Virginia Foundation For Independent Colleges in Richmond, Virginia (VA)

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Virginia Foundation For Independent Colleges
Employer Identification Number (EIN)540554396
Name of OrganizationVirginia Foundation For Independent Colleges
Address8010 Ridge Rd Ste B, Richmond, VA 23229-7288
ActivitiesSchool, college, trade school, etc., Fundraising
SubsectionEducational Organization
Ruling Date03/1953
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period05/2012
Assets$10,000,000 to $49,999,999
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$26,438,773
Amount of Income$6,356,642
Form 990 Revenue Amount$2,717,814
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Undergraduate College (4-year)


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Amount of income in 2012: $6,356,642 (it was $11,341,508 in 2011)
This organization: 

 $6,356,642
Other organizations performing similar types of work: 

 $458,144

Assets in 2012: $26,438,773 (it was $27,914,723 in 2011)
Virginia Foundation For Independent Colleges: 

 $26,438,773
Other organizations performing similar types of work: 

 $504,819

Financial snapshot ($)

Revenue for 2011

Functional expenses for 2011

Support schedule

Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?Yes
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$7,949,337
Contributions, Gifts, Grants and Other Similar Amounts$6,928,782
Program Service Revenue$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$1,010,355
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$0
Gross amount from sales of assets other than inventory (Securities / Other)$3,392,171 / $0
Less: cost or other basis and sales expenses (Securities / Other)$3,392,171 / $0
Gain or (loss) (Securities / Other)$0 / $0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$10,200
Statement of Functional Expenses (for 2011)
Total functional expenses$2,720,973
Compensation of current officers, directors, trustees, and key employees$310,407
Other salaries and wages$175,129
Payroll taxes$34,296
Professional fundraising services$0
Other$2,201,141
Balance Sheet (for 2011)
Total assets$27,914,723
Total liabilities$1,890,139
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$0
Unsecured notes and loans payable to unrelated third parties$0
Other$1,890,139
Total net assets or fund balances$26,024,584
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Support Schedule for Organizations Described in Section 509(a)(2) (for 2011)
2007 - 2011 Total
Total support$21,441,007
Gifts, grants, contributions, and membership fees received$16,381,506
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$0
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources and Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$5,021,319
Other$38,182
Unrelated Trade or Business Income (for 2009)
IncomeExpensesNet
Total$4,140$43,572$47,712
Gross receipts or sales less returns and allowances$0$0$0
Cost of goods sold$0$0$0
Gross profit$0$0$0
Capital gain net income$0$0$0
Net gain$0$0$0
Capital loss deduction for trusts$0$0$0
Income (loss) from partnerships and S corporations$0$0$0
Rent income$0$0$0
Unrelated debt-financed income$41,401$43,572$47,712
Interest, annuities, royalties, and rents from controlled organizations$0$0$0
Investment income of a section 501(c)(7), (9), or (17) organization$0$0$0
Exploited exempt activity income$0$0$0
Advertising income$0$0$0
Other income$0$0$0
Deductions Not Taken Elsewhere (for 2009)
Total deductions$0
Compensation of officers, directors, and trustees$0
Salaries and wages$0
Repairs and maintenance$0
Bad debts$0
Interest$0
Taxes and licenses$0
Charitable contributions$0
Depreciation$0
Depletion$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$0
Unrelated business taxable income$47,712
Unrelated business taxable income before net operating loss deduction$47,712
Net operating loss deduction$0
Unrelated business taxable income before specific deduction$47,712
Specific deduction$1,000
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Fuller E Callaway Professorial Chairs Trust ForPO BOX 40200, Jacksonville, FL 32203-0200FL1968-10$20,386,313
2Virginia Foundation For Independent Colleges8010 Ridge Rd Ste B, Richmond, VA 23229-7288VA1953-03$6,356,642
3Independent College Fund17 Elk Street, Albany, NY 12207NY1953-06$734,035
4Alabama Association Of Independent Colleges And Universities5950 Carmichael Pl Ste 213, Montgomery, AL 36117-2347AL1957-04$458,144
5Chabot-Las Positas Colleges Foundation5020 Franklin Dr, Pleasanton, CA 94588-3354CA1972-04$342,796
6Louisiana Independent College Foundation Inc320 3rd St Ste 104, Baton Rouge, LA 70801-1311LA1957-04$64,524
7City College Research Foundation160 Convent Avenue Wg 112, New York, NY 10031NY1965-03$176
Number of organizations performing similar types of work
Alabama1
California2
Florida1
Illinois1
Louisiana1
New York3
Virginia1
Total10

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