2024-05-15T13:32:45-05:00 2023-06-30 540504608 BROWN EDWARDS & COMPANY LLP 3906 ELECTRIC ROAD ROANOKE VA 24018 990 2022-07-01 540721690 VIRGINIA TECH FOUNDATION INC VIRG 5402315751 902 PRICES FORK ROAD 4000 BLACKSBURG VA 24061 ANNE KEELER CFO 5402312265 2024-05-14 1 ANNE KEELER 999009999 0 JEFFREY G BARBOUR P01331383 5403450936 2024-05-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ANNE KEELER 902 PRICES FORK RD STE 4000 BLACKSBURG VA 24061 1982822196 0 X WWW.VTF.ORG X 1948 VA VIRGINIA TECH FOUNDATION, INC. (VTF) IS A NONSTOCK CORPORATION ESTABLISHED IN 1948 FOR THE SOLE PURPOSE OF MANAGING VIRGINIA TECH'S ENDOWMENT AND REAL ESTATE PORTFOLIO, NOW VALUED AT $2.8 BILLION. VTF EXISTS AND OPERATES AS A SEPARATE, INDEPENDENT ENTITY WITH ITS OFFICERS AND GOVERNING BOARD-MANAGING, INVESTING, AND DISTRIBUTING PRIVATE RESOURCES TO ADVANCE VIRGINIA TECH'S MISSION AND ITS STRATEGIC PROPRIETIES. 35 34 76 0 596907 234272 203293856 134749837 26495037 17651437 75971891 40087191 11312152 29772312 317072936 222260777 36381353 39513978 0 0 6403809 8622875 0 0 19267335 158667229 121359526 201452391 169496379 115620545 52764398 2672087433 2846142047 956281596 1009099622 1715805837 1837042425 X VIRGINIA TECH FOUNDATION, INC. (VTF) IS A NONSTOCK CORPORATION ESTABLISHED IN 1948 FOR THE SOLE PURPOSE OF MANAGING VIRGINIA TECH'S ENDOWMENT AND REAL ESTATE PORTFOLIO, NOW VALUED AT $2.8 BILLION. VTF EXISTS AND OPERATES AS A SEPARATE, INDEPENDENT ENTITY WITH ITS OFFICERS AND GOVERNING BOARD-MANAGING, INVESTING, AND DISTRIBUTING PRIVATE RESOURCES TO ADVANCE VIRGINIA TECH'S MISSION AND ITS STRATEGIC PROPRIETIES. 0 0 133712921 39513978 20298408 GUIDED BY A STRONG COMMITMENT TO FIDUCIARY RESPONSIBILITY, THE FOUNDATION RECEIVES, MANAGES, AND DISBURSES PRIVATE GIFTS TO ADVANCE THE MISSIONS OF VIRGINIA TECH. THE FOUNDATION STRIVES TO BE AN EXCEPTIONAL STEWARD OF THE ASSETS PROVIDED BY THE UNIVERSITY'S MANY GENEROUS DONORS, AND TO GROW AND LEVERAGE THOSE ASSETS TO THE FULLEST EXTENT TO ENABLE THE FORWARD PROGRESS OF THE UNIVERSITY AND ALL OF ITS CONSTITUENTS. ANCHORING A SOLID INVESTMENT IN THE FUTURE OF VIRGINIA TECH, ENDOWED GIFTS MAKE UP THE LARGEST PORTION OF THE FOUNDATION'S ASSETS. THE ENDOWMENT IS AN ACTIVELY MANAGED PORTFOLIO INCORPORATING DEEP FUNDAMENTAL ANALYSIS AND A VALUE-ORIENTED, GLOBAL APPROACH. COMPLEMENTING THE ENDOWMENT'S INVESTMENTS, THE FOUNDATION MANAGES AN EXTENSIVE REAL ESTATE PORTFOLIO. REAL ESTATE ACQUISITIONS, CONSTRUCTION AND RENOVATION ARE DONE AT THE REQUEST OF THE UNIVERSITY AND REAL ESTATE GIFTS ARE DESIGNATED IN ACCORDANCE WITH DONOR INTENT FOR ULTIMATE DISPOSITION TO SUPPORT THE MISSIONS OF VIRGINIA TECH. 133712921 1 1 0 1 0 1 0 1 0 1 1 1 0 0 1 1 0 1 0 1 1 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 508 0 1 76 1 1 1 1 SG SZ 0 0 0 1 1 1 1 0 0 1 0 0 0 X 35 34 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 1 1 VA X ELIZABETH A MCCLANAHAN 5402312122 902 PRICES FORK RD STE 4000 BLACKSBURG VA 24061 MS STARLETTE B JOHNSON CHAIR 2.00 X X 0 0 0 MR CHARLES D PHLEGAR BOARD MEMBER-EX OFFICIO 2.00 38.00 X X 0 852167 119134 MR EDWARD H BAINE BOARD MEMBER 2.00 X 0 0 0 MR OMAR M ASALI BOARD MEMBER 2.00 X 0 0 0 MR CHRISTOPHER J BRIGHTMAN BOARD MEMBER 2.00 X 0 0 0 MS MARGARET L CALLAHAN BOARD MEMBER 2.00 X 0 0 0 MR NATHAN T LAVINKA BOARD MEMBER-EX OFFICIO 2.00 X 0 0 0 MR KEVIN T CROFTON BOARD MEMBER 2.00 X 0 0 0 MR STEPHEN T MASON BOARD MEMBER 2.00 X 0 0 0 MR GREGORY C GODSEY BOARD MEMBER 2.00 X 0 0 0 MR DONALD DON B HALLIWILL BOARD MEMBER 2.00 X 0 0 0 MR JAMES G PETRINE BOARD MEMBER-EX OFFICIO 2.00 X 0 0 0 MS TRACI J DESHAZOR BOARD MEMBER 2.00 X 0 0 0 MR J BENJAMIN DOUGHTIE BOARD MEMBER 2.00 X 0 0 0 DR AMY S SEBRING BOARD MEMBER-EX OFFICIO 2.00 X 0 164717 13860 MR W LAKE WAGNER BOARD MEMBER 2.00 X 0 0 0 COMMANDER MICHAEL E MELO BOARD MEMBER 2.00 X 0 0 0 MR ROGER H MOORE BOARD MEMBER 2.00 X 0 0 0 MR MARTY MUSCATELLO BOARD MEMBER 2.00 X 0 0 0 MR WILLIAM N PARK VICE CHAIR 2.00 X 0 0 0 MS RENAE C PEARSON BOARD MEMBER 2.00 X 0 0 0 DR TIMOTHY D SANDS BOARD MEMBER-EX OFFICIO 2.00 38.00 X 0 818961 264030 MS SHIRISH S SATHAYE BOARD MEMBER 2.00 X 0 0 0 MR CHRISTOPHER M QUILLEN BOARD MEMBER 2.00 X 0 0 0 MR RICHARD R WHITT III BOARD MEMBER 2.00 X 0 0 0 MS JACQUELINE L ARCHER BOARD MEMBER 2.00 X 0 0 0 MR J RYAN LINGERFELT BOARD MEMBER 2.00 X 0 0 0 MS LAILA N ROSSI BOARD MEMBER 2.00 X 0 0 0 MR JAMES N STRAWBRIDGE BOARD MEMBER 2.00 X 0 0 0 MR GREGORY C THOMPSON BOARD MEMBER 2.00 X 0 0 0 MR CHRISTOPHER W SHEAN BOARD MEMBER 2.00 X 0 0 0 MS TERRI T MITCHELL SECRETARY 40.00 X X 270149 0 57279 MR CHRIS KIWUS BOARD MEMBER-EX OFFICIO 2.00 38.00 X X 0 428127 45230 MS LETITIA A LONG BOARD MEMBER-EX OFFICIO 2.00 X 0 0 0 MR SUMEET V SINGH BOARD MEMBER 2.00 X 0 0 0 ELIZABETH A MCCLANAHAN CHIEF EXECUTIVE OFFICER 30.00 10.00 X 595000 0 34074 MR JOHN J CUSIMANO AVP - TERM. JULY 2022 2.00 38.00 X 61186 285561 22555 MR DANIEL WARD AVP - TERM. JUNE 2023 40.00 X 1203824 0 61767 MS CATHERINE POTTER AVP/GENERAL COUNSEL-TERM. JAN. 2023 40.00 X 234149 0 38822 2364308 2549533 656751 4 0 1 0 MOBILE COMMUNICATIONS AMERICA INC PO BOX 1458 CHARLOTTE NC 28201 GENERAL EQUIPMENT REPAIR 3433978 ENGLISH CONSTRUCTION COMPANY PO BOX P7000 LYNCHBURG VA 24505 CONSTRUCTION 1545046 AVIS CONSTRUCTION COMPANY INC 521 RUTHERFORD AVE NE ROANOKE VA 24016 CONSTRUCTION 1285976 L5 THE EXPO GROUP LTD 5931 W CAMPUS CIRCLE IRVING TX 75063 CONSULTING 1019847 MCR INC 4800 E 345TH ST WILLOUGHBY OH 44094 PRINTING SERVICES 648651 26 134749837 29362326 134749837 DEVELOPMENT & MANAGEME 900099 5506150 5506150 AFFILIATE MEMBERSHIP P 900099 4191938 4191938 MISC REVENUES 900099 3431957 3431957 SALES 900099 1387771 1387771 GRANTS & CONTRACTS WVT 900099 1020882 1020882 2112739 2112739 17651437 34381238 34381238 81813 81813 125 125 34362397 17812631 16549766 16549766 16549766 1748086344 230100 1742567988 124316 5518356 105784 5624140 5624140 76373 56484 19889 19889 EQUITY IN SUBSIDIARIES 900099 9958654 9958654 MISCELLANEOUS REVENUE 900099 2646971 2646971 RIVERCOURSE 713910 577753 577753 19154 19154 13202532 222260777 20298408 596907 66615625 X 39513978 39513978 2242435 2242435 3332281 1580792 1607466 144023 522990 43509 479481 643150 46483 596667 1882019 47092 1823911 11016 23691 23071 620 117350 117350 975754 691173 284581 3671418 1918643 183700 1569075 497642 156485 86685 254472 1108371 795516 83253 229602 3410708 2441044 52856 916808 348291 294840 18560 34891 6244861 777769 5467092 1529610 1305719 195322 28569 738956 542999 194565 1392 OTHER UNIVERSITY OPERAT 32420152 32363295 14406 42451 UNIVERSITY SALARY & WAG 26450831 16106953 150210 10193668 UNIVERSITY SPONSORED RE 13009555 13016707 1075 -8227 MEALS & ENTERTAINMENT 8171869 7026695 45184 1099990 22640467 15043229 3132834 4464404 169496379 133712921 16516123 19267335 63492436 56712127 199119464 180908044 9266375 5093670 202619651 192641501 949227 564388 6312193 7054488 330132886 90842094 252143354 239290792 458183498 570981323 1364619693 1450693811 3228508 3134637 112153034 139067266 2672087433 2846142047 8550984 9204088 42841045 40022111 297954313 282740286 2511213 1738213 604424041 675394924 956281596 1009099622 X 408528874 458513424 1307276963 1378529001 1715805837 1837042425 2672087433 2846142047 X 52764398 65943918 2528272 X X 0 1 X 1 0 X 136988218 163472809 176951316 203293856 134749837 815456036 136988218 163472809 176951316 203293856 134749837 815456036 815456036 47342867 43023472 44751929 30632275 68825573 234576116 7703338 10004187 7971785 -3684689 10555561 32550182 1082582334 0.75330 0.77390 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 92864 92864 133620057 133712921 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 41000 48425 50000 92864 232289 250000 250000 250000 250000 1000000 1500000 5 60000 1272825 1 1 87500 7122094 X X 0 0 1586446038 158425148 124785544 20403011 30037151 27112587 1792103981 1583719460 177114769 -89023736 19933102 30011758 35419595 1586446038 1241790413 97351162 308274911 18122900 17904603 27669523 1583719460 1258695844 137962057 -94338336 16918193 16567970 27042989 1241790413 1088549847 188130951 31914017 17732205 15754829 16411937 1258695844 0.03342 0.47628 0.49030 0 0 111892808 111892808 169524809 61711783 107813026 2322169 766674 1555495 20728857 12682772 8046085 25664243 15680865 9983378 239290792 INVESTMENT IN SUB 127981833 C REAL ESTATE INVESTMENTS 5903922 C OTHER INVESTMENTS 1316808056 C 1450693811 AGENCY DEPOSITS HELD IN TRUST 648612610 TRUST PAYMENT LIABILITIES 18146516 THIRD PARTY TRUST OBLIGATIONS 2265693 ANNUITY OBLIGATIONS 6370105 675394924 X 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 2018 THROUGH 2021 TAX YEARS. SCHEDULE D, PART III, LINE 4 COLLECTIONS OF ART VINTAGE AND OTHER COLLECTION ITEMS ARE USED TO SUPPORT THE EDUCATIONAL AND RESEARCH MISSION OF VIRGINIA TECH. SCHEDULE D, PART V, LINE 4 ENDOWMENT FUNDS THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 4,038 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. EUROPE 4 0 PROGRAM SERVICES RENT 321952 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES EDUCATION 415 NORTH AMERICA 0 0 INVESTMENTS 360566483 4 0 0 0 4 0 360888850 0 360888850 1 0 1 1 1 0 PART III ACCOUNTING METHOD: 1 VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY 150 STUDENT SVCS BLVD BLACKSBURG VA 24061 546001805 115 39513978 0 SCHOLARSHIPS PART I, LINE 2: THE FOUNDATION MAKES GRANTS TO PROVIDE SCHOLARSHIPS TO STUDENTS OF VIRGINIA TECH. X 0 1 X X X X 1 0 0 1 0 0 0 0 0 MR DANIEL WARD AVP - TERM. JUNE 2023 532549 0 121275 0 550000 0 38819 0 22948 0 1265591 0 0 0 DR TIMOTHY D SANDS BOARD MEMBER-EX OFFICIO 0 717961 0 101000 0 0 0 180000 0 84030 0 1082991 0 0 MR CHARLES D PHLEGAR BOARD MEMBER-EX OFFICIO 0 821167 0 31000 0 0 0 35000 0 84134 0 971301 0 0 ELIZABETH A MCCLANAHAN CHIEF EXECUTIVE OFFICER 494000 0 101000 0 0 0 32544 0 1530 0 629074 0 0 0 MR CHRIS KIWUS BOARD MEMBER-EX OFFICIO 0 427127 0 1000 0 0 0 0 0 45230 0 473357 0 0 MR JOHN J CUSIMANO AVP - TERM. JULY 2022 61186 284561 0 1000 0 0 0 0 0 22555 61186 308116 0 0 MS TERRI T MITCHELL SECRETARY 259149 0 11000 0 0 0 34438 0 22841 0 327428 0 0 0 MS CATHERINE POTTER AVP/GENERAL COUNSEL-TERM. JAN. 2023 234149 0 0 0 0 0 25492 0 13330 0 272971 0 0 0 DR AMY S SEBRING BOARD MEMBER-EX OFFICIO 0 164717 0 0 0 0 0 0 0 13860 0 178577 0 0 PART I, LINE 1A POLICY IS UNDER REVIEW AT 6/30/2023, TO INCLUDE PAYMENT OF UNIVERSITY CLUB DUES RELATED TO BUSINESS MEAL EXPENDITURES. PART I, LINE 4A VIRGINIA TECH FOUNDATION, INC. PAID $550,000 IN SEVERANCE PAY TO DANIEL WARD IN JUNE 2023. PART I, LINE 5 THE FOUNDATION'S INVESTMENT MANAGEMENT STAFF ARE ELIGIBLE TO RECEIVE BONUSES BASED ON THE FOUNDATION'S 3 YEAR ENDOWMENT PERFORMANCE AND RANKING. THE BONUS PROGRAM WAS APPROVED BY THE INVESTMENT COMMITTEE OF THE FOUNDATION'S BOARD OF DIRECTORS, AND THE BONUS AWARDS ARE APPROVED BY THE CHIEF EXECUTIVE OFFICER AND SECRETARY TREASURER AND PAID FROM THE FOUNDATION'S ENDOWMENT ANNUALLY. A ECONOMIC DEVEL AUTHORITY OF MONTGOMERY COUNTY 541643441 613741EN3 2013-10-30 18650559 SEE PART VI 0 0 0 B ECONOMIC DEVEL AUTHORITY OF MONTGOMERY COUNTY 541643441 613741GE1 2017-05-17 41889983 SEE PART VI 0 0 0 C ECONOMIC DEVEL AUTHORITY OF MONTGOMERY COUNTY 541643441 XXXXXXXXX 2017-05-17 23750000 SEE PART VI 0 0 0 D ECONOMIC DEVEL AUTHORITY OF MONTGOMERY COUNTY 541643441 613741KJ5 2019-11-05 62357358 SEE PART VI 0 0 0 A 17085000 11605000 18650559 828296 219381 17602882 2015 0 0 1 1 B 7915000 41889983 275025 41614958 2017 1 1 1 1 C 16705000 23750000 75000 23675000 2017 1 0 1 1 D 4335000 62975886 3627918 342450 58683322 377982 0 0 0 1 A 0 0 0 0 0 0 1 B 0 0 1 1 1 1 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 1 1 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 D 0 0 0 1 0 0 0 0 1 A 1 B 0 C 0 D 1 SCHEDULE K, PART I, COLUMN F: LINE A, ENTITY 1: THE PURPOSE OF SERIES 2013A IS FINANCING NEW CONSTRUCTION OF VARIOUS PROJECTS LINE B: THE PURPOSE OF SERIES 2017A IS TO ADVANCE REFUND SERIES 2010A DATED: 08/26/2010, ADVANCE REFUND SERIES 2011A DATED: 11/17/2011, AND TO CURRENT REFUND THE TAXABLE COLLEGIATE SQUARE NOTE LINE C: THE PURPOSE OF SERIES 2017C IS TO CURRENTLY REFUND SERIES 2005 DATED: 08/25/2005 AND SERIES 2009A DATED: 02/12/2009 LINE D: THE PURPOSE OF SERIES 2019A IS FINANCING NEW CONSTRUCTION OF VARIOUS PROJECTS LINE A, ENTITY 2: THE PURPOSE OF SERIES 2022 IS FINANCING NEW CONSTRUCTION SCHEDULE K, PART II, LINE 3: COLUMN A, ENTITY 2: SERIES 2022 - THE TOTAL PROCEEDS OF THE ISSUE DIFFERS FROM ISSUE PRICE DUE TO INVESTMENT EARNINGS OF $30,172 COLUMN D: SERIES 2019A - THE TOTAL PROCEEDS OF THE ISSUE DIFFERS FROM ISSUE PRICE DUE TO INVESTMENT EARNINGS OF $674,314 SCHEDULE K, PART II, LINE 11: COLUMN C: SERIES 2017C - THE OTHER SPENT PROCEEDS ARE REFUNDING PROCEEDS OF THE ISSUE NO LONGER IN ESCROW COLUMN B: SERIES 2017A - THE OTHER SPENT PROCEEDS ARE REFUNDING PROCEEDS OF THE ISSUE NO LONGER IN ESCROW SCHEDULE K, PART IV, LINE 2C: COLUMN A, ENTITY 1: SERIES 2013A - DATE REBATE CALCULATION WAS PERFORMED: OCTOBER 13, 2018 COLUMN C: SERIES 2017A - DATE REBATE CALCULATION WAS PERFORMED: MAY 17, 2022. A ECONOMIC DEVEL AUTHORITY OF MONTGOMERY COUNTY 541643441 XXXXXXXXX 2022-10-26 5510203 SEE PART VI 0 0 0 A 131364 5540319 110203 5430375 0 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 X 2 10000 FMV X 2000 FMV X 5000 FMV X 4 20000 FMV X 336 10368762 FMV X 1 672000 FMV X 2 11644000 FMV X 4 2000 FMV X SOFTWARE 4 4075000 FMV X MISCELLANEOUS 83 1366564 FMV X EQUIPMENT 5 1090000 FMV X LIVESTOCK 25 107000 FMV 0 1 1 PART I, LINE 32B: VARIOUS REAL ESTATE BROKERS ARE UTILIZED TO ASSIST WITH THE SALE OF DONATED PROPERTIES. FORM 990, PART VI, SECTION B, 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. THE CFO AND CONTROLLER PERFORM A DETAILED REVIEW OF THE FORM PRIOR TO FORWARDING IT TO THE CEO FOR REVIEW. ANY ISSUES AFTER THESE REVIEWS ARE COMMUNICATED BACK TO THE THIRD PARTY TAX CONSULTANTS AND ARE CORRECTED AND ADDRESSED BY BOTH PARTIES. PRIOR TO THE FILING DEADLINE, THE FORMS ARE ELECTRONICALLY PROVIDED TO ALL MEMBERS OF THE FOUNDATION BOARD OF DIRECTORS. IF THERE ARE NO COMMENTS OR ISSUES THAT COULD NOT BE RESOLVED, AN AUTHORIZED OFFICER THEN SIGNS THE TRANSMITTAL FORM TO PERMIT THE ELECTRONIC FILING ON BEHALF OF THE FOUNDATION. DISCLOSURE OF THE 990 AND 990T WILL BE MADE IN FULL COMPLIANCE WITH THE REQUIREMENTS ESTABLISHED BY THE IRS. FORM 990, PART VI, SECTION B, 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. FORM 990, PART VI, SECTION B, LINE 15A BOARD OF DIRECTORS DIRECTORS RECEIVE NO COMPENSATION FOR SERVICE TO THE FOUNDATION. OFFICERS SALARY AND BENEFITS FOR THE CHIEF EXECUTIVE OFFICER ARE APPROVED BY THE FOUNDATION'S COMPENSATION COMMITTEE, WHICH INCLUDES THE BOARD CHAIR AND TWO OR MORE ELECTED DIRECTORS. COMPARATIVE SALARY AND BENEFITS INFORMATION IS PROVIDED TO THE COMMITTEE FOR ITS CONSIDERATION IN MAKING ADJUSTMENTS. THE ANNUAL BOARD-APPROVED OPERATING BUDGET ESTABLISHES SALARIES AND BENEFITS FOR ALL OTHER FOUNDATION OFFICERS. PROFESSIONAL AND CLASSIFIED STAFF PROFESSIONAL AND CLASSIFIED STAFF SALARIES, AND EMPLOYEE BENEFITS, ARE DETERMINED BY THE CHIEF EXECUTIVE OFFICER AND INCLUDED IN THE BOARD-APPROVED ANNUAL OPERATING BUDGET. COMPARATIVE MARKET AND OTHER DATA ARE USED IN ESTABLISHING AND ADJUSTING SALARIES AND PROVIDING BENEFITS. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST FORM 990, PART IX, LINE 24E INDEPENDENT & PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 4,522,081. MANAGEMENT AND GENERAL EXPENSES 741,898. FUNDRAISING EXPENSES 1,855,663. TOTAL EXPENSES 7,119,642. NON MONETARY SUPPORT TO PROGRAMS: PROGRAM SERVICE EXPENSES 6,284,022. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 6,284,022. RADIO STATION: PROGRAM SERVICE EXPENSES 1,883,298. MANAGEMENT AND GENERAL EXPENSES 2,240,101. FUNDRAISING EXPENSES 417,457. TOTAL EXPENSES 4,540,856. PUBLIC RELATIONS: PROGRAM SERVICE EXPENSES 1,878,166. MANAGEMENT AND GENERAL EXPENSES 117,867. FUNDRAISING EXPENSES 1,252,628. TOTAL EXPENSES 3,248,661. MISCELLANEOUS: PROGRAM SERVICE EXPENSES 1,223,513. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 456,427. TOTAL EXPENSES 1,679,940. UNIVERSITY EQUIPMENT PURCHASES: PROGRAM SERVICE EXPENSES 1,364,816. MANAGEMENT AND GENERAL EXPENSES 5,849. FUNDRAISING EXPENSES 71,213. TOTAL EXPENSES 1,441,878. RIVERCOURSE: PROGRAM SERVICE EXPENSES 915,101. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 915,101. PROFESSIONAL MEMBERSHIPS: PROGRAM SERVICE EXPENSES 759,580. MANAGEMENT AND GENERAL EXPENSES 20,832. FUNDRAISING EXPENSES 98,860. TOTAL EXPENSES 879,272. OTHER EQUIPMENT RENTALS: PROGRAM SERVICE EXPENSES 511,914. MANAGEMENT AND GENERAL EXPENSES 4,792. FUNDRAISING EXPENSES 310,180. TOTAL EXPENSES 826,886. MAINTENANCE: PROGRAM SERVICE EXPENSES 190,647. MANAGEMENT AND GENERAL EXPENSES 1,495. FUNDRAISING EXPENSES 1,976. TOTAL EXPENSES 194,118. ANNUITY GIVING: PROGRAM SERVICE EXPENSES 50,720. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 50,720. INCOME TAX BENEFIT: PROGRAM SERVICE EXPENSES -4,540,629. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES -4,540,629. FORM 990, PART XI, LINE 9: CHANGE IN VALUATION OF SPLIT INTEREST AGREEMENTS 2,528,272. FORM 990 PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 990 PART V, LINE 3A A LETTER RULING WAS REQUESTED UNDER SECTIONS 512 AND 514 OF THE INTERNAL REVENUE CODE. THE LETTER DATED SEPTEMBER 24, 2018 RULES THAT REIMBURSEMENT TO THE FOUNDATION FROM A DONATING CHARITBALE TRUST OF NORMAL AND CUSTOMARY MANAGEMENT FEES AND OTHER EXPENSES SHALL NOT BE TREATED AS UNRELATED BUSINESS INCOME FOR PURPOSES OF SECTION 512 OR 514. PLR-114859-18 FORM 990 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. 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