Virginia Tech Foundation Virginia Tech Philanthropy
Annual Reports 2016-17
Virginia Tech Foundation Virginia Tech Philanthropy
Annual Reports 2016-17 2 Virginia Tech Foundation officers and administration and Board of Directors 3 A year like no other | A message from Sandra C. Davis, chair of the Virginia Tech Foundation Board of Directors 4 Foundation financial highlights 10 Endowment highlights 12 Advancement financial highlights 16 Accomplishments and initiatives
Virginia Tech does not discriminate against employees, students, or applicants on the basis of age, color, disability, gender, gender identity, gender expression, national origin, political affiliation, race, religion, sexual orientation, genetic information, or veteran status; or otherwise discriminate against employees or applicants who inquire about, discuss, or disclose their compensation or the compensation of other employees, or applicants; or any other basis protected by law. For inquiries regarding non-discrimination policies, contact the Office for Equity and Accessibility at 540-231-2010 or Virginia Tech, North End Center, Suite 2300 (0318), 300 Turner St. NW, Blacksburg, VA 24061.
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OFFICERS
ADMINISTRATION
BOARD OF DIRECTORS
Sandra C. Davis Chair of the Board
John E. Dooley CEO and Secretary-Treasurer 540-231-2265 | jdooley@vt.edu
Nancy H. Agee Mary N. Blackwood David L. Calhoun James L. Chapman IV George B. Clarke IV Sandra C. Davis Dennis A. Duncan John C. Fernando Theodore S. “Ted” Hanson Leonard P. “Leo” Harris Jeffrey C. Hartman Amy B. Hayes Greg J. Herrema Deborah A. Koller John R. Lawson II John C. Lee IV
John E. Dooley Chief Executive Officer and Secretary-Treasurer Charles D. Phlegar Executive Vice President M. Dwight Shelton Jr. Executive Vice President
Terri T. Mitchell Associate Vice President for Administration and Controller 540-231-0420 | terricpa@vt.edu Kevin G. Sullivan Associate Vice President for Administration and General Counsel 540-231-2875 | kevin.sullivan@vt.edu John J. Cusimano Associate Vice President for Finance 540-231-7094 | cusi@vt.edu
Ryan D. Lewellyn Nancy R. Little Darrell D. Martin Priscilla McCall Robert D. Moser Jr. James A. “J.” Pearson Brandon D. Perry A. Carole Pratt John B. Rowsell Winston A. Samuels Timothy D. Sands James R. Smith Fay H. Street John A. “Alex” Urquhart Jr. William Hanson West Jr.
ADVANCEMENT DIVISION SENIOR LEADERSHIP TEAM Charles D. Phlegar Vice President for Advancement 540-231-7676 | cphlegar@vt.edu
Rhonda K. Arsenault Associate Vice President for Advancement Services 540-231-2833 | rarsenau@vt.edu
Angela L. Hayes Chief of Staff 540-231-7676 | anhayes1@vt.edu
Michael M. Moyer Associate Vice President of Development for Colleges 540-231-5479 | mike.moyer@vt.edu
Tracy Vosburgh Senior Associate Vice President for University Relations 540-231-5396 | tracyv@vt.edu
Monecia H. Taylor Associate Vice President for Principal Gifts 540-231-2809 | monecia@vt.edu
Matthew M. Winston Jr. Senior Associate Vice President for Alumni Relations 540-231-6285 | mmwvt@vt.edu
John W. Torget Assistant Vice President for Leadership Gifts and Annual Giving 540-231-2966 | jtorget@vt.edu
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A year like no other A message from Sandra C. Davis, chair of the Virginia Tech Foundation Board of Directors
Sandra C. Davis and John E. Dooley walking in the Street and Davis Performance Hall portion of the Moss Arts Center.
Thanks to the continuing generous support of the many alumni and friends of Virginia Tech, the fiscal year ending June 30, 2017, was a tremendous one for the Virginia Tech Foundation. These are very exciting days at the university and foundation, and we are grateful that you are a partner in our accomplishments. To help advance the university’s global leadership role in self-driving vehicular research, the foundation in July 2016 bought 603 acres for the development of a rural testbed for autonomous vehicles. Just hours before the fiscal year ended, our university received its largest scholarship gift ever. Both events were extraordinary, yet entirely fitting bookends to what was an unprecedented 12 months at Virginia Tech. The Virginia Tech Foundation and the university’s Division of Advancement work closely together to enhance the impact of our institution throughout the state, nation, and world. We do this by raising private support. We do this through successful investing and by seizing upon opportunities to help Virginia Tech achieve essential, strategic aims. Building on our strong position in autonomous-vehicle research is one such aim. We are better equipped to accomplish it having bought so much land adjacent to the Virginia Tech Transportation Institute.
Fundraising is another critical priority — not for its own sake, but because of all that it makes possible. Donations empower our researchers. They allow us to build and renovate our facilities. They keep Virginia Tech accessible to high-achieving students from all communities. In the pages that follow, you will learn about an outstanding year that saw new gifts and commitments surge by 62 percent, to a record $162.3 million, and the value of our endowment grow by 18 percent, to $995.8 million. Along with summarizing our foundation and fundraising performance, we highlight many new initiatives that are fueled by philanthropy or facilitated by the foundation. These include the Clark Scholars Program, made possible by a $15 million endowment commitment. All of the accomplishments detailed in this report are a testament to the generosity of thousands of Virginia Tech’s supporters. Without you, we would not be the university we are today. I hope you enjoy learning more about the past fiscal year, and that you will stay engaged with Virginia Tech in the years ahead. Thank you for playing an important role in the life of our university. givingto.vt.edu
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Foundation financial highlights The Virginia Tech Foundation’s financial reporting follows U.S. Generally Accepted Accounting Principles (GAAP).
Foundation assets in millions 1800
Foundation contributions in millions $1,723.9
150
$145.1
140
1700
130 1600 $1,507.8 1500
$1,510.6
120 110
$1,488.8
1300 1200
$98.5
100
1400
90
$1,302.6
80 13
14
20
20
15
16
20
20
17
20
70
$77.0 13
20
$93.2
$81.1
14
20
15
20
16
20
Foundation expenditures in millions
Value of endowment in millions
190
1000
900
170
$817.8 $796.4
800
$155.9
150
$843.0
$164.3
$166.5
160
700
$143.3
$660.3
600
130 120
$995.8
$184.9
180
140
17
20
13
20
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20
15
20
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16
20
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17
20
500
13
20
14
20
15
20
16
20
17
20
Revenue, gains, and other support Contributions . . . . . . . . . . . . $145,089,851. . . . . . . . . 45.6% Investment income. . . . . . . . . . $14,018,134. . . . . . . . . . 4.4% Net gains on investments. . . . $81,086,341. . . . . . . . . 25.5% Rental income. . . . . . . . . . . . . $37,430,397. . . . . . . . . 11.8% Hotel Roanoke revenue . . . . . $22,048,958. . . . . . . . . . 6.9% Other income . . . . . . . . . . . . . $15,561,588. . . . . . . . . . 4.9% Change in fair value of interest rate swaps. . . . . . . . . $1,510,119. . . . . . . . . . 0.5%
Golf course revenue. . . . . . . . .
$1,545,662. . . . . . . . . . 0.4%
TOTAL . . . . . . . . . . . . . . $318,291,050. . . . . . . . 100%
Endowment at market value College or university program
Total
Scholarships Professorships
Other
Agriculture and Life Sciences . . . . . . . . . $42,890,574 . . . . . . $18,852,478 . . . . . . . $10,724,743 . . . . . . . . $13,313,353 Architecture and Urban Studies . . . . . . . $22,650,365 . . . . . . . $5,801,217 . . . . . . . . $6,658,649 . . . . . . . . $10,190,499 Science . . . . . . . . . . . . . . . . . . . . . . . . . . $35,265,623 . . . . . . $12,587,098 . . . . . . . $18,825,510 . . . . . . . . . $3,853,015 Business (Pamplin) . . . . . . . . . . . . . . . . $105,325,346 . . . . . . $35,712,271 . . . . . . . $32,781,530 . . . . . . . . $36,831,545 Engineering. . . . . . . . . . . . . . . . . . . . . . $161,344,361 . . . . . . $70,431,977 . . . . . . . $49,926,710 . . . . . . . . $40,985,674 Natural Resources and Environment. . . . $17,358,964 . . . . . . . $4,842,161 . . . . . . . . $5,176,625 . . . . . . . . . $7,340,178 Liberal Arts and Human Sciences. . . . . . $20,638,521 . . . . . . . $9,917,265 . . . . . . . . $3,994,069 . . . . . . . . . $6,727,187 Veterinary Medicine. . . . . . . . . . . . . . . . . $32,319,925 . . . . . . $15,056,029 . . . . . . . . $7,811,072 . . . . . . . . . $9,452,824 Athletics. . . . . . . . . . . . . . . . . . . . . . . . . . $64,884,547 . . . . . . $64,184,192 . . . . . . . . . . . . . . . . . . . . . . . . . . . .$700,355 Extension. . . . . . . . . . . . . . . . . . . . . . . . . $10,707,330 . . . . . . . . $590,581 . . . . . . . . . . . . . . . . . . . . . . . . . $10,116,749 General . . . . . . . . . . . . . . . . . . . . . . . . . $227,341,557 . . . . . . $91,827,002 . . . . . . . . $3,425,184 . . . . . . . $132,089,371 Agency . . . . . . . . . . . . . . . . . . . . . . . . . $153,969,586 . . . . . . . . $149,906 . . . . . . . . . . . . . . . . . . . . . . . . $153,819,680 Pratt/Animal Nutrition . . . . . . . . . . . . . . . $22,896,091 . . . . . . $16,485,186 . . . . . . . . . . . . . . . . . . . . . . . . . . $6,410,905 Pratt/Engineering. . . . . . . . . . . . . . . . . . . $23,592,519 . . . . . . $20,572,677 . . . . . . . . . . . . . . . . . . . . . . . . . . $3,019,842 Quasi-endowment. . . . . . . . . . . . . . . . . . $11,179,450 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,179,450 VTCCA. . . . . . . . . . . . . . . . . . . . . . . . . . . $43,442,689 . . . . . . $36,740,517 . . . . . . . . . . . . . . . . . . . . . . . . . .$6,702, 172 TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . $995,807,448 . . . . . $403,750,557 . . . . . . $139,324,092 . . . . . . . $452,732,799
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Foundation financial highlights Expenditures by college or university program Unit
Total
Student financial aid
Program support
College/university program Agriculture and Life Sciences . . . . . . . . . $4,671,742 . . . . . . . . . $960,590. . . . . . . . . . . . $3,711,152 Architecture and Urban Studies . . . . . . . $1,542,412 . . . . . . . . . $327,913. . . . . . . . . . . . $1,214,499 Science. . . . . . . . . . . . . . . . . . . . . . . . . . $2,598,306 . . . . . . . . . $637,354. . . . . . . . . . . . $1,960,952 Business (Pamplin) . . . . . . . . . . . . . . . . . $4,932,176 . . . . . . . . $1,868,722. . . . . . . . . . . . $3,063,454 Engineering. . . . . . . . . . . . . . . . . . . . . . $19,844,313 . . . . . . . . $4,242,095. . . . . . . . . . . $15,602,218 Natural Resources and Environment. . . . $5,836,148 . . . . . . . . . $442,528. . . . . . . . . . . . $5,393,620 Liberal Arts and Human Sciences. . . . . . $2,017,439 . . . . . . . . . $556,044. . . . . . . . . . . . $1,461,395 Veterinary Medicine. . . . . . . . . . . . . . . . . $3,049,441 . . . . . . . . . $654,532. . . . . . . . . . . . $2,394,909 Athletics. . . . . . . . . . . . . . . . . . . . . . . . . $21,304,212 . . . . . . . . $9,315,536. . . . . . . . . . . $11,988,676 Extension. . . . . . . . . . . . . . . . . . . . . . . . . . $844,546 . . . . . . . . . . $17,344. . . . . . . . . . . . . $827,202 Military Affairs. . . . . . . . . . . . . . . . . . . . . $3,514,103 . . . . . . . . $1,340,358. . . . . . . . . . . . $2,173,745 General scholarship. . . . . . . . . . . . . . . . . $3,763,080 . . . . . . . . $3,763,080. . . . . . . . . . . . . . . . . . . . . Development. . . . . . . . . . . . . . . . . . . . . $10,474,289 . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,474,289 Alumni. . . . . . . . . . . . . . . . . . . . . . . . . . . $1,674,629 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,674,629 Outreach. . . . . . . . . . . . . . . . . . . . . . . . . . $515,965 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $515,965 Research. . . . . . . . . . . . . . . . . . . . . . . . $10,658,850 . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,658,850 Student Affairs. . . . . . . . . . . . . . . . . . . . . . $950,313 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $950,313 4-H centers. . . . . . . . . . . . . . . . . . . . . . . . $858,146 . . . . . . . . . . $59,675. . . . . . . . . . . . . $798,471 Steger Center . . . . . . . . . . . . . . . . . . . . . . $831,004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $831,004 WVTF/RADIO IQ Public Radio. . . . . . . . . $3,376,572 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,376,572
Foundation operations/general VTREF/Hotel Roanoke. . . . . . . . . . . . . $30,011,975 . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,011,975 Corporate Research Center . . . . . . . . . . $4,741,607 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,741,607 River Course . . . . . . . . . . . . . . . . . . . . . . $2,635,407 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,635,407 Real estate. . . . . . . . . . . . . . . . . . . . . . . . $5,442,761 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,442,761 Administrative. . . . . . . . . . . . . . . . . . . . . $5,755,116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,755,116 Other. . . . . . . . . . . . . . . . . . . . . . . . . . . $12,465,375 . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,465,375 TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . $164,309,927 . . . . . . . $24,185,771. . . . . . . . . . $140,124,156
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Designation of contributions College/university program/other
Contributions
Allocation
Agriculture and Life Sciences . . . . . $4,675,958 3.2% Architecture and Urban Studies . . . $3,382,129 2.3% Science . . . . . . . . . . . . . . . . . . . . . . $7,883,288 5.4% Business (Pamplin) . . . . . . . . . . . . $10,185,949 7.0% Engineering. . . . . . . . . . . . . . . . . . $18,267,502
12.6%
Natural Resources and Environment $4,709,533
3.2%
Liberal Arts and Human Sciences. . $1,847,565 1.3% Veterinary Medicine. . . . . . . . . . . . . $1,736,128 1.2% Athletics. . . . . . . . . . . . . . . . . . . . . $29,739,692 20.4% Extension. . . . . . . . . . . . . . . . . . . . . . . $670,289 0.5% Academic Affairs. . . . . . . . . . . . . . . $6,457,280 4.5% Information systems . . . . . . . . . . . . . . $358,869 0.2% International programs . . . . . . . . . . . . $227,371 0.2% Research and graduate studies . . . $1,596,982 1.1% Student Affairs. . . . . . . . . . . . . . . . . $2,129,479 1.5% Corps of Cadets . . . . . . . . . . . . . . . $4,071,925 2.8% WVTF/RADIO IQ Public Radio. . . . . $3,124,654 2.2% 4-H centers. . . . . . . . . . . . . . . . . . . . . $452,340 0.3% Future designations. . . . . . . . . . . . . $1,714,744 1.2% Pledges receivable . . . . . . . . . . . . $26,929,610 18.6% Other. . . . . . . . . . . . . . . . . . . . . . . $14,928,567 10.3% TOTAL . . . . . . . . . . . . . . . . . . . . . $145,089,851 100%
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Foundation financial highlights Expenditure by function Millions
%
Support to university programs . . $67.7. . . . . . 41.1% Student financial assistance. . . . . $24.2. . . . . . 14.7% University capital outlay . . . . . . . . $12.6. . . . . . . 7.7% Fundraising . . . . . . . . . . . . . . . . . . $10.5. . . . . . . 6.4% Corporate Research Center . . . . . $15.1. . . . . . . 9.2% Hotel Roanoke. . . . . . . . . . . . . . . . $20.8. . . . . . 12.7% Management and general. . . . . . . $10.8. . . . . . . 6.6% River Course . . . . . . . . . . . . . . . . . . $2.6. . . . . . . 1.6% TOTAL . . . . . . . . . . . . . . . . . . . . . $164.3. . . . . . . 100%
Endowment purpose
$
Scholarships . . . Professorships. . Other . . . . . . . . .
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%
# of funds
$403,750,557. . . . . 40.5%. . . 2,574 $139,324,092. . . . . 14.0%. . . . . 224 $452,732,799. . . . . 45.5%. . . . . 752
TOTAL . . . . . . . . $995,807,448. . . . . 100%. . . 3,550
2016-17 Annual Report
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Endowment value per student Fiscal year
Endowment market value # of students
$ per student
1990. . . . . . . . . . . . $120,170,954. . . . . . . . . . . 23,320. . . . . . . . . . $5,153 1991. . . . . . . . . . . . $131,195,712. . . . . . . . . . . 23,937. . . . . . . . . . $5,481 1992. . . . . . . . . . . . $147,933,178. . . . . . . . . . . 24,548. . . . . . . . . . $6,026 1993. . . . . . . . . . . . $168,058,641. . . . . . . . . . . 24,337. . . . . . . . . . $6,905 1994. . . . . . . . . . . . $169,304,165. . . . . . . . . . . 24,504. . . . . . . . . . $6,909 1995. . . . . . . . . . . . $205,138,585. . . . . . . . . . . 24,405. . . . . . . . . . $8,406 1996. . . . . . . . . . . . $244,537,663. . . . . . . . . . . 24,123. . . . . . . . . $10,137 1997. . . . . . . . . . . . $285,704,195. . . . . . . . . . . 24,952. . . . . . . . . $11,450 1998. . . . . . . . . . . . $331,013,180. . . . . . . . . . . 25,977. . . . . . . . . $12,743 1999. . . . . . . . . . . . $340,243,732. . . . . . . . . . . 26,343. . . . . . . . . $12,916 2000. . . . . . . . . . . . $368,196,579. . . . . . . . . . . 26,558. . . . . . . . . $13,864 2001. . . . . . . . . . . . $359,527,534. . . . . . . . . . . 26,199. . . . . . . . . $13,723 2002. . . . . . . . . . . . $328,679,928. . . . . . . . . . . 26,561. . . . . . . . . $12,375 2003. . . . . . . . . . . . $331,311,105. . . . . . . . . . . 26,456. . . . . . . . . $12,523 2004. . . . . . . . . . . . $370,811,010. . . . . . . . . . . 26,558. . . . . . . . . $13,962 2005. . . . . . . . . . . . $408,810,308. . . . . . . . . . . 26,686. . . . . . . . . $15,319 2006. . . . . . . . . . . . $447,404,748. . . . . . . . . . . 27,202. . . . . . . . . $16,447 2007. . . . . . . . . . . . $524,731,181. . . . . . . . . . . 27,658. . . . . . . . . $18,972 2008. . . . . . . . . . . . $527,629,109. . . . . . . . . . . 28,966. . . . . . . . . $18,216 2009. . . . . . . . . . . . $451,744,223. . . . . . . . . . . 29,858. . . . . . . . . $15,130 2010. . . . . . . . . . . . $502,379,593. . . . . . . . . . . 30,181. . . . . . . . . $16,646 2011. . . . . . . . . . . . $600,647,830. . . . . . . . . . . 30,616. . . . . . . . . $19,619 2012. . . . . . . . . . . . $594,776,245. . . . . . . . . . . 30,445. . . . . . . . . $19,536 2013. . . . . . . . . . . . $660,340,421. . . . . . . . . . . 30,807. . . . . . . . . $21,435 2014. . . . . . . . . . . . $796,436,874. . . . . . . . . . . 30,850. . . . . . . . . $25,816 2015. . . . . . . . . . . . $817,759,471. . . . . . . . . . . 30,975. . . . . . . . . $26,401 2016. . . . . . . . . . . . $842,991,159. . . . . . . . . . . 32,296. . . . . . . . . $26,102 2017. . . . . . . . . . . . $995,807,448. . . . . . . . . . . 32,837. . . . . . . . . $30,326
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Endowment highlights As of June 30, 2017, the market value of all endowments held by the Virginia Tech Foundation Inc. totaled $995.8 million. Of that total, $946.5 million is invested in the foundation’s pooled consolidated endowment fund, while $49.3 million is held separately in notes, deeds of trust, gift annuities, contributions receivable, real estate partnerships, and other miscellaneous endowed assets. The June 30 allocation exposures of the foundation’s pooled endowment fund consisted of 53.0 percent global equities, 8.4 percent real assets, 14.8 percent credit, 0.1 percent government bonds, and 23.7 percent cash and cash equivalents. The fund achieved a total return of 13.3 percent for the year ending June 30 and an annualized return of 10.2 percent over the trailing five-year period. The overriding principle of the foundation’s endowment program is that funds should be managed so that a gift today will fund a donor’s objective in perpetuity. For example, if a benefactor endows a scholarship, the money is managed with the goal of maintaining the real value of the endowment over time to keep pace with inflation. Each gift entering the consolidated endowment fund purchases units analogous to shares in a mutual fund, and a program support payout-per-unit, or dividend, is paid quarterly. In an effort to maintain the endowment’s purchasing power, the payout rate for program support is adjusted annually to reflect the change in the Consumer Price Index over the preceding calendar year. A 12-quarter average of endowment values was used to smooth out the unit values when determining if program spending fell within the fiscal year 2016-2017 approved range of 3.04.5 percent. Without this moving average, funding might dramatically rise in one year, then fall drastically the next, leaving the beneficiaries of the endowments vulnerable to the volatility of the capital markets. Policy on endowment management is made by the foundation’s investment committee, whose main focus is the asset allocation of the fund and the endowment’s spending policy. Virginia Tech Foundation staff lead asset allocation decisions, the selection and retention of investment managers, and performance monitoring. Consultants are retained for operational diligence. To completely diversify its portfolio, management of the fund is allocated across more than 60 management firms, offering a wide variety of asset classes and investment styles.
Consolidated endowment performance 15
Foundation endowment
13.3%
12
Benchmark*
11.1% 10.2%
9
8.2% 6.0%
5.8% 4.5%
6
4.2%
3 0
1 year
3 year
5 year
10 year
* The policy benchmark reflects the geometrically linked monthly blended reurn of 60% MSCI ACWI, 10% FTSE EPRA/NAREIT Global Real Estate, and 30% BC Global Agg.
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Advancement financial highlights The Virginia Tech Advancement Division uses two separate methods of reporting philanthropy: the yearly new gifts and commitments total and the yearly fundraising cash total.
4
Uses of new gifts and commitments
3
1 Current operations. . . . . . . $99,517,708. . . . . . . . . 61.33% 2 Endowment. . . . . . . . . . . . $32,235,180. . . . . . . . . 19.86%
3 Capital facilities . . . . . . . . $25,815,096. . . . . . . . . 15.91%
4 Private grants. . . . . . . . . . . $4,710,496. . . . . . . . . 2.90% TOTAL . . . . . . . . . . . . . . . $162,278,480. . . . . . . . . . 100%
2 1
Sources of new gifts and commitments
7 6
1 Alumni. . . . . . . . . . . . . . . . . $72,712,219. . . . . . . . . 44.81%
1
Alumni. . . . . . . . . . . . . . . . . . $72,698,813. . . . . . . . . 44.80% Students. . . . . . . . . . . . . . . . . . . $13,406. . . . . . . . . . 0.01%
2 Parents . . . . . . . . . . . . . . . . . $3,918,188. . . . . . . . . . 2.41% 3 Friends. . . . . . . . . . . . . . . . $32,276,441. . . . . . . . . 19.89%
5
4 Faculty/staff . . . . . . . . . . . . . $2,401,169. . . . . . . . . . 1.48%
4
Active. . . . . . . . . . . . . . . . . . . $1,973,168. . . . . . . . . . 1.22%
Direct gifts and grants. . . . . . $14,401,489. . . . . . . . . . 8.88%
Retired . . . . . . . . . . . . . . . . . . . $428,001. . . . . . . . . . 0.26%
5 Corporations. . . . . . . . . . . . $19,417,681. . . . . . . . . 11.97%
3
2
Matching gifts. . . . . . . . . . . . . $2,325,473. . . . . . . . . . 1.43% Private grants. . . . . . . . . . . . . $2,690,719. . . . . . . . . . 1.66%
6 Foundations . . . . . . . . . . . $26,826,039. . . . . . . . . 16.53%
Figures represent the total amount of new pledges and outright gifts recorded within the fiscal year.
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Direct gifts and grants. . . . . . $24,606,690. . . . . . . . . 15.17%
Donor advised . . . . . . . . . . . . $2,467,237. . . . . . . . . . 1.52%
Personal/family foundations . . . $199,572. . . . . . . . . . 0.12% Private grants. . . . . . . . . . . . . $2,019,777. . . . . . . . . . 1.24%
7 Other organizations. . . . . . . $4,726,743. . . . . . . . . . 2.91%
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Organizations. . . . . . . . . . . . . $2,259,506. . . . . . . . . . 1.39% TOTAL . . . . . . . . . . . . . . . $162,278,480. . . . . . . . . . 100%
2 3 1
24 23 22 20 19 18
4
25
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Designations of new gifts and commitments
5 16 15 14
13
11 10 9
6 8
7
College of Agriculture and Life Sciences. . . . . . . . . . . . . . $15,688,058. . . 9.67% 2 College of Architecture and Urban Studies. . . . . . . . . . . . $22,571,876. . . 13.91% 3 Pamplin College of Business. . . . . . . . . . . . . . . . . . . . . . . . . $6,297,369. . . 3.88% 4 College of Engineering. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $43,566,966. . 26.85% 5 College of Liberal Arts and Human Sciences. . . . . . . . . . . . $2,699,300. . . 1.66% 6 College of Natural Resources and Environment . . . . . . . . . $5,644,838. . . 3.48% 7 College of Science. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,485,218. . . . 7.08% 8 College of Veterinary Medicine. . . . . . . . . . . . . . . . . . . . . . . $4,954,151. . . 3.05% 9 Administrative/other*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,638,597. . . 2.25% 10 Center for the Arts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $372,643. . . 0.23% 11 Corps of Cadets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,069,591. . . 1.89% 12 Diversity and Inclusion** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $71,316. . . 0.04% 13 Financial Aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,249,116. . . 2.00% 14 Graduate School. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $629,849. . . 0.39% 1
15 Hokie Family Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $207,967. . . . 0.13% 16 Honors College. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $273,430. . . . 0.17%
17 Intercollegiate Athletics. . . . . . . . . . . . . . . . . . . . . . . . . . . . $28,177,689. . . 17.36% 18 Student Affairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,152,922. . . 1.33% 19 University Libraries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,433,793. . . 0.88% 20 University unrestricted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,434,002. . . 0.88%
21 Virginia Tech Biocomplexity Institute**. . . . . . . . . . . . . . . . . . $133,903. . . 0.08% 22 Virginia Tech Carilion Research Institute. . . . . . . . . . . . . . . . $567,652. . . 0.35%
* Administrative/other listing includes cumulative projects and designations such as alumni programs, independent centers, information technology, Reynolds Homestead, and gifts to be designated. ** Amounts 0.10% and smaller are not shown in the chart. Figures represent the total amount of new pledges and outright gifts recorded within the fiscal year.
23 Virginia Tech Carilion School of Medicine . . . . . . . . . . . . . . . $553,976. . . 0.34%
24 W.E. Skelton 4-H Educational Conference. . . . . . . . . . . . . . . $469,748. . . 0.29%
Center at Smith Mountain Lake
25 WVTF/RADIO IQ Public Radio. . . . . . . . . . . . . . . . . . . . . . . . $2,934,510. . . . 1.81%
TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $162,278,480. . . . 100% givingto.vt.edu
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Advancement financial highlights
4
Uses of fundraising cash
3
1 Current operations. . . $68,634,119. . . . 54.89% 2 Endowment. . . . . . . . . $32,711,035. . . . . 26.17%
3 Capital facilities . . . . . $18,959,385. . . . . 15.17%
4 Private grants. . . . . . . . $4,710,496. . . . . 3.77% TOTAL . . . . . . . . . . . . $125,015,035. . . . . . 100%
1
2
Sources of fundraising cash 1 Alumni. . . . . . . . . . . . . . . . $56,148,058. . . . . . . . . 44.91%
7
6
4 3
2
Figures represent the total amount of gifts received for the fiscal year.
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Students. . . . . . . . . . . . . . . . . . . $13,156. . . . . . . . . . 0.01%
2 Parents . . . . . . . . . . . . . . . . $5,396,071. . . . . . . . . . 4.32% 3 Friends. . . . . . . . . . . . . . . . $20,058,692. . . . . . . . . 16.05% 4 Faculty/staff . . . . . . . . . . . . $3,663,386. . . . . . . . . . 2.93% Active. . . . . . . . . . . . . . . . . . . $1,003,203. . . . . . . . . . 0.80% Retired . . . . . . . . . . . . . . . . . . $2,660,183. . . . . . . . . . 2.13% 5 Corporations. . . . . . . . . . . . $21,017,852. . . . . . . . . 16.81% Direct gifts and grants. . . . . . $16,001,660. . . . . . . . . 12.80% Matching gifts. . . . . . . . . . . . . $2,325,473. . . . . . . . . . 1.86% Private grants. . . . . . . . . . . . . $2,690,719. . . . . . . . . . 2.15% 6 Foundations . . . . . . . . . . . . . $7,524,644. . . . . . . . . . 6.02% Direct gifts and grants. . . . . . $5,265,295. . . . . . . . . . 4.21% Personal/family foundations . . . $239,572. . . . . . . . . . 0.19% Private grants. . . . . . . . . . . . . $2,019,777. . . . . . . . . . 1.62% 7 Other organizations. . . . . $11,206,332. . . . . . . . . 8.96% Donor advised . . . . . . . . . . . . $2,467,237. . . . . . . . . . 1.97% Organizations. . . . . . . . . . . . . $8,739,095. . . . . . . . . . 6.99%
1
5
Alumni. . . . . . . . . . . . . . . . . . $56,134,902. . . . . . . . . 44.90%
TOTAL . . . . . . . . . . . . . . . . $125,015,035. . . . . . . . . . 100%
3 2 4
1
24 23 22 21 20
25
19 5
18
6
7 17 8
Designations of fundraising cash
16 15 14 13
College of Agriculture and Life Sciences. . . . . . . . . . . . . . . $6,598,052. . . 5.28% 2 College of Architecture and Urban Studies. . . . . . . . . . . . . $3,609,075. . . 2.89% 3 Pamplin College of Business. . . . . . . . . . . . . . . . . . . . . . . . $11,657,695. . . 9.33% 4 College of Engineering. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $23,082,552. . 18.46% 5 College of Liberal Arts and Human Sciences. . . . . . . . . . . . $2,207,812. . . 1.77% 6 College of Natural Resources and Environment . . . . . . . . . $5,340,462. . . 4.27% 7 College of Science. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,022,257. . 10.42% 8 College of Veterinary Medicine. . . . . . . . . . . . . . . . . . . . . . . $2,321,980. . . 1.86% 9 Administrative/other*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,617,080. . . 2.87% 10 Center for the Arts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,584,686. . . 2.07% 11 Corps of Cadets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,630,220. . . 3.70% 12 Diversity and Inclusion** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $40,779. . . 0.03% 13 Financial Aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,191,305. . . 2.55% 14 Graduate School. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $536,870. . . 0.43% 15 Hokie Family Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $181,602. . . . 0.15% 16 Honors College. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $406,120. . . 0.32%
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10
9
1
17 Intercollegiate Athletics. . . . . . . . . . . . . . . . . . . . . . . . . . . . $31,802,942. . 25.44%
18 Student Affairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,383,030. . . . 1.91%
* Administrative/other listing includes cumulative projects and designations such as alumni programs, independent centers, information technology, Reynolds Homestead, and gifts to be designated.
19 University Libraries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,389,395. . . . 1.11%
** Amounts 0.10% and smaller are not shown in the chart.
21 Virginia Tech Biocomplexity Institute. . . . . . . . . . . . . . . . . . . $132,899. . . . 0.11%
Figures represent the total amount of gifts received for the fiscal year.
20 University unrestricted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,774,451. . . 1.42% 22 Virginia Tech Carilion Research Institute. . . . . . . . . . . . . . . . $592,319. . . 0.47% 23 Virginia Tech Carilion School of Medicine . . . . . . . . . . . . . . . $619,518. . . 0.50%
24 W.E. Skelton 4-H Educational Conference. . . . . . . . . . . . . . . $357,376. . . 0.29%
Center at Smith Mountain Lake
25 WVTF/RADIO IQ Public Radio. . . . . . . . . . . . . . . . . . . . . . . . $2,934,558. . . 2.35%
TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $125,015,035. . . . 100% givingto.vt.edu
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Accomplishments and initiatives Record-setting philanthropy and high-impact projects to enhance Virginia Tech’s ability to educate students, address problems, and serve communities characterized the fiscal year that ran from July 1, 2016, through June 30, 2017.
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Accomplishments and initiatives
Unprecedented generosity Tens of thousands of generous donors combined to make $162.3 million in new gifts and commitments to Virginia Tech this past fiscal year — a 62 percent surge in giving compared to the previous year and more than double what was raised just two years earlier. The university also reports cash received each year, which was $125.0 million in fiscal 2017, up 23 percent from what had been a record total of $101.5 million in fiscal 2016. Nearly 35,000 donors made gifts in fiscal 2017, including individuals, corporations, and foundations. Numerous colleges and programs saw double-digit percentage increases in gift income, and the same was the case for new gifts and commitments. In several instances, giving more than doubled. Donations to the Virginia Tech Annual Fund, which supports both academics and athletics, increased by 49 percent to $22.5 million. Alumni giving increased by more than 1,800 donors. The alumni giving participation rate, which affects rankings as well as revenue, was 12 percent. Increasing the rate to 22 percent by the year 2022 is one of the university’s major priorities over the next five years.
Virginia Tech’s War Memorial Pylons
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Virginia Tech and Carilion launch $15 million innovation fund Virginia Tech and Carilion Clinic’s growing partnership includes more than the school of medicine and research institute in Roanoke. In February, these major anchors of the Southwest Virginia economy announced a $15 million venture fund.
James Ramey speaking at Virginia Bio’s THRiVE 2017 event.
“The VTC Innovation Fund’s primary purpose is to generate strong returns through highly selective investments in promising high-growth life science and technology companies,” said John Dooley, CEO and secretary-treasurer of the Virginia Tech Foundation. “Deal flow has been strong,” said James Ramey, principal and fund manager at Middleland Capital, which manages the VTC Innovation Fund. “We are pursuing a disciplined approach focused on actively managing and closely working with a handful of targeted investments.” Virginia Tech and Carilion Clinic each contributed $7.5 million to launch the fund. An intended consequence of the fund’s investment activities is to drive entrepreneurial growth throughout the region. “We are engaged in growing a business ecosystem,” Ramey said. “In addition to judging pitch contests, giving lectures, and making introductions, we provide value to entrepreneurs. Even if we pass on an investment, entrepreneurs can expect to walk away with strategic advice, pitch suggestions, introductions to other investors or potential clients, and a myriad of other advice points. We aren’t just helping individual start-ups; we are helping grow a critical mass of entrepreneurial activity.”
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Accomplishments and initiatives
Program gets students beyond boundaries to college Virginia Tech’s incoming class for fall 2017 included 137 Beyond Boundaries Scholars — the first students to benefit from a matching gift program launched in November 2016 by university President Tim Sands. The Beyond Boundaries Scholars program doubles the impact of certain current-use scholarship gifts by providing a one-to-one match from the university. It was created to help enroll far more students from underserved communities and reduce the number of high-achieving students from all communities who chose competing schools based on financial aid. “Virginia Tech is incredibly strong in so many areas, but we need to improve our scholarship packages to be as attractive as possible to these key student populations,” Sands said. Together, 46 donors have contributed over $401,000 to the program, for an impact of more than $803,000 due to the university match. Numerous students have indicated that being a Beyond Boundaries Scholar cemented their decision to enroll. “My top two choices were this college and U.Va.,” said Quyngina Zhang, an architecture major from Lorton, Virginia. “They’re both really good colleges. The scholarship definitely pushed me toward Virginia Tech because I wanted to be able to focus on my studies and be less worried about debt. I’m very grateful.”
Architecture major Quyngina Zhang said assistance from the Beyond Boundaries Scholars program helped her choose Virginia Tech over the University of Virginia.
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Hotel Roanoke achieves new marks of excellence The Hotel Roanoke generated a record $22 million in revenue during a year in which it received Hilton’s prestigious Curio brand designation. The rebranding followed a full renovation of the hotel’s suites and guestrooms, and positioned the hotel in the luxury category. The hotel formerly carried Hilton’s DoubleTree designation. “It’s a major step up within Hilton’s brand family, which lifts the ceiling on what our average daily rates can be and the quality connotation for customers,” said Brian Wells, who arrived as general manager of the hotel in November. Wells succeeded Gary Walton, who retired after 23 years running the property and is now a professor of practice in the hospitality and tourism management program within Virginia Tech’s Pamplin College of Business. Virginia Tech President Tim Sands and Professor Laura Sands discuss research with doctoral student Sydney Hope during a gathering of the university’s 1872 Society at the Hotel Roanoke.
Despite having some rooms offline as the renovation project was wrapping up, the hotel achieved 77.3 percent annual occupancy. Within Hilton’s entire Curio family of 40 properties worldwide, the hotel won the 2016 Food & Beverage Award of Excellence by performing highest in satisfaction and loyalty tracking surveys of its food and beverage services.
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Accomplishments and initiatives
Largest-ever scholarship gift A $15 million endowment created in June by the A. James and Alice B. Clark Foundation is the largest scholarship gift ever made to Virginia Tech. It endows the foundation’s signature Clark Scholars program, which provides students with a fulltuition scholarship and a holistic approach to engineering education. The inaugural class of 10 students from the College of Engineering and the MyersLawson School of Construction enrolled for the fall 2017 term. The program will grow to support 40 in-state students by 2020. As part of Virginia Tech’s campuswide initiative to increase access and double enrollment among underrepresented minorities by 2022, the university will provide additional funding to ensure that Clark Scholars attend tuition-free and have their room, board, and fees covered. The late A. James Clark, who built Maryland-based Clark Construction Group into one of the nation’s leading construction companies, started the foundation. Joe Del Guercio, president and CEO of the foundation, said Clark “believed in eliminating financial barriers so promising students could achieve their full potential. Virginia Tech’s efforts to ensure access and affordability are in keeping with Mr. Clark’s vision. We are proud to partner with Virginia Tech, a leader in engineering and construction education.”
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The endowed Clark Scholars program will grow from 10 students in fall 2017 to 40 students in fall 2020.
Celebrations of shared impact Virginia Tech’s Ut Prosim, Legacy, and 1872 societies gathered in Washington, D.C., for their first-ever joint event. The December celebration recognized the tremendous impact of donor society members on the university and those it serves. The Ut Prosim Society had its annual weekend March 31-April 1. With the induction of 148 new members the society, which recognizes lifetime household giving of $100,000 or more, has grown to 2,611 individuals. The Legacy Society, which recognizes those who have included Virginia Tech in their estate plans or made deferred gifts, gathered in September 2016 and has grown to 1,962 members. On June 2, the 1872 Society had its first gathering since it was relaunched in 2016 to recognize current-use donors who give at the leadership level of $5,000 or more. By the close of its first full fiscal year, 2017, the society had grown to 2,875 donors. Virginia Tech also recognizes loyal donors who give to academics in consecutive fiscal years through membership in the Pylon Society, which was 17,400 donors strong as of June 30.
Virginia Tech Vice President for Advancement Charlie Phlegar addresses the Ut Prosim Society.
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Accomplishments and initiatives
A powerful sign of support Virginia Tech Academic Council members have gone beyond working with President Tim Sands to chart the university’s future. They are helping to bring it about as donors. Together, the deans, vice presidents, institute directors, and senior administrators on the Academic Council gave nearly $145,000 to Virginia Tech during fiscal 2017. It was the first time the council achieved 100 percent giving, a powerful sign of support for the university’s direction. In July 2017, the group was renamed the President’s Council. Rob Moore, interim vice president of marketing and communications for the Council for Advancement and Support of Education, said 100 percent participation by senior leaders “sends a message to other stakeholder groups that the people in charge really believe in the mission and are willing to support it in the most material of fashions, by giving.” Sands said he was “grateful and moved by this affirmation of our shared vision.” 24 vtf.vt.edu
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Virginia Tech’s Burruss Hall
Creating an intelligent infrastructure Virginia Tech and the foundation took major steps to build on the university’s strengths in autonomous systems, smart construction, mobility, and advanced energy systems. The Division of Advancement announced in April it reached a $25 million fundraising target in support of a two-building Intelligent Infrastructure and Construction Complex, thanks to generous contributions from both alumni and non-alumni leaders in the construction industry.
The Virginia Smart Road
The complex is part of a broad plan for new facilities in support of intelligent infrastructure research and education, including a rural smart road and infrastructure park for research by the Virginia Tech Transportation Institute. In July 2016, the foundation purchased 603 acres that are bisected by the elevated Virginia Smart Road, where much of the institute’s research takes place. The foundation plans to sell 275 of the acres, keep the rest, and lease acreage to the institute.
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Accomplishments and initiatives Bringing news and insights to millions The Federal Communications Commission granted an additional FM signal in the Blacksburg market to WVTF in January 2017. This was an essential step in a twoyear project to provide FM access to RADIO IQ’s news and information programs throughout the listening area. By using FM’s more powerful signals across the state, RADIO IQ now reaches more than 2 million people. “Putting RADIO IQ on FM gives us national, international, and high-quality local investigative reporting consistently available on a reliable signal,” said Anna Lawson, who chairs the WVTF & RADIO IQ Friends Council. “This change enhances our entire state.” Many others agree. Surveys indicated more demand for news and information programing, prompting the shift of RADIO IQ to FM. Both RADIO IQ and WVTF depend heavily on contributions to deliver quality programs and must respond to listener preferences. The value that listeners see in RADIO IQ and WVTF is demonstrated in pledge drives, which generated a record $2.2 million from individual donations. This was a 16 percent increase over the year before, passing the $2 million threshold for the first time.
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Kevin Sanders, a WVTF radio host
Ten years of learning and earnings BASIS team member Daniel Murray (accounting, finance ’17) presents during a celebration of the student investing team’s 10th anniversary.
BASIS, the student bond-investing team that manages $5 million of the endowment held by the Virginia Tech Foundation, celebrated its 10th anniversary in October. Since its 2006 formation, the program has generated about $2.5 million of earnings and return of capital, while providing an invaluable amount of hands-on experience for participants. BASIS members have secured jobs out of college with premier companies such as Citi, EY, and Goldman Sachs. Christine Smith (finance 2016), who landed an analyst position at RBC Capital Markets in New York City, said prioritizing BASIS was the “smartest decision” she made at Virginia Tech because it “changed the trajectory of my college and professional career.” BASIS stands for Bond and Securities Investing by Students. Virginia Tech has two additional student teams that manage portions of the endowment, with help from faculty advisors. SEED (Student-managed Endowment for Educational Development) focuses on large-cap domestic stocks. It was founded in 1991 through the Pamplin College of Business. SEED received an initial investment of $1 million by the Virginia Tech Foundation in 1993, which was later increased to $5 million. COINS (Commodities Investing by Students) was established in 2012. It invests a portfolio of up to $750,000 in agricultural and energy commodities.
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Accomplishments and initiatives
Department naming recognizes extraordinary commitment Virginia Tech named its Department of Aerospace and Ocean Engineering in honor of Kevin Crofton (aerospace and ocean engineering ’82) in recognition of his commitment of $14 million to the department and $1 million to the university’s Division of Student Affairs. A native of Fincastle, Virginia, Crofton aspired to be an astronaut — following in the footsteps of his heroes, Neil Armstrong, Chuck Yeager, and Chris Kraft, who is also a Hokie. This led him to study to become an aerospace engineer. Of Crofton’s gift to the department, $8 million was unrestricted, providing tremendous flexibility to pursue new opportunities as they arise. “The education I received is one that taught me to be inquisitive, data-driven, and respectful of science,” Crofton said of his Virginia Tech experience. “The social environment exposed me to different people, cultures, and views of life.” While announcing the naming in November, Virginia Tech President Tim Sands said Crofton’s “generosity is both humbling and inspiring. It opens up tremendous new possibilities for one of our academic departments and will benefit all our students by funding experiential learning programs.”
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Kevin Crofton
Keep up with the news online
Music academy opens within Corporate Research Center
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When it comes to landing tenant companies and recruiting highly skilled employees, the more amenities a research park can offer, the better. Along with state-of-theart buildings, attractive grounds, and proximity to the commonwealth’s most comprehensive research university, the Virginia Tech Corporate Research Center has a new reason to stand out from its competitors: a music academy onsite. In January 2017, the Renaissance Music Academy consolidated its many programs in a single space for the first time. Founded in 1993, the academy serves roughly 300 students and now occupies 7,000 square feet in the research center’s building at 2020 Kraft Drive. “Having these kind of high-quality amenities helps to distinguish us,” said Joe Meredith, the center’s president. “The kind of people interested in a comprehensive, classical-music training program are often the kind of people we want to attract to work at the university and our center.” Teresa Ehrlich, the academy’s executive director, said the move has provided “a buzz going on with people wanting to learn more about our school and sign up for lessons.” “Several companies have approached us and asked if we could provide music for events,” she added, “and we’ve already had dozens of responses to a survey sent out to people at the center to see if they were interested in lessons for their children or themselves.”
Renaissance Music Academy students
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Accomplishments and initiatives
Hokie Club larger than ever The Hokie Club announced its Drive for 25 Campaign in December, with an aim of reaching 25,000 members. Within months, the initiative generated strong results: a record 13,600 members as of June 30. The campaign is spearheaded by Frank Beamer, former head football coach. It was part of a year that also saw a restructured seating and priority parking program, as athletics raised more than $31.8 million in cash, up 45 percent from fiscal 2016.
Head Football Coach Justin Fuente leads the Hokies onto the field.
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“There is strength in numbers,” Beamer said while stressing the importance of annual giving to the success of Hokie sports. “Compared to other top programs in the nation, we don’t have enough folks on board as annual donors. This is a tremendous opportunity for fans and alumni to demonstrate their love for the Hokies by making a gift and making a difference in the lives of our students and student-athletes for generations to come.”
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Hundreds jump in to support crowdfunded projects Donors gave enough for more than 1,200 schoolchildren to benefit from programs at the Moss Arts Center.
More than 300 donors provided over $21,000, combined, to four Virginia Tech initiatives that were part of a pilot of the university’s crowdfunding platform, known as Jump, in April and May 2017. Their generosity will allow more than $6,000 in financial aid to be provided through the Beyond Boundaries Scholars program, support the student-led organizing and running of the Relay for Life program, fuel research into concussion prevention in youth soccer, and enable more than 1,200 schoolchildren to have an inspiring experience at the Moss Arts Center. Jump provides new opportunities for potential donors to learn about projects and programs that may match their passion to give back. Following the successful pilot, dozens of students and faculty members applied to use the site to raise money during the fall 2017 term. More than 20 have been accepted.
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A “Link” between innovation, education, and industry Corporations provided 12 percent of the new gifts and commitments Virginia Tech received in fiscal 2017, but the importance of company partnerships goes well beyond philanthropy. Strong industry relationships open career pathways for alumni, lead to sponsored research, and help get discoveries applied. With this in mind, the Division of Advancement revisited how Virginia Tech can engage with industry. The creation of a business engagement center, run jointly with the Office of the Vice President for Research and Innovation, was announced in January. Brandy Salmon was hired in June as executive director of the center, which has been named Link, in keeping with the connections it fosters. Salmon guided diverse teams through more than 100 projects with Fortune 500 firms while working at RTI International prior to joining Virginia Tech. Advancement also opened offices in the Virginia Tech Research Center — Arlington in May 2017. One of the university’s major strategic priorities is to expand its prominence and impact in the National Capital Region. Numerous companies in sectors that align with Virginia Tech’s strengths are located in that region, and roughly 58,000 alumni live within an hour’s drive of greater Washington, D.C. “We are committed to playing a growing role in this region,” said Thanassis Rikakis, Virginia Tech’s executive vice president and provost. “Advancement is an essential partner in this process.”
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