FY22 financial report print.indd

Virginia Tech Financial Report 2021-2022

Statement of Revenues, Expenses, and Changes in Net Position For the year ended June 30, 2022 with comparative financial information for the year ended June 30, 2021 (all dollars in thousands) 2022

2021

Virginia

Virginia Tech Foundation

Virginia

Virginia Tech Foundation

Tech

Tech

(restated)

Operating revenues Student tuition and fees, net (Note 1) Gifts and contributions Federal appropriations Federal grants and contracts State grants and contracts Local grants and contracts (Note 3)

$

611,022 $

-

$

581,540 $

-

-

131,257

-

105,772

15,612 251,890 19,605 15,946 59,476 29,161 299,676

- - - - - -

13,412 224,596 16,550 16,111 56,062 22,988 222,187

- - - - - -

Nongovernmental grants and contracts Sales and services of educational activities Auxiliary enterprise revenue, net (Note 1)

24,589 70,771 226,617

12,812 63,425 182,009

Other operating revenues Total operating revenues

9,257

8,817

1,311,645

1,162,263

Operating expenses Instruction

446,171 351,448 93,219 112,578 30,117 81,346 84,638 45,279 258,107 135,774

5,114 7,012 5,238

425,464 328,427 88,722 104,919 25,547 91,247 82,017 32,087 205,596 125,469

5,004 8,049 5,563

Research

Public service

Academic support Student services Institutional support

64,704

14,505

-

-

50,477 15,787 36,369 16,148 11,149 20,817 232,815

31,291 15,956 32,763 9,395 10,842 13,167 146,535

Operation and maintenance of plant

Student financial assistance

Auxiliary enterprises

Depreciation and amortization (Note 7)

Other operating expenses Total operating expenses

-

-

1,638,677

1,509,495

Operating income (loss)

(327,032)

(6,198)

(347,232)

35,474

Non-operating revenues (expenses) State appropriations (Note 23)

326,419 78,702 53,139

- - - - -

302,268 69,050 43,435

- - - - -

Gifts

CARES Act stabilization revenue (Note 30) Non-operating grants and contracts Federal student financial aid (Pell)

2,421

1,335

22,722

22,078 96,625

Investment income, net

(37,504)

20,842

12,823 199,200

Net gain (loss) on investments

-

(81,802) (9,417)

-

Interest expense on debt related to capital assets

(10,922) (5,757)

(10,995) (6,195)

(9,243)

Interest expense on long-term leases

- -

- -

Other non-operating revenue

6,945

270

Net non-operating revenues (expenses)

436,165

(70,377)

517,871

202,780

Income (loss) before other revenues, expenses, gains, or losses

109,133

(76,575)

170,639

238,254

Change in valuation of split interest agreements

-

(10,947)

- -

8,143

13,726 180,756

-

-

Capital appropriations (Note 23) Capital grants and gifts (Note 10)

18,736

127,958

18,439

Gain (loss) on disposal of capital assets Additions to permanent endowments

5,258

1,706

2,309

48

- - -

53,293

- - -

52,740

Loss on extinguishment of debt Other revenues (expenses)

-

(1,646)

(777)

5,431

Total other revenues, expenses, gains, and losses

199,740

62,011

130,267

83,155

Increase (decrease) in net position

308,873

(14,564)

300,906

321,409

Net position—beginning of year (Note 1)

1,815,069

1,729,845

1,514,163

1,408,436

Net position—end of year

$

2,123,942 $

1,715,281

$

1,815,069 $

1,729,845

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

Financial Statements 17