2017-05-13T19:52:43-05:00 2016-06-30 BDO USA LLP 8401 GREENSBORO DRIVE SUITE 800 MCLEAN VA 22102 990 2015-07-01 546046419 UNIVERSITY OF VIRGINIA DARDEN SCHOOL FOUNDATION % CHARLES L HECKEL UNIV 4349247228 PO BOX 7263 CHARLOTTESVILLE VA 22906 CHARLES L HECKEL TREASURER 4349247228 2017-05-11 true Joyce Underwood P00022361 7038930600 2017-05-11 2015 2021-01-29 14:40:06Z MICHAEL J WOODFOLK PO BOX 7263 CHARLOTTESVILLE VA 22906 74046576 false X www.darden.virginia.edu X 1952 VA See Schedule O 47 42 220 808 2029244 -8990 10362540 11060837 23335364 25953872 10077893 10638245 265960 312711 44041757 47965665 14239716 16602411 0 0 12396423 14433043 52247 62000 3353303 15611967 17526898 42300353 48624352 1741404 -658687 409161516 390911817 20507072 18731438 388654444 372180379 X SEE SCHEDULE O false false 41101768 16602411 25953872 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. 41101768 true true false false false false false false false true true true false true true true true true false true true false false true false false false true false true false false false false false false false false true true false false false true false false false true 225 0 true 220 true true true false false false false false false false false false false false false X 47 42 true false false false false false false true true false false true true true true true true true true false 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 X CHARLES L HECKEL 4349247228 100 DARDEN BLVD CHARLOTTESVILLE VA 22903 X James A Cooper Chair 1.0 0.0 X X 0 0 0 Elizabeth K Weymouth Vice 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 Susan J Chaplinsky Trustee 1.0 0.0 X 0 327120 40913 Charles C Cory Trustee 1.0 0.0 X 0 0 0 Vidyanidhi N Dalmia 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 Robert J Hugin 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 Philip W Knisely 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 14.0 36.0 X 147950 314924 56858 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 Susan Sobbott 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 316029 32652 Jerome E Connolly Jr 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 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 998472 164762 Teresa A Sullivan Ex-Officio Trustee 1.0 50.0 X 0 667177 249567 Locke W Ogens Secretary 50.0 0.0 X 272496 0 52204 Charles L Heckel Treasurer 50.0 0.0 X 168970 0 37380 Scott Snell CEO Executive Education 0.0 50.0 X 0 410007 58451 Luciano Centini MANAGING Dir of Exec EduCATION 50.0 0.0 X 362461 0 37085 Dean W Krehmeyer Exec Dir IBIS, Chief OF STAFF 50.0 0.0 X 176353 16862 40665 Michael J Woodfolk SR Exec Dir,ENGMNT Strategies 50.0 0.0 X 240105 0 32671 Nicola C Barrett Executive Director of EE 50.0 0.0 X 216878 0 40942 William Carter Hoerr Director, Principal Gifts 50.0 0.0 X 209811 0 41732 Kathleen Wiesel Director of EE 50.0 0.0 X 191104 0 14362 William S Robinson Executive Director of PLE 50.0 0.0 X 170649 0 31969 Gerald D Starsia SR Associate Dean & COO 0.0 50.0 X 18500 308408 47951 Jeffrey Pottinger SR Director of Executive Educa 0.0 0.0 X 167411 0 18471 2342688 3358999 998635 25 true true false Univ of VA Investment Management C PO Box 400215 CHARLOTTESVILLE VA 22906 Investment Mgmt. 757115 Clearview Consulting Company PO BOX 72 HOLDEN MA 01520 Teaching/Cons. Serv. 220400 SCHOOLWORKS LLC 100 CUMMINGS CENTER STE 236C BEVERLY MA 01915 TEACHING/CONS.SERV. 257860 CARRAWAY ROBERT L 1813 HEARTGLOW LANE CHARLOTTESVILLE VA 22901 Teaching Services 200433 DAVIDSON MARTIN N POBOX 5101 CHARLOTTESVILLE VA 22905 TEACHING SERVICES 158950 10 11060837 484116 11060837 EXECUTIVE EDUCATION 721110 25953872 23961878 1991994 25953872 885432 885432 0 0 0 0 0 35833724 26080911 9752813 9752813 9752813 0 0 0 ALUMNI RELATIONS REUNION FEES 900099 159322 159322 PARKING REVENUE 900099 77784 77784 ADVERTISING 900099 37250 37250 38355 38355 312711 47965665 24237339 2029244 10638245 X 16602411 16602411 0 0 0 997998 430004 567994 0 10063477 7412056 870374 1781047 862303 627816 78756 155731 1789376 1283990 276334 229052 719889 527817 64919 127153 0 16907 16907 105275 105275 0 62000 62000 800631 800631 6450193 5835556 570373 44264 917631 767093 18880 131658 1339015 1303187 15139 20689 424267 150527 259068 14672 54290 54290 2100637 1927151 121242 52244 2861331 2120477 267430 473424 0 0 0 0 266086 112456 56910 96720 124560 62033 62527 COGS 1277954 1277954 BAD DEBT EXPENSE 268298 152606 115692 USE/FOREIGN TAX 39180 39180 MISCELLANEOUS EXPENSE 480643 415164 16522 48957 48624352 41101768 4169281 3353303 447617 2250 3338756 6004400 12127249 11402594 4438782 4788625 0 0 0 0 0 0 44967 42134 446436 522839 6584069 4362426 2131376 2221643 37354056 35289063 287185298 271409629 0 0 0 0 61646979 59228640 409161516 390911817 3122011 3662647 0 0 1140424 1256829 0 0 0 0 0 0 0 0 0 0 16244637 13811962 20507072 18731438 X 96773612 92864062 144935417 129366904 146945415 149949413 388654444 372180379 409161516 390911817 -658687 -15815378 X X false true X true false X X 1 UVA DARDEN SCHOOL OF BUSINESS 546001796 6 true 16602411 0 1 16602411 0 true false false false false false false false false false false false false false false true false true X Schedule A, 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. Schedule A, 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. Schedule A, 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 312721140 3129831 -5863396 13032669 800631 296154275 298999049 4657600 20802331 11207771 530069 312721140 252819140 11262981 44470779 8723608 830243 298999049 241115507 6384317 28836732 22677416 840000 252819140 232372468 10728057 10331210 11543387 772841 241115507 0.09760 0.50630 0.39610 false false 4606288 2809811 1796477 874488 728602 145886 1103293 824013 279280 2221643 UVIMCO MANAGED FUNDS 271409629 F 271409629 OTHER ASSETS 866213 RIGHTS OF OCCUPANCY 58362427 59228640 0 NOTES PAYABLE TO UVA 13811962 13811962 X 31642354 -15815378 292698 -15522680 47165034 800631 800631 47965665 48116419 292698 292698 47823721 800631 800631 48624352 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, 2016 and 2015. 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, 2016 and 2015, and, accordingly, there is no liability for unrecognized tax benefits. East Asia and the Pacific 0 10 Program Services Executive Education 84470 Central America and the Caribbean 0 3 Program Services Executive Education 4616 Europe (Including Iceland and Greenland) 0 1 Program Services Executive Education 9876 South Asia 0 1 Program Services Executive Education 1975 Middle East and North Africa 0 1 Program Services Executive Education 143 0 16 0 16 101080 101080 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 62000 62000 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 STATE OF VA 15555667 see part iv University of Virginia Curry School of Education PO Box 400276 Charlottesville VA 22906 546001796 STATE OF VA 523372 See part IV University of Virginia Darden School of Bus PO Box 6550 CHARLOTTESVILLE VA 22906 546001796 STATE OF VA 523372 see part iv 1 SCHEDULE I, 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. Compliance and testing of the donor's restricted purpose is included as a part of the UVA internal audit department's regular internal and external audit cycles. SCHEDULE I, 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 false true Susan J Chaplinsky Trustee 0 326520 0 0 0 600 0 28613 0 12300 0 368033 0 0 Luann J Lynch Trustee 147950 314228 0 0 0 696 0 37672 0 19186 147950 371782 0 0 Scott C Beardsley Ex-Officio Trustee 0 215899 0 100000 0 130 0 19443 0 13209 0 348681 0 0 Richard P Shannon Ex-Officio Trustee 0 697246 0 300000 0 1226 0 139195 0 25567 0 1163234 0 0 Teresa A Sullivan Ex-Officio Trustee 0 530666 0 120622 0 15889 0 235265 0 14302 0 916744 0 0 Locke W Ogens Secretary 236436 0 35268 0 792 0 25523 0 26681 0 324700 0 0 0 Charles L Heckel Treasurer 168178 0 0 0 792 0 18200 0 19180 0 206350 0 0 0 Scott Snell CEO Executive Education 0 409887 0 0 0 120 0 33918 0 24533 0 468458 0 0 Luciano Centini MANAGING Dir of Exec EduCATION 169477 0 14577 0 178407 0 17199 0 19886 0 399546 0 0 0 Dean W Krehmeyer Exec Dir IBIS, Chief OF STAFF 171723 16862 0 0 4630 0 18306 1632 19200 1527 213859 20021 0 0 Michael J Woodfolk SR Exec Dir,ENGMNT Strategies 220638 0 19467 0 0 0 23086 0 9585 0 272776 0 0 0 Nicola C Barrett Executive Director of EE 216878 0 0 0 0 0 19240 0 21702 0 257820 0 0 0 William Carter Hoerr Director, Principal Gifts 195505 0 14306 0 0 0 20849 0 20883 0 251543 0 0 0 Kathleen Wiesel Director of EE 125684 0 65420 0 0 0 13069 0 1293 0 205466 0 0 0 William S Robinson Executive Director of PLE 170649 0 0 0 0 0 18156 0 13813 0 202618 0 0 0 Gerald D Starsia SR Associate Dean & COO 18500 308408 0 0 0 0 0 29944 0 18007 18500 356359 0 0 Jeffrey Pottinger SR Director of Executive Educa 160710 0 5999 0 702 0 16657 0 1814 0 185882 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 while engaging in official Foundation activities. PART I, LINE 4B: The University of Virginia made contributions to 401A/415 Deferred Compensation Plans for the following persons: Luanne Lynch - $9,864 Richard Shannon - $100,000 Teresa Sullivan - $182,265 Part I, Line 6a: 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. PART I, LINE 8: Gerald Starsia was appointed as COO and Senior Associate Dean in September 2013. X 2 26000 fmv X 84 411296 FMV X course material 1 8333 cost X FURNITURE 2 1600 FMV X other 6 36887 cost false true false Schedule M, 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:COMMISSIONS TOTAL FEES:112979 FORM 990 PART IX LINE 11G DESCRIPTION:TEACHING FEES TOTAL FEES:4755732 FORM 990 PART IX LINE 11G DESCRIPTION:TEMPORARY STAFFING TOTAL FEES:385629 FORM 990 PART IX LINE 11G DESCRIPTION:OTHER PROFESSIONAL FEES TOTAL FEES:1195853 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 FORM 990, SCH R, 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.