TY 2016 Form 990 Schedule O

efile Public Visual Render ObjectId: 201800439349300930 - Submission: 2018-02-12 TIN: 54-1682176

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
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Attach to Form 990 or 990-EZ.
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Information about Schedule O (Form 990 or 990-EZ) and its instructions is at
www.irs.gov/form990.

OMB No. 1545-0047

2016

Open to Public
Inspection

Name of the organization

UNIVERSITY OF VIRGINIA FOUNDATION

Employer identification number

54-1682176

Return Reference	Explanation
FORM 990, PART VI, SECTION B, LINE 11B	FORM 990 IS REVIEWED BY THE FOUNDATION'S AUDIT AND FINANCE COMMITTEE UPON ITS COMPLETION. THIS COMMITTEE BRIEFS THE FULL BOARD OF THE FOUNDATION AT THE NEXT REGULARLY SCHEDULED MEETING. THE BOARD IS OFFERED A FINAL VERSION OF FORM 990. THE FORM IS FILED AND MADE AVAILABLE FOR PUBLIC INSPECTION BOTH AT THE FOUNDATION AND THROUGH THE UNIVERSITY OF VIRGINIA'S OFFICE OF PUBLIC RELATIONS.
FORM 990, PART VI, SECTION B, LINE 12C	FOLLOWING APPOINTMENT TO OFFICE, OR APPOINTMENT TO THE FOUNDATION STAFF, DIRECTORS, OFFICERS AND EMPLOYEES OF THE FOUNDATION SHALL BE INFORMED OF THE CONFLICT OF INTEREST POLICY. ON AN ANNUAL BASIS, EACH DIRECTOR AND OFFICER SHALL CERTIFY IN WRITING TO THE BOARD OF DIRECTORS AND EMPLOYEES TO THE CHIEF EXECUTIVE OFFICER THAT, TO THE BEST OF HIS/HER KNOWLEDGE AND BELIEF, HE/SHE HAS ACTED IN COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. THE CHIEF EXECUTIVE OFFICER SHALL BE RESPONSIBLE FOR DISSEMINATION OF THE POLICY, THE COMPLETION OF THE ANNUAL CERTIFICATIONS, AND REPORTING NON-COMPLIANCE TO THE BOARD OF DIRECTORS.
FORM 990, PART VI, SECTION B, LINE 15	THE EXECUTIVE COMPENSATION PROGRAM AT THE UNIVERSITY OF VIRGINIA FOUNDATION (FOUNDATION) IS DESIGNED TO ALIGN THE INTERESTS OF EXECUTIVE OFFICERS WITH THEIR PERFORMANCE. THIS PROGRAM IS BASED ON A PHILOSOPHY THAT THE TOTAL COMPENSATION PACKAGE MUST BE COMPETITIVE WITH SIMILAR POSITIONS IN THE INDUSTRY IN ORDER TO ATTRACT AND RETAIN EXECUTIVE TALENT. THE COMPENSATION COMMITTEE (COMMITTEE) OF THE UVA FOUNDATION BOARD OF DIRECTORS IS RESPONSIBLE FOR OVERSIGHT AND ADMINISTRATION OF THE CHIEF EXECUTIVE OFFICER'S COMPENSATION PROGRAM. THE COMMITTEE RECOMMENDS A COMPENSATION PROGRAM FOR THE CEO TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS FOR APPROVAL. THE CEO DETERMINES COMPENSATION FOR ALL MANAGEMENT PERSONNEL UNDER HIS/HER SUPERVISION. ANNUALLY, THE CEO SUBMITS TO THE COMMITTEE, A SUMMARY OF TOP MANAGEMENT COMPENSATION. FROM TIME-TO-TIME, AND AT THE CEO'S, OR THE COMMITTEE'S, DISCRETION, OUTSIDE COMPENSATION EXPERTS/CONSULTANTS MAY BE ENGAGED TO ASSIST IN EVALUATING AND DETERMINING APPROPRIATE COMPENSATION LEVELS FOR MANAGEMENT PERSONNEL. BASE SALARIES ARE BENCHMARKED AGAINST SALARIES PAID TO OFFICERS IN COMPARABLE, HIGH-PERFORMING COMPANIES WITH COMPARABLE RESPONSIBILITIES. BASE SALARIES ARE ESTABLISHED BY UTILIZING INFORMATION FROM GENERAL INDUSTRY SURVEYS, CONSULTANTS AND THE MARKETPLACE. THE FOUNDATION'S INCENTIVE PLANS CREATE A DIRECT LINK BETWEEN PAY AND PERFORMANCE. ANNUAL INCENTIVE AWARDS ARE DEPENDENT UPON THE EXECUTIVE'S, AND FOUNDATION'S, PERFORMANCE AGAINST ESTABLISHED OBJECTIVES.
FORM 990, PART VI, SECTION C, LINE 18	THE FOUNDATION'S 1023, 990 AND 990-T ARE MADE AVAILABLE FOR PUBLIC INSPECTION BOTH AT THE FOUNDATION AND THROUGH THE UNIVERSITY OF VIRGINIA'S OFFICE OF PUBLIC RELATIONS.
FORM 990, PART VI, SECTION C, LINE 19	THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS CAN BE DISTRIBUTED TO THE PUBLIC UPON REQUEST. HOWEVER, REQUESTS ARE SUBJECT TO THE APPROVAL OF THE CHIEF EXECUTIVE OFFICER AND THE FOUNDATION'S CONSIDERATION OF THE INTENDED USE OF THE REQUESTED DOCUMENTS. ALL SUCH REQUESTS ARE DIRECTED TO UVA AND THE OFFICE OF PUBLIC AFFAIRS.
FORM 990, PART XI, LINE 9:	BOOK ADJUSTMENT - GAIN ON SWAP AGREEMENT 3,385,970. LOSS FROM SUBSIDIARIES -67,545.
FORM 990, PART XII, QUESTION 2C:	RESPONSIBILITY FOR AUDIT OVERSIGHT AND SELECTION OF INDEPENDENT ACCOUNTANT: THE FOUNDATION'S BOARD OF DIRECTORS HAS AN AUDIT AND FINANCE COMMITTEE THAT IS RESPONSIBLE FOR SELECTION AND RETENTION OF THE INDEPENDENT AUDITORS. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEARS. THE AUDITED FINANCIAL STATEMENTS ARE REVIEWED BY THE FOUNDATION'S AUDIT AND FINANCE COMMITTEE UPON ITS COMPLETION. THIS COMMITTEE BRIEFS THE FULL BOARD OF THE FOUNDATION AT THE NEXT REGULARLY SCHEDULED MEETING.
FORM 990, SCHEDULE A, QUESTION 11 G (V):	AMOUNT OF MONETARY SUPPORT TO UNIVERSITY OF VIRGINIA ($29,710,969): SEE PAGE 10 - STATEMENT OF FUNCTIONAL EXPENSES FOR DETAILED BREAKDOWN

Return Reference

Explanation

FORM 990, PART VI, SECTION B, LINE 11B

FORM 990 IS REVIEWED BY THE FOUNDATION'S AUDIT AND FINANCE COMMITTEE UPON ITS COMPLETION. THIS COMMITTEE BRIEFS THE FULL BOARD OF THE FOUNDATION AT THE NEXT REGULARLY SCHEDULED MEETING. THE BOARD IS OFFERED A FINAL VERSION OF FORM 990. THE FORM IS FILED AND MADE AVAILABLE FOR PUBLIC INSPECTION BOTH AT THE FOUNDATION AND THROUGH THE UNIVERSITY OF VIRGINIA'S OFFICE OF PUBLIC RELATIONS.

FORM 990, PART VI, SECTION B, LINE 12C

FOLLOWING APPOINTMENT TO OFFICE, OR APPOINTMENT TO THE FOUNDATION STAFF, DIRECTORS, OFFICERS AND EMPLOYEES OF THE FOUNDATION SHALL BE INFORMED OF THE CONFLICT OF INTEREST POLICY. ON AN ANNUAL BASIS, EACH DIRECTOR AND OFFICER SHALL CERTIFY IN WRITING TO THE BOARD OF DIRECTORS AND EMPLOYEES TO THE CHIEF EXECUTIVE OFFICER THAT, TO THE BEST OF HIS/HER KNOWLEDGE AND BELIEF, HE/SHE HAS ACTED IN COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. THE CHIEF EXECUTIVE OFFICER SHALL BE RESPONSIBLE FOR DISSEMINATION OF THE POLICY, THE COMPLETION OF THE ANNUAL CERTIFICATIONS, AND REPORTING NON-COMPLIANCE TO THE BOARD OF DIRECTORS.

FORM 990, PART VI, SECTION B, LINE 15

THE EXECUTIVE COMPENSATION PROGRAM AT THE UNIVERSITY OF VIRGINIA FOUNDATION (FOUNDATION) IS DESIGNED TO ALIGN THE INTERESTS OF EXECUTIVE OFFICERS WITH THEIR PERFORMANCE. THIS PROGRAM IS BASED ON A PHILOSOPHY THAT THE TOTAL COMPENSATION PACKAGE MUST BE COMPETITIVE WITH SIMILAR POSITIONS IN THE INDUSTRY IN ORDER TO ATTRACT AND RETAIN EXECUTIVE TALENT. THE COMPENSATION COMMITTEE (COMMITTEE) OF THE UVA FOUNDATION BOARD OF DIRECTORS IS RESPONSIBLE FOR OVERSIGHT AND ADMINISTRATION OF THE CHIEF EXECUTIVE OFFICER'S COMPENSATION PROGRAM. THE COMMITTEE RECOMMENDS A COMPENSATION PROGRAM FOR THE CEO TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS FOR APPROVAL. THE CEO DETERMINES COMPENSATION FOR ALL MANAGEMENT PERSONNEL UNDER HIS/HER SUPERVISION. ANNUALLY, THE CEO SUBMITS TO THE COMMITTEE, A SUMMARY OF TOP MANAGEMENT COMPENSATION. FROM TIME-TO-TIME, AND AT THE CEO'S, OR THE COMMITTEE'S, DISCRETION, OUTSIDE COMPENSATION EXPERTS/CONSULTANTS MAY BE ENGAGED TO ASSIST IN EVALUATING AND DETERMINING APPROPRIATE COMPENSATION LEVELS FOR MANAGEMENT PERSONNEL. BASE SALARIES ARE BENCHMARKED AGAINST SALARIES PAID TO OFFICERS IN COMPARABLE, HIGH-PERFORMING COMPANIES WITH COMPARABLE RESPONSIBILITIES. BASE SALARIES ARE ESTABLISHED BY UTILIZING INFORMATION FROM GENERAL INDUSTRY SURVEYS, CONSULTANTS AND THE MARKETPLACE. THE FOUNDATION'S INCENTIVE PLANS CREATE A DIRECT LINK BETWEEN PAY AND PERFORMANCE. ANNUAL INCENTIVE AWARDS ARE DEPENDENT UPON THE EXECUTIVE'S, AND FOUNDATION'S, PERFORMANCE AGAINST ESTABLISHED OBJECTIVES.

FORM 990, PART VI, SECTION C, LINE 18

THE FOUNDATION'S 1023, 990 AND 990-T ARE MADE AVAILABLE FOR PUBLIC INSPECTION BOTH AT THE FOUNDATION AND THROUGH THE UNIVERSITY OF VIRGINIA'S OFFICE OF PUBLIC RELATIONS.

FORM 990, PART VI, SECTION C, LINE 19

THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS CAN BE DISTRIBUTED TO THE PUBLIC UPON REQUEST. HOWEVER, REQUESTS ARE SUBJECT TO THE APPROVAL OF THE CHIEF EXECUTIVE OFFICER AND THE FOUNDATION'S CONSIDERATION OF THE INTENDED USE OF THE REQUESTED DOCUMENTS. ALL SUCH REQUESTS ARE DIRECTED TO UVA AND THE OFFICE OF PUBLIC AFFAIRS.

FORM 990, PART XI, LINE 9:

BOOK ADJUSTMENT - GAIN ON SWAP AGREEMENT 3,385,970. LOSS FROM SUBSIDIARIES -67,545.

FORM 990, PART XII, QUESTION 2C:

RESPONSIBILITY FOR AUDIT OVERSIGHT AND SELECTION OF INDEPENDENT ACCOUNTANT: THE FOUNDATION'S BOARD OF DIRECTORS HAS AN AUDIT AND FINANCE COMMITTEE THAT IS RESPONSIBLE FOR SELECTION AND RETENTION OF THE INDEPENDENT AUDITORS. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEARS. THE AUDITED FINANCIAL STATEMENTS ARE REVIEWED BY THE FOUNDATION'S AUDIT AND FINANCE COMMITTEE UPON ITS COMPLETION. THIS COMMITTEE BRIEFS THE FULL BOARD OF THE FOUNDATION AT THE NEXT REGULARLY SCHEDULED MEETING.

FORM 990, SCHEDULE A, QUESTION 11 G (V):

AMOUNT OF MONETARY SUPPORT TO UNIVERSITY OF VIRGINIA ($29,710,969): SEE PAGE 10 - STATEMENT OF FUNCTIONAL EXPENSES FOR DETAILED BREAKDOWN

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2016

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