2015-05-14T11:18:39-05:00 2014-06-30 BDO USA LLP 7101 WISCONSIN AVE SUITE 800 BETHESDA MD 208144827 990 2013-07-01 546046419 UNIVERSITY OF VIRGINIA DARDEN SCHOOL FOUNDATION % CHARLES L HECKEL UNIV 4349247228 PO BOX 7263 Suite CHARLOTTESVILLE VA 22906 CHARLES L HECKEL Treasurer 4349244879 2015-05-14 true BDO USA LLP P00022361 4349244879 2013 2016-02-25 16:41:14Z Locke W Ogens Same as C above CHARLOTTESVILLE VA 22906 92183119 false X www.darden.virginia.edu X 1952 VA See Schedule O 50 44 206 50 1340436 -35999 13313278 15464522 23061515 21944668 7443027 4540371 6546364 399816 50364184 42349377 14206210 12656055 0 0 11484121 11648447 0 0 3951626 14746066 15626422 40436397 39930924 9927787 2418453 358942878 397644618 27777163 22571977 331165715 375072641 X See Schedule O false false 33147674 12656055 21019048 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. 33147674 true true false false false false false false false true true true false true true true true true false true true false false false false false false true false true false false false false false false false true true false false false false true false false false true 216 0 true 206 true true true false false false false false false false false false X 50 44 true false true false false false false true true false false true true true true true false true true false AK AR CA CT HI KS KY MD MA MI MN MS NH NJ NY OH OK OR SC UT WV WI X CHARLES L HECKEL 4349247228 100 DARDEN BLVD CHARLOTTESVILLE VA 22903 Thomas J Baltimore Jr Trustee 1.0 0.0 X 0 0 0 WL Lyons Brown III Trustee 1.0 0.0 X 0 0 0 Robert F Bruner Ex-Officio Trustee 1.0 50.0 X 0 513795 69329 Susan Chaplinsky Ex-Officio Trustee 1.0 50.0 X 0 311660 34844 G David Cheek Trustee 1.0 0.0 X 0 0 0 James Su-Ting Cheng Trustee 1.0 0.0 X 0 0 0 Vidyanidhi N Dalmia Trustee 1.0 0.0 X 0 0 0 Michael A DeCola Trustee 1.0 0.0 X 0 0 0 Kenneth M Eades Ex-Officio Trustee 1.0 50.0 X 12300 326527 38648 Karen K Edwards Ex-Officio Trustee 1.0 0.0 X 0 0 0 Louis G Elson Trustee 1.0 0.0 X 0 0 0 Arnold Evans Trustee 1.0 0.0 X 0 0 0 John M Farrell Jr Trustee 1.0 0.0 X 0 0 0 Jennifer McEnery Finn Ex-Officio Trustee 1.0 0.0 X 0 0 0 John D Fowler Ex-Officio Trustee 1.0 0.0 X 0 0 0 Catherine J Friedman Trustee 1.0 0.0 X 0 0 0 Donald W Goodman Trustee 1.0 0.0 X 0 0 0 Kirsti A Goodwin Trustee 1.0 0.0 X 0 0 0 Gordon Grand III 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 Lemuel E Lewis Trustee 1.0 0.0 X 0 0 0 Luann J Lynch Ex-Officio Trustee 1.0 50.0 X 47000 287327 46034 John G Macfarlane III Trustee 1.0 0.0 X 0 0 0 Carolyn S Miles Trustee 1.0 0.0 X 0 0 0 Douglas T Moore Ex-Officio Trustee 1.0 0.0 X 0 0 0 Marshall N Morton Trustee 1.0 0.0 X 0 0 0 Michael O'Neill Trustee 1.0 0.0 X 0 0 0 Richard M Paschal Ex-Officio Trustee 1.0 0.0 X 0 0 0 Jerry Peng Trustee 1.0 0.0 X 0 0 0 Scott A Price Trustee 1.0 0.0 X 0 0 0 Harry T Rein Trustee 1.0 0.0 X 0 0 0 Gary Roughead 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 John D Simon Ex-Officio Trustee 1.0 0.0 X 0 393708 148340 Henry F Skelsey Trustee 1.0 0.0 X 0 0 0 Susan Sobbott Trustee 1.0 0.0 X 0 0 0 John R Strangfeld Jr Trustee 1.0 0.0 X 0 0 0 Teresa A Sullivan Ex-Officio Trustee 1.0 0.0 X 0 625291 233561 George S Tahija 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 Thomas R Watjen Trustee 1.0 0.0 X 0 0 0 Roger L Werner Jr Trustee 1.0 0.0 X 0 0 0 Elizabeth K Weymouth Trustee 1.0 0.0 X 0 0 0 Philip W Knisely Trustee, Chairman 5.0 0.0 X X 0 0 0 James A Cooper Trustee, Vice Chairman 5.0 0.0 X X 0 0 0 Scott Snell SR Assoc Dean for Exec Educat 0.0 50.0 X 46050 265308 42293 Erika H James SR Assoc Dean for Exec Educat 0.0 50.0 X 1200 352947 33609 Eugene R Meoni GM of Hospitality 50.0 0.0 X 212633 0 41874 Laura B Terry CFO & Treasurer 50.0 0.0 X 241728 0 35951 Michael J Woodfolk SR Exec Dir of Eng Strategies 50.0 0.0 X 210065 0 27574 Norwood H Davis III President, CEO & Secretary 50.0 0.0 X 179233 0 28662 William Carter Hoerr Senior Development Officer 50.0 0.0 X 235306 0 48706 Locke W Ogens SR Ex Dir of DSF and Strat Rel 50.0 0.0 X 203095 0 51548 Gerald D Starsia Senior Associate Dean & COO 0.0 50.0 X 0 272312 43298 Luciano Centini Managing Director of EE 50.0 0.0 X 308481 0 41644 Dean W Krehmeyer Exec Dir Business Roundtable 50.0 0.0 X 225875 0 38073 Constance D English Exec Dir of Alumni Career Svcs 50.0 0.0 X 144520 0 33417 Jeffrey Pottinger Senior Director of EE 50.0 0.0 X 165822 0 18359 William Robinson Executive Director of PLE 50.0 0.0 X 144300 0 23125 2377608 3348875 1078889 11 false true false Univ of VA Investment Management C PO Box 400215 Charlottesville VA 22906 Investment Mgmt. 521342 Clearview Consulting Company 117 Pilgrim Dr Holden MA 01520 Teaching/Cons. Serv. 311525 Allison Partners LLC 1716-2 Allied Street Charlottesville VA 22903 Teaching Services 220800 Aventura Catering 100 N 3rd St PHOENIX AZ 85004 Catering Services 144666 Horniman Alexander B 1344 Hilltop Road CHARLOTTESVILLE VA 22903 Teaching Services 144120 7 X 15464522 3413490 15464522 EXECUTIVE EDUCATION 721110 21944668 20619232 1325436 21944668 597751 597751 0 0 0 0 0 53776362 49833742 3942620 3942620 3942620 0 0 0 ALUMNI RELATIONS REUNION FEES 900099 189220 189220 PARKING REVENUE 900099 101952 101952 FEE REVENUES 900099 56730 56730 51914 36914 15000 399816 42349377 21004048 1340436 4540371 X 12656055 12656055 0 0 0 1843556 995001 556780 291775 0 7391679 5823674 617584 950421 659888 524464 59097 76327 1205856 949580 88127 168149 547468 422713 47119 77636 0 27047 11176 15773 98 135802 135802 0 0 715751 715751 4942876 4767195 143035 32646 757018 735101 4450 17467 1932189 1686481 78995 166713 192907 56939 125799 10169 0 1680629 1510214 63485 106930 1789249 1391072 76173 322004 0 218530 146886 14331 57313 0 0 89379 76232 13147 133468 72610 60858 COGS 1263682 1263682 Bad debt expense 1642886 -13012 6031 1649867 Use/Foreign Tax 45820 45820 MISCELLANEOUS EXPENSE 59189 25791 9287 24111 39930924 33147674 2831624 3951626 93350 274245 6697750 2098568 16030256 16016731 6083337 4335496 0 0 0 0 0 0 81921 75796 515500 518360 6230333 3913712 2651594 2316621 29452441 35728651 230547509 272023971 0 0 0 0 66789220 64256179 358942878 397644618 3923357 2382090 0 0 2121868 1179926 0 0 0 0 0 0 0 0 0 0 21731938 19009961 27777163 22571977 X 91008297 95854827 108790522 136830133 131366896 142387681 331165715 375072641 358942878 397644618 2418453 41488473 X X false true X true false X X X false false false UVA DARDEN SCHOOL OF BUSINESS 546001796 0 true true true 12656055 1 12656055 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 252819140 11262981 44470779 8723608 830243 298999049 241115507 6384317 28836732 22677416 840000 252819140 232372468 10728057 10331210 11543387 772841 241115507 192879265 9853444 42691784 12363368 688657 232372468 179999314 1996667 24406482 12907927 615271 192879265 0.10780 0.47620 0.41600 false false 4606289 2489032 2117257 800031 648033 151998 824013 776647 47366 2316621 UVIMCO MANAGED FUNDS 272023971 F 272023971 OTHER ASSETS 751467 RIGHTS OF OCCUPANCY 63504712 64256179 0 FUNDS HELD THE DARDEN SCHOOL &BRICE 276290 Notes payable to UVA 18733671 19009961 X 83154599 41488473 32500 41520973 41633626 715751 715751 42349377 39247673 32500 32500 39215173 715751 715751 39930924 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 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, 2014 and 2013, 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 2011 and later. East Asia and the Pacific 0 1 Program Services Executive Education 57364 0 1 0 1 57364 57364 false false false false false false true UVA DARDEN SCHOOL OF BUSINESS PO Box 6550 Charlottesville VA 22906 546001796 501(c)(3) 12656055 see part iv 1 0 Part I Description of Procedure for Monitoring Use of Funds 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 yearly review and report by the UVA internal audit department to ensure donor intention is met. This report is provided to the Darden School foundation and is reviewed by management. 990 SCH I, PART II, LINE 1 SCHOLARSHIPS, CHAIRS, RESEARCH, FACILITIES, & EDUCATIONAL PROGRAMS X true true X X X X X false true false false false false false false false Robert F Bruner Ex-Officio Trustee 0 513795 0 0 0 0 0 53966 0 15363 0 583124 0 0 Susan Chaplinsky Ex-Officio Trustee 0 311660 0 0 0 0 0 26225 0 8619 0 346504 0 0 Kenneth M Eades Ex-Officio Trustee 12300 243571 0 82956 0 0 26086 0 12562 12300 365175 0 0 Luann J Lynch Ex-Officio Trustee 47000 287327 0 0 0 0 0 25012 0 21022 47000 333361 0 0 John D Simon Ex-Officio Trustee 0 393708 0 0 0 0 0 125420 0 22920 0 542048 0 0 Teresa A Sullivan Ex-Officio Trustee 0 504401 0 120890 0 0 0 231088 0 2473 0 858852 0 0 Scott Snell SR Assoc Dean for Exec Educat 46050 217019 0 48289 0 0 0 23555 0 18738 46050 307601 0 0 Erika H James SR Assoc Dean for Exec Educat 1200 242947 0 110000 0 0 0 25947 0 7662 1200 386556 0 0 Eugene R Meoni GM of Hospitality 159876 0 52757 0 0 0 17410 0 24464 0 254507 0 0 0 Laura B Terry CFO & Treasurer 196753 0 44975 0 0 0 20761 0 15190 0 277679 0 0 0 Michael J Woodfolk SR Exec Dir of Eng Strategies 183392 0 26673 0 0 0 19200 0 8374 0 237639 0 0 0 Norwood H Davis III President, CEO & Secretary 161770 0 9000 0 8463 0 17160 0 11502 0 207895 0 0 0 William Carter Hoerr Senior Development Officer 173356 0 61950 0 0 0 27560 0 21146 0 284012 0 0 0 Locke W Ogens SR Ex Dir of DSF and Strat Rel 185595 0 17500 0 0 0 27997 0 23551 0 254643 0 0 0 Gerald D Starsia Senior Associate Dean & COO 0 222793 0 49519 0 0 0 24155 0 19143 0 315610 0 0 Luciano Centini Managing Director of EE 195031 0 0 0 113450 0 20783 0 20861 0 350125 0 0 0 Dean W Krehmeyer Exec Dir Business Roundtable 175875 0 50000 0 0 0 18655 0 19418 0 263948 0 0 0 Constance D English Exec Dir of Alumni Career Svcs 136270 0 250 0 8000 0 14508 0 18909 0 177937 0 0 0 Jeffrey Pottinger Senior Director of EE 165822 0 0 0 0 0 17212 0 1147 0 184181 0 0 0 William Robinson Executive Director of PLE 144300 0 0 0 0 0 15130 0 7995 0 167425 0 0 0 PART I, LINE 1A Through the Foundation's standard benefits package, the Foundation will subsidize annually $185 of the cost of membership to the UVA gym for any benefits-eligible employee. PART I, LINE 4B: Line 4b: The University of Virginia made contributions to 401a/415 Deferred Compensation Plans for the following persons: Robert F. Bruner $ 53,966. Susan Chaplinsky 26,225. Kenneth M. Eades 26,086. Erika H. James 25,947. Luann J. Lynch 25,012. John D. Simon 125,420. Scott Snell 23,555. Gerald D. Starsia 24,155. Teresa A. Sullivan 231,088. 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 SENIOR ASSOCIATE DEAN AND CHIEF OPERATING OFFICER IN LATE 2013. JOHN MACFARLANE BOARD MEMBER IN COMMON 521342 SEE PART V false Sch L, Part IV Column (d) Description of Transaction: UVIMCO INVESTMENT MANAGEMENT FEE - JOHN MACFARLANE WAS A TRUSTEE OF THE UVA DARDEN SCHOOL FOUNDATION ("DSF") AND A TRUSTEE/MEMBER OF THE EXECUTIVE COMMITTEE FOR UVIMCO IN FY 2014. MR. MACFARLANE SERVED AS UVIMCO'S CHAIRMAN UNTIL DECEMBER 31, 2013. DSF PAID INVESTMENT MANAGEMENT FEES OF $521,342 TO UVIMCO IN FY 2014. This fee, which has been approved by the DSF investment committee, is assessed based on assets under management and is calculated using the same fee schedule that is offered to all of UVIMCO's customers. X 125 3385857 FMV X course material 3 23018 cost X other 2 4615 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 A, line 4 The organization amended its bylaws AS FOLLOWS: A. Section 2.2(a)ii, resolved that the Senior Executive Director, the Senior Executive Director of Engagement Strategies, and the Senior Associate Dean and Chief Operating Officer will serve as ex-officio trustees of the Foundation Board of Trustees effective April 25, 2014. B. Section 3.1, resolved that the officers of the Foundation shall include the Senior Executive Director. 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 VI, Section B, Line 14 The accounting unit has a written document retention and destruction policy. 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-EXEC. EDUCATION TOTAL FEES:3950795 FORM 990 PART IX LINE 11G DESCRIPTION:TEMPORARY STAFFING SERVICE TOTAL FEES:422381 FORM 990 PART IX LINE 11G DESCRIPTION:PROFESSIONAL FFES TOTAL FEES:526057 FORM 990 PART IX LINE 11G DESCRIPTION:COMMISSIONS EXPENSE TOTAL FEES:27119 FORM 990 PART IX LINE 11G DESCRIPTION:OTHER FEES TOTAL FEES:16524 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 true 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.