2025-02-28T15:44:12+00:00 2024-06-30 440160260 Forvis Mazars LLP 120 E Palmetto Park Road Suite 403 Boca Raton FL 33432 990 2023-07-01 510205333 Virginia Museum of Fine Arts Foundation VIRG 8043401515 201 N Arthur Ashe Boulevard Richmond VA 23220 Andrew Harris Chief Financial Officer 2025-02-28 true April Arnold P01559426 5612991820 2025-01-15 2023 2025-03-06 01:10:19Z Andrew M Harris 201 N Arthur Ashe Boulevard Richmond VA 23220 95423526 false X n/a X 1976 VA THE VIRGINIA MUSEUM OF FINE ARTS FOUNDATION (Foundation) WAS FOUNDED IN 1976 TO SUPPORT THE VIRGINIA MUSEUM OF FINE ARTS (MUSEUM), AN AGENCY OF THE COMMONWEALTH OF VIRGINIA. TO ACCOMPLISH ITS MISSION, THE FOUNDATION ADMINISTERS A COMPREHENSIVE FUND RAISING PROGRAM, INVESTS PRIVATE ASSETS SUCH AS ENDOWMENTS, AND OWNS AND MAINTAINS PIECES OF REAL ESTATE USED BY THE MUSEUM FOR PROGRAM AND ADMINISTRATIVE FUNCTIONS. ALL SUCH ACTIVITIES ARE UNDERTAKEN AT THE REQUEST OF THE MUSEUM'S BOARD OF TRUSTEES. 33 33 35 140 44252 0 21568528 25710756 0 11494704 8296193 194447 176661 33257679 34183610 30112102 32028369 0 2807653 3603466 0 2119313 3108329 3645058 36028084 39276893 -2770405 -5093283 320872335 337151601 49918414 49887390 270953921 287264211 THE MISSION OF THE VIRGINIA MUSEUM OF FINE ARTS FOUNDATION IS TO SUPPORT THE VIRGINIA MUSEUM OF FINE ARTS THROUGH A COMPREHENSIVE FUNDRAISING AND DONOR CULTIVATION PROGRAM AND THE INVESTMENT AND MANAGEMENT OF PRIVATE ASSETS. THIS SUPPORT ENHANCES THE ABILITY OF THE MUSEUM OF FINE ARTS (MUSEUM), AN AGENCY OF THE COMMONWEALTH OF VIRGINIA. TO ACCOMPLISH ITS MISSION, THE FOUNDATION ADMINISTERS A COMPREHENSIVE FUND RAISING PROGRAM, INVESTS PRIVATE ASSETS SUCH AS ENDOWMENTS, AND OWNS AND MAINTAINS PIECES OF REAL ESTATE USED BY THE MUSEUM FOR PROGRAM AND ADMINISTRATIVE FUNCTIONS. ALL SUCH ACTIVITIES ARE UNDERTAKEN AT THE REQUEST OF THE MUSEUM'S BOARD OF TRUSTEES. false false 33450876 32028369 0 OVER THE PAST YEAR THE FOUNDATION HAS MANAGED THE PRIVATE INSTITUTIONAL aDVANCEMENT PROGRAM FOR THE VIRGINIA MUSEUM OF FINE ARTS, AN AGENCY OF THE COMMONWEALTH OF VIRGINIA. THE RESULTS OF THOSE FUND RAISING EFFORTS ARE REFLECTED IN THE DATA LISTED ON THIS RETURN. IN ADDITION, ENDOWMENTS HELD IN TRUST BY THE FOUNDATION FOR THE BENEFIT OF THE MUSEUM HAVE BEEN INVESTED, THE MANAGERS EVALUATED, THE INVESTMENT POLICY REVIEWED, AND FUNDS DISTRIBUTED IN ACCORDANCE WITH DONOR INTENT. 33450876 true true false true false false false false true true true false false true true false true false false true false false false false false false true false true true false false false false false false false false false false true false false false true false false false false true X 62 0 true 35 true true true false false false false true true false false false false false false X 33 33 false false false false false false false true true false false true true true true true true true true false VA X Alexander L Nyerges 8043401515 201 N Arthur Ashe Boulevard Richmond VA 23220 Agustin E Rodriguez Secretary 1.0 X X 0 0 0 Charlotte B McGee Vice-President 1.0 X X 0 0 0 Michael C Bisceglia Treasurer 1.0 X X 0 0 0 Stanley J Olander Jr President 2.0 X X 0 0 0 Adrianne Joseph Director 1.0 X 0 0 0 Alex Cecil Director 1.0 X 0 0 0 Anne Marie Irani Director 1.0 X 0 0 0 Anumpama Agarwal Director 1.0 X 0 0 0 Bebe Heiner Director 1.0 X 0 0 0 Brian Jackson Director 1.0 X 0 0 0 Brock Saunders Director 1.0 X 0 0 0 Carolyn Garner Director 1.0 X 0 0 0 Celia Rafalko Director 1.0 X 0 0 0 Charles T Hodges Director 1.0 X 0 0 0 Charlie Whitaker Director 1.0 X 0 0 0 Damian Klute Director 1.0 X 0 0 0 Deborah Valentine Director 1.0 X 0 0 0 Elizabeth EA Blue Director 1.0 X 0 0 0 Elizabeth Harris Rose Director 1.0 X 0 0 0 Elizabeth Locke Director 1.0 X 0 0 0 Eucharia N Jackson Director 1.0 X 0 0 0 Farhad Aghdami Director 1.0 X 0 0 0 Jacqueline Rogers Director 1.0 X 0 0 0 Jennifer L Schooley Director 1.0 X 0 0 0 Jennifer L Sisk Director 1.0 X 0 0 0 KC Graham Director 1.0 X 0 0 0 Kelly Till Director 1.0 X 0 0 0 Larry Kochard Director 1.0 X 0 0 0 Marshall Acuff Director 1.0 X 0 0 0 Mary C Frediani Director 1.0 X 0 0 0 Michael D Williams Director 2.0 X 0 0 0 Michael Schewel Director 1.0 X 0 0 0 Page E Corey director 1.0 X 0 0 0 Alexander L Nyerges Chief Operating Officer 22.0 X 419539 0 216573 Andrew Harris Chief Financial Officer 22.0 X 154686 0 53636 Elizabeth Oliver Director of Principal Gifts 40.0 X 125248 0 11635 Erin Elder Director of Major Gifts 40.0 X 107007 0 32471 Hazel Duncan Director of Accounting 40.0 X 142643 0 25844 Jasmonn Coleman Asst. Deputy Director of Development 40.0 X 188967 0 35276 Tom Gutenberger Deputy Director of Advancement 40.0 X 670596 0 75089 1808686 0 450524 7 false true true Hourigan 4429 Bonney Road Virginia Beach VA 23462 Construction & Development 269765 Silchester 50 South Lasalle Street Chicago IL 60603 Investment Management 164577 Monticello Associates 1200 17th Street Suite 2600 Denver CO 80202 Investment Management 117500 Area 17 Media LLC 26 Dobbin Street 3rd Floor Brooklyn NY 11222 Website development 100000 4 662450 25048306 899487 25710756 0 0 0 0 0 1483640 -132409 1616049 0 0 68052469 61239916 6812553 0 6812553 6812553 Bed and Breakfast Income 721000 176661 176661 0 0 0 0 176661 34183610 0 44252 8428602 32028369 32028369 844942 59146 506965 278831 1924736 115234 573496 1236006 269947 18499 162274 89174 375456 25730 225699 124027 188385 12910 113244 62231 50598 50598 66600 66600 24000 24000 501372 501372 126300 60782 65518 0 1699 1699 256723 133271 98336 25116 222899 222899 176779 176779 237281 66728 14241 156312 46582 46582 1023066 845016 178050 177079 177079 53191 53191 Miscellaneous 438691 438691 Special Events 242198 85191 9391 147616 0 0 0 0 39276893 33450876 3706704 2119313 8050217 6643202 5205845 7975371 856314 13855 0 0 30463 71251 6769563 1935172 4483681 4834391 106642606 102937966 186911654 209778237 0 8691555 4897328 320872335 337151601 205031 625598 41610387 41616306 0 4151092 4075248 3951904 3570238 49918414 49887390 -16685746 -19367801 287639667 306632012 270953921 287264211 320872335 337151601 X -5093283 21556607 -153034 X false true X true false X 19556282 20861599 38676098 21568528 25710756 126373263 0 0 19556282 20861599 38676098 21568528 25710756 126373263 14713289 111659974 1622095 1277156 3949970 1829874 1616049 10295144 53632 122559 77795 110881 0 364867 0 0 0 0 0 0 137033274 0 0.8148 0.8398 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 24000 24000 false Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY Legislative Monitoring 264824954 10713369 26266733 17985987 283819069 253874707 4269110 23246214 16565077 264824954 311089548 4514597 -50018149 11711289 253874707 244428910 3297166 75422502 12059030 311089548 244750430 5033009 -1714571 3639958 244428910 0.0547 0.9453 0.0 false false 1294114 1294114 4941825 1703874 3237951 367937 146886 221051 107887 26612 81275 57800 57800 0 4834391 Limited Partnerships 209778237 F 209778237 Annuities Payable 3570238 3570238 X 55085811 21556607 -153034 21403573 33682238 501372 0 501372 34183610 38775521 0 0 38775521 501372 0 501372 39276893 Schedule D, Part V, Line 4 Intended uses of endowment funds THE FOUNDATION'S ENDOWMENT CONSISTS OF VARIOUS INDIVIDUAL FUNDS THAT WERE ESTABLISHED FOR A VARIETY OF PURPOSES. THE FOUNDATION SPENDS IN ACCORDANCE WITH A BOARD ADOPTED POLICY BASED UPON ACCUMULATED EARNINGS AS DIRECTED BY DONORS AND ACTIONS OF THE BOARD OF DIRECTORS. THE PRIMARY OBJECTIVE OF THE ENDOWMENT FUNDS IS LONG-TERM CAPITAL APPRECIATION AND TOTAL RETURN. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote VIRGINIA MUSEUM OF FINE ARTS FOUNDATION IS EXEMPT FROM INCOME TAX UNDER THE INTERNAL REVENUE CODE SECTION 501(C)(3) AND THE TAX STATUTES OF THE COMMONWEALTH OF VIRGINIA; ACCORDINGLY, THE ACCOMPANYING FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION OR LIABILITY FOR FEDERAL AND STATE INCOME TAXES. THE LLC IS A DISREGARDED ENTITY FOR TAX PURPOSES AND IS INCLUDED IN THE FOUNDATION FILINGS. THERE ARE CERTAIN ACTIVITIES CONDUCTED BY THE FOUNDATION THAT ARE CONSIDERED UNRELATED BUSINESS ACTIVITIES WHICH ARE NOT EXEMPT FROM FEDERAL AND STATE INCOME TAX. THE FOUNDATION FILES TIMELY FEDERAL AND STATE RETURNS FOR THESE ACTIVITIES AND MAKES THE NECESSARY TAX PAYMENTS, IF APPLICABLE. THE FOUNDATION HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF JUNE 30, 2024 OR 2023. FISCAL YEARS ENDING ON OR AFTER 2021 REMAIN SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 Change in FMV of Trusts and Annuities - -153034 Central America and the Caribbean 0 0 Investments 89924184 Europe (Including Iceland and Greenland) 0 0 Investments 11832195 0 0 0 0 0 0 101756379 0 101756379 true false true true true false Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual true VIRGINIA MUSEUM OF FINE ARTS 200 North Arthur Ashe Boulevard Richmond VA 23220 546001804 115 32028369 To assist in implementing and funding programs, projects, and operations of the Virignia Museum of Fine Arts. For the year ended June 30, 2024, assistance was used for curatorial, art acquisition, education and outreach, and management and general expenses. 1 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. THE ORGANIZATION WAS FORMED FOR THE PURPOSE OF IMPLEMENTING AND FUNDING PROGRAMS, PROJECTS AND OPERATIONS OF THE VIRGINIA MUSEUM OF FINE ARTS, WHICH ARE AUTHORIZED AND APPROVED BY THE BOARD OF TRUSTEES OF THE VIRGINIA MUSEUM OF FINE ARTS. X X X X X X false true false false false false false false false Alexander L Nyerges Chief Operating Officer 269539 0 150000 0 0 0 172240 0 44333 0 636112 0 0 0 Andrew Harris Chief Financial Officer 154686 0 0 0 0 0 25446 0 28190 0 208322 0 0 0 Jasmonn Coleman Asst. Deputy Director of Development 173967 0 15000 0 0 0 22084 0 13192 0 224243 0 0 0 Hazel Duncan Director of Accounting 142643 0 0 0 0 0 17447 0 8397 0 168487 0 0 0 Tom Gutenberger Deputy Director of Advancement 470596 0 200000 0 0 0 41369 0 33720 0 745685 0 0 0 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan The Foundation entered into a supplemental benefit agreement, 457(f) plan, effective June 1, 2009 to pay an officer of the Museum additional amounts upon his retirement. As of August 1, 2011 all contributions to this account are 100% vested. EACH YEAR, THE FOUNDATION CONTRIBUTES THE DIFFERENCE between $100,000 and the amount credited under the 457(b) plan to a supplemental benefit account. $172,000 WAS CONTRIBUTED IN 2023 AND IS INCLUDED ON FORM 990, PART VII, SECTION A AND SCHEDULE J. EFFECTIVE JANUARY 2017, THE ACCOUNT WAS CLOSED AND ASSETS WERE TRANSFERRED TO A PLAN CONTROLLED BY THE VIRGINIA MUSEUM OF FINE ARTS. Schedule J, Part II During fiscal year 2011, the Foundation entered into an operating agreement with the Virginia Museum of Fine Arts, an unrelated organization under IRS guidelines. The operating agreement states that the Director of the Museum shall also serve as the COO of the Foundation and the CFO of the Museum shall also serve as the CFO of the Foundation. However, these individuals will be considered employees of the Museum, not the Foundation. As part of a supplemental support agreement between the Foundation and an officer, the Foundation makes payments to the Museum for supplemental salary amounts which are paid by the Museum to the officer as part of their salary. the salary supplement provided to the officer by the Foundation were included as taxable compensation in the officer's W-2 at the Museum. The operating agreement was amended effective November 16, 2021 with no changes to this arrangement. A Virginia Small Business Financing Authority 541300845 000000000 2019-12-11 41767000 To redeem all outstanding Series 2014A bonds and series 2014B bonds false false false A 41767000 94266 41672734 2019 true false true true A false false false false 0.0 false false false A false true false false false false false false false A false X 42 899487 Market value false true false Schedule M, Part I, Line 9 Column (b) Number of contributions Form 990, Part V, Line 4a DURING CALENDAR YEAR 2023, THE ORGANIZATION HELD FOREIGN HEDGE FUND INVESTMENTS. UNDER GUIDANCE PROVIDED IN IRS NOTICE 2010-23 AND FINCEN 31 CFR PART 103, A FINANCIAL INTEREST IN, OR SIGNATURE AUTHORITY OVER, A FOREIGN HEDGE FUND OR PRIVATE EQUITY FUND DOES NOT REQUIRE THE ORGANIZATION TO FILE FINCEN FORM 114, REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS. IRS NOTICE 2010-23 ALSO STATES THAT "PROVIDED THE TAXPAYER HAS NO OTHER REPORTABLE FOREIGN FINANCIAL ACCOUNTS FOR THE YEAR IN QUESTION, A TAXPAYER WHO QUALIFIES FOR THE FILING RELIEF PROVIDED IN THIS NOTICE SHOULD CHECK THE "NO" BOX IN RESPONSE TO FBAR-RELATED QUESTIONS FOUND ON FEDERAL TAX FORMS. THEREFORE, THE ORGANIZATION HAS CHECKED "NO" ON FORM 990, PART V, LINE 4A. Form 990, Part VI, Line 15 PROCESS TO ESTABLISH COMPENSATION THE ORGANIZATION'S BOARD OF DIRECTORS, BY AGREEMENT, REVIEWS AND APPROVES THE SALARY OF FOUNDATION EMPLOYEES. THE BOARD REVIEWS AND DETERMINES THE APPROPRIATE COMPENSATION, THIS PROCESS WAS LAST UNDERTAKEN DURING FISCAL YEAR 2024. Form 990, Part VI, Line 11b Review of form 990 by governing body THE DRAFT OF THE 990 RETURN WAS INITIALLY REVIEWED BY THE CHIEF FINANCIAL OFFICER AND THE CHIEF OPERATING OFFICER WITH THE ASSISTANCE OF THE INDEPENDENT EXTERNAL AUDITORS. IN ACCORDANCE WITH THE BY-LAWS IT WAS NEXT REVIEWED BY THE GOVERNANCE AND AUDIT COMMITTEE WITH THE ASSISTANCE OF MANAGEMENT. IT WAS ALSO MADE AVAILABLE TO THE BOARD OF DIRECTORS PRIOR TO SUBMITTAL. Form 990, Part VI, Line 12c Conflict of interest policy A CONFLICT OF INTEREST POLICY, WITH A COMPLAINT PROCEDURE WAS ADOPTED IN 2004 AND WAS STRENGTHENED IN 2009 WITH THE INCLUSION OF A SEPARATE WHISTLE BLOWERS POLICY AND QUESTIONNAIRE. ALL DIRECTORS AND STAFF MEMBERS HAVE BEEN BRIEFED ON THEIR OBLIGATIONS UNDER THE POLICY. ANNUALLY THE DIRECTORS AND STAFF MEMBERS ARE REQUIRED TO COMPLETE THE QUESTIONNAIRE AND DISCLOSE ANY CONFLICT THEY HAVE. IN ADDITION, THE CORPORATE SECRETARY AND GENERAL COUNSEL ARE PREPARED TO RESPOND TO INQUIRIES AND VIOLATIONS TO THE POLICY AND RESPOND ACCORDINGLY. IF A CONFLICT DOES EXIST, THE INDIVIDUAL IS REMOVED FROM THE DISCUSSIONS AND/OR VOTE ON THE TRANSACTION. Form 990, Part VI, Line 19 Required documents available to the public INFORMATION IS PROVIDED UPON REQUEST. Form 990, Part VII, Section A, Line 5 COMPENSATION FROM AN UNRELATED ORGANIZATION DURING FISCAL YEAR 2011, THE FOUNDATION ENTERED INTO AN OPERATING AGREEMENT WITH THE VIRGINIA MUSEUM OF FINE ARTS, AN UNRELATED ORGANIZATION UNDER IRS GUIDELINES. THE OPERATING AGREEMENT STATES THAT THE DIRECTOR OF THE MUSEUM SHALL ALSO SERVE AS THE COO OF THE FOUNDATION AND THE CFO OF THE MUSEUM SHALL ALSO SERVE AS THE CFO OF THE FOUNDATION. HOWEVER, THESE INDIVIDUALS WILL BE CONSIDERED EMPLOYEES OF THE MUSEUM, NOT THE FOUNDATION. AS PART OF A SUPPLEMENTAL SUPPORT AGREEMENT BETWEEN THE FOUNDATION AND AN OFFICER, THE FOUNDATION MAKES PAYMENTS TO THE MUSEUM FOR SUPPLEMENTAL SALARY AMOUNTS WHICH ARE PAID BY THE MUSEUM TO THE OFFICER AS PART OF THEIR SALARY. THE SALARY SUPPLEMENT PROVIDED TO THE OFFICER BY THE FOUNDATION WERE INCLUDED AS TAXABLE COMPENSATION IN THE OFFICER'S W-2 AT THE MUSEUM. THE OPERATING AGREEMENT WAS AMENDED EFFECTIVE NOVEMBER 16, 2021 WITH NO CHANGES TO THIS ARRANGEMENT. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Change in fair market value of trusts and annuities - -153034; Form 990, Part XII, Line 2c THERE ARE NO REPORTABLE CHANGES TO THE ORGANIZATION'S OVERSIGHT PROCESS FROM THE PRIOR TAX YEAR. VMFA REAL ESTATE COMPANY LLC 200 N ARTHUR ASHE BOULEVARD Richmond VA 232204007 510205333 REAL ESTATE MANAGEMENT RELATED TO REAL PROPERTY HELD IN SUPPORT OF VMFA VA 176661 4834391 VIRGINIA MUSEUM OF FINE ARTS FOUNDATION