Virginia Tech Foundation Inc
- Assets
- $2.7b
- Revenue
- $338.7m
- Investments
- $1.2b
- Employees
- 76
- Location
- Blacksburg, VA
- Founding
- 02/1949
- Data as of
- 06/2021
- EIN
- 54-0721690
Organization Overview
Virginia Tech Foundation Inc is located in Blacksburg, VA. The organization was established in 1949. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2022, Virginia Tech Foundation Inc employed 76 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Tech Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Virginia Tech Foundation Inc generated $338.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $114.6m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION RECEIVES, MANAGES, AND DISBURSES PRIVATE GIFTS IN SUPPORT OF PROGRAMS AT VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH).
Describe the Organization's Program Activity:
Part 3 - Line 4a
VIRGINIA TECH FOUNDATION SUPPORTS THE PROGRAMS OF VIRGINIA TECH. THE FOUNDATION DOES THIS BY GENERATING FUNDING FROM PRIVATE SOURCES AND AGGRESSIVELY MANAGING ITS ASSETS TO SUPPLEMENT STATE APPROPRIATIONS, TUITION, AND OTHER SOURCES OF FUNDS. THE FOUNDATION PROVIDES FINANCIAL ASSISTANCE TO STUDENTS, ADDITIONAL OPERATING SUPPORT TO COLLEGES AND DEPARTMENTS, ASSISTS IN THE FUNDING OF MAJOR BUILDING PROJECTS, PROVIDES SEED CAPITAL FOR NEW UNIVERSITY INITIATIVES, AND INITIATES MAJOR PROJECTS AS REQUESTED BY THE UNIVERSITY. IN ADDITION, THE FOUNDATION MANAGES VIRGINIA TECH'S ENDOWMENT. THE FOUNDATION DEPLOYS CAPITAL IN WAYS THAT SERVE THE INTERESTS NOT ONLY OF THE UNIVERSITY, BUT ALSO OF ITS REGIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ms Starlette B Johnson Chair | OfficerTrustee | 2 | $0 |
Mr Charles D Phlegar Executive Vice President | OfficerTrustee | 2 | $0 |
Dr Dwayne L Pinkney Executive Vice President | OfficerTrustee | 2 | $0 |
Mr John C Asbury Board Member | Trustee | 2 | $0 |
Mr Omar M Asali Board Member | Trustee | 2 | $0 |
Mr Christopher J Brightman Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
English Construction Company Construction | 6/29/22 | $9,832,190 |
Et Gresham Company Inc Construction | 6/29/22 | $4,785,658 |
Mcr Inc Printing Services | 6/29/22 | $530,614 |
Avis Construction Company Inc Construction | 6/29/22 | $541,777 |
L5 The Expo Group Ltd Consulting | 6/29/22 | $913,749 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $176,951,316 |
| Investment income | $19,082,673 |
| Tax Exempt Bond Proceeds | $61,835 |
| Royalties | -$25,649 |
| Net Rental Income | $7,081,686 |
| Net Gain/Loss on Asset Sales | $110,435,639 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $43,643 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $338,678,106 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,395,123 |
| Compensation to disqualified persons | $1,595,433 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $474,078 |
| Other employee benefits | $705,655 |
| Payroll taxes | $1,826,023 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $102,470 |
| Fees for services: Accounting | $19,980 |
| Fees for services: Lobbying | $48,425 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $733,484 |
| Office expenses | $2,785,801 |
| Information technology | $302,129 |
| Royalties | $0 |
| Occupancy | $936,578 |
| Travel | $215,520 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $176,942 |
| Interest | $7,106,382 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,537,942 |
| Insurance | $907,395 |
| All other expenses | $0 |
| Total functional expenses | $114,591,621 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $128,433,451 |
| Pledges and grants receivable | $183,436,039 |
| Accounts receivable, net | $14,497,687 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $170,333,584 |
| Inventories for sale or use | $1,118,807 |
| Prepaid expenses and deferred charges | $7,279,894 |
| Investments—publicly traded securities | $669,183,985 |
| Investments—other securities | $1,191,991,872 |
| Investments—program-related | $0 |
| Intangible assets | $3,228,508 |
| Other assets | $114,952,399 |
| Total assets | $2,705,348,340 |
| Accounts payable and accrued expenses | $5,170,995 |
| Grants payable | $0 |
| Deferred revenue | $43,003,435 |
| Tax-exempt bond liabilities | $320,148,233 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,335,201 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $603,211,552 |
| Total liabilities | $975,869,416 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $1,729,478,924 |