Virginia College Fund
4900 Augusta Avenue, #101
Richmond VA 23230-3611
Mission Statement Our mission is to “: Providing our member institutions the resources that will ensure their students an affordable, value-based education that prepares them for success in a global economy.”  To that end, we (The VCF) seek funding from businesses, foundations, and individuals to assist needy and worthy students and help us in our mission.  We believe in accessibility, diversity opportunity, and academic excellence.  Founded in 1965, The VCF was set up to help the member schools:  Averett University, Bluefield College, Eastern Mennonite University, Ferrum College. Our member colleges and universities are united in a quest for more open access to private higher education for all of Virginia's citizens and strive to enable them to become productive, tax-paying citizens.
Web and Social Media
Schools & Statistics for the VCF
Leadership
CEO/Executive Director Mr. James K. Dill
Board Chair Ms. Christine Slate
Board Chair Company Affiliation Cherry Bekaert
Contact Information
Address 4900 Augusta Avenue, #101
Richmond, VA 232303611
Telephone 804 355-3271
Fax 804 359-5765
E-mail jkdill@thevcf.org
History and Background
Year of Incorporation 1965
Financial Summary
 
 
Projected Revenue $1,054,000.00
Projected Expenses $254,000.00
Additional Documents
The Virginia College Fund's Advancement Report and Fundraising Brochure are full of information about us and our colleges/universities.  We list all of our donors for the specific year in the brochure; the Advancement Report lists our Long-Term and Major Donors and makes our fundraising case.
 
Our Board-Approved General Operating Budget for FYE May 31, 2010 is also available for your inspection.
Statements
Mission Our mission is to “: Providing our member institutions the resources that will ensure their students an affordable, value-based education that prepares them for success in a global economy.”  To that end, we (The VCF) seek funding from businesses, foundations, and individuals to assist needy and worthy students and help us in our mission.  We believe in accessibility, diversity opportunity, and academic excellence.  Founded in 1965, The VCF was set up to help the member schools:  Averett University, Bluefield College, Eastern Mennonite University, Ferrum College. Our member colleges and universities are united in a quest for more open access to private higher education for all of Virginia's citizens and strive to enable them to become productive, tax-paying citizens.
Impact
The Virginia College Fund must raise close to $1,000,000.00 (our goal) to help the member schools offset the cost of private college tuition for their students.  Unlike many other private schools in Virginia, the four members colleges of the VCF have an average endowment of $23,000,000.  Smaller endowments affect our ability to assist students with their tuition.  100% of the funds collected go to the schools to offset tuition and serve as grants.
 
Moreover, the population served by the VCF is remarkable.   In recent years,  the students served by our colleges and universities meet include almost 30 percent minority students and 34 percent first generation college attendee population.  Indeed, 49 percent of our students are from low-to-moderate income families, while 71 percent of our total enrollments require some type of financial aid in order to pursue their dream of a better life through a college degree.
 
Our impact upon Virginia's economy is broad.  Last year, our colleges and universities employed approximately 1,000 Virginians on a full-time basis.  They put about $118 million back into the Virginia economy from general operating expenses spent in state and they maintained about $202 million in capital assets.
Needs The Virginia College Fund solicits funds to provide financial aid for those students with need, attending our colleges and universities.  Due to the demographics of the students that are attracted to our colleges, financial aid is our primary need.  Other than financial aid (1), we seek to fund for (2) technology upgrades and purchases, (3) ADA compliance projects, (4) restricted scholarship endowments and (5) individual programmatic activities.  We can use your help!
Background

The Virginia College Fund is a 501(c)(3), tax-exempt, Virginia corporation founded in 1965 and based in Richmond. Its mission is to “make a private college education affordable for Virginia’s students.”  through several of Virginia’s smaller, less visible and less well-endowed private colleges and universities. Their 4 main and 49 branch campuses are located from Tidewater to Northern to Southside to Central to Southwestern Virginia. In supporting these schools, the Fund and its contributors relieve a heavy financial burden on the state’s public colleges and universities and, thereby, strengthen all educational institutions in Virginia, both public and private. Also, a single contribution to the Virginia College Fund simultaneously aids all five colleges and many students at each school!

 

Its member institutions include Averett University, Bluefield College, Eastern Mennonite University, Ferrum College.  These schools do not receive support from the Virginia Foundation for Independent Colleges.  Since the VCF member institutions keep their comprehensive fees as low as possible to increase access to private higher education for all students, they must rely on the generosity of individuals and the business and foundation communities to sustain their future. 
 
CEO Statement
The Virginia College Fund is an incredible organization that I am truly proud to represent.  Our four member schools are so important to their community, to the state of Virginia and to the students who attend. Our President's and faculties are vibrant, exciting and highly educated role models for our students, all of whom I enjoy working with very much.   Your support of our organization will ensure the future of these great schools and a great future for Virginia's students.  Thank you for your generous support and interest in the Virginia College Fund.
James K. Dill, President
Board Chair Statement
On behalf of the students, faculties, staff, and members of the Boards of Directors of the Virginia College Fund, please allow me once again express my heartfelt gratitude to you for your generous support.  In spite of the state of the economy, your contributions have enabled the Virginia College Fund to have one of the best years in its history and have had a most positive impact on our students and their families. We are humbled by and grateful for your generosity.
The driving force behind the Virginia College Fund continues to be our students. over75 percent were Virginia residents. Almost 30 percent comprise minorities and about 30 percent are first generation college attendees. Indeed, some 49 percent represent low-to-moderate income families, while 65 percent require financial aid to complete their dream of a better life for them and their dependents through a college degree. These students directly benefit from your generosity and it is on their behalf that I ask you to continue to support the Virginia College Fund. 
Sincerely, Carthan F. Currin, III,  Board Chair
Areas of Service
Areas Served
Area
Metro Richmond
Shenandoah Valley
Southside Virginia
Southwest Virginia
Statewide
National
Our colleges/universities' main campuses are located in Southside (Averett University) and Southwest Virginia (Ferrum College, & Bluefield College) and in the Shenandoah Valley (Eastern Mennonite University).  Averett University and Bluefield College have auxiliary campuses located in Richmond, VA.  They serve students throughout Virginia, the United States and beyond.
Board Chair
Board Chair Ms. Christine Slate
Company Affiliation Cherry Bekaert
Term June 2017 to May 2019
Email cslate@cbhwealth.com
Board CoChair
Board CoChair Mr. jack Wilson
Company Affiliation Delta Dental
Term June 2017 to May 2019
Email jwilson@deltadentalva.com
Board of Directors
Board Members
NameAffiliation
S. Frank Blocker EAD, Inc.
Steve Bowery Virginia Capital Strategies
Jennifer L. Braaten Ed.D.Ferrum College
Roy E. Bucher Jr.Chas. Lunsford Sons & Associates
D. Bruce Christian N. B. Handy Company
Carthan F. Currin IIIMartin Brothers Contractors
James K. Dill The Virginia College Fund
Tiffany M. Franks Ed.D.Averett University
Orden L. Harman Harman Enterprises Partnership
Dr. Susan Huxman Eastern Mennonite University
Viren S. Kapadia Gyrus Systems
Robert C. King Sr.Retired
Richard W. Loving McDermott International, Inc.
Frederick V. Martin Capes Capital Management, inc.
David W. Olive J.D.Bluefield College
Mr. J. Lee Osborne Woods Rodgers, PLC
Larry L. Parks Towers Watson
Lola C. Reinsch CPMThe E. G. Reinsch Companies
John G. Rocovich Jr., Esq.Moss & Rocovich, P.C.
Joseph A. Shearin Eastern Virginia Bankshares, Inc.
Brenda L. Skidmore SunTrust Bank
Christine M. Slate Barrett Capital Management, LLC
Teresa S. Weaver C&F Bank
Richard Webster Union Bank, NA
Mr. Andy Wolff IFC International
Board Demographics - Ethnicity
African American/Black 0
Asian American/Pacific Islander 1
Caucasian 29
Hispanic/Latino 0
Native American/American Indian 0
Other 0 0
Board Demographics - Gender
Male 22
Female 9
Unspecified 0
Governance
Board Term Lengths 3
Board Term Limits 2
Board Meeting Attendance % 95
Written Board Selection Criteria? No
Written Conflict of Interest Policy? Yes
Percentage Making Monetary Contributions 95
Percentage Making In-Kind Contributions 10
Number of Full Board Meetings Annually 3
Standing Committees
Nominating
Executive
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
Comments
The Virginia College Fund Board of Directors comprises the presidents of the member institutions and leading Virginia citizens representing a diverse cross section of the private/business community throughout the Commonwealth.  Our challenge is finding representatives from across the state who are excited and challenged by improving higher education opportunities.
Executive Director
Executive Director Mr. James K. Dill
Experience
Jim Dill joined the VCF in 2011 after a 17-year career at Wells Fargo Bank in the Philanthropic Trust Department.  Jim served on the board for seven years with the last year (2009 - 2010) as Board Chair. Previously, he worked as a trust officer for a major U.S. banking institution.  Jim has a B.S. from East Carolina University and an M.A. & M.B.A. from Wake Forest University  and Nonprofit Certification from Duke University. Jim's background includes trust, investments and planned giving.
Senior Staff
NameTitle
Ms. Lenore M. Andrews Executive Assistant to the President
Staff
Full Time Staff 2
Part Time Staff 0
Volunteers 33
Contractors 0
Retention Rate 100
Plans
Organization has a Fundraising Plan? Under Development
Organization has a Strategic Plan? No
Management Succession Plan? No
Organization Policy and Procedures Yes
Nondiscrimination Policy Under Development
Whistleblower Policy Yes
Document Destruction Policy Yes
Directors and Officers Insurance Policy Yes
Programs
Description Expanding the Success of On-Line Learning within the College Environment - This highly technical project is possible through generous funding from the Verizon Foundation and trains faculty members at each of our college campuses to transform courses taught in the classroom to courses taught on-line.  This tends to make the courses more interesting and convenient to the students and more available to a wider range of students.
Budget $0.00
Long Term Success Enrolled more than 7,400 students, the vast majority of which (74 percent) were Virginia residents.
Description
Beazley Scholars Program - Through the generosity of the Frederick Beazley Foundation of Portsmouth, Virginia, five scholarships have been endowed at each of our colleges for needy, worthy Virginians. 
Budget $0.00
Description Americans with Disabilities Act Compliance Projects - These ongoing projects at each of our colleges require that new construction projects be in compliance with all ADA regulations.  Over the years, the generosity of the Robins Foundation and the Beirne Carter Foundation, both of Richmond, and others has had a dramatic impact upon these much-needed projects.
Budget $0.00
CEO/ED/Board Comments
In addition to the projects listed above, the generosity of our donors:
*Provides scholarships to those who could otherwise not afford a college degree.
*Provides an emphasis on innovative, quality educational programs.
*Allows us to update library and laboratory facilities.
*Helps us avoid the postponement of essential preventative maintenance. *Improves management efficiency and effectiveness.
*Encourages cooperative planning for the future.
*Provides for faculty and staff professional development. 
 
Thank you so much!
 
The Virginia College Fund's Advancement Report and Fundraising Brochure are full of information about us and our colleges/universities.  We list all of our donors for the specific year in the brochure; the Advancement Report lists our Long-Term and Major Donors and makes our fundraising case.
 
Our Board-Approved General Operating Budget for FYE May 31 is also available for your inspection.
Fiscal Year
Projected Revenue $1,054,000.00
Projected Expenses $254,000.00
Endowment Value $10,000.00
Spending Policy N/A
Percentage (if selected) 0
Form 990s
IRS Letter of Exemption
Detailed Financials
Expense Allocation
Fiscal Year201520142013
Program Expense$763,921$653,955$749,875
Administration Expense$132,617$278,493$268,356
Fundraising Expense$114,462$30,351$31,455
Payments to Affiliates------
Total Revenue/Total Expenses1.010.971.00
Program Expense/Total Expenses76%68%71%
Fundraising Expense/Contributed Revenue15%3%4%
Assets and Liabilities
Fiscal Year201520142013
Total Assets$732,441$625,666$636,161
Current Assets$731,394$623,886$634,225
Long-Term Liabilities$0----
Current Liabilities$745,934$654,287$636,765
Total Net Assets($13,493)($28,621)($604)
Short Term Solvency
Fiscal Year201520142013
Current Ratio: Current Assets/Current Liabilities0.980.951.00
Long Term Solvency
Fiscal Year201520142013
Long-Term Liabilities/Total Assets0%0%0%
Capital Campaign
Currently in a Capital Campaign? No
Campaign Purpose N/A
Capital Campaign Anticipated in Next 5 Years? No
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit ExemptionView
Comments
Organization Comments
The Virginia College Fund is a financially stable non-profit.  Its annual operating budget comprises fees paid directly by its five member college/university members and approved (via budget) by their presidents.  No fees are taken from any contribution.   100% of all funds raised go to the member schools for student financial support.
 
The VCF maintains no endowment of its own.  The distribution of collected funds to the member colleges and universities is based on the following simple formula - 75 percent of all collections are distributed equally; the remaining 25 percent are divided based upon Full Time Undergraduate Enrollment (FTE).  Funds are paid annually in June at the annual meeting.
Foundation Comments
  • Financial information provided from audited financial statements.
  • Form 990 and audit prepared by Harris, Hardy & Johnstone, P.C.
  • Revenue from "Foundations and Corporations" may also include support from individuals.