2018-05-15T10:23:53-05:00 2017-06-30 BDO USA LLP 8401 GREENSBORO DRIVE 800 MCLEAN VA 22102 990 2016-07-01 546046419 UNIVERSITY OF VIRGINIA DARDEN SCHOOL FOUNDATION % CHARLES L HECKEL UNIV 4349247228 PO BOX 7263 CHARLOTTESVILLE VA 22906 CHARLES L HECKEL TREASURER 4349247228 2018-05-15 true Joyce Underwood P00022361 7038930600 2018-05-08 4.16.159.234 54621820181355000049 2018-05-15 P C7166AD04682B9F8980E46456EAB50843D73DF7E D3219F30755993C5424F1576AF8CB0C9953A6B1C 2016 2021-01-29 14:40:06Z MICHAEL J WOODFOLK PO BOX 7263 CHARLOTTESVILLE VA 22906 99895302 false X www.darden.virginia.edu X 1952 VA See Schedule O 46 41 210 945 2669687 -4265 11060837 22658756 25953872 26904020 10638245 12036119 312711 137574 47965665 61736469 16602411 21069209 0 0 14433043 15281834 62000 24000 3883095 17526898 18747459 48624352 55122502 -658687 6613967 390911817 419854663 18731438 15974426 372180379 403880237 X SEE SCHEDULE O false false 46883701 21069209 27041594 The University of Virginia Darden School Foundation's primary purpose is to promote the advancement and further the aims and purposes of the University of Virginia Darden School of Business. To achieve this purpose, the Foundation manages endowment funds for the exclusive benefit of the Darden School, operates top-ranked Executive Education programs, the Inn at Darden and Abbott Center Hospitality, and promotes philanthropic support of the school by alumni, friends, and corporations. Funds provided annually to the School by the Foundation contribute to all phases of life at Darden. 46883701 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 true false false false true 188 0 true 210 true true true false false false false false false false false false X 46 41 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 CHARLES L HECKEL 4349247228 100 DARDEN BLVD CHARLOTTESVILLE VA 22903 X Elizabeth K Weymouth Chair 1.0 0.0 X X 0 0 0 ROBERT J HUGIN VICE CHAIR 1.0 0.0 X X 0 0 0 JAMES A COOPER Trustee 1.0 0.0 X 0 0 0 Kirby C Adams Trustee 1.0 0.0 X 0 0 0 J Andrew Bugas Trustee 1.0 0.0 X 0 0 0 Susan J Chaplinsky Trustee 1.0 49.0 X 0 343035 42840 Charles C Cory 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 Jennifer M Finn 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 Kirsti W Goodwin Trustee 1.0 0.0 X 0 0 0 Gordon Grand III Trustee 1.0 0.0 X 0 0 0 Peter M Grant II Trustee 1.0 0.0 X 0 0 0 Edwin B Hooper III Trustee 1.0 0.0 X 0 0 0 Martina T Hund-Mejean Trustee 1.0 0.0 X 0 0 0 William I Huyett Trustee 1.0 0.0 X 0 0 0 David B Kelso Trustee 1.0 0.0 X 0 0 0 Lemeul E Lewis Trustee 1.0 0.0 X 0 0 0 Nicole M Lindsay Trustee 1.0 0.0 X 0 0 0 Elizabeth H Lynch Trustee 1.0 0.0 X 0 0 0 Luann J Lynch Trustee 5.0 45.0 X 79700 337789 47610 Carolyn S Miles Trustee 1.0 0.0 X 0 0 0 J Bryne Murphy Trustee 1.0 0.0 X 0 0 0 Michael E O'Neill Trustee 1.0 0.0 X 0 0 0 Zhiyuan Peng Trustee 1.0 0.0 X 0 0 0 Scott A Price 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 Shannon G Smith Trustee 1.0 0.0 X 0 0 0 Bruce R Thompson Trustee 1.0 0.0 X 0 0 0 William P Utt Trustee 1.0 0.0 X 0 0 0 J Michael Balay Ex-Officio Trustee 1.0 0.0 X 0 0 0 Scott C Beardsley Ex-Officio Trustee 1.0 50.0 X 0 527848 70992 WARREN F ESTEY Ex-Officio Trustee 1.0 0.0 X 0 0 0 Jonathan R Ebinger 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 Jonathan D Mariner Ex-Officio Trustee 1.0 0.0 X 0 0 0 Willard L McCloud III Ex-Officio Trustee 1.0 0.0 X 0 0 0 Douglas T Moore Ex-Officio Trustee 1.0 0.0 X 0 0 0 Naresh Kumra Ex-Officio Trustee 1.0 0.0 X 0 0 0 Richard M Paschal Ex-Officio Trustee 1.0 0.0 X 0 0 0 Richard P Shannon Ex-Officio Trustee 1.0 50.0 X 0 737186 201213 Teresa A Sullivan Ex-Officio Trustee 1.0 50.0 X 0 568214 252204 Michael J Woodfolk President 50.0 0.0 X 263066 0 33910 Locke W Ogens Secretary 50.0 0.0 X 284116 0 51637 Charles L Heckel Treasurer 50.0 0.0 X 174094 0 38111 Scott Snell CEO Executive Education 0.0 50.0 X 119400 376547 61015 Dean W Krehmeyer Chief of Staff 50.0 0.0 X 0 220701 43424 Kara Mullins Executive Dir of Advancement 50.0 0.0 X 295678 0 56574 Nicola C Barrett Executive Director of EE 50.0 0.0 X 206197 0 42121 William Carter Hoerr Director of Principal Gifts 50.0 0.0 X 199376 0 45270 Kathleen Wiesel Director of EE 50.0 0.0 X 188664 0 14271 William S Robinson Executive Director of PLE 50.0 0.0 X 170194 0 37856 Howard Avery Senior Dir of Principal GIFTS 50.0 0.0 X 166464 0 46545 Gerald D Starsia Senior Associate Dean and COO 0.0 50.0 X 0 169608 35243 2146949 3280928 1120836 28 true true false Univ of VA Investment Management C PO Box 400215 CHARLOTTESVILLE VA 22906 Investment Mgmt. 689323 Clearview Consulting Company PO BOX 72 HOLDEN MA 01520 Teaching/Cons. Serv. 258200 Venkataraman Sankaran 1865 ROSLYN RIDGE ROAD CHARLOTTESVILLE VA 229017542 Teaching Services 165020 CARRAWAY ROBERT L 1813 HEARTGLOW LANE CHARLOTTESVILLE VA 22901 Teaching Services 163617 DAVIDSON MARTIN N POBOX 5101 CHARLOTTESVILLE VA 22905 TEACHING SERVICES 202700 12 22658756 1691610 22658756 EXECUTIVE EDUCATION 721110 26904020 24287708 2616312 26904020 638547 638547 0 0 0 0 0 49556405 38158833 11397572 11397572 11397572 0 0 0 0 0 0 0 0 0 PARKING REVENUE 900099 65184 65184 ADVERTISING REVENUE 900099 53375 53375 ALL OTHER REVENUE 900099 19015 19015 137574 61736469 24371907 2669687 12036119 X 21069209 21069209 0 0 0 1782734 539128 835089 408517 0 9867018 7479240 470327 1917451 867829 627192 43341 197296 1532167 1058295 234534 239338 1232086 1051462 43245 137379 143388 143388 70132 54800 15304 28 102950 0 102950 0 0 24000 24000 716770 0 716770 0 8001942 6874890 1112263 14789 805928 702387 19596 83945 1166637 1135130 14358 17149 345654 151219 185107 9328 40284 40284 0 0 1512509 1311635 132778 68096 3293839 2454472 242888 596479 0 0 0 0 257840 102491 57547 97802 157369 87639 69730 0 COGS 1337004 1337004 BAD DEBT EXPENSE 82275 31004 51271 USE/FOREIGN TAX 32109 32109 MISCELLANEOUS EXPENSE 680829 600723 59879 20227 55122502 46883701 4355706 3883095 2250 0 6004400 5561957 11402594 17668244 4788625 4876952 0 0 0 0 0 0 42134 0 522839 380509 6675026 4532519 2221643 2142507 35289063 38460732 271409629 294433815 0 0 0 0 59228640 56329947 390911817 419854663 3662647 3004667 0 0 1256829 1564759 0 0 0 0 0 0 0 0 0 0 13811962 11405000 18731438 15974426 X 92864062 91654925 129366904 156014107 149949413 156211205 372180379 403880237 390911817 419854663 6613967 25085891 X X false true X true false X X 1 UVA DARDEN SCHOOL OF BUSINESS 546001796 6 true 21069209 0 1 21069209 0 true false false false false false false false false false false false false false false true false true X Part IV, Section D, Line 2: The President of the University and the Dean of the Darden School have ex-officio positions on the foundation board of trustees, and present school information and needs of the school to the Board of Trustees. PART IV, SECTION D, LINE 3: School provided a strong advisory capacity in the needs of the school which would be supported by the foundation. PART IV, SECTION E, LINE 1C: Provided monetary support to the University of Virginia's Darden School of Business. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 296154275 6291123 34709808 15353072 716770 321085364 312721140 3129831 -5863396 13032669 800631 296154275 298999049 4657600 20802331 11207771 530069 312721140 252819140 11262981 44470779 8723608 830243 298999049 241115507 6384317 28836732 22677416 840000 252819140 0.09110 0.48650 0.42240 false false 4823097 2940275 1882822 914949 767012 147937 936980 825232 111748 2142507 UVIMCO MANAGED FUNDS 294433815 F 294433815 OTHER ASSETS 478182 RIGHTS OF OCCUPANCY 55851765 56329947 0 NOTES PAYABLE TO UVA 11405000 11405000 X 82209015 25085891 459893 25545784 56663231 716770 4356468 5073238 61736469 50509157 459893 459893 50049264 716770 4356468 5073238 55122502 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. 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, 2017 and 2016. 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, 2017 and 2016, 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 2014 and later. PART XI, LINE 4B: GROSS HOSPITALITY EXPENSES $4,356,468 PART XII, LINE 4B: GROSS HOSPITALITY EXPENSES $4,356,468 East Asia and the Pacific 19 Program Services Executive Education 499750 South Asia 5 Program Services Executive Education 34530 Middle East and North Africa 2 Program Services Executive Education 6936 26 26 541216 541216 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 418 4th street ne CHARLOTTESVILLE VA 22902 design and consulting false 24000 -24000 24000 -24000 AL AK AR CA CO CT DC FL GA HI IL KS KY LA ME MD MA MI MN MS MT 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) 19645051 see part iv University of Virginia Curry School of Education PO Box 400276 Charlottesville VA 22906 546001796 501(C)(3) 712079 See part IV University of Virginia Darden School of Bus PO Box 6550 CHARLOTTESVILLE VA 22906 546001796 501(C)(3) 712079 see part iv 1 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 is 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 - Partners in Educational Leadership Program (3) University of Virginia Darden School of Business - Partners in Educational Leadership Program X X true true X X X X X false true false false false false false true false Susan J Chaplinsky Trustee 0 342298 0 0 0 737 0 29965 0 12875 0 385875 0 0 Luann J Lynch Trustee 79700 334791 0 0 0 2998 0 29269 0 18341 79700 385399 0 0 Scott C Beardsley Ex-Officio Trustee 0 527033 0 0 0 815 0 47531 0 23461 0 598840 0 0 Richard P Shannon Ex-Officio Trustee 0 732942 0 0 0 4244 0 173729 0 27484 0 938399 0 0 Teresa A Sullivan Ex-Officio Trustee 0 546884 0 4607 0 16723 0 237614 0 14590 0 820418 0 0 Michael J Woodfolk President 228485 0 34500 0 81 0 23912 0 9998 0 296976 0 0 0 Locke W Ogens Secretary 211925 0 38970 0 33221 0 22926 0 28711 0 335753 0 0 0 Charles L Heckel Treasurer 169094 0 5000 0 0 0 18200 0 19911 0 212205 0 0 0 Scott Snell CEO Executive Education 119400 376418 0 0 0 129 0 35241 0 25774 119400 437562 0 0 Dean W Krehmeyer Chief of Staff 0 220556 0 0 0 145 0 20394 0 23030 0 264125 0 0 Kara Mullins Executive Dir of Advancement 220678 0 50000 0 25000 0 23833 0 32741 0 352252 0 0 0 Nicola C Barrett Executive Director of EE 183206 0 22991 0 0 0 19480 0 22641 0 248318 0 0 0 William Carter Hoerr Director of Principal Gifts 199376 0 0 0 0 0 21298 0 23972 0 244646 0 0 0 Kathleen Wiesel Director of EE 125732 0 62932 0 0 0 13069 0 1202 0 202935 0 0 0 William S Robinson Executive Director of PLE 170167 0 0 0 27 0 18704 0 19152 0 208050 0 0 0 Howard Avery Senior Dir of Principal GIFTS 166464 0 0 0 0 0 23431 0 23114 0 213009 0 0 0 Gerald D Starsia Senior Associate Dean and COO 0 169479 0 0 0 129 0 18241 0 17002 0 204851 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. PART I, LINE 4B: The University of Virginia made contributions to 401A/415 Deferred Compensation Plans for the following persons: Richard Shannon - $107,500 Teresa Sullivan - $191,324 Part I, Line 7: The Foundation pays teaching fees for some employees who teach in Executive Education programs and bonuses that are not tied to 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 1649243 FMV X course material 1 8583 cost X other 16 33784 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 University of Virginia Darden School Foundation's primary purpose is to promote the advancement and further the aims and purposes of the University of Virginia Darden School of Business. The Foundation manages endowment funds for the exclusive benefit of the Darden School, operates the School's top-ranked Executive Education programs, the Inn at Darden and Abbott Center Hospitality, and promotes philanthropic support 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 Treasurer provided the Form 990 to the Audit/Finance Committee Chair and the Treasurer addressed questions from the Audit/Finance Committee Chair. 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: DSF offers an incentive compensation program to some of its officers. Each plan is recommended by the officer's superior and requires that the officer meet both qualitative and quantitative metrics within the officer's specific area(s) of responsibility. Each plan is reviewed for appropriateness based upon external market data. Finally, the incentive plan recommendations along with market data are proposed to DSF's trustee compensation committee prior to the beginning of the plan year and approved by the committee in accordance with the IRS rebuttable presumption of reasonableness standards. After the conclusion of the plan year, the compensation committee reviews and approves any payouts under the incentive plans in advance of payments being made. 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. FORM 990 PART IX LINE 11G DESCRIPTION:TEACHING FEES TOTAL FEES:4617559 FORM 990 PART IX LINE 11G DESCRIPTION:OTHER PROFESSIONAL FEES TOTAL FEES:2930771 FORM 990 PART IX LINE 11G DESCRIPTION:TEMPORARY STAFFING TOTAL FEES:270279 FORM 990 PART IX LINE 11G DESCRIPTION:COMMISSIONS TOTAL FEES:183333 University of Virginia Darden School PO Box 6550 Charlottesville VA 22906 546001796 Education VA 501(C)(3) 2 na false false true false true true false false false false false true true true true true true false false false PART V, LINE 1E: LOAN REIMBURSEMENT BY OTHER ORGANIZATIONS: UVA HAS AGREED TO REIMBURSE ANY COSTS INCURRED BY THE UNIVERSITY OF VIRGINIA DARDEN SCHOOL FOUNDATION FOR LOAN PROGRAMS THE FOUNDATION HAD ENTERED INTO WITH THREE INDEPENDENT THIRD PARTIES, WHICH GUARANTEES LOANS FOR INTERNATIONAL STUDENTS. THE INTERNATIONAL STUDENT LOAN PROGRAM SUPPORTS THE DARDEN SCHOOL'S OBJECTIVES OF ATTRACTING INTERNATIONAL STUDENTS.