Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $2,877,012

• 1f · All other contributions, gifts and grants

  $22,836,158

• 1g · Noncash contributions included above

  $1,798,085

• 2a · Program service revenue: TUITION & FEES

  total $226,000,476 · related or exempt $226,000,476

• 2b · Program service revenue: AUXILIARY ENTERPRISES

  total $18,341,269 · related or exempt $18,228,719 · unrelated business $112,550

• 2c · Program service revenue: SUMMER CAMPS & CONFERENCES

  total $485,558 · unrelated business $485,558

• 3 · Investment income

  total $162,140,518 · unrelated business $4,963,250 · excluded $157,177,268

• 4 · Income from investment of tax-exempt bond proceeds

  total $0

• 5 · Royalties

  total $133,977 · related or exempt $133,977

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

  total $0

• 7a · Gross sales of assets other than inventory

  securities $511,015,542 · other assets $0

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

  securities $515,036,602 · other assets -$9,911

• 7c · Gain or loss

  securities -$4,021,060 · other assets $9,911

• 7d · Net gain or loss

  total -$4,011,149 · excluded -$4,011,149

• 8a · Fundraising events: gross income

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $27,992,796

• 10b · Cost of goods sold

  $9,736,590

• 10c · Net income from sales of inventory

  total $18,256,206 · related or exempt $18,233,093 · unrelated business $23,113

• 11a · Other revenue: INVESTMENT MANAGEMENT

  total $13,698,754 · unrelated business $13,698,754

• 11b · Other revenue: ATHLETICS REVENUE

  total $5,840,060 · related or exempt $5,840,060

• 11c · Other revenue: OTHER MISCELLANEOUS INCOME

  total $4,712,704 · related or exempt $4,234,459 · unrelated business $478,245

• 11e · Other revenue, total

  $24,251,518

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $18,246 · program services $18,246

• 2 · Grants to domestic individuals

  total $94,751,827 · program services $94,751,827

• 3 · Grants to foreign organizations and individuals

  total $4,485,793 · program services $4,485,793

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $7,074,216 · program services $1,209,661 · management and general $5,864,555

• 6 · Compensation of disqualified persons

  total $447,897 · management and general $447,897

• 7 · Other salaries and wages

  total $167,660,987 · program services $129,341,729 · management and general $31,962,962 · fundraising $6,356,296

• 8 · Pension plan contributions

  total $12,087,740 · program services $9,341,438 · management and general $2,286,265 · fundraising $460,037

• 9 · Other employee benefits

  total $24,416,332 · program services $18,726,285 · management and general $4,798,478 · fundraising $891,569

• 10 · Payroll taxes

  total $11,831,000 · program services $8,934,831 · management and general $2,460,518 · fundraising $435,651

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $698,517 · program services $46,175 · management and general $652,342

• 11c · Fees: accounting

  total $1,289,682 · program services $648 · management and general $1,289,034

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $224,736 · fundraising $224,736

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $19,861,321 · program services $14,215,243 · management and general $4,213,760 · fundraising $1,432,318

• 12 · Advertising and promotion

  total $2,538,084 · program services $1,177,397 · management and general $224,842 · fundraising $1,135,845

• 13 · Office expenses

  total $12,301,021 · program services $9,932,453 · management and general $1,618,205 · fundraising $750,363

• 14 · Information technology

  total $3,564,326 · program services $2,944,613 · management and general $608,636 · fundraising $11,077

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $9,846,972 · program services $7,358,634 · management and general $1,098,462 · fundraising $1,389,876

• 17 · Travel

  total $9,790,550 · program services $8,598,141 · management and general $928,250 · fundraising $264,159

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $0

• 20 · Interest

  total $9,268,625 · program services $9,054,793 · management and general $213,832

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $35,181,357 · program services $33,312,460 · management and general $1,868,897

• 23 · Insurance

  total $2,550,315 · program services $1,310,582 · management and general $1,239,733

• 24a · Other expenses: LIBRARY BOOKS & MATERIALS

  total $6,296,593 · program services $6,290,784 · management and general $5,517 · fundraising $292

• 24b · Other expenses: EQUIP RENTAL & MAINTENANCE

  total $5,120,281 · program services $3,064,692 · management and general $2,053,978 · fundraising $1,611

• 24c · Other expenses: TAXES

  total $11,304,362 · program services $17,767 · management and general $11,286,595 · fundraising $0

• 24d · Other expenses: NONCAPITAL EQUIP./MATERIALS

  total $717,068 · program services $239,978 · management and general $475,800 · fundraising $1,290

• 24e · All other expenses

  total $6,284,977 · program services $4,088,333 · management and general $1,680,891 · fundraising $515,753

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $0 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $202,025,254 · end of year $121,562,359

• 3 · Pledges and grants receivable

  beginning of year $9,686,203 · end of year $5,634,680

• 4 · Accounts receivable

  beginning of year $9,020,594 · end of year $8,798,940

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $5,627,945 · end of year $2,804,975

• 8 · Inventories for sale or use

  beginning of year $978,817 · end of year $1,034,991

• 9 · Prepaid expenses and deferred charges

  beginning of year $11,262,738 · end of year $8,926,633

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

  $833,930,658

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

  $464,693,116

• 10c · Land, buildings and equipment, net

  beginning of year $366,623,571 · end of year $369,237,542

• 11 · Investments: publicly traded securities

  beginning of year $265,000,605 · end of year $113,829,144

• 12 · Investments: other securities

  beginning of year $2,744,053,589 · end of year $3,039,571,663

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $96,525,254 · end of year $34,296,998

• 17 · Accounts payable and accrued expenses

  beginning of year $40,621,609 · end of year $44,549,550

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $3,849,866 · end of year $3,825,140

• 20 · Tax-exempt bond liabilities

  beginning of year $162,780,718 · end of year $162,697,612

• 21 · Escrow or custodial account liability

  beginning of year $5,245,856 · end of year $5,309,866

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $95,000,000 · end of year $95,000,000

• 25 · Other liabilities

  beginning of year $47,514,766 · end of year $51,372,833

• 27 · Net assets without donor restrictions

  beginning of year $1,705,764,376 · end of year $1,692,738,319

• 28 · Net assets with donor restrictions

  beginning of year $1,650,027,379 · end of year $1,650,204,605

The filer's explanations (Part III)

PART I, LINE 1A:

FIRST-CLASS OR CHARTER TRAVEL - THE MEN'S BASKETBALL COACH OCCASIONALLY TRAVELS WITH HIS TEAM BY MEANS OF CHARTER TRAVEL FOR SCHEDULED COMPETITIONS. THE VALUE IS NOT TREATED AS TAXABLE COMPENSATION. THE PRESIDENT IS PERMITTED TO FLY FIRST-CLASS FOR TRIPS EXCEEDING THREE HOURS IN DURATION. TRAVEL FOR COMPANIONS - FIRST CLASS TRAVEL, UP TO A CONTRACTUALLY DEFINED LIMIT, IS PERMITTED UNDER THE PRESIDENT'S EMPLOYMENT CONTRACT. THE TRAVEL EXPENSE FOR THE PRESIDENT'S SPOUSE WAS NOT TREATED AS TAXABLE COMPENSATION IF TRAVEL WAS FOR UNIVERSITY BUSINESS PURPOSES. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE - THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS IN A UNIVERSITY-PROVIDED HOME AS A CONDITION OF EMPLOYMENT. THE VALUE OF THIS LODGING IS NOT REPORTED AS TAXABLE COMPENSATION. SOCIAL CLUB MEMBERSHIP - THE FORMER PRESIDENT HOLDS A MEMBERSHIP IN A SOCIAL CLUB FOR THE PURPOSE OF CARRYING OUT UNIVERSITY BUSINESS.

PART I, LINE 1B:

THE PROVISION OF NON-STANDARD BENEFITS IS DETERMINED BY THE PRESIDENT, FOR SENIOR LEADERS AND KEY EMPLOYEES, AND THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, FOR THE PRESIDENT. FACTORS CONSIDERED ARE WHETHER THE BENEFIT UNDER CONSIDERATION IS COMMONLY PROVIDED TO INDIVIDUALS IN SIMILAR POSITIONS AT SIMILAR ORGANIZATIONS; WHETHER THE BENEFIT IS NECESSARY FOR THE INDIVIDUAL TO SUCCESSFULLY FULFILL HIS OR HER JOB RESPONSIBILITIES; AND WHETHER, IN THE CONTEXT OF THE INDIVIDUAL'S OVERALL COMPENSATION, THE PROVISION OF THE NON-STANDARD BENEFIT IS REASONABLE.

PART I, LINE 4B:

CHRISTOPHER MOONEY DEFERRED $306,270 IN A SECTION 457(F) PLAN DURING 2022. HE ALSO RECEIVED A PAYOUT OF $341,869 WHICH WAS REPORTED IN PRIOR 990S. KEVIN HALLOCK DEFERRED $251,320 IN A SECTION 457(F) PLAN DURING 2022. RUSSELL HUESMAN DEFERRED $50,000 IN A SECTION 457(F) PLAN DURING 2022. HE ALSO RECEIVED A PAYOUT OF $253,809 WHICH WAS RELATED TO PRIOR YEARS BUT NOT REPORTED IN PRIOR 990S DUE TO RUSSELL NOT NEEDING TO BE REPORTED ON SCHEDULE J. WILLIAM MCLEAN DEFERRED $1,009,210 IN A SECTION 457(F) PLAN DURING 2022.

PART I, LINE 5B:

PART I, LINE 7:

KEVIN HALLOCK, DAVID HALE, JEFFREY LEGRO, ANN LLOYD BREEDEN, KEITH MCINTOSH, WILLIAM MCLEAN, STEVEN HENDERSON, KAREN WELCH AND KEVIN STOUDT RECEIVED NON-FIXED PAYMENTS RELATED TO RECOGNITION AND/OR PERFORMANCE.

Disregarded entities

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

• RICHMOND QUADRANGLE LLC

  PROPERTY MGMT · VA · income $0 · assets $0

  Directly controlled by UR

• SPIDER MANAGEMENT COMPANY LLC

  INVEST MGMT · VA · income $18,943,262 · assets $4,198,284

  Directly controlled by UR

• RICHMOND FUND MANAGEMENT COMPANY LLC

  INVEST MGMT · VA · income $13,698,754 · assets $0

  Directly controlled by SMC

• SPIDER BUYOUT - GP LLC

  INVEST MGMT · VA · income $0 · assets $0

  Directly controlled by SMC

• SPIDER INVENTIONS LLC

  EDUCATION · VA · income -$26,964 · assets $290

  Directly controlled by UR

• SPIDER INVENTIONS 2021-2022 LLC

  EDUCATION · VA · income -$2,794 · assets $50

  Directly controlled by SPDR INV LLC

• SPIDER INVENTIONS 2022-2023 LLC

  EDUCATION · VA · income -$24,215 · assets $290

  Directly controlled by SPDR INV LLC

Related partnerships

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

• PROP HOLDINGS LLC

  EXCLUDED · REAL ESTATE I · VA · 99% owned · share of income $730,624 · share of assets $14,183,085

  Directly controlled by UR

• PROP HLDNGS III LLC

  EXCLUDED · REAL ESTATE I · VA · 65.22% owned · share of income $7 · share of assets $474,844

  Directly controlled by UR

• ROR PARTNERSHIP

  EXCLUDED · INVEST MGMT · VA · 53.62% owned · share of income $214,692,737 · share of assets $2,799,405,499 · general or managing partner

  Directly controlled by UR

• RICHMOND FUND LP

  EXCLUDED · INVEST MGMT · VA · 4.117% owned · share of income $13,756,079 · share of assets -$266,275 · general or managing partner

  Directly controlled by RFMC

• SPIDER BUYOUT HOLDINGS LP

  EXCLUDED · INVEST MGMT · DE · share of income $2,897,347 · share of assets $33,877,613 · general or managing partner

  Directly controlled by SPIDER BUYOUT H

• PROPERTY HOLDINGS V LLC

  EXCLUDED · REAL ESTATE I · VA · 62.72% owned · share of income $1,345,570 · share of assets $8,923,728

  Directly controlled by UR

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUSTS (9)

  CRT · VA

  Directly controlled by NA

• CHARITABLE LEADT TRUSTS (2)

  CLT · VA

  Directly controlled by NA