FY22 financial report print.indd

Virginia Tech Financial Report 2021-2022

Affiliated Corporations

Affiliated Corporations Financial Highlights For the years ended June 30, 2022-2018 (all dollars in thousands)

2022 (1)

2021

2020

2019 (2)

2018

Assets

Virginia Tech Foundation Inc. Virginia Tech Innovation Corporation

$ 2,667,802 $ 2,687,603 $ 2,265,838 $ 2,107,138 $ 1,891,019

N/A 8,677 5,827 2,752

9,145 7,380 4,610 2,102

9,488 7,311 4,219 1,735

10,798 6,803 4,885 1,201

11,646 8,762 4,414 1,063

Virginia Tech Services Inc.

Virginia Tech Applied Research Corporation Virginia Tech Intellectual Properties Inc.

$ 2,685,058 $ 2,710,840 $ 2,288,591 $ 2,130,825 $ 1,916,904

Total Assets

Revenues

Virginia Tech Foundation Inc. Virginia Tech Innovation Corporation

$

248,744 $

465,260 $

210,179 $

257,082 $

266,582 5,564 22,160 12,038 1,932 308,276 179,567 5,600 22,133 10,985 1,727 220,012

N/A 3,938 18,949 3,075

4,731 2,533 13,419 2,502

4,921 4,172 11,233 2,052

7,015 18,872 11,431 2,193

Virginia Tech Services Inc.

Virginia Tech Applied Research Corporation Virginia Tech Intellectual Properties Inc.

$

273,460 $

488,445 $

232,557 $

296,593 $

Total Revenues

Expenses

Virginia Tech Foundation Inc. Virginia Tech Innovation Corporation

$

242,232 $

155,779 $

180,673 $

170,041 $

N/A 3,130 17,930 2,888

5,347 2,433 13,262 2,138

6,612 3,438 11,415 2,016

6,655 18,957 10,715 2,155

Virginia Tech Services Inc.

Virginia Tech Applied Research Corporation Virginia Tech Intellectual Properties Inc.

$

263,649 $

178,959 $

204,154 $

208,523 $

Total Expenses

(1) Virginia Tech Innovation Corporation amounts for the current year were not available at publication date. (2) Virginia Tech Services Inc. restated.

The organizations included above are related to the university by affiliation agreements. These agreements, approved by the Virginia Tech Board of Visitors, require an annual audit to be performed by independent auditors. These auditors have examined the financial records of the organizations presented in the table above and copies of their audit reports have been or will be provided to the university. Values presented in this table are based solely upon these audit reports and do not include any consolidation entries to alter these amounts. Affili ated organizations that hold no financial assets and certify all financial activities or transactions through the Virginia Tech Foundation Inc. may be exempt from the independent audit requirement. Virginia Tech Athletic Fund Inc., Virginia Tech Corps of Cadets Alumni Inc., and Virginia Tech Alumni Association meet exemption requirements and are not presented separately in this table. Additionally, Virginia Tech India Research and Education Forum (VTIREF) is not presented in this table due to the immateriality of its financial figures in com parison with the organizations included.

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