Institute for Contemporary Art
818 W. Broad Street
Richmond VA 23284-3075
Mission Statement

The ICA will create a new environment for artists from around the world to test unconventional ideas, to cross disciplinary boundaries, and to inspire their audiences. This dynamic setting will support a mix of artistic vision, creative collaboration, and community engagement with the goal of questioning assumptions, encouraging critical discourse, and illuminating our lives.

CEO/Executive Director Mr. Thomas C. Burke
Board Chair Ms. Diane Leopold r.
Board Chair Company Affiliation Dominion
Contact Information
Address 818 W. Broad Street
Richmond, VA 232843075
Telephone 804 828-2823
History and Background
Year of Incorporation 1964
Former Names
Citizens' Foundation of the Richmond Professional Institute Inc., the RPI Foundation1968
Financial Summary
Projected Revenue $689,600.00
Projected Expenses $689,600.00

The ICA will create a new environment for artists from around the world to test unconventional ideas, to cross disciplinary boundaries, and to inspire their audiences. This dynamic setting will support a mix of artistic vision, creative collaboration, and community engagement with the goal of questioning assumptions, encouraging critical discourse, and illuminating our lives.

  • The ICA broke ground June 3, 2014.
  • The ICA is tied to the #1-ranked public art and design school in the country.
  • We have raised over $32M in the campaign thus far.
The ICA will...
  • provide a public place for the community to engage with VCUarts’ talent and international connections;
  • revitalize the most traveled intersection in the city and ignite economic activity;
  • play an educational role in the teaching and training of undergraduate and graduate students and contribute to the life-long learning of the community.

Richmond needs a place for the art of today. The 43,000 sq. ft. Institute for Contemporary Art will be a non-collecting institution that showcases a fresh slate of changing exhibitions ranging from innovative visual and performing arts to various forms of design and film. The Markel Center at the ICA will be an inspiring place to explore new ideas, objects, experiences, and materials related to the central issues of our time.




Always challenging.

Poised to become a cultural linchpin for the city of Richmond, the ICA will be a non-collecting museum that showcases a fresh slate of changing innovative exhibitions, performances, films and special programs.

CEO Statement

This June, Virginia Commonwealth University broke ground on the Institute for Contemporary Art. This $35 million dollar non-collecting institution, designed by Steven Holl Architects, will be a place of inspiration that will affect the global conversation on the arts and become a cultural hub for VCUarts and the broader Richmond community. Because of the generosity of numerous donors, including our founding supporters and advocates, Pam and Bill Royall and Kathie and Steve Markel, as well as a naming gift from the Markel Corporation, the Markel Center at the ICA is becoming a reality. Our focus will be on a fresh slate of changing, experimental exhibitions, performances, films and programs – both inside and outside the museum – that encourage in-depth consideration of the central issues of our time.

Richmond is on fire. Frommer’s named Richmond a Top Destination for 2014. The nine-day World Road Cycling Championships, cycling’s pinnacle event, has chosen Richmond for the 2015 race – this is huge for our river city. The popular Richmond Folk Festival, with its approximately 200,000 happy attendees brings culture of all kinds to town. And Outside Magazine has recently named Richmond the Best River Town in America.

Richmond has become a true dining destination, an advertising and design mecca, and yes, we’re even the third most-tattooed city in the country. With the ICA, VCUarts’ new interdisciplinary space, The Depot, and our Fine Arts Building within two blocks, VCU is becoming the crowning jewel of the Richmond Arts District, making an important statement in the middle of the city. This town takes visual art, performance and design seriously.

We hope you will consider making a gift to the ICA’s Capital Campaign or Endowment as a means to help ensure our future stability and agility.

Here’s to a very bright future,

Lisa D. Freiman

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. Diane Leopold r.
Company Affiliation Dominion
Term July 2014 to June 2016
Board of Directors
Board Members
Mr. Neil Amin Shamin Hotels, Inc.
Mr. Thomas Benedetti Blue Heron Capital
Ms. Page W. Bond Page Bond Gallerys
Mr. Jay Bonfili Virginia Commonwealth University
Mr. Thomas C. Burke Virginia Commonwealth University
Mr. John Fain UPS Ground Freight, Inc.
Mr. Brian Fowlkes Virginia Commonwealth University
Mr. John Grier Virginia Retirement System
Mr. Mark D. Hansan Care Metx, LLC
Ms. Marsha K. S. Heil Virginia Commonwealth University
Ms. Gloria M. Hintz Community Volunteer
Mr. John Jacoby Community Volunteer
Ms. Diane Leopold Dominion Transmission
Mr. Robert Marchant Retired
Mrs. Elizabeth A. Mason Newton Lao Leonard & Locke LLC
Ms. Carol McCoy Retired
Ms. Gail Moskowitz Self Employed
Mr. Joe Nadder Dixon Hughes Goodman LLP
Mr. John C. Neal Union First Market Bank
Mr. Michael Rao Virginia Commonwealth University
Mrs. Tracy Kemp Stallings HCA Chippenham & Johnston-Willis Hospitals
Ms. Patricia Wilkerson Community Volunteer
Mr. Madison Wootton Frontier Investment Group of BB&T Scott and Stringfellow
Board Demographics - Ethnicity
African American/Black 0
Asian American/Pacific Islander 1
Caucasian 17
Hispanic/Latino 0
Native American/American Indian 0
Other 0 0
Board Demographics - Gender
Male 11
Female 7
Written Conflict of Interest Policy? Yes
Percentage Making Monetary Contributions 99
Number of Full Board Meetings Annually 3
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
Advisory Board Members
Mr. L. Bradford Armstrong The Martin Agency
Mrs. Elizabeth R. Cabell Cabell Design Studio
Mrs. Margaret N. Gottwald Community Volunteer, Art Collector
Mrs. Frederica P. Gray Community Volunteer, Art Collector
Mrs. Judith W. Guest
Mr. H. Hiter Harris IIIHarris Williams & Co.
Mrs. Jil Harris Community Volunteer, Art Collector
Mr. Neil Kessler Troutman Sanders
Mrs. True F. Luck Community Volunteer, Art Collector
Mr. John Luke Mead Westvaco
Mrs. Nancy Brennan Lund Altria
Mrs. Kathie Markel Community Volunteer, Art Collector
Mr. Steven A. Markel Markel Corporation
Dr. Paul S. Monroe Gastrointestinal Specialists, Inc.
Mr. Abby W. Moore Community Volunteer, Art Collector
Mr. Thomas W. Papa
Mrs. Beverly W. Reynolds Reynolds Gallery
Dr. Pamela K. Royall Royall & Company
Mr. William A. Royall Royall & Company
Mr. Michael Schewel McGuire Woods
Mrs. Carolyn K. Snow Community Volunteer, Art Collector
Mr. Harry R. Thalhimer Thalhimer Headwear
Mrs. Marcia H. Thalhimer Community Volunteer
Ms. Anne G. Waleski Markel Corporation
The "Advisory Board Members" serve as the ICA Campaign Committee and the "Other Board Members" comprise the ICA's International Advisory Board.
ICA Campaign Committee Co-Chairs are Kathie and Steve Markel, Pam and Bill Royall. 
Executive Director
Executive Director Mr. Thomas C. Burke
Co-CEO Dr. Lisa D. Freiman
Full Time Staff 3
Organization has a Strategic Plan?
Description 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 $60,000,000.00
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 Year201420132012
Foundation and
Corporation Contributions
Government Contributions$0$0$0
Individual Contributions$17,899,982$21,840,844$11,981,326
Investment Income, Net of Losses$4,506,554$3,726,187$809,831
Membership Dues------
Special Events------
Revenue In-Kind--$414,474$109,987
Expense Allocation
Fiscal Year201420132012
Program Expense$6,087,039$13,571,029$8,372,535
Administration Expense$421,204----
Fundraising Expense$353,619----
Payments to Affiliates------
Total Revenue/Total Expenses3.471.951.54
Program Expense/Total Expenses89%100%100%
Fundraising Expense/Contributed Revenue2%0%0%
Assets and Liabilities
Fiscal Year201420132012
Total Assets$127,507,492$100,183,041$85,629,619
Current Assets$50,465,763$38,759,026$27,893,445
Long-Term Liabilities----$0
Current Liabilities$38,732,285$28,343,619$26,717,349
Total Net Assets$88,775,207$71,839,422$58,912,270
Short Term Solvency
Fiscal Year201420132012
Current Ratio: Current Assets/Current Liabilities1.301.371.04
Long Term Solvency
Fiscal Year201420132012
Long-Term Liabilities/Total Assets0%0%0%
Capital Campaign
Currently in a Capital Campaign? Yes
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit ExemptionView
Foundation Comments
  • The finances on this tab represent the VCU Foundation.
  • ICA is an initiative of the VCU Foundation and the finances are inclusive of their activities.