Virginia Foundation for Independent Colleges

Transcription

1 Virginia Foundation for Independent Colleges General Information Contact Information Nonprofit Virginia Foundation for Independent Colleges Address 8010 Ridge Road, Suite B Richmond, VA Phone Fax Web Site Facebook facebook.com/ At A Glance Year of Incorporation 1952 Organization's type of tax exempt status Public Supported Charity 1

2 Statements & Search Criteria Mission The mission of the Virginia Foundation for Independent Colleges is to advance the distinctive values and strengths of fifteen smaller enrollment, primarily residential Virginia member colleges. We do this by securing financial support from the private sector, increasing visibility, facilitating innovative and collaborative initiatives among the colleges, and supporting initiatives which ensure that this personalized educational experience remains an affordable choice for tomorrow s citizen-leaders. Background Lea Booth served as the first Executive Director of the VFIC from with the foundation then headquartered in Lynchburg, Virginia. In 1983 the VFIC moved its office to Richmond, where it continues today. The VFIC began as an idea devised by George M. Modlin, then president of the University of Richmond and Francis P. Gaines, then president of Washington and Lee University, under the stadium during a football game. To date this idea, with the help of many corporations, foundations and individuals, has provided 15 of Virginia's private colleges and universities with more than $151 million in funding. Impact In 2015, 660 scholarships, 17 faculty development awards, and 33 undergraduate science fellowships were distributed statewide. Overall, the VFIC secured more than $3.3 million to help further its mission. Needs Support is needed to fund scholarships for students attending our member colleges. Brighter Futures Scholarships - support provides named scholarships of $15,000 or more assisting students with demostrated financial need and academic promise distributed to our VFIC member institutions. Contact Mary-Beth Johnson ([email protected]) for more information. New Horizons - support is needed to help ensure that students from traditionally underserved populations are provided access and scholarship support in order to attend the VFIC institution of their choice. Ethics Bowl - support is needed to help underwrite costs associated with hosting the two-day event and to support campus-based ethics programming to help ensure that the next generation of corporate and civic leaders develop positive moral compasses. Undergraduate Science Research Fellowships - support is needed to provide fellowships to students interested in conducting science research projects with faculty members during the summer. Board Chair Statement Areas Of Service Areas Served 2

3 Areas Statewide Metro Richmond Tri-cities Region Richmond, City Ashland Chester Chesterfield County Colonial Heights, City Dinwiddie County Ettrick Goochland County Hanover County Henrico County Hopewell, City Matoaka Petersburg, City Powhatan County Prince George County Sussex County Charles City County Gloucester County King and Queen County Lancaster County Louisa County Mathews County Middlesex County New Kent County Northumberland County Charlottesville-Albermarle Hampton Roads Northern Neck Northern Virginia Shenandoah Valley Southside Virginia Southwest Virginia Commonwealth of Virginia Service Categories Funding Raising & Fund Distribution Higher Education 3

4 Programs Programs Ethics Bowl Description The VFIC recognizes the importance of collaborative programs among our member institutions. We continue to work closely with our colleges and the corporate sector to sponsor innovative programs connecting independent higher education with the real world. One initiative challenges our students to think critically about the role of ethics and choices in all aspects of life. Each year, we host an Ethics Bowl - designed to help students develop their moral compass. Budget $90, Strategy Long term Success Celebrated 13th Anniversary of the event in Brighter Futures Scholarship Program Description Provides financial assistance to students attending VFIC member institutions who have demonstrated financial need and academic promise. Budget $1,000, Short Term Success Last year secured more than $1 million for 604 scholarships. New Horizons Program Description Provides access and opportunity for students from under-served populations interested in attending VFIC member schools. Budget $150, Long term Success Short Term Success To-date nine PFF students from underrepresented populations, have completed the New Horizons Program by graduating from a VFIC member college. 50% of students from Partnership for the Future accepted at VFIC Schools in

5 Board & Governance Board Chair Board Chair Mr. H. Hiter Harris III Company Affiliation Harris Williams & Company Term June 2016 to June Board Members Name Affiliation Status Mr. A. Marshall Acuff Jr. Cary Street Partners LLC Voting Mrs. Nancy H. Agee Carilion Clinic Voting Mr. George F. Albright Jr. JPMorgan Private Bank Voting David A. Arias Swimways, Inc. Voting Rayford L. Barnes Jr. BB&T Voting Mr. Frank Batten Jr. Landmark Media Enterprises Voting Mr. G. William Beale Union First Market Bankshares Corporation Voting J. Edward Betts Esq. Christian & Barton L.L.P. Voting Mr. W. Earle Betts III Montague-Betts Company Voting Mr. George Y. Birdsong Birdsong Corporation Voting Victor K. Branch Bank of America Voting Charles L. Cabell Esq. Williams Mullen Voting Mr. John M. Camp III Southfield Capital Voting Mr. Theodore L. Chandler Jr. New Richmond Ventures LLC Voting Mr. I. Lee Chapman IV Davenport & Company Voting Mr. C. Lynch Christian III 1000 Church Street, Inc. Voting Mr. John R. Clark III Steuart Investment Company Voting Mr. Richard Cullen Esq. McGuireWoods LLP Voting Mrs. Beverley E. Dalton English Construction Company Voting Mr. Mark E. Dempsey Appalachian Power Company Voting Mr. Thomas F. Farrell II Dominion Resources, Inc. Voting Calvin W. Fowler Jr. Williams Mullen Voting Mr. George C. Freeman III Universal Corporation Voting Mrs. Palmer P. Garson Cary Street Partners LLC Voting Mrs. Marie Meriwether Godsey Meriwether Godsey Inc. Voting Mr. Thomas E. Goode Wells Fargo Private Bank Voting Mr. H. Hiter Harris III Harris Williams & Co. Voting Mrs. Ann Barnett Hazel Community Volunteer Voting Mr. Ted Hengst ARTEL LLC Voting Mr. C. Burke King Anthem BlueCross & BlueShield - Virginia Voting 5

6 Mr. Thomas W. Kirchmaier Jr. General Dynamics Information Technology Voting Mr. Lemuel E. Lewis LocalWeather.com Voting Mr. Charles S. Luck IV Luck Companies Voting Mr. John A. Luke Jr. MeadWestvaco Corporation Voting Mr. Thomas J. Lyons Jr. Weatherly Investment Associates Voting Mr. Craig L. Massey Evan Energy Investments, LC Voting Mr. W. Sheppard Miller III KITCO Fiber Optics, Inc. Voting Thurston R. Moore Esq. Hunton & Williams Voting Mr. T. Justin Moore III Hunton & Williams Voting Mr. Spencer W. Morten Bassett Mirror Company Voting Mr. Roger H. Mudd The History Channel, CBS, NBC, Retired Voting Mr. William L. Pannill Tacoma Management, Inc. Voting Mr. L. Allan Parrott Tidewater Fleet Supply Voting Mr. Jerry Z. Peng Tranlin, Inc. Voting Mr. Bittle W. Porterfield III Rice Management Company Voting Mr. Brian Quigley U.S. Smokeless Tobacco Company Voting Dr. Stewart D. Roberson Moseley Architects Voting Mr. Jeffrey R. Rowan Fleet Laboratories Voting Mr. Jeffrey R. Rowan Community Voting Mr. Thomas D. Rutherfoord Jr. Rutherfoord Voting Mr. Bob Sasser Dollar Tree Stores, Inc. Voting Robert D. Seabolt Esq. Troutman Sanders LLP Voting Mr. Gary S. Shook Middleburg Bank Voting Mr. John Knox Singleton INOVA Health System Voting Mr. Robert H. Spilman Jr. Bassett Furniture Industries, Inc. Voting Mr. James A. Squires Norfolk Southern Corporation Voting Mr. John G. Stallings SunTrust Bank Voting Mr. Hugh E. Taylor Northrop Grumman Corporation Voting Mr. Joseph R. Thomas GEICO Voting Mr. Rony Thomas LifeNet Health Voting Mr. Fred D. Thompson Thompson Hospitality, Inc. Voting Gary R. Thomson CPA Dixon Hughes Goodman LLP Voting Mr. William R. Van Buren III Kaufman & Canoles, P.C. Voting Mr. Keith D. VanderVennet Ferguson Enterprises Voting Mr. Martin L. Vaughan III Willis Group Holdings, Retired Voting Ms. Margaret G. Warner The PBS NewsHour Voting Mr. James C. Wheat III Blandfield Associates, LLC Voting Mr. Richard R. Whitt III Markel Corporation Voting Mr. R. Sackett Wood Moore & Giles Voting Board Demographics - Ethnicity 6

7 African American/Black 4 Asian American/Pacific Islander 1 Caucasian 62 Hispanic/Latino 0 Native American/American Indian 0 Other 1 Board Demographics - Gender Male 62 Female 6 Unspecified 0 Governance Board Term Lengths 3 Board Term Limits 0 Board Meeting Attendance % 75 Written Conflict of Interest Policy? Percentage Making Monetary Contributions 100 Percentage Making In-Kind Contributions 0 Number of Full Board Meetings Annually 3 Standing Committees Nominating Executive Investment Finance Comments In addition to the business and community trustees listed, the president of each of the 15 VFIC member institutions is a voting member of the Board (referred to as a President Trustee.) The VFIC Board of Trustees holds one face-to-face meeting a year with others held via conference call. 7

8 Management Executive Director/CEO Executive Director Kenneth P. Ruscio Term Start Apr Experience Former CEOs Name Term Ned Moore July Feb 2010 Dr. Thomas R. Morris Feb 2016 Senior Staff Name Ms. Mary-Beth M. Johnson Title Vice President Staff Full Time Staff 3 Part Time Staff 2 Volunteers 60 Contractors 0 Retention Rate 80 Plans Organization has a Fundraising Plan? Organization has a Strategic Plan? Years Strategic Plan Considers 10 Date Strategic Plan Adopted July 2006 Management Succession Plan? Organization Policy and Procedures Nondiscrimination Policy Whistleblower Policy Document Destruction Policy Directors and Officers Insurance Policy No 8

9 Financials Fiscal Year July Fiscal Year 2017 Projected Revenue $3,000, Projected Expenses $7,186, Endowment Value Spending Policy Percentage Percentage (if selected) 4.75% s Detailed Financials Revenue and Expenses Total Revenue $3,559,953 $4,368,140 $2,720,721 Total Expenses $2,958,003 $3,119,106 $2,942,121 Revenue Sources Foundation and Corporation Contributions Government Contributions $0 $0 $0 Federal State Local Unspecified Individual Contributions $2,034,089 $2,202,420 $1,875,231 Indirect Public Support Earned Revenue Investment Income, Net of Losses $1,522,185 $2,163,220 $845,463 Membership Dues Special Events Revenue In-Kind $3,679 $2, Other $27 9

10 Expense Allocation Program Expense $2,502,986 $2,633,090 $2,475,076 Administration Expense $223,729 $241,337 $199,030 Fundraising Expense $231,288 $244,679 $268,015 Payments to Affiliates Total Revenue/Total Expenses Program Expense/Total Expenses 85% 84% 84% Fundraising Expense/Contributed Revenue 11% 11% 14% Assets and Liabilities Total Assets $31,386,504 $30,925,497 $29,051,696 Current Assets $3,291,626 $1,751,349 $1,619,030 Long-Term Liabilities $ Current Liabilities $2,344,151 $2,485,094 $2,267,939 Total Net Assets $29,042,353 $28,440,403 $26,783,757 Short Term Solvency Current Ratio: Current Assets/Current Liabilities Long Term Solvency Long-Term Liabilities/Total Assets 0% 0% 0% Top Funding Sources Top Funding Source & Dollar Amount Second Highest Funding Source & Dollar Amount Third Highest Funding Source & Dollar Amount Capital Campaign Currently in a Capital Campaign? No Goal 0 Capital Campaign Anticipated in Next 5 Years? No State Charitable Solicitaions Permit Permit? Exempt 0 Comments Organization Comments 10