Better Business Bureau Report for
Virginia College Fund

Better Business Bureau Report issued April 2010
Better Business Bureau Report expires April 2012


This BBB Accredited charity meets all 20 Standards for Charity Accountability and is a Seal Holder. Find out more...


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Charity Contact Information

Name: Virginia College Fund
Address: 6002 - A West Broad Street
  Richmond, VA 23230-2213
Phone: 804-355-3271
Web Address: www.thevcf.org
Also known as:The Virginia College Fund
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Better Business Bureau Comments

Year, State Incorporated: 1965, Virginia
Affiliates: None
Stated Purpose: The Virginia College Fund makes it possible for the corporate, foundation and individual citizen to invest in each of its member institutions through a statewide organization for the benefit of students and to encourage growth in academic excellence.

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Evaluation Conclusions

               

Virginia College Fund meets the 20 Standards for Charity Accountability.
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Programs

               

The Virginia College Fund's principal program service activity is that of raising corporate and foundation funds in support of its member colleges. Last year (FYE May 31, 2009) it distributed over $748,000 to its five member colleges and universities in both restricted and unrestricted funding. In addition, it administered the Beazley Scholars Program to approximately 15 students attending these institutions of higher education, obtained funding for its colleges' faculties to create more online courses and generally furthered the cause of independent higher education in Virginia.

For the fiscal year ended May 31, 2009, Virginia College Fund's program expenses were:

  
Distributions to Member Colleges 723,332
Total Program Expenses: $723,332
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Governance

               

Chief Executive : William E. Pearson, Ph.D., President
Compensation*:
 $107,944

Chair of the Board: Sandy T. Tucker
Chair's Profession / Business Affiliation: Attorney-At-Law, Williams Mullen

Co-Chair of the Board : James K. Dill

Chair's Profession / Business Affiliation: Banking, Wachovia/Wells Fargo

Board Size: 33

Paid Staff Size: 2

*Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

               

Method(s) Used:

direct mail, invitations to fund raising events, grant proposals, door to door
Fund raising costs were 4% of related contributions. (Related contributions, which totaled $738,878, are donations received as a result of fund raising activities.)
Virginia College Fund incurred joint costs of $4,600 for informational materials and activities that included fund raising materials. Of those costs $ was allocated to program expenses, $4,600 was allocated to fund raising expenses, and $ was allocated to administrative expenses.
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Tax Status

               

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

               

The following information is based on Virginia College Fund's audited financial statements for the fiscal year ended May 31, 2009.

Source of Funds  
Contributions 738,878
Membership Assessments 324,061
Interest earnings 2,203
Total Income $1,065,142


chart



Uses of Funds as a % of Total Expenses

Programs: 68%  Fund Raising: 3%  Administrative: 27%  Other Expenses: 2%

Total income   $1,065,142
  Program expenses $723,332
  Fund raising expenses 30,085
  Administrative expenses 290,785
  Other Expenses 18,784
Total expenses   $1,062,986
Income in Excess of Expenses   2,156
Beginning net assets   2,139
Other Changes in Net Assets (1,653)
Ending net assets   2,642
Total liabilities   750,359
Total assets   $753,001


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