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Nonprofiteer
← JAMES MADISON UNIVERSITY FOUNDATION INC

Form 990 for tax year 2022

Filed by JAMES MADISON UNIVERSITY FOUNDATION INC.

Totals

Total revenue
$21,589,923
Total expenses
$21,367,072
Contributions and grants received
$17,693,378
Grants paid
$17,238,512
Program service revenue
$349,541
Investment income
$2,750,445
Other revenue
$796,559
Total assets, end of year
$214,401,774
Total liabilities, end of year
$19,335,681
Net assets or fund balances, end of year
$195,066,093
Program services expenses (Part IX)
$19,611,872
Management and general expenses
$1,289,314
Fundraising expenses
$465,886
Program service expenses (Part III)
$19,611,872

Program services were 91.8% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $43,733

  • 1d · Related organizations

    $77,065

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $17,572,580

  • 1g · Noncash contributions included above

    $3,213,536

  • 2a · Program service revenue: Rent income from affiliated exempt group

    total $349,541 · related or exempt $349,541 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $2,914,959 · related or exempt $0 · unrelated business $0 · excluded $2,914,959

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

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

  • 5 · Royalties

    total $736,128 · related or exempt $0 · unrelated business $0 · excluded $736,128

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

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

  • 7a · Gross sales of assets other than inventory

    securities $34,286,717 · other assets $21,250

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

    securities $34,471,603 · other assets $878

  • 7c · Gain or loss

    securities -$184,886 · other assets $20,372

  • 7d · Net gain or loss

    total -$164,514 · related or exempt $0 · unrelated business $0 · excluded -$164,514

  • 8a · Fundraising events: gross income

    $85,311

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

    $43,733

  • 8b · Fundraising events: direct expenses

    $24,880

  • 8c · Net income from fundraising events

    total $60,431 · unrelated business $0 · excluded $60,431

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

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

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

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

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $17,238,512 · program services $17,238,512

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $454,817 · program services $155,144 · management and general $268,605 · fundraising $31,068

  • 6 · Compensation of disqualified persons

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

  • 7 · Other salaries and wages

    total $558,267 · program services $241,118 · management and general $300,800 · fundraising $16,349

  • 8 · Pension plan contributions

    total $69,326 · program services $31,318 · management and general $35,735 · fundraising $2,273

  • 9 · Other employee benefits

    total $77,414 · program services $20,666 · management and general $53,508 · fundraising $3,240

  • 10 · Payroll taxes

    total $66,416 · program services $27,807 · management and general $35,827 · fundraising $2,782

  • 11a · Fees: management

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

  • 11b · Fees: legal

    total $6,342 · program services $1,324 · management and general $5,018 · fundraising $0

  • 11c · Fees: accounting

    total $20,852 · program services $0 · management and general $20,852 · fundraising $0

  • 11d · Fees: lobbying

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

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $375,898 · program services $0 · management and general $375,898 · fundraising $0

  • 11g · Fees: other

    total $349,246 · program services $312,391 · management and general $4,690 · fundraising $32,165

  • 12 · Advertising and promotion

    total $109,142 · program services $88,420 · management and general $2,043 · fundraising $18,679

  • 13 · Office expenses

    total $130,709 · program services $105,481 · management and general $18,866 · fundraising $6,362

  • 14 · Information technology

    total $73,219 · program services $25,892 · management and general $42,867 · fundraising $4,460

  • 15 · Royalties

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

  • 16 · Occupancy

    total $58,820 · program services $36,782 · management and general $22,038 · fundraising $0

  • 17 · Travel

    total $109,240 · program services $84,096 · management and general $18,227 · fundraising $6,917

  • 18 · Travel or entertainment for public officials

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

  • 19 · Conferences, conventions and meetings

    total $100,124 · program services $87,768 · management and general $9,468 · fundraising $2,888

  • 20 · Interest

    total $635,917 · program services $635,917 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

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

  • 22 · Depreciation, depletion and amortization

    total $104,109 · program services $95,304 · management and general $8,805 · fundraising $0

  • 23 · Insurance

    total $37,779 · program services $7,583 · management and general $30,196 · fundraising $0

  • 24a · Other expenses: Business Meals & Entertaining

    total $288,510 · program services $133,998 · management and general $14,341 · fundraising $140,171

  • 24b · Other expenses: Receptions, Banquets, Retreats, Events

    total $184,143 · program services $163,048 · management and general $0 · fundraising $21,095

  • 24c · Other expenses: Small Equipment Purchases and Repairs

    total $113,729 · program services $88,207 · management and general $4,219 · fundraising $21,303

  • 24d · Other expenses: Arboretum

    total $19,895 · program services $19,895 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $184,646 · program services $11,201 · management and general $17,311 · fundraising $156,134

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,698,881 · end of year $253,327

  • 2 · Savings and temporary cash investments

    beginning of year $11,932,874 · end of year $7,142,992

  • 3 · Pledges and grants receivable

    beginning of year $14,211,997 · end of year $10,410,568

  • 4 · Accounts receivable

    beginning of year $233,345 · end of year $179,143

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $10,069,101 · end of year $9,538,152

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $109,998 · end of year $53,724

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

    $5,246,495

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

    $804,193

  • 10c · Land, buildings and equipment, net

    beginning of year $3,988,130 · end of year $4,442,302

  • 11 · Investments: publicly traded securities

    beginning of year $59,532,856 · end of year $81,037,501

  • 12 · Investments: other securities

    beginning of year $94,825,630 · end of year $92,739,595

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    beginning of year $148,718 · end of year $139,696

  • 15 · Other assets

    beginning of year $9,187,998 · end of year $8,464,774

  • 17 · Accounts payable and accrued expenses

    beginning of year $161,838 · end of year $254,414

  • 18 · Grants payable

    end of year $0

  • 19 · Deferred revenue

    beginning of year $326,688 · end of year $364,013

  • 20 · Tax-exempt bond liabilities

    end of year $0

  • 21 · Escrow or custodial account liability

    end of year $0

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $19,506,117 · end of year $18,412,183

  • 24 · Unsecured notes and loans payable

    end of year $0

  • 25 · Other liabilities

    beginning of year $329,401 · end of year $305,071

  • 27 · Net assets without donor restrictions

    beginning of year $26,176,484 · end of year $30,470,462

  • 28 · Net assets with donor restrictions

    beginning of year $159,439,000 · end of year $164,595,631

Mission and programs · 2022

Mission

The James Madison University Foundation provides prudent investment policy and stewardship to sustain and grow financial support for the University, while collaborating with the University to create innovative avenues of giving and to meet critical funding initiatives.

  • Scholarships & Fellowships - Includes expenditures for scholarships and fellowships in the form of grants to students, resulting from selection by donor-established criteria or by the James Madison University Foundation's board designation of unrestricted funds.

    Expenses $7,750,321 · Grants $7,704,181

  • Operation & Maintenance of Plant - Includes expenditures for the operation and maintenance of James Madison University's physical plant. Current year expenditures include transfers to James Madison University of donor-designated funds for the construction of a college of business learning complex, and various athletics construction projects.

    Expenses $5,594,143 · Grants $5,094,343

  • Institutional Support - Includes expenditures for central and administrative-level activities concerned with management and long-range planning for the entire institution. It also includes expenditures for operations related to human resources, postal services, finance, resource planning, information technology, and for advancement to maintain relations with the community, alumni and other constituents and to conduct activities related to institution-wide development.

    Expenses $1,995,742 · Grants $1,221,521

  • Intercollegiate Athletics - Expenditures for intercollegiate sport programs that provide for JMU students' physical well-being and social and cultural development outside the context of the formal instruction program. It also includes expenditures related to the administration, operation and promotion of intercollegiate athletics.

    Expenses $1,757,559 · Grants $1,313,445

  • Academic Support - Includes expenditures providing support services for programs of instruction, research, and public services.

    Expenses $1,414,392 · Grants $1,187,482

  • Instruction - Includes expenditures for all activities that are part of JMU's instructional program.

    Expenses $679,558 · Grants $434,805

  • Public Service - Includes expenditures for activities established to provide non-instructional educational services beneficial to individuals and groups, internal and external to JMU.

    Expenses $292,568 · Grants $202,497

  • Student Support - Includes expenditures for student affairs and activities with the primary purpose of contributing to students' emotional and physical well-being and intellectual, cultural and social development outside the context of the formal instruction program.

    Expenses $97,247 · Grants $59,800

  • Research - Includes expenditures for activities specifically organized to produce educational research at JMU.

    Expenses $30,342 · Grants $20,438

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

Listed in Part VII

  • Warren K Coleman

    CEO

    Total calculated
    $265,822
    From this org
    $229,913
    From related orgs
    $0
    Other
    $35,909
    Hours/week
    45 + 5 related

    Schedule J breakdown matched by us

    Base
    $207,391
    Bonus
    $17,000
    Other
    $5,522
    Deferred
    $17,573
    Nontaxable benefits
    $18,336
    Filer's total
    $265,822

  • Cheryl L Lindsay

    Vice President/Chief Financial Officer

    Total calculated
    $173,992
    From this org
    $132,435
    From related orgs
    $0
    Other
    $41,557
    Hours/week
    40 + 5 related

    Schedule J breakdown matched by us

    Base
    $121,869
    Bonus
    $10,000
    Other
    $566
    Deferred
    $13,704
    Nontaxable benefits
    $27,853
    Filer's total
    $173,992

  • Tammy KC Balser

    Secretary, Senior Acctg Manager - Operations

    Total calculated
    $125,737
    From this org
    $93,878
    From related orgs
    $0
    Other
    $31,859
    Hours/week
    39 + 1 related

  • J Barry Purcell III

    Chair

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • John Alouf

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • A Jerry Benson

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jarl Bliss

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Darrel Branch

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Linda W Cross

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Ronald C Devine

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Joseph K Funkhouser II

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Enrico Gaglioti

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • James E Hartman

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Heather Hedrick

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • F Claiborne Johnston III

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • David S Kay

    Vice Chair

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Nicholas L Langridge

    Trustee, Ex-Officio

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Ellen W Meyer

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Towana H Moore

    Trustee, Ex-Officio

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jon Offley

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Robin Reifsnider

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • James L Riley

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jennifer E Shirkey

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Paul M Thompson

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Michael S Walden

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Owen Wilson

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

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

  • 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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • JMUF Property Holdings LLC

    Real estate management · VA · income $323 · assets $0

    Directly controlled by James Madison University Foundation Inc

  • JMU Foundation-3090 South Main Street LLC

    Real estate holdings · VA · income $0 · assets $1,404,292

    Directly controlled by James Madison University Foundation Inc

  • JMU Foundation-298 Port Republic Road LLC

    Real estate holdings · VA · income $326,363 · assets $2,280,958

    Directly controlled by James Madison University Foundation Inc

  • JMU Foundation-Sundry Properties LLC

    Real estate holdings · VA · income $0 · assets $0

    Directly controlled by James Madison University Foundation Inc

  • JMU Foundation-1031 Harrison Street LLC

    Real estate holdings · VA · income $743,232 · assets $9,344,837

    Directly controlled by James Madison University Foundation Inc

  • JMU Foundation-Oak Hill Drive LLC

    Real estate holdings · VA · income $0 · assets $29,000

    Directly controlled by James Madison University Foundation Inc

  • JMU Foundation- 1587 Hillcrest Dr LLC

    Real estate holdings · VA · income $14,667 · assets $868,902

    Directly controlled by James Madison University Foundation Inc

  • JMUF - 396 South High Street

    Real estate holdings · VA · income $8,511 · assets $581,623

    Directly controlled by James Madison University Foundation

Provenance

Return type
form_990
Tax year
2022
Filed
19 March 2024
IRS schema version
2022v5.0
Source object
202430799349301618

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