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← VIRGINIA TECH REAL ESTATE FDN

Form 990 for tax year 2023

Filed by VIRGINIA TECH REAL ESTATE FDN.

Totals

Total revenue
$21,286,676
Total expenses
$17,910,838
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$22,232,375
Investment income
-$945,699
Other revenue
$0
Total assets, end of year
$287,037,326
Total liabilities, end of year
$183,930,258
Net assets or fund balances, end of year
$103,107,068
Program services expenses (Part IX)
$13,780,328
Management and general expenses
$4,130,510
Fundraising expenses
$0
Program service expenses (Part III)
$13,780,328

Program services were 76.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: VIRGINIA TECH RESEARCH CENTER

    total $7,771,963 · related or exempt $5,587,425 · excluded $2,184,538

  • 2b · Program service revenue: NORTH END CENTER

    total $6,744,289 · related or exempt $5,533,470 · excluded $1,210,819

  • 2c · Program service revenue: HARDEE'S LOT

    total $3,342,663 · related or exempt $1,414,356 · excluded $1,928,307

  • 2d · Program service revenue: HOTEL ROANOKE

    total $1,533,306 · related or exempt $1,507,499 · excluded $25,807

  • 2e · Program service revenue: UNIVERSITY GATEWAY CENTER

    total $1,505,969 · related or exempt $1,400,883 · excluded $105,086

  • 2f · All other program service revenue

    total $1,334,185 · related or exempt $1,334,185

  • 7b · Less cost or other basis and sales expenses

    other assets $945,699

  • 7c · Gain or loss

    other assets -$945,699

  • 7d · Net gain or loss

    total -$945,699 · excluded -$945,699

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $366,856 · management and general $366,856

  • 8 · Pension plan contributions

    total $12,373 · management and general $12,373

  • 9 · Other employee benefits

    total $48,210 · management and general $48,210

  • 10 · Payroll taxes

    total $8,119 · management and general $8,119

  • 11b · Fees: legal

    total $9,277 · management and general $9,277

  • 13 · Office expenses

    total $279,714 · management and general $279,714

  • 16 · Occupancy

    total $909,159 · management and general $909,159

  • 17 · Travel

    total $2,783 · management and general $2,783

  • 20 · Interest

    total $5,905,655 · program services $5,905,655

  • 22 · Depreciation, depletion and amortization

    total $8,004,547 · program services $5,510,528 · management and general $2,494,019

  • 23 · Insurance

    total $218,619 · program services $218,619

  • 24a · Other expenses: MAINTENANCE

    total $2,145,526 · program services $2,145,526

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,983,432 · end of year $0

  • 4 · Accounts receivable

    beginning of year $113,943 · end of year $135,593

  • 7 · Other notes and loans receivable

    beginning of year $2,731,471 · end of year $6,664,499

  • 9 · Prepaid expenses and deferred charges

    beginning of year $247,602 · end of year $274,301

  • 10a · Land, buildings and equipment: cost or other basis

    $176,941,505

  • 10b · Land, buildings and equipment: accumulated depreciation

    $28,344,335

  • 10c · Land, buildings and equipment, net

    beginning of year $148,549,814 · end of year $148,597,170

  • 12 · Investments: other securities

    beginning of year $36,140,140 · end of year $21,707,098

  • 14 · Intangible assets

    beginning of year $298,450 · end of year $273,050

  • 15 · Other assets

    beginning of year $117,471,181 · end of year $109,385,615

  • 17 · Accounts payable and accrued expenses

    beginning of year $310,959 · end of year $282,624

  • 19 · Deferred revenue

    beginning of year $11,879,934 · end of year $6,397,505

  • 25 · Other liabilities

    beginning of year $194,369,808 · end of year $177,250,129

  • 27 · Net assets without donor restrictions

    beginning of year $108,307,364 · end of year $98,439,100

  • 28 · Net assets with donor restrictions

    beginning of year $4,667,968 · end of year $4,667,968

Mission and programs · 2023

Mission

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.

Activities or mission (Part I)

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).

  • VTREF ENGAGED IN ACTIVITIES PERTAINING TO THE OWNERSHIP, DEVELOPMENT AND OPERATION OF VARIOUS PROPERTIES IN SUPPORT OF VIRGINIA TECH AND VIRGINIA TECH FOUNDATION.

    Expenses $13,780,328 · Revenue $16,777,818

As filed on the 2023 return.

Listed in Part VII

  • Dr Timothy D Sands

    DIRECTOR

    Total calculated
    $1,205,509
    From this org
    $0
    From related orgs
    $829,304
    Other
    $376,205
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $805,453 related
    Bonus
    $0
    Other
    $0 + $23,851 related
    Deferred
    $0 + $336,100 related
    Nontaxable benefits
    $0 + $40,105 related
    Filer's total
    $0 + $1,205,509 related

  • Starlette B Johnson

    CHAIRMAN (THRU 09/2023)

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • William N Park

    CHAIRMAN (AS OF 09/2023)

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Gregory C Thompson

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Jacqueline L Archer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Edward H Baine

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Christopher J Brightman

    DIRECTOR (THRU 09/2023)

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • J Benjamin Doughtie

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Gregory C Godsey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Stephen T Mason

    DIRECTOR (AS OF 09/2023)

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Renae C Pearson

    DIRECTOR (THRU 09/2023)

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Christopher M Quillen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Laila N Rossi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Shirish S Sathaye

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Christopher W Shean

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • James N Strawbridge

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Elizabeth A McClanahan

    PRESIDENT

    Total calculated
    $706,318
    From this org
    $0
    From related orgs
    $669,577
    Other
    $36,741
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $535,373 related
    Bonus
    $0 + $130,000 related
    Other
    $0 + $4,204 related
    Deferred
    $0 + $35,211 related
    Nontaxable benefits
    $0 + $1,530 related
    Filer's total
    $0 + $706,318 related

  • Terri T Mitchell

    SECRETARY (THRU 05/2024)

    Total calculated
    $336,896
    From this org
    $0
    From related orgs
    $269,127
    Other
    $67,769
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $267,885 related
    Bonus
    $0
    Other
    $0 + $1,242 related
    Deferred
    $0 + $36,440 related
    Nontaxable benefits
    $0 + $31,329 related
    Filer's total
    $0 + $336,896 related

  • Anne B Keeler

    TREASURER

    Total calculated
    $223,570
    From this org
    $0
    From related orgs
    $191,923
    Other
    $31,647
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $172,091 related
    Bonus
    $0 + $17,850 related
    Other
    $0 + $1,982 related
    Deferred
    $0 + $20,879 related
    Nontaxable benefits
    $0 + $10,768 related
    Filer's total
    $0 + $223,570 related

  • Karen E Cook

    ASSISTANT SECRETARY (AS OF 05/2024)

    Total calculated
    $132,951
    From this org
    $0
    From related orgs
    $93,985
    Other
    $38,966
    Hours/week
    2 + 38 related

  • Kenneth Smith

    SECRETARY (AS OF 05/2024)

    Total calculated
    $122,301
    From this org
    $0
    From related orgs
    $110,207
    Other
    $12,094
    Hours/week
    2 + 38 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3:
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. PART I, LINE 4B DEFERRED COMPENSATION DR. TIMOTHY SANDS IS AN EMPLOYEE OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY AND RECEIVES DEFERRED COMPENSATION AS A RESULT OF HIS EMPLOYMENT AGREEMENT WITH THE VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY. VIRGINIA TECH REAL ESTATE FOUNDATION, INC. DOES NOT PROVIDE COMPENSATION TO DR. TIMOTHY SANDS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • VTREF BROKERAGE LLC

    REAL ESTATE · VA · income $104,781 · assets $0

    Directly controlled by VTREF

  • VTREF - FOUNDATION OFFICE BUILDING LLC

    REAL ESTATE · VA · income $1,505,969 · assets $10,785,421

    Directly controlled by VTREF

  • VIRGINIA TECH RESEARCH INSTITUTE LLC

    REAL ESTATE · VA · income $7,771,963 · assets $73,222,017

    Directly controlled by VTREF

  • TURNER STREET PROPERTY LLC

    REAL ESTATE · VA · income $2,145,066 · assets $53,143,871

    Directly controlled by VTREF

  • ROANOKE INVESTMENT PROPERTIES LLC

    REAL ESTATE · VA · income $0 · assets $0

    Directly controlled by VTREF

  • GLADE ROAD INVESTMENT PROPERTIES LLC

    REAL ESTATE · VA · income $0 · assets $0

    Directly controlled by VTREF

  • EXPAND TRAN LLC

    REAL ESTATE · VA · income $363,951 · assets $7,453,176

    Directly controlled by VTREF

  • CS SHOPPING CENTER LLC

    REAL ESTATE · VA · income $3,562,980 · assets $122,018,855

    Directly controlled by VTREF

  • CRC PHASE II LLC

    REAL ESTATE · VA · income $0 · assets $0

    Directly controlled by VTREF

  • CAROLYN CIRCLE LLC

    REAL ESTATE · VA · income $0 · assets $0

    Directly controlled by VTREF

  • BLACKSBURG INVESTMENT PROPERTIES LLC

    REAL ESTATE · VA · income $0 · assets $0

    Directly controlled by VTREF

  • UMPF DEVELOPMENT LLC

    REAL ESTATE · VA · income $3,342,697 · assets $28,728,222

    Directly controlled by VTREF

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • HOTEL ROANOKE LLC

    RELATED · HOTEL · VA · 28% owned · share of income $1,081,137 · share of assets $8,166,484

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • HR FOUNDATION INC

    C · PROPERTY MANAGEMENT · VA · 100% owned · share of income $3,232,050 · share of assets $18,400,861 · controlled entity

    Directly controlled by VTREF

  • VIRGINIA TECH CORPORATE RESEARCH CENTER INC

    C · RESEARCH · VA

    Directly controlled by VTF

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2025
IRS schema version
2023v6.0
Source object
202541349349311319

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