Virginia Commonwealth University College of Engineering Foundation

Analysis

Virginia Commonwealth University College of Engineering Foundation is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in September 1996, 30 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a organisation supporting a government-owned college or university under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Virginia Commonwealth University College of Engineering Foundation reported income of $5.5m and spending of $12.1m, spending 221% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $19.7m to $5.5m (-72%), an average of -27% a year. The sharpest change came in the year to June 2021, when income rose by 71%. Over the whole period it spent 142% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Virginia Commonwealth University College of Engineering Foundation sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within VA. Charities of a similar size with the same main cause include Moody Early Childhood Center ($5.5m), Handz-On Inc ($5.5m) and Groveport Madison Christian School ($5.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 23% and program service revenue 73% of the total. Compensation of current officers, directors and key employees was $138k (1.1% of expenses). At year end it held assets of $107.4m against liabilities of $66.1m, net assets of $41.3m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.