2022-03-14T11:32:22-07:00 2021-06-30 990 2020-07-01 237156305 JAMES MADISON UNIVERSITY FOUNDATION INC JAME 5405683187 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Cheryl Lindsay Vice President/CFO 5405683184 2022-02-25 1 11 1 AAL2 2020 2022-09-23 18:48:47Z Cheryl Lindsay 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 38715896 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. 21 21 9 19 0 0 15340780 18588507 326363 326363 2456466 4356908 384829 374715 18508438 23646493 12562917 14469788 0 0 990125 999442 0 0 294572 2278628 2086465 15831670 17555695 2676768 6090798 191139680 232657669 23316097 22405697 167823583 210251972 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 6373373 5850959 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 for the construction of an academic learning complex. 5242005 5006404 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. 2034549 1268923 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. 1230586 1128690 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 1025316 812103 0 Academic Support - Includes expenditures providing support services for programs of instruction, research and public services. 373850 282101 0 Instruction - Includes expenditures for all activities that are part of JMU's instructional program. 121881 95118 0 Public Service - Includes expenditures for activities established to provide non-instructional educational services beneficial to individuals and groups, internal and external to JMU. 44895 12826 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. 24033 12665 0 Research - Includes expenditures for activities specifically organized to produce educational research at JMU. 2820561 2343503 0 16470488 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 36 0 1 9 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 1 1 X X Cheryl L Lindsay 5405683184 1320 South Main Street MSC 8501 Harrisonburg VA 22807 Warren K Coleman CEO 45 5 X 179482 0 32080 Cheryl L Lindsay Vice President/Chief Financial Officer 40 5 X 111725 0 37293 Tammy KC Balser Secretary, Senior Acctg Manager - Operations 39 1 X 82462 0 28547 Linda W Cross Chair 1 1 X 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 Ronald C Devine 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 F Claiborne Johnston III Trustee 1 1 X 0 0 0 David S Kay Trustee 1 1.00 X 0 0 0 Charles W King Jr Trustee, Ex-Officio 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 Jon Offley Trustee 1 1 X 0 0 0 John Barry Purcell III Vice Chair 1 1 X 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 1.0 X 0 0 0 Spencer R Stouffer II Trustee 1 1.0 X 0 0 0 Paul M Thompson Trustee 1 1 X 0 0 0 Michael S Walden Trustee 1 1 X 0 0 0 373669 0 97920 2 0 1 0 Monticello Associates 1800 Larimer Street Suite 2100 Denver CO 80202 Investment fees 200000 Harrisonburg Construction Inc 3011 John Wayland Hwy Dayton VA 22821 Construction fees 5122280 2 0 0 10444 606253 175100 17796710 1553509 18588507 Rent income from affiliated exempt organizations 532000 326363 326363 0 0 0 0 0 0 326363 2453208 0 0 2453208 0 0 0 0 342416 0 0 342416 0 0 16969801 820 15066550 371 1903251 449 1903700 0 0 1903700 34781 10444 2482 32299 0 32299 0 23646493 326363 0 4731623 14469788 14469788 368222 127551 216195 24476 437574 184930 236547 16097 63064 26447 34250 2367 76827 21349 52063 3415 53755 20887 30378 2490 0 1931 209 1722 0 20700 0 20700 0 377846 313235 64611 0 166315 104905 8160 53250 55208 35937 726 18545 126857 102059 23382 1416 78861 11888 47973 19000 468 0 468 0 22869 18040 4651 178 67636 62009 4936 691 770353 770353 0 0 83196 75424 7772 0 52279 31577 20702 0 Business meals & entertainment 45495 23468 2065 19962 Receptions, banquests and concerts 1642 1169 0 473 Small equipment purchases and repairs 35910 31090 4820 0 Arboretum maintenance and planting 4682 4682 0 0 174217 33491 8514 132212 17555695 16470488 790635 294572 5918642 6452410 7179837 2906492 12877951 11827753 45436 228260 11238916 10777820 107957 78033 3970555 574454 11713300 3396101 42707234 57846094 98495384 130059187 73272 154413 781751 8931106 191139680 232657669 1618080 166500 1138142 1305850 20018508 20589707 541367 343640 23316097 22405697 X 24481965 32007258 143341618 178244714 167823583 210251972 191139680 232657669 X 6090798 36481591 0 0 0 -144000 X 0 1 X 1 0 X 17816960 17520031 21088622 15340780 18588507 90354900 0 0 0 0 0 0 0 0 17816960 17520031 21088622 15340780 18588507 90354900 3583826 86771074 1212464 1493156 1628302 1564961 2795624 8694507 5809 6576 0 0 0 12385 0 0 0 0 0 0 99061792 326363 0.87593 0.90185 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 72000 0 0 0 72000 0 Schedule C, Part II-B, Line 1 The Foundation paid an outside consultant to assist with promoting higher education initiatives to state legislature officials. 0 100591 0 0 X 0 116670157 6241765 36337919 3666365 0 894000 154689476 111064813 4836411 4874845 3298912 0 807000 116670157 103924454 6056673 4959419 3156933 0 718800 111064813 93160366 7541823 6858872 2966507 0 670100 103924454 79977146 5724059 10883543 2786582 0 637800 93160366 0.11 0.89 0 0 0 1404292 29000 1433292 0 2363528 437745 1925783 0 0 0 0 0 121048 101584 19464 0 52687 35125 17562 3396101 Absolute return 9595589 F Domestic equities 39587119 F Emerging markets 15192377 F Hedged equities 42062219 F International equities 16341749 F Opportunistic 6878510 F Cash value of insurance policies 401624 F 130059187 0 Trust & gift annuity obligations 343640 343640 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 education 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:$79,257,428; Administration:$18,386,050;Academics:$26,563,245;Professorships & fellowships:$11,172,898;Athletic scholarships:$8,923,443;Chair:$6,744,611; and Student Affairs:$3,641,801. 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, 2021 and 2020. Donations to the Foundation are charitable contributions for tax purposes. Central America and the Caribbean 0 0 Investments 79185000 Europe (including Iceland and Greenland) 0 0 Investments 6791000 0 0 85976000 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 45225 10444 34781 105 0 0 0 0 2377 0 0 45225 10444 34781 105 0 0 0 0 2377 2482 32299 1 James Madison University 800 South Main Street Harrisonburg VA 22807 546001756 501(c)(3) 14427043 0 FMV Scholarships - $5,006,404; Awards - $147; Budget recovery - $1,017,535; Salary Support - $2,602,957; Capital Support - $5,800,000. James Madison University Real Estate Foundation Inc 1031 Harrison Street Harrisonburg VA 22807 541632549 501(c)(3) 31800 0 FMV Budget Support - $31,800. 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 to any individual. X 0 0 0 0 0 0 0 0 0 Warren K Coleman CEO 177011 0 0 0 2471 0 15321 0 16759 0 211562 0 0 0 X 1 4508 Retail value or appraisal X 74 1488381 Avg high/low trade price X 27 3799 Retail value or appraisal X Supplies 4 54845 Retail value X Archival records 3 1976 Retail value or appraisal 0 0 1 0 Schedule M, Part I, Line 1 (Line 24 as well) - Used number of items contributed. Schedule M, Part I, Line 9 Used number of contributions. Schedule M, Part I, Lines 25-28 Used number of contributions. Form 990, Part III, Line 4d See statement 1 on Schedule O for a breakdown of other program services. 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, and high-level review by the Foundation's 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 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. JMUF Property Holdings LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 472433121 Real estate management VA 0 0 James Madison University Foundation Inc JMU Foundation-3090 South Main Street LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 0 1404301 James Madison University Foundation Inc JMU Foundation-298 Port Republic Road LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 326363 2328149 James Madison University Foundation Inc JMU Foundation-Sundry Properties LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 0 0 James Madison University Foundation Inc JMU Foundation-1031 Harrison Street LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 658680 9183074 James Madison University Foundation Inc JMU Foundation-Oak Hill Drive LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 0 29002 James Madison University Foundation Inc James Madison University Real Estate Fdtn Inc 1031 Harrison 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 0