2026-05-15T14:14:22-05:00 2025-06-30 991856619 GRANT THORNTON ADVISORS LLC 1000 WILSON BOULEVARD SUITE 1500 ARLINGTON VA 22209 990 2024-07-01 541528809 VIRGINIA TECH REAL ESTATE FOUNDATION INC VIRG 5402315751 902 PRICES FORK RD 4000 BLACKSBURG VA 24061 ANNE KEELER TREASURER 5402315751 2026-05-15 1 1 MARY TORRETTA P00847851 7038477500 2024 2025-03-06 01:10:19Z ELIZABETH A MCCLANAHAN 902 PRICES FORK RD 4000 BLACKSBURG VA 24061 21053814 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). 15 13 0 12 0 0 0 0 22232375 20290693 -945699 763121 0 0 21286676 21053814 0 0 0 0 435558 0 0 0 0 17475280 21228317 17910838 21228317 3375838 -174503 287037326 267188388 183930258 181505261 103107068 85683127 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 9431355 18187007 VTREF ENGAGED IN ACTIVITIES PERTAINING TO THE OWNERSHIP, DEVELOPMENT AND OPERATION OF VARIOUS PROPERTIES IN SUPPORT OF VIRGINIA TECH AND VIRGINIA TECH FOUNDATION. 9431355 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 11 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 15 13 0 0 1 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 (THRU 12/2024) 2.00 38.00 X 0 984449 280336 WILLIAM N PARK - CHAIRMAN (THRU 12/2024); DIRECTOR 2.00 2.00 X 0 0 0 MR JAMES N STRAWBRIDGE DIRECTOR; CHAIRMAN (AS OF 01/2025) 2.00 2.00 X X 0 0 0 GREGORY C THOMPSON - VICE CHAIR (THRU 12/2024); DIRECTOR 2.00 2.00 X 0 0 0 MR J RYAN LINGERFELT VICE CHAIR (AS OF 01/2025) 2.00 2.00 X X 0 0 0 MR SIMON ALLEN- DIRECTOR VT VPF AND CFO (AS OF 01/2025) 2.00 38.00 X 0 315046 46706 JACQUELINE L ARCHER DIRECTOR (THRU 12/2024) 2.00 2.00 X 0 0 0 EDWARD H BAINE DIRECTOR (THRU 12/2024) 2.00 2.00 X 0 0 0 MR WILLIS BLACKWOOD DIRECTOR (AS OF 01/2025) 2.00 2.00 X 0 0 0 DR CYRIL R CLARKE - DIRECTOR VT VP AND PROVOST (AS OF 01/2025) 2.00 38.00 X 0 617216 136854 J BENJAMIN DOUGHTIE DIRECTOR (THRU 12/2024) 2.00 2.00 X 0 0 0 GREGORY C GODSEY DIRECTOR (THRU 12/2024) 2.00 2.00 X 0 0 0 MR DONALD B DON HALLIWILL DIRECTOR (AS OF 01/2025) 2.00 2.00 X 0 0 0 STEPHEN T MASON DIRECTOR (THRU 12/2024) 2.00 2.00 X 0 0 0 MR MICHAEL E 'MIKE MELO DIRECTOR (AS OF 01/2025) 2.00 2.00 X 0 0 0 CHRISTOPHER M QUILLEN DIRECTOR 2.00 2.00 X 0 0 0 MS JANE C RATHBONE DIRECTOR (AS OF 01/2025) 2.00 2.00 X 0 0 0 LAILA N ROSSI DIRECTOR (THRU 12/2024) 2.00 2.00 X 0 0 0 SHIRISH S SATHAYE DIRECTOR (THRU 12/2024) 2.00 2.00 X 0 0 0 CHRISTOPHER W SHEAN DIRECTOR (THRU 12/2024) 2.00 2.00 X 0 0 0 MR BRUCE W TYLER DIRECTOR (AS OF 01/2025) 2.00 2.00 X 0 0 0 MR WILLIAM LAKE WAGNER DIRECTOR (AS OF 01/2025) 2.00 2.00 X 0 0 0 MR HANCE WEST DIRECTOR (AS OF 01/2025) 2.00 0.00 X 0 0 0 KAREN COOK ASSITANT SECRETARY 2.00 38.00 X 0 0 0 ELIZABETH A MCCLANAHAN PRESIDENT 10.00 30.00 X 0 868291 43750 ANNE B KEELER TREASURER 2.00 38.00 X 0 360297 60406 KENNETH SMITH SECRETARY 2.00 38.00 X 0 306651 34187 0 3451950 602239 0 0 1 0 BRAILSFORD & DUNLAVEY 1140 CONNECTICUT AVE NW STE 400 WASHINGTON DC 20036 DEVELOPMENT ADVISORY SERVICES 157812 1 VIRGINIA TECH RESEARCH CENTER 532000 7444018 6553084 890934 NORTH END CENTER 532000 5892456 5666728 225728 HOTEL ROANOKE 532000 3222321 3222321 0 HARDEE'S LOT 532000 1901868 962684 939184 UNIVERSITY GATEWAY CENTER 532000 1418580 1413856 4724 411450 368334 43116 20290693 763121 763121 21053814 18187007 0 2866807 497373 497373 15511 15511 980028 980028 86359 86359 11376 11376 1130167 1130167 671 671 6075801 6075801 3146787 3146787 208767 208767 MAINTENANCE 2752298 2752298 PROFESSIONAL MEMBERSHIP 23932 23932 TAXES 4697 4697 6294550 6294550 21228317 9431355 11796962 0 135593 56470 6664499 11761250 274301 243618 177914850 31490208 148597170 146424642 21707098 23004621 273050 247650 109385615 85450137 287037326 267188388 282624 215781 6397505 11212862 177250129 170076618 183930258 181505261 X 98439100 81015159 4667968 4667968 103107068 85683127 287037326 267188388 X -174503 -17249438 X 0 1 X 1 0 X X 2 VIRGINIA TECH FOUNDATION 540721690 5 1 2930207 0 VIRGINIA POLYTECHNIC INSTITU 546001805 2 1 9431355 0 2 12361562 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 118416367 29766498 88649869 244518 141970 102548 1959064 1474038 485026 1043191 107702 935489 146424642 INVESTMENT IN SUBSIDIARIES 23004621 C 23004621 LEASES RECEIVABLE 84613485 DUE FROM SUBSIDIARY 657015 LONG TERM PROMISSORY NOTE 174654 VINTAGE AND OTHER COLLECTION 4868 DUE FROM PARENT COMPANY 115 85450137 DUE TO PARENT COMPANY 167386069 DUE TO OTHER FUNDS 1929289 LEASE LIABILITIES 675219 SECURITY DEPOSIT 86041 170076618 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 (THRU 12/2024) 0 858937 0 100000 0 25512 0 238650 0 41686 0 1264785 0 0 ELIZABETH A MCCLANAHAN PRESIDENT 0 578375 0 285437 0 4479 0 36812 0 6938 0 912041 0 0 DR CYRIL R CLARKE - DIRECTOR VT VP AND PROVOST (AS OF 01/2025) 0 599583 0 0 0 17633 0 101335 0 35519 0 754070 0 0 ANNE B KEELER TREASURER 0 356733 0 0 0 3564 0 39143 0 21263 0 420703 0 0 MR SIMON ALLEN- DIRECTOR VT VPF AND CFO (AS OF 01/2025) 0 268574 0 45000 0 1472 0 23126 0 23580 0 361752 0 0 KENNETH SMITH SECRETARY 0 300237 0 2500 0 3914 0 32662 0 1525 0 340838 0 0 PART I, LINE 3: COMPENSATION PROCESS ALL COMPENSATION OF THE EXECUTIVES, OFFICERS AND KEY EMPLOYEES OF VIRGINIA TECH REAL ESTATE FOUNDATION, INC. IS PROVIDED BY VIRGINIA TECH FOUNDATION (VTF). PART I, LINE 4B DEFERRED COMPENSATION DR. TIMOTHY SANDS AND DR. CYRIL R CLARKE IS AN EMPLOYEE OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY. HE PARTICIPATES IN A DEFERRED COMPENSATION PLAN AS A BENEFIT PROVIDED IN HIS EMPLOYMENT AGREEMENT WITH THE VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS HAVE BEEN AMENDED TO REVISE THE BOARD SIZE AND COMPOSITION RANGE TO 5-15 MEMBERS, DESIGNATE THE REAL ESTATE COMMITTEE CHAIR AS BOARD CHAIR, CLARIFY THAT AFFILIATED MEMBERS ARE NONVOTING, AND PROHIBIT PROXY VOTING. ALSO INCLUDED ARE ARTICLES OF AMENDMENT DATED OCTOBER 24, 2024 AND A MAY 22, 2025 RESOLUTION ADOPTING AMENDED BYLAWS THAT UPDATE THE EX OFFICIO DIRECTOR ROLE TO THE VICE PRESIDENT FOR FINANCE AND CHIEF FINANCIAL OFFICER. 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, AND BASED ON THE ARTICLES OF INCORPORATION, VTF EFFECTIVELY APPOINTS 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, INC. (VTREF) 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 DIRECTOR. 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 CHAIR AND VICE CHAIR OF THE BOARD OF DIRECTORS DISCLOSING THE FACTS OF THE SITUATION. THE CHAIR AND VICE CHAIR OF THE BOARD OF DIRECTORS WILL REVIEW THE QUESTIONNAIRES AND STATEMENTS AND DETERMINE IF A CONFLICT EXISTS. IF THE DISCLOSING PERSON DOES NOT AGREE WITH THAT DECISION, HE OR SHE MAY REQUEST CONSIDERATION BY THE EXECUTIVE COMMITTEE OF THE VTF BOARD OF DIRECTORS. 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 RATIFY THE DECISION OF THE CHAIR AND VICE CHAIR OF THE BOARD AND APPROVE, THE ARRANAGMENT OR TRANSACTION, AND ANY CONDITIONS OR LIMITATIONS, BASED ON THE ARRANGEMENT OR TRANSACTION, BASED SOLELY ON WHETHER IT IS IN THE BEST INTERESTS OF VTREF IN PERFORMING ITS MISSION. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS ALL COMPENSATION OF THE EXECUTIVE, OFFICERS AND KEY EMPLOYEES OF VIRGINIA TECH REAL ESTATE FOUNDATION, INC. IS PROVIDED BY VIRGINIA TECH FOUNDATION (VTF). 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: NET ASSETS INVESTED IN SUB -20,466,732. DISTRIBUTION TO VIRGINIA TECH FOUNDATION 2,930,207. OTHER CHANGES IN NET ASSETS 287,087. 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