2024-04-03T13:35:37-05:00 2023-06-30 BDO USA 8401 GREENSBORO DRIVE 800 MCLEAN VA 22102 990 2022-07-01 546046419 University Of Virginia Darden School Foundation % HEATHER L ENOS UNIV 4349244841 PO Box 7263 Charlottesville VA 22906 HEATHER L ENOS CFO, TREASURER & SVP 4349247228 2024-03-26 true HEATHER L ENOS 999009999 Marc Berger P01871563 7038930600 2 2022 2023-04-26 12:10:37Z ROBERT WEILER PO Box 7263 Charlottesville VA 22906 233091138 false X www.darden.virginia.edu X 1952 VA SEE SCHEDULE O 54 52 87 1000 3452190 0 31645857 38802423 27739500 35422103 37454364 26549068 31267 67827 96870988 100841421 24846565 27351351 0 0 13167360 19102642 0 0 3491477 22037250 33310827 60051175 79764820 36819813 21076601 705723773 777358283 81006569 139724593 624717204 637633690 X SEE SCHEDULE O false false 69957851 27351351 35455430 THE FOUNDATION MANAGES ENDOWMENT FUNDS FOR THE BENEFIT OF THE DARDEN SCHOOL, OPERATES TOP-RANKED EXECUTIVE EDUCATION AND LIFELONG LEARNING PROGRAMS, MANAGES HOSPITALITY SERVICES AT THE FORUM HOTEL AND AT THE SCHOOL'S GOODWIN FAMILY GROUNDS AND SANDS FAMILY GROUNDS LOCATIONS, AND PROMOTES PHILANTHROPIC LIFE-LONG SUPPORT OF THE SCHOOL BY ALUMNI, FRIENDS AND CORPORATIONS. 69957851 true true false false false false false false false true true true false true true true true false false false false false false false false false false true false true false false false false false false false false true true false false false false false false false true 255 0 true 87 true true true false false false false false false false false false false false X 54 52 false false false false false false false true true false false true true true true true true true true false AR CA CT HI IL KY MD MA MI MN NH NJ NY OK OR SC UT WV WI X HEATHER L ENOS 4349244841 20 DUFFY BLVD CHARLOTTESVILLE VA 22903 X ASHLEY M WILLIAMS CEO/CLO, EELL 50.0 0.0 X 533656 0 138902 MICHAEL J WOODFOLK PRESIDENT (7/22-1/23) 50.0 0.0 X 518546 0 96056 ANNE TRUMBORE CHIEF DIGITAL LEARNING OFF. 50.0 0.0 X 290288 0 39806 HEATHER L ENOS CFO, TREASURER AND SVP 50.0 0.0 X 273011 0 36978 SAMANTHA G HARTOG INTERIM VP OF ADVANCEMENT 50.0 0.0 X 246130 0 33816 SHAUN ROZYN MANAGING DIRECTOR, EELL 50.0 0.0 X 221083 0 38626 LISA CANNELL MANAGING DIRECTOR, EELL 50.0 0.0 X 221645 0 37808 TY A SCHIEBER MANAGING DIR., CLIENT SOLUTION 50.0 0.0 X 204187 0 38426 WILLIAM S ROBINSON EXECUTIVE DIRECTOR, PLE 50.0 0.0 X 204823 0 28284 SHAELE N CULBREATH ASST. VP & SECRETARY 50.0 0.0 X 166626 0 30404 YAEL GRUSHKA-COCKAYNE EX-OFFICIO TRUSTEE 1.0 0.0 X 73790 0 0 RICHARD B EVANS EX-OFFICIO TRUSTEE 1.0 0.0 X 49278 0 0 MARTINA T HUND-MEJEAN CHAIR 1.0 0.0 X X 0 0 0 FRANK M SANDS JR VICE CHAIR 1.0 0.0 X X 0 0 0 ROBERT J HUGIN IMMEDIATE PAST CHAIR 1.0 0.0 X X 0 0 0 H WILLIAM COOGAN JR TRUSTEE 1.0 0.0 X 0 0 0 JAMES A COOPER TRUSTEE 1.0 0.0 X 0 0 0 CHARLES R CORY TRUSTEE 1.0 0.0 X 0 0 0 GUILLAUME M CUVELIER TRUSTEE 1.0 0.0 X 0 0 0 ROBERT G DOUMAR JR TRUSTEE 1.0 0.0 X 0 0 0 DEBRA D DRAUGHAN TRUSTEE 1.0 0.0 X 0 0 0 FRANKLIN S EDMONDS JR TRUSTEE 1.0 0.0 X 0 0 0 ARNOLD B EVANS TRUSTEE 1.0 0.0 X 0 0 0 JOHN D FOWLER JR TRUSTEE 1.0 0.0 X 0 0 0 CATHERINE J FRIEDMAN TRUSTEE 1.0 0.0 X 0 0 0 JOHN W GLYNN JRDECEASED TRUSTEE 1.0 0.0 X 0 0 0 KIRSTI W GOODWIN TRUSTEE 1.0 0.0 X 0 0 0 PETER M GRANT II TRUSTEE 1.0 0.0 X 0 0 0 OWEN D GRIFFIN JR TRUSTEE 1.0 0.0 X 0 0 0 ELIZABETH M HAGOOD TRUSTEE 1.0 0.0 X 0 0 0 ROBERT L HUFFINES TRUSTEE 1.0 0.0 X 0 0 0 ROSEMARY B KING TRUSTEE 1.0 0.0 X 0 0 0 MARK J KINGTON TRUSTEE 1.0 0.0 X 0 0 0 DAVID M LACROSS TRUSTEE 1.0 0.0 X 0 0 0 DOUGLAS R LEBDA TRUSTEE 1.0 0.0 X 0 0 0 LEMUEL E LEWIS TRUSTEE 1.0 0.0 X 0 0 0 AMANDA LOZANO TRUSTEE 1.0 0.0 X 0 0 0 RICHARD A MAYO TRUSTEE 1.0 0.0 X 0 0 0 SACHIN J MEHRA TRUSTEE 1.0 0.0 X 0 0 0 DONALD E MOREL JR PHD TRUSTEE 1.0 0.0 X 0 0 0 KIMBERLY B MORRISH TRUSTEE 1.0 0.0 X 0 0 0 J BYRNE MURPHY TRUSTEE 1.0 0.0 X 0 0 0 ADAIR NEWHALL TRUSTEE 1.0 0.0 X 0 0 0 G RUFFNER PAGE JR TRUSTEE 1.0 0.0 X 0 0 0 WILLIAM H PAYNE II TRUSTEE 1.0 0.0 X 0 0 0 WILLIAM QO SHELTON JR TRUSTEE 1.0 0.0 X 0 0 0 ERIK A SLINGERLAND PHD TRUSTEE 1.0 0.0 X 0 0 0 ROBERT W SMITH TRUSTEE 1.0 0.0 X 0 0 0 SHANNON G SMITH TRUSTEE 1.0 0.0 X 0 0 0 SUSAN N SOBBOTT TRUSTEE 1.0 0.0 X 0 0 0 MARK J STYSLINGER TRUSTEE 1.0 0.0 X 0 0 0 BRUCE R THOMPSON TRUSTEE 1.0 0.0 X 0 0 0 LOWELL S UKROP TRUSTEE 1.0 0.0 X 0 0 0 STEVEN C VOORHEES TRUSTEE 1.0 0.0 X 0 0 0 JIMMY J WEI TRUSTEE 1.0 0.0 X 0 0 0 SCOTT C BEARDSLEY EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 MICHELLE B HORN EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 NARESH KUMRA EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 NICOLE M LINDSAY EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 PAUL G MAHONEY EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 PATRICK A O'SHEA EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 CHARLES E POSTON JR EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 JAMES E RYAN EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 JOAQUIN RODRIGUEZ TORRES EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 CAROLYN S MILES PRESIDENT (01/23-06/23) 1.0 0.0 X 0 0 0 3003063 0 519106 32 false true false WM JORDAN COMPANY INC 11010 Jefferson Avenue NEWPORT NEWS VA 23601 Construction 60761405 MERIDIAN DEVELOPMENT LLC 3 Bethesda Metro Center Suite 1400 BETHESDA MD 20814 Project management 2202959 COOPER CARRY INC 191 Peachtree Street NE Suite 2400 ATLANTA GA 30303 Architecture service 1149483 UNIVERSITY OF VA INVESTMENT MANAGEM PO Box 400215 CHARLOTTESVILLE VA 22906 Investment MGMT. 1009085 GLAVE HOLMES ARCHITECTURE 2101 E Main Street RICHMOND VA 23223 ARCHITECTURE SERVICE 523745 32 38802423 2514853 38802423 EXECUTIVE EDUCATION 721110 35422103 32004413 3417690 35422103 2320187 2320187 0 0 0 0 0 156478598 132249717 24228881 24228881 24228881 0 0 0 0 0 0 0 0 0 ADVERTISING REVENUE 900099 34500 34500 OTHER INCOME 900099 33327 33327 67827 100841421 32037740 3452190 26549068 X 27351351 27351351 0 0 0 2354237 913308 1099832 341097 0 13361656 10722572 992860 1646224 809272 537102 105964 166206 1017740 730592 135257 151891 1559737 1371655 58026 130056 376366 376366 131458 8563 121339 1556 109900 109900 0 0 1081204 1081204 8587422 7879304 606953 101165 2116127 1975231 15041 125855 3486258 3466971 8952 10335 917701 701756 198157 17788 156007 156007 3397664 3337669 31096 28899 5059904 4281407 378542 399955 0 779607 644761 73534 61312 868301 868301 0 3188607 2496541 309083 382983 306338 258575 47763 COGS 1806098 1806098 MISCELLANEOUS EXPENSE 859284 746972 73688 38624 BAD DEBT EXPENSE(RECOVERY) 82581 195050 -112469 79764820 69957851 6315492 3491477 0 0 40200009 17537798 40109883 47378684 5326004 6125889 0 0 0 0 0 0 0 0 1969858 1870557 156419864 6574363 103553387 149845501 52779591 87308079 412593470 396997096 0 0 0 0 49191571 70294679 705723773 777358283 11102592 6090386 0 0 970001 1607563 0 0 0 0 0 0 59807180 106905000 3000000 0 6126796 25121644 81006569 139724593 X 103752236 136643382 520964968 500990308 624717204 637633690 705723773 777358283 X 21076601 -13574324 5414209 X X false true X true false X 75187093 26615664 34839249 31645857 38802423 207090286 0 0 75187093 26615664 34839249 31645857 38802423 207090286 86605064 120485222 927960 664462 236958 325024 2320187 4474591 0 0 0 0 0 0 115396 108742 104683 31267 67827 427915 211992792 135630400 0.56835 0.63267 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 521617349 16650214 9848758 60822782 1081204 486212335 571520608 22132049 -29263246 41660272 1111790 521617349 415386731 18048648 163942942 25159998 697715 571520608 407018514 18260749 16251916 25486793 657655 415386731 344805199 64917093 17947567 19966097 685248 407018514 0.08110 0.50120 0.41770 false false 5420105 5420105 111119098 586252 110532846 24505091 3105774 21399317 12848592 2039699 10808893 2526978 842638 1684340 149845501 UVIMCO MANAGED FUNDS 396997096 F 396997096 RIGHTS OF OCCUPANCY 23986994 INTEREST RATE SWAPS 19936886 RIGHT-OF-USE ASSET 17440261 RESTRICTED CASH 5570659 OTHER ASSETS 3359879 70294679 0 OPERATING LEASE LIABILITY 23259384 OTHER LIABILITIES 1862260 25121644 X 73921435 -13574324 1849040 -11725284 85646719 1081204 14113498 15194702 100841421 66419158 1849040 1849040 64570118 1081204 14113498 15194702 79764820 SCHEDULE D, PART V, LINE 4: THE FOUNDATION'S ENDOWMENT SUPPORTS THE DARDEN SCHOOL THROUGH SCHOLARSHIPS, CHAIRS, RESEARCH, EDUCATIONAL PROGRAMS, AND ALUMNI SERVICES. SCHEDULE D, PART X, LINE 2: THE FOUNDATION HAS BEEN GRANTED EXEMPTION BY THE INTERNAL REVENUE SERVICE (IRS) FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE IRS HAS ALSO DETERMINED THAT THE FOUNDATION IS A PUBLIC CHARITY UNDER SECTION 509(A)(1) AND NOT A PRIVATE FOUNDATION. THE FOUNDATION IS REQUIRED TO REPORT AND PAY TAXES ON UNRELATED BUSINESS INCOME TO THE IRS AND OTHER LOCAL JURISDICTIONS. THERE WAS NO LIABILITY FOR UNRELATED BUSINESS INCOME TAXES AS OF JUNE 30, 2023 AND 2022. THE FOUNDATION ALSO FOLLOWS THE PROVISIONS OF FASB ASC TOPIC 740-10, INCOME TAXES. MANAGEMENT BELIEVES IT HAS NO MATERIAL UNCERTAIN TAX POSITIONS OR ANY RELATED PENALTIES AND INTEREST TO ACCRUE FOR THE YEARS ENDED JUNE 30, 2023 AND 2022, AND, ACCORDINGLY, THERE IS NO LIABILITY FOR UNRECOGNIZED TAX BENEFITS. THE FOUNDATION FILES IRS FORM 990 ANNUALLY WITH THE FEDERAL GOVERNMENT AND IS STILL OPEN TO EXAMINATION BY TAXING AUTHORITIES FOR FISCAL YEAR 2020 AND LATER. SCHEDULE D, PART XI, LINE 4B: HOSPITALITY EXPENSES $14,113,498 SCHEDULE D, PART XII, LINE 4B: HOSPITALITY EXPENSES $14,113,498 true UNIVERSITY OF VIRGINIA PO Box 400222 Charlottesville VA 22906 546001796 501(C)(3) 27351351 see part IV 1 SCHEDULE I, PART I, LINE 2: THE DARDEN SCHOOL'S FINANCE TEAM REVIEWS SUPPORTING DOCUMENTS TO ENSURE COMPLIANCE WITH THE DONOR'S RESTRICTED PURPOSE PRIOR TO REQUESTING FUNDING FROM THE FOUNDATION. THE DARDEN SCHOOL RECEIVES A PERIODIC REVIEW BY THE UVA INTERNAL AUDIT DEPARTMENT TO ENSURE DONOR INTENTION IS MET. RESULTS OF THE REVIEW ARE PROVIDED TO THE DARDEN SCHOOL FOUNDATION MANAGEMENT. SCHEDULE I, PART II: GRANTS TO THE UNIVERSITY OF VIRGINIA SUPPORT SCHOLARSHIPS, PROFESSORSHIPS, CENTERS OF EXCELLENCE, RESEARCH, FACILITIES AND PARTNERSHIP FOR LEADERS IN EDUCATION. X X true true X X X X X false true false false false false false true false ASHLEY M WILLIAMS CEO/CLO, EELL 392023 0 141633 0 0 0 114106 0 24796 0 672558 0 35883 0 MICHAEL J WOODFOLK PRESIDENT (7/22-1/23) 398118 0 120428 0 0 0 86572 0 9484 0 614602 0 39378 0 HEATHER L ENOS CFO, TREASURER AND SVP 238511 0 34500 0 0 0 25173 0 11805 0 309989 0 0 0 SAMANTHA G HARTOG INTERIM VP OF ADVANCEMENT 237130 0 9000 0 0 0 24765 0 9051 0 279946 0 0 0 TY A SCHIEBER MANAGING DIR., CLIENT SOLUTION 166887 0 37300 0 0 0 17589 0 20837 0 242613 0 0 0 ANNE TRUMBORE CHIEF DIGITAL LEARNING OFF. 210383 0 79905 0 0 0 22611 0 17195 0 330094 0 0 0 LISA CANNELL MANAGING DIRECTOR, EELL 176597 0 45048 0 0 0 18565 0 19243 0 259453 0 0 0 SHAUN ROZYN MANAGING DIRECTOR, EELL 176035 0 45048 0 0 0 18656 0 19970 0 259709 0 0 0 WILLIAM S ROBINSON EXECUTIVE DIRECTOR, PLE 203823 0 1000 0 0 0 21705 0 6579 0 233107 0 0 0 SHAELE N CULBREATH ASST. VP & SECRETARY 159626 0 7000 0 0 0 17051 0 13353 0 197030 0 0 0 SCHEDULE J, PART I, LINE 1A: THROUGH THE FOUNDATION'S STANDARD BENEFITS PACKAGE, THE FOUNDATION WILL SUBSIDIZE $195 OF THE COST OF MEMBERSHIP TO THE UVA GYM FOR BENEFITS ELIGIBLE EMPLOYEES ANNUALLY. SCOTT BEARDSLEY, DEAN OF THE DARDEN SCHOOL OF BUSINESS AND EX-OFFICIO TRUSTEE OF THE FOUNDATION, IS ELIGIBLE FOR FIRST-CLASS TRAVEL TO INTERNATIONAL DESTINATIONS. SCHEDULE J, PART I, LINE 4B: THE FOUNDATION ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER 457(F) TO COVER CERTAIN EXECUTIVES. AT THE END OF EACH FISCAL YEAR, THE BOARD COMPENSATION COMMITTEE MAY APPROVE A CONTRIBUTION TO BE CREDITED TO EACH PARTICIPANT'S ACCOUNT BASED ON PREDETERMINED METRICS. THE FOUNDATION'S CONTRIBUTION WAS $82,750 FOR ASHLEY WILLIAMS AND $58,050 FOR MICHAEL WOODFOLK. CONTRIBUTIONS MADE BY THE FOUNDATION FOLLOW A THREE-YEAR GRADED VESTING SCHEDULE. SCHEDULE J, PART I, LINE 7: THE FOUNDATION PAYS TEACHING FEES TO UNIVERSITY FACULTY WHO TEACH EXECUTIVE EDUCATION AND LIFELONG LEARNING PROGRAMS. BONUSES PAID ARE NOT CONTINGENT ON REVENUES OR NET EARNINGS. X 1 75000 Appraisal X 67 2439853 FMV false true false SCHEDULE M, PART II: THE NUMBER OF CONTRIBUTIONS OR ITEMS IN COLUMN (B) OF PART I REPRESENTS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART I, LINE 1 AND PART III, LINE 1: THE FOUNDATION MANAGES ENDOWMENT FUNDS FOR THE BENEFIT OF THE DARDEN SCHOOL, OPERATES TOP-RANKED EXECUTIVE EDUCATION AND LIFELONG LEARNING PROGRAMS, MANAGES HOSPITALITY SERVICES AT THE FORUM HOTEL AND AT THE SCHOOL'S GOODWIN FAMILY GROUNDS AND SANDS FAMILY GROUNDS LOCATIONS, AND PROMOTES PHILANTHROPIC LIFE-LONG SUPPORT OF THE SCHOOL BY ALUMNI, FRIENDS AND CORPORATIONS. FORM 990, PART VI, SECTION A, LINE 1: THE AUTHORITY OR DELEGATION OF THE BOARD OF TRUSTEES IS AS FOLLOWS: THE EXECUTIVE COMMITTEE EXERCISES THE AUTHORITY OF THE BOARD OF TRUSTEES IN DIRECTING THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE FOUNDATION, EXCEPT THAT NO COMMITTEE HAS THE POWER OR AUTHORITY TO I) FILL VACANCIES ON THE BOARD OR ON ANY OF ITS COMMITTEES; II) AMEND THE ARTICLES OF INCORPORATION; III) ADOPT, AMEND, OR REPEAL THE BY- LAWS; IV) APPROVE A PLAN OF MERGER OR CONSOLIDATION; V) APPROVE THE SALE, LEASE OR EXCHANGE, OR THE MORTGAGE, PLEDGE OR OTHER DISPOSITION OF ALL OR SUBSTANTIALLY ALL OF THE PROPERTY AND ASSETS OF THE FOUNDATION; OR VI) APPROVE THE REVOCATION OF THE VOLUNTARY DISSOLUTION PROCEEDINGS. THE EXECUTIVE COMMITTEE MUST PROVIDE A FULL REPORT OF ITS ACTIONS TO THE BOARD OF TRUSTEES AT THE REGULAR BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 11: AFTER INTERNAL REVIEW, THE CFO REVIEWS THE FORM 990 WITH THE AUDIT/FINANCE COMMITTEE AND ADDRESSES QUESTIONS FROM THE COMMITTEE. ELECTRONIC COPIES OF THE FORM 990 ARE PROVIDED TO THE FULL BOARD IN ADVANCE OF FILING. FORM 990, PART VI, SECTION B, LINE 12C: ANNUALLY, THE FOUNDATION DISTRIBUTES A COPY OF THE CONFLICT OF INTEREST POLICY, POLICY ON UNIVERSITY OF VIRGINIA RELATED FOUNDATIONS, AND A CONFLICT OF INTEREST FORM TO THE FOUNDATION'S TRUSTEES, OFFICERS, AND KEY EMPLOYEES. THE INDIVIDUALS ARE REQUIRED TO DISCLOSE ACTIVITY FOR THE NEXT YEAR AND VERIFY THE ACTIVITY IN THE CURRENT YEAR. FORM 990, PART VI, SECTION B, LINE 15: ALL COMPENSATION FOR FOUNDATION OFFICERS AND CERTAIN KEY EMPLOYEES IS APPROVED BY THE BOARD COMPENSATION COMMITTEE IN ACCORDANCE WITH THE IRS REBUTTABLE PRESUMPTION OF REASONABLE STANDARD. EXECUTIVE COMPENSATION INCLUDES A BONUS WHICH IS BASED ON KEY METRICS, ESTABLISHED BY THE BOARD. ON AN ANNUAL BASIS, THE BOARD COMPENSATION COMMITTEE REVIEWS THOSE EMPLOYEES DEEMED TO BE DISQUALIFIED AS DEFINED BY THE INTERNAL REVENUE SERVICE. THEY REVIEW AND APPROVE ALL FACETS OF EXECUTIVE COMPENSATION FOR THE UPCOMING FISCAL YEAR AND AT ITS CONCLUSION, REVIEW AND APPROVE ANY PAYOUTS OF BONUSES. FORM 990, PART VI, SECTION C, LINE 19: THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAPS $5,414,209 FORM 990, PART XII, LINE 2C: THERE HAVE BEEN NO CHANGES TO THE FOUNDATION'S PROCESS FOR THE SELECTION OF EXTERNAL AUDITORS OR OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT. FORM 990 PART IX LINE 11G DESCRIPTION:TEACHING FEES TOTAL FEES:5136573 FORM 990 PART IX LINE 11G DESCRIPTION:TEMPORARY STAFFING TOTAL FEES:360326 FORM 990 PART IX LINE 11G DESCRIPTION:COMMISSIONS TOTAL FEES:215990 FORM 990 PART IX LINE 11G DESCRIPTION:OTHERS TOTAL FEES:2874533