Overview
What is Va Foundation For Independent Colleges?
The Va Foundation for Independent Colleges is a nonprofit organization situated in Richmond, Virginia. Their primary mission is to support and enhance the distinctive values and strengths of fifteen smaller, undergraduate, residential Virginia member colleges. They achieve this by securing private-sector funding, increasing visibility, facilitating collaborative initiatives between the colleges, and backing initiatives that ensure affordable, personalized education for future leaders. The foundation provides both unrestricted and restricted contributions to meet the crucial needs of its sixteen member institutions, funding various aspects such as campus operations, academic program development, and faculty development. With a team of five dedicated individuals, the Va Foundation for Independent Colleges significantly contributes to the educational landscape in Virginia.
Official website here: www.vfic.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97% (Four-Star out of Four Stars)
The Virginia Foundation for Independent Colleges (VFIC) holds a remarkable Four-Star rating from Charity Navigator, reflecting its exceptional performance in accountability and finance. This high rating is primarily derived from its perfect score of 100% in several key areas, including the independence of board members and rigorous financial oversight. Such metrics indicate a strong commitment to transparency and responsible financial practices.
VFIC demonstrates strong organizational strengths with a program expense ratio of 72.40%, meaning a significant portion of its funds directly supports its initiatives. Additionally, the foundation excels in fundraising efficiency, with only $0.15 spent to raise each dollar, highlighting effective fundraising strategies. A low liabilities to assets ratio of 5.51% further underscores the nonprofit's financial stability.
While the organization showcases robust financial health and governance, the summary does not present any notable limitations or concerns. Overall, the VFIC exemplifies a well-managed nonprofit with a solid track record in fulfilling its mission to support independent colleges in Virginia.
This AI summary has been generated from information found on Charity Navigator.
Is Va Foundation For Independent Colleges legitimate?
Va Foundation For Independent Colleges is a legitimate nonprofit organization registered as a 501(c)(3) entity. Va Foundation For Independent Colleges submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $516,077
Professional Fundraising Fees: $0
Other Salaries and Wages: $127,227
For more financial information, click here
Official website here: www.vfic.org
What is the mission statement of Va Foundation For Independent Colleges?
The Virginia Foundation for Independent Colleges' mission is to enhance the distinctive values and strengths of fifteen smaller, undergraduate, residential Virginia member colleges. This is achieved by procuring financial support from the private sector, boosting visibility, fostering innovative and collaborative initiatives among the colleges, and backing initiatives that ensure the affordable choice of a personalized educational experience for future citizen-leaders, remains accessible. The foundation facilitates these objectives by acting as a bridge between the colleges and potential donors, thereby contributing to their growth and success.
Official website here: www.vfic.org
Who is the CEO of Va Foundation For Independent Colleges?
Matthew Shank is the Trustee of Va Foundation For Independent Colleges.
Official website here: www.vfic.org
What is the revenue of Va Foundation For Independent Colleges?
Va Foundation For Independent Colleges's revenue in 2022 was $1,487,532.
Official website here: www.vfic.org
Who are the executives of Va Foundation For Independent Colleges and what are their salaries?
The average compensation at Va Foundation For Independent Colleges during 2022 was $128,661. There are 5 employees and 20 volunteers at Va Foundation For Independent Colleges.
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Official website here: www.vfic.org
Where can I find the form 990 for Va Foundation For Independent Colleges?
Va Foundation For Independent Colleges's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.vfic.org
Learn more at the official website: www.vfic.org
Mission Statement of Va Foundation For Independent Colleges
The Virginia Foundation for Independent Colleges, in its mission, aims to enhance the distinctive values and strengths of its fifteen smaller enrollment, undergraduate, residential Virginia member colleges. This nonprofit organization accomplishes this by securing financial support from the private sector, thereby increasing the visibility of these colleges. Furthermore, it facilitates innovative and collaborative initiatives between the colleges, ensuring a collective growth and development. Lastly, the Virginia Foundation for Independent Colleges supports initiatives that maintain the personalized educational experience as an affordable choice for future citizen-leaders. This mission is crucial in preserving the unique character and educational opportunities offered by these individual colleges.
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Impact
July, 2024
The Va Foundation For Independent Colleges impacts its sixteen member institutions by providing annual contributions to support crucial needs such as campus operations, academic program development, and faculty development. Its mission is to advance the distinctive values and strengths of smaller enrollment, undergraduate, residential Virginia member colleges by securing financial support from the private sector, increasing visibility, facilitating innovative initiatives between the colleges, and ensuring that a personalized educational experience remains an affordable choice for tomorrow's citizen-leaders.
This information is meant to be a general summary of Va Foundation For Independent Colleges. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $122
- Gross Receipts: $3,002,064
Assets and Liabilities:
- Total Assets: $39,340,912
- Total Liabilities: $1,972,323
- Net Assets: $37,368,589
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Organization Details
Founding Year
1952
Phone
(804) 288-6609Principal Officer
Matthew Shank
Main Address
901 EAST BYRD STREET 1625, RICHMOND, VA, 23219
Website
www.vfic.orgNTEE Category
Code: B42J - Education
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