Old Dominion University Educational Foundation
- Assets
- $390.1m
- Revenue
- $33.5m
- Investments
- $109.3m
- Employees
- 1
- Location
- Norfolk, VA
- Founding
- 09/1956
- Data as of
- 12/2021
- EIN
- 54-6052014
Organization Overview
Old Dominion University Educational Foundation is located in Norfolk, VA. The organization was established in 1956. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Old Dominion University Educational Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Old Dominion University Educational Foundation generated $33.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $15.6m during the year ending 12/2021. While expenses have increased by 2.0% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Old Dominion University Educational Foundation has awarded 18 individual grants totaling $55,806,061. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE OLD DOMINION UNIVERSITY EDUCATIONAL FOUNDATION WAS ESTABLISHED TO RECEIVE, ADMINISTER AND DISTRIBUTE FUNDS IN FURTHERANCE OF THE EDUCATIONAL ACTIVITIES AND OBJECTIVES OF ODU.
Describe the Organization's Program Activity:
TO ADMINISTER AND DISTRIBUTE FUNDS AND PROPERTY EXCLUSIVELY TO SUPPORT THE MISSION, OBJECTIVES AND PROGRAMS OF OLD DOMINION UNIVERSITY. THE FOUNDATION PROVIDES SUPPLEMENTAL FUNDS TO HELP DEFRAY OPERATING COSTS OF ACADEMIC DEPARTMENTS AND SPECIAL PROJECTS. THE SUPPLEMENTAL FUNDS ARE USED TO PROVIDE STUDENT AND FACULTY SCHOLARSHIPS/AWARDS, EMINENT SCHOLAR PROFESSORSHIPS, FACULTY SALARIES AND FACULTY RESEARCH. THE FOUNDATION ALSO PROVIDES FUNDING FOR UNIVERSITY DEVELOPMENT, CAPITAL PROJECTS AND SUBSTANTIAL SUPPORT OF OPERATIONS OF THE LIBRARY AND ITS COLLECTIONS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary A Gilmore Chairman | OfficerTrustee | 1 | $0 |
Caroline Mccartney Secretary | OfficerTrustee | 0.2 | $0 |
Prescott Sherrod Treasurer | OfficerTrustee | 0.5 | $0 |
Ray Wittersheim Vice Chair | OfficerTrustee | 0.5 | $0 |
Alonzo Brandon Ex-Officio/executive Director | Officer | 10 | $0 |
Margaret Libby Assistant Treasurer | Officer | 20 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $21,271,009 |
| Noncash contributions included in lines 1a–1f | $7,997,047 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,271,009 |
| Total Program Service Revenue | $0 |
| Investment income | $8,626,054 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$46,208 |
| Net Gain/Loss on Asset Sales | $3,274,209 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,517,872 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,579,271 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,420 |
| Fees for services: Accounting | $34,550 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $901,735 |
| Fees for services: Other | $104,775 |
| Advertising and promotion | $0 |
| Office expenses | $12,640 |
| Information technology | $13,340 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $40,991 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $114,488 |
| Insurance | $14,705 |
| All other expenses | $209,524 |
| Total functional expenses | $15,595,612 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $358,200 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $9,982,634 |
| Accounts receivable, net | $51,432 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,141,034 |
| Investments—publicly traded securities | $266,111,922 |
| Investments—other securities | $109,258,231 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $238,136 |
| Total assets | $390,141,589 |
| Accounts payable and accrued expenses | $436,152 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $85,110,384 |
| Total liabilities | $85,546,536 |
| Net assets without donor restrictions | $23,020,879 |
| Net assets with donor restrictions | $281,574,174 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $390,141,589 |
Grants Awarded
Over the last fiscal year, Old Dominion University Educational Foundation has awarded $12,518,306 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
OLD DOMINION UNIVERSITY PURPOSE: To assist with the educational activities and objectives of Old Dominion University. Foundation. | $12,334,918 |
Norfolk, VA PURPOSE: To assist with the activities and objectives of Old Dominion University Real Estate Foundation. | $75,000 |
Norfolk, VA PURPOSE: To assist with activities and objectives of Old Dominion University Museum Foundation. | $69,038 |
Norfolk, VA PURPOSE: To assist with activities and objectives of Old Dominion University Alumni Association. | $39,350 |
Grants Recieved
Over the last fiscal year, we have identified 21 grants that Old Dominion University Educational Foundation has recieved totaling $4,233,870.
| Awarding Organization | Amount |
|---|---|
American Heart Association Inc Dallas, TX PURPOSE: RESEARCH | $2,616,879 |
Hampton Roads Community Foundation Norfolk, VA PURPOSE: FOR THE FIRST STAR ACADEMY AT OLD DOMINION UNIVERSITY | $300,000 |
Lettie Pate Whitehead Foundation Inc Atlanta, GA PURPOSE: For nursing scholarships. | $263,500 |
Dominion Energy Charitable Foundation Richmond, VA PURPOSE: RECOVER HAMPTON ROADS | $250,000 |
Hampton Roads Community Foundation Norfolk, VA PURPOSE: FOR THE DIEHN CONCERT SERIES ($60,000) AND FOR THE ODU DIEHN MUSIC SCHOLARSHIP FUND ($140,000) | $200,000 |
Hampton Roads Community Foundation Norfolk, VA PURPOSE: FOR THE DIEHN SCHOOL OF MUSIC | $150,000 |
Endowment Analysis
| Beg. Balance | $228,589,798 |
| Earnings | $45,549,424 |
| Net Contributions | $11,107,805 |
| Other Expense | $7,618,806 |
| Grants | $2,664,134 |
| Ending Balance | $274,964,087 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Unc Health Foundation Inc Chapel Hill, NC | $571,825,040 | $92,147,897 |
William & Mary Foundation Williamsburg, VA | $1,122,551,962 | $79,373,462 |
University Of Virginia Foundation Charlottesville, VA | $508,958,321 | $36,530,024 |
North Carolina State University Foundation Inc Raleigh, NC | $679,121,022 | $52,520,062 |
University Health Services Inc Richmond, VA | $34,736,696 | $16,366,834 |
Medical College Of Virginia Foundation Richmond, VA | $645,911,510 | $54,318,573 |
University Of Memphis Foundation Memphis, TN | $175,396,802 | $38,710,840 |
Virginia Commonwealth University College Of Engineering Foundation Richmond, VA | $131,974,636 | $12,076,889 |
University Of Maryland Foundation Inc Adelphi, MD | $2,110,990,979 | $62,167,598 |
Communities In Schools Inc Alexandria, VA | $73,470,009 | $25,993,702 |
University Of Virginia Law School Foundation Charlottesville, VA | $789,832,433 | $37,875,854 |
University Of Maryland Baltimore Foundation Inc Baltimore, MD | $437,980,331 | $59,974,746 |