2026-05-12T14:34:06-07:00 2025-06-30 990 2024-07-01 237156305 JAMES MADISON UNIVERSITY FOUNDATION INC JAME 5405683187 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Cheryl Lindsay Vice President/CFO 5405683184 2026-05-12 1 2024 2025-03-06 01:10:19Z Cheryl L Lindsay 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 96945512 0 X www.jmu.edu/foundation X 1969 VA The James Madison University Foundation provides prudent investment policy and stewardship to sustain and grow financial support for the University, while collaborating with the University to create innovative avenues of giving and to meet critical funding initiatives. 23 23 3 26 0 34335 22834461 26564127 1120397 1434689 23977018 8756612 784505 912928 48716381 37668356 15765296 15279644 0 0 1281058 1455643 0 0 946278 4263455 4428251 21309809 21163538 27406572 16504818 234955587 271465754 18565419 20952815 216390168 250512939 X The James Madison University Foundation provides prudent investment policy and stewardship to sustain and grow financial support for the University, while collaborating with the University to create innovative avenues of giving and to meet critical funding initiatives. 0 0 9902135 9824947 0 Scholarships & Fellowships - Includes expenditures for scholarships and fellowships in the form of grants to students, resulting from selection by donor-established criteria or by the James Madison University Foundation's board designation of unrestricted funds. 2394739 1780934 0 Intercollegiate Athletics - Expenditures for intercollegiate sport programs that provide for JMU students' physical well-being and social and cultural development outside the context of the formal instruction program. It also includes expenditures related to the administration, operation, and promotion of intercollegiate athletics. 1983601 1202420 0 Institutional Support - Includes expenditures for central and administrative-level activities concerned with management and long-range planning for the entire institution. It also includes expenditures for operations related to human resources, postal services, finance, resource planning, information technology, and for advancement to maintain relations with the community, alumni and other constituents and to conduct activities related to institution-wide development. 1329123 1108205 0 Academic Support - Includes expenditures providing support services for programs of instruction, research, and public services. 1099264 460312 0 Operation & Maintenance of Plant - Includes expenditures for the operation and maintenance of James Madison University's physical plant. Current year expenditures include transfers to James Madison University of donor-designated funds related to a field hockey facility. 919340 669444 0 Instruction - Includes expenditures for all activities that are part of JMU's instructional program. 216145 117877 0 Public Service - Includes expenditures for activities established to provide non-instructional educational services beneficial to individuals and groups, internal and external to JMU. 142920 83825 0 Student Support - Includes expenditures for student affairs and activities with the primary purpose of contributing to students' emotional and physical well-being and intellectual, cultural and social development outside the context of the formal instruction program. 36335 22799 0 Research - Includes expenditures for activities specifically organized to produce educational research at JMU. 3743127 2462462 0 18023602 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 0 1 0 0 1 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 1 79 0 1 3 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 1 1 AK AL AR CA CO CT DC KY MA MD ME MI MN MS NC NH NJ NV NY OH OK OR PA SC TN VA WA WV X X Cheryl L Lindsay 5405683184 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Warren K Coleman CEO 45 5 X X 252761 0 38939 Cheryl L Lindsay Vice President/Chief Financial Officer 40 5 X X 145695 0 35483 Tammy KC Balser Secretary, Senior Acctg Manager - Operations 39 1 X X 101218 0 33651 David S Kay Chair 1 1 X X 0 0 0 John Alouf Trustee 1 1 X 0 0 0 A Jerry Benson Trustee 1 1 X 0 0 0 Jarl Bliss Trustee 1 1 X 0 0 0 Darrel Branch Trustee 1 1 X 0 0 0 Linda W Cross Trustee 1 1 X 0 0 0 Joseph K Funkhouser II Trustee 1 1 X 0 0 0 Enrico Gaglioti Trustee 1 1 X 0 0 0 James E Hartman Trustee 1 1 X 0 0 0 Heather Hedrick Trustee 1 1 X 0 0 0 F Claiborne Johnston III Trustee 1 1 X 0 0 0 Nicholas L Langridge Trustee, Ex-Officio 1 1 X 0 0 0 Ellen W Meyer Trustee 1 1 X 0 0 0 Towana H Moore Trustee, Ex-Officio 1 1 X 0 0 0 Jon Offley Vice Chair 1 1 X X 0 0 0 Curtis Pulliam Trustee 1 1 X 0 0 0 J Barry Purcell III Trustee 1 1 X 0 0 0 Robin Reifsnider Trustee 1 1 X 0 0 0 James L Riley Trustee 1 1 X 0 0 0 Jennifer E Shirkey Trustee 1 1 X 0 0 0 Paul M Thompson Trustee 1 1 X 0 0 0 Michael S Walden Trustee 1 1 X 0 0 0 Owen Wilson Trustee 1 1 X 0 0 0 499674 0 108073 3 0 1 0 CornerStone Partners 675 Peter Jefferson Parkway Suite 400 Charlottesville VA 22911 Investment Fees 832565 Aramark Campus Services 150 Bluestone Drive MSC 0901 Harrisonburg VA 22807 JMU Dining Services 694379 Collegiate Licensing Company 1075 Peachtree Street Atlanta GA 30309 Trademark/Licensing Management 182924 3 0 0 177275 0 0 26386852 3776140 26564127 Rent income from affiliated exempt group 532000 1434689 1434689 0 0 0 0 0 0 1434689 3082977 0 0 3082977 0 0 0 0 877106 0 0 877106 0 0 0 0 0 0 0 0 0 0 64880326 0 59206691 0 5673635 0 5673635 0 0 5673635 106287 177275 70465 35822 0 35822 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 37668356 1434689 0 9669540 15279644 15279644 0 0 0 0 0 0 487393 165208 288527 33658 0 0 0 0 703066 277408 402349 23309 92306 39071 51784 1451 102268 27614 73409 1245 70610 21911 45232 3467 0 0 0 0 22596 13517 9079 0 23643 0 23643 0 0 0 0 0 0 0 1077179 0 1077179 0 411220 360984 5691 44545 84469 54580 1077 28812 192088 161060 19746 11282 87649 36744 50905 0 0 0 0 0 72650 49922 22728 0 179197 157690 17717 3790 0 0 0 0 78217 63540 10833 3844 708617 708617 0 0 0 0 0 0 106637 99191 7446 0 52953 6988 45965 0 Business Meals & Entertaining 774021 242521 11509 519991 Receptions, Banquets, Retreats, Events 178994 171629 407 6958 Small Equipment Purchases and Repairs 70707 66292 4415 0 Bank Service and Credit Card Fees 279738 395 15417 263926 27676 19076 8600 0 21163538 18023602 2193658 946278 232888 218132 9569495 13696869 8323453 9301965 170782 165481 0 0 0 0 8941798 8141804 0 0 122631 64669 5774202 978065 4349053 4796137 85250374 89310233 109463376 132642758 0 0 130674 151221 8401063 12976485 234955587 271465754 600018 279904 0 0 367851 371330 0 0 0 0 0 0 17308243 20052498 0 0 289307 249083 18565419 20952815 X 35428826 43357976 180961342 207154963 216390168 250512939 234955587 271465754 X 16504818 17620953 0 0 0 -3000 X 0 1 X 1 0 X 18547007 23801715 17572580 22834461 26564127 109319890 0 0 0 0 0 0 0 0 0 0 0 0 18547007 23801715 17572580 22834461 26564127 109319890 7288287 102031603 2795624 2381566 3651087 4048079 3960083 16836439 0 0 0 0 0 0 0 0 0 0 0 0 126156329 1434689 0.80877 0.79973 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 81500 81500 18803826 18885326 1000000 250000 0 0 786128 994300 1000000 1000000 3780428 5670642 98033 85167 72000 81500 336700 196532 248575 250000 250000 945107 1417661 0 0 0 0 0 0 326702 0 0 X 0 155516395 10122348 21549556 4975452 0 1197200 181015647 135362639 11578786 14516194 4781624 0 1159600 155516395 123393340 7561742 10242981 4733824 0 1111600 135352639 154689476 5661588 -31904512 4080112 0 973100 123393340 116670157 6241765 36337919 3666365 0 894000 154689476 0.1 0.9 0 0 0 1404292 660620 2064912 0 3615883 891227 2724656 0 0 0 0 0 93407 86838 6569 0 0 0 0 4796137 0 0 Public Equity 55603182 F Bonds 13427874 F Diversifying Assets 51956804 F Private Equity 11274093 F Cash Value of Life Insurance Policies 380805 F 132642758 0 Trust & Gift Annuity Obligations 249083 249083 X Schedule D, Part III, Line 4 In 2001, the Foundation granted a large portion of its ancient coin collection to James Madison University for public display and classroom study. The Foundation retained duplicates of the coins delivered to the University and poor quality coins to preserve for educational purposes. Additionally, in 2022 the Foundation received an art collection affixed inside a piece of gifted real estate. The Foundation retained this art to preserve and display for educational purposes. Schedule D, Part V, Line 4 The Foundation's endowments are restricted for the following purposes: Academic scholarships: $101,176,901; Administration: $20,875,670; Academics: $28,139,231; Professorships & fellowships: $10,638,384; Athletic Scholarships: $8,893,810; Chair: $6,585,511, and Other: $4,706,140. Schedule D, Part X, Line 2 The Internal Revenue Service has determined that the Foundation is exempt from federal income taxes under IRC Section 501(c)(3) and is organized and operated exclusively for charitable purposes. The Internal Revenue Service has further determined that the Foundation is a public charity as described in IRC Section 509(a)(1). The Foundation has determined that it does not have any material unrecognized tax benefits or obligations as of June 30, 2025 and June 30, 2024. Donations to the Foundation are charitable contributions for tax purposes. Europe (including Iceland and Greenland) 0 0 Investments 887000 Central America and the Caribbean 0 0 Investments 82070000 0 0 82957000 1 0 1 1 1 0 Schedule F, Part I, Line 3 The Foundation values investments at fair market value. Reported investment values were rounded to the nearest one thousand. Le Gourmet 237305 164478 72827 0 5511 6584 27267 24500 4181 Sparks Celebration 46257 12797 33460 0 0 0 998 0 1424 0 283562 177275 106287 0 5511 6584 28265 24500 5605 70465 35822 1 James Madison University 800 South Main Street Harrisonburg VA 22807 546001756 501(c)(3) 15088571 150052 FMV Recovery Devices, Strength Equipment, Pitching System, Wall Coverings, Arboretum Improvement, CAD Cash Grants: Scholarships - $9,824,947, Budget Recovery - $2,192,375, Salary Support - $3,062,449 and Capital Projects - $8,800. James Madison Innovations 1031 South Main Street Harrisonburg VA 22807 263916037 501(c)(3) 20000 To support students within the micro-incubator program that will launch viable startup companies. 2 0 Schedule I, Part I, Line 2 The Foundation enforces a disbursement policy that ensures disbursements of funds are made only upon proper authorization by management, supported by proper documentation, for valid business purposes that are reasonable and necessary, properly recorded, and in compliance with government regulations. Disbursements of operating funds must be made in accordance with donor restrictions, if any, for the benefit of James Madison University, and not inure benefit to any individual. 0 0 0 0 0 0 0 0 0 Warren K Coleman CEO 232997 0 13500 0 6264 0 20039 0 18900 0 291700 0 0 0 Cheryl L Lindsay Vice President/Chief Financial Officer 138477 0 6000 0 1218 0 15266 0 20217 0 181178 0 0 0 X 2 5000 Retail Value or Appraisal X 82 2699074 Avg High/Low Trade Price X 1 1000000 Fair Market Value - Appraisal X Supplies 18 11909 Retail Value X Gemstones 3 4000 Appraisal X Life Insurance Policy 1 46027 Cash Surrender Value 2 0 1 0 Schedule M, Part I, Line 1 Used number of items contributed Schedule M, Part I, Line 9 Used number of contributions Schedule M, Part I, Line 17 Used number of items contributed Schedule M, Part I, Lines 25-28 Used number of items contributed Form 990, Part III, Line 4d See statement 1 on Schedule O for a breakdown of other program services. Form 990, Part VI, Section A, Line 1a There are three forms of board directorship - appointed trustees, ex-officio trustees, and adjunct trustees. Adjunct trustees shall have the right to attend meetings of the Board of Trustees, but shall not have the powers, obligations or status of a Trustee. Adjunct Trustees will be the CEO, CFO, and COO of the Foundation. Form 990, Part VI, Section B, Line 11b The Form 990 is prepared by the Foundation's Accounting Manager of Financial Reporting. A detailed review of the Form 990 is performed by the Foundation's CFO/Vice President. The Form 990 is then sent to each board member, with an open comment period. Schedule B is not distributed to the board to maintain donor confidentiality. All other related 990 schedules are disclosed along with the 990. After the comment period elapses, the Form 990 is accepted by the Foundation's audit committee and electronically filed with the IRS. Form 990, Part VI, Section B, Line 12c The Foundation has a Conflict of Interest Policy which requires Foundation officers, trustees, and key employees to disclose all potential conflicts of interest to the Chair of the Board and the Foundation CEO for purposes of review and remedial action. The Board Chair, Chair of the governance committee and the CEO shall confer regarding the potential conflict and determine the appropriate action to resolve the potential conflict. In some cases, notice to the committee members or the full board may be appropriate, in others, recusal from voting on the relevant matter may be the proper course. The interested person may be asked to cease the conflicting activity or may be asked to relinquish his or her role with the Board of Trustees. Each party must sign a conflict of interest disclosure form annually. If at any time during the year, the information in the annual disclosure statement changes materially, such person shall disclose such changes and revise the annual disclosure form accordingly. Form 990, Part VI, Section B, Line 15 The Foundation CEO and Vice President/CFO are compensated by James Madison University Foundation. Compensation is determined using comparable market data and individual employee performance. Annual increases for the Vice President/CFO are determined by the Commonwealth of Virginia or the Foundation's CEO. The Foundation's Executive Committee, with approval from the Board, determines pay adjustments for the CEO. Form 990, Part VI, Section C, Line 17 See Statement 2 for a list of states where a copy of the Foundation's 990 is required to be filed. Form 990, Part VI, Section C, Line 19 Governing documents, the Conflict of Interest policy and consolidated financial statements are made available on an as needed basis for valid business purposes. Form 990, Part XI, Line 9 The Foundation wrote-down prior year pledge balances determined to be uncollectible by the Foundation in the current year. JMUF Property Holdings LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 472433121 Real estate management VA 11033 41705 JMU Foundation Inc JMU Foundation-3090 South Main Street LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 0 1404292 JMU Foundation Inc JMU Foundation-298 Port Republic Road LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 332923 2193022 JMU Foundation Inc JMU Foundation-Sundry Properties LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 0 0 JMU Foundation Inc JMU Foundation-1031 Harrison Street LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 733022 9277785 JMU Foundation Inc JMU Foundation-Oak Hill Drive LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 0 29000 JMU Foundation Inc JMU Foundation- 1587 Hillcrest Dr LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 17600 836204 JMU Foundation Inc JMUF - 396 South High Street 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real estate holdings VA 34730 561388 JMU Foundation Inc JMU Foundation-Virginia Avenue LLC 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 Real Estate Holdings VA 303655 4654228 JMU Foundation Inc James Madison University Real Estate Fdtn Inc 1031 Harrison Street MSC 8501 Harrisonburg VA 22807 541632549 Manage real property VA 501(c)(3) 11-Type II N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0