2012-11-13T13:42:42-06:00 2012-06-30 540565834 MITCHELL WIGGINS & COMPANY LLP 1802 BAYBERRY COURT SUITE 300 RICHMOND VA 23226 990 2011-07-01 202661802 VIRGINIA COMMONWEALTH UNIVERSITY SCHOOL OF BUSINESS FOUNDATION VIRG 8048281487 301 WEST MAIN STREET PO BOX 844000 RICHMOND VA 232844000 KAREN EMMETT COLEMAN 8048281487 2012-11-09 1 M JAMES HARTSON JR CPA P00590214 8042826000 2011 2016-02-24 21:20:13Z KAREN EMMETT COLEMAN 301 WEST MAIN STREET PO BOX 844000 RICHMOND VA 232844000 10190830 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. 35 35 12 0 0 0 1002115 975406 653906 937454 608320 772111 669504 684484 2933845 3369455 2239607 2399785 0 0 144764 163726 0 0 0 1993879 2001743 4378250 4565254 -1444405 -1195799 79916490 76784320 57045274 58112328 22871216 18671992 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 2211024 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. 1450595 2635 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. 903635 937454 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. 4565254 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 0 1 11 0 1 12 1 0 0 0 0 0 0 0 0 0 0 X 35 35 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 JAMES E ROGERS 1.00 X 0 0 0 RANJIT SEN 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 MARY ANN STEINER 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 0 0 0 0 0 0 0 0 975406 23384 975406 NON CREDIT COURSE REVE 611310 937454 937454 937454 569182 569182 2018414 1351646 666768 666768 666768 5666968 5464039 202929 202929 202929 6982 5690 1292 1292 INCOME FROM PASSTHROUG 900099 15081 15081 MISCELLANEOUS 900099 1343 1343 16424 3369455 940089 0 1453960 2399785 2399785 152091 152091 11635 11635 18500 18500 101519 101519 14036 14036 3442 3442 1045132 1045132 8131 8131 COURSE MATERIALS & RELA 725873 725873 OTHER EXPENSES 77844 77844 BAD DEBTS 7266 7266 4565254 4565254 0 0 504162 1066115 4721072 3060463 3752273 1804838 132759 104889 43701160 5973886 39067211 37727274 17061004 17083556 14327299 15670905 350710 266280 79916490 76784320 31459512 33371796 25567822 24715300 17940 25232 57045274 58112328 X 8480350 4775337 6523275 5979771 7867591 7916884 22871216 18671992 79916490 76784320 X -1195799 -3003425 X X 0 1 1 X 0 X 11211474 833722 986068 1002115 975406 15008785 11211474 833722 986068 1002115 975406 15008785 465260 14543525 1621674 2515747 2534000 2465121 2587596 11724138 2736 1343 4079 26737002 4873354 0.54390 0.59030 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 37303721 280740 281770 2666023 101519 35098689 34825186 376638 4654591 2472506 80188 37303721 34706788 417537 2445804 2673249 71694 34825186 40465377 257214 -4595437 1348672 71694 34706788 0.64400 0.35600 0 0 3503036 3503036 40198124 5973886 34224238 37727274 BARLOW PARNTERS OFFSHORE LTD 2979682 F PROPERTY HOLDINGS V 1397388 F GERBER/TAYLOR OFFSHORE 3119175 F 1607 INTERNATIONAL EQUITY FUND, LP 1783878 F CITY OF LONDON 1160221 F WINSTON GLOBAL PARTNERS 1348285 F POINTER OFFSHORE LIMITED 2794617 F ELLIOTT INTERNATIONAL 130301 F PROPERTY HOLDINGS VI 957358 F 15670905 3369455 4565254 -1195799 -487835 -2515590 -3003425 -4199224 4223875 -487835 1357336 869501 3354374 15081 15081 3369455 8423099 3857845 3857845 4565254 0 4565254 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: THE ORGANIZATION APPLIES THE ACCOUNTING STANDARD REGARDING "ACCOUNTING FOR UNCERTAIN TAX POSITIONS". THIS STANDARD PROVIDES DETAILED GUIDANCE FOR FINANCIAL STATEMENT RECOGNITION, MEASUREMENT, AND DISCLOSURE OF UNCERTAIN TAX POSITIONS RECOGNIZED IN THE ORGANIZATION'S FINANCIAL STATEMENTS. IT REQUIRES AN ENTITY TO RECOGNIZE THE FINANCIAL STATEMENT IMPACT OF A TAX POSITION WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL NOT BE SUSTAINED UPON EXAMINATION. THE ADOPTION OF THIS STANDARD HAD NO MATERIAL EFFECT ON THE ORGANIZATION'S FINANCIAL POSITION, RESULTS OF OPERATIONS, OR CASH FLOW. THE TAX YEARS OF 2008 TO 2011 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, 2012. PART XI, LINE 8 - OTHER ADJUSTMENTS: UNREALIZED LOSS ON INTEREST RATE SWAP AGREEMENT -2,500,509. BOOK/TAX DIFFERENCE INCOME FROM PASSTHROUGH ENTITIES -15,081. TOTAL TO SCHEDULE D, PART XI, LINE 8: -2,515,590. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD EXPENSE NETTED WITH REVENUE 5,690. RENTAL EXPENSES LINE 6B INCLUDED IN EXPENSES IN FINANCIAL STATEMENTS 1,351,646. PART XII, LINE 4B - OTHER ADJUSTMENTS: INCOME FROM PASSTHROUGH ENTITIES 15,081. PART XIII, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED LOSS ON INTEREST RATE SWAP 2,500,509. COST OF GOODS SOLD EXPENSE NETTED WITH REVENUE 5,690. RENTAL EXPENSES NETTED AGAINST RENTAL INCOME IN RETURN 1,351,646. 0 VIRGINIA COMMONWEALTH UNIVERSITY 912 W FRANKLIN STREET RICHMOND VA 232843035 546001758 115 1233893 1165892 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 ALL INVESTMENT AND BUSINESS TRANSACTIONS OF THE FOUNDATION ARE REVIEWED BY THE EXECUTIVE DIRECTOR TO ENSURE THERE IS NO CONFLICT OF INTEREST WITH ANY TRUSTEE IN MATTERS RELATING TO THE FOUNDATION. 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. 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 5: NET UNREALIZED LOSSES ON INVESTMENTS: -487,835. UNREALIZED LOSS ON INTEREST RATE SWAP AGREEMENT -2,500,509. BOOK/TAX DIFFERENCE INCOME FROM PASSTHROUGH ENTITIES -15,081. TOTAL TO FORM 990, PART XI, LINE 5: -3,003,425. THE OVERSIGHT PROCESS AND SELECTION PROCESS HAVE NOT CHANGED FROM THE PREVIOUS YEAR.