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

The Institute for Contemporary Art (ICA) at Virginia Commonwealth University presents the art of our time and provides an open forum for dialogue and collaboration across the region and throughout the world. 

CEO/Executive Director Mr. Thomas C. Burke
Board Chair Ms. Carol McCoy
Board Chair Company Affiliation Retired
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
Revenue vs Expense Bar Graph - All Years
Expense Breakdown Bar Chart - All Years
Projected Revenue $889,600.00
Projected Expenses $889,600.00

The Institute for Contemporary Art (ICA) at Virginia Commonwealth University presents the art of our time and provides an open forum for dialogue and collaboration across the region and throughout the world. 

  • 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 $36M 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


Three years into my tenure at Virginia Commonwealth University, I have become accustomed to the ebb and flow of students and faculty moving to and from campus, popping into our satellite offices, and infusing our environment and planning with intellectual curiosity, creative challenges, and groundbreaking research. For some at VCU, summer brings with it a quieter, more relaxed cadence, and an opportunity to refresh.

At the ICA, this was our busiest season yet and the clock is ticking—very fast. With an expert senior team assembled from prominent art institutions around the country, we are now busy working on all aspects of planning from construction to curatorial, education to communications, fundraising to community engagement. We are still hiring additional staff to help us open our doors in 2017. We are hunkered down in offices throughout VCU, New York, and beyond, on target to finish the marathon that is building the ICA. The end is in sight. From conversations with architects and caterers to crunching numbers for multiyear budgets and operating plans, we are focused on more details than I have words to express. We often like to describe our experience as “building the airplane while flying it at the same time.”1 That gives you a good sense of how it feels to build a new arts space from scratch physically and conceptually.

During this transitional time, in addition to developing our many complex operating plans, we have also been designing our first three years of exhibitions and educational programs. In the midst of the long-term planning, we have continued to engage our community. Over the spring semester, we brought together VCU School of the Arts Interior Design alumni, faculty, and students to address design issues for the ICA. This kind of interdisciplinary collaboration, with an emphasis on providing real-world opportunities for students, is fundamental to our mission.

We also launched our first educational program with “Inventing ICA,” which brings museum professionals and industry thought leaders to VCU for public lectures to an audience including colleagues, students, and the general public. Visit our website at to learn more, from recommended readings to recorded lectures.

This fall we are conducting community and campus-based focus groups that will ensure diverse perspectives to help shape our values, programming, and operations. Additionally, we are developing an innovative membership program that promises to welcome broad, new audiences to the life-changing potential of contemporary art.

With less than $2 million to raise for our capital campaign, we have a limited number of naming opportunities available, ranging from auditorium seats to gender-neutral bathrooms and the catering kitchen. Please consider becoming one of the founding donors of the ICA. This new contemporary art space will become an iconic gateway for the city of Richmond, a crowning anchor for the arts district. Don’t miss this is once-in-a-lifetime chance to invest in giving a gift to this, and future, generations.

Construction continued its rapid progress over the summer. Now that the immense work of excavating the site and digging the geothermal wells is complete, the first, second, and third levels of the building are beginning to transform the corner of Broad and Belvidere. I can’t wait for the final walls and windows to go up.

Much of the previous fall and winter were spent benchmarking with other art institutions, both private and in a university setting. We now take the lessons learned from our generous colleagues across the country as we craft our own unique roadmap for inventing the ICA. All of this is possible thanks to the talent of our volunteer leadership, the support and encouragement of our university colleagues, and the commitment of an ambitious staff of dedicated professionals who are quickly becoming a family. When you see us next, ask us how we spent our summer session.

Thank you,

Lisa D. Freiman, Ph.D.


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
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
Mr. John Jacoby Community Volunteer
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. 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
Mrs. Melody C. Barnes
Mr. Steven A. Markel Markel Corporation
Mr. William A. Royall Royall & Company
Mrs. Marcia H. Thalhimer Community Volunteer
The "Advisory Board Members" serve as the ICA Advisory Board Executive Committee and the "Other Board Members" comprise the ICA's International Advisory Board.
Executive Director
Executive Director Mr. Thomas C. Burke
Co-CEO Dr. Lisa D. Freiman
Full Time Staff 17
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 $889,600.00
Projected Expenses $889,600.00
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.