FY22 financial report print.indd

Virginia Tech Financial Report 2021-2022

5. Accounts Receivable Accounts receivable as of June 30, 2022 (all dollars in thousands)

Current receivables

Grants and contracts Student tuition and fees Accrued investment interest Long-term leases receivable

$ 65,941

4,711

968

75

Auxiliary enterprises and other operating activities Total current receivables before allowance

17,676 89,371 2,304 87,067

Less allowance for doubtful accounts Net current accounts receivable

Noncurrent receivables Capital gifts, grants, and other receivables

2,151

Long-term leases receivable Accrued investment interest

870 125 122

Build America Bond interest receivable

Total noncurrent receivables

3,268

$ 90,335

Total receivables

Long-term leases receivable Leases receivable represent the university’s contractual receipts for the right to use the present service capacity of its assets. These receivables are for cell tower leases on the Blacksburg main campus. The university’s lease agreements for cell towers typically have an initial term of 10 years with five-year renewal options. The lending rates on the university’s receivable leases are 3.25%. The university leases indirectly to cell carriers through a ground lease with a subsidiary of the foundation and directly with cell carriers. The univer sity’s present receivable portfolio does not contain provisions for variable payments based on the university’s future performance or usage of the underlying assets. Additionally, the university’s present receivable portfolio does not contain provisions for residual value guarantees. The university had no impairment losses on its lease receivable portfolio in fiscal year 2022. Future Lease Payments Receivable For fiscal years subsequent to 2022 (all dollars in thousands) Principal Interest Total

Newman Library Photo by Luke Hayes for Virginia Tech.

6. Notes Receivable Notes receivable as of June 30, 2022 (all dollars in thousands)

Current notes receivable Federal Perkins students loan program VTT LLC operating & equipment loan Brookings student loan programs

$

752 194 149

2023 2024 2025 2026 2027

$

75 $

30 $ 105

61 61 65 69

27 25 23 21 72 17

88 86 88 90

Other short-term loans

63

Total current notes receivable

1,158

Less allowance for doubtful accounts

45

Net current notes receivable

1,113

2028-2032 2033-2037

342 272

414

289 Total future payments receivable $ 945 $ 215 $ 1,160

Noncurrent notes receivable VTT LLC operating & equipment loan Federal Perkins students loan program Brookings student loan programs

4,209 3,974 1,024

Health Professional student loan program

599 231

Other short-term loans

Total noncurrent notes receivable Less allowance for doubtful accounts Net noncurrent notes receivable

10,037

267

9,770 10,883

$

Total notes receivable

26

Notes to Financial Statements