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James Madison University Foundation Inc

EIN 23-7156305 · Harrisonburg, VA

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthStrong90 out of 100GovernanceStrong90 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

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.

Income
$37.7 million
Spending
$21.2 million
Spent on programs
85%
Reserves
21.9 months of spending
Largest source of income
donations and private grants, 71%
Employees
3
Volunteers
26
Highest pay
$291,700, ceo

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Strong: 90 out of 100. Higher than 86% of charities in its peer group (education, $10m to $100m).

  • Reserves

    35 of 35

    Spendable reserves would cover 21.9 months of spending.

  • Debt

    20 of 20

    It owes 8% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 44% of income.

  • Income trend

    5 of 15

    Income fell 23% on the year before.

  • Spending floor

    15 of 15

    85% of spending went to programs and raising each dollar of donations cost 4 cents.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Strong: 90 out of 100. Higher than 25% of charities in its peer group (education, $10m to $100m).

  • Independent board

    25 of 25

    23 of 23 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    0 of 10

    Did not give the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (10)
  1. $9.9 million spent. 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.
  2. $2.4 million spent. 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.
  3. $2.0 million spent. 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.
  4. $1.3 million spent. Academic Support - Includes expenditures providing support services for programs of instruction, research, and public services.
  5. $1.1 million spent. 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.
  6. $919,340 spent. Instruction - Includes expenditures for all activities that are part of JMU's instructional program.
  7. $216,145 spent. Public Service - Includes expenditures for activities established to provide non-instructional educational services beneficial to individuals and groups, internal and external to JMU.
  8. $142,920 spent. 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.
  9. $36,335 spent. Research - Includes expenditures for activities specifically organized to produce educational research at JMU.
  10. See statement 1 on Schedule O for a breakdown of other program services.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending June 2025.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since July 1972.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.