FY22 financial report print.indd

Virginia Tech Financial Report 2021-2022

26. Component Unit The component unit statements and subsequent notes comply with the Governmental Accounting Standards Board (GASB) presentation format. Virginia Tech Foundation Inc. follows the Financial Accounting Standards Board (FASB) presentation format in their audited financial statements. Consequently, reclassifications have been made to convert their statements to the GASB format.

Virginia Tech Foundation Statement of Net Position As of June 30, 2022 (all dollars in thousands)

Assets Current assets

Cash and cash equivalents Short-term investments

$

63,814 22,126 93,505

Accounts and contributions receivable, net

Notes receivable, net

422 341

Inventories

Prepaid expenses

1,148 7,406

Other assets

Total current assets

188,762

Noncurrent assets

Cash and cash equivalents

47,784 116,587 22,010 67,423

Accounts and contributions receivable, net Notes and deeds of trust receivable, net Net investments in direct financing leases Irrevocable trusts held by others, net

5,450

Long-term investments Depreciable capital assets, net Nondepreciable capital assets

1,761,317 205,490 243,339

Intangible assets, net

3,575 6,065

Other assets

Total noncurrent assets

2,479,040 2,667,802

Total assets

Liabilities Current liabilities Accounts payable and accrued liabilities Accrued compensated absences

18,599

353

Unearned revenue Long-term debt payable

17,933 20,686 4,897 62,468

Other liabilities

Total current liabilities

Noncurrent liabilities Accrued compensated absences

330

Unearned revenue Long-term debt payable

3,522

281,554 21,124 576,822 890,053 952,521 6,701

Liabilities under trust agreements Custodial deposits held in trust

Other liabilities

Total noncurrent liabilities

Total liabilities

Net position Invested in capital assets, net of related debt Restricted, expendable Scholarships, research, instruction, and other Restricted, nonexpendable

235,265 782,379

525,124 172,513 1,715,281

Unrestricted

$

Total net position

52

Notes to Financial Statements