2025-05-14T16:48:29-05:00 2024-06-30 991856619 GRANT THORNTON ADVISORS LLC 1000 WILSON BOULEVARD SUITE 1500 ARLINGTON VA 22209 990 2023-07-01 541528809 VIRGINIA TECH REAL ESTATE FOUNDATION INC VIRG 5402315751 902 PRICES FORK RD 4000 BLACKSBURG VA 24061 ANNE KEELER TREASURER 5402315751 2025-05-14 1 1 MARY TORRETTA P00847851 7038477500 2025-05-14 2023 2025-03-06 01:10:19Z ELIZABETH A MCCLANAHAN 902 PRICES FORK RD 4000 BLACKSBURG VA 24061 22232375 0 X N/A X 1989 VA THE ORGANIZATION ENGAGES IN ANY AND ALL MATTERS PERTAINING TO CERTAIN REAL PROPERTY (SEE SCHEDULE O) FOR THE BENEFIT OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH). 13 12 0 12 0 0 1360000 0 19611544 22232375 15009 -945699 0 0 20986553 21286676 0 0 0 0 464204 435558 0 0 0 12387199 17475280 12851403 17910838 8135150 3375838 319536033 287037326 206560701 183930258 112975332 103107068 VIRGINIA TECH REAL ESTATE FOUNDATION, INC. (VTREF) WAS ORGANIZED SOLELY FOR THE BENEFIT OF VIRGINIA TECH AND VIRGINIA TECH FOUNDATION INC. VTREF IS TO ENGAGE IN MATTERS PERTAINING TO CERTAIN REAL PROPERTY FOR THE BENEFIT OF THE UNIVERSITY. 0 0 13780328 0 16777818 VTREF ENGAGED IN ACTIVITIES PERTAINING TO THE OWNERSHIP, DEVELOPMENT AND OPERATION OF VARIOUS PROPERTIES IN SUPPORT OF VIRGINIA TECH AND VIRGINIA TECH FOUNDATION. 13780328 1 0 0 0 0 0 0 0 0 0 1 1 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 17 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 13 12 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X ANNE KEELER 5402315751 902 PRICES FORK RD STE 4000 BLACKSBURG VA 24061 DR TIMOTHY D SANDS DIRECTOR 2.00 38.00 X 0 829304 376205 STARLETTE B JOHNSON CHAIRMAN (THRU 09/2023) 2.00 2.00 X X 0 0 0 WILLIAM N PARK CHAIRMAN (AS OF 09/2023) 2.00 2.00 X X 0 0 0 GREGORY C THOMPSON VICE CHAIR 2.00 2.00 X 0 0 0 JACQUELINE L ARCHER DIRECTOR 2.00 2.00 X 0 0 0 EDWARD H BAINE DIRECTOR 2.00 2.00 X 0 0 0 CHRISTOPHER J BRIGHTMAN DIRECTOR (THRU 09/2023) 2.00 2.00 X 0 0 0 J BENJAMIN DOUGHTIE DIRECTOR 2.00 2.00 X 0 0 0 GREGORY C GODSEY DIRECTOR 2.00 2.00 X 0 0 0 STEPHEN T MASON DIRECTOR (AS OF 09/2023) 2.00 2.00 X 0 0 0 RENAE C PEARSON DIRECTOR (THRU 09/2023) 2.00 2.00 X 0 0 0 CHRISTOPHER M QUILLEN DIRECTOR 2.00 2.00 X 0 0 0 LAILA N ROSSI DIRECTOR 2.00 2.00 X 0 0 0 SHIRISH S SATHAYE DIRECTOR 2.00 2.00 X 0 0 0 CHRISTOPHER W SHEAN DIRECTOR 2.00 2.00 X 0 0 0 JAMES N STRAWBRIDGE DIRECTOR 2.00 2.00 X 0 0 0 ELIZABETH A MCCLANAHAN PRESIDENT 10.00 30.00 X 0 669577 36741 TERRI T MITCHELL SECRETARY (THRU 05/2024) 2.00 38.00 X 0 269127 67769 ANNE B KEELER TREASURER 2.00 38.00 X 0 191923 31647 KAREN E COOK ASSISTANT SECRETARY (AS OF 05/2024) 2.00 38.00 X 0 93985 38966 KENNETH SMITH SECRETARY (AS OF 05/2024) 2.00 38.00 X 0 110207 12094 0 2164123 563422 0 0 1 0 JANITORIAL & MAINTENANCE SOLUTIONS INC PO BOX 13562-3562 ROANOKE VA 24035 BUILDING MAINTENANCE 534974 GOMAN YORK PROPERTY ADVISERS LLC PO BOX 74518 CLEVELAND OH 441940601 PROPERTY ADVISER 119713 BRAILSFORD AND DUNLEAVEY 1220 19TH STREET NW STE 400 WASHINGTON DC 200362438 REDEVELOPMENT ADVISORS 103722 3 VIRGINIA TECH RESEARCH CENTER 532000 7771963 5587425 2184538 NORTH END CENTER 532000 6744289 5533470 1210819 HARDEE'S LOT 532000 3342663 1414356 1928307 HOTEL ROANOKE 721110 1533306 1507499 25807 UNIVERSITY GATEWAY CENTER 532000 1505969 1400883 105086 1334185 1334185 22232375 945699 -945699 -945699 -945699 21286676 16777818 0 4508858 366856 366856 12373 12373 48210 48210 8119 8119 9277 9277 279714 279714 909159 909159 2783 2783 5905655 5905655 8004547 5510528 2494019 218619 218619 MAINTENANCE 2145526 2145526 17910838 13780328 4130510 0 13983432 0 113943 135593 2731471 6664499 247602 274301 176941505 28344335 148549814 148597170 36140140 21707098 298450 273050 117471181 109385615 319536033 287037326 310959 282624 11879934 6397505 194369808 177250129 206560701 183930258 X 108307364 98439100 4667968 4667968 112975332 103107068 319536033 287037326 X 3375838 -13244102 X 0 1 X 1 0 X X 2 VIRGINIA TECH FOUNDATION 540721690 7 1 13244103 0 VIRGINIA POLYTECHNIC INSTITU 546001805 2 1 13780328 0 2 27024431 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 PART I, LINE 12G, COLUMN (VI): THE EXPENSES INCURRED BY VIRGINIA TECH REAL ESTATE FOUNDATION, INC. THAT ARE REPORTED ON FORM 990, PART IX WERE EXPENDED TO PROVIDE SUPPORT AND MANAGEMENT TO ITS SUPPORTED ORGANIZATIONS. 56251710 56251710 118110922 26943526 91167396 1974790 1400809 573981 604083 604083 148597170 INVESTMENT IN SUBSIDIARIES 21707098 C 21707098 LEASES RECEIVABLE 108521666 DUE FROM SUBSIDIARY 657015 LONG TERM PROMISSORY NOTE 201952 VINTAGE AND OTHER COLLECTION 4868 DUE FROM PARENT COMPANY 114 109385615 DUE TO PARENT COMPANY 171107668 SECURITY DEPOSIT 3293917 DUE TO OTHER FUNDS 1889908 LEASE LIABILITIES 948635 OTHER LIABILITIES 10001 177250129 X PART X, LINE 2: INCOME TAXES 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. 0 1 0 0 0 0 0 0 0 DR TIMOTHY D SANDS DIRECTOR 0 805453 0 0 0 23851 0 336100 0 40105 0 1205509 0 0 ELIZABETH A MCCLANAHAN PRESIDENT 0 535373 0 130000 0 4204 0 35211 0 1530 0 706318 0 0 TERRI T MITCHELL SECRETARY (THRU 05/2024) 0 267885 0 0 0 1242 0 36440 0 31329 0 336896 0 0 ANNE B KEELER TREASURER 0 172091 0 17850 0 1982 0 20879 0 10768 0 223570 0 0 PART I, LINE 3: COMPENSATION PROCESS VIRGINIA TECH REAL ESTATE FOUNDATION, INC (VTREF) RELIES UPON ITS PARENT, VIRGINIA TECH FOUNDATION (VTF), AND A RELATED ENTITY, VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY TO DETERMINE COMPENSATION FOR VTREF. ALL COMPENSATION OF THE OFFICERS OF VTREF IS PROVIDED BY VIRGINIA TECH FOUNDATION (VTF). VTF'S COMPENSATION COMMITTEE REVIEWS THE SALARY AND BENEFITS OF THE VTF CHIEF EXECUTIVE OFFICER. THE COMPENSATION COMMITEE IS COMPRISED OF THE BOARD CHAIR AND TWO OR MORE ELECTED DIRECTORS. THOSE INDEPENDENT PERSONS RELY ON COMPARATIVE DATA ON SALARIES AND BENEFITS BEFORE ESTABLISHING COMPENSATION AND DOCUMENTING CONTEMPORANEOUSLY. THE ANNUAL BOARD APPROVED OPERATING BUDGET ESTABLISHES SALARIES AND BENEFITS FOR ALL OTHER VTF OFFICERS. PROFESSIONAL AND CLASSIFIED STAFF SALARIES AND THEIR EMPLOYEE BENEFITS, ARE DETERMINED BY THE CHIEF EXECUTIVE OFFICER. INFORMATION IS PROVIDED ON COMPARATIVE SALARIES AND BENEFITS FOR CONSIDERATION IN MAKING ADJUSTMENTS. THE ANNUAL BOARD APPROVED OPERATING BUDGET ESTABLISHES SALARIES AND BENEFITS FOR ALL OTHER VTF OFFICERS. PART I, LINE 4B DEFERRED COMPENSATION DR. TIMOTHY SANDS IS AN EMPLOYEE OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY AND RECEIVES DEFERRED COMPENSATION AS A RESULT OF HIS EMPLOYMENT AGREEMENT WITH THE VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY. VIRGINIA TECH REAL ESTATE FOUNDATION, INC. DOES NOT PROVIDE COMPENSATION TO DR. TIMOTHY SANDS. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OR STOCKHOLDERS VIRGINIA TECH FOUNDATION, INC. IS THE SOLE CORPORATE MEMBER OF VTREF. FORM 990, PART VI, SECTION A, LINE 7A MEMBER OR STOCKHOLDER POWERS AS THE SOLE MEMBER, VTF ELECTS THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW VTREF WORKS WITH ITS INDEPENDENT THIRD PARTY TAX CONSULTANTS TO PREPARE THE FORM 990. THE CFO AND CONTROLLER PERFORM A DETAILED REVIEW OF THE FORM PRIOR TO THE CEO'S REVIEW. A COPY OF THE FORM 990 IS PROVIDED TO THE FULL BOARD PRIOR TO FILING WITH IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY VIRGINIA TECH REAL ESTATE FOUNDATION FOLLOWS THE VIRGINIA TECH FOUNDATION CONFLICT OF INTEREST POLICY. 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. ANY INDIVIDUAL WITH A CONFLICT OF INTEREST WILL RECUSE HIMSELF OR HERSELF FROM DELIBERATIONS REGARDING THE RELEVANT MATTER. 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 15 COMPENSATION PROCESS VIRGINIA TECH REAL ESTATE FOUNDATION, INC (VTREF) RELIES UPON ITS PARENT, VIRGINIA TECH FOUNDATION (VTF), AND A RELATED ENTITY, VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY TO DETERMINE COMPENSATION FOR VTREF. ALL COMPENSATION OF THE OFFICERS OF VTREF IS PROVIDED BY VIRGINIA TECH FOUNDATION (VTF). VTF'S COMPENSATION COMMITTEE REVIEWS THE SALARY AND BENEFITS OF THE VTF CHIEF EXECUTIVE OFFICER. THE COMPENSATION COMMITEE IS COMPRISED OF THE BOARD CHAIR AND TWO OR MORE ELECTED DIRECTORS. THOSE INDEPENDENT PERSONS RELY ON COMPARATIVE DATA ON SALARIES AND BENEFITS BEFORE ESTABLISHING COMPENSATION AND DOCUMENTING CONTEMPORANEOUSLY. THE ANNUAL BOARD APPROVED OPERATING BUDGET ESTABLISHES SALARIES AND BENEFITS FOR ALL OTHER VTF OFFICERS. PROFESSIONAL AND CLASSIFIED STAFF SALARIES AND THEIR EMPLOYEE BENEFITS, ARE DETERMINED BY THE CHIEF EXECUTIVE OFFICER. INFORMATION IS PROVIDED ON COMPARATIVE SALARIES AND BENEFITS FOR CONSIDERATION IN MAKING ADJUSTMENTS. THE ANNUAL BOARD APPROVED OPERATING BUDGET ESTABLISHES SALARIES AND BENEFITS FOR ALL OTHER VTF OFFICERS. FORM 990, PART VI, SECTION C, LINE 19 ORGANIZATION'S DOCUMENTS OPEN TO THE PUBLIC IN FULL COMPLIANCE WITH IRS VTREF MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE EXTENT REQUIRED BY LAW. FORM 990, PART XI, LINE 9: DISTRIBUTION TO VIRGINIA TECH FOUNDATION -13,244,102. 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