2025-05-14T20:24:32-05:00 2024-06-30 991856619 GRANT THORNTON ADVISORS LLC 1000 WILSON BOULEVARD SUITE 1500 ARLINGTON VA 22209 990 2023-07-01 540721690 VIRGINIA TECH FOUNDATION INC VIRG 5402315751 902 PRICES FORK ROAD 4000 BLACKSBURG VA 24061 ANNE KEELER CFO 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 ROAD 4000 BLACKSBURG VA 24061 1354852711 0 X WWW.VTF.ORG X 1948 VA VIRGINIA TECH FOUNDATION, INC. (VTF) IS A NONSTOCK CORPORATION ESTABLISHED IN 1948 (SEE SCHEDULE O) FOR THE SOLE PURPOSE OF MANAGING VIRGINIA TECH'S ENDOWMENT AND REAL ESTATE PORTFOLIO. 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. 36 32 88 32 8615859 1424498 134749837 178958298 17651437 13744672 40087191 88127578 29772312 12928611 222260777 293759159 39513978 97180150 0 0 8622875 9623029 0 0 8969951 121359526 75837035 169496379 182640214 52764398 111118945 2846142047 3036393497 1009099622 1040196284 1837042425 1996197213 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. VTF EXISTS AND OPERATES AS A SEPARATE, INDEPENDENT ENTITY WITH ITS OFFICERS AND (SEE SCHEDULE O) GOVERNING BOARD MANAGING, INVESTING, AND DISTRIBUTING PRIVATE RESOURCES TO ADVANCE VIRGINIA TECH'S MISSION AND ITS STRATEGIC PROPRIETIES. 0 0 157805291 97180150 13744672 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 (SEE SCHEDULE O) 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. 157805291 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 X 537 0 1 88 1 1 1 1 SZ 0 0 0 1 1 1 1 0 0 1 0 1 0 X 36 32 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 VA X ANNE KEELER 5402312122 902 PRICES FORK RD STE 4000 BLACKSBURG VA 24061 MR CHARLES D PHLEGAR BOARD MEMBER-EX OFFICIO 2.00 38.00 X X 0 817187 160921 DR TIMOTHY D SANDS BOARD MEMBER-EX OFFICIO 2.00 38.00 X 0 829304 376205 DR AMY S SEBRING BOARD MEMBER-EX OFFICIO 2.00 38.00 X 0 541594 164259 MS STARLETTE B JOHNSON CHAIR (THRU 09/2023) 2.00 2.00 X X 0 0 0 MR WILLIAM N PARK VC (THRU 9/23); CHAIR (AS OF 9/23) 2.00 2.00 X X 0 0 0 MS JACQUELINE L ARCHER BOARD MEMBER 2.00 2.00 X 0 0 0 MR OMAR M ASALI BOARD MEMBER 2.00 0.00 X 0 0 0 MR EDWARD H ED BAINE BOARD MEMBER 2.00 2.00 X 0 0 0 MR CHRISTOPHER J BRIGHTMAN BOARD MEMBER (THRU 09/2023) 2.00 2.00 X 0 0 0 MR ROBERT BOB BROYDEN BOARD MEMBER-EX OFFICIO(AS OF 11/23) 2.00 38.00 X X 0 337751 53405 MS MARGARET L WICKES BOARD MEMBER 2.00 0.00 X 0 0 0 MR DAVID S DAVE COOPER JR BOARD MEMBER (AS OF 09/2023) 2.00 0.00 X 0 0 0 MR KEVIN T CROFTON BOARD MEMBER (THRU 09/2023) 2.00 0.00 X 0 0 0 MS TRACI J DESHAZOR BOARD MEMBER 2.00 0.00 X 0 0 0 MR J BENJAMIN BEN DOUGHTIE BOARD MEMBER 2.00 2.00 X 0 0 0 MR GREGORY C GODSEY BOARD MEMBER 2.00 2.00 X 0 0 0 MR DONALD B DON HALLIWILL BOARD MEMBER 2.00 0.00 X 0 0 0 MR CHRIS KIWUS BOARD MEMBER-EX OFFICIO (THRU 11/23) 2.00 38.00 X X 0 402057 30307 MR NATHAN T LAVINKA BOARD MEMBER-EX OFFICIO 2.00 0.00 X 0 0 0 MR J RYAN LINGERFELT BOARD MEMBER 2.00 0.00 X 0 0 0 MR STEPHEN T MASON BOARD MEMBER 2.00 2.00 X 0 0 0 MR MICHAEL E MIKE MELO BOARD MEMBER 2.00 0.00 X 0 0 0 MR ROGER H MOORE BOARD MEMBER 2.00 0.00 X 0 0 0 MR MARTY MUSCATELLO BOARD MEMBER 2.00 0.00 X 0 0 0 MS CATHERINE PAPOULIAS-SAKEL BOARD MEMBER (AS OF 09/2023) 2.00 0.00 X 0 0 0 MS RENAE C PEARSON BOARD MEMBER (THRU 09/2023) 2.00 2.00 X 0 0 0 MR JAMES G JIM PETRINE BOARD MEMBER 2.00 0.00 X 0 0 0 MR CHRISTOPHER M QUILLEN BOARD MEMBER 2.00 2.00 X 0 0 0 MR JAMES A ROSENSTOCK III BOARD MEMBER (AS OF 09/2023) 2.00 0.00 X 0 0 0 MS LAILA N ROSSI BOARD MEMBER 2.00 2.00 X 0 0 0 MS HEMA S SANGHANI BOARD MEMBER (AS OF 09/2023) 2.00 0.00 X 0 0 0 MS SHIRISH S SATHAYE BOARD MEMBER 2.00 2.00 X 0 0 0 MR CHRISTOPHER W SHEAN BOARD MEMBER 2.00 2.00 X 0 0 0 MS ADELA SKENDERASI BOARD MEMBER (AS OF 09/2023) 2.00 0.00 X 0 0 0 MR JAMES N STRAWBRIDGE BOARD MEMBER 2.00 2.00 X 0 0 0 MR GREGORY C THOMPSON BOARD MEMBER 2.00 2.00 X 0 0 0 MR JOHN T THOMPSON BOARD MEMBER (AS OF 09/2023) 2.00 0.00 X 0 0 0 MR BRUCE W TYLER BOARD MEMBER (AS OF 09/2023) 2.00 0.00 X 0 0 0 MR WILLIAM LAKE WAGNER BOARD MEMBER 2.00 0.00 X 0 0 0 MR RICHARD R WHITT III BOARD MEMBER 2.00 0.00 X 0 0 0 MR KENNETH S SMITH COO (AS 08/2023) 38.00 2.00 X X 110207 0 12094 ELIZABETH A MCCLANAHAN CHIEF EXECUTIVE OFFICER 30.00 10.00 X 669577 0 36741 MS TERRI T MITCHELL ASSISTANT SECRETARY (AS OF 09/2023) 38.00 2.00 X 269127 0 67769 MS ANNE B KEELER CFO & TREASURER 38.00 2.00 X 191923 0 31647 MR DAVID GREENBERG CHIEF INVESMENT OFFICER 40.00 0.00 X 921129 0 19014 MS TAMMY COSTIGAN CONTROLLER 40.00 0.00 X 178108 0 55817 MS CARRIE WOODRING DIRECTOR OF REAL ESTATE 40.00 0.00 X 151416 0 48565 MS MARY YOLANDA TRIGIANI MANAGING DIRECTOR OF PLANNING 40.00 0.00 X 145826 0 23443 MS JANET TUCKWILLER SENIOR ASSOCIATE GENERAL COUNSEL 40.00 0.00 X 144336 0 31606 MR JAMES FORD DIRECTOR OF IT 40.00 0.00 X 170661 0 40669 DR JOHN DOOLEY FORMER CEO; SA VT ATHLETIC DIR 0.00 20.00 X 146962 0 57 MR DANIEL WARD FORMER AVP/CIO ENDOWMMENT 0.00 0.00 X 1359544 0 48421 4458816 2927893 1200940 20 1 1 0 L5 THE EXPO GROUP LTD 5931 W CAMPUS CIR IRVING TX 75063 EVENT SERVICES 502643 AECOM TECHNICAL SERVICES INC 1178 PAYSPHERE CIR CHICAGO IL 60674 CONSTRUCTION 482625 BLACKBUAD INC PO BOX 830413 PHILIDELPHIA PA 191820519 ONLINE SERVICES 389320 NEPC LLC DEPARTMENT 3570 BOX 4110 WOBURN MA 01888 CONSULTING SERVICES 325549 MCR INC 4800 E 345TH ST WILLOUGHBY OH 44094 MAILING SERVICES 315562 28 315345 178642953 33144677 178958298 DEVELOPMENT & MANAGEMENT 900099 6107801 6107801 AFFILIATE MEMBERSHIP 900099 4561648 4561648 AGRICULTURAL EDUCATION 900099 1918324 1918324 PROPERTY MANAGEMENT FEES 900099 901556 901556 CONSTRUCTION MGMT REVENUE 900099 163044 163044 92299 92299 13744672 26794950 6191663 20603287 91735 91735 1000605 1000605 34852898 29836667 5016231 5016231 1116254 3899977 1082697489 9800289 1027679454 3577431 55018035 6222858 61240893 1288308 59952585 INCOME FROM SUBSIDIARIES 900099 5420456 5420456 WVTF 900099 145075 145075 ALUMNI TOURS 900099 19634 19634 1326610 1326610 6911775 293759159 13744672 8615859 92440330 97180150 97180150 3980666 3980666 147020 73510 73510 2660584 1743502 835339 81743 564160 174325 389835 754704 116732 637972 1515895 1515895 135849 90802 45047 160464 160464 3500 3500 2728130 2728130 6520397 3884804 490373 2145220 1629571 1405245 258 224068 3724562 1866933 290686 1566943 474330 38537 43253 392540 1694844 1428502 187807 78535 4313984 3061652 83144 1169188 355328 251872 26379 77077 6942091 1978752 4963339 1788652 1611843 148240 28569 641202 433780 205676 1746 UNIV SPONSORED RESEARCH 20128494 20127419 1075 0 MEALS & ENTERTAINMENT 9845360 8576136 127039 1142185 RADIO STATION 4345347 1687789 2240101 417457 PUBLIC RELATIONS 3099367 2459001 60198 580168 7305563 9687515 -3372954 991002 182640214 157805291 15864972 8969951 56712127 120063342 180908044 177161164 5093670 3295638 192641501 178534445 564388 709446 7054488 7548654 332632812 94597694 239290792 238035118 570981323 149551829 1450693811 2032181280 3134637 3062938 139067266 126249643 2846142047 3036393497 9204088 7508537 40022111 39609305 282740286 262858708 1738213 11000556 675394924 719219178 1009099622 1040196284 X 458513424 498844854 1378529001 1497352359 1837042425 1996197213 2846142047 3036393497 X 111118945 47357768 11354 666721 X 0 1 X 1 0 X 163472809 176951316 203293856 134749837 178958298 857426116 163472809 176951316 203293856 134749837 178958298 857426116 61998323 795427793 43023472 44751929 30632275 68825573 55432271 242665520 1424498 1424498 10004187 7971785 -3684689 10555561 6892142 31738986 1133255120 93061408 0.70190 0.77390 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: INCOME FROM SUBSIDIARIES - 2019 AMOUNT: $ 10,004,187. 2020 AMOUNT: $ 9,347,686. 2021 AMOUNT: $ 5,956,909. 2022 AMOUNT: $ 9,958,654. 2023 AMOUNT: $ 5,420,456. WVTF - 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 145,075. MISCELLANEOUS REVENUE - 2019 AMOUNT: $ 0. 2020 AMOUNT: $ -1,375,901. 2021 AMOUNT: $ -9,641,598. 2022 AMOUNT: $ 596,907. 2023 AMOUNT: $ 1,326,611. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3500 3500 182636715 182640215 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 48425 50000 92864 3500 194789 250000 250000 250000 250000 1000000 1500000 5 25000 149515 1245123 1 1 0 7113046 X X 0 0 1792103981 97955152 140964722 21320195 29320912 30162894 1950219854 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 0.03440 0.49200 0.47360 0 1 1 116812377 116812377 171445732 63351703 108094029 2322169 898269 1423900 20764853 13574180 7190673 21287681 16773542 4514139 238035118 ALTERNATIVE INVESTMENTS 1848063842 C INVESTMENT IN SUB 119707886 C TRUSTS 58335470 C REAL ESTATE INVESTMENTS 6074082 C 2032181280 AGENCY DEPOSITS HELD IN TRUST 694421126 TRUST PAYMENT LIABILITIES 17120311 THIRD PARTY TRUST OBLIGATIONS 2288639 ANNUITY OBLIGATIONS 6705282 DUE TO PARENT CORP -1316180 719219178 X PART III, LINE 4: COLLECTIONS OF ART VINTAGE AND OTHER COLLECTION ITEMS ARE USED TO SUPPORT THE EDUCATIONAL AND RESEARCH MISSION OF VIRGINIA TECH. PART V, LINE 4: ENDOWMENT FUNDS THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 4,175 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. 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. EUROPE (INCLUDING ICELAND & GREENLAND) 4 0 PROGRAM SERVICES RENT 321952 NORTH AMERICA 0 0 INVESTMENTS 947603 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 482261036 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 47419447 4 0 0 0 4 0 530950038 0 530950038 1 0 1 1 1 0 1 VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY 150 STUDENT SVCS BLVD BLACKBURG VA 24061 546001805 115 20913907 0 DEPARTMENT PROGRAMS VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY 150 STUDENT SVCS BLVD BLACKBURG VA 24061 546001805 115 31276162 0 UNIVERSITY SALARIES AZCMS CARES FOUNDATION 850 COVE PKWY STE A COTTONWOOD AZ 86326 921923484 501(C)(3) 30000 0 GENERAL SUPPORT (DAF) FORDHAM UNIVERSITY 441 E FORDHAM ROAD FMH 512 BRONX NY 10458 131740451 501(C)(3) 10000 0 GENERAL SUPPORT (DAF) COMMUNITY UNITED METHODIST CHURCH PO BOX 56 BOWIE AZ 85605 860822311 501(C)(3) 90000 0 GENERAL SUPPORT (DAF) VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY 150 STUDENT SVCS BLVD BLACKBURG VA 24061 546001805 115 44855081 0 SCHOLARSHIP 4 0 PART I, LINE 2: PROCEDURE FOR MONITORING USE OF GRANT FUNDS INSIDE U.S. THE FOUNDATION MAKES GRANTS TO VIRGINIA TECH TO PROVIDE SCHOLARSHIPS TO STUDENTS AND SUPPORT OTHER INITIATIVES. X 0 1 X X X X 1 1 0 1 0 0 0 0 0 MR DANIEL WARD FORMER AVP/CIO ENDOWMMENT 261071 0 448864 0 649609 0 34808 0 13613 0 1407965 0 0 0 DR TIMOTHY D SANDS BOARD MEMBER-EX OFFICIO 0 805453 0 0 0 23851 0 336100 0 40105 0 1205509 0 0 MR CHARLES D PHLEGAR BOARD MEMBER-EX OFFICIO 0 783793 0 0 0 33394 0 126100 0 34821 0 978108 0 0 MR DAVID GREENBERG CHIEF INVESMENT OFFICER 495204 0 350000 0 75925 0 0 0 19014 0 940143 0 0 0 ELIZABETH A MCCLANAHAN CHIEF EXECUTIVE OFFICER 535373 0 130000 0 4204 0 35211 0 1530 0 706318 0 0 0 DR AMY S SEBRING BOARD MEMBER-EX OFFICIO 0 538732 0 0 0 2862 0 118251 0 46008 0 705853 0 0 MR CHRIS KIWUS BOARD MEMBER-EX OFFICIO (THRU 11/23) 0 396141 0 0 0 5916 0 19818 0 10489 0 432364 0 0 MR ROBERT BOB BROYDEN BOARD MEMBER-EX OFFICIO(AS OF 11/23) 0 334670 0 0 0 3081 0 16797 0 36608 0 391156 0 0 MS TERRI T MITCHELL ASSISTANT SECRETARY (AS OF 09/2023) 267885 0 0 0 1242 0 36440 0 31329 0 336896 0 0 0 MS TAMMY COSTIGAN CONTROLLER 168059 0 9211 0 838 0 23962 0 31855 0 233925 0 0 0 MS ANNE B KEELER CFO & TREASURER 172091 0 17850 0 1982 0 20879 0 10768 0 223570 0 0 0 MR JAMES FORD DIRECTOR OF IT 156502 0 13407 0 752 0 12660 0 28009 0 211330 0 0 0 MS CARRIE WOODRING DIRECTOR OF REAL ESTATE 130991 0 19249 0 1176 0 17470 0 31095 0 199981 0 0 0 MS JANET TUCKWILLER SENIOR ASSOCIATE GENERAL COUNSEL 124235 0 0 0 20101 0 13807 0 17799 0 175942 0 0 0 MS MARY YOLANDA TRIGIANI MANAGING DIRECTOR OF PLANNING 134652 0 8033 0 3141 0 15481 0 7962 0 169269 0 0 0 DR JOHN DOOLEY FORMER CEO; SA VT ATHLETIC DIR 144000 0 0 0 2962 0 57 0 0 0 147019 0 0 0 PART I, LINE 1A SOCIAL CLUB DUES THE FOUNDATION PROVIDES MEMBERSHIPS AT THE UNIVERSITY CLUB OF VIRGINIA TECH FOR THE FOLLOWING EMPLOYEES: ELIZABETH A. MCCLANAHAN, ANNE B. KEELER, MR. KENNETH S. SMITH, AND DR. JOHN DOOLEY. THE AMOUNT IS TREATED AS TAXABLE COMPENSATION. PART I, LINE 3 COMPENSATION PROCESS VIRGINIA TECH FOUNDATION (VTF) RELIES UPON ITS COMPENSATION COMMITTEE, AND A RELATED ENTITY, VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY TO DETERMINE COMPENSATION FOR 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, LINES 4A-B SEVERANCE PAYMENT THE FOLLOWING INDIVIDUALS RECEIVED SEVERANCE FROM THE ORGANIZATION: MR. DANIEL WARD - $639,337 DEFERRED COMPENSATION DR. TIMOTHY SANDS, MR. CHARLES PHLEGAR, AND DR. AMY SEBRING ARE EMPLOYEES OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY AND THEY RECEIVE DEFERRED COMPENSATION AS A RESULT OF THEIR EMPLOYMENT AGREEMENT WITH THE VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY. VIRGINIA TECH REAL ESTATE FOUNDATION, INC. DOES NOT PROVIDE COMPENSATION TO DR. TIMOTHY SANDS, MR. CHARLES PHLEGAR, OR DR. AMY SEBRING. PART I, LINE 5 COMPENSATION CONTINGENT ON REVENUES 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 PAID FROM THE FOUNDATION'S ENDOWMENT ANNUALLY. A ECONOMIC DEVEL AUTHORITY OF MONTGOMERY COUNTY VIRGINIA 541643441 000000000 2022-10-26 5510203 SEE PART VI 0 0 0 B ECONOMIC DEVEL AUTHORITY OF MONTGOMERY COUNTY VIRGINIA 541643441 613741KJ5 2019-11-05 62357358 SEE PART VI 0 0 0 C ECONOMIC DEVEL AUTHORITY OF MONTGOMERY COUNTY VIRGINIA 541643441 000000000 2017-05-17 23750000 SEE PART VI 0 0 0 D ECONOMIC DEVEL AUTHORITY OF MONTGOMERY COUNTY VIRGINIA 541643441 613741GE1 2017-05-17 41889983 SEE PART VI 0 0 0 A 389489 5540319 110203 5430116 2024 0 0 1 1 B 6635000 63064596 3627919 342513 58683322 410842 2023 0 0 0 1 C 18815000 23750000 75000 23675000 2017 1 0 1 1 D 10890000 41889983 275025 41614958 2017 1 1 1 1 A 0 1 1 1 1 1 0.00000 0.00000 0.00000 0 0 1 B 0 1 1 1 1 1 0.00000 0.00000 0.00000 0 0 1 C 0 1 0 0 0.00000 0.00000 0.00000 0 0 1 D 0 1 1 1 1 1 0.01800 0.00000 0.01800 0 0 1 A 0 1 1 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 0 1 0 1 0 0 0 1 D 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 D 1 SCHEDULE K, PART I, COLUMN A, LINES A,B,C,D: THE ISSUER NAME IS ECONOMIC DEVELOPMENT AUTHORITY OF MONTGOMERY COUNTY, VIRGINIA SCHEDULE K, PART I, COLUMN F, LINE A: THE PURPOSE OF SERIES 2022 IS FINANCING NEW CONSTRUCTION SCHEDULE K, PART I, COLUMN F, LINE B: THE PURPOSE OF SERIES 2019A IS FINANCING NEW CONSTRUCTION OF VARIOUS PROJECTS SCHEDULE K, PART I, COLUMN F, LINE C: THE PURPOSE OF SERIES 2017C IS TO CURRENTLY REFUND SERIES 2005 DATED: 08/25/2005 AND SERIES 2009A DATED: 02/12/2009 SCHEDULE K, PART I, COLUMN F, LINE D: 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 SCHEDULE K, PART II, COLUMN A, LINE 3: SERIES 2022 - THE TOTAL PROCEEDS OF THE ISSUE DIFFERS FROM ISSUE PRICE DUE TO INVESTMENT EARNINGS OF $30,116. SCHEDULE K, PART II, COLUMN B, LINE 3: SERIES 2019A - THE TOTAL PROCEEDS OF THE ISSUE DIFFERS FROM ISSUE PRICE DUE TO INVESTMENT EARNINGS OF $707,238. SCHEDULE K, PART II, COLUMN C, LINE 11: SERIES 2017C - THE OTHER SPENT PROCEEDS ARE REFUNDING PROCEEDS OF THE ISSUE NO LONGER IN ESCROW SCHEDULE K, PART II, COLUMN D, LINE 11: SERIES 2017A - THE OTHER SPENT PROCEEDS ARE REFUNDING PROCEEDS OF THE ISSUE NO LONGER IN ESCROW SCHEDULE K, PART IV, COLUMN D, LINE 2C: SERIES 2017A - DATE REBATE CALCULATION WAS PERFORMED: MAY 17, 2022. X 1477 FMV X 1579 FMV X 3 85194 FMV X 1 10000 FMV X 421 29591441 FMV X 8 4000 FMV X SOFTWARE 4 2598868 FMV X MISCELLANEOUS 54 571297 FMV X LIVESTOCK 12 249356 FMV X EQUIPMENT 3 31465 FMV 7 0 1 1 PART I, LINE 32B: THIRD PARTIES THE FOUNDATION MAY UTILIZE REAL ESTATE BROKERS, AUCTION HOUSES, OR BANKS TO SELL NONCASH CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 4 SIGNIFICANT CHANGES TO GOVERNING DOCUMENTS THE FILING ORGANIZATION'S BYLAWS WERE AMENDED IN SEPTEMBER 2023 TO: - UPDATE THE EX OFFICIO DIRECTOR POSITIONS TO: PRESIDENT OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (THE "UNIVERSITY"), RECTOR OF THE BOARD OF VISITORS OF THE UNIVERSITY, PRESIDENT OF THE VIRGINIA TECH ALUMNI ASSOCIATE, PRESIDENT OF THE VIRGINIA TECH ATHLETIC FUND, EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER OF THE UNIVERSITY, SENIOR VICE PRESIDENT OF ADVANCEMENT OF THE UNIVERSITY, OR VICE PRESIDENT FOR CAMPUS PLANNING, INFRASTRUCTURE, AND FACILITIES OF THE UNIVERSITY. - UPDATE THE EXECUTIVE COMMITTEE TO CONSIST OF SIX (6) OR MORE ELECTED DIRECTORS APPOINTED BY THE CHAIR. - TO PERMIT CHAIR TO APPOINT ONE OF MORE INDIVIDUALS WHO ARE NOT MEMBERS OF THE BOARD ("AFFILIATE MEMBER") TO A STANDING COMMITTEE FOR A ONE-YEAR RENEWABLE TERM. AN AFFILIATED MEMBER SHALL BE A NON-VOTING MEMBER OF A STANDING COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW VTF 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 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 FOUNDATION (VTF) RELIES UPON ITS COMPENSATION COMMITTEE, AND A RELATED ENTITY, VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY TO DETERMINE COMPENSATION FOR 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 VTF MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE EXTENT REQUIRED BY LAW. FORM 990, PART XI, LINE 9: CHANGE IN VALUATION OF SPLIT INTEREST AGREEMENTS 4,133,112. CHANGE IN DEFERRED TAX LIABILITY -4,540,634. UNREALIZED SWAP INTEREST 34,766. CHANGE IN LIFE INSURANCE VALUATION 1,039,477. 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