Virginia State University Real Estate Foundation

Nonprofit profile at a glance

EIN
010681650
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Petersburg, VA, USA
Phone
8045245995
Rating
59
Verdict
MIXED
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$6,197,002
Expenses
$1,338,081
Assets
$6,523,008
Liabilities
$1,185,263

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • DR MILLARD STITH (PRESIDENT)
  • JOYCE E HENDERSON (EXECUTIVE DIRECTOR)

Highest reported compensation

  • JOYCE E HENDERSON (EXECUTIVE DIRECTOR): $51,833 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Vsuref is organized and operated to aquire, develop, receive, maintain and manage real estate assets that further the aims and purposes of Virginia state university.

What it reported doing in 2025

To manage the university apartments at ettrick a 504 bedroom facility for Virginia state university students, in support of the universitys mission and in keeping with the universitys strategy to offer a variety of housing alternatives for students.

Operating model

Revenue model
Donor-supported. 63% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up and most filed governance safeguards are in place. A relatively small share of available resources goes toward mission work and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 41
  • Transparency & Controls: 69
  • Accountability: 77
  • Sustainability: 81
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 21%; rating input score 21
  • Program expense ratio: 87.7%; rating input score 88
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 60%; rating input score 60; 11th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 78.4%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 4.87; rating input score 80; 80th percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 37; 37th percentile among comparable filings
  • Officer compensation ratio: 3.9%; rating input score 64; 64th percentile among comparable filings

Growth

  • Program expense growth: -4.6% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: 1.8% per year; rating input score 100; 15th percentile among comparable filings
  • Asset growth: -3.4% per year; rating input score 0; 4th percentile among comparable filings

Details

  • Where the money goes: 21% of revenue deployed · 87.7% of spending went to programs
  • Governance: 3 of 5 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.2M in reported program spending
  • Leadership: top reported pay $52K · 7 people listed
  • Highest-paid contractors: 2 contractors listed · $367K reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 6 filed schedules · includes grants
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 21/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 37/100.