Virginia Commonwealth University Foundation
P.O. Box 842039
Richmond VA 23284
Mission Statement The Foundation exists solely to assist, support and foster Virginia Commonwealth University in all proper ways that may from time to time be approved by the trustees of the Foundation with the guidance of the university.
CEO/Executive Director Mr. Thomas C. Burke Jr.
Board Chair Ms. Carol McCoy
Board Chair Company Affiliation Retired
Contact Information
Address P.O. Box 842039
Richmond, VA 23284
Telephone 804 828-9292
Fax 804 828-0847
History and Background
Year of Incorporation 1964
Former Names
Citizens' Foundation of the Richmond Professional Institute Inc., the RPI Foundation1968
Financial Summary
Revenue vs Expense Bar Graph - All Years
Expense Breakdown Bar Chart - All Years
Projected Revenue $689,600.00
Projected Expenses $689,600.00
Mission The Foundation exists solely to assist, support and foster Virginia Commonwealth University in all proper ways that may from time to time be approved by the trustees of the Foundation with the guidance of the university.
  1. Grew the number of Heritage Society (planned giving donors) by greater than 10%.
  2. Increased investment income by 24%.
  3. Grew the endowment by more than $8 M in new gifts and pledges.
  1. Grow the endowment by $10M in new gifts and pledges.
  2. Launch a planned giving strategy for the Monroe Park Campus. 
  3. Increase membership in the Heritage Society by 10%.
Needs The VCU Foundation top funding priorities include endowed student scholarships, endowed faculty professorships and chair positions.  The foundation is also assisting schools and units on the Monroe Park Campus with fund raising for important capital projects including the Institute for Contemporary Art, the Rice Center Research building, a new basketball practice facility and VCU Libraries.  The foundation focuses its efforts on supporting the school or unit projects with both volunteer and staff support. 
The VCU Foundation (formerly the VCU Fund) was originally founded in 1917 as the Citizen’s Foundation of the School of Social Work and Public Health. In May 1989, the VCU Fund’s Articles of Incorporation were amended and restated to change the name to the VCU Foundation. The Foundation solicits, manages and distributes current and endowment gifts for all schools, departments and programs throughout the university with major emphasis on programs for the Monroe Park Campus. The Foundation also has been used to acquire certain properties on behalf of the university.
The Foundation is governed by an independent Board of Trustees. The university rector and president serve as ex-officio trustees of the Foundation. The university’s development officer and financial officer serve as secretary and treasurer, respectively, to the Foundation.  
Areas of Service
Areas Served
Metro Richmond
Tri-cities Region
Richmond, City
Chesterfield County
Goochland County
Hanover County
Henrico County
Charles City County
New Kent County
Board Chair
Board Chair Ms. Carol McCoy
Company Affiliation Retired
Term July 2016 to June 2018
Board of Directors
Board Members
Mr. Neil Amin Shamin Hotels, Inc
Mr. Thomas Benedetti Blue Heron Capital
Mrs. Page W. Bond Page Bond Gallery
Mr. Jay Bonfili Virginia Commonwealth University
Mr. Thomas C. Burke Jr.VCU Foundation
Mr. John Fain UPS Ground Freight, Inc.
Mr. Brian Fowlkes Virginia Commonwealth University
Mr. Timothy A. Graf Virginia Commonwealth University
Mr. John (J.T.) Grier Virginia Retirement System
Ms. Hattie W. Hamlin First Tennessee Bank
Mr. Mark D. Hansan Care Metx, LLC
Mr. John Jacoby Community Volunteer
Dr. Robert Marchant Retired
Mrs. Elizabeth A. Mason Hoboken City Council, NJ
Ms. Carol McCoy Retired
Ms. Collette W. McEachin City of Richmon
Ms. Gail Moskowitz Self Employed
Mr. Joe Nadder Dixon Hughes Goodman LLP
Mr. Kevin Nicholson RiverFront Investment Group
Dr. Michael Rao Virginia Commonwealth University
Ms. Cathy Saunders Long & Foster Real Estate
Mrs. Tracy Kemp Stallings HCA CJW Medical Center
Mr. Bradford Welles Deloitte
Ms. Patricia Wilkerson Community Volunteer
Mr. Madison Wootton Frontier Investment Group of BB&T Scott and Stringfellow
Board Demographics - Ethnicity
African American/Black 2
Asian American/Pacific Islander 1
Caucasian 16
Hispanic/Latino 0
Native American/American Indian 0
Other 0 0
Board Demographics - Gender
Male 11
Female 8
Written Conflict of Interest Policy? Yes
Percentage Making Monetary Contributions 100
Number of Full Board Meetings Annually 4
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
The foundation has 27 board member slots; currently, we have only 19 board members, not including ex officio members.
Executive Director
Executive Director Mr. Thomas C. Burke Jr.
Full Time Staff 1
Organization has a Strategic Plan?

The VCU Foundation is committed to enhancing the mission and vision of the University. The VCU Foundation will do this by supporting the academic units located on the Monroe Park Campus. The VCU Foundation will assist with securing, managing and distributing private funds for the College of Humanities and Sciences, the schools of Education, Mass Communications, Social Work and the Arts. The VCU Foundation will also support athletic programs, assist with fund-raising efforts for the Inger and Walter Rice Center for Environmental Life Sciences, and work to bring new and needed support for the Honors program. 

Fiscal Year
Projected Revenue $689,600.00
Projected Expenses $689,600.00
Endowment Value $27,914,772.00
Spending Policy Percentage
Percentage (if selected) 5
Form 990s
IRS Letter of Exemption
Detailed Financials
Revenue SourcesHelpThe financial analysis involves a comparison of the IRS Form 990 and the audit report (when available) and revenue sources may not sum to total based on reconciliation differences. Revenue from foundations and corporations may include individual contributions when not itemized separately.
Fiscal Year201620152014
Foundation and
Corporation Contributions
Government Contributions$0$0$0
Individual Contributions$14,188,731$14,722,591$17,864,532
Investment Income, Net of Losses($683,705)$1,107,420--
Membership Dues------
Special Events------
Revenue In-Kind$438,533$440,949--
Expense Allocation
Fiscal Year201620152014
Program Expense$16,212,074$19,352,958$6,087,039
Administration Expense$256,698$243,962$421,204
Fundraising Expense$528,099$76,076$353,619
Payments to Affiliates------
Total Revenue/Total Expenses0.860.882.67
Program Expense/Total Expenses95%98%89%
Fundraising Expense/Contributed Revenue4%1%2%
Assets and Liabilities
Fiscal Year201620152014
Total Assets$120,425,358$124,110,589$127,507,492
Current Assets$43,364,900$45,441,658$50,475,485
Long-Term Liabilities$0$0--
Current Liabilities$36,421,251$37,766,035$38,732,285
Total Net Assets$84,004,107$86,344,554$88,775,207
Short Term Solvency
Fiscal Year201620152014
Current Ratio: Current Assets/Current Liabilities1.191.201.30
Long Term Solvency
Fiscal Year201620152014
Long-Term Liabilities/Total Assets0%0%0%
Capital Campaign
Currently in a Capital Campaign? Yes
Campaign Purpose The largest fundraising campaign in VCU’s history, The Make It Real Campaign for VCU funds the critical initiatives that will become points of distinction for VCU long into the future, touching every aspect of VCU: students, alumni, faculty and staff, patients, caregivers, researchers, schools, libraries, centers and institutes, athletics and the community here in Richmond and far beyond. Attract, support and retain the finest students and faculty through scholarships, professorships and endowed chairs. Provide students with purposeful, hands-on learning and living experiences and faculty with support for start-up research ideas. VCU's Campaign focuses on three major areas: PEOPLE Attract, support and retain the finest students and faculty through scholarships, professorships and endowed chairs. Provide students with purposeful, hands-on learning and living experiences and faculty with support for start-up research ideas. INNOVATIONS Create new interdisciplinary partnerships and centers of excellence to offer students and faculty the right environments for meaningful research and learning experiences that will expand the university’s ability to solve complex local and global challenges through inquiry and discovery. ENVIRONMENTS Provide world-class facilities, equipment and materials to expand the university’s research capacity. Increase the impact and sustainability of VCU’s community partnerships and its resources in education, health and workforce development.
Dates 0 to June 2020
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit ExemptionView
Organization Comments  Direct operating expenses total $398,600.  Grants to VCU for internal support and campaign support is an additional $291,000. If we include the distribution of funds to scholarship accounts as part of our expenses, the total is $6,323,360.
Foundation Comments
  • Financial information provided from IRS 990s.
  • IRS 990 for FY 2010 prepared by M. James Hartson, Jr. CPA.
  • IRS 990s for FY 2011 and 2009 and all audited financial statements prepared by Mitchell, Wiggins & Company.
  • Revenue from "Foundations and Corporations" also includes support from individuals.