2017-02-14T15:53:14-07:00 2016-06-30 990 2015-07-01 237156305 James Madison University Foundation Inc JAME 5405683187 1320 South Main Street MSC 8501 Harrisonburg VA 22807 Cheryl Lindsay Vice President/CFO 5405683184 2017-02-14 2015 2021-01-29 14:40:06Z Thomas H Schaeffer 1320 South Main Street MSC 8501 Harrisonburg VA 22807 35447113 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. 20 20 7 0 4390 0 13627844 17704373 370772 494195 4579548 355716 237509 327515 18815673 18881799 6954483 6316201 0 0 818146 856939 0 0 260943 1908106 2287279 9680735 9460419 9134938 9421380 111977490 118096403 3442449 3233887 108535041 114862516 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 3396867 3247193 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. 1436413 877256 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 1240337 880658 0 Academic support - includes expenditures providing support services for programs of instruction, research and public services 1092784 725556 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 618399 300276 0 Instruction-Includes expenditures for all activities that are part of JMU's instructional program. 354666 102414 494195 Operation & Maintenance of Plant - includes expenditures for the operation and maintenance of JMU's physical plant. 335820 152188 0 Public Service-Includes expenditures for activities established to provide non-instructional educational services beneficial to individuals and groups, internal and external to JMU. 75298 30660 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. 13442 0 0 Research-Includes expenditures for activities specifically organized to produce educational research at JMU. 2490409 1311094 494195 8564026 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 79 0 1 7 1 1 1 0 0 0 0 1 1 0 0 0 0 X 20 20 0 0 0 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 Dennis I Belcher Trustee 1 1 X 0 0 0 Linda Cross Trustee 1 1 X 0 0 0 Ronald Devine 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 Christine W Johnson Trustee 1 1 X 0 0 0 F Claiborne Johnston III Trustee 1 1 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 Warren K Marshall Sr Trustee 1 1 X 0 0 0 John Barry Purcell III Trustee 1 1 X 0 0 0 James Riley Trustee 1 1 X 0 0 0 Christine M Shelton Trustee 1 1 X 0 0 0 Judith Strickler Trustee 1 1 X 0 0 0 Jeffrey Tickle Trustee 1 1 X 0 0 0 Pamela J Ware Trustee 1 1 X 0 0 0 Michael S Walden Trustee 1 1 X 0 0 0 W Cliff Wood Jr Trustee 1 1 X 0 0 0 Thomas H Schaeffer CEO 45 5 X X 135240 0 34849 Cheryl L Lindsay Vice President/Chief Financial Officer 40 5 X X 92727 0 31174 O Dean Ehlers Secretary 9 1 X 31046 0 0 Tammy KC Balser Assistant Secretary, Senior Acctg Manager 39 1 X 69409 0 31107 Linwood Rose Vice President of Strategic Planning 35 5 X 120000 0 0 448422 0 97130 2 0 1 0 Monticello Associates 1800 Larimer Street Suite 2100 Denver CO 80202 Investment fees 250000 1 0 0 13209 192206 0 17498958 912470 17704373 Rent income from affiliated exempt org 532000 494195 494195 0 0 0 0 0 0 494195 777256 0 4390 772866 0 0 0 0 279426 0 0 279426 0 0 0 0 0 0 0 0 0 0 16114887 0 16528454 7973 -413567 -7973 -421540 0 0 -421540 76976 13209 28887 48089 0 48089 0 0 0 0 0 0 0 0 0 0 0 0 0 18881799 494195 4390 678841 6316201 6316201 0 0 0 0 0 0 299934 110780 176168 12986 0 0 0 0 418237 205234 203021 9982 35837 16332 18093 1412 56118 23693 29773 2652 46813 21138 24277 1398 0 0 0 0 51367 48692 2675 0 21806 0 21806 0 0 0 0 0 0 0 393367 322286 71081 0 219863 215416 1594 2853 75987 57869 788 17330 147943 104300 28200 15443 6171 0 6171 0 0 0 0 0 1418 0 1418 0 202569 172777 11256 18536 0 0 0 0 149128 140796 3637 4695 101703 101703 0 0 0 0 0 0 92429 86313 6116 0 37740 19628 18112 0 Business meals and entertaining 307547 154937 3543 149067 Receptions, banquets, concerts 187158 170725 1146 15287 Small equipment expense 112642 109381 883 2378 Arboretum maintenance and planting 109424 109424 0 0 69017 56401 5692 6924 9460419 8564026 635450 260943 2717468 2668414 3804918 6662607 5849983 10585246 53574 69145 0 0 0 0 0 0 0 0 88410 39809 5280708 312973 5049204 4967735 35154147 28763409 58385442 63386369 0 150000 18455 17255 855889 786414 111977490 118096403 196006 166146 0 0 494195 494195 0 0 0 0 0 0 2141111 1984444 0 0 611137 589102 3442449 3233887 X 15647052 15177873 36080177 37180893 56807812 62503750 108535041 114862516 111977490 118096403 X 9421380 -3053905 0 0 0 -40000 X 0 1 X 1 0 X 7153512 7454438 10368989 13627844 17704373 56309156 0 0 0 0 0 0 0 0 0 0 0 0 7153512 7454438 10368989 13627844 17704373 56309156 2359182 53949974 1809128 1846995 1625729 806372 1061019 7149243 0 0 0 0 0 0 0 0 0 0 0 0 63458399 494195 0.85016 0.86005 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 100591 0 0 X 0 81948279 4319821 -3125177 2582977 0 582800 79977146 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 0.11 0.74 0.15 0 0 1404292 686561 2090853 0 3027130 201756 2825374 0 0 0 0 0 115550 94706 20844 0 47175 16511 30664 4967735 0 0 Absolute return funds - privately held 17809829 F Domestic equity funds - privately held 16618993 F Emerging market funds - privately held 2747236 F Hedged equity funds - privately held 14633640 F International equity funds - privately held 11056498 F Life insurance policies 520173 F 63386369 0 Compensation annuity obligations 195889 Gift annuity obligations 393213 589102 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 $41,606,293, administration $10,344,523, academics $11,418,508, professorships & fellowships $7,935,186, athletic scholarships $5,878,427, chair $2,073,580, and student affairs $720,629 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, 2016 and 2015. Donations to the Foundation are charitable contributions for tax purposes. The Foundation's income tax returns for 2013, 2014, and 2015 are subject to examination by the Internal Revenue Service. Central America and the Caribbean 0 0 Investments 30164000 Europe (including Iceland and Greenland) 0 0 Investments 4344000 0 0 34508000 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 90185 13209 76976 0 2712 11418 6840 600 7317 0 0 90185 13209 76976 0 2712 11418 6840 600 7317 28887 48089 1 James Madison University 800 South Main Street Harrisonburg VA 22807 546001756 501(c)(3) 5941549 143539 FMV Art, archaelogical artifacts, scientific specimens, and equipment Scholarships $3,243,594; budget recovery $1,249,885; salary support $1,363,848; other grants $84,222 James Madison University Real Estate Foundation Inc 1320 South Main Street MSC 8501 Harrisonburg VA 22807 541632549 501(c)(3) 93520 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 neccessary, 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 130644 0 4596 0 0 0 14375 0 20474 0 170089 0 0 0 X 111 77189 retail value or appraisal X 3163 retail value X 54 758974 avg high/low trade price X 4 29800 appraisal X 316 9960 retail value X Equipment 3 26840 retail value X Supplies 11 6544 retail value 2 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 23 (Line 24 as well) - Used number of items contributed 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 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 meetings 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 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 Interests Policy which requires Foundation officers, directors, 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 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. 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 conflicts of interests policy and consolidated financial statements are made available on an as needed basis for valid business purposes. Form 990, Part XI, Line 9 JMU Foundation wrote-down prior year pledge balances determined to be uncollectible by the Foundation in the current year. JMUF Property Holdings LLC 1320 South Main Street MSC 8501 Harrisonburg VA 22807 472433121 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 167832 1414488 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 1404342 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 326363 2586572 James Madison University Foundation Inc JMU Foundation-Jarvis Point LLC 1320 South Main Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 0 92792 James Madison University Foundation Inc JMU Foundation-Sundry Properties LLC 1320 South Main Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 0 0 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 0