Virginia Tech Foundation (VTF) Funds and Accounts
What is a VTF Fund?
Virginia Tech Foundation (VTF) Fund Numbers, commonly referred to as Foundation Accounts, are financial accounts used to receive and manage funds for VTF-approved business purposes.
These fund numbers are six digits long, typically beginning with "8" (e.g., 87XXXX or 88XXXX). Organizations must confirm that their fund is eligible to receive both internal transfers and external contributions, as some funds may have restrictions outlined in their fund agreement.
Additionally, since all VTF Funds, including SEC's own LNF and IHF endowments, are housed within VTF, both the funds and the supporting endowments are subject to all Virginia Tech Foundation policies.
The SEC actively supplements the LNF's and IHF's annual endowed returns to ensure sufficient funding is available each year for student and organizational support. As a result, disbursements made to a VTF fund may be subject to VTF’s "cash assessment fee". The cash assessment fee is a flat 5% on all gifts that come into the university from external sources (a non VTF transfer).
Please note the following considerations and restrictions below:
As of Fall 2024: Student Affairs RSO Pass-through accounts are not eligible to receive LNF and IHF reimbursements due to VTF policy change. However, these fund numbers may continue to receive EOF reimbursements which are then directed to their off-campus bank accounts.
Fund numbers in the 4XXXXX series are managed by the Office of Sponsored Programs (OSP) at Virginia Tech and are not valid VTF fund numbers. Therefore, they are not eligible to receive SEC funding.
Most faculty members use their department's Foundation number (typically in the 87XXXX or 88XXXX series). Then, if the money is needed in the OSP fund, the department may be able to make the appropriate "transfer".
For clarification, organizations should contact their department’s business/finance office.
Fund numbers in the 1XXXXX series are state funds and are not valid VTF fund numbers and cannot accept gifts. Therefore, they are not eligible to receive SEC funding.
Identifying a VTF Fund for Use
All departments and units have VTF accounts that may be used for SEC funding. To obtain a valid fund number, student organizations should first contact their faculty advisor, who can assist in identifying an appropriate account.
Organizations applying for LNF, IHF, or BC funding may use the foundation account of a sponsoring department, provided that the department approves and agrees to recieve the funds.
Distribution of SEC Funds to VTF Accounts
The SEC Director of Finance (DOF) coordinates with the College of Engineering Business Office to process EOF, LNF, and IHF reimbursements and BC grant awards.
The Advancement Office receives and processes contributions and gifts, coordinating with the appropriate department representative to ensure funds are distributed correctly. Because fund transfer processes may vary by organization, student groups should work closely with their faculty advisor and department business office for guidance.
For Student Organizations: By VTF policy, funds in VTF accounts may not be transferred directly to RSOs. However, students affiliated with an RSO may be reimbursed directly from the department’s VTF account.
Organizations should also be aware that fund transfers and reimbursements may experience delays due to VTF’s processing timeline. Neither the SEC Director of Finance (DOF) nor Director of Philanthropy (DOP) are able to expedite these transactions once they are submitted to the Foundation.
Contact and Support
For student organizations, questions about VTF accounts should be directed first to your faculty advisor, who can coordinate with the appropriate department business and finance office. Faculty advisors are the best starting point to help navigate department-specific procedures and ensure your organization is using an eligible account.
For faculty seeking funding or clarification, please reach out to your department’s business and finance office directly with any questions about VTF accounts, fund transfers, or eligibility.
A department's business and/or finance office will be the primary resource for confirming valid VTF fund numbers, identifying available accounts, and managing internal processes related to the disbursement and use of funds.