2016-02-15T12:12:47-07:00 2015-06-30 990 2014-07-01 237156305 James Madison University Foundation Inc JAME 5405683187 1320 South Main Street MSC 8501 Harrisonburg VA 22807 Cheryl Lindsay Vice President/CFO 5405683184 2016-02-15 2014 2016-08-17 19:52:53Z Thomas H Schaeffer 1320 South Main Street MSC 8501 Harrisonburg VA 22807 34704494 0 X www.jmu.edu/foundation X 1969 VA The purpose of the James Madison University Foundation is to raise, invest and administer private gift funds for the benefit of James Madison University. 19 19 2 0 0 -7288 10418989 13627844 0 370772 17277672 4579548 233847 237509 27930508 18815673 5117392 6954483 0 0 685854 818146 0 0 319030 1716404 1908106 7519650 9680735 20410858 9134938 101578806 111977490 840403 3442449 100738403 108535041 X We support and serve the James Madison University community. Through our advocacy, philanthropy, asset management, and stewardship we enrich the collegiate experience of its students, faculty and staff. 0 0 3517771 3363120 0 Scholarships & Fellowships-Includes expenditures for scholarships and fellowships in the form of grants to students, resulting from selection by donor-established criteria or by JMUF board designation of unrestricted funds. 1299114 967191 0 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 1295606 1049075 0 Operation & Maintenance of Plant - includes expenditures for the operation and maintenance of JMU's physical plant. Current year expenditures include transfers to JMU of donor-designated funds for the construction of an athletic stadium. 1010874 669176 0 Academic support - includes expenditures providing support services for programs of instruction, research and public services 706656 473731 0 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 643039 312445 0 Instruction-Includes expenditures for all activities that are part of JMU's instructional program. 165025 60469 0 Public Service-Includes expenditures for activities established to provide non-instructional educational services beneficial to individuals and groups, internal and external to JMU. 109354 59276 0 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. 13091 0 0 Research-Includes expenditures for activities specifically organized to produce educational research at JMU. 2648039 1575097 0 8760530 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 0 1 0 0 1 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 1 75 0 1 2 1 0 0 0 0 0 1 1 0 0 0 0 X 19 19 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X X Cheryl L Lindsay 5405683184 1320 South Main Street MSC 8501 Harrisonburg VA 22807 A Wesley Graves VI Chair 1 1 X X 0 0 0 Warren K Coleman Vice Chair 1 1 X X 0 0 0 Christine W Johnson Director 1 1 X 0 0 0 F Claiborne Johnston III Director 1 1 X 0 0 0 Charles W King Jr Director, Ex-Officio 1 1 X 0 0 0 Nicholas L Langridge Director, Ex-Officio 1 1 X 0 0 0 Nancy J Lantz Director 1 1 X 0 0 0 Warren K Marshall Sr Director 1 1 X 0 0 0 John Barry Purcell III Director 1 1 X 0 0 0 Christine M Shelton Director 1 1 X 0 0 0 Phillip W Updike Director 1 1 X 0 0 0 Pamela J Ware Director 1 1 X 0 0 0 W Cliff Wood Jr Director 1 1 X 0 0 0 Michael S Walden Director 1 1 X 0 0 0 Ronald Devine Director 1 1 X 0 0 0 Enrico Gaglioti Director 1 1 X 0 0 0 Judith Strickler Director 1 1 X 0 0 0 Dennis I Belcher Director 1 1 X 0 0 0 James E Hartman Director 1 1 X 0 0 0 Thomas H Schaeffer CEO 45 5 X 134303 0 34312 Cheryl L Lindsay Vice President/Chief Financial Officer 40 5 X 83606 0 29791 O Dean Ehlers Secretary 1 1 X 0 0 0 Tammy KC Balser Assistant Secretary 1 1 X 0 0 0 Linwood Rose Vice President of Strategic Planning 35 5 X 120000 0 0 337909 0 64103 2 0 1 0 Harrisonburg Construction Company Inc 3011 John Wayland Highway Dayton VA 22821 Construction/renovation services on rental real estate 1470232 Monticello Associates 1800 Larimer Street Suite 2100 Denver CO 80202 Investment management and custody fees 200000 2 0 0 37473 265461 0 13324910 1495037 13627844 Rent income from affiliated exempt org 532000 370772 370772 0 0 0 0 0 0 370772 806025 0 0 806025 0 0 0 0 245538 0 0 245538 0 0 0 0 0 0 0 0 0 0 19586711 13500 15821229 5459 3765482 8041 3773523 0 0 3773523 54104 37473 62133 -8029 0 -8029 0 0 0 0 0 0 0 0 0 0 0 0 0 18815673 370772 0 4817057 6954483 6954483 0 0 0 0 0 0 298738 109728 175948 13062 0 0 0 0 396936 202186 185299 9451 27912 13644 13169 1099 49132 22295 24465 2372 45428 20894 23150 1384 0 0 0 0 11410 3381 8029 0 18361 0 18361 0 0 0 0 0 0 0 331519 272181 59338 0 96907 89527 7130 250 71493 36220 1092 34181 202453 170548 26143 5762 16307 0 5960 10347 0 0 0 0 1320 0 1320 0 140595 120668 10183 9744 0 0 0 0 152909 147329 5343 237 81277 81277 0 0 0 0 0 0 73052 67722 5330 0 33937 15971 17966 0 Business meals and entertaining 270845 109907 2356 158582 Membership dues 33877 29463 3390 1024 Receptions, banquets, concerts 229702 163129 1883 64690 Small equipment expense 61965 59421 1639 905 80177 70556 3681 5940 9680735 8760530 601175 319030 1300 1300 7449451 6521086 2765628 5849983 56475 53574 0 0 0 0 0 0 0 0 80238 88410 5273114 223910 25664 5049204 47521373 35154147 41602890 58385442 0 0 2145 18455 2073642 855889 101578806 111977490 194611 196006 0 0 0 494195 0 0 0 0 0 0 0 2141111 0 0 645792 611137 840403 3442449 X 14319881 15647052 33995199 36080177 52423323 56807812 100738403 108535041 101578806 111977490 X 9134938 -1502682 0 0 0 164382 X 0 1 X 1 0 X 8836304 7153512 7454438 10393989 13627844 47466087 0 0 0 0 0 0 0 0 0 0 0 0 8836304 7153512 7454438 10393989 13627844 47466087 0 47466087 1635406 1809128 1846995 1625729 806372 7723630 0 0 0 0 0 0 0 0 0 0 0 0 55189717 0 0.86005 0.82833 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 100591 0 0 X 0 78385618 4067228 2373427 2348294 0 529700 81948279 66977946 3898797 10106596 2119921 0 477800 78385618 59577996 2374224 7324408 1877882 0 420800 66977946 57737585 3371181 579480 1730850 0 379400 59577996 48514547 2969115 8289726 1347684 405219 282900 57737585 0.12 0.67 0.21 0 0 1404292 686561 2090853 0 3027130 126078 2901052 0 0 0 0 0 107956 90756 17200 0 47175 7076 40099 5049204 0 0 Absolute return funds - privately held 18239838 F Domestic equity funds - privately held 14808984 F Emerging market funds - privately held 5334330 F Hedged equity funds - privately held 15802676 F International equity funds - privately held 3701897 F Life insurance policies 497717 F 58385442 0 Compensation annuity obligations 203474 Gift annuity obligations 407663 611137 X Schedule D, Part III, Line 4 In 2001, the Foundation granted a large portion of its ancient coin collection to James Madison University for public display and classroom study. The Foundation retained duplicates of the coins delivered to the University and those of poor quality to preserve them for educational purposes. For security, the coins are stored off-site in a safe deposit box. Schedule D, Part V, Line 4 The Foundation's endowments are restricted for the following purposes: Academic scholarships $42,214,864, administration $10,724,432, academics $11,335,961, professorships & fellowships $8,533,196, athletic scholarships $6,132,162, chair $2,253,768, and student affairs $753,896. Schedule D, Part X, Line 2 The Foundation is exempt from federal income taxes under section 501(c)(3) of the Internal Revenue Code and has been determined to be an exempt educational organization. Accordingly, the accompanying consolidated financial statements do not reflect a provision or liability for federal and state income taxes. The Foundation has determined that it does not have any material unrecognized tax benefits or obligations as of June 30, 2015 and 2014. Donations to the Foundation are charitable contributions for tax purposes. The Foundation's income tax returns for 2012, 2013 and 2014 are subject to examination by the Internal Revenue Service. Central America and the Caribbean 0 0 Investments 32150000 Europe (including Iceland and Greenland) 0 0 Investments 4326000 0 0 36476000 1 0 1 1 1 0 Schedule F, Part I, Line 3 The Foundation values investments at fair market value. Reported investment values were rounded to the nearest one thousand. Le Gourmet 91577 37473 54104 0 1183 5111 17751 1750 36338 0 0 91577 37473 54104 0 1183 5111 17751 1750 36338 62133 -8029 1 James Madison University 800 South Main Street Harrisonburg VA 22807 546001756 501(c)(3) 6711931 149987 FMV Art, archaelogical artifacts, scientific specimens, construction materials Scholarships $3,363,120; budget recovery $956,486; salary support $1,327,517; construction funds $958,451; other grants $106,357 James Madison University Real Estate Foundation Inc 1320 South Main Street MSC 8501 Harrisonburg VA 22807 541632549 501(c)(3) 92565 0 Budget support 2 0 Schedule I, Part I, Line 2 The Foundation enforces a disbursement policy that ensures disbursements of funds are made only upon proper authorization by management, supported by proper documentation, for valid business purposes that are reasonable and necessary, properly recorded, and in compliance with government regulations. Disbursements of operating funds must be made in accordance with donor restrictions, if any, for the benefit of James Madison University, and not inure benefit of any individual. X 0 0 0 0 0 0 0 0 0 Thomas H Schaeffer CEO 129303 0 5000 0 0 0 14354 0 19958 0 168615 0 0 0 X 33 95624 retail value X 10607 retail value X 63 1316486 avg high/low trade price X 1 79 cost X 6500 9500 appraisal X 353 9947 retail value X Equipment 3 4022 retail value X Supplies 79 38454 retail value X Travel costs 1 5168 cost X Construction materials 1 5150 cost 3 0 1 0 Schedule M, Part I, Line 1 Used number of items contributed Schedule M, Part I, Line 9 Used number of contributions Schedule M, Part I, Line 19 Used number of contributions Schedule M, Part I, Line 23 - (Line 24 as well) - Used number of items contributed Schedule M, Part I, Lines 25-28 Used number of contributions Form 990, Part I, Line 5 The total number of employees for the Foundation is 9. However, 2 are reported on Form W-3 filed by the Foundation. The remaining 7 are reported on the Form W-3 of the common paymaster. Form 990, Part III, Line 4d See Statement 1 in Schedule O for a detailed breakdown of other program service expenses and grants. Form 990, Part VI, Section A, Line 4 JMU Foundation's Articles of Incorporation were amended to change the defintion of ex-officio directors and to add a board member category of "Adjunct Directors". Adjunct directors have the right to attend meetings of the board but do not have the powers, obligations or status of a Director. Adjunct Directors are not considered in determining a quorum. Form 990, Part VI, Section B, Line 11b The Form 990 is prepared by the Foundation's Senior Accounting Manager of Financial Reporting. A detailed review of the Form 990 is performed by the Foundation's CFO/Vice President. The Form 990 is then emailed to each board member, with an open comment period. After the comment period elapses, the Form 990 is accepted by the Foundation's audit committee and filed with the IRS. Form 990, Part VI, Section B, Line 12c The Foundation has a Conflict of Interest and Self-Dealing Policy which requires Foundation officers, directors and staff to disclose all potential conflicts of interest in writing to the Chair of the Board and the Foundation CEO for purposes of review and remedial action. Such action may include holding the information on file, informing the Board of the appearance of conflict of interest, or requiring the party to either cease and desist the activity or relinquish their position with the Foundation. Each party must sign a conflict of interest disclosure form. Any future conflicts must be disclosed no later than 90 days from the circumstances advent. Form 990, Part VI, Section B, Line 15 The Foundation CEO and Vice President/CFO are compensated by James Madison University Foundation. Compensation is determined using comparable market data and individual employee performance. Annual increases for the Vice President/CFO are determined by the Commonwealth of Virginia or the Foundation's CEO. The Foundation's Executive Committee, with approval from the Board, determines pay adjustments for the CEO. Form 990, Part VI, Section C, Line 19 Governing documents of the Foundation are available to view on its website. The conflict of interest policy and consolidated financial statements are available upon request. Form 990, Part XI, Line 9 Other changes in net assets relate to the following: (1) Effective September 30, 2014 James Madison University Real Estate Foundation, a related organization, transferred four of its real estate properties and the related assets and liabilities of those properties to individual LLCs at net book value. Each LLC is 100% owned by James Madison University Foundation. The total net book value of all assets and liabilities transferred increased net assets by $241,805. (2) JMU Foundation wrote-down prior year pledge balances determined to be uncollectible by the Foundation in the current year. The overall decrease in net assets was $77,424. JMUF Property Holdings LLC 1320 South Main Street MSC 8501 Harrisonburg VA 22807 Real estate management VA 0 0 James Madison University Foundation Inc JMU Foundation-593 University Boulevard LLC 1320 South Main Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 126000 339618 James Madison University Foundation Inc JMU Foundation-3090 South Main Street LLC 1320 South Main Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 0 1104 James Madison University Foundation Inc JMU Foundation-298 Port Republic Road LLC 1320 South Main Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 244772 2639403 James Madison University Foundation Inc JMU Foundation-Jarvis Point LLC 1320 South Main Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 0 92734 James Madison University Foundation Inc James Madison University Real Estate Fdtn Inc 1320 South Main Street MSC 8501 Harrisonburg VA 22807 541632549 manage real property VA 501(c)(3) 11-Type II N/A 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1