2016-11-10T15:37:26-06:00 2016-06-30 540565834 MITCHELL WIGGINS & COMPANY LLP 1802 BAYBERRY COURT SUITE 300 RICHMOND VA 23226 990 2015-07-01 202661802 VIRGINIA COMMONWEALTH UNIVERSITY SCHOOL OF BUSINESS FOUNDATION VIRG 8048281487 301 WEST MAIN STREET PO BOX 844000 RICHMOND VA 232844000 LAURA KOTTKAMP EXECUTIVE DIRECTOR 8048281487 2016-11-09 1 M JAMES HARTSON JR CPA P00590214 8042826000 2015 2017-02-10 21:41:12Z LAURA KOTTKAMP 301 WEST MAIN STREET PO BOX 844000 RICHMOND VA 232844000 21819947 0 X WWW.BUSINESS.VCU.EDU X 2005 VA THE FOUNDATION SUPPORTS AND PROMOTES THE ACTIVITIES AND MISSION OF THE SCHOOL OF BUSINESS AT VIRGINIA COMMONWEALTH UNIVERSITY. IT SOLICITS, MANAGES AND DISTRIBUTES ASSETS FOR PROGRAMS WITHIN THE SCHOOL OF BUSINESS. THROUGH THOSE ACTIVITIES, IT PROVIDES RESOURCES TO EDUCATE STUDENTS, ACHIEVE TEACHING EXCELLENCE, AND PROMOTE SCHOLARLY RESEARCH. 36 36 2 0 0 0 1263905 1692070 3196576 3066302 1030289 575012 912623 19193 6403393 5352577 2711104 2600560 0 0 16653 11303 0 0 68790 3528150 3446618 6255907 6058481 147486 -705904 82572309 78287714 50990738 49708213 31581571 28579501 X THE MISSION OF THE FOUNDATION IS TO ASSIST, SUPPORT AND FOSTER THE ACTIVITIES AND MISSION OF THE SCHOOL OF BUSINESS AT VIRGINIA COMMONWEALTH UNIVERSITY. IT SOLICITS, MANAGES AND DISTRIBUTES ASSETS TO BENEFIT PROGRAMS IN THE SCHOOL OF BUSINESS. IT ALSO OWNS PROPERTY WHICH IS LEASED TO VIRGINIA COMMONWEALTH UNIVERSITY TO BE USED FOR SCHOOL OF BUSINESS CLASSES AND ACTIVITIES. 0 0 3282274 999430 2018414 THE VCU SCHOOL OF BUSINESS FOUNDATION OWNS NONRESIDENTIAL REAL ESTATE AND LAND. THAT PROPERTY IS LEASED TO VIRGINIA COMMONWEALTH UNIVERSITY FOR $1 PER YEAR, UNDER A LEASE AGREEMENT WHICH EXPIRES IN 2031, FOR THE PURPOSE OF HOUSING THE MAIN TEACHING AND ACTIVITY FACILITY FOR THE SCHOOL OF BUSINESS. THE REMAINDER OF THE RENTAL INCOME IS IMPUTED. THE FOUNDATION HAS RECORDED AS A LIABILITY AN AMOUNT EQUAL TO THE ESTIMATED PRESENT VALUE OF THE FUTURE RENTAL VALUE OF THE FACILITY OVER THE INITIAL LEASE TERM LESS THE $1 ANNUAL RENT PAYMENT. THE FOUNDATION INCURS INTEREST, DEPRECIATION, AMORTIZATION AND LEGAL EXPENSES WITH REGARDS TO THIS ACTIVITY. 1888588 1601130 19193 THE VCU SCHOOL OF BUSINESS FOUNDATION SUPPORTS PROGRAMMATIC INITIATIVES OF THE SCHOOL OF BUSINESS PRIMARILY BY MANAGING INVESTED FUNDS AND ADMINISTERING THE DISTRIBUTION OF ANNUAL GIFTS, ENDOWMENT AND QUASI-ENDOWMENT FUNDS. THESE PROGRAMS INCLUDE: ENDOWED CHAIRS AND PROFESSORSHIPS, PROVIDING MERIT SCHOLARSHIPS TO MORE THAN 55 STUDENTS ANNUALLY, DEPARTMENTAL SUPPORT OF FACULTY DEVELOPMENT, STUDENT DEVELOPMENT ACTIVITIES, AS WELL AS RESEARCH SUPPORT AND ASSISTANTSHIPS. 818829 1047888 THE VCU SCHOOL OF BUSINESS FOUNDATION ASSISTS AND SUPPORTS VIRGINIA COMMONWEALTH UNIVERSITY'S SCHOOL OF BUSINESS BY PROVIDING EDUCATIONAL CONFERENCES AND NONCREDIT BEARING COURSES FOR MEMBERS OF THE SCHOOL AND COMMUNITY. THESE TYPES OF ACTIVITIES INCLUDE EXECUTIVE EDUCATION COURSES IN LEADERSHIP SKILLS, TECHNICAL TRAINING IN BUSINESS AREAS SUCH AS SIX SIGMA, PROFESSIONAL EXAM REVIEW COURSES AND INDUSTRY CONFERENCES FOR REAL ESTATE, RISK & INSURANCE AND INTERNATIONAL BUSINESS. ANY PROCEEDS FROM CONFERENCES AND NONCREDIT BEARING COURSE REGISTRATIONS THAT EXCEED THE COST OF THE PROGRAMS ARE USED TO SUPPORT PROGRAMMATIC INITIATIVES WITHIN THE SCHOOL OF BUSINESS. 5989691 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 23 0 1 2 1 0 0 0 0 0 1 1 0 0 0 0 X 36 36 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X X LAURA KOTTKAMP 8048281487 301 WEST MAIN STREET POST OFFICE RICHMOND VA 232844000 X JOHN N PULLEN TRUSTEE 1.00 X 0 0 0 CHARLES F PHILLIPS III TREASURER 1.00 X X 0 0 0 STEVEN A MARKEL TRUSTEE 1.00 X 0 0 0 ROBERT E HENLEY VICE CHAIRMAN 1.00 X X 0 0 0 JAMES A BUZZARD TRUSTEE 1.00 X 0 0 0 L DANS CALLANS JR TRUSTEE 1.00 X 0 0 0 PHYLLIS L COTHRAN TRUSTEE 1.00 X 0 0 0 ERIC D CEVIS TRUSTEE 1.00 X 0 0 0 RICHARD CULLEN TRUSTEE 1.00 X 0 0 0 T KENT COX TRUSTEE 1.00 X 0 0 0 HELAYNE SPIVAK EX-OFFICIO 1.00 X 0 0 0 MARK M GAMBILL TRUSTEE 1.00 X 0 0 0 WILLIAM M GINTHER TRUSTEE 1.00 X 0 0 0 A WILLIAM HAMILL TRUSTEE 1.00 X 0 0 0 GAIL L LETTS TRUSTEE 1.00 X 0 0 0 ALLEN B KING TRUSTEE 1.00 X 0 0 0 JOHN P MCCANN TRUSTEE 1.00 X 0 0 0 JAMES V MEATH TRUSTEE 1.00 X 0 0 0 THURSTON R MOORE ESQUIRE TRUSTEE 1.00 X 0 0 0 DR JOHN R NELSON TRUSTEE 1.00 X 0 0 0 S BUFORD SCOTT TRUSTEE 1.00 X 0 0 0 ROBERT C SLEDD TRUSTEE 1.00 X 0 0 0 THOMAS G SNEAD JR CHAIRMAN 1.00 X X 0 0 0 BAXTER F PHILLIPS JR TRUSTEE 1.00 X 0 0 0 ERIC P WHITTLETON TRUSTEE 1.00 X 0 0 0 DR MICHEAL RAO EX-OFFICIO 1.00 X 0 0 0 ED GRIER EX-OFFICIO 2.00 X 0 0 0 HARRY R THALHIMER TRUSTEE 1.00 X 0 0 0 DR PAMELA K ROYALL TRUSTEE 1.00 X 0 0 0 GREGORY H WINGFIELD TRUSTEE 1.00 X 0 0 0 LAURA KOTTKAMP SECRETARY 2.00 X X 0 0 0 ROBERT A SHAMA TRUSTEE 1.00 X 0 0 0 ROBERT S UKROP TRUSTEE 1.00 X 0 0 0 LINDA M WARREN TRUSTEE 1.00 X 0 0 0 FRANK SHORTALL JR EX-OFFICIO 1.00 X 0 0 0 JEFFREY K GRONNING TRUSTEE 1.00 X 0 0 0 JUANITA B LEATHERBERRY TRUSTEE 1.00 X 0 0 0 MARK J NEWFIELD TRUSTEE 1.00 X 0 0 0 0 0 0 0 0 0 0 0 1692070 247884 1692070 RENT INCOME - V.C.U. 531120 2018414 2018414 NON CREDIT COURSE REVENUE 611310 1047888 1047888 3066302 855897 855897 16186485 16467370 -280885 -280885 -280885 MISCELLANEOUS 900099 19193 19193 19193 5352577 3085495 0 575012 2600560 2600560 10500 10500 803 803 19200 19200 143566 143566 210373 210373 5097 5097 2351 2351 2032 2032 931198 931198 1351646 1351646 9051 9051 COURSE MATERIALS & RELA 597153 597153 OTHER EXPENSES 159775 98114 61661 BAD DEBTS 15176 15176 6058481 5989691 0 68790 2659354 2084675 3680762 4364357 319007 579757 128691 64787 43701160 11333634 33707463 32367526 30176876 27937969 11618912 10594292 281244 294351 82572309 78287714 28999691 28718052 21917315 20898331 73732 91830 50990738 49708213 X 8423835 5877640 13060271 11828440 10097465 10873421 31581571 28579501 82572309 78287714 X -705904 -1386410 -909756 X X 0 1 X 1 0 X 975406 2641618 2253513 1263905 1692070 8826512 975406 2641618 2253513 1263905 1692070 8826512 2202895 6623617 569182 753409 794111 798747 855897 3771346 12597858 20307649 0.52580 0.51290 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 42094064 808703 -818239 2981875 143566 38959087 43781044 214042 1153646 2919471 135197 42094064 37246254 4035150 5218970 2619137 100193 43781044 35098689 275853 4126670 2125728 129230 37246254 37303721 280740 281770 2666023 101519 35098689 0.49970 0.27910 0.22120 0 0 3503036 3503036 40198124 11333634 28864490 32367526 PROPERTY HOLDINGS V 786816 F ELLIOTT INTERNATIONAL 298523 F PROPERTY HOLDINGS VI 1013627 F BRAHMAN PARTNERS OFFSHORE II 273232 F BREVAN HOWARD FUND - CLASS B 487015 F BRIDGEWATER PRIVATE INVESTORS CLASS A 468102 F DEERFIELD INTERNATIONAL LTD 390842 F IMPALA SELECT FUND SERIES 2 24802 F LAURION CAPITAL GLOBAL MARKETS CLASS A 586306 F MILLENIUM INTERNATIONAL LTD CLASS FF 596724 F MONARCH DEBT RECOVERY FUND CLASS A 441882 F OCH-ZIFF OZA PRIVATE INVESTORS OFFSHORE 408231 F PAULSON ENHANCED LTD CLASS C 175819 F PERRY INVESTORS OFFSHORE CLASS Q 216319 F QVT OVERSEAS LTD - OMNI 498191 F THE CHILDREN'S INVESTMENT FUND LTD 298663 F TYRUS CAPITAL OPPORTUNITIES FUND 233446 F VALUEACT CAPITAL INTERNATIONAL 281107 F WINTON FUTURES FUND CLASS B 421211 F YORK CREDIT OPPORTUNITIES UNIT TRUST 405301 F ETON PARK CAPITAL MANAGEMENT 396058 F GOLDFINCH FUND 222385 F GLENVIEW SIDECARE FUND 144200 F NWI MANAGEMENT 477225 F OASIS II FUND 606897 F VOLEON MTH 114397 F VOLEON STH 51403 F WARLANDER 275568 F 10594292 X 3056411 -1386410 -909756 -2296166 5352577 0 5352577 6058481 0 6058481 0 6058481 PART V, LINE 4: VARIOUS ENDOWMENTS HAVE BEEN CREATED TO SUPPORT THE FOUNDATION AND ITS MISSION. THE ENDOWMENTS PROVIDE SCHOLARSHIPS, SUPPORT ENDOWED CHAIRS, SUPPORT PROGRAMS AND OTHER INITIATIVES RELATED TO THE SCHOOL OF BUSINESS. PART X, LINE 2: MANAGEMENT HAS CONCLUDED THAT THE FOUNDATION HAD NO SIGNIFICANT FINANCIAL EXPOSURE TO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2016. THE TAX YEARS OF 2013 TO 2015 REMAIN SUBJECT TO EXAMINATION BY THE TAXING AUTHORITIES. THE ORGANIZATION INCLUDES PENALTIES AND INTEREST ASSESSED BY INCOME TAXING AUTHORITIES IN OPERATING EXPENSES. THE ORGANIZATION DID NOT HAVE PENALTIES AND INTEREST EXPENSES FOR THE YEAR ENDED JUNE 30, 2016. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED LOSS ON INTEREST RATE SWAP -909,756. 1 VIRGINIA COMMONWEALTH UNIVERSITY 912 W FRANKLIN STREET RICHMOND VA 232843035 546001758 115 1601130 999430 PRESENT VALUE ADJUSTMENT FOR ACCRUED CONTRIBUTION TO VCU FOR FUTURE RENT ASSISTANCE IS PROVIDED IN ORDER TO SUPPORT THE EDUCATIONAL, SCIENTIFIC AND CHARITABLE ACTIVITIES OF VIRGINIA COMMONWEALTH UNIVERSITY. 1 X 14 247884 QUOTED MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED AND DISCUSSED BY THE MEMBERS OF THE AUDIT COMMITTEE PRIOR TO FILING. THE FORM IS MADE AVAILABLE TO ALL MEMBERS OF THE GOVERNING BODY AFTER THE ADUIT COMMITTEE HAS GIVEN APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, ALL MEMBERS OF THE BOARD OF TRUSTEES ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT IN ORDER TO DISCLOSE THE EXISTENCE OF ANY CONFLICTS. THE DISCLOSURES ARE REVIEWED BY THE AUDIT COMMITTEE, WHO THEN BRINGS ANY POTENTIAL CONFLICTS TO THE NOMINATIONS AND GOVERNANCE COMMITTEE NO LESS FREQUENTLY THAN ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR KEY POSITIONS IS GOVERNED BY APPLICABLE POLICIES ENFORCED BY VIRGINIA COMMONWEALTH UNIVERSITY AND THE COMMONWEALTH OF VIRGINIA. COMPENSATION IS DETERMINED USING COMPARABILITY DATA, AND REVIEWED AT THE UNIVERSITY LEVEL FOR COMPLIANCE WITH EXISTING POLICIES. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS, THE MOST RECENT FORM 990 AND GOVERNING DOCUMENTS ARE POSTED ON THE VCU SCHOOL OF BUSINESS WEBSITE. PRINTED COPIES ARE AVAILABLE BY WRITTEN REQUEST RECEIVED BY MAIL AT THE ORGANIZATION'S BUSINESS ADDRESS. FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON INTEREST RATE SWAP AGREEMENT -909,756. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.