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        <NamePerson>GEN LANCE L SMITH</NamePerson>
        <Title>BOARD MEMBER</Title>
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        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
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        <NamePerson>THOMAS R BYRD</NamePerson>
        <Title>BOARD MEMBER</Title>
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        <OtherCompensation>0</OtherCompensation>
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        <NamePerson>O A SPADY</NamePerson>
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      </Form990PartVIISectionA>
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        <NamePerson>W HANSON HANCE WEST</NamePerson>
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        <NamePerson>JAMES A PEARSON</NamePerson>
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        <NamePerson>CHRISTOPHER J BRIGHTMAN</NamePerson>
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        <NamePerson>FAY H STREET</NamePerson>
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        <NamePerson>DR RAYMOND D SMOOT JR</NamePerson>
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      <OtherExpenses>
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      <OtherExpenses>
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        <Fundraising>7370107</Fundraising>
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      </CurrentYearMinus2Years>
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      </CurrentYearMinus3Years>
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      <EndowmentsHeldByRelatedOrgs>false</EndowmentsHeldByRelatedOrgs>
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      <Equipment>
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      <TotalOfBookValueLandBuildings>116804516</TotalOfBookValueLandBuildings>
      <FinancialDerivatives />
      <CloselyHeldEquityInterests />
      <OtherSecurities>
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        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>INVESTMENTS IN SUBSIDIARIES</Description>
        <BookValue>31636669</BookValue>
        <MethodOfValuation>C</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>REAL ESTATE INVESTMENTS</Description>
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        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>MORTGAGES RECEIVABLE</Description>
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        <MethodOfValuation>F</MethodOfValuation>
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      <OtherSecurities>
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      <OtherAssets>
        <Description>DIRECT FIN LEASE INVESTMENTS</Description>
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      </OtherAssets>
      <OtherAssets>
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      </OtherAssets>
      <OtherAssets>
        <Description>COLLECTION ITEMS</Description>
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      </OtherAssets>
      <OtherAssets>
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      </OtherAssets>
      <OtherAssets>
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      </OtherAssets>
      <OtherAssets>
        <Description>TRUST INVESTMENT RECEIVABLE</Description>
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      </OtherAssets>
      <TotalBookValueOtherAssets>85937746</TotalBookValueOtherAssets>
      <FederalIncomeTaxLiability>0</FederalIncomeTaxLiability>
      <OtherLiabilities>
        <Description>AGENCY DEPOSITS HELD IN TRUST</Description>
        <Amount>63984794</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>TRUST PAYMENT LIABILITIES</Description>
        <Amount>16744887</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>THIRD PARTY TRUST OBLIGATIONS</Description>
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      </OtherLiabilities>
      <OtherLiabilities>
        <Description>ANNUITY OBLIGATIONS</Description>
        <Amount>5703417</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>94463755</TotalOfAmounts>
      <Form990ScheduleDPartXIV>
        <Identifier>COLLECTIONS OF ART</Identifier>
        <ReturnReference>SCHEDULE D, PART III, LINE 4</ReturnReference>
        <Explanation>VINTAGE AND OTHER COLLECTION ITEMS ARE USED TO SUPPORT THE EDUCATIONAL AND RESEARCH MISSION OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>ENDOWMENT FUNDS</Identifier>
        <ReturnReference>SCHEDULE D, PART V, LINE 4</ReturnReference>
        <Explanation>THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 3,121 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.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>INCOME TAXES</Identifier>
        <ReturnReference>SCHEDULE D, PART X</ReturnReference>
        <Explanation>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.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
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        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
        <SpecificServicesProvided>RENT</SpecificServicesProvided>
        <TotalExpenditures>282459</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
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        <TypeOfActivitiesConducted>Investments</TypeOfActivitiesConducted>
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      <AcctsActvsOutUSTable>
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      <Form990ScheduleFPartV>
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      </Form990ScheduleFPartV>
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          <AddressLine1>150 STUDENT SERVICES BUILDING</AddressLine1>
          <City>BLACKSBURG</City>
          <State>VA</State>
          <ZIPCode>24061</ZIPCode>
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        <EINOfRecipient>546001805</EINOfRecipient>
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      <Form990ScheduleIPartIV>
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        <Explanation>THE FOUNDATION MAKES GRANTS TO PROVIDE SCHOLARSHIPS TO STUDENTS OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH).</Explanation>
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        <NoncashContribsRptdF990>411957</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>EQUIPMENT</Description>
        <NumberOfContributions>16</NumberOfContributions>
        <NoncashContribsRptdF990>547526</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>SOFTWARE</Description>
        <NumberOfContributions>3</NumberOfContributions>
        <NoncashContribsRptdF990>1014580</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>MISC</Description>
        <NumberOfContributions>75</NumberOfContributions>
        <NoncashContribsRptdF990>365410</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <NumberOf8283Received>27</NumberOf8283Received>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>true</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>false</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO">
      <GeneralExplanation>
        <Identifier>EXEMPT PURPOSE ACHIEVEMENTS</Identifier>
        <ReturnReference>PART III, LINE 4A</ReturnReference>
        <Explanation>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.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CONFLICT OF INTEREST POLICY</Identifier>
        <ReturnReference>PART VI, LINE 12C</ReturnReference>
        <Explanation>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.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PRACTICES</Identifier>
        <ReturnReference>PART VI, LINE 15</ReturnReference>
        <Explanation>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.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>JOINT VENTURE</Identifier>
        <ReturnReference>PART VI, LINE 16B</ReturnReference>
        <Explanation>THE FOUNDATION ADOPTED A JOINT VENTURE POLICY AFTER YEAR-END 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.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS AVAILABILITY</Identifier>
        <ReturnReference>PART VI, LINE 19</ReturnReference>
        <Explanation>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.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER CHANGE IN NET ASSETS</Identifier>
        <ReturnReference>PART IX, LINE 5</ReturnReference>
        <Explanation>Unrealized loss on investments .........................$(12,948,916) Change in Split-Interest Agreements.........................$ 553,241 ------------ TOTAL OTHER CHANGES IN NET ASSETS $12,395,675</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>HOURS DEVOTED FOR RELATED ORGANIZATION</Identifier>
        <ReturnReference>FORM 990 PART VII</ReturnReference>
        <Explanation>NAME:DR CHARLES W STEGER TITLE:BOARD MEMBER HOURS:40</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>HOURS DEVOTED FOR RELATED ORGANIZATION</Identifier>
        <ReturnReference>FORM 990 PART VII</ReturnReference>
        <Explanation>NAME:DR RAYMOND D SMOOT JR TITLE:CEO &amp; Secretary-Treasurer HOURS:2</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>HOURS DEVOTED FOR RELATED ORGANIZATION</Identifier>
        <ReturnReference>FORM 990 PART VII</ReturnReference>
        <Explanation>NAME:M DWIGHT SHELTON TITLE:EXECUTIVE VICE PRESIDENT HOURS:40</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>HOURS DEVOTED FOR RELATED ORGANIZATION</Identifier>
        <ReturnReference>FORM 990 PART VII</ReturnReference>
        <Explanation>NAME:DR ELIZABETH A FLANAGAN TITLE:EXECUTIVE VICE PRESIDENT HOURS:40</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>HOURS DEVOTED FOR RELATED ORGANIZATION</Identifier>
        <ReturnReference>FORM 990 PART VII</ReturnReference>
        <Explanation>NAME:JOHN CUSIMANO TITLE:UNIVERSITY TREASURER HOURS:20</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER EXPENSES</Identifier>
        <ReturnReference>FORM 990 PART IX</ReturnReference>
        <Explanation>DESCRIPTION:REMAINING EXPENSES TOTAL EXPENSES:2236260 PROGRAM SERVICES:2005519 MANAGEMENT AND GENERAL:18187 FUNDRAISING:212554</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER EXPENSES</Identifier>
        <ReturnReference>FORM 990 PART IX</ReturnReference>
        <Explanation>DESCRIPTION:PUBLIC RELATIONS TOTAL EXPENSES:1885495 PROGRAM SERVICES:1384441 MANAGEMENT AND GENERAL:2255 FUNDRAISING:498799</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER EXPENSES</Identifier>
        <ReturnReference>FORM 990 PART IX</ReturnReference>
        <Explanation>DESCRIPTION:NON-MONETARY PROGR SUPPORT TOTAL EXPENSES:1874510 PROGRAM SERVICES:1869028 FUNDRAISING:5482</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER EXPENSES</Identifier>
        <ReturnReference>FORM 990 PART IX</ReturnReference>
        <Explanation>DESCRIPTION:RIVER COURSE TOTAL EXPENSES:1316912 PROGRAM SERVICES:428824 MANAGEMENT AND GENERAL:888088</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER EXPENSES</Identifier>
        <ReturnReference>FORM 990 PART IX</ReturnReference>
        <Explanation>DESCRIPTION:RADIO STATION TOTAL EXPENSES:1404194 PROGRAM SERVICES:789482 MANAGEMENT AND GENERAL:391886 FUNDRAISING:222826</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER EXPENSES</Identifier>
        <ReturnReference>FORM 990 PART IX</ReturnReference>
        <Explanation>DESCRIPTION:UNIVERSITY EQUIPMENT PURCHASE TOTAL EXPENSES:1248102 PROGRAM SERVICES:1088752 FUNDRAISING:159350</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER EXPENSES</Identifier>
        <ReturnReference>FORM 990 PART IX</ReturnReference>
        <Explanation>DESCRIPTION:PROFESSIONAL MEMBERSHIPS TOTAL EXPENSES:306052 PROGRAM SERVICES:266999 MANAGEMENT AND GENERAL:9699 FUNDRAISING:29354</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER EXPENSES</Identifier>
        <ReturnReference>FORM 990 PART IX</ReturnReference>
        <Explanation>DESCRIPTION:OTHER EQUIPMENT RENTALS TOTAL EXPENSES:193436 PROGRAM SERVICES:97328 MANAGEMENT AND GENERAL:888 FUNDRAISING:95220</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER EXPENSES</Identifier>
        <ReturnReference>FORM 990 PART IX</ReturnReference>
        <Explanation>DESCRIPTION:MAINTENANCE TOTAL EXPENSES:79273 PROGRAM SERVICES:46154 MANAGEMENT AND GENERAL:11890 FUNDRAISING:21229</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER EXPENSES</Identifier>
        <ReturnReference>FORM 990 PART IX</ReturnReference>
        <Explanation>DESCRIPTION:ANNUITY DEFERRED GIVING TOTAL EXPENSES:77996 PROGRAM SERVICES:77996</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER EXPENSES</Identifier>
        <ReturnReference>FORM 990 PART IX</ReturnReference>
        <Explanation>DESCRIPTION:PROP, RE, &amp; SALES/USE TAXES TOTAL EXPENSES:38674 PROGRAM SERVICES:38537 FUNDRAISING:137</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER EXPENSES</Identifier>
        <ReturnReference>FORM 990 PART IX</ReturnReference>
        <Explanation>DESCRIPTION:UTILITIES TOTAL EXPENSES:13620 PROGRAM SERVICES:8558 MANAGEMENT AND GENERAL:631 FUNDRAISING:4431</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR">
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          <BusinessNameLine1>RIVER COURSE LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
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          <AddressLine1>902 PRICES FORK RD SUITE 4000</AddressLine1>
          <City>Blacksburg</City>
          <State>VA</State>
          <ZIPCode>24061</ZIPCode>
        </AddressUS>
        <EIN>061654343</EIN>
        <PrimaryActivities>GOLF COURSE</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <TotalIncome>1153328</TotalIncome>
        <EOYAssets>11579630</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
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          <BusinessNameLine1>VA TECH BUS TECH CENTER LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
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          <AddressLine1>902 PRICES FORK RD SUITE 4000</AddressLine1>
          <City>BLACKSBURG</City>
          <State>VA</State>
          <ZIPCode>24061</ZIPCode>
        </AddressUS>
        <EIN>540567560</EIN>
        <PrimaryActivities>BUS ASSIST</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <TotalIncome>88432</TotalIncome>
        <EOYAssets>48574</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
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          <BusinessNameLine1>VT TECHNOLOGY ASSETS LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
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          <City>BLACKSBURG</City>
          <State>VA</State>
          <ZIPCode>24061</ZIPCode>
        </AddressUS>
        <EIN>540721690</EIN>
        <PrimaryActivities>INFO TECH</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <TotalIncome>619378</TotalIncome>
        <EOYAssets>1584367</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
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          <City>Blacksburg</City>
          <State>VA</State>
          <ZIPCode>24061</ZIPCode>
        </AddressUS>
        <EIN>541528809</EIN>
        <PrimaryActivities>PROPERTY MGMT</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <ExemptCodeSection>501 (C)(3)</ExemptCodeSection>
        <PublicCharityStatus>11a Type I</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>true</ControlledOrg>
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      <Form990ScheduleRPartII>
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          <BusinessNameLine1>VIRGINIA POLYTECHNIC AND STATE UNIVERSIT</BusinessNameLine1>
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          <AddressLine1>201 SOUTHGATE CENTER</AddressLine1>
          <City>BLACKSBURG</City>
          <State>VA</State>
          <ZIPCode>24061</ZIPCode>
        </AddressUS>
        <EIN>546001805</EIN>
        <PrimaryActivities>UNIVERSITY</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <ExemptCodeSection>501 (C)(3)</ExemptCodeSection>
        <PublicCharityStatus>2</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>false</ControlledOrg>
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      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>THE FERRARI FOUNDATION</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>902 PRICES FORK RD SUITE 4000</AddressLine1>
          <City>BLACKSBURG</City>
          <State>VA</State>
          <ZIPCode>24061</ZIPCode>
        </AddressUS>
        <PrimaryActivities>EUROPEAN STUD</PrimaryActivities>
        <LegalDomicileForeignCountry>SZ</LegalDomicileForeignCountry>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>true</ControlledOrg>
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          <BusinessNameLine1>HOTEL ROANOKE LLC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>902 PRICES FORK RD SUITE 4000</AddressLine1>
          <City>BLACKSBURG</City>
          <State>VA</State>
          <ZIPCode>24061</ZIPCode>
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        <EIN>541702473</EIN>
        <PrimaryActivity>HOTEL OPERATI</PrimaryActivity>
        <LegalDomicileState>VA</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartIII>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>VIRGINIA TECH CORPORATE RESEARCH CENTER</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>1715 PRATT DRIVE SUITE 1000</AddressLine1>
          <City>BLACKSBURG</City>
          <State>VA</State>
          <ZIPCode>24060</ZIPCode>
        </AddressUS>
        <EIN>541324469</EIN>
        <PrimaryActivity>RENTAL</PrimaryActivity>
        <LegalDomicileState>VA</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>VTF</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>C CORP</TypeOfEntity>
        <ShareOfTotalIncome>5353440</ShareOfTotalIncome>
        <ShareOfEOYAssets>16310205</ShareOfEOYAssets>
        <PercentageOwnership>1.00000</PercentageOwnership>
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      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>CHARITABLE REMANDER UNITRUSTS (57)</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>902 PRICES FORK RDSUITE 4000</AddressLine1>
          <City>BLACKSBURG</City>
          <State>VA</State>
          <ZIPCode>24061</ZIPCode>
        </AddressUS>
        <PrimaryActivity>INVESTMENT</PrimaryActivity>
        <LegalDomicileState>VA</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>TRUST</TypeOfEntity>
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      <Form990ScheduleRPartIV>
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          <BusinessNameLine1>HR FOUNDATION INC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>902 PRICES FORK RD SUITE 4000</AddressLine1>
          <City>BLACKSBURG</City>
          <State>VA</State>
          <ZIPCode>24061</ZIPCode>
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        <EIN>541702474</EIN>
        <PrimaryActivity>PROPERTY MGMT</PrimaryActivity>
        <LegalDomicileState>VA</LegalDomicileState>
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          <BusinessNameLine1>VTREF</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>C CORP</TypeOfEntity>
      </Form990ScheduleRPartIV>
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      <GiftGrantOrCapContrFrOtherOrg>true</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>true</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>true</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>true</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>true</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>true</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>true</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
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          <BusinessNameLine1>VIRGINIA TECH CORPORATE RESEARCH CENTER</BusinessNameLine1>
        </NameOfOtherOrganization>
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        <MethodOfAmtDetermination>FMV</MethodOfAmtDetermination>
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          <BusinessNameLine1>VIRGINIA TECH CORPORATE RESEARCH CENTER</BusinessNameLine1>
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        <MethodOfAmtDetermination>FMV</MethodOfAmtDetermination>
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          <BusinessNameLine1>VIRGINIA TECH REAL ESTATE FOUNDATION</BusinessNameLine1>
        </NameOfOtherOrganization>
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        <MethodOfAmtDetermination>FMV</MethodOfAmtDetermination>
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          <BusinessNameLine1>VIRGINIA TECH CORPORATE RESEARCH CENTER</BusinessNameLine1>
        </NameOfOtherOrganization>
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        <MethodOfAmtDetermination>FMV</MethodOfAmtDetermination>
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        <MethodOfAmtDetermination>FMV</MethodOfAmtDetermination>
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      <TransactionsRelatedOrgsTable>
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          <BusinessNameLine1>VIRGINIA TECH CORPORATE RESEARCH CENTER</BusinessNameLine1>
        </NameOfOtherOrganization>
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        <MethodOfAmtDetermination>FMV</MethodOfAmtDetermination>
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      <TransactionsRelatedOrgsTable>
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          <BusinessNameLine1>VIRGINIA TECH CORPORATE RESEARCH CENTER</BusinessNameLine1>
        </NameOfOtherOrganization>
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        <MethodOfAmtDetermination>FMV</MethodOfAmtDetermination>
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        <AmountInvolved>140894</AmountInvolved>
        <MethodOfAmtDetermination>FMV</MethodOfAmtDetermination>
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</Return>