UNIVERSITY OF RICHMOND

EIN: 540505965 501(c)(3) Education

RICHMOND, VA

Total Revenue
$498,322,761
Total Expenses
$475,875,875
Total Assets
$3,817,484,671
Net Assets
$3,428,000,221
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1830
Legal Domicile
VA
Principal Officer
DAVID B HALE
Phone
8042898150
Tax Period
2023-07-01 to 2024-06-30

UNIVERSITY OF RICHMOND, founded in 1830, is a major nonprofit in the Education sector that reported $498.3M in total revenue in fiscal year 2023. Expenses of $475.9M left a modest 5% surplus.

Mission

THE UNIVERSITY'S COLLECTIONS OF HISTORICALLY SIGNIFICANT ARTIFACTS, SCIENTIFIC SPECIMENS AND ART OBJECTS ARE HELD FOR EDUCATION, RESEARCH, SCIENTIFIC INQUIRY, AND PUBLIC EXHIBITION. THEIR VALUE IS NOT REFLECTED IN THE UNIVERSITY'S CONSOLIDATED FINANCIAL STATEMENTS, AS PERMITTED BY U.S. GAAP.

Program Service Accomplishments

Program 1
Expenses: $218,710,375 Revenue: $233,309,630

INSTRUCTION - SEE SCHEDULE O

Program 2
Expenses: $59,813,418 Revenue: $0

ACADEMIC SUPPORT - SEE SCHEDULE O

Program 3
Expenses: $38,488,168 Revenue: $40,411,557

AUXILIARY ENTERPRISES - SEE SCHEDULE O

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $30,385,865
Program Service Revenue $253,175,630
Investment Income $172,142,875
Other Revenue $42,618,391
TOTAL REVENUE $498,322,761

Expense Breakdown

Grants Paid $103,745,844
Salaries & Benefits $231,054,940
Fundraising Expenses $17,854,245
Program Expenses $398,404,843
Other Expenses $140,806,214
TOTAL EXPENSES $475,875,875

Year-over-Year Comparison

2023 2022 Change
Revenue $498,322,761 $471,311,543 +0.1%
Expenses $475,875,875 $459,612,825 +0.0%
Net Income $22,446,886 $11,698,718 +0.9%
Key Indicators
✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
25
Independent Members
24
Employees
4925
Volunteers
1798

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✓ Engaged in Lobbying
✗ Operated Donor Advised Fund
✓ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$2,984,960
Total Directors
25
$1,603,662
Key Employees
5
$4,353,686
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
WILLIAM MCLEAN PRESIDENT AND CIO, SMC 40.0
Key Emp
$2,295,127 $413,240 $2,708,367
CHRISTOPHER MOONEY BASKETBALL COACH 40.0
Highest
$1,566,934 $92,941 $1,659,875
KEVIN HALLOCK PRESIDENT AND TRUSTEE 40.0
Officer Director
$1,051,350 $552,312 $1,603,662
KAREN WELCH DEPUTY CIO, SMC 40.0
Highest
$1,272,625 $60,384 $1,333,009
JEFFREY HIRES Managing Director, SMC 40.0
Highest
$861,604 $58,384 $919,988
Raymond Patrick Fishe Professor of Finance 40.0
Highest
$824,432 $30,687 $855,119
Jonathan Moore Chief Administrative Off, SMC 40.0
Highest
$748,400 $34,028 $782,428
DAVID HALE EVP & COO/TREASURER 40.0
Officer
$647,004 $82,291 $729,295
RONALD CRUTCHER FORMER PRESIDENT 40.0
$531,787 $51,631 $583,418
JEFFREY LEGRO FORMER EVP & PROVOST 40.0
$488,733 $55,559 $544,292
WENDY PERDUE DEAN, LAW 40.0
Key Emp
$474,938 $61,670 $536,608
STEPHANIE DUPAUL VP FOR ENROLLMENT MANAGEMENT 40.0
Key Emp
$388,283 $48,460 $436,743
ANN LLOYD BREEDEN SECRETARY, BOARD OF TRUSTEES 40.0
Officer
$296,942 $50,468 $347,410
JENNIFER CAVENAUGH DEAN, SCHOOL OF ARTS & SCIENCE 40.0
Key Emp
$298,943 $43,961 $342,904
STEPHEN BISESE VP, STUDENT DEVELOPMENT 40.0
Key Emp
$276,541 $52,523 $329,064
A JOAN SAAB EVP & PROVOST (7/2023) 40.0
Officer
$281,702 $22,891 $304,593
R LEWIS BOGGS RECTOR 2.0
Officer Director
$0 $0 $0
KATHLEEN HUGHES BETTENCOURT VICE-RECTOR 2.0
Officer Director
$0 $0 $0
RUSSELL C BALL III TRUSTEE 2.0
Director
$0 $0 $0
JEFF A BROWN TRUSTEE 2.0
Director
$0 $0 $0
H HITER HARRIS III TRUSTEE 2.0
Director
$0 $0 $0
SUSAN M HUMPHREVILLE TRUSTEE 2.0
Director
$0 $0 $0
TRACEY H IVEY TRUSTEE 2.0
Director
$0 $0 $0
REGINALD N JONES TRUSTEE 2.0
Director
$0 $0 $0
MARY-BETH L NASH TRUSTEE 2.0
Director
$0 $0 $0
AUSTIN P NEUHOFF TRUSTEE 2.0
Director
$0 $0 $0
S GEORGIA NUGENT TRUSTEE 2.0
Director
$0 $0 $0
ROBERT E RIGSBY TRUSTEE 2.0
Director
$0 $0 $0
JOHN A ROUSH TRUSTEE 2.0
Director
$0 $0 $0
WENDELL L TAYLOR TRUSTEE 2.0
Director
$0 $0 $0
CYNTHIA L BORGER TRUSTEE 2.0
Director
$0 $0 $0
MIHIR J PATEL TRUSTEE 2.0
Director
$0 $0 $0
STEPHEN J ARONSON TRUSTEE 2.0
Director
$0 $0 $0
STACY GARRETT-RAY TRUSTEE 2.0
Director
$0 $0 $0
STEPHEN J KNEELEY TRUSTEE 2.0
Director
$0 $0 $0
AJAY NAGPAL TRUSTEE 2.0
Director
$0 $0 $0
Raegan W Morris Trustee 2.0
Director
$0 $0 $0
Susan G Quisenberry Trustee 2.0
Director
$0 $0 $0
Gregory S Rogowski Trustee 2.0
Director
$0 $0 $0
Kevin R Seth Trustee 2.0
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $498,322,761 $475,875,875 $3,817,484,671 $22,446,886
2023 $471,311,543 $459,612,825 $3,705,697,925 $11,698,718
2022 $652,188,560 $420,959,502 $3,710,804,570 $231,229,058
2021 $713,801,637 $393,284,683 $3,926,462,707 $320,516,954
2020 $458,087,443 $390,988,842 $2,953,130,131 $67,098,601
2019 $477,643,608 $385,782,520 $3,050,580,741 $91,861,088
2018 $449,623,123 $374,981,434 $3,063,808,657 $74,641,689
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