Annual Financial Report 2024 2025

Virginia Tech Financial Report 2024-2025

Implementation of GASB Statement 102 In December 2023, GASB issued Statement 102, Certain Risk Disclosures . This statement aims to improve transparency regarding certain risks faced by state and local governments. Specifically, the statement requires disclosure of vulnerabilities arising from concentrations (lack of diversity in significant resource inflows or outflows) and constraints (external or internal limitations on a government’s operations or finances). The university must assess and disclose when such factors could lead to a substantial impact, particularly if related events have occurred, are occurring, or are likely to occur within 12 months of the financial statement’s issuance. Required disclosures include the nature of the concentration or constraint, associated events, and any mitigation actions taken. The statement is effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter. The university adopted GASB Statement 102 in fiscal year 2025 with an implementation date of July 1, 2024. The university determined there were no concentrations and constraints that met the disclosure requirement of GASB Statement 102.

Comparative Data The university presents its financial information on a comparative basis. The basic financial statements include certain prior-year summarized comparative information in total, but not at the level of detail required for a presentation in conformity with generally accepted accounting principles. Accordingly, the prior year information should be read in conjunction with the university’s financial statements for the year ended June 30, 2024, from which the summarized information was derived. Prior reports can be found at www.controller.vt.edu/financialreporting.html.

Photo by Luke Hayes/Virginia Tech

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