UT Communication Foundation (Inactive)

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Gross Receipts: $0

Total assets, 2011: $89,237

Total liabilities, 2011: $857,156

Net assets: $767,919

Gross Receipts: $0

Total assets: $133,100

Total liabilities: $110,905

Net assets: $22,195 

Year founded: 2003

Number of people on board: 3

Employees: 0

The UT Communication Foundation went inactive in 2007, but in the few short years it existed, it provided a financial vehicle that produced four feature films.

The foundation formed to bypass a state law that prevents the University from owning a private corporation. The foundation fully owned smaller companies that partnered Hollywood directors and 200 students with private investments to create the films.

Although the Foundation’s first movie, “The Quiet,” found moderate financial success in theaters nationwide, the subsequent three films produced by the Foundation did not, and the organization was unable to sustain itself financially.

The board of directors once consisted of University officials and investors, but now consists only of Roderick Hart, dean of the College of Communication; Patricia Ohlendorf, vice president for legal affairs; and John McCall, associate vice president of payroll accounting.

The foundation ran a negative balance in excess of $760,000 until January of this year, when it decided to write off the amount. There are no plans to use the foundation for more fundraising at this time, said Jeff Graves, associate vice president for legal affairs.

“The foundation is a nonprofit set up to support the University, just as all the other foundations are, so it could be used for other purposes, although I don’t think that was ever contemplated,” Graves said.