2020-03-20T16:10:46-05:00 2019-06-30 BDO USA LLP 8401 GREENSBORO DRIVE 800 MCLEAN VA 22102 990 2018-07-01 546046419 University Of Virginia Darden School Foundation % MICHAEL J WOODFOLK UNIV 4349247228 PO Box 7263 Charlottesville VA 22906 MICHAEL J WOODFOLK President 4349247228 2020-03-17 true Joyce Underwood P00022361 7038930600 2020-03-13 96.255.89.63 54621820200825000031 2020-03-20 P 9D37B491AB1CAEBFC8367D392888D1FDB5C2C65F 9D37B491AB1CAEBFC8367D392888D1FDB5C2C65F 2018 2020-09-23 17:36:50Z MICHAEL J WOODFOLK PO Box 7263 Charlottesville VA 22906 163150553 false X www.darden.virginia.edu X 1952 VA See Schedule O 49 49 97 1670 5545732 12713296 75187093 28943051 32456879 17897159 16389340 87929 115396 59641435 124148708 24683953 24769904 0 0 16246834 18676786 356872 128916 4708824 18390227 21737940 59677886 65313546 -36451 58835162 441822089 501756176 19678006 19587963 422144083 482168213 X SEE SCHEDULE O false false 56946068 24769904 32572275 The Foundation manages endowment funds for the exclusive benefit of the Darden School, operates top-ranked executive education and life long learning 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. 56946068 true true false false false false false false false true true true false true true true true false false true true false false true false false false true false true false false false false false false false false true false false false false false false false false true 187 0 true 97 true true true false false false false false false false false false false false X 49 49 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 MICHAEL J WOODFOLK 4349247228 100 DARDEN BLVD CHARLOTTESVILLE VA 22903 X Elizabeth K Weymouth Chair 1.0 0.0 X X 0 0 0 Robert J Hugin Vice Chair 1.0 0.0 X X 0 0 0 James A Cooper Immediate Past Chair 1.0 0.0 X X 0 0 0 Kirby C Adams Trustee 1.0 0.0 X 0 0 0 WL Lyons Brown III Trustee 1.0 0.0 X 0 0 0 J Andrew Bugas Trustee 1.0 0.0 X 0 0 0 Susan J Chaplinsky Trustee 1.0 0.0 X 0 0 0 H William Coogan Trustee 1.0 0.0 X 0 0 0 Charles C 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 Trustee 1.0 0.0 X 0 0 0 Cathy 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 Gordon Grand III 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 Martina T Hund-Mejean Trustee 1.0 0.0 X 0 0 0 David B Kelso 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 Jeanne M Liedtka Trustee 1.0 0.0 X 0 0 0 Elizabeth H Lynch Trustee 1.0 0.0 X 0 0 0 Carolyn S Miles Trustee 1.0 0.0 X 0 0 0 J Bryne Murphy Trustee 1.0 0.0 X 0 0 0 Michael E O'Neill Trustee 1.0 0.0 X 0 0 0 Zhiyuan Peng Trustee 1.0 0.0 X 0 0 0 Frank M Sands Sr 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 Shannon G Smith Trustee 1.0 0.0 X 0 0 0 Bruce R Thompson Trustee 1.0 0.0 X 0 0 0 William P Utt Trustee 1.0 0.0 X 0 0 0 J Michael Balay Ex-Officio 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 John C Jeffries Ex-Officio Trustee 1.0 0.0 X 0 0 0 Rosemary B King 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 Jonathan D Mariner 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 James E Ryan Ex-Officio Trustee 1.0 0.0 X 0 0 0 Michael J Woodfolk President 50.0 0.0 X 317013 0 37697 Charles L Heckel Treasurer 50.0 0.0 X 172399 0 38003 Kelly Bean CEO, Executive Education 50.0 0.0 X 421559 0 52599 Kara Mullins VP OF ADVANCEMENT 50.0 0.0 X 367990 0 50866 Howard Avery SR DIR. OF PRINCIPAL GIFTS 50.0 0.0 X 199289 0 43950 Nicola C Barrett Managing DIR. EXEC EDUCATION 50.0 0.0 X 198953 0 48311 Samantha Garbisch Hartog Sr. Dir. of Advancement 50.0 0.0 X 178438 0 33065 William Carter Hoerr Director, Principal Gifts 50.0 0.0 X 184758 0 42455 William S Robinson Executive Director, PLE 50.0 0.0 X 184932 0 44519 2225331 0 391465 29 false true false Univ of VA Investment Management C PO Box 400215 CHARLOTTESVILLE VA 22906 Investment Mgmt. 687406 FLIK INTERNATIONAL CORPORATION 2400 YORKMONT ROAD CHARLOTTE NC 28217 MANAGEMENT FEES 381668 CLEARVIEW CONSULTING COMPANY PO BOX 72 HOLDEN MA 01520 TEACHING/CONSUL.SVCS 218000 WEST ADVISORY 4114 EMERY PL NW WASHINGTON DC 20016 CONSULTING SERVICES 207000 MARTIN N DAVIDSON PP BOX 5101 CHARLOTTESVILLE VA 22908 TEACHING SERVICES 199688 12 75187093 1407972 75187093 EXECUTIVE EDUCATION 721110 32456879 26941897 5514982 32456879 927960 927960 0 0 0 0 0 54463225 39001845 15461380 15461380 15461380 0 0 0 0 0 0 0 0 0 PARKING REVENUE 900099 69552 69552 ADVERTISING REVENUE 900099 30750 30750 OTHER INCOME 900099 15094 15094 115396 124148708 27026543 5545732 16389340 24769904 24769904 0 0 0 1455738 413476 596723 445539 0 12961814 9794300 889643 2277871 933913 605724 87092 241097 1268478 846138 144050 278290 2056843 1839047 60363 157433 490022 490022 40878 40878 90190 90190 0 128916 128916 685248 685248 6618788 6325674 186444 106670 1237385 1076551 13071 147763 1413386 1389708 13344 10334 364423 194583 163627 6213 40745 40745 3642575 3559073 48591 34911 3326212 2225537 428586 672089 0 0 0 0 772981 724510 18004 30467 215510 170578 44932 COGS 1688879 1688879 0 0 BAD DEBT EXPENSE(RECOVERY) -19660 -19660 0 0 USE/FOREIGN TAX 29180 29129 51 0 MISCELLANEOUS EXPENSE 1101198 782150 147817 171231 65313546 56946068 3658654 4708824 0 0 4738818 8336221 10677682 61409499 5025425 4161568 0 0 0 0 0 0 0 0 1356347 1587376 16182160 5545441 8417006 10636719 47507570 44259418 310172071 320104790 0 0 0 0 53927170 51260585 441822089 501756176 3006245 3325806 0 0 1067256 1187097 0 0 0 0 0 0 0 5837568 0 2300000 15604505 6937492 19678006 19587963 X 89655119 86451252 172505513 191810681 159983451 203906280 422144083 482168213 441822089 501756176 X 58835162 3788968 -2600000 X X false true X true false X 10362540 11060837 22158756 12613296 75187093 131382522 0 0 10362540 11060837 22158756 12613296 75187093 131382522 64306987 67075535 1261831 885432 638547 801140 927960 4514910 0 0 0 0 0 0 0 135897432 123360667 0.49357 0.85871 X PART I, Part I, Explanation for Change in Public Charity Status: On August 13, 2018, the Foundation received notification from the IRS approving the Foundation's request to change its public charity status under Section 509(a)(3) to Section 509(a)(1). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 344805199 64917093 17947567 19966097 685248 407018514 321085364 9167290 34720982 19729253 439184 344805199 296154275 6291123 34709808 15353072 716770 321085364 312721140 3129831 -5863396 13032669 800631 296154275 298999049 4657600 20802331 11207771 530069 312721140 0.13550 0.50100 0.36350 false false 10313761 3610458 6703303 2582416 1102587 1479829 3285983 832396 2453587 10636719 UVIMCO MANAGED FUNDS 320104790 F 320104790 RIGHTS OF OCCUPANCY 50830441 OTHER ASSETS 430144 51260585 0 DEFERRED RENT 6937492 6937492 X 116225683 3788968 434886 4223854 112001829 685248 11461631 12146879 124148708 53601553 434886 434886 53166667 685248 11461631 12146879 65313546 Part V, line 4: The Foundation's endowment supports the University of Virginia Darden School of Business through scholarships, chaired professorships, 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 not a private foundation. On August 13, 2018, the foundation received notification from the IRS approving the foundations request to change its public charity status under Section 509(a)(3) to Section 509(a)(1). 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, 2019 and 2018. 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, 2019 and 2018, 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 2016 and later. PART XI, LINE 4B: GROSS HOSPITALITY EXPENSES $11,461,631 PART XII, LINE 4B: GROSS HOSPITALITY EXPENSES $11,461,631 East Asia and the Pacific 8 Program Services Executive Education 39879 Europe (Including Iceland and Greenland) 1 Program Services Executive Education 6295 North America 1 Program Services Executive Education 2415 East Asia and the Pacific 1 Program Services Executive Education 16853 South Asia 2 Program Services Executive Education 6384 13 13 71826 71826 false false false false false false Part I, line 3: The amounts reported on Part I, line 3 are based upon the accrual method of accounting. X X X X X true KARMA AGENCY ALTA COMMUNICATIONS 230 S BROAD STREET SUITE 1600 PHILADELPHIA PA 19102 CONSULTING false 104044 -104044 JOURNEY GROUP INC PO BOX 315 CHARLOTTESVILLE VA 22902 DESIGN & CONSULTING false 14000 -14000 GRENZENBACH FLIER ASSOCIATES INC 200 S MICHIGAN AVE SUITE 2100 CHICAGO IL 60604 CONSULTING false 10872 -10872 128916 -128916 AL AK AR CA CO CT DC FL GA HI IL KS KY LA ME MD MA MI MN MS MO NV NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI true University of Virginia Darden School of Business PO Box 6550 Charlottesville VA 22906 546001796 501(C)(3) 23745084 see part iv University of Virginia Curry School of Education PO Box 400276 Charlottesville VA 22906 546001796 501(C)(3) 512410 See part IV University of Virginia Darden School of Bus PO Box 6550 CHARLOTTESVILLE VA 22906 546001796 501(C)(3) 512410 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 UNIVERSITY OF VIRGINIA SCHOOLS: (1) University of Virginia Darden School of Business - SCHOLARSHIPS, CHAIRS, RESEARCH, FACILITIES, & EDUCATIONAL PROGRAMS (2) University of Virginia Curry School of Education - Partnership for Leaders in Education (3) University of Virginia Darden School of Business - Partnership for Leaders in Education X X true true X X X X X false false false false false false false true false Michael J Woodfolk President 264500 0 52413 0 100 0 27664 0 10033 0 354710 0 0 Charles L Heckel Treasurer 172199 0 0 0 200 0 18356 0 19647 0 210402 0 0 Kelly Bean CEO, Executive Education 319178 0 79881 0 22500 0 28600 0 23999 0 474158 0 0 Kara Mullins VP OF ADVANCEMENT 309890 0 58000 0 100 0 28600 0 22266 0 418856 0 0 Howard Avery SR DIR. OF PRINCIPAL GIFTS 194189 0 5000 0 100 0 20787 0 23163 0 243239 0 0 Nicola C Barrett Managing DIR. EXEC EDUCATION 182247 0 16706 0 0 0 19864 0 28447 0 247264 0 0 Samantha Garbisch Hartog Sr. Dir. of Advancement 173338 0 5000 0 100 0 18655 0 14410 0 211503 0 0 William Carter Hoerr Director, Principal Gifts 184758 0 0 0 0 0 19000 0 23455 0 227213 0 0 William S Robinson Executive Director, PLE 184932 0 0 0 0 0 20056 0 24463 0 229451 0 0 PART I, LINE 1A: Through the Foundations standard benefits package, the Foundation will subsidize annually $185 of the cost of membership to the UVA gym for benefits eligible employees. 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 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 Foundations retirement plan. X 98 1358681 FMV X OTHER 30 49291 cost 0 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 and life long learning programs, manages hospitality services at the Schools 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 semi-annual board meetings. Form 990, Part VI, Section A, line 2: Frank M. Sands, Sr. and Frank M. Sands, Jr. have business & family relationships. Form 990, Part VI, Section B, line 11: After internal review, the President provided the Form 990 to the Audit/Finance Committee and the President addressed questions from the Audit/Finance 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: The Foundation offers an incentive compensation program to some of its officers and key employees. Each plan is recommended by the individual's supervisor and requires that the individual meet both qualitative and quantitative metrics within the individual's specific area(s) of responsibility. Each plan is reviewed for appropriateness based upon external market data. Finally, the incentive plan recommendations along with market data are proposed to DSF's trustee Compensation Committee prior to the beginning of the plan year and approved by the committee in accordance with the IRS rebuttable presumption of reasonableness standards. After the conclusion of the plan year, the compensation committee reviews and approves any payouts under the incentive plans in advance of payments being made. 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: Change in contributions receivable due to change in donors intention and circumstances. Form 990, Part XII, Line 2c: Oversight of audit: There have been no changes during the year in the process for oversight of the audit of the financial statements. FORM 990 PART IX LINE 11G DESCRIPTION:TEACHING FEE TOTAL FEES:4440570 FORM 990 PART IX LINE 11G DESCRIPTION:OTHER TOTAL FEES:1340418 FORM 990 PART IX LINE 11G DESCRIPTION:TEMPORARY STAFFING TOTAL FEES:557996 FORM 990 PART IX LINE 11G DESCRIPTION:COMMISSIONS TOTAL FEES:279804