2020-03-12T11:06:31-05:00 2019-06-30 Grant Thornton LLP 1000 WILSON BLVD SUITE 1400 ARLINGTON VA 22209 990 2018-07-01 541603842 George Mason University Foundation Inc % MARY SUSAN VAN LEUNEN GEOR 7039938850 4400 University Drive MSN 1A3 Fairfax VA 220304444 MARY SUSAN VAN LEUNEN VP & CFO 7039938850 2020-03-11 true Mary Torretta P00847851 7038477500 65.229.27.130 54681420200725000000 2020-03-12 P 6E9FCDD64AA058BF3446081EE65AA3089273EEC1 DDB0F0F82E5556893F2CEC96F87379BBCBFD24BF 2018 2020-09-23 17:36:50Z Trishana Bowden 4400 University Drive MSN 1A3 Fairfax VA 220304444 198720709 false X https://gmuf.org X 1991 VA To advance and further the aims and purposes of George Mason University. See Schedule O. 44 40 0 50 2848639 68149389 132833181 12205400 10433669 4030713 7488799 2566834 3245328 86952336 154000977 56790243 62074785 0 0 999001 1054161 5905 0 852563 22581032 26162179 80376181 89291125 6576155 64709852 399408743 456968316 181414280 172713831 217994463 284254485 X THE GEORGE MASON UNIVERSITY FOUNDATION, INC. WAS ESTABLISHED IN 1966 TO RECEIVE, MANAGE, INVEST, AND ADMINISTER PRIVATE GIFTS FOR THE BENEFIT OF THE UNIVERSITY, INCLUDING ENDOWMENT AND REAL PROPERTY. false false 86120378 62074785 10905695 THE FOUNDATION'S MAJOR PROGRAM ACTIVITY IS TO DISPERSE DESIGNATED FUNDS IN SUPPORT OF SCHOLARSHIPS, FELLOWSHIPS, AWARDS, AND GENERAL OPERATING EXPENSES OF THE UNIVERSITY'S ACADEMIC AND OTHER DEPARTMENTS. 86120378 true true false true false false false true true true true true false true true true true true false false true false false false true false false true true true true false false false false false false false false false false true true false false true true true false true false true 508 0 true 0 true true false false false true true true true false false false false false false X 44 40 false false false false false false false true true false false true true true true true true true true false AK AZ AR CA CO CT DC HI KY ME MD MA MI MN NH NJ NY OH OK OR SC UT VA WA WV WI X X MARY SUSAN VAN LEUNEN 7039938850 4400 UNIVERSITY DRIVE MSN1A3 Fairfax VA 220304444 X JOSEPH J O'BRIEN JR CHAIR 1.0 0.0 X X 0 0 0 TERRI C BEIRNE VICE CHAIR 1.0 0.0 X X 0 0 0 JEFFERY M JOHNSON TREASURER 1.0 0.0 X X 0 0 0 JOHN T NIEHOFF SECRETARY 1.0 0.0 X X 0 0 0 TRISHANA BOWDEN PRESIDENT (beg. 3/4/19) 40.0 0.0 X X 0 0 0 JEFFREY S DETWILER TRUSTEE (THRU 11/8/2018) 0.5 0.0 X 0 0 0 ANGEL CABRERA TRUSTEE 0.5 40.0 X 0 0 0 JAMES J CONSAGRA TRUSTEE 0.5 0.0 X 0 0 0 DENNIS J COTTER TRUSTEE 0.5 0.0 X 0 0 0 GENE L FROGALE TRUSTEE 0.5 0.0 X 0 0 0 NICOLE A GELLER TRUSTEE 0.5 0.0 X 0 0 0 TIMOTHY GILLIS TRUSTEE 0.5 0.0 X 0 0 0 BENJAMIN H GRAHAM TRUSTEE 0.5 0.0 X 0 0 0 ALFRED GRASSO TRUSTEE 0.5 0.0 X 0 0 0 BRIAN J HAYS TRUSTEE 0.5 0.0 X 0 0 0 KEVIN M HERN TRUSTEE 0.5 0.0 X 0 0 0 TODD R HOUSE TRUSTEE 0.5 0.0 X 0 0 0 PAUL E KYLE TRUSTEE 0.5 0.0 X 0 0 0 KAY W LEWIS TRUSTEE 0.5 0.0 X 0 0 0 M YAQUB MIRZA TRUSTEE 0.5 0.0 X 0 0 0 TREVOR J MONTANO TRUSTEE 0.5 0.0 X 0 0 0 JOHN R MUHA II TRUSTEE 0.5 0.0 X 0 0 0 MICHAEL A MURRAY TRUSTEE 0.5 0.0 X 0 0 0 GARY G NAKAMOTO TRUSTEE 0.5 0.0 X 0 0 0 SHARON P APRICENA TRUSTEE 0.5 0.0 X 0 0 0 ROBERT W NOONAN TRUSTEE 0.5 0.0 X 0 0 0 TERESA H CARLSON TRUSTEE 0.5 0.0 X 0 0 0 JOHN PAUL PHAUP TRUSTEE 0.5 0.0 X 0 0 0 KENNETH D REID TRUSTEE 0.5 0.0 X 0 0 0 NANCY R SENICH TRUSTEE 0.5 0.0 X 0 0 0 ALI A SAADAT TRUSTEE 0.5 0.0 X 0 0 0 CAROLE J SCOTT TRUSTEE 0.5 0.0 X 0 0 0 JEFFREY A SMITH TRUSTEE 0.5 0.0 X 0 0 0 SUSAN E SOZA TRUSTEE 0.5 0.0 X 0 0 0 MICHAEL E STIEVATER TRUSTEE 0.5 0.0 X 0 0 0 SONYA J STONE TRUSTEE 0.5 0.0 X 0 0 0 BRUCE D WARDINSKI TRUSTEE 0.5 0.0 X 0 0 0 DANIEL R WOTRING TRUSTEE 0.5 0.0 X 0 0 0 MARY SUSAN VAN LEUNEN CHIEF FINANCIAL OFFICER 40.0 0.0 X X 167486 0 19995 JENNY E HERRERA TRUSTEE 0.5 0.0 X 0 0 0 JOHN M JACQUEMIN TRUSTEE 0.5 0.0 X 0 0 0 THOMAS M DAVIS III EX-OFFICIO TRUSTEE 0.5 0.0 X 0 0 0 SUMEET SHRIVASTAVA TRUSTEE 0.5 0.0 X 0 0 0 LOURDES V VENES TRUSTEE 0.5 0.0 X 0 0 0 VIJAY VENKATESWARAN TRUSTEE 0.5 0.0 X 0 0 0 RICK DAVIS TRUSTEE (thru 11/9/18) 0.5 40.0 X 0 0 0 MARK GINSBERG TRUSTEE (thru 11/9/18) 0.5 40.0 X 0 0 0 LANCE A LIOTTA TRUSTEE (thru 11/9/18) 0.5 40.0 X 0 0 0 Janet Bingham Trustee/President to 1/24/19 20.0 20.0 X X 0 0 0 ELIZABETH CANTRELL CONTROLLER 40.0 0.0 X 131236 0 37559 TRACY WHITE DIRECTOR OF REAL ESTATE & INV 40.0 0.0 X 102750 0 0 401472 0 57554 3 false true false McGuire Woods LLP 800 E Canal St RICHMOND VA 23219 Legal 738381 Trade Center Management Associates 1300 Pennsylvania Avenue NW WASHINGTON DC 20004 Catering 278831 WP Company LLC 1301 K St NW WASHINGTON DC 20071 Advertising 246162 The Tilt Group LLC 4767 24th St N ARLINGTON VA 22207 Event Production 120000 Alpha Education LLC 475 Gate 5 Road Ste 324 SAULALITO CA 94965 Consulting 102800 6 78226 132754955 3294635 132833181 RENT FROM GMU/STUDENTS 531190 4609512 4609512 0 0 INTEREST ON DIRECT FINANCING LEASE 531190 5749757 5749757 0 0 RENT FROM CAPITOL CONNECTION 531190 22800 22800 0 0 RENT FROM PROVOST 531190 51600 51600 0 0 10433669 3931895 39007 3892888 0 0 6920404 4110772 2809632 0 2809632 2809632 44103145 40546241 3556904 3556904 3556904 26389 78226 62719 -36330 -36330 0 0 0 0 0 0 TRUST INCOME 900099 472026 472026 0 0 472026 154000977 10905695 2848639 7413462 61423319 61423319 651466 651466 0 0 166167 166167 0 620141 620141 98137 98137 106999 106999 62717 62717 0 368050 7949 335980 24121 128682 5750 122932 102745 102745 0 468577 468577 2145667 1971556 1101 173010 431949 428477 3472 934659 886568 15698 32393 537273 227248 106848 203177 0 1828287 1828287 2037142 1977546 8430 51166 0 4799111 4475311 5340 318460 4509755 4509755 0 771707 755721 15986 89284 34334 54950 ACADEMIC SUPPORT 4070562 4070562 0 0 ADMINISTRATIVE SUPPORT 2256482 2135552 105139 15791 MEALS AND ENTERTAINMENT 234260 216921 1752 15587 TRAINING AND PROF. DEVELOP. 335218 298542 21290 15386 112769 112769 89291125 86120378 2318184 852563 26415 31370 22337910 25186252 31265785 66265442 155142 357016 0 0 0 0 0 0 0 0 0 0 96884624 27166452 67888418 69718172 139527841 155187224 30187311 34949560 0 0 0 0 108019921 105273280 399408743 456968316 7714072 8988701 0 0 628497 605384 61946047 59116765 12230253 12883192 0 0 94132882 90099770 0 0 4762529 1020019 181414280 172713831 X 26018595 33799842 100097030 102924866 91878838 147529777 217994463 284254485 399408743 456968316 X 64709852 1694758 -144588 X false true X true false X 58207189 73732177 62567864 68149389 132833181 395489800 0 0 58207189 73732177 62567864 68149389 132833181 395489800 137782876 257706924 9689020 8601057 7577632 8059261 11670322 45597292 524203 442684 2422845 2136330 2412835 7938897 561910 735422 650206 514665 498415 2960618 451986607 61222951 0.57017 0.62020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 102745 102745 85581829 85684574 1000000 250000 1000000 1000000 2000000 3000000 1794 102745 104539 250000 250000 500000 750000 0 0 GRANTS TO OTHER ORGANIZATIONS FOR LOBBYING PURPOSES SCHEDULE C, PART II-A THE GEORGE MASON UNIVERSITY FOUNDATION, INC. PROVIDED GRANTS TO OTHER ORGANIZATIONS FOR PROFESSIONAL SERVICES RELATED TO LOBBYING FOR ISSUES IN HIGHER EDUCATION. 161652 X false false true X 79069449 19188197 4138755 2609543 99786858 77692437 3231572 5806317 1783892 84946434 71566373 3239253 6125724 3238913 77692437 72245124 1819192 -103974 2393969 71566373 69554336 4897031 732601 2938844 72245124 0.00010 0.99990 false false 0 30324091 30324091 65523158 26169144 39354014 1037375 997308 40067 69718172 ALTERNATIVE INVESTMENTS 22790753 F MONEY MARKET FUNDS 12158807 F 34949560 NET INV. IN DIRECT FIN LEASE 88681210 ANNUITY BENEFIT CONTRACT 659529 BENEFICIAL INT IN PERP. TRUST 11142428 LEASING COMMISSIONS 507271 ART & ANTIQUES 161652 DEFERRED TAX ASSET 27862 ACCRUED S/L RENT 3337904 OTHER ASSETS 755424 105273280 0 ACCRUED ANNUITY BENEFIT 659529 UNEARNED RENT 339657 SECURITY DEPOSITS 20833 1020019 X 159293906 1694758 37845 4246184 5978787 153315119 468577 217281 685858 154000977 93033884 37845 4173491 4211336 88822548 468577 468577 89291125 DESCRIPTION OF ORGANIZATION'S COLLECTIONS SCHEDULE D, PART III, LINE 4 THE COLLECTION PROVIDES OPPORTUNITIES FOR THE UNIVERSITY'S STUDENTS TO LEARN AND TO GAIN AN APPRECIATION OF THE ARTWORK. ESCROW OR CUSTODIAL ACCOUNT LIABILITY SCHEDULE D, PART IV, LINE 2B THE FOUNDATION MAINTAINS CERTAIN ASSETS, PRIMARILY INVESTMENTS, ON BEHALF OF SEVERAL LEGALLY AUTONOMOUS ORGANIZATIONS AND OTHER PROGRAMS ASSOCIATED WITH THE UNIVERSITY. Endowment Funds Balance Schedule D, Part V, line 1a, column (a) and Line 4 The beginning balance of the endowment funds for the year ended June 30, 2019 has been restated as $79,069,449. This differs from the prior year's ending balance of $84,946,434, reflecting the removal of pledge amounts, and is consistent with the amounts reported in Note G of the audited financial statements. THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 520 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING ACADEMIC SUPPORT, EMINENT SCHOLARS, SCHOLARSHIPS, ATHLETICS, FACILITIES, LIBRARY, AND RESEARCH. LIABILITY FOR UNCERTAIN TAX POSITION (ASC 740) SCHEDULE D, PART X, LINE 2 THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(3) AND IS CLASSIFIED BY THE INTERNAL REVENUE SERVICE ("IRS") AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION. IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE IRC. UNDER IRS PROVISIONS AND THE APPLICABLE INCOME TAX REGULATIONS OF THE COMMONWEALTH OF VIRGINIA, THE FOUNDATION IS EXEMPT FROM TAXES ON INCOME OTHER THAN UNRELATED BUSINESS INCOME. THE FOUNDATION FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE FOUNDATION HAS PROCESSES IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS, TO IDENTIFY AND REPORT UNRELATED INCOME, TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS, AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE TAX YEARS ENDed JUNE 30, 2016 THROUGH 2019 ARE STILL ELIGIBLE FOR REVIEW FOR BOTH FEDERAL AND STATE PURPOSES. THE FOUNDATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. Income tax expense is classified as an operating expense within the consolidated statement of financial position. OTHER ADJUSTMENTS TO REVENUE SCHEDULE D, PART XI, LINE 2D SPLIT INTEREST AGREEMENTS, CHANGE IN VALUE 135,412 GMUF ARLINGTON CAMPUS, EXPENSE (ALLOCATED) 4,110,782 ----------- TOTAL TO SCHEDULE D, PART XI, LINE 2D 4,246,194 OTHER ADJUSTMENTS TO REVENUE Schedule D, Part XI, Line 4B FUNDRAISING EVENT EXPENSES (62,719) Loss on Valuation of Land Held for Sale 280,000 ---------- Total to Schedule D, Part XI, Line 4b 217,281 OTHER ADJUSTMENTS TO EXPENSES SCHEDULE D, PART XII, LINE 2D GMUF ARLINGTON CAMPUS, EXPENSE (ALLOCATED) 4,110,772 Fundraising Event Expenses 62,719 -------- Total to Schedule D, Part XII, Line 2d 4,173,491 Europe (Including Iceland and Greenland) Program Services Research, Travel 210879 North America Program Services Research, Travel 8295 Middle East and North Africa Program Services Research, Travel 4400 Russia and the Newly Independent States Program Services Research, Travel 484 East Asia and the Pacific Program Services Research, Travel 88885 Central America and the Caribbean Investments 7545097 7858040 7858040 true false true true true false ACCOUNTING METHOD USED SCHEDULE F, PART I, LINE 3, COLUMN F THE EXPENDITURES, PER REGION, ARE PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. PC Fall Golf 19017 12017 7000 3137 5280 6973 3627 PC Spring Golf 10506 8081 2425 6659 1550 4316 2 75092 58128 16964 1786 10682 5106 5230 8373 104615 78226 26389 4923 22621 13629 5230 16316 62719 -36330 true George Mason University 4400 University Drive Fairfax VA 22030 540836354 170/115 8813574 0 Salary Support George Mason University 4400 University Drive Fairfax VA 22030 540836354 170/115 2015330 0 Benefits Support George Mason University 4400 University Drive Fairfax VA 22030 540836354 170/115 11076594 0 Scholarships George Mason University 4400 University Drive Fairfax VA 22030 540836354 170/115 11592772 0 Operations Support George Mason University 4400 University Drive Fairfax VA 22030 540836354 170/115 549199 0 Eminent Scholars Mercatus Center Inc 3434 Washington Blvd Arlington VA 22201 521328708 501(C)(3) 27273870 0 Program Support Institute for Humane Studies 3434 Washington Blvd Arlington VA 22201 941623852 501(C)(3) 57242 0 Program Support 3 Scholarships 315 651466 PROCEDURE FOR MONITORING USE OF GRANT FUNDS INSIDE U.S. SCHEDULE I, PART I, LINE 2 THE GEORGE MASON UNIVERSITY FOUNDATION FOLLOWS ESTABLISHED DISBURSEMENT PROCEDURES THAT ENSURE ALL PAYMENTS ARE PROPERLY DOCUMENTED, SUPPORTED, AND RECORDED, APPROVED BY THE APPROPRIATE OFFICIALS AND MANAGEMENT, MADE FOR VALID PURPOSES THAT ARE REASONABLE AND NECESSARY, AND MADE IN COMPLIANCE WITH GOVERNMENT REGULATIONS. ALL DISBURSEMENTS OF DONOR RESTRICTED FUNDS ARE MADE IN ACCORDANCE WITH ANY PURPOSE RESTRICTIONS, FOR THE BENEFIT OF GEORGE MASON UNIVERSITY OR OTHER AFFILIATED EDUCATIONAL AND RESEARCH ORGANIZATIONS. THE FOUNDATION DISBURSES FUNDS TO GEORGE MASON UNIVERSITY AND OTHER AFFILIATED EDUCATIONAL AND RESEARCH ORGANIZATIONS FOR SCHOLARSHIPS, FELLOWSHIPS, AWARDS, AND GENERAL OPERATING EXPENSES BASED ON ELIGIBILITY DECISIONS MADE BY THE FOUNDATION/UNIVERSITY AFFILIATED ENTITIES. X true true X X X false false false false false false false false false MARY SUSAN VAN LEUNEN CHIEF FINANCIAL OFFICER 144752 0 21500 0 1234 0 19995 0 0 0 187481 0 0 0 ELIZABETH CANTRELL CONTROLLER 119506 0 11500 0 230 0 16553 0 21006 0 168795 0 0 0 Health or Social Club Dues/Fees SChedule J, Part I, Line 1a The Foundation provides certain social club memberships for fundraising, donor cultivation, or other business purposes. THe personal portion of the memberships is included in the individuals' taxable compensation. COMPENSATION OF TOP MANAGEMENT OFFICIALS SCHEDULE J, PART I, LINE 3 THE COMPENSATION OF THE PRESIDENT OF THE FOUNDATION WAS REVIEWED AND APPROVED BY A COMMITTEE PER THE POLICIES OF THE DEPARTMENT OF HUMAN RESOURCES OF GEORGE MASON UNIVERSITY. INDIVIDUALS ON THE COMMITTEE INCLUDE THE UNIVERSITY PRESIDENT, SENIOR VICE PRESIDENT OF ADMINISTRATION AND FINANCE, CHIEF OF STAFF, AND VICE PRESIDENT OF HUMAN RESOURCES AND PAYROLL. SALARY INFORMATION INCLUDING THE PREVIOUS INCUMBENT'S COMPENSATION, COMPENSATION OF THE SAME POSITION AT THE OTHER VIRGINIA DOCTORAL INSTITUTIONS, AS WELL AS SALARY SURVEY DATA OF GEORGE MASON UNIVERSITY'S PEER INSTITUTIONS AND COMPARABLE DC AREA UNIVERSITIES WAS REVIEWED TO DETERMINE REASONABLENESS OF SALARY. OTHER KEY EMPLOYEES' COMPENSATION IS REVIEWED AND APPROVED BY THE UNIVERSITY'S EQUITY OFFICE AND HUMAN RESOURCES COMPENSATION TEAM TO DETERMINE EQUITY THROUGHOUT THE UNIVERSITY, OTHER STATE AGENCIES, AND THE MARKETPLACE. Other Key Employees' compensation is reviewed and approved by the University's equity office and human resources compensation team to determine equity throughout the university, other state agencies, and the marketplace. Compensation Disclosures As a result of the ruling by the Virginia Supreme Court affirming the Foundation's status as a private body, separate from George Mason University, the Foundation has updated its disclosures in conformity with the IRS Form 990 instructions. A Fairfax county economic development authority 911910090 2017-12-21 16795000 see part VI false false false B Fairfax county economic development authority 911910090 2018-05-18 30395000 see part vi false false false C IDA OF THE COUNTY OF PRINCE WILLIAM 521325659 74176GAG2 2011-08-11 14754439 Financing for bldgs and structures false false false A 0 0 16795000 0 0 0 197500 0 0 0 16597500 0 2004 true false true true B 0 0 30395000 0 0 0 248115 0 0 0 30146885 0 2012 true false true true C 0 0 14754539 0 1228814 0 196366 0 0 3738 13325621 0 2013 false false true true A false false false false 0 false false false true B false true false true true 0 false false false true C false false false false 0 false false false true A false true false false 0 false 0 false true B false true false false 0 false 0 false true C false true false false 0 false 0 false true A true B true C true PART I, COLUMN F, LINE A REFUND OF $16,795,000 OF ISSUE DATED 5/30/2013. PART I, COLUMN F, LINE B REFUND OF $28,243,403 OF ISSUE DATED 4/21/2010. PART I, COLUMN F, LINE C FINANCING FOR BUILDINGS AND STRUCTURES. PART II, COLUMN C, LINE 9 UNEXPECTED SALE PROCEEDS DUE TO COST SAVINGS ON THE PROJECT WERE USED TO PAY INTEREST EXPENSES OF $3,738. PART IV, COLUMN A, LINE 2C REBATE CALCULATION WAS PERFORMED ON DECEMBER 21, 2017. PART IV, COLUMN B, LINE 2C REBATE CALCULATION WAS PERFORMED ON APRIL 21, 2015. PART IV, COLUMN C, LINE 2C REBATE CALCULATION WAS PERFORMED ON AUGUST 1, 2016. X 2 2538924 appraisal X 48504 apprais/comp sales X 24 553824 market sales X musical collection 1 101287 appraisal X mineral collection 1 28096 appraisal X musical instruments 1 24000 appraisal 5 false true false ORGANIZATION'S MISSION FORM 990, PART I, LINE 1 AND FORM 990, PART III, LINE 1 THE GEORGE MASON UNIVERSITY FOUNDATION, INC. WAS ESTABLISHED IN 1966 TO RECEIVE, MANAGE, INVEST, AND ADMINISTER PRIVATE GIFTS FOR THE BENEFIT OF THE UNIVERSITY, INCLUDING ENDOWMENT AND REAL PROPERTY. FORM 990 REVIEW PROCESS FORM 990, PART VI, LINE 11B EACH YEAR, A COPY OF GEORGE MASON UNIVERSITY FOUNDATION, INC.'S IRS FORM 990 IS PROVIDED TO ALL OFFICERS, TRUSTEES, AND SENIOR MANAGEMENT OFFICIALS. DURING THE WINTER AUDIT COMMITTEE MEETING, THE 990 IS REVIEWED WITH THE FOUNDATION'S TAX PREPARER. AFTER THE AUDIT COMMITTEE HAS APPROVED THE 990, IT IS FORWARDED TO THE EXECUTIVE COMMITTEE FOR THEIR REVIEW AND APPROVAL. AFTER THE EXECUTIVE COMMITTEE HAS APPROVED THE 990, IT IS PRESENTED TO THE FULL BOARD, AND AFTER ACCEPTANCE, IS FILED WITH THE IRS. CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT FORM 990, PART VI, LINE 12C ALL OFFICERS, TRUSTEES, AND KEY EMPLOYEES OF THE GEORGE MASON UNIVERSITY FOUNDATION, INC., ARE REQUIRED TO ANNUALLY DISCLOSE POTENTIAL CONFLICTS OF INTERESTS. INDIVIDUALS COMPLETE THE CONFLICT OF INTEREST DISCLOSURE FORMS FOR REVIEW. THE FOUNDATION INFORMS THE BOARD CHAIR AND COMMITTEE CHAIRS OF ANY POTENTIAL CONFLICTS. ANY INDIVIDUAL WITH A CONFLICT OF INTEREST IS PROHIBITED FROM PARTICIPATING IN THE BOARD'S DELIBERATIONS AND DECISIONS REGARDING THE RELEVANT TRANSACTION. AT EACH COMMITTEE AND FULL BOARD MEETING, AN AGENDA ITEM IS THE IDENTIFICATION OF ANY CONFLICTS WITH ITEMS ON THE AGENDA. ANY CONFLICTS NOTED BY TRUSTEES ARE DOCUMENTED IN THE MINUTES FOR EACH MEETING. PROCESS FOR DETERMINING COMPENSATION FORM 990, PART VI, LINE 15A & 15B THE COMPENSATION OF THE PRESIDENT OF THE FOUNDATION WAS REVIEWED AND APPROVED BY A COMMITTEE PER THE POLICIES OF THE DEPARTMENT OF HUMAN RESOURCES OF GEORGE MASON UNIVERSITY. INDIVIDUALS ON THE COMMITTEE INCLUDE THE UNIVERSITY PRESIDENT, SENIOR VICE PRESIDENT OF ADMINISTRATION AND FINANCE, CHIEF OF STAFF, AND VICE PRESIDENT OF HUMAN RESOURCES AND PAYROLL. SALARY INFORMATION INCLUDING THE PREVIOUS INCUMBENT'S COMPENSATION, COMPENSATION OF THE SAME POSITION AT THE OTHER VIRGINIA DOCTORAL INSTITUTIONS, AS WELL AS SALARY SURVEY DATA OF GEORGE MASON UNIVERSITY'S PEER INSTITUTIONS AND COMPARABLE DC AREA UNIVERSITIES WAS REVIEWED TO DETERMINE REASONABLENESS OF SALARY. Other Key Employees' compensation is reviewed and approved by the University's equity office and human resources compensation team to determine equity throughout the university, other state agencies, and the marketplace. HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC FORM 990, PART VI, LINE 19 AT https://gmuf.org/, GEORGE MASON UNIVERSITY FOUNDATION, INC.'S ARTICLES OF INCORPORATION, BYLAWS, CODE OF ETHICS STATEMENT, CONFLICT OF INTEREST POLICIES, AUDITED FINANCIAL STATEMENTS, IRS FORMS 990 AND 990-T AND IRS DETERMINATION LETTER ARE PUBLISHED. INDIVIDUALS CAN REQUEST COPIES OF ANY OF THE ABOVE DOCUMENTS AS WELL AS GEORGE MASON UNIVERSITY FOUNDATION, INC.'S FORM 1023. OTHER CHANGES IN NET ASSETS OR FUND BALANCES FORM 990, PART XI, LINE 9 Split Interest Agreements, change in value 135,412 Loss on valuation of land held for sale (280,000) --------- Total (144,588) GMUF Arlington Campus LLC 4400 University Drive Fairfax VA 22030 542010573 real estate VA 10832340 60095634 GMUF GMUF Mason Administration LLC 4400 University Drive Fairfax VA 22030 270937708 real estate VA 1456073 29076197 GMUF GMUF Prince William Housing LLC 4400 University Drive Fairfax VA 22030 452918081 real estate VA 1024472 16914784 GMUF GMUF Prince WillIam Life Sciences Lab 4400 University Drive Fairfax VA 22030 452918190 real estate VA 1908167 31024720 GMUF GMUF Commerce Buildings LLC 4400 University Drive Fairfax VA 22030 462592279 real estate VA 469420 4638943 GMUF GMUF Potomac Heights LLC 4400 University Drive Fairfax VA 22030 823534994 real estate VA 1243927 13696878 GMUF Charitable Remainder Trusts (3) Annuity Trust VA GMUF true false true false false false false false false false true true false true true false true false false false