Virginia Foundation For Independent Colleges
- Assets
- $30.7m
- Revenue
- $1.5m
- Investments
- $27.9m
- Employees
- 5
- Location
- Richmond, VA
- Founding
- 03/1953
- Data as of
- 06/2020
- EIN
- 54-0554396
Organization Overview
Virginia Foundation For Independent Colleges is located in Richmond, VA. The organization was established in 1953. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2021, Virginia Foundation For Independent Colleges employed 5 individuals. This organization is the central organization for a national or regional group of organizations. Virginia Foundation For Independent Colleges 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 06/2020, Virginia Foundation For Independent Colleges generated $1.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (10.9%) each year. All expenses for the organization totaled $3.3m during the year ending 06/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Virginia Foundation For Independent Colleges has awarded 120 individual grants totaling $15,994,857. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
ADVANCE THE DISTINCTIVE VALUES AND STRENGTHS OF OUR FIFTEEN SMALLER ENROLLMENT, UNDERGRADUATE, RESIDENTIAL VIRGINIA MEMBER COLLEGES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDES ANNUAL UNRESTRICTED AND RESTRICTED CONTRIBUTIONS TO SUPPORT CRUCIAL NEEDS AT ITS FIFTEEN MEMBER INSTITUTIONS, INCLUDING FUNDING FOR CAMPUS OPERATIONS, ACADEMIC PROGRAM DEVELOPMENT, AND FACULTY DEVELOPMENT.
OTHER PROGRAMS INCLUDE SUPPORT FOR THE NEW HORIZONS PROGRAM, INTERNSHIP PROGRAMS, UNDERGRADUATE TEACHING AND THE SUMMER UNDERGRADUATE PROGRAM FOR RESEARCH IN THE SCIENCES.
THE WOMEN'S LEADERSHIP DEVELOPMENT SUMMIT IS DESIGNED TO EMPOWER YOUNG WOMEN WHO ARE ATTENDING A VFIC MEMBER COLLEGE OR UNIVERSITY. SELECTED STUDENTS JOINED FELLOW VFIC STUDENTS FROM ACROSS THE COMMONWEALTH FOR A THREE-DAY SUMMIT TO HEAR FROM DYNAMIC AND INSPIRATIONAL CORPORATE AND CIVIC LEADERS ABOUT THE SKILLS NEEDED TO ASSUME POSITIONS OF AUTHORITY IN PROFESSIONAL AND PERSONAL SETTINGS. THE STUDENTS EXPLORED THEIR OWN PERSONAL PURSUITS IN THE AREAS OF LEADERSHIP, SKILLS DEVELOPMENT, AND IDENTIFYING AND FURTHER STRENGTHENING THE AREAS NEEDED TO RECOGNIZE THEIR FULL POTENTIAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Shank President | Officer | 40 | $281,416 |
Mary-Beth M Johnson Chief Operating Officer | Officer | 40 | $139,163 |
C Burke King Treasurer | OfficerTrustee | 1 | $0 |
Scott D Miller Vice Chair | OfficerTrustee | 1 | $0 |
Gary R Thomson CPA Chair | OfficerTrustee | 1 | $0 |
Joseph L Austin MD Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,504,481 |
| Investment income | $620 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,505,101 |
| Statement of Expenses | |
|---|---|
| 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. | $501,050 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $125,931 |
| Pension plan accruals and contributions | $12,437 |
| Other employee benefits | $27,581 |
| Payroll taxes | $31,509 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,940 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $248,942 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $7,877 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $74,956 |
| Travel | $11,831 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $45,190 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,910 |
| Insurance | $3,994 |
| All other expenses | $0 |
| Total functional expenses | $3,321,732 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,131,305 |
| Savings and temporary cash investments | $330,931 |
| Pledges and grants receivable | $217,616 |
| Accounts receivable, net | $0 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $27,933,752 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $30,664,480 |
| Accounts payable and accrued expenses | $135,680 |
| Grants payable | $1,434,202 |
| 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 | $75,513 |
| Other liabilities | $0 |
| Total liabilities | $1,645,395 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $29,019,085 |
Grants Awarded
Over the last fiscal year, Virginia Foundation For Independent Colleges has awarded $1,783,431 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
Richmond, VA PURPOSE: DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS | $139,054 |
Winchester, VA PURPOSE: DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS | $126,674 |
Salem, VA PURPOSE: DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS | $126,627 |
Ashland, VA PURPOSE: DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS | $125,251 |
Arlington, VA PURPOSE: DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS | $124,203 |
Bridgewater, VA PURPOSE: DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS | $123,133 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Virginia Foundation For Independent Colleges has recieved totaling $500.
| Awarding Organization | Amount |
|---|---|
Scott Cares Foundation Lynchburg, VA PURPOSE: DONATION | $500 |
Endowment Analysis
| Beg. Balance | $23,956,428 |
| Earnings | $9,579,811 |
| Net Contributions | $113,964 |
| Grants | $981,656 |
| Ending Balance | $32,668,547 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Caney Creek Community Center Pippa Passes, KY | $136,427,755 | $30,649,937 |
University Of Mary Washington Foundation Fredericksburg, VA | $186,636,934 | $19,915,035 |
Lemoyne Owen College Memphis, TN | $53,577,456 | $23,441,931 |
Patrick Henry College Purcellville, VA | $42,398,323 | $19,179,268 |
Bennett College Greensboro, NC | $45,162,174 | $40,377,386 |
Capitol Technology University Laurel, MD | $27,498,251 | $16,836,672 |
Welch College Gallatin, TN | $41,634,056 | $11,542,139 |
Fairfax University Of America Fairfax, VA | $12,151,860 | $8,266,608 |
Appalachian Bible College Inc Mount Hope, WV | $12,108,956 | $7,758,516 |
American Baptist Theological Seminary Nashville, TN | $11,177,466 | $7,876,217 |
Council For Christian Colleges And Universities Washington, DC | $16,773,733 | $7,764,046 |
Mid-Atlantic Christian University Inc Elizabeth City, NC | $5,620,599 | $7,848,028 |