2013-05-15T15:53:20-05:00 2012-06-30 135381590 BDO USA LLP 7101 WISCONSIN AVE SUITE 800 BETHESDA MD 208144827 990 2011-07-01 546046419 UNIVERSITY OF VIRGINIA DARDEN SCHOOL FOUNDATION UNIV 4349244879 PO BOX 7263 CHARLOTTESVILLE VA 22906 LAURA B TERRY 4349244879 2013-05-15 1 JOYCE M UNDERWOOD P00022361 3016544900 2011 2016-02-24 21:20:13Z NORWOOD H DAVIS III PO BOX 7263 CHARLOTTESVILLE VA 22906 84520117 0 X WWW.DARDEN.VIRGINIA.EDU X 1952 VA SUPPORT OF THE DARDEN SCHOOL AND THE SCHOOL'S TOP-RANKED EXECUTIVE EDUCATION PROGRAM, AND PROMOTES PHILANTHROPIC SUPPORT OF THE SCHOOL BY ALUMNI, FRIENDS, AND CORPORATIONS. 38 30 220 5 852706 -51962 13440427 22854685 25893764 24062253 4090027 7182086 263936 330850 43688154 54429874 16634165 14914732 0 0 10105062 11397200 0 0 2648738 16267977 16077321 43007204 42389253 680950 12040621 335612203 346497572 52514269 47393037 283097934 299104535 X THE UNIVERSITY OF VIRGINIA DARDEN SCHOOL FOUNDATION'S PRIMARY PURPOSE IS TO PROMOTE THE ADVANCEMENT AND FURTHER THE AIMS AND PURPOSES OF THE DARDEN SCHOOL OF BUSINESS ADMINISTRATION OF THE UNIVERSITY OF VIRGINIA. TO ACHIEVE THIS PURPOSE, THE FOUNDATION MANAGES ENDOWMENT FUNDS FOR THE EXCLUSIVE BENEFIT OF THE DARDEN SCHOOL, OPERATES THE SCHOOL'S TOP-RANKED EXECUTIVE EDUCATION PROGRAM, AND PROMOTES PHILANTHROPIC SUPPORT OF THE SCHOOL BY ALUMNI, FRIENDS, AND CORPORATIONS. FUNDS PROVIDED ANNUALLY TO THE SCHOOL BY THE FOUNDATION CONTRIBUTE TO ALL PHASES OF LIFE AT DARDEN. IN THE PAST SEVERAL YEARS, THESE FUNDS PROVIDED MORE THAN HALF OF THE SCHOOL'S OPERATING BUDGET. 0 0 36988591 14927592 24393103 HIGHER EDUCATION: PROMOTE THE ADVANCEMENT AND FURTHER AIMS OF THE DARDEN GRADUATE SCHOOL OF BUSINESS ADMINISTRATION OF THE UNIVERSITY OF VIRGINIA. THE UNIVERSITY OF VIRGINIA DARDEN SCHOOL FOUNDATION'S PRIMARY PURPOSE IS TO PROMOTE THE ADVANCEMENT AND FURTHER THE AIMS AND PURPOSES OF THE DARDEN GRADUATE SCHOOL OF BUSINESS ADMINISTRATION OF THE UNIVERSITY OF VIRGINIA. TO ACHIEVE THIS PURPOSE, THE FOUNDATION MANAGES ENDOWMENT FUNDS FOR THE EXCLUSIVE BENEFIT OF THE DARDEN SCHOOL, OPERATES THE SCHOOL'S TOP-RANKED EXECUTIVE EDUCATION PROGRAM, AND PROMOTES PHILANTHROPIC SUPPORT OF THE SCHOOL BY ALUMNI, FRIENDS, AND CORPORATIONS. FUNDS PROVIDED ANNUALLY TO THE SCHOOL BY THE FOUNDATION CONTRIBUTE TO ALL PHASES OF LIFE AT DARDEN. 36988591 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 1 0 0 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 1 239 0 1 220 1 1 1 0 0 0 0 0 0 0 0 0 X 38 30 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X LAURA B TERRY 4349244879 100 DARDEN BOULEVARD CHARLOTTESVILLE VA 22903 HENRY F SKELSEY 1.00 X X 0 0 0 PETER D KIERNAN 1.00 X X 0 0 0 THOMAS J BALTIMORE JR 1.00 X 0 0 0 WL LYONS BROWN III 1.00 X 0 0 0 G DAVID CHEEK 1.00 X 0 0 0 JAMES SU-TING CHENG 1.00 X 0 0 0 JAMES A COOPER 1.00 X 0 0 0 VN DALMIA 1.00 X 0 0 0 NORWOOD H DAVIS III 50.00 X X 299421 24593 32739 MICHAEL A DECOLA 1.00 X 0 0 0 KAREN K EDWARDS 1.00 X 0 0 0 LOUIS G ELSON 1.00 X 0 0 0 JOHN M FARRELL JR 1.00 X 0 0 0 DONALD W GOODMAN 1.00 X 0 0 0 EDWIN HOOPER 1.00 X 0 0 0 ROBERT J HUGIN 1.00 X 0 0 0 MARTINA T HUND-MEJEAN 1.00 X 0 0 0 WILLIAM I HUYETT 1.00 X 0 0 0 PHILIP W KNISELY 1.00 X 0 0 0 JOHN G MACFARLANE III 1.00 X 0 0 0 CAROLYN S MILES 1.00 X 0 0 0 MARSHALL N MORTON 1.00 X 0 0 0 SCOTT A PRICE 1.00 X 0 0 0 HARRY T REIN 1.00 X 0 0 0 FRANK M SANDS SR 1.00 X 0 0 0 WALTER E SHILL III 1.00 X 0 0 0 BRYAN H SIMMS 1.00 X 0 0 0 E FOLLIN SMITH 1.00 X 0 0 0 JOHN R STRANGFELD JR 1.00 X 0 0 0 GEORGE S TAHIJA 1.00 X 0 0 0 WARREN M THOMPSON 1.00 X 0 0 0 JAMES W TODD 1.00 X 0 0 0 ROGER L WERNER JR 1.00 X 0 0 0 ELIZABETH K WEYMOUTH 1.00 X 0 0 0 VANESSA A WITTMAN 1.00 X 0 0 0 ROBERT BRUNER 50.00 X 0 534060 68222 KENNETH EADES 50.00 X 55900 269309 36566 JENNIFER MCENERY FINN 1.00 X 0 0 0 MARK A RISER 1.00 X 0 0 0 LEWIS F PAYNE JR 1.00 X 0 0 0 THEODORE M FORBES 50.00 X X 75000 0 0 PETER RODRIGUEZ 50.00 X 0 65700 0 TERESA A SULLIVAN 1.00 X 0 616697 233159 LUANN LYNCH 1.00 X 0 262660 44193 MICHAEL STRINE 1.00 X 0 338398 54408 DAVID L NEWKIRK 50.00 X 291939 0 48252 KATHERINE S SCHIEFFELIN 50.00 X 217701 0 34082 LAURA B TERRY 50.00 X 182616 0 35731 MICHAEL J WOODFOLK 50.00 X 172172 0 23900 KENNETH A WHITE 50.00 X 0 500 0 EUGENE MEONI 50.00 X 182569 0 35141 LUCIANO CENTINI 50.00 X 258152 0 32991 THOMAS A CROSS 50.00 X 195701 0 27686 LEANN M BUNTROCK 50.00 X 157453 0 24757 DEAN W KREHMEYER 50.00 X 148023 0 32544 CONNIE ENGLISH 50.00 X 152626 0 30990 2389273 2111917 795361 16 0 1 0 UVIMCO PO BOX 400215 CHARLOTTESVILLE VA 22904 INVESTMENT MANAGEMENT 526400 CLEARVIEW CONSULTING COMPANY 117 PILGRIM DR HOLDEN VA 01520 TEACHING FEES 356000 HESS EDWARD D 2210 CAMARGO DRIVE CHARLOTTESVILLE VA 22901 TEACHING FEES 216485 HORNIMAN ALEXANDER B 1344 HILLTOP ROAD CHARLOTTESVILLE VA 22903 TEACHING FEES 200128 JJ ENTERPRISE PO BOX 2544 CHARLOTTESVILLE VA 22902 PRINTING & MAILING SVCS 188322 14 22854685 1361122 22854685 EXECUTIVE EDUCATION 721110 24062253 23229547 832706 24062253 895404 895404 36376925 30090243 6286682 6286682 6286682 ALUM RELATIONS REUNION 900099 166102 166102 PARKING REVENUE 900099 101580 101580 63168 43168 20000 330850 54429874 23540397 852706 7182086 14914732 14914732 1530391 656665 627938 245788 7479034 5703267 779744 996023 646612 503208 61154 82250 1165399 942776 122216 100407 575764 424392 71907 79465 9391 2333 5977 1081 83879 83879 437477 437477 5788394 5390403 210462 187529 456089 452350 2029 1710 3043901 2705545 86101 252255 72341 36745 18281 17315 2324276 2084365 123977 115934 1726359 1481912 32241 212206 59041 12564 40693 5784 88396 81823 6573 101747 62313 39434 COGS 1375185 1375185 BAD DEBT EXPENSE 305887 12846 293041 MISCELLANEOUS 204958 145167 1841 57950 42389253 36988591 2751924 2648738 45092 72630 11692457 12079192 13965339 16854423 2913031 4176850 99891 77460 1157227 888177 4600530 3232867 1441329 1367663 21881449 34292320 210843422 207613526 71572966 69075331 335612203 346497572 3496933 3239870 2688027 1664867 46329309 42488300 52514269 47393037 X 81631940 80698789 82481777 89129572 118984217 129276174 283097934 299104535 335612203 346497572 X 12040621 3965980 X X 0 1 1 X 0 X X X 0 0 0 UVA COLGATE DARDEN GRADUATE SCHOOL OF BUSINESS ADMINISTRATION 546001796 6 1 1 1 14647592 1 14647592 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 189677634 10291957 8608894 2606726 4522295 644681 200804783 154073220 9820381 34001370 2842563 4833351 541423 189677634 142046037 1810185 19117414 2487551 5930048 482817 154073220 186633839 1702867 -37889720 1939846 4267110 2193993 142046037 0.00000 0.64420 0.35580 0 0 1032401 298194 734207 2050802 1694031 356771 769951 541090 228861 747376 699552 47824 1367663 UVIMCO MANAGED FUNDS-UVA RELATED FOUNDATION 207613526 F 207613526 OTHER ASSETS 541121 RIGHTS OF OCCUPANCY 68534210 69075331 FUNDS HELD FOR THE DARDEN SCHOOL AND BRICE 831147 NOTES PAYABLE TO UVA 41657153 42488300 54429874 42389253 12040621 3965980 3965980 16006601 58055037 3965980 96660 4062640 53992397 437477 437477 54429874 42048436 96660 96660 41951776 437477 437477 42389253 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE FOUNDATION'S ENDOWMENT SUPPORTS THE DARDEN SCHOOL THROUGH SCHOLARSHIPS, CHAIRS, RESEARCH, EDUCATIONAL PROGRAMS, AND ALUMNI SERVICES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE FOUNDATION 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, 2012 AND 2011, 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 2009 AND LATER. TAX YEARS 2009-2006 REMAIN OPEN TO EXAMINATION BY THE TAXING JURISDICTIONS TO WHICH THE FOUNDATION IS SUBJECT, AND THEY HAVE NOT BEEN EXTENDED BEYOND THE APPLICABLE STATUTE OF LIMITATIONS. SOUTH ASIA 0 0 PROGRAM SERVICES EXECUTIVE EDUCATION COURSES 31390 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES EXECUTIVE EDUCATION COURSES 49795 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES EXECUTIVE EDUCATION COURSES 47844 0 0 0 0 0 0 129029 0 129029 0 0 0 0 0 0 1 UVA- DARDEN SCHOOL OF BUSINESS ADMINISTRATION PO BOX 6550 CHARLOTTESVILLE VA 22906 546001796 501(C)(3) 14647592 SCHOLARSHIPS, CHAIRS, RESEARCH, FACILITIES, & EDUCATIONAL PROGRAMS UNIVERSITY OF VIRGINIA RECTOR & VISITORS PO BOX 400194 CHARLOTTESVILLE VA 22903 546001796 501(C)(3) 167140 EDUCATION AND ATHLETIC PROGRAMS VA STUDENT AID FOUNDATION INC DBA VIRGINIA ATHLETICS FOUNDATION PO BOX 400833 CHARLOTTESVILLE VA 22904 540517188 501(C)(3) 100000 EDUCATION AND ATHLETIC PROGRAMS 3 0 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: FOUNDATION ACCOUNTING OFFICE REQUESTS AND REVIEWS DOCUMENTATION SUBSTANTIATING ALL FUNDS REQUESTED BY THE DARDEN SCHOOL. FOR FUNDS RESTRICTED BY DONORS, THE FOUNDATION ACCOUNTING OFFICE REQUESTS ADEQUATE DOCUMENTATION FOR AND REVIEWS THE SUPPORTING DOCUMENTS TO ENSURE COMPLIANCE WITH THE DONOR'S RESTRICTED PURPOSE PRIOR TO RELEASING FUNDS TO THE DARDEN SCHOOL. X X 1 1 X X X X X 1 1 0 0 0 0 0 1 0 NORWOOD H DAVIS III 249421 24593 50000 0 0 0 15600 0 17139 0 332160 24593 0 0 ROBERT BRUNER 0 515177 0 0 0 18883 0 53966 0 14256 0 602282 0 0 KENNETH EADES 0 266943 55900 0 0 2366 0 23261 0 13305 55900 305875 0 0 TERESA A SULLIVAN 0 616697 0 0 0 0 0 230800 0 2359 0 849856 0 0 LUANN LYNCH 0 260808 0 0 0 1852 0 22429 0 21764 0 306853 0 0 MICHAEL STRINE 0 338398 0 0 0 0 0 50247 0 4161 0 392806 0 0 DAVID L NEWKIRK 264899 0 27040 0 0 0 28122 0 20130 0 340191 0 0 0 KATHERINE S SCHIEFFELIN 187701 0 30000 0 0 0 24700 0 9382 0 251783 0 0 0 LAURA B TERRY 162616 0 20000 0 0 0 17333 0 18398 0 218347 0 0 0 MICHAEL J WOODFOLK 156492 0 15680 0 0 0 16378 0 7522 0 196072 0 0 0 EUGENE MEONI 125569 0 57000 0 0 0 13780 0 21361 0 217710 0 0 0 LUCIANO CENTINI 125862 0 0 0 132290 0 13555 0 19436 0 291143 0 0 0 THOMAS A CROSS 111291 0 0 0 84410 0 12032 0 15654 0 223387 0 0 0 LEANN M BUNTROCK 157453 0 0 0 0 0 16517 0 8240 0 182210 0 0 0 DEAN W KREHMEYER 148023 0 0 0 0 0 15756 0 16788 0 180567 0 0 0 CONNIE ENGLISH 126646 0 0 0 25980 0 13572 0 17418 0 183616 0 0 0 PART I, LINE 1A THE FOUNDATION PAYS A DISCOUNTED RATE ON UVA GYM MEMBERSHIPS, WHICH IS AVAILABLE TO ALL EMPLOYEES. THE MAXIMUM BENEFIT RECEIVED WAS $135. THE FOUNDATION PAID FOR A FLIGHT FOR DEAN BRUNER'S WIFE TO ACCOMPANY HIM AT A UNIVERSITY EVENT PER THE REQUEST OF PRESIDENT SULLIVAN. THE TOTAL EXPENSE WAS UNDER $2,000. PART I, LINES 4A-B THE FOUNDATION MADE SEVERANCE PAYMENTS TO ONE FORMER EMPLOYEE IN ACCORDANCE WITH THE FOUNDATION'S ESTABLISHED PROCEDURES. LINE 4B: THE UNIVERSITY OF VIRGINIA MADE CONTRIBUTIONS TO 401A/415 DEFERRRED COMPENSATION PLANS FOR THE FOLLOWING PERSONS: TERESA SULLIVAN $209,423 ROBERT F. BRUNNER $4,966 MICHAEL STRINE $30,000 PART I, LINE 7 THE FOUNDATION PAYS TEACHING FEES FOR SOME EMPLOYEES WHO TEACH IN EXECUTIVE EDUCATION PROGRAMS AND BONUSES THAT ARE NOT TIED TO REVENUES OR NET EARNINGS. EMPLOYEES HAVE THE OPTION OF ELECTING TO CONTRIBUTE A PORTION OF THEIR SALARY TO THE FOUNDATION'S RETIREMENT PLAN. JOHN MACFARLANE SEE PART V 389905 UVIMCO FEEUVIMCO INVESTMENT MANAGEMENT FEE - JOHN MACFARLANE WAS A TRUSTEE OF THE UVA DARDEN SCHOOL FOUNDATION ("DSF") AND A TRUSTEE/MEMBER OF THE EXECUTIVE COMMITTEE FOR UVIMCO IN FY 2012. MR. MACFARLANE SERVED AS UVIMCO'S CHAIRMAN. DSF PAID INVESTMENT MANAGEMENT FEES OF $389,905 TO UVIMCO IN FY 2012. THIS FEE IS ASSESSED BASED ON ASSETS UNDER MANAGEMENT. 0 X 58 1311565 FMV X GIFTS IN KIND 9 41448 ACTUAL EXP INCURRED X MBA COURSE MATERIAL 1 8109 ACTUAL EXP INCURRED 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE FOUNDATION USES A BROKER TO IMMEDIATELY SELL ALL SECURITIES RECEIVED BY THE FOUNDATION IN ACCORDANCE WITH FOUNDATION POLICY. FORM 990, PART VI, SECTION A, LINE 3 THE FOUNDATION UTILIZED AN INDEPENDENT CONTRACTOR TO PERFORM THE INTERIM VP OF DEVELOPMENT DUTIES. THE INTERIM VP OF DEVELOPMENT HAD RESPONSIBILITY FOR THE FOUNDATION'S CAPITAL CAMPAIGN AND MANAGEMENT OF THE DEVELOPMENT TEAM, BUT COULD NOT ENTER INTO CONTRACTS OR AGREEMENTS ON BEHALF OF THE FOUNDATION. FORM 990, PART VI, SECTION B, LINE 11 THE CONTROLLER REVIEWED THE 990 WITH THE CFO. AFTER THE INTERNAL REVIEW, THE CFO PROVIDED THE 990 TO THE AUDIT AND FINANCE CHAIR AND THE CFO/CONTROLLER ADDRESSED QUESTIONS FROM THE AUDIT AND FINANCE CHAIR. ELECTRONIC COPIES OF THE 990 ARE PROVIDED TO THE FULL BOARD. 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 PRIOR YEAR. FORM 990, PART VI, SECTION B, LINE 15 THE FOUNDATION UTILIZES AN INDEPENDENT COMPENSATION CONSULTANT, COMPENSATION SURVEYS AND BENCHMARKING, FORM 990 OF OTHER ORGANIZATIONS, AND OBTAINS APPROVAL FROM THE COMPENSATION COMMITTEE. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 3,965,980. OVERSIGHT OF AUDIT: FORM 990, PART XII, LINE 2C THERE HAVE BEEN NO CHANGES DURING THE YEAR IN THE PROCESS FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS. UNIVERSITY OF VIRGINIA DARDEN SCHOOL OF BUSINESS PO BOX 6550 CHARLOTTESVILLE VA 22906 546001796 EDUCATION VA 501(C)(3) 170(B)(1) (A)(II) N/A 0 UNIVERSITY OF VIRGINIA RECTOR & VISITORS PO BOX 400197 CHARLOTTESVILLE VA 22903 546001796 EDUCATION AND ATHLETIC PROGRAMS VA 501(C)(3) 170(B)(1) (A)(II) N/A 0 VIRGINIA STUDENT AID FOUNDATION INC PO BOX 400833 CHARLOTTESVILLE VA 22904 540517188 EDUCATION AND ATHLETIC PROGRAMS VA 501(C)(3) 170(B)(1) (A)(II) N/A 0 0 1 0 0 1 0 0 0 0 1 1 1 1 1 0 0 0 0 LOAN GUARANTEES BY OTHER ORGANIZATIONS: FORM 990, SCH R, PART V, LINE 1E UVA HAS PROVIDED THE DARDEN SCHOOL FOUNDATION WITH A GUARANTEE FOR A LOAN PROGRAM THE FOUNDATION HAD ENTERED INTO WITH THREE INDEPENDENT THIRD PARTIES, WHICH GUARANTEES LOANS FOR INTERNATIONAL STUDENTS. THE INTERNATIONAL STUDENT LOAN PROGRAM SUPPORTS THE DARDEN SCHOOL'S OBJECTIVES OF ATTRACTING INTERNATIONAL STUDENTS.