Form 990 for tax year 2023
Filed by VERMONT STUDENT DEVELOPMENT FUND INC.
Totals
- Total revenue
- $13,719,701
- Total expenses
- $13,162,279
- Contributions and grants received
- $13,330,920
- Grants paid
- $13,154,249
- Program service revenue
- $0
- Investment income
- $388,781
- Other revenue
- $0
- Total assets, end of year
- $25,220,619
- Total liabilities, end of year
- $12,734,240
- Net assets or fund balances, end of year
- $12,486,379
- Program services expenses (Part IX)
- $13,154,249
- Management and general expenses
- $8,030
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $13,154,249
Program services were 99.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1a · Federated campaigns
$0
-
1b · Membership dues
$0
-
1c · Fundraising events
$0
-
1d · Related organizations
$0
-
1e · Government grants (contributions)
$9,318,527
-
1f · All other contributions, gifts and grants
$4,012,393
-
1g · Noncash contributions included above
$0
-
3 · Investment income
total $292,056 · related or exempt $0 · unrelated business $0 · excluded $292,056
-
4 · Income from investment of tax-exempt bond proceeds
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
5 · Royalties
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
7a · Gross sales of assets other than inventory
securities $578,926 · other assets $0
-
7b · Less cost or other basis and sales expenses
securities $482,201 · other assets $0
-
7c · Gain or loss
securities $96,725 · other assets $0
-
7d · Net gain or loss
total $96,725 · related or exempt $0 · unrelated business $0 · excluded $96,725
-
8a · Fundraising events: contributions included on line 1c
$0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0 · program services $0
-
2 · Grants to domestic individuals
total $13,154,249 · program services $13,154,249
-
3 · Grants to foreign organizations and individuals
total $0 · program services $0
-
4 · Benefits paid to or for members
total $0 · program services $0
-
5 · Compensation of officers, directors and key employees
total $0 · program services $0 · management and general $0 · fundraising $0
-
6 · Compensation of disqualified persons
total $0 · program services $0 · management and general $0 · fundraising $0
-
7 · Other salaries and wages
total $0 · program services $0 · management and general $0 · fundraising $0
-
8 · Pension plan contributions
total $0 · program services $0 · management and general $0 · fundraising $0
-
9 · Other employee benefits
total $0 · program services $0 · management and general $0 · fundraising $0
-
10 · Payroll taxes
total $0 · program services $0 · management and general $0 · fundraising $0
-
11a · Fees: management
total $0 · program services $0 · management and general $0 · fundraising $0
-
11b · Fees: legal
total $0 · program services $0 · management and general $0 · fundraising $0
-
11c · Fees: accounting
total $0 · program services $0 · management and general $0 · fundraising $0
-
11d · Fees: lobbying
total $0 · program services $0 · management and general $0 · fundraising $0
-
11e · Fees: professional fundraising services
total $0 · fundraising $0
-
11f · Fees: investment management
total $0 · program services $0 · management and general $0 · fundraising $0
-
11g · Fees: other
total $0 · program services $0 · management and general $0 · fundraising $0
-
12 · Advertising and promotion
total $0 · program services $0 · management and general $0 · fundraising $0
-
13 · Office expenses
total $0 · program services $0 · management and general $0 · fundraising $0
-
14 · Information technology
total $0 · program services $0 · management and general $0 · fundraising $0
-
15 · Royalties
total $0 · program services $0 · management and general $0 · fundraising $0
-
16 · Occupancy
total $0 · program services $0 · management and general $0 · fundraising $0
-
17 · Travel
total $0 · program services $0 · management and general $0 · fundraising $0
-
18 · Travel or entertainment for public officials
total $0 · program services $0 · management and general $0 · fundraising $0
-
19 · Conferences, conventions and meetings
total $0 · program services $0 · management and general $0 · fundraising $0
-
20 · Interest
total $0 · program services $0 · management and general $0 · fundraising $0
-
21 · Payments to affiliates
total $8,030 · program services $0 · management and general $8,030 · fundraising $0
-
22 · Depreciation, depletion and amortization
total $0 · program services $0 · management and general $0 · fundraising $0
-
23 · Insurance
total $0 · program services $0 · management and general $0 · fundraising $0
-
24e · All other expenses
total $0 · program services $0 · management and general $0 · fundraising $0
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $11,484,598 · end of year $13,675,074
-
11 · Investments: publicly traded securities
beginning of year $9,981,573 · end of year $11,451,967
-
15 · Other assets
end of year $93,578
-
19 · Deferred revenue
beginning of year $11,396,559 · end of year $12,702,558
-
25 · Other liabilities
beginning of year $24,807 · end of year $31,682
-
27 · Net assets without donor restrictions
beginning of year $0 · end of year $0
-
28 · Net assets with donor restrictions
beginning of year $10,044,805 · end of year $12,486,379
Mission and programs · 2023
Mission
The Vermont Scholarship Fund is a 501(c)(3) charitable affiliate of the Vermont Student Assistance Corporation. Our mission is to provide scholarships to Vermonters through gifts from individual donors and philanthropic sources. Together with our Donors we make it possible for more Vermonters to aim higher, go further, and build something better for themselves, for their families, for their community, and for our shared world. We partner closely with our donors to create scholarship funds that reflect their personal and philanthropic values as well as their financial goals, so they can help open the doors to higher education for others. We administer all scholarships through VSAC, with ongoing support that makes managing a scholarship easy. VSAC currently awards about 13.2 million in scholarships through 149 award programs to 3,527 Vermonters.
Activities or mission (Part I)
The mission of the Vermont Student Development Fund is to seek, invest and maintain monetary and other support for scholarships and other financial assistance to individuals seeking a post secondary education or training.
-
Scholarships were awarded and disbursed to 3,527 students to support their pursuit of higher education.
Expenses $13,154,249 · Grants $13,154,249
As filed on the 2023 return.
Listed in Part VII
-
Scott A Giles
President and CEO&
- Total calculated
- $397,203
- From this org
- $0
- From related orgs
- $327,394
- Other
- $69,809
- Hours/week
- 0.2 + 37.5 related
Schedule J breakdown matched by us
- Base
- $0 + $293,052 related
- Bonus
- $0 + $17,601 related
- Other
- $0 + $16,741 related
- Deferred
- $0 + $39,547 related
- Nontaxable benefits
- $0 + $30,262 related
- Filer's total
- $0 + $397,203 related
-
Thomas A Little
VP & General Counsel
- Total calculated
- $295,392
- From this org
- $0
- From related orgs
- $244,205
- Other
- $51,187
- Hours/week
- 1 + 37.5 related
Schedule J breakdown matched by us
- Base
- $0 + $223,508 related
- Bonus
- $0 + $13,439 related
- Other
- $0 + $7,258 related
- Deferred
- $0 + $28,300 related
- Nontaxable benefits
- $0 + $22,887 related
- Filer's total
- $0 + $295,392 related
-
Patrick J Leduc
VP & COO
- Total calculated
- $290,427
- From this org
- $0
- From related orgs
- $222,037
- Other
- $68,390
- Hours/week
- 0.2 + 37.5 related
Schedule J breakdown matched by us
- Base
- $0 + $207,806 related
- Bonus
- $0 + $11,909 related
- Other
- $0 + $2,322 related
- Deferred
- $0 + $26,303 related
- Nontaxable benefits
- $0 + $42,087 related
- Filer's total
- $0 + $290,427 related
-
Michael R Stuart
VP of Finance & CFO
- Total calculated
- $157,964
- From this org
- $0
- From related orgs
- $115,937
- Other
- $42,027
- Hours/week
- 0.2 + 22.5 related
Schedule J breakdown matched by us
- Base
- $0 + $109,035 related
- Bonus
- $0 + $6,902 related
- Other
- $0
- Deferred
- $0 + $11,992 related
- Nontaxable benefits
- $0 + $30,035 related
- Filer's total
- $0 + $157,964 related
-
Marilyn J Cargill
VP of Financial Aid Services and Research
- Total calculated
- $156,310
- From this org
- $0
- From related orgs
- $125,457
- Other
- $30,853
- Hours/week
- 0.2 + 37.5 related
Schedule J breakdown matched by us
- Base
- $0 + $107,841 related
- Bonus
- $0 + $11,909 related
- Other
- $0 + $5,707 related
- Deferred
- $0 + $12,277 related
- Nontaxable benefits
- $0 + $18,576 related
- Filer's total
- $0 + $156,310 related
-
Dorothy R Mitchell
Chair
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
Martha P Heath
Vice Chair & Programs & Services Comm. Chair
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
David Larsen
Secretary & Corporate Governance Comm. Chair
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
Clarence Davis
Director
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
Michael K Smith
Chair Finance Committee
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
John McSoley
Chair Audit Committee
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
Tim Chamberlin
Director
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
Caleb Elder
Director
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
Ryan Dulude
Director
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
Mike Pieciak
Director
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
Ann E Cummings
Director
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
Meghan Metzler
VP of Finance & CFO
- Total calculated
- $0
- Hours/week
- 0.2 + 37.5 related
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- Schedule J, Part I, Line 3
- VSDF's CEO is recruited, employed and compensated by a related organization, the Vermont Student Assistance Corporation (VSAC). This related organization uses the following to establish and document the compensation of the CEO: compensation survey, written employment contract, and approval of the Board of Directors.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
Vermont Student Assistance Corporation
501(c)(3) · Counseling and financial assistance to post secondary Vermont students · VT
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 4 November 2024
- IRS schema version
- 2023v5.0
- Source object
- 202443099349302169
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