2012-05-15T14:39:37-05:00 2011-06-30 KPMG LLP 440 Monticello Ave Suite 1900 Norfolk VA 235102674 990 2010-07-01 540721690 VIRGINIA TECH FOUNDATION INC VIRG 5402315751 902 PRICES FORK ROAD UNIVERSITY GATEWAY CENTER BLACKSBURG VA 24061 Raymond D Smoot Jr 2012-05-08 7576167000 2010 2016-02-24 21:20:13Z DR RAYMOND D SMOOT JR 902 PRICES FORK ROAD STE 4000 BLACKSBURG VA 24061 859513666 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 34 118 35 1864488 0 86945252 101159266 10903956 18803955 18157271 15698027 4112842 4082470 120119321 139743718 21332322 22105224 0 0 2243541 2389158 0 0 8305715 70155566 66349546 93731429 90843928 26387892 48899790 1000795169 1132039543 296662636 305398240 704132533 826641303 X RECEIVE, INVEST AND MANAGE PRIVATE FUNDS GIVEN 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 78894657 22105224 16879125 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. 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TRUST HELD BY OTHERS 8899470 COLLECTION ITEMS 4580010 DUE FROM SUBSIDIARIES 5525911 BOND DEBT COST OF ISSUANCE 1348215 TRUST INVESTMENT RECEIVABLE 45133590 91342859 0 AGENCY DEPOSITS HELD IN TRUST 65366638 TRUST PAYMENT LIABILITIES 19609191 THIRD PARTY TRUST OBLIGATIONS 7624372 ANNUITY OBLIGATIONS 5511681 98111882 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 3,020 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. HOWEVER, VTCRC AND HRF ARE TAXABLE CORPORATIONS. INCOME TAXES FOR VTCRC AND HRF ARE ACCOUNTED FOR UNDER THE ASSET AND LIABILITY METHOD. DEFERRED TAX ASSETS AND LIABILITIES ARE RECOGNIZED FOR THE FUTURE TAX CONSEQUENCES ATTRIBUTABLE TO DIFFERENCES BETWEEN THE FINANCIAL STATEMENT CARRYING AMOUNTS OF EXISTING ASSETS AND LIABILITIES AND THEIR RESPECTIVE TAX BASES AND OPERATING LOSS AND TAX CREDIT CARRYFORWARDS. DEFERRED TAX ASSETS AND LIABILITIES ARE MEASURED USING ENACTED TAX RATES EXPECTED TO APPLY TO TAXABLE INCOME IN THE YEARS IN WHICH THOSE TEMPORARY DIFFERENCES ARE EXPECTED TO BE RECOVERED OR SETTLED. THE EFFECT ON DEFERRED TAX ASSETS AND LIABILITIES OF A CHANGE IN TAX RATES IS RECOGNIZED IN THE CHANGE IN NET ASSETS IN THE PERIOD THAT INCLUDES THE ENACTMENT DATE. 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 2008 THROUGH 2011 TAX YEARS. Europe (Including Iceland and Greenland) 1 0 Program Services RENT 282459 Central America and the Caribbean Investments 168088934 1 0 1 0 168371393 168371393 true false true true true false true VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY 150 STUDENT SERVICES BUILDING BLACKSBURG VA 24061 546001805 501(C)(3) 22105224 SCHOLARSHIPS 1 0 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 24834 0 20000 0 282113 0 9920 0 833555 0 0 DR RAYMOND D SMOOT JR 279840 0 0 0 0 0 36879 0 1381 0 318100 0 0 0 M DWIGHT SHELTON JR 0 275966 0 0 0 0 0 11560 0 9322 0 296848 0 0 DR ELIZABETH A FLANAGAN 0 300135 0 0 0 10000 0 30883 0 9434 0 350452 0 0 DAN WARD 123333 0 0 0 0 0 16196 0 17199 0 156728 0 0 0 JIM FLOWERS 129500 0 0 0 0 0 16767 0 17728 0 163995 0 0 0 KEVIN SULLIVAN 127000 0 0 0 0 0 16800 0 17200 0 161000 0 0 0 JOE MEREDITH 178000 0 0 0 0 0 23286 0 11064 0 212350 0 0 0 ECONOMIC DEV AUTHORITY OF MONTGOMERY COUNTY VA 541643441 613741BN6 2010-08-26 57123909 CONSTRUCTION false false false IDA MONTGOMERY COUNTY VA 541643441 613755bj5 2005-08-25 49830000 2005 FACILITIES TO SUPPORT THE UNI false false false IDA MONTGOMERY COUNTY VA 541643441 0061375P4 2009-02-12 73380000 2007 FACILITIES TO SUPPORT VA false false false 0 0 57123909 0 0 48147100 501809 0 0 8475000 0 0 true false true true 0 0 49830000 0 0 31320000 188741 0 0 18321259 0 0 2007 true false true true 0 0 73380000 0 0 24480000 515259 0 0 48384741 0 0 2010 true false true true false false false false true 0.00000 0.00000 0.00000 true false true false false true 0.00000 0.00000 0.00000 true false false false false true 0.00000 0.00000 0.00000 true false false false 0. false false false 0. false false true false true false 0. false false false 0. false false true false true true MORGAN KEEG 2. false true false 0. false false true X 6 72907 FMV X 357 FMV X 56089 FMV X 3 32150 FMV X 230 8033608 FMV X 3 39031 FMV X 4 1478500 FMV X 3 1500 FMV X 9 36265 FMV X LIVESTOCK 42 498844 FMV X EQUIPMENT 21 783356 FMV X SOFTWARE 3 1298382 FMV X MISC 44 950591 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 SALARY AND BENEFITS FOR THE CHIEF EXECUTIVE OFFICER/SECRETARY-TREASURER ARE RECOMMENDED BY THE UNIVERSITY PRESIDENT AND APPROVED BY THE FOUNDATION'S BOARD OF DIRECTORS. COMPARATIVE SALARY AND BENEFITS INFORMATION IS PROVIDED TO THE BOARD FOR ITS CONSIDERATION IN MAKING SALARY ADJUSTMENTS AND ESTABLISHING BENEFIT PROGRAMS. SOME OF THE WAYS THAT COMPENSATION IS DETERMINED TO BE COMPETITIVE ARE: 990'S OF COMPARATIVE INSTITUTIONS ARE REVIEWED TO COMPREHEND WHAT SALARIES ARE BEING OFFERED IN THESE INSTITUTIONS. DURING 2007, CLARK CONSULTING INC. WAS CONTRACTED TO REVIEW THE REASONABLENESS OF THE CURRENT COMPENSATION AND BENEFITS PACKAGE FOR THE CEO. THE STUDY CONCLUDED THAT THE TOTAL COMPENSATION PACKAGE WAS REASONABLE AND THAT THE FOUNDATION'S PROCESS FOR ESTABLISHING COMPENSATION WAS IN ACCORDANCE WITH THE REQUIREMENTS OF THE INTERMEDIATE SANCTIONS REGULATIONS ISSUED UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE NEEDED TO ESTABLISH THE REBUTTABLE PRESUMPTION OF REASONABLENESS. THE DECISIONS MADE BY THE BOARD OF DIRECTORS ARE DOCUMENTED IN THE MINUTES. THE CEO/SECRETARY-TREASURER THEN APPROVES THE COMPENSATION FOR THE OTHER KEY POSITIONS OF THE FOUNDATION AND THAT COMPENSATION IS INCLUDED IN THE BOARD APPROVED ANNUAL OPERATING BUDGET. IT IS THE FOUNDATION'S POLICY TO PROVIDE SALARY AND BENEFITS AS CLOSE AS PRACTIBLE TO THOSE PROVIDED TO UNIVERSITY EMPLOYEES. 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 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. 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 IX, LINE 5 UNREALIZED GAIN ON INVESTMENTS...............................$68,679,588 PRIOR PERIOD ADJUSTMENT...................................... 4,929,392 ----------- TOTAL $73,608,980 RIVER COURSE LLC 902 PRICES FORK RD SUITE 4000 Blacksburg VA 24061 061654343 GOLF COURSE VA 1054400 12090796 NA VA TECH BUS TECH CENTER LLC 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 540567560 BUS ASSIST VA 194308 41698 NA VT TECHNOLOGY ASSETS LLC 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 540721690 INFO TECH VA 934449 1739685 NA VIRGINIA TECH REAL ESTATE FOUNDATION IN 902 PRICES FORK RD SUITE 4000 Blacksburg VA 24061 541528809 PROPERTY MGMT VA 501(c)(3) 11a Type I true VIRGINIA POLYTECHNIC AND STATE UNIVERSIT 201 SOUTHGATE CENTER BLACKSBURG VA 24061 546001805 UNIVERSITY VA 501(c)(3) 2 false THE FERRARI FOUNDATION 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 EUROPEAN STUD SZ true HOTEL ROANOKE LLC 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 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