Virginia Student Aid Foundation
- Assets
- $165.5m
- Revenue
- $45.9m
- Investments
- $104.6m
- Employees
- 23
- Location
- Charlottesville, VA
- Founding
- 12/1951
- Data as of
- 12/2021
- EIN
- 54-0517188
Organization Overview
Virginia Student Aid Foundation, operating under the name Virginia Athletics Foundation, is located in Charlottesville, VA. The organization was established in 1951. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2021, Virginia Athletics Foundation employed 23 individuals. This organization is the central organization for a national or regional group of organizations. Virginia Athletics Foundation 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 12/2021, Virginia Athletics Foundation generated $45.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $40.3m during the year ending 12/2021. While expenses have increased by 3.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Virginia Athletics Foundation has awarded 15 individual grants totaling $182,734,828. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE VIRGINIA ATHLETICS FOUNDATION, THROUGH ITS FUND-RAISING EFFORTS, STRIVES TO SUPPORT A PREEMINENT INTERCOLLEGIATE ATHLETICS PROGRAM AT THE UNIVERSITY OF VIRGINIA BY PROVIDING STUDENT-ATHLETES THE OPPORTUNITY TO ACHIEVE ACADEMIC AND ATHLETIC EXCELLENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION'S PRIMARY PURPOSE IS TO PROVIDE FUNDING FOR SCHOLARSHIPS AND ACADEMIC AFFAIRS SUPPORT FOR STUDENT ATHLETES. IN 2021, MORE THAN 9,600 DONORS TO THE FOUNDATION, INCLUDING FORMER STUDENT-ATHLETES, PARENTS, ALUMNI, FANS, AND BUSINESSES WHO RECOGNIZE THE VALUE OF THE INTERCOLLEGIATE ATHLETICS EXPERIENCE AT THE UNIVERSITY OF VIRGINIA, ENTHUSIASTICALLY PROVIDE SUPPORT IN A VARIETY OF WAYS. THROUGH ITS FUND-RAISING EFFORTS, THE FOUNDATION PROVIDES THE MAXIMUM FUNDING FOR ALL 316.6 SCHOLARSHIPS ALLOWED FOR 25 OF THE 27 TEAMS SANCTIONED BY THE NCAA AT THE UNIVERSITY. SCHOLARSHIPS FOR THE MEN'S AND WOMEN'S SQUASH TEAMS ARE FUNDED BY A UNIVERSITY ENDOWMENT PROVIDED BY A GENEROUS DONOR. TODAY, THERE ARE APPROXIMATELY 750 STUDENT-ATHLETES PARTICIPATING IN 27 INTERCOLLEGIATE PROGRAMS AT THE UNIVERSITY.
THE FOUNDATION RAISES FUNDS ON BEHALF OF THE UNIVERSITY OF VIRGINIA TO FINANCE THE RENOVATION OF EXISTING ATHLETICS FACILITIES AND THE CONSTRUCTION OF NEW ATHLETICS FACILITIES AS IDENTIFIED AND APPROVED BY THE UNIVERSITY. THE FOUNDATION ALSO PROVIDES FUNDING TO ASSIST WITH OPERATIONAL SUPPORT OF VARIOUS SPORTS AT THE UNIVERSITY. ADDITIONALLY, DONATIONS MADE TO THE FRIENDS OF PROGRAM ARE DESIGNATED BY DONORS TO SPECIFIC SPORTS AMONG THE 14 WOMEN'S AND 13 MEN'S VARSITY SPORTS AT THE UNIVERSITY, INCLUDING BUT NOT LIMITED TO RECRUITING COSTS, TEAM TRAVEL AND EQUIPMENT.
THE FOUNDATION PROVIDES INFORMATIONAL SERVICES TO ITS MEMBERS AND TO THE GENERAL PUBLIC. IN ADDITION, IT PROVIDES ANCILLARY SUPPORT TO THE ATHLETICS PROGRAMS OF THE UNIVERSITY OF VIRGINIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dirk P Katstra Exec Director, Sec/treas | OfficerTrustee | 40 | $312,946 |
Michael T Kersey Chief Operating Officer | Officer | 40 | $175,987 |
Donna G Mahan Director Of Financial Oper | 40 | $134,477 | |
Jeffrey B Ford Associate Director | 40 | $127,883 | |
Heather L Troudt Associate Director | 40 | $126,056 | |
Lorenza E Davis Jr Associate Director | 40 | $124,484 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Coman Publishing Co Publications | 12/30/21 | $122,547 |
University Of Virginia Investment Mngt Investment Management | 12/30/21 | $241,865 |
Card Connect Credit Card Processor | 12/30/21 | $149,394 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $75,946 |
| Related organizations | $0 |
| Government grants | $421,228 |
| All other contributions, gifts, grants, and similar amounts not included above | $43,321,551 |
| Noncash contributions included in lines 1a–1f | $1,878,453 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $43,818,725 |
| Total Program Service Revenue | $1,597,439 |
| Investment income | $176,223 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $253,804 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $17,224 |
| Net Income from Fundraising Events | $13,431 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $45,876,846 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $36,154,608 |
| 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. | $616,305 |
| Compensation of current officers, directors, key employees. | $350,799 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,380,229 |
| Pension plan accruals and contributions | $115,198 |
| Other employee benefits | $212,397 |
| Payroll taxes | $125,138 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $47,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $241,865 |
| Fees for services: Other | $5,480 |
| Advertising and promotion | $444,928 |
| Office expenses | $75,610 |
| Information technology | $93,876 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $84,983 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,858 |
| Insurance | $28,979 |
| All other expenses | $0 |
| Total functional expenses | $40,287,970 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $17,256,811 |
| Pledges and grants receivable | $34,090,222 |
| Accounts receivable, net | $123,430 |
| 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 | $0 |
| Net Land, buildings, and equipment | $7,929 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $104,638,200 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,414,323 |
| Total assets | $165,530,915 |
| Accounts payable and accrued expenses | $603,625 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $1,616,608 |
| Total liabilities | $2,220,233 |
| Net assets without donor restrictions | $23,877,349 |
| Net assets with donor restrictions | $139,433,333 |
| 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 | $165,530,915 |
Grants Awarded
Over the last fiscal year, Virginia Student Aid Foundation has awarded $36,154,608 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Charlottesville, VA PURPOSE: STUDENT ATHLETE SCHOLARSHIPS AND ACADEMIC AFFAIRSSTUDENT ATHLETE SCHOLARSHIPS AND ACADEMIC AFFAIRS | $21,437,611 |
Charlottesville, VA PURPOSE: ATHLETIC FACILITIES CAPITAL IMPROVEMENTS SUPPORT | $10,955,597 |
Charlottesville, VA PURPOSE: ATHLETICS OPERATIONAL SUPPORT | $3,761,400 |
Grants Recieved
Over the last fiscal year, we have identified 30 grants that Virginia Student Aid Foundation has recieved totaling $4,861,873.
| Awarding Organization | Amount |
|---|---|
The Community Foundation Inc Richmond, VA PURPOSE: GENERAL PURPOSES | $1,273,999 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $1,171,259 |
Dechomai Foundation Inc Jacksonville, FL PURPOSE: unrestricted | $799,183 |
Aspen Community Foundation Basalt, CO PURPOSE: GENERAL SUPPORT | $502,500 |
Dechomai Asset Trust Jacksonville, FL PURPOSE: unrestricted | $400,000 |
The Community Foundation For Greater Atlanta Inc Atlanta, GA PURPOSE: EDUCATION | $106,500 |
Endowment Analysis
| Beg. Balance | $89,342,515 |
| Earnings | $25,880,161 |
| Admin Expense | $241,865 |
| Net Contributions | $9,900,261 |
| Other Expense | $20,242,872 |
| Ending Balance | $104,638,200 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Charles Koch Foundation Arlington, VA | $813,753,220 | $68,721,556 |
Education Loan Finance Inc Knoxville, TN | $2,281,627,256 | $227,234,757 |
Thurgood Marshall College Fund Inc Washington, DC | $121,810,471 | $98,266,975 |
Educational Foundation Inc Chapel Hill, NC | $193,854,804 | $63,834,996 |
Nc Student Aid Association Inc Raleigh, NC | $102,296,557 | $23,877,668 |
Breakthrough Prize Foundation Washington, DC | $10,581,357 | $48,295,695 |
Virginia Student Aid Foundation Charlottesville, VA | $165,530,915 | $45,876,846 |
Foundation For Advanced Education In The Sciences Inc Bethesda, MD | $54,757,501 | $41,367,941 |
The North Carolina A&t Real Estate Foundation Inc Greensboro, NC | $169,150,909 | $33,021,773 |
Horatio Alger Association Of Distinguished Americans Inc Alexandria, VA | $58,355,936 | $27,092,429 |
Somerset Community Services Inc Marion Station, MD | $23,511,474 | $20,221,070 |
American Association Of University Women Inc Washington, DC | $138,843,361 | $18,528,803 |