2011-05-11T12:06:13-04:00 2010-06-30 KPMG LLP 1676 INTERNATIONAL DRIVE MCLEAN VA 22102 990 2009-07-01 540721690 Virginia Tech Foundation Inc VIRG 5402315751 902 Prices Fork Road University Gateway Center Blacksburg VA 24061 Raymond D Smoot Jr 2011-05-11 Scott Sherman 7032868000 2009 2016-02-24 21:20:13Z Dr Raymond D Smoot Jr 902 Prices Fork Road Ste 4000 Blacksburg VA 24061 775863377 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 34 120 35 1173286 -203398 65143270 86945252 12789514 10903956 2271140 18157271 5902356 4112842 86106280 120119321 19583704 21332322 0 0 2550554 2243541 0 0 9087360 72039765 70155566 94174023 93731429 -8067743 26387892 930444298 1000795169 284712233 296662636 645732065 704132533 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 82082134 21332322 33174069 THE VIRGINIA TECH FOUNDATION, INC. IS TO RECEIVE, INVEST, AND MANAGE PRIVATE FUNDS GIVEN FOR THE SUPPORT OF PROGRAMS AT VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY AND TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF VIRGINIA TECH. 82082134 true true false true false false true false true true 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 false false true 280 0 true 120 true true true true SZ false false false true true true 6 false false true 35 34 false false false false false false false true true false false true true true true true true true false false X DRRAYMOND DSMOOT JR 5402315751 902 PRICES FORK RD SUITE 4000 BLACKSBURG VA 24061 DAVID R HENDERSON 2.0 X 0 0 0 E RALPH ENGLISH JR 2.0 X 0 0 0 ROBERT A ARCHER 2.0 X 0 0 0 BRIDGET R BERMAN 2.0 X 0 0 0 GEARY G BROADNAX 2.0 X 0 0 0 MICHAEL W CLARKE 2.0 X 0 0 0 BRUCE C CARVER 2.0 X 0 0 0 PATRICIA CALDWELL 2.0 X 0 0 0 SHAWN C JOHNSON 2.0 X 0 0 0 LINDA A HODGES 2.0 X 0 0 0 JAMES H HATCH 2.0 X 0 0 0 JERRY L HULICK 2.0 X 0 0 0 THEODORE E KING JR 2.0 X 0 0 0 WILLIAM C LATHAM 2.0 X 0 0 0 JOHN C LEE IV 2.0 X 0 0 0 MICHAEL J QUILLEN 2.0 X 0 0 0 JAMES E PEARMAN JR 2.0 X 0 0 0 CHARLES W PRYOR JR 2.0 X 0 0 0 PAULA J ROBICHAUD 2.0 X 0 0 0 MARGARET G SKELTON 2.0 X 0 0 0 ELIZABETH ANN SPENCER 2.0 X 0 0 0 DR CHARLES W STEGER JR 2.0 X 0 479892 307402 BENJAMIN Z STALLINGS II MD 2.0 X 0 0 0 HORACIO A VALEIRAS 2.0 X 0 0 0 ROBERT P FRALIN 2.0 X 0 0 0 JOHN R LAWSON II 2.0 X 0 0 0 PRESTON M WHITE JR 2.0 X 0 0 0 THOMAS R BYRD 2.0 X 0 0 0 Michael J Bogese Jr 2.0 X 0 0 0 RT AVERY 2.0 X 0 0 0 W Hanson Hance West 2.0 X 0 0 0 Jacob A Lutz III 2.0 X 0 0 0 KEVIN W LECLAIRE 2.0 X 0 0 0 CHRISTOPHER J BRIGHTMAN 2.0 X 0 0 0 FAY H STREET 2.0 X 0 0 0 DR RAYMOND D SMOOT JR 40.0 X 321140 0 32655 M DWIGHT SHELTON JR 2.0 X 0 246000 37337 DR ELIZABETH A FLANAGAN 2.0 X 0 284250 40855 DAN WARD 40.0 X 103333 0 30699 JIM FLOWERS 40.0 X 129500 0 32240 KEVIN SULLIVAN 40.0 X 115000 0 30371 TERRI MITCHELL 40.0 X 110000 0 15148 JOE MEREDITH 40.0 X 178000 0 32819 956973 1010142 559526 8 false true false CAMBRIDGE ASSOCIATES LLC PO Box 10317 UNIONDALE NY 11555 INVESTMENT MGMT SVC 711415 ALTIZER HODGES VARNEY INC C/O EDC 1660 HUGUENOT RD MIDLOTHIAN VA 23113 CONSTRUCTION SERVICE 247259 NATIONAL PUBLIC RADIO INC PRSS 635 MASSACHUSETTS AVE WASHINGTON DC 200013753 RADIO PROG FEES 321131 THE BANK OF NEW YORK MELLON PO BOX 371784 PITTSBURGH PA 152517784 INVESTMENT MGMT SERV 270246 ALBOURNE AMERICA LLC 655 MONTGOMERY ST STE 1910 SAN FRANCISCO CA 94111 INVESTMENT MGMT SVC 220000 16 86945252 30269369 86945252 RIVER COURSE 900099 2003554 1148068 855486 AFFILIATE PROGRAM 900099 3340309 3340309 DEV\MGT END FEES 900099 554669 554669 VT SERVICES SURPLUS 900099 500000 500000 SALES 900099 430005 430005 4075419 4075419 10903956 8581033 178909 8402124 51675 51675 452996 452996 13693137 11859973 1833164 1833164 126009 1707155 651830858 1460642 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ENDOWMENT FUNDS SCHEDULE D, PART V, LINE 4 THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 2,930 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 2007 THROUGH 2010 TAX YEARS. Europe (Including Iceland and Greenland) 1 0 Program Services Rent 282459 Central America and the Caribbean 0 0 Investments 1 0 282459 true VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY 150 STUDENT SERVICES BUILDING BLACKSBURG VA 24061 546001805 501(C)(3) 21332322 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 JR 0 457040 0 22852 0 0 0 291257 0 16145 0 787294 0 0 DR RAYMOND D SMOOT JR 321140 0 0 0 0 0 31277 0 1378 0 353795 0 0 0 M DWIGHT SHELTON JR 0 246000 0 0 0 0 0 24968 0 12369 0 283337 0 0 DR ELIZABETH A FLANAGAN 0 284250 0 0 0 0 0 30042 0 10813 0 325105 0 0 JIM FLOWERS 129500 0 0 0 0 0 16278 0 15962 0 161740 0 0 0 JOE MEREDITH 178000 0 0 0 0 0 22855 0 9964 0 210819 0 0 0 IDA MONTGOMERY COUNTY VIRGINIA 541643441 613755BJ5 2005-08-25 49830000 2005 FACILITIES TO SUPPORT UNIVERS false false IDA MONTGOMERY COUNTY VIRGINIA 541643441 0061375P4 2009-02-12 73380000 2007 FACILITIES TO SUPPORT UNIVERS false false 49830000 0 31320000 0 188741 0 18321259 2007 true false true true 73380000 0 24480000 0 515259 0 48384741 2010 true false true true false true false false true 0.00260 0.00000 0.00260 true false false false false true 0.00000 0.00000 0.00000 true false true false false false true false true true WACHOVIA 2.17 false false true X 3 66100 FMV X 14335 FMV X 39860 FMV X 2 116535 FMV X 1 10230 X 258 6868710 FMV X 3 1021500 FMV X 1 19500000 FMV X 5 2500 FMV X 27 68120 FMV X FMV X LIVESTOCK 67 1150405 FMV X EQUIPMENT 4 159668 FMV X SOFTWARE 1 810000 FMV X MISC 97 441406 FMV 35 false true false REVIEW OF FORM 990 PART VI, LINE 11 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 ASSISTANT VICE PRESIDENT AND CONTROLLER PERFORM A DETAILED REVIEW OF THE FORM PRIOR TO FORWARDING IT TO THE COO FOR REVIEW. THE COO 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 OPERATING 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 990 T 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 OPERATING 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 COO, AND THE STUDY CONCLUDED THAT THE TOTAL COMPENSATION PACKAGE IS REASONABLE ACCORDING TO THE TERMS OF THE INTERMEDIATE SANCTIONS REGULATIONS ISSUED UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE. THE DECISIONS MADE BY THE BOARD OF DIRECTORS ARE DOCUMENTED IN THE MINUTES. THE COO/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. 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