2022-05-16T13:10:11-05:00 2021-06-30 BDO USA LLP 8401 GREENSBORO DRIVE 800 MCLEAN VA 22102 990 2020-07-01 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 2022-05-16 true HEATHER L ENOS 999009999 Marc Berger P01871563 7038930600 2 2020 2022-09-23 18:48:47Z MICHAEL J WOODFOLK PO Box 7263 Charlottesville VA 22906 167170490 false X www.darden.virginia.edu X 1952 VA SEE SCHEDULE O 57 55 90 1200 141430 0 26615664 34839249 25861080 19587862 23048605 25896911 108742 104683 75634091 80428705 24086840 23393168 0 0 17455864 11894998 161006 0 3393485 19695496 14762952 61399206 50051118 14234885 30377587 510801836 664692543 19797073 25740522 491004763 638952021 X SEE SCHEDULE O false false 43517363 23393168 19587862 THE FOUNDATION MANAGES ENDOWMENT FUNDS FOR THE EXCLUSIVE BENEFIT OF THE DARDEN SCHOOL, OPERATES TOP-RANKED EXECUTIVE EDUCATION PROGRAMS, MANAGES HOSPITALITY SERVICES 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. 43517363 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 false false false false false false false false true 166 0 true 90 true true true false false false false false true 1 false false false false false X 57 55 true 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 100 DARDEN BLVD CHARLOTTESVILLE VA 22903 X ASHLEY M WILLIAMS CEO, EXECUTIVE EDUCATION 50.0 0.0 X 396010 0 50156 MICHAEL J WOODFOLK PRESIDENT 50.0 0.0 X 301264 0 35172 KARA RAMIREZ MULLINS VP OF ADVANCE. (THRU 9/25/20) 50.0 0.0 X 261086 0 40112 LAURENCE P MURPHY PRESIDENT & COO, EXECUTIVE EDU 50.0 0.0 X 233655 0 50609 SAMANTHA G HARTOG INTERIM VP OF ADVANCEMENT 50.0 0.0 X 217952 0 26481 W CARTER HOERR SR ADVISOR & CAMPAIGN DIR. 50.0 0.0 X 176271 0 39649 WILLIAM S ROBINSON EXECUTIVE DIRECTOR, PLE 50.0 0.0 X 184437 0 24598 MARC L RUGGIANO EXECUTIVE DIRECTOR, EE 50.0 0.0 X 162136 0 42192 HEATHER L ENOS CFO, Treasurer, SVP of PRES. 50.0 0.0 X 171961 0 22942 JEANNE M LIEDTKA EX-OFFICIO TRUSTEE 1.0 0.0 X 37667 0 0 YAEL GRUSHKA-COCKAYNE EX-OFFICIO TRUSTEE 1.0 0.0 X 32160 0 0 ROBERT J HUGIN CHAIR 1.0 0.0 X X 0 0 0 ELIZABETH K WEYMOUTH IMMEDIATE PAST CHAIR 1.0 0.0 X X 0 0 0 MARTINA T HUND-MEJEAN VICE CHAIR 1.0 0.0 X X 0 0 0 KIRBY C ADAMS TRUSTEE 1.0 0.0 X 0 0 0 JOHN A BUGAS TRUSTEE 1.0 0.0 X 0 0 0 WESLEY G BUSH TRUSTEE 1.0 0.0 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 ROBERT G DOUMAR JR TRUSTEE 1.0 0.0 X 0 0 0 FRANKLIN S EDMONDS JR TRUSTEE 1.0 0.0 X 0 0 0 KAREN K EDWARDS 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 JR 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 ROBERT L HUFFINES TRUSTEE 1.0 0.0 X 0 0 0 DAVID B KELSO 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 LEMUEL E LEWIS TRUSTEE 1.0 0.0 X 0 0 0 ELIZABETH H LYNCH 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 CAROLYN S MILES TRUSTEE 1.0 0.0 X 0 0 0 DONALD E MOREL JR 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 MICHAEL E O'NEILL TRUSTEE 1.0 0.0 X 0 0 0 G RUFFNER PAGE JR TRUSTEE 1.0 0.0 X 0 0 0 ZHIYUAN PENG TRUSTEE 1.0 0.0 X 0 0 0 FRANK M SANDS Jr TRUSTEE 1.0 0.0 X 0 0 0 HENRY F SKELSEY TRUSTEE 1.0 0.0 X 0 0 0 ERIK A SLINGERLAND 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 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 WILLIAM P UTT TRUSTEE 1.0 0.0 X 0 0 0 STEVEN C VOORHEES TRUSTEE 1.0 0.0 X 0 0 0 SCOTT C BEARDSLEY EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 RICHARD C EDMUNDS EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 WARREN F ESTEY 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 ALEX R PICOU EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 C EVANS POSTON 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 JAMES E RYAN EX-OFFICIO TRUSTEE 1.0 0.0 X 0 0 0 Frank M Sands Sr Deceased Trustee 1.0 0.0 X 0 0 0 JONATHAN MARINER EX-OFFICIO (THRU 12/20/20) 1.0 0.0 X 0 0 0 JOHN JEFFRIES JR EX-OFFICIO (THRU 12/31/20) 1.0 0.0 X 0 0 0 2174599 0 331911 33 false true false UNIV OF VA INVESTMENT MANAGEMENT C PO Box 400215 CHARLOTTESVILLE VA 22906 Investment Mgmt. 859371 GIBSON DUNN CRUTCHER LLP PO BOX 840723 LOS ANGELES CA 90084 LEGAL SERVICES 320073 FLIK INTERNATIONAL CORPORATION 2400 YORKMONT ROAD CHARLOTTE NC 28217 MANAGEMENT FEES 320065 MARTIN N DAVIDSON PO BOX 5101 CHARLOTTESVILLE VA 22905 TEACHING SERVICES 218250 STEPHEN MICHAEL VARDELL 568 PARK CROSSING STREET DANIEL ISLAND SC 29492 PROJECT MANAGEMENT 194625 9 1902600 32936649 3670307 34839249 EXECUTIVE EDUCATION 721110 19587862 19472432 115430 19587862 236958 236958 0 0 0 0 0 112401738 86741785 25659953 25659953 25659953 0 0 0 0 0 0 0 0 0 PARKING REVENUE 900099 77328 77328 ADVERTISING REVENUE 900099 26000 26000 OTHER INCOME 900099 1355 1355 104683 80428705 19551115 141430 25896911 23393168 23393168 0 0 0 0 0 0 1283244 555393 638452 89399 0 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6503584 X 217189878 139147448 1533227 140680675 76509203 697715 3221787 3919502 80428705 47664843 1533227 1533227 46131616 697715 3221787 3919502 50051118 Part V, line 4: THE FOUNDATION'S ENDOWMENT SUPPORTS THE DARDEN SCHOOL THROUGH SCHOLARSHIPS, CHAIRS, RESEARCH, EDUCATIONAL PROGRAMS, AND ALUMNI SERVICES. 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, 2021, AND 2020. 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, 2021, AND 2020, 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 2018 AND LATER. PART XI, LINE 4B: GROSS HOSPITALITY EXPENSES $3,221,787 PART XII, LINE 4B: GROSS HOSPITALITY EXPENSES $3,221,787 true University of Virginia PO Box 400222 Charlottesville VA 22906 546001796 501(C)(3) 23800541 see part iv 1 PART I, LINE 2: THE DARDEN SCHOOL ACCOUNTING OFFICE 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. PART II: GRANTS ARE TO the UNIVERSITY OF VIRGINIA SCHOOLS to support SCHOLARSHIPS, CHAIRS, RESEARCH, FACILITIES, & EDUCATIONAL PROGRAMS and partnership for leaders in education. X X true true X X X X X false true false false false false false true false MICHAEL J WOODFOLK PRESIDENT 301252 0 0 0 12 0 26223 0 8949 0 336436 0 0 0 HEATHER L ENOS CFO, Treasurer, SVP of PRES. 146961 0 10000 0 15000 0 13427 0 9515 0 194903 0 0 0 ASHLEY M WILLIAMS CEO, EXECUTIVE EDUCATION 345963 0 50000 0 47 0 25672 0 24484 0 446166 0 0 0 KARA RAMIREZ MULLINS VP OF ADVANCE. (THRU 9/25/20) 239449 0 0 0 21637 0 21708 0 18404 0 301198 0 0 0 LAURENCE P MURPHY PRESIDENT & COO, EXECUTIVE EDU 233615 0 0 0 40 0 22696 0 27913 0 284264 0 0 0 SAMANTHA G HARTOG INTERIM VP OF ADVANCEMENT 192947 0 25000 0 5 0 18068 0 8413 0 244433 0 0 0 W CARTER HOERR SR ADVISOR & CAMPAIGN DIR. 176226 0 0 0 45 0 16911 0 22738 0 215920 0 0 0 WILLIAM S ROBINSON EXECUTIVE DIRECTOR, PLE 184437 0 0 0 0 17767 0 6831 0 209035 0 0 0 MARC L RUGGIANO EXECUTIVE DIRECTOR, EE 157715 0 0 0 4421 0 15576 0 26616 0 204328 0 0 0 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 UVA DARDEN SCHOOL OF BUSINESS AND EX-OFFICIO TRUSTEE OF THE FOUNDATION, IS ELIGIBLE FOR FIRST-CLASS TRAVEL TO INTERNATIONAL DESTINATIONS. 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. CONTRIBUTIONS MADE BY THE FOUNDATION FOLLOW A THREE-YEAR GRADED VESTING SCHEDULE. Part I, Line 7: THE FOUNDATION PAYS TEACHING FEES TO UNIVERSITY FACULTY WHO TEACH EXECUTIVE EDUCATION PROGRAMS. BONUSES PAID ARE NOT CONTINGENT ON REVENUES OR NET EARNINGS. EMPLOYEES HAVE THE OPTION OF ELECTING TO CONTRIBUTE A PORTION OF THEIR SALARY TO THE FOUNDATION'S RETIREMENT PLAN. X 122 3668492 FMV X OTHER 2 1815 cost 1 false true false 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 EXCLUSIVE BENEFIT OF THE DARDEN SCHOOL, OPERATES TOP-RANKED EXECUTIVE EDUCATION PROGRAMS, MANAGES HOSPITALITY SERVICES 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 A, Line 2: Frank M. Sands, Sr. and Frank M. Sands, Jr. had business and family relationships. 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 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: IMPAIRMENT LOSS ON RIGHTS OF OCCUPANCY ASSETS AND PROPERTY AND EQUIPMENT: ($21,577,777) Form 990, Part XII, Line 2C: THERE HAVE BEEN NO CHANGES TO THE FOUNDATION'S PROCESS FOR THE SELECTION PROCESS FOR EXTERNAL AUDITORS OR OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT.