Virginia Foundation for Independent Colleges
901 East Byrd Street
Suite 1625
Richmond VA 23219
Mission Statement

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.

Web and Social Media
Brighter Futures Scholarships provide funding to VFIC College & University students based on financial need and academic promise.
CEO/Executive Director Kenneth P. Ruscio
Board Chair Mr. H. Hiter Harris III
Board Chair Company Affiliation Harris Williams & Company
Contact Information
Address 901 East Byrd Street
Suite 1625
Richmond, VA 23219
Telephone 804 288-6609
Fax 804 282-4635
History and Background
Year of Incorporation 1952
Financial Summary
Revenue vs Expense Bar Graph - All Years
Expense Breakdown Bar Chart - All Years
Projected Revenue $3,200,000.00
Projected Expenses $1,000,000.00

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.

In 2017, 919 scholarships, 17 faculty development awards, and 23 undergraduate science fellowships were distributed statewide.  Overall, the VFIC secured $3.1 million to help further its mission.
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 ( 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.

Lea Booth served as the first Executive Director of the VFIC from 1953-1983 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 $154 million in funding.

Board Chair Statement

Areas of Service
Areas Served
Metro Richmond
Tri-cities Region
Richmond, City
Chesterfield County
Colonial Heights, City
Dinwiddie County
Goochland County
Hanover County
Henrico County
Hopewell, City
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
Hampton Roads
Northern Neck
Northern Virginia
Shenandoah Valley
Southside Virginia
Southwest Virginia

Commonwealth of Virginia

Board Chair
Board Chair Mr. H. Hiter Harris III
Company Affiliation Harris Williams & Company
Term June 2016 to June 2018
Board of Directors
Board Members
Mr. A. Marshall Acuff Jr.Cary Street Partners LLC
Mrs. Nancy H. Agee Carilion Clinic
Mr. George F. Albright Jr.JPMorgan Private Bank
David A. Arias Swimways, Inc.
Rayford L. Barnes Jr.BB&T
Mr. Frank Batten Jr.Landmark Media Enterprises
J. Edward Betts Esq.Christian & Barton L.L.P.
Mr. W. Earle Betts IIIMontague-Betts Company
Mr. George Y. Birdsong Birdsong Corporation
Victor K. Branch Bank of America
Charles L. Cabell Esq.Williams Mullen
Mr. John M. Camp IIISouthfield Capital
Mr. Theodore L. Chandler Jr.New Richmond Ventures LLC
Mr. C. Lynch Christian III1000 Church Street, Inc.
Mr. John R. Clark IIISteuart Investment Company
Mr. Richard Cullen Esq.McGuireWoods LLP
Mrs. Beverley E. Dalton English Construction Company
Mr. Mark E. Dempsey Appalachian Power Company
Mr. Thomas F. Farrell IIDominion Resources, Inc.
Calvin W. Fowler Jr.Williams Mullen
Mr. George C. Freeman IIIUniversal Corporation
Mrs. Palmer P. Garson Cary Street Partners LLC
Mrs. Marie Meriwether Godsey Meriwether Godsey Inc.
Mr. Thomas E. Goode Wells Fargo Private Bank
Mr. H. Hiter Harris IIIHarris Williams & Co.
Mrs. Ann Barnett Hazel Community Volunteer
Mr. Ted Hengst ARTEL LLC
Mr. C. Burke King Anthem BlueCross & BlueShield - Virginia
Mr. Charles S. Luck IVLuck Companies
Mr. John A. Luke Jr.MeadWestvaco Corporation
Mr. Thomas J. Lyons Jr.Weatherly Investment Associates
Mr. Craig L. Massey Evan Energy Investments, LC
Mr. W. Sheppard Miller IIIKITCO Fiber Optics, Inc.
Thurston R. Moore Esq.Hunton & Williams
Mr. T. Justin Moore IIIHunton & Williams
Mr. Spencer W. Morten Bassett Mirror Company
Mr. Roger H. Mudd The History Channel, CBS, NBC, Retired
Mr. William L. Pannill Tacoma Management, Inc.
Mr. L. Allan Parrott Tidewater Fleet Supply
Mr. Jerry Z. Peng Tranlin, Inc.
Mr. Brian Quigley U.S. Smokeless Tobacco Company
Dr. Stewart D. Roberson Moseley Architects
Mr. Jeffrey R. Rowan Fleet Laboratories
Mr. Jeffrey R. Rowan Community
Mr. Thomas D. Rutherfoord Jr.Rutherfoord
Mr. Bob Sasser Dollar Tree Stores, Inc.
Robert D. Seabolt Esq.Troutman Sanders LLP
Mr. Gary S. Shook Middleburg Bank
Mr. John Knox Singleton INOVA Health System
Mr. Robert H. Spilman Jr.Bassett Furniture Industries, Inc.
Mr. James A. Squires Norfolk Southern Corporation
Mr. John G. Stallings SunTrust Bank
Mr. Hugh E. Taylor Northrop Grumman Corporation
Mr. Rony Thomas LifeNet Health
Mr. Fred D. Thompson Thompson Hospitality, Inc.
Gary R. Thomson CPADixon Hughes Goodman LLP
Mr. William R. Van Buren IIIKaufman & Canoles, P.C.
Mr. Keith D. VanderVennet Ferguson Enterprises
Mr. Martin L. Vaughan IIIWillis Group Holdings, Retired
Ms. Margaret G. Warner The PBS NewsHour
Mr. James C. Wheat IIIBlandfield Associates, LLC
Mr. Richard R. Whitt IIIMarkel Corporation
Mr. R. Sackett Wood Moore & Giles
Board Demographics - Ethnicity
African American/Black 3
Asian American/Pacific Islander 2
Caucasian 57
Hispanic/Latino 0
Native American/American Indian 0
Board Demographics - Gender
Male 56
Female 6
Board Term Lengths 3
Board Term Limits 0
Board Meeting Attendance % 75
Written Conflict of Interest Policy? Yes
Percentage Making Monetary Contributions 100
Percentage Making In-Kind Contributions 0
Number of Full Board Meetings Annually 3
Standing Committees
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
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. 
Executive Director
Executive Director Kenneth P. Ruscio

Former CEOs
Ned Moore July 2002 - Feb 2010
Dr. Thomas R. Morris 2010 - Feb 2016
Senior Staff
Ms. Mary-Beth M. Johnson Vice President
Full Time Staff 3
Part Time Staff 2
Volunteers 62
Contractors 2
Retention Rate 100
Organization has a Fundraising Plan? Yes
Organization has a Strategic Plan? Yes
Years Strategic Plan Considers 10
Date Strategic Plan Adopted July 2006
Management Succession Plan? Yes
Organization Policy and Procedures Yes
Nondiscrimination Policy Yes
Whistleblower Policy Yes
Document Destruction Policy Yes
Directors and Officers Insurance Policy Yes
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 $90,000.00
Long Term Success

Celebrated 13th Anniversary of the event in 2012.

Description Provides financial assistance to students attending VFIC member institutions who have demonstrated financial need and academic promise.
Budget $1,000,000.00
Short Term Success

Last year secured more than $1 million for 604 scholarships.

Description Provides access and opportunity for students from under-served populations interested in attending VFIC member schools. 
Budget $150,000.00
Short Term Success 50% of students from Partnership for the Future accepted at VFIC Schools in 2010
Long Term Success To-date nine PFF students from underrepresented populations, have completed the New Horizons Program by graduating from a VFIC member college.
Fiscal Year
Projected Revenue $3,200,000.00
Projected Expenses $1,000,000.00
Endowment Value $27,000,000.00
Spending Policy Percentage
Percentage (if selected) 4.7
Form 990s
IRS Letter of Exemption
Detailed Financials
Expense Allocation
Fiscal Year201620152014
Program Expense$2,404,865$2,502,986$2,633,090
Administration Expense$221,508$223,729$241,337
Fundraising Expense$251,831$231,288$244,679
Payments to Affiliates------
Total Revenue/Total Expenses0.781.201.40
Program Expense/Total Expenses84%85%84%
Fundraising Expense/Contributed Revenue16%11%11%
Assets and Liabilities
Fiscal Year201620152014
Total Assets$27,653,972$31,386,504$30,925,497
Current Assets$2,260,855$3,291,626$1,751,349
Long-Term Liabilities$0$0--
Current Liabilities$1,294,201$2,344,151$2,485,094
Total Net Assets$26,359,771$29,042,353$28,440,403
Short Term Solvency
Fiscal Year201620152014
Current Ratio: Current Assets/Current Liabilities1.751.400.70
Long Term Solvency
Fiscal Year201620152014
Long-Term Liabilities/Total Assets0%0%0%
Capital Campaign
Currently in a Capital Campaign? No
Capital Campaign Anticipated in Next 5 Years? No
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit ExemptionView
Organization Comments