Educational Institutions

Virginia Foundation for Independent Colleges

  • Richmond, VA
  • www.vfic.org

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.

Main Programs

  1. Ethics Bowl
  2. Brighter Futures Scholarship Program
  3. New Horizons Program
Service Areas

Self-reported

Virginia

Commonwealth of Virginia

ruling year

1953

Principal Officer since 2017

Self-reported

Kenneth P. Ruscio

Keywords

Self-reported

VFIC Virginia scholarships unrestricted ethics independent college university undergraduate faculty grants endowment

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EIN

54-0554396

 Number

6408090803

Also Known As

VFIC

Contact

Cause Area (NTEE Code)

Fund Raising and/or Fund Distribution (B12)

Higher Education Institutions (B40)

IRS Filing Requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Programs + Results

How does this organization make a difference?

Overview

Self-reported by organization

In 2015, 660 scholarships, 17 faculty development awards, and 33 undergraduate science fellowships were distributed statewide. Overall, the VFIC secured more than $3.3 million to help further its mission.

Programs

Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Program 1

Ethics Bowl

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.

Category

Education, General/Other

Population(s) Served

Budget

$90,000.00

Program 2

Brighter Futures Scholarship Program

Provides financial assistance to students attending VFIC member institutions who have demonstrated financial need and academic promise.

Category

Population(s) Served

Budget

$1,000,000.00

Program 3

New Horizons Program

Provides access and opportunity for students from under-served populations interested in attending VFIC member schools.

Category

Population(s) Served

Budget

$150,000.00

Service Areas

Self-reported

Virginia

Commonwealth of Virginia

Funding Needs

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 (johnson@vfic.org) 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.

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External Reviews

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Financials

Financial information is an important part of gauging the short- and long-term health of the organization.

VA FOUNDATION FOR INDEPENDENT COLLEGES
Fiscal year: Jun 01-May 31
Yes, financials were audited by an independent accountant.

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Operations

The people, governance practices, and partners that make the organization tick.

Virginia Foundation for Independent Colleges

Leadership

NEED MORE INFO ON THIS NONPROFIT?

Free: Gain immediate access to the following:
  • Address, phone, website and contact information
  • Forms 990 for 2015, 2015 and 2014
  • Board Chair and Board Members
  • Access to the GuideStar Community
Need the ability to download nonprofit data and more advanced search options? Consider a Premium or Pro Search subscription.

Principal Officer

Kenneth P. Ruscio

BIO


Governance

BOARD CHAIR

Mr. H. Hiter Harris III

Harris Williams & Company

Term: June 2016 - June 2018

BOARD LEADERSHIP PRACTICES

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section, which enables organizations and donors to transparently share information about essential board leadership practices. Self-reported by organization


RESPONSE NOT PROVIDED

BOARD ORIENTATION & EDUCATION

Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations?


RESPONSE NOT PROVIDED

CEO OVERSIGHT

Has the board conducted a formal, written assessment of the chief executive within the past year?


RESPONSE NOT PROVIDED

ETHICS & TRANSPARENCY

Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year?


RESPONSE NOT PROVIDED

BOARD COMPOSITION

Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership?


RESPONSE NOT PROVIDED

BOARD PERFORMANCE

Has the board conducted a formal, written self-assessment of its performance within the past three years?