2025-05-06T11:06:39-07:00 2024-06-30 990 2023-07-01 237156305 JAMES MADISON UNIVERSITY FOUNDATION INC JAME 5405683187 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Cheryl Lindsay Vice President/CFO 5405683184 2025-05-06 1 2023 2025-03-06 01:10:19Z X Cheryl L Lindsay 1031 Harrison Street MSC 8501 Harrisonburg VA 22824 286444886 0 X www.jmu.edu/foundation X 1969 VA The James Madison University Foundation provides prudent investment policy and stewardship to sustain and grow financial support for the University, while collaborating with the University to create innovative avenues of giving and to meet critical funding initiatives. 22 22 1 27 0 0 17693378 22834461 349541 1120397 2750445 23977018 796559 784505 21589923 48716381 17238512 15765296 0 0 1226240 1281058 0 0 851799 2902320 4263455 21367072 21309809 222851 27406572 214401774 234955587 19335681 18565419 195066093 216390168 X The James Madison University Foundation provides prudent investment policy and stewardship to sustain and grow financial support for the University, while collaborating with the University to create innovative avenues of giving and to meet critical funding initiatives. 0 0 8821168 8767614 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 the James Madison University Foundation's board designation of unrestricted funds. 2978954 2463728 0 Operation & Maintenance of Plant - Includes expenditures for the operation and maintenance of James Madison University's physical plant. Current year expenditures include transfers to James Madison University of donor-designated funds for the construction of a college of business learning complex, and an athletic construction project. 2230904 1485648 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. 2029111 1224551 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. 1355266 1084152 0 Academic Support - Includes expenditures providing support services for programs of instruction, research, and public services. 914061 545586 0 Instruction - Includes expenditures for all activities that are part of JMU's instructional program. 176302 90847 0 Public Service - Includes expenditures for activities established to provide non-instructional educational services beneficial to individuals and groups, internal and external to JMU. 141019 84282 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. 33012 18888 0 Research - Includes expenditures for activities specifically organized to produce educational research at JMU. 4648771 3048306 0 18679797 1 1 0 1 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 1 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 1 1 AK AL AR CA CO CT DC KY MA MD ME MI MN MS NC NH NJ NV NY OH OK OR PA SC TN WA WV X X Cheryl L Lindsay 5405683184 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Warren K Coleman CEO 45.0 5 X 224931 0 36995 Cheryl L Lindsay Vice President/Chief Financial Officer 40 5 X 135523 0 34002 Tammy KC Balser Secretary, Senior Acctg Manager - Operations 39 1 X 92822 0 32896 David S Kay Chair 1 1 X X 0 0 0 John Alouf Trustee 1 1 X 0 0 0 A Jerry Benson Trustee 1 1 X 0 0 0 Jarl Bliss Trustee 1 1 X 0 0 0 Darrel Branch Trustee 1 1 X 0 0 0 Linda W Cross Trustee 1 1 X 0 0 0 Joseph K Funkhouser II Trustee 1 1 X 0 0 0 Enrico Gaglioti Trustee 1 1 X 0 0 0 James E Hartman Trustee 1 1 X 0 0 0 Heather Hedrick Trustee 1 1 X 0 0 0 F Claiborne Johnston III Trustee 1 1 X 0 0 0 Nicholas L Langridge Trustee, Ex-Officio 1 1 X 0 0 0 Ellen W Meyer Trustee 1 1 X 0 0 0 Towana H Moore Trustee, Ex-Officio 1 1 X 0 0 0 Jon Offley Vice Chair 1 1 X X 0 0 0 J Barry Purcell III Trustee 1 1 X 0 0 0 Robin Reifsnider Trustee 1 1 X 0 0 0 James L Riley Trustee 1 1 X 0 0 0 Jennifer E Shirkey Trustee 1 1 X 0 0 0 Paul M Thompson Trustee 1 1 X 0 0 0 Michael S Walden Trustee 1 1 X 0 0 0 Owen Wilson Trustee 1 1 X 0 0 0 453276 0 103893 2 0 1 0 Aramark Campus Services 150 Bluestone Drive MSC 0901 Harrisonburg VA 22807 JMU Dining Services 444699 CornerStone Partners 675 Peter Jefferson Parkway Suite 400 Charlottesville VA 22911 Investment Fees 200000 Collegiate Licensing Company 1075 Peachtree Street Atlanta GA 30309 Trademark/Licensing Management 157385 Monticello Associates 1800 Larimer Street Suite 2100 Denver CO 80202 Investment Fees 150000 4 0 0 87561 0 0 22746900 3190742 22834461 Rent income from affiliated exempt group 532000 1120397 1120397 0 0 0 0 0 0 1120397 3322036 0 0 3322036 0 0 0 0 726043 0 0 726043 0 0 0 0 0 0 0 0 0 0 258317965 0 237662983 0 20654982 0 20654982 0 0 20654982 123984 87561 65522 58462 0 58462 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 48716381 1120397 0 24761523 15765296 15765296 0 0 0 0 0 0 441086 150500 260470 30116 0 0 0 0 600434 278669 309437 12328 77451 34421 35137 7893 98870 30435 65817 2618 63217 22556 35297 5364 0 0 0 0 7190 3002 4188 0 21205 0 21205 0 0 0 0 0 0 0 836858 0 836858 0 614803 562596 7165 45042 83365 66606 1306 15453 218380 182863 19212 16305 64620 18378 46242 0 0 0 0 0 57489 31836 25653 0 244828 225749 16463 2616 0 0 0 0 73442 60139 8624 4679 599911 599911 0 0 0 0 0 0 104867 97208 7659 0 37980 4734 33246 0 Business Meals & Entertaining 743144 207426 11456 524262 Receptions, Banquets, Retreats, Events 144705 136996 676 7033 Small Equipment Purchases and Repairs 164777 161527 3081 169 Bank Service & Credit Card Fees 201066 337 22808 177921 44825 38612 6213 0 21309809 18679797 1778213 851799 253327 232888 7142992 9569495 10410568 8323453 179143 170782 0 0 0 0 9538152 8941798 0 0 53724 122631 5237262 888209 4442302 4349053 81037501 85250374 92739595 109463376 0 0 139696 130674 8464774 8401063 214401774 234955587 254414 600018 0 0 364013 367851 0 0 0 0 0 0 18412183 17308243 0 0 305071 289307 19335681 18565419 X 30470462 35428826 164595631 180961342 195066093 216390168 214401774 234955587 X 27406572 -5930774 0 0 0 -151723 X 0 1 X 1 0 X 15311555 18547007 23801715 17572580 22834461 98067318 0 0 0 0 0 0 0 0 0 0 0 0 15311555 18547007 23801715 17572580 22834461 98067318 8090313 89977005 1564961 2795624 2381566 3651087 4048079 14441317 0 0 0 0 0 0 0 0 0 0 0 0 112508635 1120397 0.79973 0.83962 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 72000 72000 19172958 19244958 1000000 250000 0 0 0 786128 994300 1000000 2780428 4170642 0 98033 85167 72000 255200 0 196532 248575 250000 695107 1042661 0 0 0 0 0 0 326702 0 0 X 0 135362639 11578786 14516194 4781624 0 1159600 155516395 123393340 7561742 10242981 4733824 0 1111600 135352639 154689476 5661588 -31904512 4080112 0 973100 123393340 116670157 6241765 36337919 3666365 0 894000 154689476 111064813 4836411 4874845 3298912 0 807000 116670157 0.11 0.89 0 0 0 1404292 440600 1844892 0 3297903 802077 2495826 0 0 0 0 0 94467 86132 8335 0 0 0 0 4349053 0 0 Public Equity 41533212 F Bonds 10611915 F Diversifying Assets 49381704 F Private Equity 7542460 F Cash Value of Life Insurance Policies 394085 F 109463376 0 Trust & Gift Annuity Obligations 289107 Accrued Payroll Taxes 200 289307 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 poor quality coins to preserve for education purposes. Additionally, in 2022 the Foundation received an art collection affixed inside of a piece of gifted real estate. The Foundation retained this art to preserve and display for educational purposes. Schedule D, Part V, Line 4 The Foundation's endowments are restricted for the following purposes: Academic scholarships: $84,699,559; Administration: $18,326,551; Academics: $25,405,738; Professorships & fellowships: $9,397,340; Athletic Scholarships: $7,710,420; Chair: $6,004,893, and Other: $3,971,894. Schedule D, Part X, Line 2 The Internal Revenue Service has determined that the Foundation is exempt from federal income taxes under IRC Section 501(c)(3) and is organized and operated exclusively for charitable purposes. The Internal Revenue Service has further determined that the Foundation is a public charity as described in IRC Section 509(a)(1). The Foundation has determined that it does not have any material unrecognized tax benefits or obligations as of June 30, 2024 and June 30, 2023. Donations to the Foundation are charitable contributions for tax purposes. Europe (including Iceland and Greenland) 0 0 Investments 5351000 Central America and the Caribbean 0 0 Investments 65902000 0 0 71253000 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 211545 87561 123984 0 20534 5598 29767 7069 2554 0 0 211545 87561 123984 0 20534 5598 29767 7069 2554 65522 58462 1 James Madison University 800 South Main Street Harrisonburg VA 22807 546001756 501(c)(3) 15583605 275885 FMV Tents, Art, Wall Graphics, Pond Stone Edge, Signage, Air Camera, Furniture, and Meteorites Cash Grants: Scholarships - $8,767,614; Budget Recovery - $4,146,481; and Salary Support - $2,669,510 James Madison Innovations 1031 South Main Street MSC 5719 Harrisonburg VA 22807 263916037 30000 To support students within the micro-incubator program that will launch viable startup companies. 1 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 to any individual. X 0 0 0 0 0 0 0 0 0 Warren K Coleman CEO 219064 0 0 0 5867 0 18923 0 18072 0 261926 0 0 0 Cheryl L Lindsay Vice President/Chief Financial Officer 130393 0 4000 0 1130 0 14422 0 19580 0 169525 0 0 0 X 17 15575 Retail Value or Appraisal X 73 2399417 Avg High/Low Trade Price X 1 530000 Fair Market Value X Supplies 4 113547 Retail Value X Artifacts 22 132203 Appraisal 1 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 17 Used number of items contributed Schedule M, Part I, Lines 25-28 Used number of items contributed Form 990, Header, Line B The James Madison University Foundation's CPA firm accidentally filed a blank Form 990 when trying to file the Form 990-T. We were unable to retract the accidentally filed blank return. This amended Form 990 is the original and complete return that would have been filed electronically had not the blank return been submitted in error. Form 990, Part III, Line 4d See statement 1 on Schedule O for a breakdown of other program services. Form 990, Part VI, Section A, Line 1a There are three forms of board directorship - appointed trustees, ex-officio trustees, and adjunct trustees. Adjunct trustees shall have the right to attend meeting of the Board of Trustees, but shall not have the powers, obligations or status of a Trustee. Adjunct Trustees will be the CEO, CFO, and COO of the Foundation. Form 990, Part VI, Section B, Line 11b The Form 990 is prepared by the Foundation's Accounting Manager of Tax and Property. A detailed review of the Form 990 is performed by the Foundation's Controller. An additional review is completed by the CFO/Vice President. The Form 990 is then sent to each board member, with an open comment period. Schedule B is not distributed to the board to maintain donor confidentiality. All other related 990 schedules are disclosed along with the 990. After the comment period elapses, the Form 990 is accepted by the Foundation's audit committee and electronically filed with the IRS. Form 990, Part VI, Section B, Line 12c The Foundation has a Conflict of Interest Policy which requires Foundation officers, trustees, and key employees to disclose all potential conflicts of interest to the Chair of the Board and the Foundation CEO for purposes of review and remedial action. The Board Chair, Chair of the governance committee and the CEO shall confer regarding the potential conflict and determine the appropriate action to resolve the potential conflict. In some cases, notice to the committee members or the full board may be appropriate, in others, recusal from voting on the relevant matter may be the proper course. The interested person may be asked to cease the conflicting activity or may be asked to relinquish his or her role with the Board of Trustees. Each party must sign a conflict of interest disclosure form annually. If at any time during the year, the information in the annual disclosure statement changes materially, such person shall disclose such changes and revise the annual disclosure form accordingly. 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 17 See Statement 2 for a list of states where a copy of the Foundation's 990 is required to be filed. Form 990, Part VI, Section C, Line 19 Governing documents, the Conflict of Interest policy and consolidated financial statements are made available on an as needed basis for valid business purposes. Form 990, Part XI, Line 9 The Foundation wrote-down prior year pledge balances determined to be uncollectible by the Foundation in the current year. 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