• 1f · All other contributions, gifts and grants

  $20,178,172

• 1g · Noncash contributions included above

  $1,033,295

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $2,475,985 · unrelated business -$199,350 · excluded $2,675,335

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $397,640,067

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

  securities $352,994,961

• 7c · Gain or loss

  securities $44,645,106 · other assets $0

• 7d · Net gain or loss

  total $44,645,106 · excluded $44,645,106

• 11a · Other revenue: Bed and Breakfast Income

  total $134,059 · unrelated business $134,059

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $134,059

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $39,336,802 · program services $39,336,802

• 5 · Compensation of officers, directors and key employees

  total $848,007 · program services $59,360 · management and general $508,805 · fundraising $279,842

• 7 · Other salaries and wages

  total $2,171,143 · program services $209,158 · management and general $788,702 · fundraising $1,173,283

• 8 · Pension plan contributions

  total $270,103 · program services $26,021 · management and general $98,119 · fundraising $145,963

• 9 · Other employee benefits

  total $339,810 · program services $32,736 · management and general $123,441 · fundraising $183,633

• 10 · Payroll taxes

  total $205,035 · program services $19,752 · management and general $74,482 · fundraising $110,801

• 11b · Fees: legal

  total $70,560 · management and general $70,560

• 11c · Fees: accounting

  total $73,788 · management and general $73,788

• 11f · Fees: investment management

  total $528,100 · management and general $528,100

• 11g · Fees: other

  total $166,527 · program services $60,000 · management and general $106,527 · fundraising $0

• 12 · Advertising and promotion

  total $72,046 · management and general $72,046

• 13 · Office expenses

  total $199,922 · program services $49,112 · management and general $141,299 · fundraising $9,511

• 14 · Information technology

  total $295,679 · management and general $295,679

• 16 · Occupancy

  total $193,561 · management and general $193,561

• 17 · Travel

  total $154,579 · program services $66,068 · management and general $5,466 · fundraising $83,045

• 19 · Conferences, conventions and meetings

  total $55,649 · management and general $55,649

• 20 · Interest

  total $1,093,888 · program services $842,707 · management and general $251,181

• 22 · Depreciation, depletion and amortization

  total $205,864 · program services $5,919 · management and general $199,945

• 23 · Insurance

  total $80,770 · management and general $80,770

• 24a · Other expenses: Special Events

  total $399,936 · program services $142,724 · management and general $20,793 · fundraising $236,419

• 24b · Other expenses: Tax Expense

  total $27,642 · management and general $27,642

• 24c · Other expenses: Miscellaneous

  total $4,514 · management and general $4,514

• 24e · All other expenses

  total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $6,643,202 · end of year $4,623,818

• 3 · Pledges and grants receivable

  beginning of year $7,975,371 · end of year $6,522,209

• 4 · Accounts receivable

  beginning of year $13,855 · end of year $1,150,141

• 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

• 9 · Prepaid expenses and deferred charges

  beginning of year $71,251 · end of year $157,769

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

  $10,703,376

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

  $2,135,118

• 10c · Land, buildings and equipment, net

  beginning of year $4,834,391 · end of year $8,568,258

• 11 · Investments: publicly traded securities

  beginning of year $102,937,966 · end of year $106,191,997

• 12 · Investments: other securities

  beginning of year $209,778,237 · end of year $214,949,570

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $4,897,328 · end of year $4,784,429

• 17 · Accounts payable and accrued expenses

  beginning of year $625,598 · end of year $200,327

• 20 · Tax-exempt bond liabilities

  beginning of year $41,616,306 · end of year $41,622,225

• 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 $4,075,248 · end of year $8,796,997

• 25 · Other liabilities

  beginning of year $3,570,238 · end of year $3,415,412

• 27 · Net assets without donor restrictions

  beginning of year -$19,367,801 · end of year -$20,480,037

• 28 · Net assets with donor restrictions

  beginning of year $306,632,012 · end of year $313,393,267

The filer's explanations (Part III)

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

The Foundation entered into a supplemental benefit agreement, 457(f) plan, effective June 1, 2009 to pay Alex Nyerges additional amounts upon his retirement. As of August 1, 2011 all contributions to this account are 100% vested. EACH YEAR, THE FOUNDATION CONTRIBUTES THE DIFFERENCE between $100,000 and the amount credited under the 457(b) plan to a supplemental benefit account. NO AMOUNT WAS CONTRIBUTED IN 2024. EFFECTIVE JANUARY 2017, THE ACCOUNT WAS CLOSED AND ASSETS WERE TRANSFERRED TO A PLAN CONTROLLED BY THE VIRGINIA MUSEUM OF FINE ARTS.

Schedule J, Part I, Line 1a Compensation

Tom Gutenberger is provided housing as a condition of his employment that meets the requirements of IRC Section 119 and is therefore not included in his taxable income. The foundation also paid club dues on Tom Gutenberger's behalf that were treated as taxable compensation on his W-2.

Schedule J, Part II

During fiscal year 2011, the Foundation entered into an operating agreement with the Virginia Museum of Fine Arts, an unrelated organization under IRS guidelines. The operating agreement states that the Director of the Museum shall also serve as the COO of the Foundation and the CFO of the Museum shall also serve as the CFO of the Foundation. However, these individuals will be considered employees of the Museum, not the Foundation. As part of a supplemental support agreement between the Foundation and an officer, the Foundation makes payments to the Museum for supplemental salary amounts which are paid by the Museum to the officer as part of their salary. the salary supplement provided to the officer by the Foundation were included as taxable compensation in the officer's W-2 at the Museum. The operating agreement was amended effective November 16, 2021 with no changes to this arrangement.

Disregarded entities

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

• VMFA REAL ESTATE COMPANY LLC

  REAL ESTATE MANAGEMENT RELATED TO REAL PROPERTY HELD IN SUPPORT OF VMFA · VA · income $134,059 · assets $8,052,010

  Directly controlled by VIRGINIA MUSEUM OF FINE ARTS FOUNDATION