2014-05-14T18:20:24-05:00 2013-06-30 KPMG LLP 1676 International Drive McLean VA 22102 990 2012-07-01 540721690 VIRGINIA TECH FOUNDATION INC % DR JOHN E DOOLEY VIRG 5402315751 902 PRICES FORK ROAD 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 587301440 false X WWW.VTF.VT.EDU X 1948 VA THE FOUNDATION RECEIVES, MANAGES, AND DISBURSES PRIVATE GIFTS IN SUPPORT OF PROGRAMS AT VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH). 35 34 113 35 1468062 -67196 73762659 83621867 16561597 17942393 16582269 23128072 7042883 13190394 113949408 137882726 22938416 23677931 0 0 2411709 4235095 0 0 7394055 74581076 81064375 99931201 108977401 14018207 28905325 1183587084 1277888023 355323249 366987410 828263835 910900613 X THE FOUNDATION RECEIVES, INVESTS, AND MANAGES PRIVATE ASSETS HELD FOR THE SUPPORT OF PROGRAMS AT VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (UNIVERSITY) AND TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE UNIVERSITY. false false 91873661 23677931 17942393 VIRGINIA TECH FOUNDATION SUPPORTS THE PROGRAMS OF VIRGINIA TECH. THE FOUNDATION DOES THIS BY GENERATING FUNDING FROM PRIVATE SOURCES AND AGGRESSIVELY MANAGING ITS ASSETS TO SUPPLEMENT STATE APPROPRIATIONS, TUITION, AND OTHER SOURCES OF FUNDS. THE FOUNDATION PROVIDES FINANCIAL ASSISTANCE TO STUDENTS, ADDITIONAL OPERATING SUPPORT TO COLLEGES AND DEPARTMENTS, ASSISTS IN THE FUNDING OF MAJOR BUILDING PROJECTS, PROVIDES SEED CAPITAL FOR NEW UNIVERSITY INITIATIVES, AND INITIATES MAJOR PROJECTS AS REQUESTED BY THE UNIVERSITY. FOR MORE INFORMATION, SEE SCHEDULE O. 91873661 true true false true false false false true false true true true false true true false false true false true true false false false false false false true false true true false false false false false false false false false false true true false false true true true true false false true X 312 0 true 113 true true true true SZ SG false false false true true true 2 false false true false X 35 34 false false false false false false false true true false false true true true true true true true false true true VA X DR JOHN E DOOLEY 5402315751 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 X DAVID L CALHOUN 2.0 0.0 X 0 0 0 JAMES K ASSELSTINE 2.0 0.0 X 0 0 0 W TODD HOLTZMAN 2.0 0.0 X 0 0 0 DOUGLAS C CURLING 2.0 0.0 X 0 0 0 MARY BLACKWOOD 2.0 0.0 X 0 0 0 MICHAEL W CLARKE 2.0 0.0 X 0 0 0 GEORGE B CLARKE IV 2.0 0.0 X 0 0 0 PATRICIA CALDWELL 2.0 0.0 X 0 0 0 SHAWN C JOHNSON 2.0 0.0 X 0 0 0 JAMES H HATCH 2.0 0.0 X 0 0 0 BEN J DAVENPORT JR 2.0 0.0 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TRUST HELD BY OTHERS 8354131 COLLECTION ITEMS 5241672 DUE FROM SUBSIDIARIES 4482777 BOND DEBT COST OF ISSUANCE 1647579 TRUST INVESTMENT RECEIVABLE 43490955 86998881 0 AGENCY DEPOSITS HELD IN TRUST 71438925 TRUST PAYMENT LIABILITIES 17569959 THIRD PARTY TRUST OBLIGATIONS 8107516 ANNUITY OBLIGATIONS 6127057 103243457 X COLLECTIONS OF ART SCHEDULE D, PART III, LINE 4 VINTAGE AND OTHER COLLECTION ITEMS ARE USED TO SUPPORT THE EDUCATIONAL AND RESEARCH MISSION OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY. ENDOWMENT FUNDS SCHEDULE D, PART V, LINE 4 THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 3,194 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS. THE INTENT IS THAT THE PRINCIPAL OF THE ORIGINAL GIFT CAN BE USED TO PROVIDE A PERPETUAL STREAM OF FINANCIAL SUPPORT TO A PROGRAM, SCHOLARSHIP OR PROFESSORSHIP AT VIRGINIA TECH. NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. INCOME TAXES SCHEDULE D, PART X 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 2010 THROUGH 2013 TAX YEARS. Europe (Including Iceland and Greenland) 1 Program Services RENT 282459 Sub-Saharan Africa Investments 1319774 1 1 1602233 1602233 true false true true true false African Investments and Expenditures Schedule F, Part I, Line 3 The amount of investments in Sub-Saharan Africa totalled $374,991 and the amount of expenditures for bank fees and account management totalled $944,783. true VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY 150 STUDENT SERVICES BUILDING BLACKSBURG VA 24061 546001805 501(C)(3) 23677931 SCHOLARSHIPS 1 SCHOLARSHIPS SCHEDULE I, PART I, LINE 2 THE FOUNDATION MAKES GRANTS TO PROVIDE SCHOLARSHIPS TO STUDENTS OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH). X X X X X false false false false false false false false false DR CHARLES W STEGER 0 496688 0 42200 0 20000 0 327854 0 38668 0 925410 0 0 M DWIGHT SHELTON 0 284820 0 8654 0 0 0 25200 0 13468 0 332142 0 0 DR ELIZABETH A FLANAGAN 0 300135 0 9004 0 10000 0 34681 0 12029 0 365849 0 0 JOHN E DOOLEY 209370 0 0 0 0 0 22220 0 1494 0 233084 0 0 0 DAN WARD 255175 0 0 0 0 0 34405 0 18620 0 308200 0 0 0 JIM FLOWERS 132628 0 0 0 0 0 17102 0 18341 0 168071 0 0 KEVIN SULLIVAN 132644 0 0 0 0 0 19901 0 18649 0 171194 0 0 0 JOHN CUSIMANO 0 209292 0 6450 0 0 0 24329 0 15085 0 255156 0 0 A ECONOMIC DEV AUTHORITY OF MONTGOMERY COUNTY VA 541643441 613741bn6 2010-08-26 57123909 CONSTRUCTION false false false B IDA MONTGOMERY COUNTY VA 541643441 999999999 2009-02-12 73380000 2007 FACILITIES TO SUPPORT VA false false false C IDA MONTGOMERY COUNTY VA 541643441 613755bj5 2005-08-25 49830000 2005 FACILITIES TO SUPPORT THE UNI false false false D ECONOMIC DEV AUTHORITY OF MONTGOMERY COUNTY 541643441 613741dk0 2011-11-17 55889603 CONSTRUCTION false false false A 0 0 57123909 0 0 48147100 501809 0 0 8475000 0 0 2010 true false true true B 0 0 73380000 0 0 24480000 515259 0 0 48384741 0 0 2010 true false true true C 0 0 49830000 0 0 31320000 188741 0 0 18321259 0 0 2007 true false true true D 0 0 55889603 0 0 4245604 388987 0 0 51255012 0 0 2013 true false true true A false false false false 0 false false true B false false false false 0 false false false C false true false false true true 0 true false false true D false false false false 0 A false false false false false false 0 false false false 0 B false true true MORGAN KEEGAN 2. 0 true C false true true false 0 0 true D false false 0 0 true A true B C D X 2 12300 FMV X 25987 FMV X 5 71805 FMV X 285 7465648 FMV X 1 750 FMV X 1 228000 FMV X 2 66462 FMV X 14 18574 FMV X LIVESTOCK 36 279001 FMV X EQUIPMENT 20 651827 FMV X SOFTWARE 1 3022730 FMV X MISC 74 275155 FMV 22 false true false EXEMPT PURPOSE ACHIEVEMENTS PART III, LINE 4A IN ADDITION, THE FOUNDATION MANAGES VIRGINIA TECH'S ENDOWMENT, THROUGH WHICH DONORS TO THE UNIVERSITY MAKE A SIGNIFICANT DIFFERENCE TO THE FACULTY AND STUDENTS. THE FOUNDATION IS ALSO A RESPONSIBLE CORPORATE CITIZEN. AS SUCH, THE FOUNDATION DEPLOYS CAPITAL IN WAYS THAT SERVE THE INTERESTS NOT ONLY OF THE UNIVERSITY, BUT ALSO OF ITS REGION. 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 AND 990T FORMS 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 AND 990T 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 employed 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 Classified 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. JOINT VENTURE PART VI, LINE 16B THE FOUNDATION ADOPTED A JOINT VENTURE POLICY ON SEPTEMBER 1, 2009. THE POLICY REQUIRES THAT THE FOUNDATION EVALUATE ITS PARTICIPATION IN JOINT VENTURE AGREEMENTS UNDER FEDERAL TAX LAW AND TAKE STEPS TO SAFEGUARD THE FOUNDATION'S EXEMPT STATUS WITH RESPECT TO SUCH ARRANGEMENTS. 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 Change in Split-Interest Agreements.........................$ 1,538,745 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:MEALS & ENTERTAINMENT TOTAL EXPENSES:3004559 PROGRAM SERVICES:2612577 MANAGEMENT AND GENERAL:19660 FUNDRAISING:372322 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:INDEPENDENT AND PROF SVS TOTAL EXPENSES:2393004 PROGRAM SERVICES:2101626 MANAGEMENT AND GENERAL:51834 FUNDRAISING:239544 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:PUBLIC RELATIONS TOTAL EXPENSES:1677988 PROGRAM SERVICES:1252869 MANAGEMENT AND GENERAL:8272 FUNDRAISING:416847 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:RIVER COURSE TOTAL EXPENSES:1569956 PROGRAM SERVICES:752900 MANAGEMENT AND GENERAL:817056 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:RADIO STATION TOTAL EXPENSES:1377519 PROGRAM SERVICES:1137207 MANAGEMENT AND GENERAL:239003 FUNDRAISING:1309 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:UNIVERSITY EQUIPMENT PURCHASES TOTAL EXPENSES:1263544 PROGRAM SERVICES:1099868 FUNDRAISING:163676 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:INVESTMENT MANAGEMENT FEES TOTAL EXPENSES:933472 PROGRAM SERVICES:933472 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:UTILITIES TOTAL EXPENSES:228586 PROGRAM SERVICES:222907 MANAGEMENT AND GENERAL:2260 FUNDRAISING:3419 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:PROFESSIONAL MEMBERSHIPS TOTAL EXPENSES:210181 PROGRAM SERVICES:142605 MANAGEMENT AND GENERAL:16231 FUNDRAISING:51345 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:OTHER EQUIPMENT RENTALS TOTAL EXPENSES:180849 PROGRAM SERVICES:140626 MANAGEMENT AND GENERAL:2305 FUNDRAISING:37918 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:TAXES TOTAL EXPENSES:121029 PROGRAM SERVICES:120927 FUNDRAISING:102 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:MAINTENANCE TOTAL EXPENSES:91842 PROGRAM SERVICES:51788 MANAGEMENT AND GENERAL:630 FUNDRAISING:39424 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:ANNUITY DEFERRED GIVING TOTAL EXPENSES:77996 PROGRAM SERVICES:77996 OTHER EXPENSES FORM 990 PART IX DESCRIPTION:MISCELLANEOUS EXPENSES TOTAL EXPENSES:3087147 PROGRAM SERVICES:2905964 MANAGEMENT AND GENERAL:7333 FUNDRAISING:173850 RIVER COURSE LLC 902 PRICES FORK RD STE 4000 Blacksburg VA 24061 061654343 GOLF COURSE VA 1079869 11179927 NA VA TECH BUS TECH CENTER LLC 902 PRICES FORK RD STE 4000 BLACKSBURG VA 24061 540567560 BUS ASSIST VA 38500 47658 NA VT TECHNOLOGY ASSETS LLC 902 PRICES FORK RD STE 4000 BLACKSBURG VA 24061 540721690 INFO TECH VA 126172 1489037 NA VTTLLC 902 PRICES FORK RD STE 4000 BLACKSBURG VA 24061 383879296 ECON DEVEL VA 624651 15011223 N/A Virginia Tech Real Estate Foundation Inc 902 PRICES FORK RD STE 4000 Blacksburg VA 24061 541528809 PROPERTY MGMT VA 501 (C)(3) 11a Type I NA true Virginia Polytechnic Inst & State Univ 201 SOUTHGATE CENTER BLACKSBURG VA 24061 546001805 UNIVERSITY VA 501 (C)(3) 2 NA false THE FERRARI FOUNDATION 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 EUROPEAN STUD SZ NA true HOTEL ROANOKE LLC 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 541702473 HOTEL OPERATI VA NA VIRGINIA TECH CORPORATE RESEARCH CENTER 1715 PRATT DRIVE SUITE 1000 BLACKSBURG VA 24060 541324469 RENTAL VA VTF C CORP 5679655 15757150 1.00000 true CHARITABLE REMANDER UNITRUSTS (57) 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 INVESTMENT VA NA Trust true HR FOUNDATION INC 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 541702474 PROPERTY MGMT VA VTREF C CORP true true true true true false true false false false false true true true false false true true false false VIRGINIA TECH CORPORATE RESEARCH CENTER l 468047 FMV VIRGINIA TECH CORPORATE RESEARCH CENTER a 866608 FMV VIRGINIA TECH REAL ESTATE FOUNDATION l 315283 FMV VIRGINIA TECH CORPORATE RESEARCH CENTER o 8100 FMV VIRGINIA TECH REAL ESTATE FOUNDATION a 343244 FMV VIRGINIA TECH CORPORATE RESEARCH CENTER l 46155 FMV VIRGINIA TECH CORPORATE RESEARCH CENTER a 387103 FMV VIRGINIA TECH REAL ESTATE FOUNDATION a 120994 FMV VIRGINIA TECH REAL ESTATE FOUNDATION a 5242629 FMV