2021-03-24T11:05:45-05:00 2020-06-30 BDO USA LLP 8401 GREENSBORO DRIVE 800 MCLEAN VA 22102 990 2019-07-01 546046419 University Of Virginia Darden School Foundation % HEATHER L ENOS UNIV 4349247228 PO Box 7263 Charlottesville VA 22906 HEATHER L ENOS EXEC. DIR, FINANCE 4349247228 2021-03-12 true Marc Berger P01871563 7038930600 2019 2022-09-23 18:48:47Z MICHAEL J WOODFOLK PO Box 7263 Charlottesville VA 22906 122141593 false X www.darden.virginia.edu X 1952 VA See Schedule O 58 58 108 1309 4171817 75187093 26615664 32456879 25861080 16389340 23048605 115396 108742 124148708 75634091 24769904 24086840 0 0 18676786 17455864 128916 161006 5518537 21737940 19695496 65313546 61399206 58835162 14234885 501756176 510801836 19587963 19797073 482168213 491004763 X SEE SCHEDULE O false false 52401269 24086840 25861080 The Foundation manages endowment funds for the exclusive benefit of the Darden School, operates top-ranked executive education 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. 52401269 true true false false false false false false false true true true false true true true true false false true true false false true false false false true false true false false false false false false false false true false false false false false false false false true 202 0 true 108 true true true false false false false false false false false false false false X 58 58 true 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 4349247228 100 DARDEN BLVD CHARLOTTESVILLE VA 22903 X Kara Mullins VP of Advancement 50.0 0.0 X 389374 0 50140 Ashley Williams CEO & CLO, Executive Education 50.0 0.0 X 349837 0 52324 Michael J Woodfolk President 50.0 0.0 X 326078 0 65846 Laurence Murphy President & COO EXECUTIVE EDU 50.0 0.0 X 301486 0 48100 Howard Avery Asst. VP, Advancement 50.0 0.0 X 208133 0 43567 Shaun Rozyn Mng Director, EXECUTIVE Edu 50.0 0.0 X 203692 0 46115 Lisa Cannell Mng Director, EXECUTIVE Edu 50.0 0.0 X 203217 0 39272 Marc Ruggiano Exec. Director, EXECUTIVE edu 50.0 0.0 X 206601 0 35409 Charles L Heckel Treasurer (through 10/31/19) 50.0 0.0 X 180392 0 32998 Yael Grushka-Cockayne Ex-Officio Trustee 1.0 0.0 X 26600 0 0 Jeanne M Liedtka Ex-Officio Trustee 1.0 0.0 X 18556 0 0 Robert J Hugin Chair 1.0 0.0 X X 0 0 0 Martina T Hund-Mejean Vice Chair 1.0 0.0 X X 0 0 0 Elizabeth K Weymouth Immediate Past Chair 1.0 0.0 X X 0 0 0 Kirby C Adams Trustee 1.0 0.0 X 0 0 0 WL Lyons Brown III Trustee 1.0 0.0 X 0 0 0 J Andrew Bugas Trustee 1.0 0.0 X 0 0 0 Wesley G Bush Trustee 1.0 0.0 X 0 0 0 H William Coogan Trustee 1.0 0.0 X 0 0 0 James A Cooper Trustee 1.0 0.0 X 0 0 0 Charles C 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 Trustee 1.0 0.0 X 0 0 0 Cathy J Friedman Trustee 1.0 0.0 X 0 0 0 John W Glynn Jr Trustee 1.0 0.0 X 0 0 0 Kristi 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 Mark J Kington 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 Carolyn S Miles Trustee 1.0 0.0 X 0 0 0 Donald E Morel Jr 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 1.0 0.0 X 0 0 0 G Ruffner Page Trustee 1.0 0.0 X 0 0 0 Zhiyuan Peng Trustee 1.0 0.0 X 0 0 0 Frank M Sands Sr Trustee 1.0 0.0 X 0 0 0 Frank M Sands Jr Trustee 1.0 0.0 X 0 0 0 Henry F Skelsey Trustee 1.0 0.0 X 0 0 0 Erik A Slingerland Trustee 1.0 0.0 X 0 0 0 Robert W Smith Trustee 1.0 0.0 X 0 0 0 Shannon G Smith Trustee 1.0 0.0 X 0 0 0 Mark J Styslinger Trustee 1.0 0.0 X 0 0 0 Bruce R Thompson Trustee 1.0 0.0 X 0 0 0 Lowell Simmons Ukrop Trustee 1.0 0.0 X 0 0 0 William P Utt Trustee 1.0 0.0 X 0 0 0 Steven C Voorhees Trustee 1.0 0.0 X 0 0 0 Scott C Beardsley Ex-Officio Trustee 1.0 0.0 X 0 0 0 Richard C Edmunds Ex-Officio Trustee 1.0 0.0 X 0 0 0 Warren F Estey Ex-Officio Trustee 1.0 0.0 X 0 0 0 John C Jeffries Jr Ex-Officio Trustee 1.0 0.0 X 0 0 0 Michelle B Horn Ex-Officio Trustee 1.0 0.0 X 0 0 0 Rosemary B King Ex-Officio Trustee 1.0 0.0 X 0 0 0 Naresh Kumra Ex-Officio Trustee 1.0 0.0 X 0 0 0 Nicole M Lindsay Ex-Officio Trustee 1.0 0.0 X 0 0 0 Jonathan D Mariner Ex-Officio Trustee 1.0 0.0 X 0 0 0 Patrick A O'Shea Ex-Officio Trustee 1.0 0.0 X 0 0 0 Alex R Picou Ex-Officio Trustee 1.0 0.0 X 0 0 0 James E Ryan Ex-Officio Trustee 1.0 0.0 X 0 0 0 Heather L Enos Executive Director, Fin & Stra 50.0 0.0 X 0 0 0 2413966 0 413771 32 false true false Univ of VA Investment Management C PO Box 400215 CHARLOTTESVILLE VA 22906 Investment Mgmt. 634491 FLIK INTERNATIONAL CORPORATION 2400 YORKMONT ROAD CHARLOTTE NC 28217 MANAGEMENT FEES 544329 MARTIN N DAVIDSON PO BOX 5101 CHARLOTTESVILLE VA 22908 TEACHING SERVICES 215401 GREGORY FAIRCHILD 106 ROBINSON WOODS CHARLOTTESVILLE VA 22903 TEACHING SERVICE 158903 STEPHEN MICHAEL VARDELL 568 PARK CROSSING STREET DANIEL ISLAND SC 29492 PROJECT MANAGEMENT 147950 15 26615664 1435240 26615664 EXECUTIVE EDUCATION 721110 25861080 21705513 4155567 0 25861080 664462 664462 0 0 0 0 0 68891645 46507502 22384143 22384143 22384143 0 0 0 0 0 0 0 0 0 PARKING REVENUE 900099 80064 80064 0 0 ADVERTISING REVENUE 900099 16250 0 16250 0 OTHER INCOME 900099 12428 12428 0 0 108742 75634091 21798005 4171817 23048605 24086840 24086840 0 0 0 1726688 615070 641448 470170 0 11809571 8749474 901377 2158720 890778 592322 81637 216819 1231514 822994 155490 253030 1797313 1583489 59019 154805 428796 428796 0 0 19281 0 19281 0 102400 0 102400 0 0 161006 161006 657655 0 657655 0 5319725 5083897 205645 30183 1133736 944391 5620 183725 1275380 1253090 10694 11596 400229 245892 131685 22652 42935 42935 0 0 3253481 3185040 48892 19549 2735092 1907984 270216 556892 0 0 0 0 828054 777822 18690 31542 180870 128671 52199 0 COGS 1095454 1095454 0 0 BAD DEBT EXPENSE(RECOVERY) 1084522 3007 0 1081515 USE/FOREIGN TAX 75671 75671 0 0 MISCELLANEOUS EXPENSE 1062215 778430 117452 166333 61399206 52401269 3479400 5518537 0 0 8336221 18123679 61409499 57103744 4161568 1610507 0 0 0 0 0 0 0 0 1587376 1560030 20446591 6373495 10636719 14073096 44259418 49194124 320104790 320239527 0 0 0 0 51260585 48897129 501756176 510801836 3325806 3619273 0 0 1187097 1577487 0 0 0 0 0 0 5837568 4782600 2300000 3000000 6937492 6817713 19587963 19797073 X 86451252 80032584 395716961 410972179 482168213 491004763 501756176 510801836 14234885 -5398335 X X false true X true false X 11060837 22158756 12613296 75187093 26615664 147635646 0 0 11060837 22158756 12613296 75187093 26615664 147635646 63903860 83731786 885432 638547 801140 927960 664462 3917541 0 0 0 0 0 0 0 151553187 127399093 0.55249 0.49357 X PART I, Part I, Explanation for Change in Public Charity Status: On August 13, 2018, the Foundation received notification from the IRS approving the Foundation's request to change its public charity status under Section 509(a)(3) to Section 509(a)(1). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 407018514 18260749 16251916 25486793 657655 415386731 344805199 64917093 17947567 19966097 685248 407018514 321085364 9167290 34720982 19729253 439184 344805199 296154275 6291123 34709808 15353072 716770 321085364 312721140 3129831 -5863396 13032669 800631 296154275 0.13070 0.51860 0.35070 false false 10376560 4166486 6210073 2600769 1369496 1231274 7469262 837513 6631749 14073096 UVIMCO MANAGED FUNDS 320239527 F 320239527 RIGHTS OF OCCUPANCY 48319779 OTHER ASSETS 577350 48897129 0 DEFERRED RENT 6817713 6817713 X 61342195 -5398334 1237422 -4160912 65503107 657655 9473329 10130984 75634091 52505645 1237423 1237423 51268222 657655 9473329 10130984 61399206 Part V, line 4: THE FOUNDATION'S ENDOWMENT SUPPORTS THE DARDEN SCHOOL THROUGH SCHOLARSHIPS, CHAIRS, RESEARCH, EDUCATIONAL PROGRAMS, AND ALUMNI SERVICES. 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 not a private foundation. On August 13, 2018, the foundation received notification from the IRS approving the foundations request to change its public charity status under Section 509(a)(3) to Section 509(a)(1). 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, 2020 and 2019. 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, 2020 and 2019, 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 2017 and later. PART XI, LINE 4B: GROSS HOSPITALITY EXPENSES $9,473,329 PART XII, LINE 4B: GROSS HOSPITALITY EXPENSES $9,473,329 East Asia and the Pacific 0 7 Program Services Executive Education 44169 Middle East and North Africa 0 1 Program Services Executive Education 1584 Europe (Including Iceland and Greenland) 0 1 Program Services Executive Education 8985 0 9 0 9 54738 54738 false false false false false false Part I, line 3: The amounts reported on Part I, line 3 are based upon the accrual method of accounting. X X X X X true JOURNEY GROUP INC PO Box 315 Charlottesville VA 22902 CONSULTING false 112661 -112661 KARMA AGENCY ALTA COMMUNICATIONS 230 South Broad St Suite 1650 Philadelphia PA 19102 CONSULTING false 48345 -48345 161006 -161006 AL AK AR CA CO CT DC FL GA HI IL KS KY LA ME MD MA MI MN MS MO NV NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI true University of Virginia Darden School of Business PO Box 6550 Charlottesville VA 22906 546001796 501(C)(3) 24040768 see part iv University of Virginia Curry School of Education PO Box 400276 Charlottesville VA 22906 546001796 501(C)(3) 240308 See part IV University of Virginia Darden School of Bus PO Box 6550 CHARLOTTESVILLE VA 22906 546001796 501(C)(3) 240308 see part iv 1 0 PART I, LINE 2: THE DARDEN SCHOOL ACCOUNTING OFFICE 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. PART II: GRANTS ARE TO UNIVERSITY OF VIRGINIA SCHOOLS: (1) University of Virginia Darden School of Business - SCHOLARSHIPS, CHAIRS, RESEARCH, FACILITIES, & EDUCATIONAL PROGRAMS (2) University of Virginia Curry School of Education - Partnership for Leaders in Education (3) University of Virginia Darden School of Business - Partnership for Leaders in Education X X true true X X X X X false true false false false false false true false Kara Mullins VP of Advancement 329874 0 59500 0 0 0 29120 0 21020 0 439514 0 0 0 Ashley Williams CEO & CLO, Executive Education 261837 0 88000 0 0 0 40060 0 12264 0 402161 0 0 0 Michael J Woodfolk President 288978 0 37100 0 0 0 56220 0 9626 0 391924 0 0 0 Laurence Murphy President & COO EXECUTIVE EDU 245486 0 56000 0 0 0 26260 0 21840 0 349586 0 0 0 Howard Avery Asst. VP, Advancement 203133 0 5000 0 0 0 21728 0 21839 0 251700 0 0 0 Shaun Rozyn Mng Director, EXECUTIVE Edu 174292 0 29400 0 0 0 25968 0 20147 0 249807 0 0 0 Lisa Cannell Mng Director, EXECUTIVE Edu 173817 0 29400 0 0 0 18385 0 20887 0 242489 0 0 0 Marc Ruggiano Exec. Director, EXECUTIVE edu 161901 0 44700 0 0 0 16684 0 18725 0 242010 0 0 0 Charles L Heckel Treasurer (through 10/31/19) 142732 0 0 0 37660 0 15428 0 17570 0 213390 0 0 0 PART I, LINE 1A: THROUGH THE FOUNDATIONS STANDARD BENEFITS PACKAGE, THE FOUNDATION WILL SUBSIDIZE ANNUALLY $185 OF THE COST OF MEMBERSHIP TO THE UVA GYM FOR BENEFITS ELIGIBLE EMPLOYEES. SCOTT BEARDSLEY, DEAN OF THE UVA DARDEN SCHOOL OF BUSINESS AND EX-OFFICIO TRUSTEE OF THE FOUNDATION, IS ELIGIBLE FOR FIRST-CLASS TRAVEL TO INTERNATIONAL DESTINATIONS. NO SUCH AMOUNTS WERE TREATED AS TAXABLE COMPENSATION. 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 Foundation may credit a contribution to each executives account based on predetermined metrics. Contributions made by the Foundation follow a three year graded vesting schedule and no executives were vested in the plan as of June 30, 2020. Part I, Line 7: THE FOUNDATION PAYS TEACHING FEES TO UNIVERSITY FACULTY WHO TEACH EXECUTIVE EDUCATION PROGRAMS. BONUSES PAID ARE NOT CONTINGENT ON REVENUES OR NET EARNINGS. EMPLOYEES HAVE THE OPTION OF ELECTING TO CONTRIBUTE A PORTION OF THEIR SALARY TO THE FOUNDATION'S RETIREMENT PLAN. X 84 1352477 FMV X OTHER 18 82763 cost 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 exclusive benefit of the Darden School, operates top-ranked Executive Education 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 semi-annual board meetings. Form 990, Part VI, Section A, line 2: Frank M. Sands, Sr. and Frank M. Sands, Jr. have business & family relationships. Form 990, Part VI, Section B, line 11: After internal review, the President and Executive Director, Finance and Strategic Initiatives, provided the Form 990 to the Audit/Finance Committee and the President addressed questions from the Audit/Finance 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 is approved by the Board Compensation Committee in accordance with the IRS rebuttable presumption of reasonableness 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 XII, Line 2c: Oversight of audit: There have been no changes during the year in the process for oversight of the audit of the financial statements.