2013-11-14T10:51:43-06:00 2013-06-30 540565834 MITCHELL WIGGINS & COMPANY LLP 1802 BAYBERRY COURT SUITE 300 RICHMOND VA 23226 990 2012-07-01 202661802 VIRGINIA COMMONWEALTH UNIVERSITY SCHOOL OF BUSINESS FOUNDATION VIRG 8048281487 301 WEST MAIN STREET PO BOX 844000 RICHMOND VA 232844000 KAREN EMMETT COLEMAN 8048281487 2013-11-12 1 M JAMES HARTSON JR CPA P00590214 8042826000 2012 2016-02-25 16:41:14Z KAREN EMMETT COLEMAN 301 WEST MAIN STREET PO BOX 844000 RICHMOND VA 232844000 18832554 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. 34 34 13 0 0 0 975406 2641618 937454 2818577 772111 1216512 684484 4744345 3369455 11421052 2399785 2736191 0 0 163726 58142 0 0 0 2001743 3638373 4565254 6432706 -1195799 4988346 76784320 83127247 58112328 55148573 18671992 27978674 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 3567889 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. 2103997 2736191 4281870 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. 760820 800163 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. 6432706 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 17 0 1 13 1 0 0 0 0 0 1 1 0 0 0 0 X 34 34 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X X KAREN EMMETT COLEMAN 8048281487 301 WEST MAIN STREET POST OFFICE RICHMOND VA 232844000 X G GILMER MINOR III 1.00 X 0 0 0 CHARLES F PHILLIPS III 1.00 X 0 0 0 STEVEN A MARKEL 2.00 X X 0 0 0 ROBERT E HENLEY 2.00 X X 0 0 0 JAMES A BUZZARD 1.00 X 0 0 0 L DANS CALLANS JR 1.00 X 0 0 0 PHYLLIS L COTHRAN 1.00 X 0 0 0 JOSEE G COVINGTON 1.00 X 0 0 0 RICHARD CULLEN 1.00 X 0 0 0 T KENT COX 1.00 X 0 0 0 NANCY C EVERETT 1.00 X 0 0 0 CHARLES H FOSTER JR 1.00 X 0 0 0 MARK M GAMBILL 1.00 X 0 0 0 WILLIAM M GINTHER 1.00 X 0 0 0 A WILLIAM HAMILL 1.00 X 0 0 0 GAIL L LETTS 1.00 X 0 0 0 ALLEN B KING 1.00 X 0 0 0 JOHN P MCCANN 1.00 X 0 0 0 JAMES V MEATH 1.00 X 0 0 0 THURSTON R MOORE ESQUIRE 1.00 X 0 0 0 DR JOHN R NELSON 1.00 X 0 0 0 S BUFORD SCOTT 1.00 X 0 0 0 ROBERT C SLEDD 1.00 X 0 0 0 THOMAS G SNEAD JR 1.00 X 0 0 0 BAXTER F PHILLIPS JR 1.00 X 0 0 0 ERIC P WHITTLETON 1.00 X 0 0 0 DR MICHEAL RAO 2.00 X 0 0 0 DAVID J STIRRUP 1.00 X 0 0 0 ED GRIER 1.00 X 0 0 0 HARRY R THALHIMER 1.00 X 0 0 0 DR PAMELA K ROYALL 1.00 X 0 0 0 GREGORY H WINGFIELD 1.00 X 0 0 0 KAREN EMMETT COLEMAN 2.00 X X 0 0 0 TONYA S MALLORY 1.00 X 0 0 0 0 0 0 0 0 0 0 0 2641618 15592 2641618 RENT INCOME - V.C.U. 531120 2018414 2018414 NON CREDIT COURSE REVENUE 611310 800163 800163 2818577 753409 753409 7872742 7409639 463103 463103 463103 2574 1863 711 711 TRANSFERS FROM VCU FOUNDATION 900099 4273012 4273012 INCOME FROM PASSTHROUGH ENTITIES 900099 462475 462475 MISCELLANEOUS 900099 8147 8147 4743634 11421052 7100447 0 1678987 2736191 2736191 54010 54010 4132 4132 18250 18250 129230 129230 10838 10838 500 500 1089225 1089225 1351646 1351646 15319 15319 COURSE MATERIALS & RELA 760820 760820 OTHER EXPENSES 210337 210337 BAD DEBTS 52208 52208 6432706 6432706 0 0 1066115 2203317 3060463 7177424 1804838 1437017 104889 104527 43701160 7313823 37727274 36387337 17083556 19910864 15670905 15621735 266280 285026 76784320 83127247 33371796 31234577 24715300 23823904 25232 90092 58112328 55148573 X 4775337 7407058 5979771 11899258 7916884 8672358 18671992 27978674 76784320 83127247 X 4988346 2930419 1387917 X X 0 1 X 1 0 X 833722 986068 1002115 975406 2641618 6438929 833722 986068 1002115 975406 2641618 6438929 1466941 4971988 497333 515586 446707 569182 753409 2782217 2736 1343 8147 12226 9233372 15341203 0.53850 0.54390 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 35098689 275853 4126670 2125728 129230 37246254 37303721 280740 281770 2666023 101519 35098689 34825186 376638 4654591 2472506 80188 37303721 34706788 417537 2445804 2673249 71694 34825186 40465377 257214 -4595437 1348672 71694 34706788 0.61610 0.23280 0.15110 0 0 3503036 3503036 40198124 7313823 32884301 36387337 BARLOW PARNTERS OFFSHORE LTD 2673135 F PROPERTY HOLDINGS V 1201688 F GERBER/TAYLOR OFFSHORE 2912919 F 1607 INTERNATIONAL EQUITY FUND, LP 2140313 F CITY OF LONDON 1209333 F WINSTON GLOBAL PARTNERS 1496752 F POINTER OFFSHORE LIMITED 2518055 F ELLIOTT INTERNATIONAL 150885 F PROPERTY HOLDINGS VI 1318655 F 15621735 X 15741251 2930419 1852255 4782674 10958577 462475 462475 11421052 6434569 1863 1863 6432706 0 6432706 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: MANAGEMENT HAS CONCLUDED THAT THE FOUNDATION HAD NO SIGNIFICANT FINANCIAL EXPOSURE TO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2013. THE TAX YEARS OF 2010 TO 2012 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, 2013. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD EXPENSE NETTED WITH REVENUE 1,863. UNREALIZED GAIN ON INTEREST RATE SWAP 1,850,392. PART XI, LINE 4B - OTHER ADJUSTMENTS: INCOME FROM PASSTHROUGH ENTITIES 462,475. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD EXPENSE NETTED WITH REVENUE 1,863. 0 VIRGINIA COMMONWEALTH UNIVERSITY 912 W FRANKLIN STREET RICHMOND VA 232843035 546001758 115 1609173 1127018 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. 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 NOMINATIONS AND GOVERNANCE COMMITTEE OF THE BOARD, AND ANY CONFLICTS DISCLOSED TO THE FULL BOARD 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON INTEREST RATE SWAP AGREEMENT 1,850,392. BOOK/TAX DIFFERENCE INCOME FROM PASSTHROUGH ENTITIES -462,475. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.