Virginia Tech Services Inc
- Assets
- $8.7m
- Revenue
- $3.9m
- Investments
- $0.0
- Employees
- 4
- Location
- Blacksburg, VA
- Founding
- 12/1967
- Data as of
- 06/2022
- EIN
- 54-0836195
Organization Overview
Virginia Tech Services Inc is located in Blacksburg, VA. The organization was established in 1967. According to its NTEE Classification (B80) the organization is classified as: Student Services, under the broad grouping of Education and related organizations. As of 06/2022, Virginia Tech Services Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Tech Services Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Virginia Tech Services Inc generated $3.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (9.5%) each year. All expenses for the organization totaled $3.0m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (12.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO OWN AND OPERATE BOOKSTORES AND OTHER SERVICES FOR THE USE AND BENEFIT OF STUDENTS, FACULTY, STAFF, AND ALUMNI ON OR NEAR THE CAMPUS OF VA POLYTECHNIC INSTITUTE & STATE UNIVERSITY THROUGH THE MANAGEMENT OF OUTSOURCED OPERATIONS AND FACILITIES MAINTENANCE.
Describe the Organization's Program Activity:
OPERATION OF VENDING SERVICES AND MANAGEMENT OF OUTSOURCED COMMISSIONS CONTRACTS FROM RETAIL OPERATIONS INCLUDING STUDENT BOOKSTORES AND A COFFEE SHOP.
CONTRIBUTION TO VIRGINIA TECH FOUNDATION, INC FOR USE BY THE UNIVERSITY PRESIDENT AND BOARD OF VISITORS FOR THE BENEFIT OF THE STUDENTS AND FACULTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Ann-Marie Knoblauch Chair | OfficerTrustee | 3 | $0 |
Dr Ronald D Fricker Jr Vice Chair | OfficerTrustee | 3 | $0 |
Dr Timothy Baird Director | Trustee | 1 | $0 |
Dr Michael Ellerbrock Director | Trustee | 1 | $0 |
Dr Cyril R Clarke Director | Trustee | 1 | $0 |
Justice Elizabeth A Mcclanahan Secretary-Treasurer | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $139,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $139,000 |
| Total Program Service Revenue | $2,203,414 |
| Investment income | $280 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,200 |
| Net Gain/Loss on Asset Sales | -$30,099 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,908,616 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,000,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $148,968 |
| Compensation of current officers, directors, key employees. | $148,968 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $217,901 |
| Pension plan accruals and contributions | $45,611 |
| Other employee benefits | $86,430 |
| Payroll taxes | $32,338 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $72,326 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,353 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $844,722 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,216 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $176,258 |
| Insurance | $31,399 |
| All other expenses | $3,648 |
| Total functional expenses | $3,036,778 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,074,110 |
| Savings and temporary cash investments | $5,148,600 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $662,145 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $54,419 |
| Net Land, buildings, and equipment | $737,370 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,676,644 |
| Accounts payable and accrued expenses | $551,761 |
| Grants payable | $1,000,000 |
| Deferred revenue | $1,203,333 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $34,338 |
| Total liabilities | $2,789,432 |
| Net assets without donor restrictions | $5,887,212 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $8,676,644 |