2025-11-17T10:46:14-06:00 2025-06-30 540504608 BROWN EDWARDS & COMPANY LLP 4951 LAKE BROOK DRIVE SUITE 375 GLEN ALLEN VA 23060 990 2024-07-01 541666531 VIRGINIA COMMONWEALTH UNIVERSITY REAL ESTATE FOUNDATION VIRG 8048289292 PO BOX 843075 RICHMOND VA 232843075 RENE B SHEPPERSON PRESIDENT 8048289292 2025-11-07 1 1 M JAMES HARTSON JR CPA P00590214 8042826000 2025-11-07 2024 2025-03-06 01:10:19Z RENE B SHEPPERSON PO BOX 843075 RICHMOND VA 232843075 15545960 0 X WWW.VCUREALESTATE.ORG X 1992 VA THE FOUNDATION WAS FOUNDED FOR THE PURPOSE OF ACCEPTING, ACQUIRING, LEASING, SELLING OR DISPOSING, OPERATING AND/OR MANAGING PROPERTY FOR THE EXCLUSIVE BENEFIT OF VIRGINIA COMMONWEALTH UNIVERSITY. 12 11 0 0 0 0 0 0 10682923 11424206 146459 1520986 0 0 10829382 12945192 51876 55807 0 0 0 0 0 0 0 8188769 7652884 8240645 7708691 2588737 5236501 94543444 95921689 38052506 32476137 56490938 63445552 THE FOUNDATION WAS FOUNDED FOR THE PURPOSE OF ACCEPTING, ACQUIRING, LEASING, SELLING OR DISPOSING, OPERATING AND/OR MANAGING PROPERTY FOR THE EXCLUSIVE BENEFIT OF VIRGINIA COMMONWEALTH UNIVERSITY. 0 0 7464047 55807 11424206 TO SUPPORT VIRGINIA COMMONWEALTH UNIVERSITY THROUGH THE MANAGEMENT OF REAL ESTATE USED IN THE UNIVERSITY'S EDUCATIONAL, SCIENTIFIC AND CHARITABLE ACTIVITIES. 7464047 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 0 0 0 1 14 0 1 0 0 0 0 0 0 0 0 0 0 0 X 12 11 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 0 0 0 X ORGANIZATION 8048289292 818 W BROAD STREET RICHMOND VA 232843075 X BURT PINNOCK DIRECTOR 1.00 X 0 0 0 JEFF GEIGER DIRECTOR 1.00 X 0 0 0 JOSH GOLDSCHMIDT DIRECTOR 1.00 X 0 0 0 JASON VICKERS-SMITH DIRECTOR 1.00 X 0 0 0 GEORGE EMERSON PRESIDENT 1.00 X X 0 0 0 JOHN BARKSDALE TREASURER 1.00 X X 0 0 0 TIM DAVEY SECRETARY 1.00 X X 0 0 0 RENE B SHEPPERSON VICE PRESIDENT 1.00 X X 0 0 0 JEFF TUNSTALL DIRECTOR 1.00 X 0 0 0 BRAD WELLES DIRECTOR 1.00 X 0 0 0 DR MICHAEL RAO EX-OFFICIO DIRECTOR 1.00 39.00 X 0 885498 384164 DR CLIFTON PEAY DIRECTOR 1.00 X 0 0 0 0 885498 384164 0 0 1 0 VIVO CONTRACTING LLC 8815 BELMONT ROAD CHESTERFIELD VA 23832 REPAIRS & MAINTENANCE 182622 HIRSCHLER FLEISCHER PO BOX 500 RICHMOND VA 232180500 LEGAL 107834 COLONIAL WEBB CONTRACTORS 1920 E PARHAM ROAD RICHMOND VA 23228 REPAIRS & MAINTENANCE 106145 3 RENTAL INCOME 531190 11424206 11424206 11424206 126332 126332 3995422 2600768 1394654 1394654 1394654 12945192 11424206 0 1520986 55807 55807 664040 497726 166314 48383 48383 28300 28300 2227917 2227917 1036194 1036194 3404826 3404826 27199 27199 BAD DEBTS 145770 145770 MISCELLANEOUS 50030 50030 REAL ESTATE PLANNING & 20225 20225 7708691 7464047 244644 0 3500676 3329395 440488 530960 121035478 43004999 78368538 78030479 11994563 13627980 239179 402875 94543444 95921689 304112 284251 2490776 2178145 25566300 22644991 8595643 6401354 1095675 967396 38052506 32476137 X 56490938 63445552 56490938 63445552 94543444 95921689 5236501 1718113 0 X X 0 1 X 1 0 X X 1 VIRGINIA COMMONWEALTH UNIVERSITY 546001758 6 1 55807 0 1 55807 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 X PART IV, SECTION E, LINE 1C: THE FOUNDATION WAS FOUNDED FOR THE PURPOSE OF ACCEPTING, ACQUIRING, LEASING, SELLING OR DISPOSING, OPERATING AND/OR MANAGING PROPERTY FOR THE EXCLUSIVE BENEFIT OF VIRGINIA COMMONWEALTH UNIVERSITY WHICH IS A PUBLIC RESEARCH UNIVERSITY IN THE COMMONWEALTH OF VIRGINIA. THE FOUNDATION ENGAGES IN THESE ACTIVITIES AT THE REQUEST OF THE UNIVERSITY. PART IV, SECTION D, LINE 3: THE SUPPORTED ORGANIZATION, VIRGINIA COMMONWEALTH UNIVERSITY (THE UNIVERSITY), HAS ONE MEMBER OF ITS OWN GOVERNING BODY SERVING AS DIRECTOR ON THE FOUNDATION'S BOARD. IN ADDITION, THE UNIVERSITY'S PRESIDENT IS AN EX-OFFICIO DIRECTOR OF THE FOUNDATION'S BOARD. 22288984 22288984 91409608 39725430 51684178 3257705 3257705 0 4079181 21864 4057317 78030479 UNITIZED POOL HELD BY VCU FOUNDATION 13627980 F 13627980 BOND PREMIUM, NET OF ACCUMULATED AMORTIZATION 967396 967396 X 14663305 1718113 1718113 12945192 0 12945192 7708691 0 7708691 0 7708691 PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO EACH ENTITY'S TAX-EXEMPT PURPOSE MAY BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. THE FOUNDATION HAD NO UNRELATED BUSINESS INCOME DURING THE YEARS ENDED JUNE 30, 2025 AND 2024. THE ORGANIZATIONS HAVE DETERMINED THAT THEY DO NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AT JUNE 30, 2025. THE ORGANIZATIONS INCLUDE PENALTIES AND INTEREST ASSESSED BY INCOME TAXING AUTHORITIES IN OPERATING EXPENSES, IF APPLICABLE. THE ORGANIZATIONS DID NOT INCUR ANY PENALTIES OR INTEREST EXPENSE FOR THE YEARS ENDED JUNE 30, 2025 AND 2024. 1 VIRGINIA COMMONWEALTH UNIVERSITY 912 W FRANKLIN STREET POST OFFICE BOX 843035 RICHMOND VA 232843035 546001758 115 55807 0 ASSISTANCE IS PROVIDED TO SUPPORT VIRGINIA COMMONWEALTH UNIVERSITY THROUGH THE MANAGEMENT OF REAL ESTATE USED IN THE UNIVERSITY'S EDUCATIONAL, SCIENTIFIC AND CHARITABLE ACTIVITIES. 1 0 0 0 0 0 0 0 0 0 DR MICHAEL RAO EX-OFFICIO DIRECTOR 0 885498 0 0 0 0 0 341882 0 42282 0 1269662 0 0 A VIRGINIA COMMONWEALTH UNIVERSITY 546001758 92778RDC8 2013-02-08 22289949 SEE PART VI 0 0 0 B VIRGINIA COMMONWEALTH UNIVERSITY 546001758 000000000 2015-12-18 12879000 SEE PART VI 0 0 0 C VIRGINIA COMMONWEALTH UNIVERSITY 546001758 92778RFR3 2020-06-18 1599969 SEE PART VI 0 0 0 D VIRGINIA COMMONWEALTH UNIVERSITY 546001758 000000000 2021-02-24 10748806 SEE PART VI 0 0 0 A 9320000 22289949 261206 5808069 16220674 2013 1 0 1 1 B 8197774 12883747 108126 6734192 6041429 2016 1 0 1 1 C 20000 1599969 23548 1576421 2014 0 1 1 1 D 3305895 10748829 58522 10690306 2015 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 1 1 0 0 0 0 1 B 0 0 1 1 0 0 0 0 1 C 0 1 1 1 0 0 0 0 1 D 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 SCHEDULE K SUPPLENTAL INFORMATION SCHEDULE K, PART I, BOND ISSUES: (F) DESCRIPTION OF PURPOSE: ISSUE A: TO FINANCE THE COST OF CONSTRUCTING THE GILMER STREET ADDITION TO THE BROAD AND BELVIDERE STUDENT HOUSING CENTER, AND TO REFUND THE VIRGINIA COMMONWEALTH UNIVERSITY GENERAL REVENUE PLEDGE BOND SERIES 2003, ORIGINALLY ISSUED MARCH 6, 2003 TO FINANCE THE COST OF CONSTRUCTING THE BROAD AND BELVIDERE STUDENT HOUSING CENTER. ISSUE B: TO FINANCE AND REFINANCE THE COSTS OF ACQUIRING AND IMPROVING SIX PROPERTIES, INCLUDING THE REFUNDING OF THE VIRGINIA SMALL BUSINESS FINANCING AUTHORITY REVENUE NOTE (VIRGINIA COMMONWEALTH UNIVERSITY REAL ESTATE FOUNDATION) SERIES 2005, AS REISSUED ON DECEMBER 10, 2013. ISSUE C: TO REFINANCE THE COST OF RENOVATING THE HISTORIC SECTION OF THE DEPOT BUILDING (FORMERLY REFERRED TO AS THE RICHMOND GLASS BUILDING), INCLUDING THE REFUNDING OF THE VIRGINIA COMMONWEALTH UNIVERSITY GENERAL REVENUE PLEDGE BONDS SERIES 2013C, ORIGINALLY ISSUED JUNE 6, 2013. ISSUE D: TO REFINANCE PROJECT COSTS OF 912 WEST GRACE STREET AND 801 WEST MARSHALL STREET, INCLUDING THE REFUNDING OF THE VIRGINIA COMMONWEALTH UNIVERSITY GENERAL REVENUE PLEDGE BONDS SERIES 2013B, ORIGINALLY ISSUED JUNE 6, 2013. ISSUE A(2): TO PARTIALLY REFUND THE VIRGINIA COMMONWEALTH UNIVERSITY GENERAL REVENUE PLEDGE BOND SERIES 2013A, ORIGINALLY ISSUED FEBRUARY 8, 2013, TO FINANCE AND REFINANCE THE COST OF CONSTRUCTING THE BROAD AND BELVIDERE STUDENT HOUSING CENTER (THE CENTER) AND THE GILMER STREET ADDITION TO THE CENTER. SCHEDULE K, PART II, LINE 3: ISSUE B: TOTAL PROCEEDS INCLUDES $4,747 OF INVESTMENT EARNINGS. ISSUE D: TOTAL PROCEEDS INCLUDES $22 OF INVESTMENT EARNINGS. SCHEDULE K, PART IV, LINE 2C: ISSUE A: REBATE CALCULATION WAS PERFORMED ON SEPTEMBER 13, 2016. THE REBATE COMPLIANCE REPORT STATES THE SPENDING EXCEPTION WAS MET AS OF AUGUST 8, 2014. THEREFORE, NO REBATE IS DUE. ISSUE B: REBATE CALCULATION WAS PERFORMED ON DECEMBER 22, 2017. THE REBATE COMPLIANCE REPORT STATES THE SPENDING EXCEPTION WAS MET AS OF DECEMBER 18, 2017. THEREFORE, NO REBATE IS DUE. ISSUE C: ARBITRAGE REBATE CALCULATION WAS PERFORMED ON NOVEMBER 28, 2023. THE ARBITRAGE REBATE COMPLIANCE REPORT STATES THAT ALL PROCEEDS ISSUED UNDER THE REFUNDED SERIES 2013C BONDS (WHICH WERE TAXABLE BONDS) AND INVESTMENT EARNINGS THEREON, WERE FULLY EXPENDED PRIOR TO THE MAY 1, 2023 REDEMPTION DATE. THEREFORE, THERE WERE NO TRANSFERRED PROCEEDS TO THE SERIES 2020A THAT WOULD HAVE REQUIRED THE ARBITRAGE REBATE CALCULATION. ISSUE D: ARBITRAGE REBATE CALCULATION WAS PERFORMED ON AUGUST 25, 2021. THE ARBITRAGE REBATE COMPLIANCE REPORT STATES THAT THE UNIVERSITY HAS SPENT SUFFICIENT FUNDS TO MEET THE 6-MONTH SPENDING EXCEPTION. THEREFORE THE GROSS PROCEEDS OF THIS ISSUE WILL BE EXEMPT FROM ARBITRAGE REBATE. ISSUE A(2): ARBITRAGE REBATE CALCULATION WAS PERFORMED ON DECEMBER 21, 2023. THE ARBITRAGE REBATE COMPLIANCE REPORT STATES THAT THE UNIVERSITY HAS SPENT SUFFICIENT FUNDS TO MEET THE 6-MONTH SPENDING EXCEPTION. THEREFORE, THE GROSS PROCEEDS OF THIS ISSUE WILL BE EXEMPT FROM ARBITRAGE REBATE. AN ADDITIONAL SCHEDULE K IS INCLUDED TO ACCOUNT FOR A TOTAL OF FIVE TAX-EXEMPT BOND ISSUANCES. A VIRGINIA COMMONWEALTH UNIVERSITY 546001758 000000000 2023-02-01 3160000 SEE PART IV 0 0 0 A 2080000 3160000 10702 3149298 2013 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 JEFF GEIGER REF BOARD DIRECTOR 161013 LEGAL SERVICES. JEFF GEIGER, FY 2025 REF BOARD MEMBER, IS A PARTNER IN THE HIRSCHLER FLEISCHER LAW FIRM. HIRSCHLER FLEISCHER PROVIDES REGISTERED AGENT AND OTHER PROPERTY AQUISTION LEGAL MATTER SERVICES. AMOUNT PAID TO HIRSCHLER FLEISCHER IN FY 2025 WAS $161,012.95. 0 FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION DISTRIBUTES A COPY OF THE FORM 990 TO ALL MEMBERS OF THE AUDIT COMMITTEE PRIOR TO THE FORM BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION MONITORS AND ENFORCES THE CONFLICT OF INTEREST POLICY BY HAVING THE OFFICERS, DIRECTORS AND TRUSTEES SIGN THE CONFLICT OF INTEREST POLICY AND DISCLOSE ANY CONFLICTS, IN WRITING, ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 IT IS THE POLICY OF THE ORGANIZATION TO MAKE AVAILABLE COPIES OF FINANCIAL STATEMENTS, GOVERNING DOCUMENTS AND CONFLICT OF INTEREST INFORMATION AND OTHER DOCUMENTS TO THE PUBLIC, UPON REQUEST. IN ADDITION, THE ORGANIZATION'S FINANCIAL STATEMENTS ARE CONSOLIDATED WITH THOSE OF VIRGINIA COMMONWEALTH UNIVERSITY. FORM 990, PART VII, SECTION A THE UNIVERSITY'S PRESIDENT IS AN EX-OFFICIO DIRECTOR OF THE VCU REAL ESTATE FOUNDATION. THE UNIVERSITY MEETS THE IRS DEFINITION OF A RELATED ORGANIZATION. AS SUCH, THE REPORTABLE COMPENSATION FROM THE UNIVERSITY FOR THE UNIVERSITY PRESIDENT IS REPORTED IN PART VII, SECTION A. THE FOUNDATION DOES NOT HAVE ITS OWN EMPLOYEES. SERVICES ARE PROVIDED BY UNIVERSITY EMPLOYEES, WHO ARE COMPENSATED DIRECTLY BY THE UNIVERSITY. THE FOUNDATION REIMBURSES THE UNIVERSITY FOR THE PROPORTIONAL SALARY AND BENEFITS ALLOCATED TO SUPPORT OF THE FOUNDATION. AS SUCH, THE AMOUNT PAID BY THE FOUNDATION TO THE UNIVERSITY AS A REIMBURSEMENT IS REPORTED IN FORM 990 PART IX LINE 11 A. 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