2 0 1 7 A N N U A L R EP O RT
Randolph-Macon College
“As a first-generation student with a family income that borders the poverty line, my educational future was not secure growing up. Due to the generosity of donors, such as yourself, I was able to make the first steps towards my childhood dream of being a veterinarian a reality.� ~ DANIELLE S.
CONTENTS Letter from the Leadership 3 Impact 4 Member Schools 5 Brighter Futures Scholarships 6-7 Programs 8-9 Financials 10 Board of Trustees 10-11
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cover image: Sweet Briar College
LETTER
FROM THE LEADERSHIP
Dear Supporters of the Virginia Foundation for Independent Colleges, Since its founding in 1952, the VFIC has raised more than $150 million from individuals, corporations and foundations to support independent colleges. Last year alone, your support made it possible for the VFIC to distribute $2.3 million to our fifteen colleges serving more than 27,500 students. It is a challenging time for higher education. VFIC has helped our colleges meet those challenges and build on a tradition of academic excellence. We know, for example, that students learn best when they can blend their classroom education with internships, research, or study off-campus. It is especially important that students with financial need have such opportunities. Last year, we secured support for 51 fellowships through the Experiential Learning initiative. We know, too, that access to higher education is an important priority for our colleges. With your support for various scholarship programs, the VFIC awarded over $1.1 million to deserving students. Our colleges and universities assist students from many backgrounds. An inclusiveness program enabled the VFIC to reach more than 200 Hispanic students and college representatives. We hope to expand these and similar efforts, including scholarship support. VFIC schools are using technology to collaborate through the Blending Our Future initiative. Students can now take courses in foreign languages not offered on their own campuses. Last year, 23 courses were offered through the program. This has been a transformational year for the VFIC. We moved our offices to downtown Richmond and expanded our leadership team. Billy Greer, past president of Virginia Wesleyan, became our Southeastern Regional Director, paving the way for Nancy Gray, past president of Hollins, to join the VFIC later this year as the Western Regional Director. Mary-Beth Johnson, who has served the VFIC for many years, now has the title Chief Operating Officer. And Ken Ruscio, past president of Washington and Lee University, assumed the VFIC presidency on May 1. With our current staff and a dedicated Board, we are poised for a busy and ambitious year ahead. None of this is possible without your support – your financial support, of course, but also your commitment to one of the strongest systems of independent higher education in the country. On behalf of our VFIC schools, their students and faculty, we express our deepest gratitude. Sincerely,
H. Hiter Harris III Managing Director Harris Williams & Co. VFIC Board of Trustees Chair 2016-2018
Kenneth P. Ruscio President Virginia Foundation for Independent Colleges
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OUR
IMPACT
SUCCESS AND GROWTH
$3.1 MILLION RAISED BY THE VFIC $1,159,653 IN TUITION ASSISTANCE FROM THE VFIC TO OUR 15 MEMBER SCHOOLS
$1,262 AVERAGE PER AWARD TO STUDENTS
919 SCHOLARSHIPS AWARDED
2 NEW ADDITIONS TO THE VFIC LEADERSHIP TEAM
1 NEW OFFICE SPACE FOR THE VFIC IN DOWNTOWN RICHMOND
THE STUDENTS WE SERVE
27,534
UNDERGRADUATE AND GRADUATE STUDENTS ENROLLED AT VFIC MEMBER SCHOOLS NEARLY 1 IN 4 STUDENTS AT VFIC SCHOOLS: ARE STUDENTS OF COLOR (25%)
ARE FIRST-GENERATION STUDENTS (23%)
GRADUATED WITH A STEM-H DEGREE (27%)
68.7% OF STUDENTS AT VFIC SCHOOLS ARE ELIGIBLE FOR NEED-BASED AID VFIC SCHOOLS DISTRIBUTED OVER $394 MILLION IN INSTITUTIONAL AND ENDOWMENT AID TO UNDERGRADUATE STUDENTS
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10% OF UNDERGRADUATE STUDENTS AT VFIC SCHOOLS COME FROM FAMILIES LIVING AT OR BELOW THE FEDERAL POVERTY LINE
VFIC
MEMBER SCHOOLS
1 Bridgewater College
6 Mary Baldwin University
Founded: 1880 President: David W. Bushman bridgewater.edu
2 Emory & Henry College
4 Hollins University
Founded: 1830 President: Ronald A. Crutcher richmond.edu
11 Shenandoah University
14 Virginia Wesleyan University
Founded: 1875 President: Tracy Fitzsimmons su.edu
Founded: 1950 President: Matthew D. Shank marymount.edu
Founded: 1961 President: Scott D. Miller vwu.edu
12 Sweet Briar College
8 Randolph College
Founded: 1776 President: John Lawrence Stimpert hsc.edu
13 University of Richmond
Founded: 1842 President: Michael C. Maxey roanoke.edu
7 Marymount University
Founded: 1836 President: Jake B. Schrum ehc.edu
3 Hampden-Sydney College
10 Roanoke College
Founded: 1842 President: Pamela Fox marybaldwin.edu
15 Washington and Lee University
Founded: 1901 President: Meredith Woo sbc.edu
Founded: 1891 President: Bradley W. Bateman randolphcollege.edu
Founded: 1749 President: William C. Dudley wlu.edu
9 Randolph-Macon College
Founded: 1842 President: Pareena Lawrence hollins.edu
Founded: 1830 President: Robert R. Lindgren rmc.edu
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5 Lynchburg College
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Founded: 1903 President: Kenneth R. Garren lynchburg.edu
6 15
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MISSION THE MISSION OF THE VIRGINIA FOUNDATION FOR INDEPENDENT COLLEGES is to advance the distinctive values and strengths of these 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.
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BRIGHTER FUTURES SIGNATURE SCHOL AR SHIPS
Anonymous AEP / Appalachian Power Scholars
Altria Leadership Scholars
Anonymous Foundation Scholars
Bank of America Charitable Foundation Scholars
Brock BB&T Charitable Foundation Scholars
Macon and Joan Brock Scholars
Dollar Tree Scholars
Dominion Energy Scholars
Ferguson Enterprises Scholars
HRH Charitable Fund Scholars
Landmark Foundation Scholars
Luck Companies Scholars
Mar s Markel Corporation Scholars
Nunnally
Mars Foundation Scholars
Norfolk Southern Foundation Scholars
Nunnally Foundation Scholars
SunTrust Foundation Scholars
Universal Corporation Scholars
Council of Independent Colleges Scholars through its CIC / UPS Educational Endowment
Robins Robins Family Scholars
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“You have changed my life in more ways than you can imagine. Thanks to you, just a little bit of a burden has been taken off my shoulders.” ~ MELINDA H.
SCHOL AR SHIPS
Affiliate Scholarships
Endowed Scholarships
Camp Foundation
A. Lea Booth
Ruth Camp Campbell Foundation
Walter & Besse Craigie Bob & Charlotte Gammon
Ted & Laura Lee Chandler Thomas J. Lennon Dewberry T. Justin Moore Anne & Til Hazel Middleburg Bank Moseley Architects New River Electrical Anne Carter & W.R. Robins, Jr. Foundation
John D. Munford Moses D. Nunnally Family Donald G. & Barbara B. Smith VFIC 50th Anniversary
Newton B. Shingleton Trust Williams Mullen
“Words cannot
South Hampton Roads
express my gratitude for the help I have received in funding my education. With this, I hope to graduate this year with honors, be accepted into my top choice for graduate school, and continue [to] further my education.”
Roanoke / Southwest Virginia
~ SYDNEY W.
Regional & State Programs Greater Lynchburg Greater Richmond Northern Virginia / Greater Washington
Marymount University
Virginia Scholars Fund
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OUR
PROGRAMS
BLENDING OUR FUTURE BRINGING THE WORLD CLOSER. For the third year, the Language Exchange allowed member schools to provide a more comprehensive curriculum. Willing instructors and ample technology that enable host classroom and remote classroom interaction permit students at VFIC schools to study languages not
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offered on their campuses. Mandarin, Russian, Arabic and German make for easier exchanges and
more language classes
stronger cultural understanding. Greek and Latin, the classics, explain Western civilization, English and grammar – integral elements, like all languages, of a liberal arts education. 2016-2017 Contributor: Dominion Energy
EXPERIENTIAL LEARNING A MORE LEVEL PLAYING FIELD. Low-income and minority students and the first in their family to attend college take part less frequently in study abroad and other high-impact experiences. For the second year, VFIC fellowships helped equalize that imbalance, enriching students and enhancing post-graduation
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opportunities. Students heightened their self-awareness through study, internships and service-learning
transformational fellowships
experiences at home and abroad.
2016-2017 Contributors: Steve & Nancy Agee; Amica Companies Foundation; David Arias; Aimee & Frank Batten, Jr.; Chesapeake Corporation Foundation; CollisWarner Foundation, Inc.; Council of Independent Colleges through its CIC / UPS Educational Endowment; Mr. & Mrs. H. Hiter Harris III; Janet Harrison Hinch; Emily S. & Coleman A. Hunter Charitable Trust; Pepsi-Cola Bottling Co. of Central Va.
NEW HORIZONS AND EXCELENCIA INITIATIVE TAPPING POTENTIAL. The VFIC partners with groups that promote higher education for minorities and first-generation college students, advancing inclusive, diverse campus communities. The New Horizons
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scholarships for deserving minorities
program makes an independent college experience tangible for inner-city, rural and low-income students, while simultaneously supporting their success at member institutions. The Excelencia Initiative expands college opportunities for Hispanic Virginians and enhances multiculturalism at schools. 2016-2017 Contributors: W. Earle Betts III; Council of Independent Colleges through its CIC / UPS Educational Endowment; DHG; Mr. & Mrs. H. Hiter Harris III; Margaret & Ted Hengst; Allen B. King; Mr. & Mrs. L. Allan Parrott, Jr. / Tidewater Fleet Supply; Anne Carter & W.R. Robins, Jr. Foundation; Hugh E. Taylor; Martin L. Vaughan III
SUMMER UNDERGRADUATE RESEARCH IN-DEPTH STUDENT STUDY. Highly immersive, hands-on learning experiences “stick.” Fellowships enabled students captivated by the sciences to develop and implement research methods through supervised summer
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scientific explorations
projects on their campuses. Last year’s fellows may unlock secrets behind optic nerve regeneration, or contribute to treatment methods for pressure ulcers, or unearth ways to reduce destruction of urban forests by a species of insect. Along the way, fellows potentially co-author and present promising research with their mentors and advance their prospects for post-graduate studies and meaningful careers in the sciences. 2016-2017 Contributors: William E. Betts, Jr. Memorial Endowment; Carilion Clinic; The NewMarket Foundation
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“My family has recently experienced some difficult financial hardships. … I would be having an extremely hard time this semester without your generous support.” ~ CHRISTOPHER P.
ETHICS BOWL ETHICS AND U.S. PRESIDENTIAL POLITICS. The 18th Wells Fargo Ethics Bowl, at Virginia Wesleyan University, continued a tradition of inter-school team competition that reinforces the culture and
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participants & judges
curriculum of VFIC institutions. A dinner raised $150,000 for scholarships. 2016-2017 Contributors: Wells Fargo Foundation; BurgerBusters, Inc.; Dominion Energy. Dinner Contributors: Anthem Blue Cross Blue Shield in Virginia; Jane Parke Batten; Birdsong Corporation; Dollar Tree, Inc.; Ferguson Enterprises, Inc. / Keith VanderVennet; The Franklin Johnston Group; Nancy & Bruce Gottwald; Mr. & Mrs. H. Hiter Harris III / Harris Williams & Co.; Anne & Til Hazel; Kaufman & Canoles, P.C.; KITCO Fiber Optics; The Landmark Foundation; LifeNet Health; Thomas J. Lyons, Jr. / COASTAL Hospitality Associates, LLC; McGuireWoods LLP; Mr. & Mrs. L. Allan Parrott, Jr. / Tidewater Fleet Supply; Bob & Pam Sasser; Sentara Healthcare; Willcox Savage
HARRIS +MEDNICK AWARDS CURIOSITY SPURS LEARNING. For a half century, from 1967-2017, the VFIC’s Mednick Faculty Fellowship Program has supported research activities that enhance the learning of professors resulting
50
years of faculty fellowships
in more than 634 fellowships being awarded. In addition to this program, the Harris Awards program recognized top classroom teachers through three distinct awards showcasing excellence in undergraduate teaching and instructional technology. 2016-2017 Contributors: H. Hiter Harris III Family; Maurice L. Mednick Endowment Fund
Listed contributors supported the programs with gifts of $2,500 or more. Additional contributors appear in the Honor Roll of Donors.
Sweet Briar College 9
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BOARD OF TRUSTEES
A. Marshall Acuff, Jr.
George Y. Birdsong
Beverley E. Dalton
H. Hiter Harris III
Managing Director Silvercrest Asset Mgmt. Group
CEO Birdsong Corporation
Chair of the Board English Construction Co.
Managing Director Harris Williams & Co.
Nancy H. Agee
Victor K. Branch
Mark E. Dempsey
Anne Barnett Hazel
President and CEO Carilion Clinic
Richmond Market President Bank of America Corporation
VP, External Affairs AEP/Appalachian Power Co.
Civic Leader Broad Run, Virginia
George F. Albright, Jr.
Charles L. Cabell, Esq.
Thomas F. Farrell II
Paul T. Hengst
Managing Dir. & VA Business Head JPMorgan Private Bank
Partner Williams Mullen
Chairman, President and CEO Dominion Energy
Principal PTH Ventures, LLC
David A. Arias
John M. Camp III
Calvin W. Fowler, Jr.
C. Burke King
President Swimways Corporation
Managing Dir. of Bus. Dev. Arbor Investments
President and CEO Williams Mullen
President Anthem Blue Cross Blue Shield in VA
Rayford L. Barnes, Jr.
Theodore L. Chandler, Jr.
George C. Freeman III
Charles S. Luck IV
Regional President BB&T Corporation
Principal nrv
Chairman, President and CEO Universal Corporation
President and CEO Luck Companies
Frank Batten, Jr.
C. Lynch Christian III
Palmer P. Garson
John A. Luke, Jr.
Chairman and CEO Landmark Media Enterprises, LLC
President 1000 Church Street, Inc.
Managing Director Silvercrest Asset Mgmt. Group
Non-executive Chairman WestRock Company
J. Edward Betts, Esq.
John R. Clark III
Marie M. Godsey
Thomas J. Lyons, Jr.
Counsel Christian & Barton, L.L.P.
President Steuart Investment Company
Founder/CEO Meriwether Godsey Inc.
Chairman COASTAL Hospitality Associates, LLC
W. Earle Betts III
Richard Cullen, Esq.
Thomas E. Goode
Craig L. Massey
CEO Montague-Betts Company
Partner and Chairman McGuireWoods LLP
Regional Private Bank Mgr., Sr.VP Wells Fargo Private Bank
Vice Chairman Evan Energy Investments, LC
FINANCIALS Distributions to Colleges & Program Services $2,377,263
Management & General $267,574
Fundraising $326,600
IN THE FISCAL YEAR that ended June 30, 2017, the VFIC generated income totaling $3,125,986. The average distribution to member colleges was $158,484, for a total distribution of $2,377,263. 100 percent of the operating expenses were covered by the VFIC endowment. Figures provided are unaudited. 10
The Virginia Foundation for Independent Colleges is a not-for-profit corporation, tax exempt under Section 501(c)(3) of the Internal Revenue Code. Contributions are tax deductible to the extent allowable by law. Copies of the financial statement for the fiscal year that ended June 30, 2017, audited by Mitchell Wiggins, are available upon request. The VFIC has carefully prepared this report. However, in spite of our sincere efforts to avoid errors, they occasionally do occur. If your name has been inadvertently omitted, listed in the wrong place, or misspelled, we hope you will accept our apologies and advise us of the mistake. (804) 288-6609 info@vfic.org www.vfic.org
“Thank you for your generous scholarship. As of right now, I am an unaccompanied homeless college student, and any penny donated to me helps me pay for my education.� ~ GABRIELLA P.
W. Sheppard Miller III
Brian Quigley
Robert H. Spilman, Jr.
Keith D. VanderVennet
Owner Trident Utility Contracting
President and CEO U.S. Smokeless Tobacco Company
President and CEO Bassett Furniture Industries, Inc.
Senior VP of Sales Ferguson Enterprises, Inc
T. Justin Moore III
Stewart D. Roberson, Ed.D.
James A. Squires
Martin L. Vaughan III
Sr. VP, Strategy & Business Development Altria Group, Inc.
Chairman, President and CEO Moseley Architects
Chairman, President and CEO Norfolk Southern Corporation
Retired HRH/Willis Group Holdings
Thurston R. Moore, Esq.
Jeffrey R. Rowan
John G. Stallings
Margaret G. Warner
Owner Coyote Crossing Cattle Company
President Union Bank & Trust
Senior Correspondent The PBS NewsHour
Thomas Rutherfoord, Jr.
Hugh E. Taylor
James C. Wheat III
Civic Leader Alexandria, Virginia
Retired Northrop Grumman Corporation
President Blandfield Associates, LLC
Bob Sasser
Rony Thomas, MS, MBA
Richard R. Whitt III
Chairman Dollar Tree, Inc.
President and CEO LifeNet Health
President and Co-COO Markel Corporation
Robert D. Seabolt
Fred D. Thompson, Jr.
R. Sackett Wood
Chief Operating Officer Troutman Sanders LLP
Chief Administrative Officer Thompson Hospitality Corporation
President and CEO Moore & Giles
Gary R. Shook
Gary R. Thomson, CPA
President and CEO Middleburg Bank
Regional Managing Partner DHG LLP
J. Knox Singleton
William R. Van Buren III, Esq.
CEO Inova Health System
Chairman Kaufman & Canoles, P.C.
Chairman Emeritus Hunton & Williams LLP
Spencer W. Morten III Chairman and CEO Bassett Mirror Company, Inc.
Roger H. Mudd Journalist (Ret.) McLean, Virginia
William L. Pannill Chairman Tacoma Management, Inc.
L. Allan Parrott, Jr. President Tidewater Fleet Supply
Jerry Z. Peng Civic Leader Charlottesville, VA
Marymount University
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VIRGINIA FOUNDATION FOR INDEPENDENT COLLEGES 901 East Byrd Street, Suite 1625 Richmond, Virginia 23219
Mary Baldwin University