Form 990 for tax year 2024
Filed by VIRGINIA FOUNDATION FOR INDEPENDENT COLLEGES.
Totals
- Total revenue
- $3,577,306
- Total expenses
- $3,869,454
- Contributions and grants received
- $3,400,755
- Grants paid
- $2,173,736
- Program service revenue
- $0
- Investment income
- $176,551
- Other revenue
- $0
- Total assets, end of year
- $45,063,696
- Total liabilities, end of year
- $2,139,701
- Net assets or fund balances, end of year
- $42,923,995
- Program services expenses (Part IX)
- $2,762,118
- Management and general expenses
- $728,334
- Fundraising expenses
- $379,002
- Program service expenses (Part III)
- $2,762,118
Program services were 71.4% 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.
-
1f · All other contributions, gifts and grants
$3,400,755
-
3 · Investment income
total $8,011 · excluded $8,011
-
7a · Gross sales of assets other than inventory
securities $1,744,591 · other assets $168,540
-
7b · Less cost or other basis and sales expenses
securities $1,744,591 · other assets $0
-
7c · Gain or loss
securities $0 · other assets $168,540
-
7d · Net gain or loss
total $168,540 · unrelated business $168,540
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $2,173,736 · program services $2,173,736
-
5 · Compensation of officers, directors and key employees
total $729,247 · program services $240,652 · management and general $247,943 · fundraising $240,652
-
7 · Other salaries and wages
total $83,002 · program services $27,391 · management and general $28,220 · fundraising $27,391
-
8 · Pension plan contributions
total $5,324 · program services $1,757 · management and general $1,810 · fundraising $1,757
-
9 · Other employee benefits
total $54,727 · program services $18,059 · management and general $18,609 · fundraising $18,059
-
10 · Payroll taxes
total $51,318 · program services $16,935 · management and general $17,448 · fundraising $16,935
-
11c · Fees: accounting
total $29,200 · management and general $29,200
-
11f · Fees: investment management
total $257,367 · management and general $257,367
-
11g · Fees: other
total $36,208 · management and general $36,208
-
13 · Office expenses
total $9,367 · program services $3,747 · management and general $2,810 · fundraising $2,810
-
16 · Occupancy
total $84,124 · program services $33,650 · management and general $25,237 · fundraising $25,237
-
17 · Travel
total $8,413 · program services $4,246 · management and general $1,895 · fundraising $2,272
-
19 · Conferences, conventions and meetings
total $230,644 · program services $211,853 · management and general $2,818 · fundraising $15,973
-
22 · Depreciation, depletion and amortization
total $9,164 · management and general $9,164
-
23 · Insurance
total $7,250 · management and general $7,250
-
24a · Other expenses: PUBLICATIONS AND REFERE
total $40,294 · program services $18,132 · management and general $4,029 · fundraising $18,133
-
24b · Other expenses: BUSINESS TAXES AND LICE
total $30,654 · management and general $30,654
-
24c · Other expenses: MISCELLANEOUS
total $24,488 · program services $9,989 · management and general $6,194 · fundraising $8,305
-
24d · Other expenses: MAINTENANCE
total $4,927 · program services $1,971 · management and general $1,478 · fundraising $1,478
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,197,298 · end of year $2,774,769
-
2 · Savings and temporary cash investments
beginning of year $572,757 · end of year $262,373
-
3 · Pledges and grants receivable
beginning of year $278,665 · end of year $595,416
-
9 · Prepaid expenses and deferred charges
beginning of year $2,012 · end of year $0
-
10a · Land, buildings and equipment: cost or other basis
$105,092
-
10b · Land, buildings and equipment: accumulated depreciation
$89,823
-
10c · Land, buildings and equipment, net
beginning of year $23,348 · end of year $15,269
-
12 · Investments: other securities
beginning of year $37,493,774 · end of year $41,274,346
-
15 · Other assets
beginning of year $213,443 · end of year $141,523
-
17 · Accounts payable and accrued expenses
beginning of year $13,603 · end of year $14,344
-
18 · Grants payable
beginning of year $1,867,521 · end of year $1,937,323
-
25 · Other liabilities
beginning of year $259,954 · end of year $188,034
-
27 · Net assets without donor restrictions
beginning of year $26,177,670 · end of year $28,278,035
-
28 · Net assets with donor restrictions
beginning of year $12,462,549 · end of year $14,645,960
Mission and programs · 2024
Mission
TO SECURE FINANCIAL SUPPORT THAT ENABLES COLLEGE-BOUND STUDENTS TO ACCESS AND GRADUATE FROM OUTSTANDING VIRGINIA INDEPENDENT HIGHER EDUCATION INSTITUTIONS.
-
THE FOUNDATION PROVIDES ANNUAL UNRESTRICTED AND RESTRICTED CONTRIBUTIONS TO SUPPORT CRUCIAL NEEDS AT ITS SEVENTEEN MEMBER INSTITUTIONS, INCLUDING FUNDING FOR CAMPUS IMPROVEMENTS, SCHOLARSHIPS, ACADEMIC PROGRAM DEVELOPMENT, AND FACULTY DEVELOPMENT.
Expenses $2,762,118 · Grants $2,173,736
As filed on the 2024 return.
Listed in Part VII
-
A Marshall Acuff JrA MARSHALL ACUFF JR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Nancy Howell AgeeNANCY HOWELL AGEE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
George F Albright JrGEORGE F ALBRIGHT JR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
John C AsburyJOHN C ASBURY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Frank Batten JrFRANK BATTEN JR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
George Y BirdsongGEORGE Y BIRDSONG
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Randy HarrellRANDY HARRELL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Charles L Cabell EsqCHARLES L CABELL ESQ
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
John M Camp IIIJOHN M CAMP III
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Victor O Cardwell EsqVICTOR O CARDWELL ESQ
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Theodore L Chandler JrTHEODORE L CHANDLER JR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
C Lynch Christian IIIC LYNCH CHRISTIAN III
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
John R Clark IIIJOHN R CLARK III
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Peter A ConversePETER A CONVERSE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Richard Cullen EsqRICHARD CULLEN ESQ
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
John McNamara Curtis SrJOHN MCNAMARA CURTIS SR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Beverly E DaltonBEVERLY E DALTON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Russ ElletRUSS ELLET
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Lauren Fisher WhiteLAUREN FISHER WHITE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Calvin W Fowler JrCALVIN W FOWLER JR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
George C Freeman IIIGEORGE C FREEMAN III
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Palmer P GarsonPALMER P GARSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Thomas E GoodeTHOMAS E GOODE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Brad N HallBRAD N HALL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
H Hiter Harris IIIH HITER HARRIS III
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Teague AveyTEAGUE AVEY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Gary D BonnewellGARY D BONNEWELL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Martin KentMARTIN KENT
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
C Burke KingC BURKE KING
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Esther C LeeESTHER C LEE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Dennis MatheisDENNIS MATHEIS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Craig L MasseyCRAIG L MASSEY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
W Sheppard Miller IIIW SHEPPARD MILLER III
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
T Justin Moore IIIT JUSTIN MOORE III
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Thurston R Moore EsqTHURSTON R MOORE ESQ
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Jennifer FelixJENNIFER FELIX
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
William L MurrayWILLIAM L MURRAY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Mark G Mykityshyn PhDMARK G MYKITYSHYN PHD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Bernard A NeimeierBERNARD A NEIMEIER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Daniel J O'NeillDANIEL J O'NEILL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
William L PannillWILLIAM L PANNILL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Jeffrey V HaleyJEFFREY V HALEY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Charlotte PorterfieldCHARLOTTE PORTERFIELD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Brian W QuigleyBRIAN W QUIGLEY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Thomas L RansomTHOMAS L RANSOM
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Carter V ReidCARTER V REID
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
H McGuire RileyH MCGUIRE RILEY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Stewart D Roberson EdDSTEWART D ROBERSON EDD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Andrea GlasgowANDREA GLASGOW
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Douglas WilsonDOUGLAS WILSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Gary R ShookGARY R SHOOK
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
J Knox SingletonJ KNOX SINGLETON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Brian K SkinnerBRIAN K SKINNER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Robert H Spilman JrROBERT H SPILMAN JR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Hugh E TaylorHUGH E TAYLOR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Maria TedescoMARIA TEDESCO
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Gary R ThomsonGARY R THOMSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Keith D VandervennetKEITH D VANDERVENNET
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Mary Allen WallerMARY ALLEN WALLER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
James C Wheat IIIJAMES C WHEAT III
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
John H Wick IVJOHN H WICK IV
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Tracy FristTRACY FRIST
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
R Sackett WoodR SACKETT WOOD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Randall ParksRANDALL PARKS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
William R Van Buren III EsqWILLIAM R VAN BUREN III ESQ
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Irma BecerraIRMA BECERRA
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
David W BushmanDAVID W BUSHMAN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
William C DudleyWILLIAM C DUDLEY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
A Louise FincherA LOUISE FINCHER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Tracy FitzsimmonsTRACY FITZSIMMONS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Kevin F HallockKEVIN F HALLOCK
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Michael HillMICHAEL HILL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Mary Dana HintonMARY DANA HINTON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Mary Pope M HutsonMARY POPE M HUTSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Hakim J LucasHAKIM J LUCAS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Scott D MillerSCOTT D MILLER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Alison Morrison-ShetlarALISON MORRISON-SHETLAR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Sue Ott RowlandsSUE OTT ROWLANDS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Frank ShushokFRANK SHUSHOK
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Todd TelemecoTODD TELEMECO
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Darrell K WilliamsDARRELL K WILLIAMS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Mary-Beth JohnsonMARY-BETH JOHNSON
CHIEF OPERATING OFFICER
- Total calculated
- $216,236
- From this org
- $179,774
- From related orgs
- $0
- Other
- $36,462
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $164,774
- Bonus
- $15,000
- Other
- $0
- Deferred
- $10,226
- Nontaxable benefits
- $26,236
- Filer's total
- $216,236
-
Matthew ShankMATTHEW SHANK
FORMER PRESIDENT
- Total calculated
- $27,660
- From this org
- $15,181
- From related orgs
- $0
- Other
- $12,479
- Hours/week
- 40
-
Locke W OgensLOCKE W OGENS
PRESIDENT
- Total calculated
- $271,810
- From this org
- $269,327
- From related orgs
- $0
- Other
- $2,483
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $256,827
- Bonus
- $12,500
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $2,483
- Filer's total
- $271,810
-
Elizabeth BlaineELIZABETH BLAINE
DIRECTOR OF DEVELOPMENT
- Total calculated
- $191,073
- From this org
- $185,434
- From related orgs
- $0
- Other
- $5,639
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $172,934
- Bonus
- $12,500
- Other
- $0
- Deferred
- $2,066
- Nontaxable benefits
- $3,573
- Filer's total
- $191,073
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
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
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
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
-
$193,970
DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS
-
$140,280
DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS
-
$139,570
DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS
-
$134,401
DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS
-
$132,085
DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS
-
$131,819
DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS
-
$124,977
DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS
-
$122,323
DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS
-
$121,341
DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS
-
$121,153
DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS
The 10 largest by cash amount. The API serves every itemized grant.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 1 April 2026
- IRS schema version
- 2024v5.5
- Source object
- 202620919349300612
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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