THE VIRGINIA TECH FOUNDATION AND VIRGINIA TECH PHILANTHROPY Annual reports for fiscal year 2013-2014 Innovation | Education | Business Creation Cover: The Hotel Roanoke at dusk. Above: Students enjoy a fall day on campus. Virginia Tech Foundation Annual Report 2 Foundation Annual Report 2013-2014 04 Virginia Tech Foundation officers and administration 05 Virginia Tech Foundation Board of Directors 06 Virginia Tech Foundation properties 08 Ben J. Davenport Jr., Chairman of the Board 09 John E. Dooley, Chief Executive Officer and Secretary-Treasurer 10 A catalyst for growth and revitalization 20 Accomplishments and initiatives 23 Financial highlights 28 Foundation endowment highlights Philanthropy Annual Report 2013-2014 29 Mobilizing private support to help Virginia Tech and those it serves 30 University Development administration and directors 31 Elizabeth A. “Betsy” Flanagan, Vice President for Development and University Relations 32 Major gift highlights 37 Uses and sources of contributions 38 Designation of contributions 40 Virginia Tech giving societies 41 Ut Prosim Society membership list 51 Caldwell Society membership list 59 Legacy Society membership list Virginia Tech Foundation Annual Report 3 Officers Chairman of the Board Executive Vice President Ben J. Davenport Jr. Elizabeth A. Flanagan Chairman, Davenport Energy Inc. Vice President for Development and First Piedmont Corporation and University Relations, Virginia Tech Chief Executive Officer Executive Vice President and Secretary-Treasurer John E. Dooley M. Dwight Shelton Jr. CEO and Secretary-Treasurer, Vice President for Finance Virginia Tech Foundation Inc. and CFO, Virginia Tech Administration John E. Dooley Terri T. Mitchell CEO and Associate Vice President for Secretary-Treasurer Administration and Controller 540-231-2265 540-231-0420 [email protected] [email protected] Kevin G. Sullivan Associate Vice President for John J. Cusimano Administration and General Counsel Associate Vice President for 540-231-2875 Finance [email protected] 540-231-7094 [email protected] www.vtf.vt.edu The Virginia Tech Foundation does not discriminate against employees, students, or applicants on the basis of age, color, disability, gender, gender identity, gender expression, national origin, political affiliation, race, religion, sexual orientation, genetic information, veteran status, or any other basis protected by law. For inquiries regarding non-discrimination policies, contact the human resources manager at 540-231-7168 or University Gateway Center, 902 Prices Fork Rd., Suite 4400, Blacksburg, VA 24061. Virginia Tech Foundation Annual Report 4 Board of Directors Nancy H. Agee Theodore S. Hanson John B. Rowsell James K. Asselstine R. Keith Harman Kristi L. Rowsell Mary Blackwood Leonard P. Harris Peter M. Rup Christopher J. Brightman James H. Hatch Winston A. Samuels Thomas R. Byrd W. Todd Holtzman E. Ann Spencer Patricia A. Caldwell Shawn C. Johnson Benjamin Z. Stallings II David L. Calhoun John R. Lawson II Charles W. Steger George B. Clarke IV Jacob A. Lutz III Fay H. Street Michael W. Clarke James A. Pearson John A. “Alex” Urquhart Jr. Douglas C. Curling Michael J. Quillen Carl G. Verboncoeur Ben J. Davenport Jr. Glenn P. Reynolds Matthew M. Winston Jr. The War Memorial Pylons. Virginia Tech Foundation Annual Report 5 Virginia Tech Foundation Inc. The Virginia Tech Foundation is a 501(c)(3) Virginia Tech Foundation properties nonprofit, non-stock corporation established in 1948. It provides private financial support to enable 1 Corporate Research Center, Blacksburg the forward progress of Virginia Tech. Through 2 417 Clay Street, Blacksburg successful asset management and the generosity of 3 Heth Property, Blacksburg Virginia Tech alumni and friends, the foundation 4 continues to increase its real estate portfolio, North End, Blacksburg endowment value, and support to university 5 Quarry, Blacksburg initiatives. 6 Smith’s Landing, Blacksburg The foundation’s real estate portfolio includes 7 University Gateway Center, Blacksburg properties across the Commonwealth of Virginia 8 Kentland Farm, Montgomery County as well as Switzerland. These properties range from ones focused on innovation and economic 9 Pete Dye River Course, Pulaski County development, such as the Corporate Research q Hotel Roanoke, Roanoke Center and the Virginia Tech Research Center 14 w WVTF Public Radio, Roanoke – Arlington; to ones focused on academics, e 13 which include the Steger Center for International Reynolds Homestead, Patrick County Scholarship and the Reynolds Homestead; to ones r Marion duPont Scott Equine Medical Center, Leesburg in the travel or recreation business, such as the Pete t Virginia Tech Research Center – Arlington, Arlington 15 Dye River Course of Virginia Tech and the Hotel y Washington Alexandria Architecture Center, Alexandria Roanoke. This diverse portfolio provides program facilities and generates private resources to enable u Hampton Seafood Lab, Hampton Virginia Tech to invent the future. i Steger Center for International Scholarship, Riva San Vitale, Switzerland - 10 -11 1-7 16 8 12 Virginia Tech Foundation Annual Report 6 Ù WVTF translator WVTF transmitter Transmitters are full power radio stations. Translators are lower- power broadcasts that repeat the signals of transmitters. 14 13 Riva San Vitale, Switzerland 15 - 10 -11 1-7 16 8 12 Virginia Tech Foundation Annual Report 7 I take great satisfaction in seeing how An extensive Virginia Tech’s initiatives also benefit other communities. I’m excited that these efforts role in economic expanded to Newport News during the fiscal year covered by this report. development Both the Hotel Roanoke and Tech Center A message from Ben J. Davenport Jr., Oyster Point feature prominently in the Chairman of the Virginia Tech Foundation Board main narrative of this annual report, which is devoted to providing examples of how the Architecturally, the Tudor-revival Hotel foundation promotes economic development, Roanoke, which dates back to 1892, and the innovation, and educational excellence—all Tech Center Oyster Point—a contemporary of which are pillars of the Virginia Tech office, residential, and retail complex under mission. construction in Newport News—have little in common. As an alumnus, I’m proud of all of Virginia Tech’s many achievements. But as a Virginia But from the standpoint of their missions, businessman, I’m particularly enthusiastic they are very similar. Beyond their aims of turning a profit, they are major economic assets for their regions. Another similarity is that the Virginia Tech Foundation’s extensive involvement in both facilities illustrates the expansive role of the commonwealth’s major land grant university. Ben J. Davenport Jr., Timothy Sands, and John E. Dooley at the Hotel Roanoke. Universities are primarily known for educating students and conducting research. Virginia Tech about those achievements that benefit not just goes far beyond that. It operates facilities the university community, but communities throughout the commonwealth, and like Danville, Roanoke, and Newport News. beyond, as part of its mission not only to I was pleased at the degree to which Charles advance knowledge, but to foster economic W. Steger embraced Virginia Tech’s broad role competitiveness and improved quality of life. within the commonwealth while serving as At the Virginia Tech Foundation, we help university president, and I look forward to make this possible. One reason I enjoy working with President Timothy Sands on chairing the foundation board so much similarly far-reaching projects in the years is that I have seen the positive effect of to come. the university’s emphasis on economic Based on my conversations with President development in my home region of Sands so far, and his public remarks that have SouthernVirginia. reiterated the importance of our land-grant The university’s Institute for Advanced mission, I am confident that being a major Learning and Research makes a great contributor to the commonwealth’s economy difference to the economic viability of will remain an important part of the mission Danville and surrounding communities. of Virginia Tech—and its foundation. Virginia Tech Foundation Annual Report 8 that encourages entrepreneurial thinking. An engine for The year also saw major developments within our Corporate Research Center, innovation and which plays an essential role in the business- friendly environment for which our region is entrepreneurship becoming ever more widely known. A message from John E. Dooley, Together, these developments represent CEO and Secretary-Treasurer a convergence of initiatives that provide support to entrepreneurs at all stages of the As I enter our office building each morning, business creation and development process. I get a heartwarming reminder of just how Innovation and entrepreneurship are effective our university and its foundation exciting and essential, but they are not can be in promoting innovation and without risk. Fortunately, our foundation entrepreneurship. is on solid financial footing, which allows Directly down the hall from the door that us to explore investments such as Valleys’ my colleagues and I open to enter our Ventures. building is the office of Heyo, a young While our financial picture is outlined in company that helps small businesses take great detail later in this report, I do wish advantage of social media. Founded by a to mention two facts here: We saw a 19.4 former Virginia Tech student, Nathan Latka, percent return on our endowed