FORM 990, PART III, LINE 1 |
THE MISSION OF THE FOUNDATION IS TO BENEFIT THE UVA BY IDENTIFYING, ATTRACTING, AND NURTURING INDIVIDUALS OF EXTRAORDINARY INTELLECTUAL RANGE AND DEPTH WHO POSSESS THE HIGHEST CONCOMITANT QUALITIES OF LEADERSHIP, SCHOLARSHIP, AND CITIZENSHIP. THE FOUNDATION ADMINISTERS THE MERIT-BASED JEFFERSON SCHOLARSHIP, JEFFERSON FELLOWSHIP, JEFFERSON PROFESSORSHIP, AND NATIONAL FELLOWSHIP PROGRAMS. JEFFERSON SCHOLARSHIPS FUND TUITION, FEES, ROOM AND BOARD, AND OTHER EXPECTED LIVING EXPENSES DURING THE STUDENT'S TENURE AT UVA, WHILE JEFFERSON FELLOWSHIPS RANGE IN DURATION AND STIPEND SUPPORT DEPENDING UPON THE FIELD OF STUDY. THE FOUNDATION PROVIDES FINANCIAL AND OTHER ASSISTANCE TO UVA IN SUPPORT OF THE JEFFERSON PROFESSORS IN RESIDENCE. NATIONAL FELLOWSHIPS PROVIDES STIPEND SUPPORT TO NATIONWIDE DISSERTATION SCHOLARS IN THE FIELDS OF AMERICAN HISTORY, POLITICS, PUBLIC POLICY, OR FOREIGN RELATIONS. THE INITIAL SELECTION PROCESS FOR THE FIRST-GENERATION SCHOLARSHIP PROGRAM WILL BEGIN IN FALL 2021, WITH RECIPIENTS MATRICULATING AT UVA IN FALL 2022. THESE WALENTAS SCHOLARS WILL BE AWARDED FOUR-YEAR UNDERGRADUATE SCHOLARSHIPS THAT COVER THE PROJECTED COST OF TUITION, FEES, ROOM AND BOARD, AND OTHER LIVING EXPENSES. |
FORM 990, PART VI, SECTION A, LINE 7A |
THE FOUNDATION'S BOARD OF DIRECTORS (BOARD) INCLUDES THREE EX-OFFICIO POSITIONS: THE CHAIRMAN OF THE UVA ALUMNI ASSOCIATION OR HIS OR HER DESIGNEE; A DESIGNEE BY THE BOARD OF VISITORS OF UVA IN CONSULTATION WITH THE FOUNDATION'S BOARD CHAIRMAN; AND A DESIGNEE BY THE PRESIDENT OF UVA, ALSO IN CONSULTATION WITH THE FOUNDATION'S BOARD CHAIRMAN. |
FORM 990, PART VI, SECTION B, LINE 11B |
THE FOUNDATION'S INDEPENDENT AUDITORS PREPARED THE FORM 990 FROM INFORMATION PROVIDED BY THE FOUNDATION'S FINANCE TEAM. THE DIRECTOR OF FINANCE REVIEWS THE FORM 990 AND ACKNOWLEDGES HIS RESPONSIBILITY FOR THE COMPLETENESS AND ACCURACY OF THE INFORMATIONAL TAX RETURN. UPON COMPLETION OF THE REVIEW, THE RETURN IS DISTRIBUTED TO MEMBERS OF THE BOARD'S AUDIT COMMITTEE FOR REVIEW AND APPROVAL. AFTER APPROVAL, THE RETURN IS MADE AVAILABLE TO THE ENTIRE BOARD OF DIRECTORS AND THEN FILED WITH THE INTERNAL REVENUE SERVICE. |
FORM 990, PART VI, SECTION B, LINE 12C |
CONFLICT OF INTEREST POLICY MONITORING AND ENFORCEMENT COMPLIANCE: A CONFLICT OF INTEREST DISCLOSURE STATEMENT IS DISTRIBUTED ANNUALLY. THE FOUNDATION MONITORS THE RETURN OF THE DISCLOSURE STATEMENTS AND FOLLOWS UP ACCORDINGLY. THE FOUNDATION REQUIRES EACH DIRECTOR AND EMPLOYEE TO DISCLOSE CONFLICTS OF INTERESTS AS THEY ARISE. THE DISCLOSURE STATEMENTS ARE REVIEWED BY THE DIRECTOR OF FINANCE FOR SITUATIONS REQUIRING DISCLOSURE TO, AND APPROVAL BY, THE BOARD OF DIRECTORS. THE CONFLICT OF INTEREST TRANSACTION MUST BE APPROVED BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE DIRECTORS ON THE BOARD OF DIRECTORS WHO HAVE NO DIRECT OR INDIRECT PERSONAL INTEREST IN THE TRANSACTION. FINANCE TEAM MEMBERS MONITOR THE FOUNDATION'S BUSINESS DEALINGS TO IDENTIFY, WHEN POSSIBLE, A POTENTIAL CONFLICT OF INTEREST. ANY IDENTIFIED POTENTIAL CONFLICT OF INTEREST WOULD BE BROUGHT TO MANAGEMENT'S ATTENTION FOR RESOLUTION. |
FORM 990, PART VI, SECTION B, LINE 15 |
THE FOUNDATION EMPLOYS ITS PRESIDENT UNDER THE TERMS OF A FIVE-YEAR EMPLOYMENT AGREEMENT. THE CONTRACT TERMS AND COMPENSATION WERE ESTABLISHED BY THE BOARD OF DIRECTORS USING COMPARABLE DATA, A COMPENSATION CONSULTANT, AND AN EMPLOYEE BENEFITS ATTORNEY. THE BOARD DOCUMENTED THIS EMPLOYMENT DECISION THROUGH THE TERMS OF THE EMPLOYMENT AGREEMENT. FORM 990, PART VI, SECTION B, LINE 15B: THE FOUNDATION'S DIRECTOR OF BUSINESS PLANNING AND OPERATIONS CONDUCTS AN ANNUAL COMPENSATION REVIEW USING COMPARABLE COMPENSATION INFORMATION PERTAINING TO THE EMPLOYMENT RESPONSIBILITIES AND EXPERIENCE LEVELS OF ALL FOUNDATION STAFF. THIS COMPENSATION INFORMATION IS SHARED WITH THE FOUNDATION'S PRESIDENT FOR INPUT INTO THE REVIEW AND EVALUATION OF THE STAFF COMPENSATION. |
FORM 990, PART VI, SECTION C, LINE 18 |
THE FOUNDATION'S FORM 990 AND FORM 990-T ARE AVAILABLE UPON REQUEST. |
FORM 990, PART VI, SECTION C, LINE 19 |
THE FOUNDATION'S GOVERNANCE DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC. THE FOUNDATION'S CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. |
FORM 990, PART XI, LINE 9: |
CHANGE IN FAIR VALUE OF INTEREST RATE SWAP -3,012,294. CHANGE IN FAIR VALUE OF BENEFICIAL INTEREST IN TRUSTS 303,951. CHANGE IN FAIR VALUE OF PERPETUAL TRUSTS -295,969. RESERVE FOR NOTE RECEIVABLE -543,864. WRITE-OFFS OF PLEDGES RECEIVABLE -43,719. CHANGE IN FAIR VALUE OF NOTE RECEIVABLE -1,987,507. |
FORM 990, PART XII, LINE 2C: |
NO CHANGES WERE MADE TO THE AUDIT OVERSIGHT OR INDEPENDENT ACCOUNTANT SELECTION PROCESSES DURING THE FISCAL YEAR. |