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Nonprofiteer
← VERMONT STUDENT DEVELOPMENT FUND INC

Form 990 for tax year 2024

Filed by VERMONT STUDENT DEVELOPMENT FUND INC.

Totals

Total revenue
$17,494,764
Total expenses
$16,807,150
Contributions and grants received
$16,666,996
Grants paid
$16,793,745
Program service revenue
$0
Investment income
$827,768
Other revenue
$0
Total assets, end of year
$24,646,852
Total liabilities, end of year
$10,867,277
Net assets or fund balances, end of year
$13,779,575
Program services expenses (Part IX)
$16,793,745
Management and general expenses
$13,405
Fundraising expenses
$0
Program service expenses (Part III)
$16,793,745

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)

    $12,462,689

  • 1f · All other contributions, gifts and grants

    $4,204,307

  • 1g · Noncash contributions included above

    $0

  • 3 · Investment income

    total $326,226 · related or exempt $0 · unrelated business $0 · excluded $326,226

  • 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 $1,656,622 · other assets $0

  • 7b · Less cost or other basis and sales expenses

    securities $1,155,080 · other assets $0

  • 7c · Gain or loss

    securities $501,542 · other assets $0

  • 7d · Net gain or loss

    total $501,542 · related or exempt $0 · unrelated business $0 · excluded $501,542

  • 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 $16,793,745 · program services $16,793,745

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 21 · Payments to affiliates

    total $13,405 · management and general $13,405

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $13,675,074 · end of year $11,095,263

  • 11 · Investments: publicly traded securities

    beginning of year $11,451,967 · end of year $12,651,431

  • 15 · Other assets

    beginning of year $93,578 · end of year $900,158

  • 19 · Deferred revenue

    beginning of year $12,702,558 · end of year $10,826,781

  • 25 · Other liabilities

    beginning of year $31,682 · end of year $40,496

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $12,486,379 · end of year $13,779,575

Mission and programs · 2024

Mission

The Vermont Scholarship Fund is a 501(c)(3) charitable affiliate of the Vermont Student Assistance Corporation (VSAC). Our mission is to provide scholarships to Vermonters through gifts and grants from the State of Vermont, Federal agencies, individual donors and philanthropic sources. Together with our supporters we make it possible for more people to aim higher, go further, and build something better for themselves, their families, and the community. We partner closely with our supporters to create scholarship funds that reflect mission and goals to open doors to education for others. We administer all scholarships through VSAC, with ongoing support that makes managing scholarships efficient. In FY25, VSAC awarded about 16.8 million in scholarships through 150 award programs to 4,024 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 4,024 students to support their pursuit of education.

    Expenses $16,793,745 · Grants $16,793,745 · Revenue $16,666,996

As filed on the 2024 return.

Listed in Part VII

  • Scott A Giles

    President and CEO

    Total calculated
    $412,495
    From this org
    $0
    From related orgs
    $339,174
    Other
    $73,321
    Hours/week
    0.2 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $304,440 related
    Bonus
    $0 + $18,393 related
    Other
    $0 + $16,341 related
    Deferred
    $0 + $41,002 related
    Nontaxable benefits
    $0 + $32,319 related
    Filer's total
    $0 + $412,495 related

  • Patrick J Leduc

    VP & COO

    Total calculated
    $325,209
    From this org
    $0
    From related orgs
    $249,999
    Other
    $75,210
    Hours/week
    0.2 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $233,421 related
    Bonus
    $0 + $14,256 related
    Other
    $0 + $2,322 related
    Deferred
    $0 + $30,243 related
    Nontaxable benefits
    $0 + $44,967 related
    Filer's total
    $0 + $325,209 related

  • Thomas A Little

    VP & General Counsel

    Total calculated
    $304,682
    From this org
    $0
    From related orgs
    $258,861
    Other
    $45,821
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $234,036 related
    Bonus
    $0 + $14,043 related
    Other
    $0 + $10,782 related
    Deferred
    $0 + $29,311 related
    Nontaxable benefits
    $0 + $16,510 related
    Filer's total
    $0 + $304,682 related

  • Meghan Metzler

    VP of Finance & CFO

    Total calculated
    $158,429
    From this org
    $0
    From related orgs
    $121,025
    Other
    $37,404
    Hours/week
    0.2 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $120,789 related
    Bonus
    $0 + $236 related
    Other
    $0
    Deferred
    $0 + $11,539 related
    Nontaxable benefits
    $0 + $25,865 related
    Filer's total
    $0 + $158,429 related

  • Michael R Stuart

    VP of Finance & CFO

    Total calculated
    $96,649
    From this org
    $0
    From related orgs
    $70,288
    Other
    $26,361
    Hours/week
    0.2 + 22.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $62,340 related
    Bonus
    $0 + $6,948 related
    Other
    $0 + $1,000 related
    Deferred
    $0 + $7,161 related
    Nontaxable benefits
    $0 + $19,200 related
    Filer's total
    $0 + $96,649 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

  • 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

  • Mary-Katherine Stone

    Director

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • Caleb Elder

    Director

    Total calculated
    $0
    Hours/week
    0 + 1 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

  • 3 · Written employment contract
  • 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

The filer's explanations (Part III)

Schedule J, Part I, Line 3
The Organization's CEO is compensated by a related organization, Vermont Student Assistance Corporation.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
24 October 2025
IRS schema version
2024v5.0
Source object
202522979349301772

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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