2012-05-15T11:54:50-05:00 2011-06-30 BDO USA LLP 7101 WISCONSIN AVE SUITE 800 BETHESDA MD 208144827 990 2010-07-01 546046419 UNIVERSITY OF VIRGINIA DARDEN SCHOOL FOUNDATION UNIV 4349244879 PO BOX 7263 CHARLOTTESVILLE VA 22906 LAURA B TERRY 4349244879 2012-05-15 1 JOYCE M UNDERWOOD 3016544900 2010 2016-02-24 21:20:13Z LAURA B TERRY PO BOX 7263 CHARLOTTESVILLE VA 22906 84967289 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. 36 30 213 5 777429 -87235 9335547 13440427 24897065 25893764 5624776 4090027 123997 263936 39981385 43688154 19327398 16634165 0 0 10031643 10105062 0 0 2037426 18749520 16267977 48108561 43007204 -8127176 680950 297947737 335612203 55546280 52514269 242401457 283097934 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 38585885 16634165 26151866 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. 38585885 1 1 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 1 271 0 1 213 1 1 1 0 0 0 0 0 0 0 0 0 X 36 30 1 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 VN DALMIA 1.00 X 0 0 0 NORWOOD H DAVIS III 1.00 X 0 0 0 MICHAEL A DECOLA 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 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 HARRY T REIN 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 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 1.00 X 0 547984 71560 KENNETH EADES 1.00 X 35800 259986 35110 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 295195 0 38416 PETER RODRIGUEZ 1.00 X 39000 260444 31487 TERESA A SULLIVAN 1.00 X 0 198925 114701 JOHN CASTEEN 1.00 X 0 508044 217800 DAVID L NEWKIRK 50.00 X 319526 0 43725 KATHERINE S SCHIEFFELIN 50.00 X 57473 0 1990 LAURA B TERRY 50.00 X 176680 0 150246 MICHAEL J WOODFOLK 50.00 X 171496 0 20595 KENNETH A WHITE 50.00 X 72145 3350 4857 LUCIANO CENTINI 50.00 X 298417 0 31797 THOMAS A CROSS 50.00 X 208896 0 26624 LEANN M BUNTROCK 50.00 X 153723 0 23318 EUGENE MEONI 50.00 X 136434 0 32860 DEAN W KREHMEYER 50.00 X 128360 0 28753 BRANDT ALLEN 50.00 X 73650 219634 33671 2166795 1998367 907510 15 1 1 0 CAHILL-WEBER GROUP INC PO BOX 7722 CHARLOTTESVILLE VA 22906 TEACHING FEES 897500 UVIMCO PO BOX 400215 CHARLOTTESVILLE VA 22904 INVESTMENT MANAGEMENT 518456 KELLY SCOTT MADISON 23983 NETWORK PLACE CHICAGO IL 60673 ADVERTISING 430723 AMERICAN PUBLIC MEDIA PO BOX 70870 ST PAUL MN 55170 PUBLIC RADIO PROGRAMMING 256905 GRENZEBAH GLIER & ASSOCIATES INC PO BOX 88277 DEPT A CHICAGO IL 60680 INTERIM VP/CAMPAIGN ASSESSMENT 252316 19 13440427 445682 13440427 EXECUTIVE EDUCATION 721110 25893764 25116335 777429 25893764 229341 229341 45139821 41279135 3860686 3860686 3860686 ALUM RELATIONS REUNION 900099 112660 112660 PARKING REVENUE 900099 98640 98640 GAINS/LOSSES FROM K-1S 900099 5834 5834 46802 46802 263936 43688154 25374437 777429 4095861 16634165 16634165 1171125 664613 325089 181423 6797856 5590010 528212 679634 588668 492638 45229 50801 1015147 856796 76222 82129 532266 414536 54434 63296 23764 23075 689 91121 91121 545344 545344 5785407 5235450 395775 154182 359058 350883 2310 5865 2970924 2779576 60577 130771 137986 79445 36167 22374 2453550 2259727 71618 122205 1684964 1553084 38233 93647 43653 10282 30549 2822 124946 124946 100016 64305 35711 COGS 1311603 1311603 BAD DEBT EXPENSE 400135 27881 372254 MISCELLANEOUS 235506 135945 24227 75334 43007204 38585885 2383893 2037426 22714 45092 20750127 11692457 15256935 13965339 3053980 2913031 137272 99891 947828 1157227 4363845 2922516 1557577 1441329 5084826 21881449 176866904 210843422 74269574 71572966 297947737 335612203 2417328 3496933 2525465 2688027 50603487 46329309 55546280 52514269 X 73389973 81631940 59847648 82481777 109163836 118984217 242401457 283097934 297947737 335612203 X 680950 40015527 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 16634165 1 16634165 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 154073220 9820381 34001370 2842563 4833351 541423 189677634 142046037 1810185 19117414 2487551 5930048 482817 154073220 186633839 1702867 -37889720 1939846 4267110 2193993 142046037 0.00000 0.62790 0.37210 0 0 927612 254482 673130 2027392 1515789 511603 715754 496158 219596 693087 656087 37000 1441329 UVIMCO MANAGED FUNDS-UVA RELATED FOUNDATION 210843422 F 210843422 OTHER ASSETS 602620 RIGHTS OF OCCUPANCY 70970346 71572966 FUNDS HELD FOR THE DARDEN SCHOOL AND BRICE 1055259 NOTES PAYABLE TO UVA 45274050 46329309 43688154 43007204 680950 40021361 -5834 40015527 40696477 83158337 40021361 40021361 43136976 545344 5834 551178 43688154 42461860 0 42461860 545344 545344 43007204 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 ADOPTED THE PROVISIONS OF ASC 740-10 ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, ON JULY 1, 2009. UNDER ASC 740-10, AN ORGANIZATION MUST RECOGNIZE THE TAX BENEFIT ASSOCIATED WITH TAX POSITIONS TAKEN FOR TAX RETURN PURPOSES WHEN IT IS MORE-LIKELY-THAN-NOT THAT THE POSITION WILL BE SUSTAINED. THE IMPLEMENTATION OF ASC 740-10 HAD NO IMPACT ON THE FOUNDATION'S FINANCIAL STATEMENTS. THE FOUNDATION'S MANAGEMENT BELIEVES IT HAS NO MATERIAL UNCERTAIN TAX POSITIONS AND ACCORDINGLY IT WILL NOT RECOGNIZE ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. FOR THE YEAR ENDED JUNE 30, 2011, THE FOUNDATION DID NOT RECOGNIZE ANY INTEREST OR PENALTIES. 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. PART XI, LINE 8 - OTHER ADJUSTMENTS: BOOK TO TAX ADJUSTMENT FOR PASSTHROUGH ENTITIES -5,834. PART XII, LINE 4B - OTHER ADJUSTMENTS: BOOK TO TAX ADJUSTMENT FOR PASSTHROUGH ENTITIES 5,834. EAST ASIA & THE PACIFIC 0 0 PROGRAM SERVICES EXECUTIVE EDUCATION COURSES 94582 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES EXECUTIVE EDUCATION COURSES 36725 NORTH AMERICA 0 1 PROGRAM SERVICES EXECUTIVE EDUCATION COURSES 66316 0 1 0 0 0 1 197623 0 197623 0 0 0 0 0 0 1 UVA- DARDEN SCHOOL OF BUSINESS ADMINISTRATION PO BOX 6550 CHARLOTTESVILLE VA 22906 546001796 501(C)(3) 16634165 SCHOLARSHIPS, CHAIRS, RESEARCH, FACILITIES, & EDUCATIONAL PROGRAMS 1 0 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: FOUNDATIONS ACCOUNTING OFFICE REQUESTS AND REVIEWS DOCUMENTATION SUBSTANTIATING ALL FUNDS REQUESTED BY THE DARDEN SCHOOL. FOR FUNDS RESTRICTED BY DONORS, THE FOUNDATIONS 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 1 1 X X X X X 1 0 0 0 0 0 0 1 0 ROBERT BRUNER 0 530618 0 0 0 17366 0 53965 0 17595 0 619544 0 0 KENNETH EADES 0 257901 0 0 35800 2085 0 21992 0 13118 35800 295096 0 0 THEODORE M FORBES 145195 0 0 0 150000 0 23400 0 15016 0 333611 0 0 0 PETER RODRIGUEZ 0 260357 0 0 39000 87 0 16152 0 15335 39000 291931 0 0 TERESA A SULLIVAN 0 198925 0 0 0 0 0 111037 0 3664 0 313626 0 0 JOHN CASTEEN 0 493044 0 0 0 15000 0 202008 0 15792 0 725844 0 0 DAVID L NEWKIRK 265446 0 54080 0 0 0 25480 0 18245 0 363251 0 0 0 LAURA B TERRY 160180 0 16500 0 0 0 17160 0 45696 87390 239536 87390 0 0 MICHAEL J WOODFOLK 155816 0 15680 0 0 0 13607 0 6988 0 192091 0 0 0 LUCIANO CENTINI 124297 0 3900 0 170220 0 13520 0 18277 0 330214 0 0 0 THOMAS A CROSS 110638 0 3458 0 94800 0 11989 0 14635 0 235520 0 0 0 LEANN M BUNTROCK 149223 0 4500 0 0 0 15665 0 7653 0 177041 0 0 0 EUGENE MEONI 123434 0 13000 0 0 0 13520 0 19340 0 169294 0 0 0 DEAN W KREHMEYER 124520 0 3840 0 0 0 13312 0 15441 0 157113 0 0 0 BRANDT ALLEN 0 219240 0 0 73650 394 0 20259 0 13412 73650 253305 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. PART I, LINE 4A THE FOUNDATION MADE SEVERANCE PAYMENTS TO TWO FORMER EMPLOYEES IN ACCORDANCE WITH THE FOUNDATIONS ESTABLISHED PROCEDURES. 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 554589 UVIMCO FEEUVIMCO INVESTMENT MANAGEMENT FEE - JOHN MACFARLANE WAS A TRUSTEE OF THE DARDEN SCHOOL FOUNDATION ("DSF") AND A TRUSTEE/MEMBER OF THE EXECUTIVE COMMITTEE FOR UVIMCO IN FY 2011. ADDITIONALLY, MR. MACFARLANE SERVED AS THE INTERIM CHAIR OF UVIMCO'S INVESTMENT COMMITEE FROM FEBRUARY 2010 - JANUARY 2011 AND AS UVIMCO'S CHAIRMAN FROM JANUARY 2011 TO PRESENT. DSF PAID INVESTMENT MANAGEMENT FEES OF $554,589 TO UVIMCO IN FY 2011. THIS FEE IS ASSESSED BASED ON ASSETS UNDER MANAGEMENT. 0 X 80 445682 FMV X GIFTS IN KIND 6 28341 ACTUAL EXP INCURRED X MBA COURSE MATERIAL 1 4245 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. NON REPORTING OF REVENUE: PART I, LINE 33: THE FOUNDATION RECORDED A $5 MILLION PLEDGE IN YEAR ENDED 6/30/10. AT THE TIME OF THE PLEDGE, THE DONOR DID NOT SPECIFY A PAYMENT METHOD. THE DONOR FULLFILLED THE $5 MILLION PLEDGE WITH A STOCK GIFT DONATION IN YEAR ENDED 6/30/2011. AS THE REVENUE WAS REPORTED IN YEAR ENDED 6/30/2010, THE FOUNDATION DID NOT INCLUDE THIS CONTRIBUTION REVENUE FOR THE STOCK GIFT ON YEAR ENDED 6/30/2011 SCHEDULE M, LINE 29. FORM 990, PART VI, SECTION A, LINE 2 THREE OF THE FOUNDATION'S TRUSTEES ALSO SERVE ON THE BOARD OF PRUDENTIAL FINANCIAL. JOHN STRANGFELD IS THE CHAIRMAN AND CEO AND THOMAS J. BALTIMORE, JR. AND MARTINA HUND-MEJEAN ARE ON THE BOARD OF PRUDENTIAL FINANCIAL. FORM 990, PART VI, SECTION A, LINE 3 THE FOUNDATION CONTRACTED WITH GRENZEBACH GLIER AND ASSOCIATES INC TO PERFORM 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 DIRECTOR OF FINANCE REVIEWED THE 990 WITH THE CFO AND PRESIDENT. AFTER THE INTERNAL REVIEW, THE DIRECTOR OF FINANCE REVIEWED THE 990 WITH 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: 40,021,361. BOOK TO TAX ADJUSTMENT FOR PASSTHROUGH ENTITIES -5,834. TOTAL TO FORM 990, PART XI, LINE 5: 40,015,527. 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 0 1 0 0 1 0 0 0 0 0 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 TWO INDEPENDENT THIRD PARTIES, WHICH GUARANTEES LOANS FOR INTERNATIONAL STUDENTS. THE INTERNATIONAL STUDENT LOAN PROGRAM SUPPORTS THE DARDEN SCHOOL'S OBJECTIVES OF ATTRACTING INTERNATIONAL STUDENTS.