FY22 financial report print.indd

Virginia Tech Financial Report 2021-2022

16. Change in Other Liabilities A summary of the changes in other liabilities for the year ended June 30, 2022 (all dollars in thousands) Beginning

Ending Balance

Current Portion

Balance

Additions

Reductions

Accrued compensated absences

$

55,638 $

40,842 $

42,695 $

53,785 $

29,503

Federal student loan program contribution refundable

8,377

156

2,293

6,240

- -

Net pension liability

465,425 181,484

-

234,370 31,669

231,055 149,961

Other Post employment benefits

146

2,975 32,478

Total other liabilities

$

710,924 $

41,144 $

311,027 $

441,041 $

17.Capital Improvement Commitments The amounts listed in the following tables represent the value of obligations remaining on capital improvement project contracts. These obligations are for future effort and as such have not been accrued as expenses or liabilities on the university’s financial statements. Outstanding contractual commit ments for capital improvement projects at June 30, 2022 are listed below. Capital commitments by project (all dollars in thousands) Innovation Campus $ 196,560 Undergraduate science laboratory building 67,114 Hitt Hall and new dining facility 58,027 New upper quad residence hall 19,270 Corps leadership & military science building 17,439 Mitchell Hall to replace Randolph Hall 14,888 Data & decision sciences building 13,641 Other projects 11,573 Total $ 398,512 Capital commitments by funding source (all dollars in thousands) VCBA 21st Century bonds to be paid by the commonwealth $ 280,422 Private gifts 57,442 Bonds and notes payable to be paid by the university 51,006 Auxiliary enterprise funds 9,145 Other funding sources 497 Total $ 398,512

A view of west campus reflected by the Duck Pond. Photo by Christina Franusich for Virginia Tech.

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Notes to Financial Statements