Annual Financial Report 2024 2025

Virginia Tech Financial Report 2024-2025

November 17, 2025

The Honorable Glenn Younkin, Governor of Virginia Joint Legislative Audit and Review Commission Board of Visitors, Virginia Polytechnic Institute and State University Timothy D. Sands, President, Virginia Polytechnic Institute and State University

INDEPENDENT AUDITOR’S REPORT

Report on Financial Statements Opinions

We have audited the financial statements of the business-type activities and discretely presented component unit of Virginia Polytechnic Institute and State University (Virginia Tech), a component unit of the Commonwealth of Virginia, as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise Virginia Tech’s basic financial statements as listed in the table of contents. In our opinion, based on our audit and the report of another auditor, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities and discretely presented component unit of Virginia Tech as of June 30, 2025, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. We did not audit the financial statements of the discretely presented component unit of Virginia Tech, which is dis cussed in Notes 1 and 27. Those statements were audited by another auditor whose report has been furnished to us, and our opinions, insofar as they relate to the amounts included for the component unit of Virginia Tech, are based solely on the report of the other auditor. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptrol ler General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Virginia Tech, and to meet our other ethical responsibilities, in accordance with the relevant ethical re quirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. The financial statements of the component unit of Virginia Tech that were audited by another auditor, upon whose report we are relying, were not audited in accordance with Government Auditing Standards. Emphasis of Matter Change in Accounting Principle As discussed in Note 1 of the accompanying financial statements, Virginia Tech implemented Governmental Account ing Standards Board (GASB) Statement No. 101, Compensated Absences, which updates existing recognition and measure ment guidance. Our opinions are not modified with respect to this matter.

www.apa.virginia.gov | (804) 225-3350 | reports@apa.virginia.gov

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