Annual Financial Report 2024 2025

Virginia Tech Financial Report 2024-2025 Message from the Vice President for Finance and Chief Financial Officer

to strategically grow enrollment at the Virginia Tech-Carilion School of Medicine to help address the commonwealth’s and country’s need for more physicians. The state provided General Fund support in FY25 to support this goal and has voiced support for expanding the Virginia Tech-Carilion School of Medicine campus to accommodate a growing medical program. The university is also in the planning stage of expanding enrollment in the Virginia-Maryland College of Veterinary Medicine to address state workforce needs. National rankings continue to recognize the university’s upward tra jectory. Virginia Tech was ranked 21st among top public schools in the U.S. News & World Report’s 2024-25 Best College rankings, and ranked 13th among all U.S. public schools in recent Wall Street Journal/College Pulse rankings that assess how much a school improves students’ chances of graduating, their future earnings, and the overall student experience. The university’s commitment to empowering impactful research, schol arship, and creative activity – Virginia Tech Global Distinction – continues to be a significant marker of excellence. The National Science Foundation’s latest Higher Education Research and Development (HERD) survey, which charts the nation’s institutional research expenditures, reflects Virginia Tech’s growth of externally funded expenditures to $453 million in FY24, up from $418 million the prior year. Virginia Tech faculty were recognized for a fifth consecutive year by the Times Higher Education (THE) World University Rankings for their leadership of interdisciplinary efforts and development of global partner ships. Assessing nearly 2,200 universities around the globe across five criteria – teaching, research environment, research quality, international outlook, and industry – THE ranked Virginia Tech in the top 15 percent (in the 251-300 range overall) of all institutions. The Commonwealth of Virginia made robust investments in Virginia Tech to support the operations of the academic division, cooperative extension and agricultural experiment station division, student financial aid assistance, research, and the Corps of Cadets programs during FY25. In total, $463.5 million was appropriated to the university, an increase of $60 million over the prior year, including significant one-time investments directly supporting access and affordability, financial aid, and biotechno logical research. Reflecting a commitment to support Virginia’s talented workforce, the appropriation also provided funding for the state’s share of a 3 percent compensation program and 1.5 percent bonus payment for faculty, staff, and graduate students. Philanthropy continues to be an essential component of advancing institutional progress, supporting student success, and enabling greater impact on the people and communities we serve. In FY25, the univer sity benefited from the remarkable generosity of Hokie alumni, friends, students, parents, community members, and partners from corporations and foundations. The university received $241 million in new gifts and commitments – the second highest annual total ever and a 7 percent increase from the prior year. The five-year annual average for new gifts and commitments stands at $232 million. Our alumni and students continue to set national standards with philanthropic participation. The percentage of undergraduate alumni who contribute to the university topped 20 percent for a fourth straight year – consistently among the nation’s best rates for public universities – and 50 percent of the Class of 2025 participated in the Senior Class Giving Campaign. Virginia Tech’s Giving Day raised more than $21 million from 24,000 donors in all 50 states and 41 different countries.

Amy S. Sebring

Virginia Tech’s fiscal year 2025 (FY25) demonstrates the universi ty’s commitment to excellence in financial stewardship, resilience, and continued investment in the people, programs, and infrastructure that advance our land-grant mission. The university concluded FY25 in a strong financial position, providing the flexibility and stability needed to pursue institutional priorities and mitigate economic uncertainty. Guided by our Virginia Tech Advantage and Virginia Tech Global Distinction priorities, we continued to expand access and affordability, elevate research and scholarly activity, and attract exceptional faculty and students to the institution. The university’s focus on enabling infrastructure ensures that our physical, technological, and operational foundations are supporting excellence today while preparing Virginia Tech for the opportunities of tomorrow. By aligning these institutional commitments with thoughtful, sound financial management and planning, we can best serve the commonwealth and support excellence in discovery, learning, and engagement. As you will see, Virginia Tech concluded FY25 well positioned to continue delivering for our students, employees, and university partners. The university’s total revenue climbed 11.1 percent over the prior year to $2.63 billion. Total expenses were $2.14 billion, resulting in a net position increase of $490.1 million (16.5 percent). The value of the university’s investments held within the Virginia Tech Foundation totaled $636.5 million, an increase of $30.7 million. Additionally, the value of grants, scholarships, and waivers awarded to students totaled $353 million, and the value of total sponsored program awards reached $466 million. Demand for a Virginia Tech education has never been greater – across geographies, demographics, and academic disciplines. Virginia Tech received a record 52,365 first-year applications for fall 2024, a figure that marks an 11 percent total increase over the prior year and includes increased application totals across each of the first-generation, in-state, out-of-state, and international student populations. Total enrollment for the 2024-2025 academic year reached a new high of 38,857 students, including 31,035 undergraduates and 7,822 graduate and professional students, both slight increases from the prior academic year. Retention rates continue to remain a point of emphasis for the university, and the first-year retention rate of 93.1 percent also ticked higher from last year. Virginia Tech continues to experience increased demand for profes sional programs, including Veterinary and Human Medicine. In collabo ration with the Commonwealth of Virginia, the university has set a goal

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