Overview
What is Old Dominion University Educational Foundation?
The Old Dominion University Educational Foundation is a nonprofit organization based in Norfolk, Virginia, specifically located at 4417 Monarch Way 4th Floor, with a total of one employee. Its primary role is to support Old Dominion University by administering and distributing funds and property, contributing to the mission, objectives, and programs of the university. These supplemental funds are utilized for various purposes, including student and faculty scholarships/awards, eminent scholar professorships, faculty salaries, faculty research, university development, capital projects, and substantial support for the library and its collections.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 95% (Four-Star out of Four Stars)
The Old Dominion University Educational Foundation has achieved a commendable 95% rating from Charity Navigator, indicating strong performance in accountability and finance. This high score reflects the organization’s commitment to transparency and effective governance, demonstrated by a fully independent board and robust oversight measures. Notably, there are no material diversions of assets, and the foundation adheres to strict conflict of interest and whistleblower policies.
Financially, the foundation showcases impressive metrics, with an 81.98% program expense ratio that suggests a significant portion of funds goes directly to its mission. The organization also maintains a low fundraising efficiency ratio of $0.04, indicating that it operates in a cost-effective manner. Additionally, the working capital ratio of 20.86 years highlights its financial stability and ability to sustain operations over the long term.
While the foundation has demonstrated exceptional fiscal management and governance practices, potential donors and stakeholders can be confident in its operational integrity and commitment to supporting educational initiatives effectively. Overall, the Old Dominion University Educational Foundation stands out as a reliable and well-managed nonprofit.
This AI summary has been generated from information found on Charity Navigator.
Is Old Dominion University Educational Foundation legitimate?
Old Dominion University Educational Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Old Dominion University Educational Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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What is the mission statement of Old Dominion University Educational Foundation?
The Old Dominion University Educational Foundation was established to exclusively support the educational activities and objectives of Old Dominion University. It administers and distributes funds and property to further the mission, objectives, and programs of the university. The foundation provides supplemental funds for academic departments and special projects, which are used to offer scholarships and awards for students and faculty, as well as to fund faculty salaries and research. Additionally, the foundation supports university development, capital projects, and substantially contributes to the operations of the library and its collections.
Who is the CEO of Old Dominion University Educational Foundation?
Alonzo Brandon is the Chairman of Old Dominion University Educational Foundation.
What is the revenue of Old Dominion University Educational Foundation?
Old Dominion University Educational Foundation's revenue in 2022 was $28,545,693.
Who are the executives of Old Dominion University Educational Foundation and what are their salaries?
There is 1 employee and 31 volunteers at Old Dominion University Educational Foundation.
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Where can I find the form 990 for Old Dominion University Educational Foundation?
Old Dominion University Educational Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Old Dominion University Educational Foundation
The Old Dominion University Educational Foundation serves as a crucial entity in supporting the educational pursuits and objectives of Old Dominion University. Established with the primary purpose of managing and distributing funds and property, the Foundation furthers the mission of Old Dominion University in various ways.
In practice, the Old Dominion University Educational Foundation plays a vital role in supplementing the University's academic departments and special projects by providing additional financial resources. These funds are allocated towards student and faculty scholarships and awards, eminent scholar professorships, faculty salaries, and research grants. Furthermore, the Foundation contributes to the university's development, capital projects, and substantially supports the operations of the library and its collections.
By extending financial assistance, the Old Dominion University Educational Foundation enables Old Dominion University to maintain its high standards of education and research, ultimately enhancing the learning experience for students and fostering academic growth for faculty members. Through its varied initiatives, the Foundation plays a pivotal role in strengthening the academic community at Old Dominion University.
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Impact
October, 2024
The Old Dominion University Educational Foundation significantly enhances the educational landscape by administering and distributing funds to support the mission and objectives of Old Dominion University. Its impact can be seen in various areas, including providing critical supplemental funds that help cover operating costs for academic departments and special projects.
These funds play a vital role in supporting student and faculty scholarships and awards, enabling the university to attract and retain top talent. The foundation also funds eminent scholar professorships, which elevate the quality of education and research. Additionally, it contributes to faculty salaries and research initiatives, fostering an environment where innovative teaching and discovery can thrive.
The foundation’s investments extend beyond direct educational support; it also aids in university development and capital projects that enhance the campus infrastructure. Substantial funding for the university library and its collections ensures that students and faculty have access to vital resources, thereby enriching the academic experience.
In summary, the Old Dominion University Educational Foundation serves as a crucial partner in advancing the university's mission, ultimately benefiting students, faculty, and the academic community as a whole in Norfolk, VA.
This information is meant to be a general summary of Old Dominion University Educational Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $21,962,671
- Gross Receipts: $96,733,181
Assets and Liabilities:
- Total Assets: $344,230,798
- Total Liabilities: $76,707,401
- Net Assets: $267,523,397
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Organization Details
Founding Year
1955
Phone
(757) 683-4524Principal Officer
Alonzo Brandon
Main Address
4417 MONARCH WAY 4TH FLOOR, NORFOLK, VA, 23529
NTEE Category
Code: B110 - Education
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