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      <CurrentYearMinus2Years>
        <BeginningOfYearBalance>135610533</BeginningOfYearBalance>
        <Contributions>1233709</Contributions>
        <InvestmentEarningsOrLosses>31951240</InvestmentEarningsOrLosses>
        <OtherExpenditures>9762777</OtherExpenditures>
        <EndOfYearBalance>159032705</EndOfYearBalance>
      </CurrentYearMinus2Years>
      <CurrentYearMinus3Years>
        <BeginningOfYearBalance>124428369</BeginningOfYearBalance>
        <Contributions>2470325</Contributions>
        <InvestmentEarningsOrLosses>15831515</InvestmentEarningsOrLosses>
        <OtherExpenditures>7119676</OtherExpenditures>
        <EndOfYearBalance>135610533</EndOfYearBalance>
      </CurrentYearMinus3Years>
      <CurrentYearMinus4Years>
        <BeginningOfYearBalance>164638416</BeginningOfYearBalance>
        <Contributions>1657238</Contributions>
        <InvestmentEarningsOrLosses>-31622895</InvestmentEarningsOrLosses>
        <OtherExpenditures>10244390</OtherExpenditures>
        <EndOfYearBalance>124428369</EndOfYearBalance>
      </CurrentYearMinus4Years>
      <BoardDesignatedEOYBalance>0.02510</BoardDesignatedEOYBalance>
      <PermanentEndowmentEOYBalance>0.97490</PermanentEndowmentEOYBalance>
      <EndowmentsHeldByUnrelatedOrgs>0</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>0</EndowmentsHeldByRelatedOrgs>
      <Buildings>
        <OtherCostOrOtherBasis>1990232</OtherCostOrOtherBasis>
        <Depreciation>1414391</Depreciation>
        <BookValue>575841</BookValue>
      </Buildings>
      <TotalOfBookValueLandBuildings>575841</TotalOfBookValueLandBuildings>
      <OtherSecurities>
        <Description>LIMITED PARTNERSHIPS AND HEDGE FUNDS</Description>
        <BookValue>133334927</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <TotalOfBookValueSecurities>133334927</TotalOfBookValueSecurities>
      <OtherLiabilities>
        <Description>ANNUITIES PAYABLE</Description>
        <Amount>5103084</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>INTEREST RATE SWAP PAYABLE</Description>
        <Amount>253520</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>RETIREMENT PAYABLE</Description>
        <Amount>273266</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>5629870</TotalOfAmounts>
      <FootnoteInPartXIII>X</FootnoteInPartXIII>
      <TotRevenueEtcAuditedFinclStmt>39425607</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>17848487</NetUnrealizedGainsInvestments>
      <OtherRevenues>2037933</OtherRevenues>
      <RevenueNotRptdF990>19886420</RevenueNotRptdF990>
      <RevenueSubtotal>19539187</RevenueSubtotal>
      <OtherRevenuesNotIncluded>915831</OtherRevenuesNotIncluded>
      <RevenueNotRptdOnFinStmt>915831</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>20455018</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>16681873</TotExpensesEtcAuditedFinclStmt>
      <OtherExpensesIncluded>37700</OtherExpensesIncluded>
      <ExpensesNotRptdF990>37700</ExpensesNotRptdF990>
      <ExpensesSubtotal>16644173</ExpensesSubtotal>
      <OtherExpensesNotIncluded>915831</OtherExpensesNotIncluded>
      <ExpensesNotRptdOnFinStmt>915831</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>17560004</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIII>
        <Identifier>DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS:</Identifier>
        <ReturnReference>PART V, LINE 4:</ReturnReference>
        <Explanation>THE FOUNDATION'S ENDOWMENT CONSISTS OF VARIOUS INDIVIDUAL FUNDS THAT WERE ESTABLISHED FOR A VARIETY OF PURPOSES. THE FOUNDATION SPENDS IN ACCORDANCE WITH A BOARD ADOPTED POLICY BASED UPON ACCUMULATED EARNINGS AS DIRECTED BY DONORS AND ACTIONS OF THE BOARD OF DIRECTORS. THE PRIMARY OBJECTIVE OF THE ENDOWMENT FUNDS IS LONG-TERM CAPITAL APPRECIATION AND TOTAL RETURN.</Explanation>
      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X, LINE 2:</ReturnReference>
        <Explanation>THE FINE ARTS FOUNDATION HAS RECEIVED A FAVORABLE DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE (IRS) DATED FEBRUARY 18, 1977, STATING THAT THEY ARE EXEMPT FROM INCOME TAXES AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THE ACCOMPANYING FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION OR LIABILITY FOR FEDERAL AND STATE INCOME TAXES. THE FOUNDATION HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF JUNE 30, 2013.</Explanation>
      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>PART XI, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>CHANGE IN FMV OF TRUSTS AND ANNUITIES AND INTEREST RATE SWAP (NET) 1,933,136. REPORTED ON VIRGINIA MUSEUM REAL ESTATE FOUNDATION 990EZ 104,797.</Explanation>
      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>PART XI, LINE 4B - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>INVESTMENT MANAGEMENT FEES NETTED AGAINST INCOME ON FINANCIAL STATEMENTS 915,831.</Explanation>
      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>PART XII, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>REPORTED ON VIRGINIA MUSEUM REAL ESTATE FOUNDATION 990EZ 37,700.</Explanation>
      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>PART XII, LINE 4B - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>INVESTMENT MANAGEMENT FEES NETTED AGAINST INCOME ON FINANCIAL STATEMENTS 915,831.</Explanation>
      </Form990ScheduleDPartXIII>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <RecordsMaintained>1</RecordsMaintained>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>VIRGINIA MUSEUM OF FINE ARTS</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>200 NORTH BOULEVARD</AddressLine1>
          <City>RICHMOND</City>
          <State>VA</State>
          <ZIPCode>23220</ZIPCode>
        </AddressUS>
        <EINOfRecipient>546001804</EINOfRecipient>
        <IRCSection>501 (C) (3)</IRCSection>
        <AmountOfCashGrant>14261630</AmountOfCashGrant>
        <PurposeOfGrant>TO ASSIST IN IMPLEMENTING AND FUNDING PROGRAMS, PROJECTS, AND OPERATIONS OF THE VIRIGNIA MUSEUM OF FINE ARTS. FOR THE YEAR ENDED JUNE 30, 2013, ASSISTANCE WAS USED FOR CURATORIAL, MUSEUM EXPANSION, EDUCATION AND OUTREACH, AND MANAGEMENT AND GENERAL EXPENSES.</PurposeOfGrant>
      </RecipientTable>
      <TotalNbrOf501C3AndGovtGrants>1</TotalNbrOf501C3AndGovtGrants>
      <Form990ScheduleIPartIV>
        <Identifier>PROCEDURE FOR MONITORING GRANTS IN THE U.S.:</Identifier>
        <ReturnReference>PART I, LINE 2:</ReturnReference>
        <Explanation>SCHEDULE I, PART I, LINE 2: THE ORGANIZATION WAS FORMED FOR THE PURPOSE OF IMPLEMENTING AND FUNDING PROGRAMS, PROJECTS AND OPERATIONS OF THE VIRGINIA MUSEUM OF FINE ARTS, WHICH ARE AUTHORIZED AND APPROVED BY THE BOARD OF TRUSTESS OF THE VIRGINIA MUSEUM OF FINE ARTS.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <HousingAllowanceOrResidence>X</HousingAllowanceOrResidence>
      <WrittenPolicyReTAndEExpenses>1</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>1</SubstantiationRequired>
      <IndependentConsultant>X</IndependentConsultant>
      <Form990OfOtherOrganizations>X</Form990OfOtherOrganizations>
      <CompensationSurvey>X</CompensationSurvey>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>0</SeverancePayment>
      <SupplementalNonqualRetirePlan>1</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>0</EquityBasedCompArrangement>
      <CompBasedOnRevenueOfFilingOrg>0</CompBasedOnRevenueOfFilingOrg>
      <CompBasedOnRevenueRelatedOrgs>0</CompBasedOnRevenueRelatedOrgs>
      <CompBasedNetEarningsFilingOrg>0</CompBasedNetEarningsFilingOrg>
      <CompBasedNetEarningsRelateOrgs>0</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>0</AnyNonFixedPayments>
      <InitialContractException>0</InitialContractException>
      <Form990ScheduleJPartII>
        <NamePerson>DAVID B BRADLEY</NamePerson>
        <Title>SEC. &amp; DEP. DIR. VMFAF ADM</Title>
        <BaseCompensationFilingOrg>157343</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>20307</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>17239</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>194889</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>ALEXANDER L NYERGES</NamePerson>
        <Title>CHIEF OPERATING OFFICER</Title>
        <BaseCompensationFilingOrg>66863</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>44191</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>180442</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>9458</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>0</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>300954</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>LINDA LIPSCOMB</NamePerson>
        <Title>DEPUTY DIRECTOR OF DEVELOPMENT</Title>
        <BaseCompensationFilingOrg>180959</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>23221</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>7774</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>211954</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <ReturnReference>PART I, LINE 1A</ReturnReference>
        <Explanation>ALEXANDER L. NYERGES, CHIEF OPERATING OFFICER (COO) IS CONTRACTUALLY REQUIRED TO LIVE IN A RESIDENCE OWNED AND HELD IN TRUST BY THE FOUNDATION. HE IS REQUIRED TO USE THIS RESIDENCE IN PERFORMING A PORTION OF HIS DUTIES AS DIRECTOR OF THE MUSEUM. THE FOUNDATION IS RESPONSIBLE FOR SUBSTANTIALLY ALL EXPENSES RELATED TO THE RESIDENCE WITH THE EXCEPTION OF CLEANING AND FURNISHING PRIVATE AREAS AND PERSONAL UTILITIES SUCH AS TELEPHONE AND CABLE. THIS HOUSING BENEFIT IS ESTIMATED TO BE $2,900 PER MONTH. SINCE THE COO IS TECHNICALLY AN EMPLOYEE OF THE MUSEUM AND NOT THE FOUNDATION, THE HOUSING BENEFIT WAS REPORTED AS TAXABLE COMPENSTAION ON THE COO'S W-2 RECEIVED BY THE MUSEUM. HOWEVER, SINCE THE HOUSING BENEFIT WAS PROVIDED BY THE FOUNDATION, THIS AMOUNT HAS BEEN INCLUDED IN THE FOUNDATION'S 990, PART VII, SECTION A, COLUMN F.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <ReturnReference>PART I, LINE 4B</ReturnReference>
        <Explanation>DURING THE CURRENT YEAR THE FOUNDATION MADE TOTAL PAYMENTS OF $9,458 TO A NON-QUALIFIED RETIREMENT PLAN FOR THE BENEFIT OF ALEXANDER L. NYERGES, THE FOUNDATION'S CHIEF OPERATING OFFICER. SINCE THE COO IS FULLY VESTED IN THESE CONTRIBUTIONS, THE RELATED AMOUNTS HAVE BEEN REPORTED ON FORM 990, PART VII, SECTION A AND SCHEDULE J. ALSO DURING THE 6/30/12 FISCAL YEAR END THE FOUNDATION ESTABLISHED A 457(B) PLAN AND A SUPPLEMENTAL BENEFIT AGREEMENT FOR THE BENEFIT OF THE FOUNDATION'S COO. THE FOUNDATION ACCRUED A $2,500 LIABILITY RELATED TO THE 457(B) PLAN AND A $97,500 LIABILITY RELATED TO THE SUPPLEMENTAL BENEFIT AGREEMENT. THESE AMOUNTS ARE NOT REPORTED IN PART VII, SECTION A OR SCHEDULE J.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <Identifier>SUPPLEMENTAL INFORMATION</Identifier>
        <ReturnReference>PART III</ReturnReference>
        <Explanation>DURING FISCAL YEAR 2011, THE FOUNDATION ENTERED INTO AN OPERATING AGREEMENT WITH THE VIRGINIA MUSEUM OF FINE ARTS, AN UNRELATED ORGANIZAITON UNDER IRS GUIDELINES. THE OPERATING AGREEMENT STATES THAT THE DIRECTOR OF THE MUSEUM SHALL ALSO SERVE AS THE COO OF THE FOUNDATION AND THE CFO OF THE MUSEUM SHALL ALSO SERVE AS THE CFO OF THE FOUNDATION. HOWEVER, NEITHER OF THESE INDIVIDUALS WILL BE CONSIDERED EMPLOYEES OF THE FOUNDATION. AS PART OF A SUPPLEMENTAL SUPPORT AGREEMENT BETWEEN THE FOUNDATION AND THE COO, THE FOUNDATION MAKES PAYMENTS TO THE MUSEUM FOR SUPPLEMENTAL SALARY AMOUNTS WHICH ARE PAID BY THE MUSEUM TO THE COO AS PART OF HIS SALARY. THESE AMOUNTS TOTALED $145,642 FOR THE YEAR. IN ADDITION, THE FOUNDATION ALSO PROVIDES A HOUSING BENEFIT TO THE COO ESTIMATED TO BE VALUED AT $2,900 PER MONTH. BOTH THE SALARY SUPPLEMENT AND HOUSING BENEFIT PROVIDED TO THE COO BY THE FOUNDATION WERE INCLUDED AS TAXABLE COMPENSTATION IN THE COO'S W-2 FROM THE MUESUM.</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <Form990ScheduleKPartI>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>VIRGINIA SMALL BUSINESS FINANCING AUTHORITY</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>541300845</IssuerEIN>
        <CUSIPNumber>928104JL3</CUSIPNumber>
        <DateIssued>2005-08-25</DateIssued>
        <IssuePrice>30000000</IssuePrice>
        <DescriptionOfPurpose>FINANCING OF MUSEUM RENOVATIONS</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>VIRGINIA SMALL BUSINESS FINANCING AUTHORITY</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>541300845</IssuerEIN>
        <CUSIPNumber>928104KM9</CUSIPNumber>
        <DateIssued>2008-08-28</DateIssued>
        <IssuePrice>20000000</IssuePrice>
        <DescriptionOfPurpose>FINANCING OF MUSEUM RENOVATIONS</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <BondReferenceCd>A</BondReferenceCd>
        <TotalProceeds>30000000</TotalProceeds>
        <IssuanceCostsFromProceeds>309244</IssuanceCostsFromProceeds>
        <CapitalExpenditures>29690756</CapitalExpenditures>
        <YearOfSubstCompletion>2010</YearOfSubstCompletion>
        <CurrentRefunding>0</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <BondReferenceCd>B</BondReferenceCd>
        <AmountRetired>10000000</AmountRetired>
        <TotalProceeds>20000000</TotalProceeds>
        <IssuanceCostsFromProceeds>344139</IssuanceCostsFromProceeds>
        <CapitalExpenditures>19655861</CapitalExpenditures>
        <YearOfSubstCompletion>2010</YearOfSubstCompletion>
        <CurrentRefunding>0</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedProperty>0</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <BondIssMeetPrvtSecurityPayTest>0</BondIssMeetPrvtSecurityPayTest>
        <ChangeInUseBondFinancedProp>0</ChangeInUseBondFinancedProp>
        <NonQualifiedBondRemedProcdrs>1</NonQualifiedBondRemedProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIII>
        <BondReferenceCd>B</BondReferenceCd>
        <OwningBondFinancedProperty>0</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <BondIssMeetPrvtSecurityPayTest>0</BondIssMeetPrvtSecurityPayTest>
        <ChangeInUseBondFinancedProp>0</ChangeInUseBondFinancedProp>
        <NonQualifiedBondRemedProcdrs>1</NonQualifiedBondRemedProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiled>1</Form8038TFiled>
        <VariableRateIssue>1</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>1</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>WELLS FARGO</BusinessNameLine1>
        </NameOfHedgeProvider>
        <TermOfHedge>1.165000000000</TermOfHedge>
        <SuperintegratedHedge>0</SuperintegratedHedge>
        <HedgeTerminated>0</HedgeTerminated>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <WrittenProcToMonitorReqs>1</WrittenProcToMonitorReqs>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiled>0</Form8038TFiled>
        <RebateNotDueYet>0</RebateNotDueYet>
        <ExceptionToRebate>0</ExceptionToRebate>
        <NoRebateDue>0</NoRebateDue>
        <VariableRateIssue>1</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>1</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>WELLS FARGO</BusinessNameLine1>
        </NameOfHedgeProvider>
        <TermOfHedge>1.165000000000</TermOfHedge>
        <SuperintegratedHedge>0</SuperintegratedHedge>
        <HedgeTerminated>0</HedgeTerminated>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <WrittenProcToMonitorReqs>1</WrittenProcToMonitorReqs>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartV>
        <BondReferenceCd>A</BondReferenceCd>
        <ProcToUndertkCorrectiveAction>0</ProcToUndertkCorrectiveAction>
      </Form990ScheduleKPartV>
      <Form990ScheduleKPartV>
        <BondReferenceCd>B</BondReferenceCd>
        <ProcToUndertkCorrectiveAction>0</ProcToUndertkCorrectiveAction>
      </Form990ScheduleKPartV>
    </IRS990ScheduleK>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>28</NumberOfContributions>
        <NoncashContribsRptdF990>163267</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <AnyPropertyThatMustBeHeld>0</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>0</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>1</ThirdPartiesUsed>
      <Form990ScheduleMPartII>
        <Identifier>THIRD PARTY USE:</Identifier>
        <ReturnReference>PART I, LINE 32B:</ReturnReference>
        <Explanation>THE FOUNDATION USES STOCK BROKERS TO SELL GIFTS OF PUBLICLY TRADED STOCK.</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART V, LINE 4A:</ReturnReference>
        <Explanation>DURING CALENDAR YEAR 2012, THE ORGANIZATION HELD FOREIGN HEDGE FUND INVESTMENTS. UNDER GUIDANCE PROVIDED IN IRS NOTICE 2010-23 AND FINCEN 31 CFR PART 103, A FINANCIAL INTEREST IN, OR SIGNATURE AUTHORITY OVER, A FOREIGN HEDGE FUND OR PRIVATE EQUITY FUND DOES NOT REQUIRE THE ORGANIZATION TO FILE FORM TD F 90-22.1, REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS. IRS NOTICE 2010-23 ALSO STATES THAT "PROVIDED THE TAXPAYER HAS NO OTHER REPORTABLE FOREIGN FINANCIAL ACCOUNTS FOR THE YEAR IN QUESTION, A TAXPAYER WHO QUALIFIES FOR THE FILING RELIEF PROVIDED IN THIS NOTICE SHOULD CHECK THE "NO" BOX IN RESPONSE TO FBAR-RELATED QUESTIONS FOUND ON FEDERAL TAX FORMS. THEREFORE, THE ORGANIZATION HAS CHECKED "NO" ON FORM 990, PART V, LINE 4A.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 4</ReturnReference>
        <Explanation>TERMS FOR DIRECTORS WAS CHANGED FROM 3 YEARS TO 4 YEARS AND NO MORE THAN A QUARTER OF THE BOARD WILL ROTATE EACH YEAR INSTEAD OF A THIRD.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>THE DRAFT OF THE 990 RETURN WAS INITIALLY REVIEWED BY THE CFO AND THE MUSEUM DIRECTOR WITH THE ASSISTANCE OF THE INDEPENDENT EXTERNAL AUDITORS. IN ACCORDANCE WITH THE BY-LAWS IT WAS NEXT REVIEWED BY THE GOVERNANCE AND AUDIT COMMITTEE WITH THE ASSISTANCE OF MANAGEMENT. IT WAS ALSO MADE AVAILABLE TO THE BOARD OF DIRECTORS PRIOR TO SUBMITTAL.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>A CONFLICT OF INTEREST POLICY, WITH A COMPLAINT PROCEDURE WAS ADOPTED IN 2004 AND WAS STRENGTHENED IN 2009 WITH THE INCLUSION OF A SEPARATE WHISTLE BLOWERS POLICY AND QUESTIONNAIRE. ALL DIRECTORS AND STAFF MEMBERS HAVE BEEN BRIEFED ON THEIR OBLIGATIONS UNDER THE POLICY. ANNUALLY THE DIRECTORS AND STAFF MEMBERS ARE REQUIRED TO COMPLETE THE QUESTIONNAIRE AND DISCLOSE ANY CONFLICT THEY HAVE. IN ADDITION, THE CORPORATE SECRETARY AND GENERAL COUNSEL ARE PREPARED TO RESPOND TO INQUIRIES AND VIOLATIONS TO THE POLICY AND RESPOND ACCORDINGLY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15</ReturnReference>
        <Explanation>THE ORGANIZATION'S BUDGET COMPENSATION COMMITTEE REVIEWS AND APPROVES THE SALARY OF OFFICERS AND KEY EMPLOYEES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>INFORMATION IS PROVIDED UPON REQUEST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION FROM ANY UNRELATED ORGANIZATION</Identifier>
        <ReturnReference>FORM 990, PART VII, LINE 5:</ReturnReference>
        <Explanation>DURING FISCAL YEAR 2011, THE FOUNDATION ENTERED INTO AN OPERATING AGREEMENT WITH THE VIRGINIA MUSEUM OF FINE ARTS, AN UNRELATED ORGANIZAITON UNDER IRS GUIDELINES. THE OPERATING AGREEMENT STATES THAT THE DIRECTOR OF THE MUSEUM SHALL ALSO SERVE AS THE COO OF THE FOUNDATION AND THE CFO OF THE MUSEUM SHALL ALSO SERVE AS THE CFO OF THE FOUNDATION. HOWEVER, NEITHER OF THESE INDIVIDUALS WILL BE CONSIDERED EMPLOYEES OF THE FOUNDATION. AS PART OF A SUPPLEMENTAL SUPPORT AGREEMENT BETWEEN THE FOUNDATION AND THE COO, THE FOUNDATION MAKES PAYMENTS TO THE MUSEUM FOR SUPPLEMENTAL SALARY AMOUNTS WHICH ARE PAID BY THE MUSEUM TO THE COO AS PART OF HIS SALARY. THESE AMOUNTS TOTALED $145,642 FOR THE YEAR. IN ADDITION, THE FOUNDATION ALSO PROVIDES A HOUSING BENEFIT TO THE COO ESTIMATED TO BE VALUED AT $2,900 PER MONTH. BOTH THE SALARY SUPPLEMENT AND HOUSING BENEFIT PROVIDED TO THE COO BY THE FOUNDATION WERE INCLUDED AS TAXABLE COMPENSTATION IN THE COO'S W-2 FROM THE MUESUM.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 9:</ReturnReference>
        <Explanation>CHANGE IN FAIR MARKET VALUE OF TRUSTS AND ANNUITIES 1,758,664. CHANGE IN FAIR MARKET VALUE OF INTEREST RATE SWAP 174,471. CHANGE IN DONOR RESTRICTIONS 53,745.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART XI, LINE 2C:</ReturnReference>
        <Explanation>THERE ARE NO REPORTABLE CHANGES TO THE ORGANIZATION'S OVERSIGHT PROCESS FROM THE PRIOR TAX YEAR.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>VIRGINIA MUSEUM REAL ESTATE FOUNDATION</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>200 N BOULEVARD</AddressLine1>
          <City>RICHMOND</City>
          <State>VA</State>
          <ZIPCode>232204007</ZIPCode>
        </AddressUS>
        <EIN>541630084</EIN>
        <PrimaryActivities>REAL ESTATE MANAGEMENT RELATED TO REAL PROPERTY HELD IN SUPPORT OF VMFA</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <ExemptCodeSection>501(C)(3)</ExemptCodeSection>
        <PublicCharityStatus>LINE 11A, I</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>VIRGINIA MUSEUM OF FINE ARTS FOUNDATION</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>1</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>0</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>0</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>0</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>0</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>0</LoansOrGuaranteesFromOtherOrg>
      <DividendsRelatedOrganization>0</DividendsRelatedOrganization>
      <SaleOfAssetsToOtherOrg>0</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>0</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>0</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>0</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>0</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>0</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>0</SharingOfFacilities>
      <SharingOfPaidEmployees>0</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>0</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>0</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>0</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>