2023-05-11T14:32:36-05:00 2022-06-30 BDO USA LLP 8401 GREENSBORO DRIVE 800 MCLEAN VA 22102 990 2021-07-01 546046419 University Of Virginia Darden School Foundation % HEATHER L ENOS UNIV 4349244841 PO Box 7263 Charlottesville VA 22906 HEATHER L ENOS CFO, TREASURER & SVP 4349247228 2023-05-10 true HEATHER L ENOS 999009999 Marc Berger P01871563 7038930600 2 2021 2023-04-26 12:10:37Z CAROLYN S MILES PO Box 7263 Charlottesville VA 22906 157951148 false X www.darden.virginia.edu X 1952 VA SEE SCHEDULE O 53 51 91 1000 1050018 0 34839249 31645857 19587862 27739500 25896911 37454364 104683 31267 80428705 96870988 23393168 24846565 0 0 11894998 13167360 0 0 3359709 14762952 22037250 50051118 60051175 30377587 36819813 664692543 705723773 25740522 81006569 638952021 624717204 X SEE SCHEDULE O false false 52334829 24846565 27743266 THE FOUNDATION MANAGES ENDOWMENT FUNDS FOR THE BENEFIT OF THE DARDEN SCHOOL, OPERATES TOP-RANKED EXECUTIVE EDUCATION AND LIFELONG LEARNING PROGRAMS, MANAGES HOSPITALITY SERVICES AT THE SCHOOL'S GOODWIN FAMILY GROUNDS AND SANDS FAMILY GROUNDS LOCATIONS, AND PROMOTES PHILANTHROPIC LIFE-LONG SUPPORT OF THE SCHOOL BY ALUMNI, FRIENDS AND CORPORATIONS. 52334829 true true false false false false false false false true true true false true true true true false false false false false false false false false false true false true false false false false false false false false true false false false false false false false false true 223 0 true 91 true true true false false false false false false false false false false false X 53 51 false false false false false false false true true false false true true true true true true true true false AR CA CT HI IL KY MD MA MI MN NH NJ NY OK OR SC UT WV WI X HEATHER L ENOS 4349244841 100 DARDEN BLVD CHARLOTTESVILLE VA 22903 X ASHLEY M WILLIAMS CEO/CLO, EELL 50.0 0.0 X 526114 0 136760 MICHAEL J WOODFOLK President 50.0 0.0 X 455009 0 111962 LAURENCE P MURPHY President & CEO, EELL 50.0 0.0 X 348311 0 55650 SAMANTHA G HARTOG Interim VP of Advancement 50.0 0.0 X 257310 0 35194 ANNE TRUMBORE Chief Digitial Learning Off. 50.0 0.0 X 236179 0 50092 HEATHER L ENOS CFO, Treasurer and SVP 50.0 0.0 X 240103 0 33339 LISA CANNELL Managing Director, EELL 50.0 0.0 X 229777 0 40456 SHAUN ROZYN Managing Director, EELL 50.0 0.0 X 224934 0 41471 WILLIAM S ROBINSON Executive Director, PLE 50.0 0.0 X 210574 0 30547 YAEL GRUSHKA-COCKAYNE Ex-Officio Trustee 1.0 0.0 X 55275 0 0 RICHARD B EVANS Ex-Officio Trustee 1.0 0.0 X 36300 0 0 MARTINA T HUND-MEJEAN Chair 1.0 0.0 X X 0 0 0 FRANK M SANDS JR Vice Chair 1.0 0.0 X X 0 0 0 ROBERT J HUGIN Immediate Past Chair 1.0 0.0 X X 0 0 0 KIRBY C ADAMS Trustee (THRU 1/31/22) 1.0 0.0 X 0 0 0 JOHN ANDREW BUGAS Trustee 1.0 0.0 X 0 0 0 WESLEY G BUSH Trustee (THRU 12/31/21) 1.0 0.0 X 0 0 0 H WILLIAM COOGAN JR Trustee 1.0 0.0 X 0 0 0 JAMES A COOPER Trustee 1.0 0.0 X 0 0 0 CHARLES R CORY Trustee 1.0 0.0 X 0 0 0 ROBERT G DOUMAR JR Trustee 1.0 0.0 X 0 0 0 FRANKLIN S EDMONDS JR Trustee 1.0 0.0 X 0 0 0 KAREN K EDWARDS Trustee 1.0 0.0 X 0 0 0 ARNOLD B EVANS Trustee 1.0 0.0 X 0 0 0 JOHN D FOWLER JR Trustee 1.0 0.0 X 0 0 0 CATHERINE J FRIEDMAN Trustee 1.0 0.0 X 0 0 0 JOHN W GLYNN JR Trustee 1.0 0.0 X 0 0 0 KIRSTI W GOODWIN Trustee 1.0 0.0 X 0 0 0 PETER M GRANT II Trustee 1.0 0.0 X 0 0 0 ROBERT L HUFFINES Trustee 1.0 0.0 X 0 0 0 DAVID B KELSO Trustee 1.0 0.0 X 0 0 0 ROSEMARY B KING Trustee 1.0 0.0 X 0 0 0 MARK J KINGTON Trustee 1.0 0.0 X 0 0 0 DAVID M LACROSS Trustee 1.0 0.0 X 0 0 0 LEMUEL E LEWIS Trustee 1.0 0.0 X 0 0 0 ELIZABETH H LYNCH Trustee 1.0 0.0 X 0 0 0 RICHARD A MAYO Trustee 1.0 0.0 X 0 0 0 SACHIN J MEHRA Trustee 1.0 0.0 X 0 0 0 DONALD E MOREL JR PHD Trustee 1.0 0.0 X 0 0 0 KIMBERLY B MORRISH Trustee 1.0 0.0 X 0 0 0 J BYRNE MURPHY Trustee 1.0 0.0 X 0 0 0 ADAIR NEWHALL Trustee 1.0 0.0 X 0 0 0 MICHAEL E O'NEILL Trustee (THRU 9/30/21) 1.0 0.0 X 0 0 0 G RUFFNER PAGE JR Trustee 1.0 0.0 X 0 0 0 ZHIYUAN PENG Trustee 1.0 0.0 X 0 0 0 ERIK A SLINGERLAND PHD Trustee 1.0 0.0 X 0 0 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Construction 32460524 Meridian Development LLC 3 Bethesda Metro Center Suite 1400 BETHESDA MD 20814 Project management 2089346 University of VA Facilities Managem PO Box 400201 CHARLOTTESVILLE VA 22904 project management 1789328 University of VA Investment Managem PO Box 400215 CHARLOTTESVILLE VA 22906 Investment MGMT. 1269167 Glave Holmes Architecture 2101 E Main Street RICHMOND VA 23223 Architectural SVCS. 1059092 24 1802623 29843234 4078662 31645857 EXECUTIVE EDUCATION 721110 27739500 26716982 1022518 27739500 325024 325024 0 0 0 0 0 98209500 61080160 37129340 37129340 37129340 0 0 0 0 0 0 0 0 0 ADVERTISING REVENUE 900099 27500 27500 OTHER INCOME 900099 3767 3767 31267 96870988 26720749 1050018 37454364 24846565 24846565 0 0 0 1841644 705604 831293 304747 0 8879295 6545176 1025085 1309034 678073 455839 85570 136664 719725 449152 131254 139319 1048623 886920 67321 94382 260801 260801 55289 39041 16248 99800 99800 0 0 1111790 1111790 5884315 5576238 206147 101930 1086429 949339 20647 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236958 325024 2955544 0 0 0 0 0 0 58429 84646 92492 78683 31266 345516 184202219 126001779 0.63267 0.60919 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 571520608 22132049 -29263246 41660272 1111790 521617349 415386731 18048648 163942942 25159998 697715 571520608 407018514 18260749 16251916 25486793 657655 415386731 344805199 64917093 17947567 19966097 685248 407018514 321085364 9167290 34720982 19729253 439184 344805199 0.14680 0.44640 0.40680 false false 6350910 2386135 3964775 2177496 1461652 715844 99580835 708067 98872768 103553387 UVIMCO MANAGED FUNDS 412593470 F 412593470 RIGHTS OF OCCUPANCY 25157092 INTEREST RATE SWAPS 14522677 RESTRICTED CASH 6177655 OTHER ASSETS 3334147 49191571 0 DEFERRED RENT 6126796 6126796 X 26835858 -65577308 1736085 -63841223 90677081 1111790 5082117 6193907 96870988 55593353 1736085 1736085 53857268 1111790 5082117 6193907 60051175 SCHEDULE D, Part V, line 4: THE FOUNDATION'S ENDOWMENT SUPPORTS THE DARDEN SCHOOL THROUGH SCHOLARSHIPS, CHAIRS, RESEARCH, EDUCATIONAL PROGRAMS, AND ALUMNI SERVICES. SCHEDULE D, Part X, Line 2: THE FOUNDATION HAS BEEN GRANTED EXEMPTION BY THE INTERNAL REVENUE SERVICE (IRS) FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE IRS HAS ALSO DETERMINED THAT THE FOUNDATION IS A PUBLIC CHARITY UNDER SECTION 509(A)(1) AND NOT A PRIVATE FOUNDATION. THE FOUNDATION IS REQUIRED TO REPORT AND PAY TAXES ON UNRELATED BUSINESS INCOME TO THE IRS AND OTHER LOCAL JURISDICTIONS. THERE WAS NO LIABILITY FOR UNRELATED BUSINESS INCOME TAXES AS OF JUNE 30, 2022 AND 2021. THE FOUNDATION ALSO FOLLOWS THE PROVISIONS OF FASB ASC TOPIC 740-10, INCOME TAXES. MANAGEMENT BELIEVES IT HAS NO MATERIAL UNCERTAIN TAX POSITIONS OR ANY RELATED PENALTIES AND INTEREST TO ACCRUE FOR THE YEARS ENDED JUNE 30, 2022 AND 2021, AND, ACCORDINGLY, THERE IS NO LIABILITY FOR UNRECOGNIZED TAX BENEFITS. THE FOUNDATION FILES IRS FORM 990 ANNUALLY WITH THE FEDERAL GOVERNMENT AND IS STILL OPEN TO EXAMINATION BY TAXING AUTHORITIES FOR FISCAL YEAR 2019 AND LATER. SCHEDULE D, PART XI, LINE 4B: HOSPITALITY EXPENSES $5,082,117 SCHEDULE D, PART XII, LINE 4B: HOSPITALITY EXPENSES $5,082,117 true University of Virginia PO Box 400222 Charlottesville VA 22906 546001796 501(C)(3) 24846565 see part IV 1 SCHEDULE I, PART I, LINE 2: THE DARDEN SCHOOL's FINANCE TEAM REVIEWS SUPPORTING DOCUMENTS TO ENSURE COMPLIANCE WITH THE DONOR'S RESTRICTED PURPOSE PRIOR TO REQUESTING FUNDING FROM THE FOUNDATION. THE DARDEN SCHOOL RECEIVES A PERIODIC REVIEW BY THE UVA INTERNAL AUDIT DEPARTMENT TO ENSURE DONOR INTENTION IS MET. RESULTS OF THE REVIEW ARE PROVIDED TO THE DARDEN SCHOOL FOUNDATION MANAGEMENT. SCHEDULE I, PART II: Grants to the University of Virginia support scholarships, professorships, Centers of Excellence, research, facilities and Partnership for Leaders in Education. X X true true X X X X X false true false false false false false true false ASHLEY M WILLIAMS CEO/CLO, EELL 378113 0 148001 0 0 0 114192 0 22568 0 662874 0 4884 0 MICHAEL J WOODFOLK President 355079 0 99930 0 0 0 102521 0 9441 0 566971 0 25317 0 LAURENCE P MURPHY President & CEO, EELL 229311 0 119000 0 0 0 27291 0 28359 0 403961 0 0 0 SAMANTHA G HARTOG Interim VP of Advancement 235310 0 22000 0 0 0 26605 0 8589 0 292504 0 0 0 ANNE TRUMBORE Chief Digitial Learning Off. 195012 0 41167 0 0 0 23457 0 26635 0 286271 0 0 0 HEATHER L ENOS CFO, Treasurer and SVP 207603 0 32500 0 0 0 23945 0 9394 0 273442 0 0 0 LISA CANNELL Managing Director, EELL 185523 0 44254 0 0 0 21242 0 19214 0 270233 0 0 0 SHAUN ROZYN Managing Director, EELL 184661 0 40273 0 0 0 21242 0 20229 0 266405 0 0 0 WILLIAM S ROBINSON Executive Director, PLE 207324 0 3250 0 0 0 24014 0 6533 0 241121 0 0 0 SCHEDULE J, PART I, LINE 1A: THROUGH THE FOUNDATION'S STANDARD BENEFITS PACKAGE, THE FOUNDATION WILL SUBSIDIZE $195 OF THE COST OF MEMBERSHIP TO THE UVA GYM FOR BENEFITS ELIGIBLE EMPLOYEES ANNUALLY. SCOTT BEARDSLEY, DEAN OF THE DARDEN SCHOOL OF BUSINESS AND EX-OFFICIO TRUSTEE OF THE FOUNDATION, IS ELIGIBLE FOR FIRST-CLASS TRAVEL TO INTERNATIONAL DESTINATIONS. SCHEDULE J, Part I, Line 4B: THE FOUNDATION ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER 457(F) TO COVER CERTAIN EXECUTIVES. AT THE END OF EACH FISCAL YEAR, THE BOARD COMPENSATION COMMITTEE MAY APPROVE A CONTRIBUTION TO BE CREDITED TO EACH PARTICIPANT'S ACCOUNT BASED ON PREDETERMINED METRICS. CONTRIBUTIONS MADE BY THE FOUNDATION FOLLOW A THREE-YEAR GRADED VESTING SCHEDULE. SCHEDULE J, Part I, Line 7: THE FOUNDATION PAYS TEACHING FEES TO UNIVERSITY FACULTY WHO TEACH EXECUTIVE EDUCATION and lifelong learning PROGRAMS. BONUSES PAID ARE NOT CONTINGENT ON REVENUES OR NET EARNINGS. X 134 4077806 FMV X OTHER 2 856 COST 1 false true false Part II: THE NUMBER OF CONTRIBUTIONS OR ITEMS IN COLUMN (B) OF PART I REPRESENTS THE NUMBER OF CONTRIBUTIONS. Form 990, Part I, line 1 and Part III, line 1: THE FOUNDATION MANAGES ENDOWMENT FUNDS FOR THE BENEFIT OF THE DARDEN SCHOOL, OPERATES TOP-RANKED EXECUTIVE EDUCATION AND LIFELONG LEARNING PROGRAMS, MANAGES HOSPITALITY SERVICES AT THE SCHOOL'S GOODWIN FAMILY GROUNDS AND SANDS FAMILY GROUNDS LOCATIONS, AND PROMOTES PHILANTHROPIC LIFE-LONG SUPPORT OF THE SCHOOL BY ALUMNI, FRIENDS AND CORPORATIONS. Form 990, Part VI, Section A, line 1: THE AUTHORITY OR DELEGATION OF THE BOARD OF TRUSTEES IS AS FOLLOWS: THE EXECUTIVE COMMITTEE EXERCISES THE AUTHORITY OF THE BOARD OF TRUSTEES IN DIRECTING THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE FOUNDATION, EXCEPT THAT NO COMMITTEE HAS THE POWER OR AUTHORITY TO I) FILL VACANCIES ON THE BOARD OR ON ANY OF ITS COMMITTEES; II) AMEND THE ARTICLES OF INCORPORATION; III) ADOPT, AMEND, OR REPEAL THE BY- LAWS; IV) APPROVE A PLAN OF MERGER OR CONSOLIDATION; V) APPROVE THE SALE, LEASE OR EXCHANGE, OR THE MORTGAGE, PLEDGE OR OTHER DISPOSITION OF ALL OR SUBSTANTIALLY ALL OF THE PROPERTY AND ASSETS OF THE FOUNDATION; OR VI) APPROVE THE REVOCATION OF THE VOLUNTARY DISSOLUTION PROCEEDINGS. THE EXECUTIVE COMMITTEE MUST PROVIDE A FULL REPORT OF ITS ACTIONS TO THE BOARD OF TRUSTEES AT THE REGULAR BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 11: AFTER INTERNAL REVIEW, THE CFO REVIEWS THE FORM 990 WITH THE AUDIT/FINANCE COMMITTEE AND ADDRESSES QUESTIONS FROM THE COMMITTEE. ELECTRONIC COPIES OF THE FORM 990 ARE PROVIDED TO THE FULL BOARD IN ADVANCE OF FILING. FORM 990, PART VI, SECTION B, LINE 12C: ANNUALLY, THE FOUNDATION DISTRIBUTES A COPY OF THE CONFLICT OF INTEREST POLICY, POLICY ON UNIVERSITY OF VIRGINIA RELATED FOUNDATIONS, AND A CONFLICT OF INTEREST FORM TO THE FOUNDATION'S TRUSTEES, OFFICERS, AND KEY EMPLOYEES. THE INDIVIDUALS ARE REQUIRED TO DISCLOSE ACTIVITY FOR THE NEXT YEAR AND VERIFY THE ACTIVITY IN THE CURRENT YEAR. FORM 990, PART VI, SECTION B, LINE 15: ALL COMPENSATION FOR FOUNDATION OFFICERS AND KEY EMPLOYEES IS APPROVED BY THE BOARD COMPENSATION COMMITTEE IN ACCORDANCE WITH THE IRS REBUTTABLE PRESUMPTION OF REASONABLE STANDARD. EXECUTIVE COMPENSATION INCLUDES A BONUS WHICH IS BASED ON KEY METRICS, ESTABLISHED BY THE BOARD. ON AN ANNUAL BASIS, THE BOARD COMPENSATION COMMITTEE REVIEWS THOSE EMPLOYEES DEEMED TO BE DISQUALIFIED AS DEFINED BY THE INTERNAL REVENUE SERVICE. THEY REVIEW AND APPROVE ALL FACETS OF EXECUTIVE COMPENSATION FOR THE UPCOMING FISCAL YEAR AND AT ITS CONCLUSION, REVIEW AND APPROVE ANY PAYOUTS OF BONUSES. FORM 990, PART VI, SECTION C, LINE 19: THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAPS $12,069,925 FORM 990, PART XII, LINE 2C: THERE HAVE BEEN NO CHANGES TO THE FOUNDATION'S PROCESS FOR THE SELECTION OF EXTERNAL AUDITORS OR OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT.