2024-03-19T13:38:39-05:00 2023-06-30 540504608 BROWN EDWARDS & COMPANY LLP 4951 LAKE BROOK DRIVE SUITE 375 GLEN ALLEN VA 23060 990 2022-07-01 540554396 VA FOUNDATION FOR INDEPENDENT COLLEGES VIRG 8042886609 901 EAST BYRD STREET 1625 RICHMOND VA 23219 LOCKE OGENS PRESIDENT 8042886609 2024-03-18 1 LOCKE OGENS XXX-XX-XXXX 0 M JAMES HARTSON JR CPA P00590214 8042826000 2024-03-18 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z LOCKE OGENS 901 EAST BYRD STREET 1625 RICHMOND VA 23219 3896928 0 X WWW.VFIC.ORG X 1952 VA ADVANCE THE DISTINCTIVE VALUES AND STRENGTHS OF OUR SIXTEEN SMALLER ENROLLMENT, UNDERGRADUATE, RESIDENTIAL VIRGINIA MEMBER COLLEGES. 83 83 5 0 0 41853 1417393 2318889 0 0 122 2429 70017 0 1487532 2321318 2048465 2074295 0 0 702969 722898 0 0 278073 579193 668334 3330627 3465527 -1843095 -1144209 39340912 39898946 1972323 2200540 37368589 37698406 X THE MISSION OF THE VIRGINIA FOUNDATION FOR INDEPENDENT COLLEGES IS TO ADVANCE THE DISTINCTIVE VALUES AND STRENGTHS OF OUR SIXTEEN SMALLER ENROLLMENT, UNDERGRADUATE, RESIDENTIAL VIRGINIA MEMBER COLLEGES. WE DO THIS BY SECURING FINANCIAL SUPPORT FROM THE PRIVATE SECTOR, INCREASING VISIBILITY, FACILITATING INNOVATIVE AND COLLABORATIVE INITIATIVES BETWEEN THE COLLEGES, AND SUPPORTING INITIATIVES WHICH ENSURE THAT THIS PERSONALIZED EDUCATIONAL EXPERIENCE REMAINS AN AFFORDABLE CHOICE FOR TOMORROW'S CITIZEN-LEADERS. 0 0 2074295 2074295 THE FOUNDATION PROVIDES ANNUAL UNRESTRICTED AND RESTRICTED CONTRIBUTIONS TO SUPPORT CRUCIAL NEEDS AT ITS SIXTEEN MEMBER INSTITUTIONS, INCLUDING FUNDING FOR CAMPUS OPERATIONS, ACADEMIC PROGRAM DEVELOPMENT, AND FACULTY DEVELOPMENT. 523020 OTHER PROGRAMS INCLUDE SUPPORT FOR THE NEW HORIZONS PROGRAM, INTERNSHIP PROGRAMS, ETHICS BOWL, UNDERGRADUATE TEACHING AND THE SUMMER UNDERGRADUATE PROGRAM FOR RESEARCH IN THE SCIENCES. 19280 THE WOMEN'S LEADERSHIP DEVELOPMENT SUMMIT IS DESIGNED TO EMPOWER YOUNG WOMEN WHO ARE ATTENDING A VFIC MEMBER COLLEGE OR UNIVERSITY. SELECTED STUDENTS JOINED FELLOW VFIC STUDENTS FROM ACROSS THE COMMONWEALTH FOR A THREE-DAY SUMMIT TO HEAR FROM DYNAMIC AND INSPIRATIONAL CORPORATE AND CIVIC LEADERS ABOUT THE SKILLS NEEDED TO ASSUME POSITIONS OF AUTHORITY IN PROFESSIONAL AND PERSONAL SETTINGS. THE STUDENTS EXPLORED THEIR OWN PERSONAL PURSUITS IN THE AREAS OF LEADERSHIP, SKILLS DEVELOPMENT, AND IDENTIFYING AND FURTHER STRENGTHENING THE AREAS NEEDED TO RECOGNIZE THEIR FULL POTENTIAL. 2616595 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 12 0 1 5 1 1 1 0 0 0 0 0 0 0 0 0 X 83 83 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X ANNE DOLL 8042886609 901 EAST BYRD STREET SUITE 1625 RICHMOND VA 23219 A MARSHALL ACUFF JR TRUSTEE 1.00 X 0 0 0 NANCY HOWELL AGEE CHAIR 1.00 X X 0 0 0 GEORGE F ALBRIGHT JR TRUSTEE 1.00 X 0 0 0 JOHN C ASBURY TRUSTEE 1.00 X 0 0 0 FRANK BATTEN JR TRUSTEE 1.00 X 0 0 0 GEORGE Y BIRDSONG TRUSTEE 1.00 X 0 0 0 VICTOR K BRANCH TRUSTEE 1.00 X 0 0 0 CHARLES L CABELL ESQ TRUSTEE 1.00 X 0 0 0 JOHN M CAMP III TRUSTEE 1.00 X 0 0 0 VICTOR O CARDWELL ESQ TRUSTEE 1.00 X 0 0 0 THEODORE L CHANDLER JR TRUSTEE 1.00 X 0 0 0 C LYNCH CHRISTIAN III TRUSTEE 1.00 X 0 0 0 JOHN R CLARK III TRUSTEE 1.00 X 0 0 0 PETER A CONVERSE TRUSTEE 1.00 X 0 0 0 RICHARD CULLEN ESQ TRUSTEE 1.00 X 0 0 0 JOHN MCNAMARA CURTIS SR TRUSTEE 1.00 X 0 0 0 BEVERLY E DALTON TRUSTEE 1.00 X 0 0 0 RUSS ELLET TRUSTEE 1.00 X 0 0 0 LAUREN FISHER WHITE TRUSTEE 1.00 X 0 0 0 CALVIN W FOWLER JR TRUSTEE 1.00 X 0 0 0 GEORGE C FREEMAN III TRUSTEE 1.00 X 0 0 0 PALMER P GARSON TRUSTEE 1.00 X 0 0 0 THOMAS E GOODE TRUSTEE 1.00 X 0 0 0 BRAD N HALL TRUSTEE 1.00 X 0 0 0 H HITER HARRISS III TRUSTEE 1.00 X 0 0 0 PAUL T HENGST TRUSTEE 1.00 X 0 0 0 GEORGE C HOWELL III TRUSTEE 1.00 X 0 0 0 MARTIN KENT TRUSTEE 1.00 X 0 0 0 C BURKE KING TREASURER 1.00 X X 0 0 0 ESTHER C LEE TRUSTEE 1.00 X 0 0 0 CHARLES S LUCK IV TRUSTEE 1.00 X 0 0 0 CRAIG L MASSEY TRUSTEE 1.00 X 0 0 0 W SHEPPARD MILLER III TRUSTEE 1.00 X 0 0 0 T JUSTIN MOORE III TRUSTEE 1.00 X 0 0 0 THURSTON R MOORE ESQ TRUSTEE 1.00 X 0 0 0 SPENCER W MORTEN III TRUSTEE 1.00 X 0 0 0 WILLIAM L MURRAY TRUSTEE 1.00 X 0 0 0 MARK G MYKITYSHYN PHD TRUSTEE 1.00 X 0 0 0 BERNARD A NEIMEIER TRUSTEE 1.00 X 0 0 0 DANIEL J O'NEILL TRUSTEE 1.00 X 0 0 0 WILLIAM L PANNILL TRUSTEE 1.00 X 0 0 0 L ALLAN PARROTT JR TRUSTEE 1.00 X 0 0 0 CHARLOTTE PORTERFIELD TRUSTEE 1.00 X 0 0 0 BRIAN W QUIGLEY TRUSTEE 1.00 X 0 0 0 THOMAS L RANSOM TRUSTEE 1.00 X 0 0 0 CARTER V REID TRUSTEE 1.00 X 0 0 0 H MCGUIRE RILEY TRUSTEE 1.00 X 0 0 0 STEWART D ROBERSON EDD TRUSTEE 1.00 X 0 0 0 THOMAS D RUTHERFOORD JR TRUSTEE 1.00 X 0 0 0 MARY G SHOCKEY TRUSTEE 1.00 X 0 0 0 GARY R SHOOK TRUSTEE 1.00 X 0 0 0 J KNOX SINGLETON TRUSTEE 1.00 X 0 0 0 BRIAN K SKINNER TRUSTEE 1.00 X 0 0 0 ROBERT H SPILMAN JR TRUSTEE 1.00 X 0 0 0 HUGH E TAYLOR TRUSTEE 1.00 X 0 0 0 BENITA THOMPSON-BYAS TRUSTEE 1.00 X 0 0 0 GARY R THOMSON TRUSTEE 1.00 X 0 0 0 WILLIAM R VAN BUREN III ESQ CHAIR-ELECT 1.00 X X 0 0 0 KEITH D VANDERVENNET TRUSTEE 1.00 X 0 0 0 MARY ALLEN WALLER TRUSTEE 1.00 X 0 0 0 MARGARET G WARNER TRUSTEE 1.00 X 0 0 0 JAMES C WHEAT III TRUSTEE 1.00 X 0 0 0 JOHN H WICK IV TRUSTEE 1.00 X 0 0 0 MICHAEL WITYNSKI TRUSTEE 1.00 X 0 0 0 R SACKETT WOOD TRUSTEE 1.00 X 0 0 0 IRMA BECERRA TRUSTEE 1.00 X 0 0 0 DAVID W BUSHMAN TRUSTEE 1.00 X 0 0 0 WILLIAM C DUDLEY VICE CHAIR 1.00 X X 0 0 0 TRACY FITZSIMMONS TRUSTEE 1.00 X 0 0 0 KEVIN F HALLOCK TRUSTEE 1.00 X 0 0 0 PAMELA FOX TRUSTEE 1.00 X 0 0 0 KEVIN F HALLOCK TRUSTEE 1.00 X 0 0 0 MARY DANA HINTON TRUSTEE 1.00 X 0 0 0 ROBERT R LINDGREN TRUSTEE 1.00 X 0 0 0 HAKIM LUCAS TRUSTEE 1.00 X 0 0 0 SCOTT D MILLER TRUSTEE 1.00 X 0 0 0 SUE OTT ROWLANDS TRUSTEE 1.00 X 0 0 0 ALISON MORRISON-SHETLAR TRUSTEE 1.00 X 0 0 0 FRANK SHUSHOK TRUSTEE 1.00 X 0 0 0 JEFFREY P STEIN TRUSTEE 1.00 X 0 0 0 J LAWRENCE STIMPERT TRUSTEE 1.00 X 0 0 0 JOHN W WELLS TRUSTEE 1.00 X 0 0 0 DARYL WILLIAMS TRUSTEE 1.00 X 0 0 0 MEREDITH WOO TRUSTEE 1.00 X 0 0 0 MARY-BETH JOHNSON CHIEF OPERATING OFFICER 40.00 X 151100 0 39300 MATTHEW SHANK PRESIDENT 40.00 X 280708 0 51790 431808 0 91090 2 0 1 0 0 2318889 2318889 2429 2429 1575610 1575610 0 2321318 0 0 2429 2074295 2074295 510532 174515 167650 168367 172697 43136 88010 41551 7351 2573 2279 2499 32318 12927 6464 12927 25600 25600 241562 241562 8816 3267 2282 3267 79317 31727 15863 31727 6086 2905 1060 2121 253945 252443 751 751 7849 7849 4299 4299 MISCELLANEOUS 20878 10058 3446 7374 PUBLICATIONS AND REFERE 13930 6328 2534 5068 MAINTENANCE 6052 2421 1210 2421 3465527 2616595 570859 278073 2156174 2110460 555807 959442 127150 195028 5000 101323 72771 36401 28552 36465380 36310656 0 289808 39340912 39898946 76854 6651 1895469 1857570 0 336319 1972323 2200540 X 25809630 25523984 11558959 12174422 37368589 37698406 39340912 39898946 -1144209 1474026 0 X X 0 1 X 1 0 X 1855729 1504481 1561236 1417393 2318889 8657728 1855729 1504481 1561236 1417393 2318889 8657728 937669 7720059 1126 620 192 122 2429 4489 70017 70017 8732234 0.88410 0.84060 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 30554396 117807 980982 1245387 30407798 32668547 137635 -1215532 1036254 30554396 23956428 113964 9579811 981656 32668547 25212120 209310 -94506 1370496 23956428 24778437 473622 947520 987459 25212120 0.62410 0.24070 0.13520 0 0 101323 72771 28552 28552 RIVERSIDE MICRO-CAP FUND II, L.P. 8201 F THE RICHMOND FUND, LP 36302455 F 36310656 LEASE LIABILITIES 336319 336319 X 3561909 1474026 8127 1482153 2079756 241562 241562 2321318 3232092 8127 8127 3223965 241562 241562 3465527 PART V, LINE 4: THE ENDOWMENT FUNDS ARE INTENDED TO BE UTILIZED IN ACCORDANCE WITH THE DONOR'S ORIGINAL INTENT AND, IN THE CASE OF BOARD DESIGNATED FUNDS, THE BOARD'S DIRECTIVES. THESE PURPOSES INCLUDE OPERATING EXPENSES, SCHOLARSHIPS, TEACHING GRANTS, AND CAPITAL IMPROVEMENTS/MAINTENANCE AT MEMBER INSTITUTIONS. PART X, LINE 2: THE FINANCIAL ACCOUNTING STANDARDS BOARD ISSUED GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT EVALUATED THE FOUNDATION'S TAX POSITIONS AND CONCLUDED THAT THE FOUNDATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. WITH FEW EXCEPTIONS, THE FOUNDATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE TAXING AUTHORITIES FOR YEARS ENDING BEFORE 2020. THE FOUNDATION INCLUDES PENALTIES AND INTEREST ASSESSED BY INCOME TAXING AUTHORITIES IN MANAGEMENT AND GENERAL EXPENSES. THE FOUNDATION DID NOT HAVE ANY PENALTIES AND INTEREST RELATING TO INCOME TAXES FOR THE YEARS ENDED JUNE 30, 2023 OR 2022. 1 HOLLINS UNIVERSITY PO BOX 9658 ROANOKE VA 24020 540506314 501(C)(3) 124778 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS MARY BALDWIN UNIVERSITY 201 EAST FREDERICK STREET STAUNTON VA 24401 540506319 501(C)(3) 121933 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS BRIDGEWATER COLLEGE 402 EAST COLLEGE STREET BRIDGEWATER VA 22812 540506306 501(C)(3) 142813 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS EMORY & HENRY COLLEGE PO BOX 947 EMORY VA 24327 540505892 501(C)(3) 133546 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS HAMPDEN-SYDNEY COLLEGE 1 COLLEGE ROAD HAMPDENSYDNEY VA 23943 540505906 501(C)(3) 121968 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS UNIVERSITY OF LYNCHBURG 1501 LAKESIDE DRIVE LYNCHBURG VA 24501 540505922 501(C)(3) 134639 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS MARYMOUNT UNIVERSITY 2807 N GLEBE ROAD ARLINGTON VA 22207 540573801 501(C)(3) 135580 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS RANDOLPH-MACON COLLEGE PO BOX 5005 ASHLAND VA 23005 540505940 501(C)(3) 131032 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS RANDOLPH COLLEGE 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 540505941 501(C)(3) 117205 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS ROANOKE COLLEGE 221 COLLEGE LANE SALEM VA 24153 540505945 501(C)(3) 140639 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS SHENANDOAH UNIVERSITY 1460 UNIVERSITY DRIVE WINCHESTER VA 22601 540525605 501(C)(3) 135597 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS SWEET BRIAR COLLEGE PO BOX A SWEET BRIAR VA 24595 541733690 501(C)(3) 115303 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS UNIVERSITY OF RICHMOND 28 WESTHAMPTON WAY RICHMOND VA 23173 540505965 501(C)(3) 152346 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS VIRGINIA WESLEYAN UNIVERSITY 5817 WESLEYAN DRIVE VIRGINIA BEACH VA 23455 546039600 501(C)(3) 135344 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS WASHINGTON & LEE UNIVERSITY 204 WEST WASHINGTON STREET LEXINGTON VA 24450 540505977 501(C)(3) 135008 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS VIRGINIA UNION UNIVESITY 1500 NORTH LOMBARDY STREET RICHMOND VA 23220 540524516 501(C)(3) 96564 0 DISTRIBUTION TO MEMBER INSTITUTION TO PAY FOR PROGRAMS AND SCHOLARSHIPS 16 PART I, LINE 2: THE FOUNDATION RECEIVES PERIODIC REPORTS FROM THE MEMBER INSTITUTIONS DESCRIBING USE OF FUNDS AND PROGRAM RESULTS. X X 0 0 0 0 0 0 0 0 0 MATTHEW SHANK PRESIDENT 280708 0 0 0 0 0 0 0 51790 0 332498 0 0 0 MARY-BETH JOHNSON CHIEF OPERATING OFFICER 149382 0 1718 0 0 0 0 0 39300 0 190400 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE REVIEWED BY THE FINANCE AND EXECUTIVE COMMITTEES, AUTHORIZED TO ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C A NOTEBOOK IS KEPT WITH THE CONFLICT OF INTEREST SURVEYS, WHICH ARE CONTINUALLY UPDATED AND MONITORED. FORM 990, PART VI, SECTION B, LINE 15 THE FINANCE & AUDIT COMMITTEE AND MEMBERS OF THE EXECUTIVE COMMITTEE APPROVE THE COMPENSATION OF THE CEO OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. SUMMARY FINANCIAL STATEMENTS ARE CONTAINED IN FOUNDATION'S ANNUAL REPORT. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR.