FY22 financial report print.indd

Virginia Tech Financial Report 2021-2022

Statement of Net Position As of June 30, 2022, with comparative financial information as of June 30, 2021 (all dollars in thousands)

2022

2021

Virginia

Virginia Tech Foundation

Virginia

Virginia Tech Foundation

Tech

Tech

Assets

(restated)

Current assets Cash and cash equivalents (Note 4) Short-term investments (Notes 4, 26)

$

280,210 $

63,814 22,126 93,505

$

273,362 $

50,593 90,835 80,938

-

-

Accounts and contributions receivable, net (Notes 1, 5, 26)

87,067 1,113 18,069 17,626 23,318

67,555 1,020 14,827 15,153 19,169

Notes receivable, net (Notes 1, 6)

422

535

Due from Commonwealth of Virginia (Note 10)

-

-

Inventories

341

297

Prepaid expenses

1,148 7,406

1,422 8,351

Other assets

-

-

Total current assets

427,403

188,762

391,086

232,971

Noncurrent assets Cash and cash equivalents (Note 4)

41,108

47,784

27,584 3,670 7,798 9,831 11,863

111,624

Short-term investments

-

- -

- -

Due from Commonwealth of Virginia (Note 10) Accounts and contributions receivable, net (Notes 1, 5, 26) Net investments in direct financing leases Irrevocable trusts held by others, net Long-term investments (Notes 4, 26) Long-term right-to-use lease assets, net (Note 7) Depreciable capital assets, net (Notes 7, 26) Nondepreciable capital assets (Notes 7, 26) Notes receivable, net (Notes 1, 6)

13,120 3,268 9,770

116,587 22,010 67,423

118,216 22,556 69,432

- -

- -

5,450

5,839

777,862 126,812 1,787,647 365,221

1,761,317

719,148 129,727 1,640,182 342,667

1,740,491

-

-

205,490 243,339

199,856 175,954

Intangible assets, net

-

3,575 6,065

-

3,622 7,042

Other assets

13,095

8,319

Total noncurrent assets

3,137,903 3,565,306

2,479,040 2,667,802

2,900,789 3,291,875

2,454,632 2,687,603

Total assets

Deferred outflows of resources (Note 24)

108,600

-

142,762

-

Liabilities

Current liabilities Accounts payable and accrued liabilities (Note 8) Accrued compensated absences (Notes 1, 16)

175,170 29,503 62,219 10,757 46,449 21,483 17,099

18,599

157,272 27,556 47,848 11,871 21,370 20,514 16,806

8,140

353

427

Unearned revenue (Notes 1, 9) Funds held in custody for others Commercial paper (Note 11) Long-term debt payable (Notes 12, 13, 26) Long-term leases payable (Note 15)

17,933

7,326

- - - -

- - - -

20,686

26,202

Other postemployment benefits liabilities (Notes 16, 20)

2,975

3,328

Other liabilities

-

4,897 62,468

-

6,591 48,686

Total current liabilities

365,655

306,565

Noncurrent liabilities Accrued compensated absences (Notes 1, 16)

24,282 6,240 406,073 104,471 -

330

28,082 8,377 430,006 112,115 -

341

Federal student loan program contributions refundable (Note 16)

-

-

Unearned revenue

3,522

3,524

Long-term debt payable (Notes 12, 13, 26) Long-term leases payable (Note 15) Liabilities under trust agreements Custodial deposits held in trust (Note 26)

281,554

301,782

-

-

- -

21,124 576,822

- -

25,595 570,833

Pension liability (Notes 16,18)

231,055 146,986

- -

465,425 178,156

- -

Other postemployment benefits liabilities (Notes 16,20)

Other liabilities

3,124

6,701

4,755

6,997

Total noncurrent liabilities

922,231 1,287,886

890,053 952,521

1,226,916 1,533,481

909,072 957,758

Total liabilities

Deferred inflows of resources (Note 24)

262,078

-

86,087

-

Net position

Investment in capital assets Restricted, nonexpendable

1,704,367

235,265 782,379

1,521,268

198,849 736,643

13,588

14,864

Restricted, expendable Scholarships, research, instruction, and other

150,005 10,194 85,361 160,427

525,124

150,386 7,224 79,199 42,128

634,690

Capital projects

- -

- -

Debt service and auxiliary operations

Unrestricted

172,513 1,715,281

159,663 1,729,845

$

2,123,942 $

$

1,815,069 $

Total net position

The accompanying Notes to Financial Statements are an integral part of this statement.

Financial Statements 16