2018-03-05T11:00:19-06:00 2017-06-30 540618213 HANTZMON WIEBEL LLP CPA'S 818 E JEFFERSON ST PO BOX 1408 CHARLOTTESVILLE VA 22902 990 2016-07-01 311755873 JEFFERSON SCHOLARS FOUNDATION JEFF 4342439029 PO BOX 400891 CHARLOTTESVILLE VA 229044891 JAMES H WRIGHT PRESIDENT 4342439029 2018-02-27 1 EDWARD J SCHMITZ P00551113 4342962156 216.30.185.162 2018-02-27 14:23:31 ES P 381C0FCDF672A1B75914BDE25125AEFC3451D5C1 7B6832AF23B0CF7376EA265A48073B07B2EA5A85 2016 2021-01-29 14:40:06Z JAMES H WRIGHT PO BOX 400891 CHARLOTTESVILLE VA 229044891 31342251 0 X WWW.JEFFERSONSCHOLARS.ORG X 1998 VA ACADEMIC MERIT-BASED SCHOLARSHIP, FELLOWSHIP AND PROFESSORSHIP SUPPORT TO STUDENTS AND FACULTY AT THE UNIVERSITY OF VIRGINIA. 31 31 19 1055 33613 26088 10893595 24401284 0 0 633982 581845 1771944 1852511 13299521 26835640 9381973 10763039 0 0 2832456 3210243 0 0 2141734 4495352 4734487 16709781 18707769 -3410260 8127871 349638149 394206233 58396816 57480950 291241333 336725283 X THE MISSION OF THE JEFFERSON SCHOLARS FOUNDATION IS TO SERVE THE UNIVERSITY OF VIRGINIA BY IDENTIFYING, ATTRACTING, AND NURTURING INDIVIDUALS OF EXTRAORDINARY INTELLECTUAL RANGE AND DEPTH WHO POSSESS THE HIGHEST CONCOMITANT QUALITIES OF LEADERSHIP, SCHOLARSHIP, AND CITIZENSHIP.THE FOUNDATION ADMINISTERS THE JEFFERSON SCHOLARS AND FELLOWS PROGRAM, WHICH AWARDS MERIT-BASED SCHOLARSHIPS AND FELLOWSHIPS THAT PAY TUITION, FEES, ROOM AND BOARD, AND OTHER EXPECTED LIVING EXPENSES DURING THE STUDENT'S TENURE AT THE UNIVERSITY OF VIRGINIA.THE FOUNDATION ALSO ADMINISTERS THE JEFFERSON PROFESSORSHIP PROGRAM. THIS PROGRAM PROVIDES FINANCIAL SUPPORT USED TO ATTRACT OUTSTANDING FACULTY TO THE UNIVERSITY OF VIRGINIA. JEFFERSON PROFESSORS ARE EXPECTED TO BE SUPERB TEACHERS AND ACKNOWLEDGED EXPERTS IN THEIR RESPECTIVE FIELDS. 0 0 14436475 10763039 SCHOLARSHIP, FELLOWSHIP AND PROFESSORSHIP PROGRAMS IN SUPPORT OF THE UNIVERSITY OF VIRGINIA.THE FOUNDATION AWARDS ACADEMIC MERIT-BASED FULL COST FOUR-YEAR SCHOLARSHIP GRANTS TO BETWEEN 33 AND 35 INCOMING UNDERGRADUATES EACH YEAR. THE FOUNDATION ALSO AWARDS BETWEEN 15 AND 22 ACADEMIC MERIT-BASED FULL COST GRADUATE FELLOWSHIPS TO INCOMING PHD AND MBA CANDIDATES ANNUALLY. DURING FISCAL YEAR 2017, 227 STUDENTS RECEIVED SCHOLARSHIP OR FELLOWSHIP ASSISTANCE. IN ADDITION, THE FOUNDATION AWARDED 4 PROFESSORSHIP AWARDS FOR EXCELLENCE IN TEACHING DURING THE FISCAL YEAR. 14436475 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 0 0 1 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 1 0 0 0 1 49 0 19 1 1 1 0 0 0 0 0 0 0 0 0 X 31 31 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 1 1 1 1 0 AR CA IL KS KY MD MA MI MN MS NH NJ NY NC OR PA RI SC UT WV WI VA X MICHAEL LUTZ 4342439029 112 CLARKE COURT CHARLOTTESVILLE VA 22903 TIMOTHY J INGRASSIA CHAIRMAN OF THE BOARD 3.00 X X 0 0 0 STEPHEN S CRAWFORD VICE CHAIRMAN OF THE BOARD 2.00 X X 0 0 0 SHELLEY L BOYCE FOUNDATION BOARD OF DIRECT 2.00 X 0 0 0 ROBIN R HOWELL FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 WILLIAM L POLK JR FOUNDATION BOARD OF DIRECT 2.00 X 0 0 0 TIFFANY B ARMSTRONG FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 MARILYN B HEBENSTREIT FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 DEBORAH R HIRTLE FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 GREGORY A MCCRICKARD FOUNDATION BOARD OF DIRECT 2.00 X 0 0 0 PETER M GRANT FOUNDATION BOARD OF DIRECT 2.00 X 0 0 0 EDWARD J DOBBS FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 SARAH A HAMLIN FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 RICHARD C KELLOGG JR FOUNDATION BOARD OF DIRECT 2.00 X 0 0 0 MARK AV PINHO FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 C MARK PIRRUNG FOUNDATION BOARD OF DIRECT 2.00 X 0 0 0 MARYANNE Q HANCOCK FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 JAMES E RUTROUGH JR FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 TODD R SCHNUCK FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 STEPHEN P SMILEY FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 THOMAS V INGLESBY FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 LAVINIA H TOUCHTON FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 DAVID N WEBB FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 LANDON HILLIARD III FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 TRACY V MCMILLAN FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 MICHAEL A PAUSIC FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 COOLIDGE E RHODES JR FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 R BLAIR THOMAS FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 GEORGE K MARTIN FOUNDATION BOARD OF DIRECT 1.00 X 0 0 0 CRISLER B QUICK FOUNDATION BOARD OF DIRECTORS 1.00 X 0 0 0 CLIFFORD W BOGUE EX-OFFICIO MEMBER 1.00 X 0 0 0 FRANK M CONNER III EX-OFFICIO MEMBER 1.00 X 0 0 0 MARCUS L MARTIN EX-OFFICIO MEMBER 1.00 X 0 0 0 MICHAEL E LUTZ ASSISTANT TREASURER 40.00 X 160159 0 33300 JAMES H WRIGHT PRESIDENT/SECRETARY/TREASU 40.00 X 448919 0 206183 HELEN M DWYER ASSISTANT SECRETARY 40.00 X 145202 0 23032 S PATRICK INGRAM DIRECTOR OF DEVELOPMENT 40.00 X 525815 0 104736 KEVIN E MURRAY DIRECTOR OF GIFT PLANNING 40.00 X 125415 0 29429 LEW G BURRUS DIRECTOR OF TECHNOLOGY 40.00 X 108867 0 18527 CHRISTINE E PATRICK ASSOCIATE DIRECTOR OF DEVE 40.00 X 110461 0 19804 BENJAMIN B SKIPPER DIRECTOR, GRADUATE AND UND 40.00 X 120022 0 28716 PETER W SCHMIDT MAJOR GIFTS OFFICER 40.00 X 111908 0 12625 1856768 0 476352 9 0 1 0 UVA INVESTMENT MANAGEMENT COMPANY 560 RAY C HUNT DRIVE CHARLOTTESVILLE VA 22903 INVESTMENT MANAGEMENT 729178 DALGLIESH GILPIN & PAXTON PLLC PO BOX 2555 CHARLOTTESVILLE VA 22902 ARCHITECTURAL SERVICES 125828 BOAR'S HEAD INN PO BOX 5307 CHARLOTTESVILLE VA 22905 FOOD AND LODGING 114671 ARAMARK SERVICES PO BOX 400312 CHARLOTTESVILLE VA 22904 FOOD SERVICES 101012 4 24401284 1808023 24401284 663924 32600 631324 295749 256923 38826 38826 1013 37813 4167609 4166988 82700 621 -82700 -82079 -82079 DISTRIBUTION FROM UVA ENDOWMENT 523000 1813685 1813685 1813685 26835640 -82079 33613 2482822 29500 29500 10211109 10211109 522430 522430 1371532 260754 404916 705862 779479 340810 178776 259893 237043 64265 65270 107508 689950 226266 178355 285329 132239 36857 36814 58568 2861 2861 54425 54425 729001 729001 14073 648 12190 1235 151372 63406 45098 42868 86007 28669 28669 28669 469328 354994 53714 60620 248883 4347 6243 238293 53224 53224 846115 639991 96837 109287 805682 609407 92210 104065 63327 63327 UNRELATED BUSINESS INCO 12033 12033 SCHOLAR ENRICHMENT 688413 623099 65314 SCHOLAR SELECTION/RECOG 417869 417869 MISCELLANEOUS EXPENSE 46543 2054 13960 30529 45331 13670 31661 18707769 14436475 2129560 2141734 9091624 12901534 13529989 16715624 794850 832700 4710284 4669358 236434 211288 26268216 5720822 19333681 20547394 282845227 318849633 19096060 19478702 349638149 394206233 323550 457621 26226191 27368305 22500000 22500000 9347075 7155024 58396816 57480950 X -21945049 -21569850 123314450 146651141 189871932 211643992 291241333 336725283 349638149 394206233 X 8127871 34579688 2776391 X X 0 1 X 1 0 X 15791655 10785748 6868212 10893595 24401284 68740494 15791655 10785748 6868212 10893595 24401284 68740494 13905762 54834732 454647 599489 575218 647686 663924 2940964 1358341 1501888 1587604 1702122 1813685 7963640 79645098 0.68850 0.74690 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: DISTRIBUTION FROM UVA ENDOWMENT - 2012 AMOUNT: $ 1,358,341. 2013 AMOUNT: $ 1,501,888. 2014 AMOUNT: $ 1,587,604. 2015 AMOUNT: $ 1,702,122. 2016 AMOUNT: $ 1,813,685. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 286332098 20011405 33807434 9519112 9001213 729001 320901611 295981309 15115654 -4239634 8638514 11104899 781818 286332098 278375277 14019683 20615552 7902146 8613147 513910 295981309 235834375 15552052 43696910 7445720 8601288 661052 278375277 211315039 16608356 26874248 6292831 12208116 462321 235834375 0.00770 0.56540 0.42690 1 0 4241601 4241601 19904705 4613243 15291462 1369595 1107579 262016 752315 752315 20547394 PUBLIC EQUITY 83747828 F LONG/SHORT EQUITY 61306083 F BUYOUT 18129749 F GROWTH EQUITY 17534687 F VENTURE CAPITAL 13569429 F PRIVATE EQUITY 2064200 F REAL ESTATE 17355466 F RESOURCES 20538055 F MKT ALTERNATIVES/CREDIT 48575447 F GOVERNMENT BONDS 28775932 F CASH AND ACCRUALS 7252757 F 318849633 INTEREST RATE SWAP 5942951 OTHER LIABILITIES 1212073 7155024 X 63462718 34579688 2776391 37356079 26106639 729001 729001 26835640 17978768 0 17978768 729001 729001 18707769 PART V, LINE 4: INTENDED USE OF ENDOWMENT FUNDS: INVESTMENT INCOME EARNED BY THE ENDOWMENT FUNDS IS THE PRIMARY SOURCE OF OPERATIONAL REVENUE FOR THE FOUNDATION. THIS REVENUE IS USED TO SUPPORT THE SCHOLARSHIP, FELLOWSHIP AND PROFESSORSHIP PROGRAMS AND THE RELATED OPERATIONAL NEEDS OF THE FOUNDATION. PART X, LINE 2: UNCERTAIN TAX POSITIONS UNDER FIN 48: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES AS DEFINED BY SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE) AND CLASSIFIED AS A PUBLIC CHARITY UNDER 509(A)1) OF THE CODE. THE FOUNDATION IS REQUIRED TO RECOGNIZE A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN BASED ON A "MORE LIKELY THAN NOT" THRESHOLD. THE FOUNDATION DOES NOT BELIEVE ITS CONSOLIDATED FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 2,509,291. CHANGE IN FAIR VALUE OF BENEFICIAL INTEREST IN TRUSTS -187,930. CHANGE IN FAIR VALUE OF PERPETUAL TRUSTS 998,894. RESERVE FOR NOTE RECEIVABLE -543,864. 1 EUROPE 0 0 GRANTMAKING 209850 EUROPE 0 0 FUND-RAISING 4566 RUSSIA 0 0 GRANTMAKING 9735 EAST ASIA 0 0 GRANTMAKING 208376 MIDDLE EAST 0 0 GRANTMAKING 66317 SOUTH ASIA 0 0 GRANTMAKING 28152 0 0 0 0 0 0 526996 0 526996 FINANCIAL AID - INTERNATIONAL SCHOLARSHIP EUROPE 7 209850 FINANCIAL AID - INTERNATIONAL SCHOLARSHIP EAST ASIA 4 208376 FINANCIAL AID - INTERNATIONAL SCHOLARSHIP RUSSIA 1 9735 FINANCIAL AID - INTERNATIONAL SCHOLARSHIP MIDDLE EAST 1 66317 FINANCIAL AID - INTERNATIONAL SCHOLARSHIP SOUTH ASIA 1 28152 0 0 0 0 0 0 PART I, LINE 2: THE FOUNDATION AWARDS ACADEMIC MERIT-BASED SCHOLARSHIPS TO BETWEEN 33 AND 35 INCOMING UNDERGRADUATES EACH YEAR. THESE SCHOLARSHIPS COVER THE FULL ESTIMATED COST OF ATTENDING THE UNIVERSITY OF VIRGINIA FOR FOUR YEARS. THE FOUNDATION ALSO AWARDS BETWEEN 22 TO 25 ACADEMIC MERIT-BASED FULL COST GRADUATE FELLOWSHIPS TO INCOMING PHD AND MBA CANDIDATES ANNUALLY. SCHOLARSHIP AND FELLOWSHIP RECIPIENTS WITH FOREIGN VISAS ARE REPORTED ON SCHEDULE F. 1 PRINCETON SURVEY RESEARCH ASSOCIATES INTERNATIONAL 1050 CONNECTICUT AVE NW SUITE 500 WASHINGTON DC 20036 200031713 29500 AUTISM RESEARCH 1 FINANCIAL AID - IN-STATE SCHOLARSHIPS 28 872432 FINANCIAL AID - OUT-OF-STATE SCHOLARSHIPS 103 6096805 FINANCIAL AID - MISCELLANEOUS SCHOLARSHIPS 3 105009 FINANCIAL AID - INITIAL SCHOLARSHIPS 9 18000 FINANCIAL AID - GRADUATE FELLOWSHIPS 70 1875936 FACULTY PRIZE 4 28500 PART I, LINE 2: THE AWARDS ARE PAID DIRECTLY TO THE STUDENT TO BE USED FOR TUITION AND FEES, BOOKS, ROOM AND BOARD AND OTHER RELATED LIVING EXPENSES. THE STUDENT IS RESPONSIBLE FOR PAYING THE UNIVERSITY OF VIRGINIA FOR THE TUITION, FEES AND, WHEN THE STUDENT LIVES ON CAMPUS, ROOM AND BOARD. OTHER EDUCATIONAL AND LIVING EXPENSES ARE COVERED BY THE REMAINDER OF THE AWARD. UPON ORIGINAL ACCEPTANCE OF THE SCHOLARSHIP, THE STUDENT AGREES TO MAINTAIN A MINIMUM GRADE POINT AVERAGE (GPA) AND TO BE FULLY INVOLVED IN THE STUDENT LIFE AND LEADERSHIP OF THE UNIVERSITY. FINANCE TEAM MEMBERS WORK WITH THE UNIVERSITY OF VIRGINIA TO MONITOR PAYMENT OF THE TUITION AND FEES. THE UNDERGRADUATE PROGRAM DIRECTOR MONITORS STUDENT GRADES TO ENSURE EACH STUDENT IS MAINTAINING HIS OR HER GPA. A STUDENT WITH A GPA NEAR THE MINIMUM RECEIVES A WARNING. SHOULD THE STUDENT FAIL TO MEET THE STANDARD, HE OR SHE IS SUSPENDED FROM THE PROGRAM UNTIL SUCH TIME THAT HE OR SHE IMPROVES THEIR GPA. STUDENT WARNINGS AND SUSPENSIONS ARE REVIEWED BY THE UNDERGRADUATE PROGRAM DIRECTOR AT EACH BOARD MEETING. SCHEDULE I, PART IV GRANTS AND ASSISTANCE THE FOUNDATION AWARDS ACADEMIC MERIT-BASED FULL COST FOUR YEAR ACADEMIC SCHOLARSHIP GRANTS TO BETWEEN 33 TO 35 INCOMING UNDERGRADUATES EACH YEAR. THE FOUNDATION ALSO AWARDS BETWEEN 22 TO 25 ACADEMIC MERIT-BASED FULL COST GRADUATE FELLOWSHIPS TO INCOMING PHD AND MBA CANDIDATES ANNUALLY. ADDITIONALLY, THE FOUNDATION AWARDS A VARIETY OF FACULTY PRIZES ANNUALLY TO DISTINGUISHED FACULTY MEMBERS. THESE AWARDS ARE BASED ON FACULTY EXCELLENCE IN TEACHING AND SCHOLARSHIP. X X 0 1 X X X X X X 0 1 0 0 0 0 0 0 0 MICHAEL E LUTZ ASSISTANT TREASURER 151550 0 3000 0 5609 0 19319 0 13981 0 193459 0 0 0 JAMES H WRIGHT PRESIDENT/SECRETARY/TREASU 360000 0 60300 0 28619 0 193125 0 13058 0 655102 0 0 0 HELEN M DWYER ASSISTANT SECRETARY 139810 0 2840 0 2552 0 17831 0 5201 0 168234 0 0 0 S PATRICK INGRAM DIRECTOR OF DEVELOPMENT 210000 0 315523 0 292 0 88850 0 15886 0 630551 0 0 0 KEVIN E MURRAY DIRECTOR OF GIFT PLANNING 115706 0 300 0 9409 0 14501 0 14928 0 154844 0 0 0 PART I, LINE 1A THE JEFFERSON SCHOLARS FOUNDATION PROVIDES HEALTH CLUB DUES REIMBURSEMENT TO JAMES H. WRIGHT, S. PATRICK INGRAM, AND KEVIN E. MURRAY. THIS BENEFIT IS USED TO ENHANCE THEIR BENEFIT PACKAGES AND ASSIST IN EMPLOYEE RETENTION. THE FOUNDATION PRESIDENT HAS A DISCRETIONARY ACCOUNT THAT HAS BEEN FUNDED THROUGH DONOR CONTRIBUTIONS. DISBURSEMENTS FROM THIS ACCOUNT ARE REVIEWED BY THE FINANCE TEAM BEFORE APPROVAL AND DISBURSEMENT. PART I, LINE 4B THE JEFFERSON SCHOLARS FOUNDATION PROVIDED A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN TO JAMES H. WRIGHT AND S. PATRICK INGRAM. AMOUNTS PAID INTO THE PLAN WERE $170,000 AND $65,000, RESPECTIVELY. A INDUSTRIAL DEVELOPMENT AUTHORITY OF ALBEMARLE COUNTY 521297503 02166PAC5 2007-10-03 18000000 SEE SCHEDULE K, PART VI 0 0 0 B VIRGINIA SMALL BUSINESS FINANCING AUTHORITY 541300645 NONEAVAIL 2010-07-09 4500000 SEE SCHEDULE K, PART VI 0 0 0 A 18000000 18000000 2010 0 0 1 1 B 4500000 4500000 2010 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 1 1 SUNTRUST BANK 30.000000000000 0 0 0 0 1 B 0 0 0 1 1 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: INDUSTRIAL DEVELOPMENT AUTHORITY OF ALBEMARLE COUNTY DATE THE REBATE COMPUTATION WAS PERFORMED: 01/31/2013 SCHEDULE K, PART IV: (B) ISSUER NAME: VIRGINIA SMALL BUSINESS FINANCING AUTHORITY DATE THE REBATE COMPUTATION WAS PERFROMED: 06/30/2016 SCHEDULE K, PART I, (F) DESCRIPTION OF PURPOSE BOND PROCEEDS OF $22,500,000 WERE USED FOR PROPERTY ACQUISITION AND THE CONSTRUCTION OF THE JEFFERSON FELLOWS CENTER AND THE ADJOINING FOUNDATION ADMINISTRATIVE OFFICES. JAMES H WRIGHT PRESIDENT OF THE FOUNDATION SEE PT V X 340650 832700 0 1 1 832700 SCHEDULE L, PART II, (C) PURPOSE OF LOANTHE FOUNDATION MAINTAINS A SPLIT-DOLLAR LIFE INSURANCE POLICY WITH THE FOUNDATION PRESIDENT. ON JANUARY 1, 2004, THIS POLICY WAS CONVERTED TO A LOAN SUBSEQUENT TO IRS NOTICE 2002-8.THE LOAN PROVIDES LIFE INSURANCE FOR THE BENEFIT OF THE PRESIDENT'S FAMILY. AS OF JUNE 30, 2017, THE LOAN HAD AN OUTSTANDING BALANCE OF $832,700, AND IS COMPRISED OF THE INSURANCE PREMIUMS PAID BY THE FOUNDATION. THE LOAN REPAYMENT IS SECURED BY A COLLATERAL ASSIGNMENT. X 73 4171487 MEAN VALUE 0 0 1 1 PART I, COLUMN (B): THE AMOUNT IN COLUMN B REFERENCES THE NUMBER OF DONORS. PART I, LINE 32B: THE FOUNDATION USES THE SERVICES OF UNIVERSITY OF VIRGINIA GIFT PROCESSING SERVICE AND ITS SECURITIES BROKER TO RECEIVE AND SELL DONATED SECURITIES. THE FOUNDATION ALSO HAS ITS OWN BROKERAGE ACCOUNTS THAT ARE USED TO RECEIVE AND SELL DONATED SECURITIES. FORM 990, PART VI, SECTION A, LINE 7A THE FOUNDATION BOARD OF DIRECTORS INCLUDES THREE EX-OFFICIO POSITIONS. THESE ARE THE CHAIRMAN OF THE UNIVERSITY OF VIRGINIA ALUMNI ASSOCIATION OR HIS OR HER DESIGNEE; A DESIGNEE BY THE UNIVERSITY OF VIRGINIA BOARD OF VISITORS IN CONSULTATION WITH THE FOUNDATION'S BOARD CHAIRMAN; AND, A DESIGNEE BY THE PRESIDENT OF THE UNIVERSITY OF VIRGINIA, ALSO IN CONSULTATION WITH THE FOUNDATION'S BOARD CHAIRMAN. FORM 990, PART VI, SECTION B, LINE 11B THE FOUNDATION'S AUDITORS PREPARED THE FORM 990 FROM INFORMATION PROVIDED BY THE FOUNDATION'S FINANCE TEAM. THE DIRECTOR OF FINANCE REVIEWS THE FORM 990 AND ACKNOWLEDGES HIS RESPONSIBILITY FOR THE COMPLETENESS AND ACCURACY OF THE INFORMATIONAL TAX RETURN. THE TAX RETURN IS DISTRIBUTED TO THE JEFFERSON SCHOLARS FOUNDATION BOARD OF DIRECTORS AUDIT COMMITTEE FOR REVIEW AND APPROVAL. UPON APPROVAL BY THE AUDIT COMMITTEE, THE FORM 990 IS THEN FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MONITORING AND ENFORCEMENT COMPLIANCE: A CONFLICT OF INTEREST DISCLOSURE STATEMENT IS DISTRIBUTED ANNUALLY. THE FOUNDATION MONITORS THE RETURN OF THE DISCLOSURE STATEMENTS AND FOLLOWS UP IF A STATEMENT HASN'T BEEN RETURNED. THE FOUNDATION ALSO REQUIRES DIRECTORS AND EMPLOYEES TO DISCLOSE CONFLICTS OF INTERESTS AS THEY ARISE. THE STATEMENTS ARE REVIEWED BY THE DIRECTOR OF FINANCE FOR SITUATIONS REQUIRING DISCLOSURE TO AND APPROVAL BY THE BOARD OF DIRECTORS. THE CONFLICT OF INTEREST TRANSACTION MUST BE APPROVED BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE DIRECTORS ON THE BOARD OF DIRECTORS WHO HAVE NO DIRECT OR INDIRECT PERSONAL INTEREST IN THE TRANSACTION. MEMBERS OF THE FOUNDATION FINANCE TEAM MONITOR THE FOUNDATION'S BUSINESS DEALINGS TO IDENTIFY, WHEN POSSIBLE, A POTENTIAL CONFLICT OF INTEREST. A POTENTIAL CONFLICT OF INTEREST WOULD BE BROUGHT TO MANAGEMENT'S ATTENTION FOR RESOLUTION. FORM 990, PART VI, SECTION B, LINE 15 THE FOUNDATION EMPLOYS THE FOUNDATION PRESIDENT UNDER THE TERMS OF A FIVE-YEAR EMPLOYMENT AGREEMENT. THE CONTRACT TERMS AND COMPENSATION WERE ESTABLISHED BY THE BOARD OF DIRECTORS USING: COMPARABLE DATA; A COMPENSATION CONSULTANT; AND A MAJOR LAW FIRM. THE BOARD DOCUMENTED THE EMPLOYMENT DECISION THROUGH THE EXECUTION OF A FORMAL EMPLOYMENT AGREEMENT WITH THE PRESIDENT. FORM 990, PART VI, SECTION B, LINE 15B: THE FOUNDATION'S DIRECTOR OF BUSINESS OPERATIONS CONDUCTS A BIENNIAL COMPENSATION REVIEW USING COMPARABLE COMPENSATION INFORMATION PERTAINING TO THE EMPLOYMENT RESPONSIBILITIES AND EXPERIENCE LEVELS OF ALL FOUNDATION STAFF. THIS COMPENSATION INFORMATION IS SHARED WITH THE FOUNDATION PRESIDENT FOR INPUT INTO THE REVIEW AND EVALUATION OF STAFF COMPENSATION. ADDITIONALLY, DURING THE PREPARATION OF THE ANNUAL OPERATING BUDGET, THE AUDIT COMMITTEE CHAIRMAN REVIEWS THE COMPENSATION INFORMATION AND REPORTS OUT HIS SUMMARY FINDINGS TO THE FULL BOARD FOR APPROVAL. FORM 990, PART VI, SECTION C, LINE 18 THE FOUNDATION'S FORMS 1023, 990 AND 990-T ARE AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION DOES NOT MAKE ITS GOVERNANCE DOCUMENTS AVAILABLE TO THE PUBLIC. THE FOUNDATION'S CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 2,509,291. CHANGE IN FAIR VALUE OF BENEFICIAL INTEREST IN TRUSTS -187,930. CHANGE IN FAIR VALUE OF PERPETUAL TRUSTS 998,894. RESERVE FOR NOTE RECEIVABLE -543,864. FORM 990, PART XII, LINE 2C: THE FOUNDATION HAS MADE NO CHANGES TO THE AUDIT OVERSIGHT PROCESS OR THE INDEPENDENT ACCOUNTANT SELECTION PROCESS DURING THE FISCAL YEAR. CLARKE COURT APARTMENTS LLC PO BOX 400891 CHARLOTTESVILLE VA 22904 452741718 REAL ESTATE VA 290634 2114153 JEFFERSON SCHOLARS FOUNDATION CHARITABLE REMAINDER UNITRUSTS (4) TRUST VA JSF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0