Virginia Tech Foundation Inc

“Significant changes to governing documents the filing organization's bylaws were amended in september 2023 to: - update the ex officio director positions to: president of virginia polytechnic institute and state university (the "university"), rector of the board of visitors of the university, president of the virginia tech alumni associate, president of the virginia tech athletic fund, executive vice president and chief operating officer of the university, senior vice president of advancement of the university, or vice president for campus planning, infrastructure, and facilities of the university. - update the executive committee to consist of six (6) or more elected directors appointed by the chair. - to permit chair to appoint one of more individuals who are not members of the board ("affiliate member") to a standing committee for a one-year renewable term. An affiliated member shall be a non-voting member of a standing committee.”

“Form 990 review vtf works with its independent third party tax consultants to prepare the form 990. The cfo and controller perform a detailed review of the form prior to the ceo's review. A copy of the form 990 is provided to the full board prior to filing with irs.”

“Conflict of interest policy the virginia tech foundation, inc. Has adopted a conflict of interest policy that requires each member (foundation board of directors, officers, and key employees (responsible persons)) to complete an annual statement setting forth any and all potential and actual conflicts of interest that occurred during the past fiscal year. In addition to the statement, an annual compliance questionnaire must be completed and submitted by each member. Also, if a conflict should arise that was not previously disclosed in the annual statement or the questionnaire, a statement must be submitted to the virginia tech foundation disclosing the facts of the situation. The executive committee of the foundation reviews the questionnaires and statements and will determine if a conflict does actually exist. Any individual with a conflict of interest will recuse himself or herself from deliberations regarding the relevant matter. The executive committee shall determine whether to authorize, approve, or ratify the arrangement/transaction based solely on whether it is in the best interests of the foundation in performing its mission.”

“Compensation process virginia tech foundation (vtf) relies upon its compensation committee, and a related entity, virginia polytechnic institute and state university to determine compensation for vtf. Vtf's compensation committee reviews the salary and benefits of the vtf chief executive officer. The compensation commitee is comprised of the board chair and two or more elected directors. Those independent persons rely on comparative data on salaries and benefits before establishing compensation and documenting contemporaneously. The annual board approved operating budget establishes salaries and benefits for all other vtf officers. Professional and classified staff salaries and their employee benefits, are determined by the chief executive officer. Information is provided on comparative salaries and benefits for consideration in making adjustments. The annual board approved operating budget establishes salaries and benefits for all other vtf officers.”

“Organization's documents open to the public in full compliance with irs vtf makes its governing documents, conflict of interest policy and financial statements available to the extent required by law.”

“Change in valuation of split interest agreements 4,133,112. Change in deferred tax liability -4,540,634. Unrealized swap interest 34,766. Change in life insurance valuation 1,039,477.”