Civic Intelligence

Virginia Tech Real Estate Foundation

EIN 54-1528809 • 501(c)3 • Blacksburg, VA

Profile

Virginia tech real estate foundation, inc. (vtref) was organized solely for the benefit of virginia tech and virginia tech foundation, inc. Vtref is to engage in matters pertaining to certain real property for the benefit of the university.

902 Prices Fork Rd 4000Blacksburg, VA 24061

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

76th percentile

0.64x

Higher debt load relative to assets than 76% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

96th percentile

8.64x

Higher debt load relative to revenue than 96% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

76th percentile

16%

Higher net margin than 76% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

64th percentile

$1,205,509

Higher top officer pay than 64% of similar nonprofits.

Top officer pay equals 5.7% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Asset Growth

6th percentile

-10%

Faster asset growth than 6% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

25th percentile

1.4%

Faster revenue growth than 25% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Down

$287,037,326

Down $32,498,707 (-10%) from 2023

Liabilities

Down

$183,930,258

Down $22,630,443 (-11%) from 2023

Net Assets

Down

$103,107,068

Down $9,868,264 (-8.7%) from 2023

Revenue

Up

$21,286,676

Up $300,123 (+1.4%) from 2023

Expenses

Up

$17,910,838

Up $5,059,435 (+39%) from 2023

Net Income

Down

$3,375,838

Down $4,759,312 (-59%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$400M$300M$200M$100M$0Assets 2010: $97,928,173Liabilities 2010: $76,597,133Net Assets 2010: $21,331,0402010Assets 2011: $135,120,343Liabilities 2011: $112,899,725Net Assets 2011: $22,220,6182011Assets 2012: $160,460,388Liabilities 2012: $138,157,008Net Assets 2012: $22,303,3802012Assets 2013: $178,887,094Liabilities 2013: $151,306,242Net Assets 2013: $27,580,8522013Assets 2014: $176,031,965Liabilities 2014: $147,231,258Net Assets 2014: $28,800,7072014Assets 2015: $178,516,564Liabilities 2015: $145,348,767Net Assets 2015: $33,167,7972015Assets 2016: $180,228,530Liabilities 2016: $142,014,572Net Assets 2016: $38,213,9582016Assets 2017: $189,770,253Liabilities 2017: $144,933,828Net Assets 2017: $44,836,4252017Assets 2018: $183,784,488Liabilities 2018: $132,425,536Net Assets 2018: $51,358,9522018Assets 2019: $185,879,574Liabilities 2019: $129,136,342Net Assets 2019: $56,743,2322019Assets 2020: $203,226,360Liabilities 2020: $136,753,837Net Assets 2020: $66,472,5232020Assets 2021: $231,612,607Liabilities 2021: $154,989,664Net Assets 2021: $76,622,9432021Assets 2022: $287,318,402Liabilities 2022: $206,382,220Net Assets 2022: $80,936,1822022Assets 2023: $319,536,033Liabilities 2023: $206,560,701Net Assets 2023: $112,975,3322023Assets 2024: $287,037,326Liabilities 2024: $183,930,258Net Assets 2024: $103,107,0682024

Highlighted filing

2024

Assets$287,037,326
Liabilities$183,930,258
Net Assets$103,107,068

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$30M$20M$10M$0Expenses 2010: $1,766,0002010Expenses 2011: $2,841,5402011Expenses 2012: $9,937,4132012Revenue 2013: $15,731,914Expenses 2013: $9,819,650Net Income 2013: $5,912,2642013Revenue 2014: $15,323,112Expenses 2014: $13,542,289Net Income 2014: $1,780,8232014Revenue 2015: $15,605,012Expenses 2015: $10,904,013Net Income 2015: $4,700,9992015Revenue 2016: $14,759,016Expenses 2016: $10,712,855Net Income 2016: $4,046,1612016Revenue 2017: $15,152,296Expenses 2017: $9,673,493Net Income 2017: $5,478,8032017Revenue 2018: $16,826,923Expenses 2018: $9,741,676Net Income 2018: $7,085,2472018Revenue 2019: $15,904,162Expenses 2019: $9,969,065Net Income 2019: $5,935,0972019Revenue 2020: $18,365,382Expenses 2020: $9,668,644Net Income 2020: $8,696,7382020Revenue 2021: $16,876,838Expenses 2021: $8,935,878Net Income 2021: $7,940,9602021Revenue 2022: $14,535,545Expenses 2022: $9,650,433Net Income 2022: $4,885,1122022Revenue 2023: $20,986,553Expenses 2023: $12,851,403Net Income 2023: $8,135,1502023Revenue 2024: $21,286,676Expenses 2024: $17,910,838Net Income 2024: $3,375,8382024

Highlighted filing

2024

Revenue$21,286,676
Expenses$17,910,838
Net Income$3,375,838

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$287$184$103$21.3$17.9$3.38
2023Detailed filing. Detailed filing data is available for this year.$320$207$113$21.0$12.9$8.14
2022Detailed filing. Detailed filing data is available for this year.$287$206$80.9$14.5$9.65$4.89
2021Detailed filing. Detailed filing data is available for this year.$232$155$76.6$16.9$8.94$7.94
2020Detailed filing. Detailed filing data is available for this year.$203$137$66.5$18.4$9.67$8.70
2019Detailed filing. Detailed filing data is available for this year.$186$129$56.7$15.9$9.97$5.94
2018Detailed filing. Detailed filing data is available for this year.$184$132$51.4$16.8$9.74$7.09
2017Detailed filing. Detailed filing data is available for this year.$190$145$44.8$15.2$9.67$5.48
2016Detailed filing. Detailed filing data is available for this year.$180$142$38.2$14.8$10.7$4.05
2015Detailed filing. Detailed filing data is available for this year.$179$145$33.2$15.6$10.9$4.70
2014Detailed filing. Detailed filing data is available for this year.$176$147$28.8$15.3$13.5$1.78
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$179$151$27.6$15.7$9.82$5.91
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$160$138$22.3$9.94
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$135$113$22.2$2.84
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$97.9$76.6$21.3$1.77
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 14, 2025
Return Version
2023v6.0
Gross Receipts
$22,232,375
Mission and Program Overview

Mission

Engages in matters pertaining to certain real property for the benefit of virginia tech and virginia tech foundation.

The organization engages in any and all matters pertaining to certain real property (see schedule o) for the benefit of virginia polytechnic institute and state university (virginia tech).

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$148,549,814$148,597,170▲ $47,356
Investments Other Securities$36,140,140$21,707,098▼ $14,433,042
Cash and Non-Interest-Bearing Accounts$13,983,432$0▼ $13,983,432
Other Notes and Loans Receivable, Net$2,731,471$6,664,499▲ $3,933,028
Prepaid Expenses and Deferred Charges$247,602$274,301▲ $26,699
Intangible Assets$298,450$273,050▼ $25,400
Accounts Receivable$113,943$135,593▲ $21,650
Total Assets$319,536,033$287,037,326▼ $32,498,707
Other Assets Total$117,471,181$109,385,615▼ $8,085,566
Liabilities
Other Liabilities$194,369,808$177,250,129▼ $17,119,679
Deferred Revenue$11,879,934$6,397,505▼ $5,482,429
Accounts Payable and Accrued Expenses$310,959$282,624▼ $28,335
Total Liabilities$206,560,701$183,930,258▼ $22,630,443
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$108,307,364$98,439,100▼ $9,868,264
Net Assets With Donor Restrictions$4,667,968$4,667,968→ $0
Total Net Assets Fund Balance$112,975,332$103,107,068▼ $9,868,264
Total Liabilities and Net Assets / Fund Balance$319,536,033$287,037,326▼ $32,498,707

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$91,167,396$26,943,526$118,110,922
Land$56,251,710-$56,251,710
Equipment$573,981$1,400,809$1,974,790
Other Land Buildings$604,083-$604,083
Other Assets Org$114--
Other Securities$21,707,098--
Compensation and Service Providers

Employees

NameTitleOtherTotal
Karen E CookAssistant Secretary (as of 05/2024)$132,951$132,951
Kenneth SmithSecretary (as of 05/2024)$122,301$122,301

Board Members and Trustees

NameTitle
William N ParkChairman (as of 09/2023)
Starlette B JohnsonChairman (thru 09/2023)
Elizabeth a McclanahanPresident
Gregory C ThompsonVice Chair
Christopher M QuillenDirector
Christopher W SheanDirector
Dr Timothy D SandsDirector
Edward H BaineDirector
Gregory C GodseyDirector
J Benjamin DoughtieDirector
Jacqueline L ArcherDirector
James N StrawbridgeDirector
Laila N RossiDirector
Shirish S SathayeDirector
Stephen T MasonDirector (as of 09/2023)
Christopher J BrightmanDirector (thru 09/2023)
Renae C PearsonDirector (thru 09/2023)
Terri T MitchellSecretary (thru 05/2024)
Anne B KeelerTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Janitorial & Maintenance Solutions INCBuilding MaintenancePO BOX 13562-3562, Roanoke, VA 24035$534,974
Goman York Property Advisers LLCProperty AdviserPO BOX 74518, Cleveland, OH 44194-0601$119,713
Brailsford And DunleaveyRedevelopment Advisors1220 19TH STREET NW STE 400, Washington, DC 20036-2438$103,722
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$22,232,375
Investment Income
$-945,699
Other Revenue
$0
Change in Net Assets
$3,375,838
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$17,475,280
Salaries, Compensation, and Employee Benefits$435,558
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$5,510,528$2,494,019-$8,004,547
Interest$5,905,655--$5,905,655
Other Expenses$2,145,526--$2,145,526
Occupancy-$909,159-$909,159
Other Salaries and Wages-$366,856-$366,856
Office Expenses-$279,714-$279,714
Insurance$218,619--$218,619
Other Employee Benefits-$48,210-$48,210
Pension Plan Contributions-$12,373-$12,373
Fees for Services Legal-$9,277-$9,277
Payroll Taxes-$8,119-$8,119
Travel-$2,783-$2,783
Total Functional Expenses$13,780,328$4,130,510$0$17,910,838
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Parent Company$171,107,668
Security Deposit$3,293,917
Due to Other Funds$1,889,908
Lease Liabilities$948,635
Other Liabilities$10,001
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Members or stockholders virginia tech foundation, inc. Is the sole corporate member of vtref.

Form 990, Part VI, Section A, Line 7A

Member or stockholder powers as the sole member, vtf elects the board of directors.

Form 990, Part VI, Section B, Line 11B

Form 990 review vtref 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.

Form 990, Part VI, Section B, Line 12C

Conflict of interest policy virginia tech real estate foundation follows the virginia tech foundation 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.

Form 990, Part VI, Section B, Line 15

Compensation process virginia tech real estate foundation, inc (vtref) relies upon its parent, virginia tech foundation (vtf), and a related entity, virginia polytechnic institute and state university to determine compensation for vtref. All compensation of the officers of vtref is provided by virginia tech foundation (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.

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Virginia Tech Real Estate Foundation
EIN
54-1528809
Phone
5402315751
Address
902 PRICES FORK RD 4000, BLACKSBURG, VA 24061

Signing Officer

Name
Anne Keeler
Title
Treasurer
Phone
5402315751
Signed
2025-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Elizabeth a Mcclanahan
Formed
1989
Legal Domicile
Va
Voting Board Members
13
Independent Board Members
12
Employees
0
Volunteers
12

Preparer

Firm
Grant Thornton Advisors LLC
Address
1000 WILSON BOULEVARD SUITE 1500, ARLINGTON, VA 22209
Preparer
Mary Torretta
Phone
7038477500
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Distribution to virginia tech foundation -13,244,102.

Financial Statement Notes

PART X, LINE 2:

Income taxes the foundation has analyzed filing positions in the federal and state jurisdictions where it is required to file income tax returns, and no reserves for uncertain tax positions, nor interest and penalties, have been recorded in these consolidated financial statements.

Raw XML AppendixShowing 400 of 881 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0THE ORGANIZATION ENGAGES IN ANY AND ALL MATTERS PERTAINING TO CERTAIN REAL PROPERTY (SEE SCHEDULE O) FOR THE BENEFIT OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH).
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt18TREASURER
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IRS990/Form990PartVIISectionAGrp/TitleTxt20SECRETARY (AS OF 05/2024)
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