2014-05-14T18:20:24-05:00 2013-06-30 KPMG LLP 1676 International Drive McLean VA 22102 990 2012-07-01 541528809 VIRGINIA TECH REAL ESTATE FOUNDATION INC % DR JOHN E DOOLEY VIRG 5402315751 902 Prices Fork Rd University Gateway Center Suite 400 Blacksburg VA 24061 JOHN E DOOLEY 5402315751 2014-05-07 true 7032868000 2012 2015-11-30 17:44:51Z Dr JOHN E DOOLEY 902 Prices Fork Road Ste 4000 Blacksburg VA 24061 15731914 false X N/A X 1989 VA THE ORGANIZATION ENGAGES IN ANY AND ALL MATTERS PERTAINING TO CERTAIN REAL PROPERTY FOR THE BENEFIT OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY AND VIRGINIA TECH FOUNDATION. 11 7 0 7 0 0 0 0 10624969 15731914 0 0 0 0 10624969 15731914 0 0 0 0 251559 334487 0 0 0 9685854 9485163 9937413 9819650 687556 5912264 160460388 178887094 138157008 151306242 22303380 27580852 X VIRGINIA TECH REAL ESTATE FOUNDATION, INC. (VTREF) WAS ORGANIZED SOLELY FOR THE BENEFIT OF THE VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (UNIVERSITY) AND VIRGINIA TECH FOUNDATION, INC. FOR MORE INFORMATION, SEE SCHEDULE O. false false 7389148 15731914 VTREF ENGAGED IN ACTIVITIES PERTAINING TO THE OWNERSHIP, DEVELOPMENT AND OPERATION OF THE HOTEL ROANOKE PROPERTY, VIRGINIA TECH FOUNDATION OFFICE BUILDING, AND OTHER PROPERTIES IN SUPPORT OF THE UNIVERSITY AND VIRGINIA TECH FOUNDATION. 7389148 true false false false false false false false false false true true false true true true false true false false false false false false false false false false false true false false false false false false false false false false false false true true true true false false true 0 0 0 false false false false false false false false false false false X 11 7 false false false false true true false true true false false true true true true true true true true X DR JOHN E DOOLEY 5402315751 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 X JAMES K ASSELSTINE 2.0 0.0 X 0 0 0 MICHAEL J QUILLEN 2.0 0.0 X 0 0 0 GLENN P REYNOLDS 2.0 0.0 X 0 0 0 DR JOHN E DOOLEY 2.0 38.0 X X 0 209370 23714 BEN J DAVENPORT JR 2.0 0.0 X X 0 0 0 E ANN SPENCER 2.0 0.0 X 0 0 0 DR CHARLES W STEGER Jr 2.0 40.0 X 0 558888 366522 PATRICIA A CALDWELL 2.0 0.0 X 0 0 0 DR ELIZABETH A FLANAGAN 2.0 40.0 X X 0 319139 46710 M Dwight Shelton Jr 2.0 40.0 X X 0 293474 38668 General Lance L Smith 2.0 0.0 X 0 0 0 0 1380871 475614 0 false true false ABOVENET PO BOX 785876 PHILADELPHIA PA 191785876 CONST. AND ONLINE SV 284438 MAY Construction GROUP LLC 4630 MONTGOMERY AVE SUITE 110 BETHESDA MD 20814 CONSTRUCTION 324811 HITT CONTRACTING INC PO BOX 602760 CHARLOTTE NC 282602760 CONSTRUCTION 105398 POINTE WEST MANAGEMENT COMPANY 202 S MAIN ST SUITE 200 BLACKSBURG VA 24060 CONSTRUCTION SERVICE 510557 THOMAS KOONTZ ARCHITECT PC C/O EDC 1660 HUGHUENOT RD MIDLOTHIAN VA 23113 CONSTRUCTION SERVICE 526543 7 0 HOTEL ROANOKE 721110 1575168 1575168 VIRGINIA TECH FOUNDATION OFFICE BLDG 532000 1429131 1429131 VIRGINIA TECH RESEARCH CENTER 532000 8508991 8508991 CS SHOPPING CENTER LLC 532000 1089290 1089290 TSP, LLC 532000 3129334 3129334 15731914 0 0 0 0 0 0 0 0 0 0 0 0 15731914 15731914 0 0 0 0 0 0 0 331143 331143 3344 3344 0 0 549282 549282 2063 2063 3625 3625 0 0 0 335948 335948 0 71459 71459 0 0 139561 139561 3070 3070 0 0 4789979 4789979 0 2599169 2599169 79222 79222 UTILITIES 523405 523405 REPAIRS AND MAINTENANCE 328089 328089 OTHER PROPERTY EXPENSES 45338 45338 PROFESSIONAL MEMBERSHIPS 14953 14953 0 9819650 7389148 2430502 0 5399939 4372628 0 0 0 0 751601 4617 0 0 0 0 5814222 3952857 0 0 161808 219631 114238362 6307778 127890741 107930584 0 0 18028540 19384079 0 0 577850 552450 1835687 42470248 160460388 178887094 3768391 3502391 0 0 5008238 3019315 0 0 0 0 0 0 0 0 124220501 142186379 5159878 2598157 138157008 151306242 X 17635412 22912884 4667968 4667968 0 0 22303380 27580852 160460388 178887094 X 5912264 -634792 X false true X false false X X X false false false VIRGINIA TECH FOUNDATION 540721690 07 true 7468370 VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY 546001805 02 true 0 2 7468370 36852263 36852263 72434258 5008479 67425779 4383026 1289202 3093824 568815 10097 558718 107930584 INVESTMENT IN SUBSIDIARIES 19384079 C 19384079 DUE FROM SUBSIDIARY 774152 LEASES RECEIVABLE 41691228 VINTAGE AND OTHER COLLECTION 4868 42470248 0 DUE TO PARENT COMPANY 2598157 2598157 X FIN 48 (ASC 740) Footnote Schedule D, Part X, Line 2 THE INTERNAL REVENUE SERVICE HAS RULED THAT VTF AND VTREF QUALIFY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND ARE, THEREFORE, NOT GENERALLY SUBJECT TO INCOME TAXES UNDER PRESENT TAX LAWS. THE FOUNDATION RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED. RECOGNIZED INCOME TAX POSITIONS ARE MEASURED AT THE LARGEST AMOUNT THAT IS GREATER THAN 50% LIKELY OF BEING REALIZED. CHANGES IN RECOGNITION OR MEASUREMENT ARE REFLECTED IN THE PERIOD IN WHICH THE CHANGE IN JUDGMENT OCCURS. THE FOUNDATION HAS ANALYZED FILING POSITIONS IN THE FEDERAL AND STATE JURISDICTIONS WHERE IT IS REQUIRED TO FILE INCOME TAX RETURNS, AND NO RESERVES FOR UNCERTAIN TAX POSITIONS, NOR INTEREST AND PENALTIES, HAVE BEEN RECORDED IN THESE CONSOLIDATED FINANCIAL STATEMENTS. THE ONLY PERIODS SUBJECT TO EXAMINATION ARE THE 2009 THROUGH 2012 TAX YEARS. false false false false false false false false false DR JOHN E DOOLEY 0 209370 0 0 0 0 0 22220 0 1494 0 233084 0 0 DR CHARLES W STEGER Jr 0 496688 0 42200 0 20000 0 327854 0 38668 0 925410 0 0 DR ELIZABETH A FLANAGAN 0 300135 0 9004 0 10000 0 34681 0 12029 0 365849 0 0 M Dwight Shelton Jr 0 284820 0 8654 0 0 0 25200 0 13468 0 332142 0 0 ORGANIZATION'S MISSION PART III, LINE 1 VIRGINIA TECH REAL ESTATE FOUNDATION, INC. (VTREF) WAS ORGANIZED SOLELY FOR THE BENEFIT OF THE VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (UNIVERSITY) AND VIRGINIA TECH FOUNDATION, INC. VTREF IS TO ENGAGE IN ANY AND ALL MATTERS PERTAINING TO CERTAIN REAL PROPERTY FOR THE BENEFIT OF THE UNIVERSITY. EFFECTIVE MARCH 30, 1993, VTREF INCORPORATED A WHOLLY-OWNED SUBSIDIARY, H.R. FOUNDATION, INC. (HRF). HRF WAS ORGANIZED SOLELY TO ENGAGE IN ANY AND ALL ACTIVITIES INCIDENT TO THE OWNERSHIP, DEVELOPMENT, AND OPERATION OF THE HOTEL ROANOKE PROPERTY IN SUPPORT OF THE UNIVERSITY. ORGANIZATION MEMBERS PART VI, LINES 6 AND 7A ACCORDING TO THE ORGANIZATION'S ARTICLES OF INCORPORATION, ARTICLES V AND VI, 6.1(II), THE SOLE MEMBER OF THE ORGANIZATION SHALL BE VIRGINIA TECH FOUNDATION, INC., AND THE BOARD OF DIRECTORS SHALL BE ELECTED BY THE SOLE MEMBER, VIRGINIA TECH FOUNDATION, INC. REVIEW OF FORM 990 PART VI, LINE 11B MANAGEMENT AND THE FOUNDATION ACCOUNTING STAFF PROVIDE THE NECESSARY FINANCIAL AND OTHER INFORMATION TO THE FOUNDATION'S INDEPENDENT THIRD PARTY TAX CONSULTANTS. THE TAX CONSULTANTS REVIEW AND COMPILE THE INFORMATION INTO THE 990 FORM AND PROVIDE A DRAFT TO MANAGEMENT. MANAGEMENT AND THE ASSOCIATE VICE PRESIDENT AND CONTROLLER PERFORM A DETAILED REVIEW OF THE FORM PRIOR TO FORWARDING IT TO THE CEO FOR REVIEW. THE CEO THEN REVIEWS THE FORMS. ANY ISSUES AFTER THESE REVIEWS ARE COMMUNICATED BACK TO THE THIRD PARTY TAX CONSULTANTS. ANY ISSUES ARE CORRECTED AND ADDRESSED BY BOTH PARTIES. TWO WEEKS PRIOR TO THE FILING DEADLINE, THE FORMS ARE MAILED TO ALL MEMBERS OF THE FOUNDATION BOARD OF DIRECTORS. IF THERE ARE NO COMMENTS OR ISSUES THAT COULD NOT BE RESOLVED, THE CHIEF EXECUTIVE OFFICER THEN SIGNS THE TRANSMITTAL FORM TO PERMIT THE ELECTRONIC FILING, AS REQUIRED BY THE IRS, ON BEHALF OF THE FOUNDATION. DISCLOSURE OF THE 990 WILL BE MADE IN FULL COMPLIANCE WITH THE REQUIREMENTS ESTABLISHED BY THE IRS. CONFLICT OF INTEREST POLICY PART VI, LINE 12C THE VIRGINIA TECH FOUNDATION, INC. HAS ADOPTED A CONFLICT OF INTEREST POLICY THAT REQUIRES EACH MEMBER (FOUNDATION BOARD OF DIRECTORS, OFFICERS, AND KEY EMPLOYEES (RESPONSIBLE PERSONS)) TO COMPLETE AN ANNUAL STATEMENT SETTING FORTH ANY AND ALL POTENTIAL AND ACTUAL CONFLICTS OF INTEREST THAT OCCURRED DURING THE PAST FISCAL YEAR. IN ADDITION TO THE STATEMENT AN ANNUAL COMPLIANCE QUESTIONNAIRE MUST BE COMPLETED AND SUBMITTED BY EACH MEMBER. ALSO, IF A CONFLICT SHOULD ARISE THAT WAS NOT PREVIOUSLY DISCLOSED IN THE ANNUAL STATEMENT OR THE QUESTIONNAIRE, A STATEMENT MUST BE SUBMITTED TO THE VIRGINIA TECH FOUNDATION DISCLOSING THE FACTS OF THE SITUATION. THE EXECUTIVE COMMITTEE OF THE FOUNDATION REVIEWS THE QUESTIONNAIRES AND STATEMENTS AND WILL DETERMINE IF A CONFLICT DOES ACTUALLY EXIST. THE EXECUTIVE COMMITTEE SHALL DETERMINE WHETHER TO AUTHORIZE APPROVE OR RATIFY THE ARRANGEMENT/TRANSACTION BASED SOLELY ON WHETHER IT IS IN THE BEST INTERESTS OF THE FOUNDATION IN PERFORMING ITS MISSION. COMPENSATION PRACTICES PART VI, LINE 15 BOARD OF DIRECTORS DIRECTORS RECEIVE NO COMPENSATION FOR SERVICE TO THE FOUNDATION. OFFICERS - EXECUTIVE VICE PRESIDENTS EXECUTIVE VICE PRESIDENTS OF THE FOUNDATION ARE THE UNIVERSITY'S VICE PRESIDENT FOR DEVELOPMENT AND UNIVERSITY RELATIONS, AND CHIEF FINANCIAL OFFICER. THESE POSITIONS ARE EMPOLYED BY AND FUNDED 100% BY THE UNIVERSITY AND THEIR SALARIES AND BENEFITS ARE APPROVED BY THE UNIVERSITY'S BOARD OF VISITORS BASED UPON RECOMMENDATION BY THE UNIVERSITY PRESIDENT. THE UNIVERSITY UTILIZES VARIOUS HIGHER EDUCATION SALARY STUDIES AND DATA FROM PEER INSTITUTIONS IN ESTABLISHING SALARIES AND BENEFITS FOR THESE POSITIONS. OFFICER-CHIEF EXECUTIVE OFFICER AND SECRETARY/TREASURER SALARY AND BENEFITS FOR THE CHIEF EXECUTIVE OFFICER AND SECRETARY/TREASURER ARE RECOMMENDED BY THE UNIVERSITY PRESIDENT AND APPROVED BY THE FOUNDATION'S EXECUTIVE COMMITTEE. COMPARATIVE SALARY AND BENEFITS INFORMATION IS PROVIDED TO THE COMMITTEE FOR ITS CONSIDERATION IN MAKING SALARY ADJUSTMENTS AND ESTABLISHING BENEFIT PROGRAMS. PROFESSIONAL AND CLASSIFED STAFF IT IS THE FOUNDATION'S POLICY TO PROVIDE SALARY AND BENEFITS AS CLOSE AS PRACTIBLE TO THOSE PROVIDED TO UNIVERSITY EMPLOYEES. PROFESSIONAL AND CLASSIFIED STAFF SALARIES ARE APPROVED BY THE CHIEF EXECUTIVE OFFICER AND SECRETARY/TREASURER AND INCLUDED IN THE BOARD APPROVED ANNUAL OPERATING BUDGET. COMPARATIVE DATA INCLUDING UNIVERSITY AVERAGES FOR SIMILAR POSITIONS IS USED IN ESTABLISHING AND ADJUSTING SALARIES. MERIT ADJUSTMENTS MIRROR THE UNIVERSITY APPROVED MERIT ADJUSTMENTS EACH YEAR. GOVERNING DOCUMENTS AVAILABILITY PART VI, LINE 19 THE FOUNDATION DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. ANY SUCH REQUESTS WOULD BE CONSIDERED ON A CASE BY CASE BASIS. OTHER CHANGE IN NET ASSETS PART XI, LINE 9 EQUITY DISTRIBUTION TO RELATED ENTITY ............. $(634,792) VTREF - FOUNDATION OFFICE BUILDING LLC 902 PRICES FORK RD STE 4000 BLACKSBURG VA 24061 541528809 REAL ESTATE VA 1429131 14531589 NA CS SHOPPING CENTER LLC 902 PRICES FORK RD STE 4000 BLACKSBURG VA 24061 541528809 REAL ESTATE VA 1089290 10304625 na TURNER STREET PROPERTY LLC 902 PRICES FORK RD STE 4000 BLACKSBURG VA 24061 541528809 REAL ESTATE VA 3129334 96041215 na VIRGINIA TECH RESEARCH INSTITUTE LLC 902 PRICES FORK RD STE 4000 BLACKSBURG VA 24061 541528809 RESEARCH VA 8508991 82476940 NA VIRGINIA TECH FOUNDATION 902 PRICES FORK RD STE 4000 BLACKSBURG VA 24061 540721690 SUPPORT VT VA 501(c)(3) 7 NA false Virginia Polytechnic Inst & State Univ 201 SOUTHGATE CENTER BLACKSBURG VA 24061 546001805 UNIVERSITY VA 501(C)(3) 2 NA false HOTEL ROANOKE LLC 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 541702473 HOTEL VA HR FOUNDATION RELATED 5315509 2875219 true 0 false 0.28000 HR FOUNDATION INC 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 541702474 PROPERTY MGMT VA VTREF C Corp 2105728 22625625 1.00000 true VIRGINIA TECH CORPORATE RESEARCH CENTER 1715 PRATT DRIVE SUITE 1000 BLACKSBURG VA 24060 541324469 RESEARCH VA VTF C Corp false true false false true false false false false false false false false false true true false false true true HOTEL ROANOKE LLC a 71546 FMV HR FOUNDATION INC d 2160000 FMV VIRGINIA TECH FOUNDATION R 604794 FMV Hotel Roanoke LLC S 604794 FMV