2 0 2 0 ANNUAL REPORT
V I R G I N I A F O U N D AT I O N FOR INDEPENDENT COLLEGES
TABLE of Contents 3 4 5 6-7
Letter from the Leadership
Impact on Education
VFIC Member Schools
Brighter Futures Scholarships
Randolph College Cover Image: Marymount University
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8-9 10 11
Programs
Board of Trustees
Financials
FROM the Leadership Dear Supporters of the Virginia Foundation for Independent Colleges,
Plan and pace. That’s what many longdistance runners say they’re thinking about seconds before an airhorn signals the start of a race. Stick with your plan. Stay on pace. Standing at the starting line of the 2020-2021 academic year, those of us at the Virginia Foundation for Independent Colleges envision the years ahead as a marathon filled with more challenges than probably any other time in higher education. The impact of the COVID-19 pandemic has been profound, altering core elements of our colleges and universities – curricula and teaching, academics, student life, faculty research, career advising, counseling, admissions, tuition, and finances. How we address all these issues will alter the essence of what makes our university communities such powerful learning environments: the interpersonal interaction that characterizes classrooms and dining halls, dorms and libraries, gyms and quadrangles. That dynamic is what cultivates intellectual growth and emotional maturity, and it’s that dynamic VFIC institutions need to sustain. We have a plan, and we will maintain our pace. VFIC schools are adapting and changing to meet each of the challenges their students, faculties, and families face. Perhaps the most daunting among those is the dramatic shift to online learning. The newest generation of digital technologies facilitates our ability to personalize online education, and this past spring’s quick implementation of a broader use of virtual education has helped pave the way for the upcoming year. Change occurs with time, and embracing change takes time. But because our schools are serious about fulfilling their mission to provide
students from all backgrounds with a rigorous education, they are investing time and financial resources into their online platforms. This investment is directed toward not only academic instruction but also student support services and activities. The support and advocacy of the VFIC for students is more important now than ever, and we help in a variety of ways. This year, for instance, the VFIC secured close to $3.02 million in gifts and pledges, including $699,778 used to award 509 scholarships. VFIC donor partners made it possible to distribute 26 undergraduate student research fellowships and 18 faculty awards. All funds – 100 percent – raised for scholarships and fellowships are used to support students. We also continue to provide opportunities for our faculty to collaborate on ways they can enhance STEM education by sharing knowledge and teaching methodologies. Today, 28 percent of our students are graduating with STEM majors. Our schools are cultivating interest in science and contributing significantly to the demand for expertise in science and technology in business and industry. And programs such as Starting Now, our women’s leadership development summit, and the Ethics Bowl, which celebrates its twenty-second year in 2021, demonstrate how we help our schools cultivate leaders and provide students with an ethical framework for making decisions. Despite the personal and economic impact of COVID-19, the VFIC is healthy and well-positioned to serve. Our average distribution to our schools was higher last year than in the previous two, and we’re sure our $500,000 emergency assistance
grants had a positive impact on that success. We also increased total donors 6 percent and new donors 125 percent, both of which mean additional support for our schools and many of the underrepresented students who attend them. The VFIC was also named “Community Partner of the Year” by GEAR UP thanks to our providing 400 Latino students with the opportunity to tour our campuses. Partnerships affect our ability to serve our schools, so we continually establish relationships with organizations that can enhance our impact. The Virginia Bankers Association and the Virginia Museum of Fine Arts are two of our newest partners. The year ahead promises to be challenging. But it also promises to provide us with extraordinary opportunities. To enhance the quality of education our schools offer, the VFIC will continue to support them with financial resources that fund scholarships and undergraduate research, innovative programming that augments in-class instruction, and strategic partnerships that leverage all our efforts. Old normal or new normal, the VFIC will help our schools provide an education that prepares students for the world in which they live. Sincerely,
Gary R. Thomson, CPA Chair VFIC Board of Trustees
Matthew D. Shank, Ph.D. President VFIC
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IMPACT on Education SUCCESS AND GROW TH
$3.02 509 $1,375
MILLION
philanthropic support raised in gifts and pledges
SCHOLARSHIPS AWARDED AVERAGE SCHOLARSHIP AWARDED TO VFIC STUDENTS
bachelor’s degrees
1,241
Undergraduate, graduate, and first professional students attending VFIC member schools
$470 29%
of undergraduate students at VFIC schools receive PELL grants.
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distributed by the VFIC to its schools for COVID-19 student relief expenses
5,127
THE STUDENTS WE SERVE
29,207
$500K
master’s degrees
407
doctorate degrees
345
first professional degrees
MILLION
Distributed by VFIC schools to undergraduate students through institutional as well as endowment aid
28%
of undergraduate students at VFIC schools are ethnically diverse.
65%
of undergraduate students at VFIC schools are eligible for need-based aid.
VFIC Member Schools 1 Bridgewater College
6 Marymount 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 Sweet Briar College
Founded: 1891 President: Bradley W. Bateman randolphcollege.edu
8 Randolph-Macon College
Founded: 1776 President: John L. Stimpert hsc.edu
13 University of Richmond
Founded: 1875 President: Tracy Fitzsimmons su.edu
7 Randolph College
Founded: 1836 President: John W. Wells ehc.edu
3 Hampden-Sydney College
10 Shenandoah University
Founded: 1950 President: Irma Becerra marymount.edu
14 Virginia Wesleyan University
Founded: 1901 President: Meredith Woo sbc.edu
Founded: 1961 President: Scott D. Miller vwu.edu
12 University of Lynchburg
Founded: 1830 President: Robert R. Lindgren rmc.edu
15 Washington and Lee University
Founded: 1903 President: Alison Morrison-Shetlar lynchburg.edu
Founded: 1749 President: William C. Dudley wlu.edu
9 Roanoke College
Founded: 1842 President: Mary Dana Hinton hollins.edu
Founded: 1842 President: Michael C. Maxey roanoke.edu
10 5 Mary Baldwin University
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Founded: 1842 President: Pamela Fox marybaldwin.edu
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MISSION & VISION THE MISSION OF THE VIRGINIA FOUNDATION FOR INDEPENDENT COLLEGES is to advance the distinctive values and strengths of our fifteen independent Virginia member colleges and universities. We do this by securing financial support, increasing visibility, facilitating innovative and collaborative programs, and supporting initiatives which ensure that this personalized educational experience remains an affordable choice for tomorrow’s citizen-leaders. THE VISION OF THE VIRGINIA FOUNDATION FOR INDEPENDENT COLLEGES is to be recognized as a leading proponent for private higher education in Virginia by cultivating and leveraging partnerships with people and organizations that are committed to providing students at VFIC schools with an exceptional educational experience.
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BRIGHTER FUTURES Scholarships SIGNATURE SCHOL ARSHIPS
anonymous AEP / Appalachian Power Scholars
Altria Leadership Scholars
Anonymous Foundation Scholars
Bank of America Charitable Foundation Scholars
L andmark
Dominion Energy Scholars
Ferguson Enterprises Scholars
Mar s Mars Foundation Scholars
Norfolk Southern Foundation Scholars
Universal Corporation Scholars
Council of Independent Colleges Scholars through its CIC / UPS Educational Endowment
Landmark Foundation Scholars
Luck Companies Scholars
Nunnally
Robins
Moses D. Nunnally, Jr. Charitable Trust Scholars
Robins Family Scholars
Thank you to everyone, including VFIC donors, who made it possible for me to attend college. It is very much appreciated because financially I could not be in college without this support. I am grateful for all the new experiences as well. Being in college has allowed me to travel outside of the country, something I had never done, and to explore my field of study through experiential learning opportunities that will prepare me for life after college.� Joseph C., Shenandoah University ‘22, VFIC Scholarship Recipient 6
affiliate schol ar ships
endowed schol ar ships
Eugene M. Bane Charitable Trust
A. Lea Booth Walter & Beese Craigie
Camp Foundation
“For a long time, college was not something I considered after graduating high school because of the financial strain it could have on my parents. Thankfully, there are people and organizations like yours that believe in helping students achieve their dreams. My college experience is never something I will take for granted, as I have learned many things about myself and the type of future I want to pursue.” – Varonica P., Mary Baldwin University
Bob & Charlotte Gammon Ruth Camp Campbell Foundation Anne & Til Hazel
HRH Endowed Scholarship Fund Thomas J. Lennon
New Horizons Scholarship Fund
T. Justin Moore
New River Electrical
John D. Munford
Newton B. Shingleton Foundation
Moses D. Nunnally, Jr. Family
Williams Mullen
Donald G. & Barbara B. Smith VFIC 50th Anniversary
regional & state programs Greater Lynchburg Greater Richmond Northern Virginia / Greater Washington South Hampton Roads Roanoke / Southwest Virginia Virginia Scholars Fund
Shenandoah University
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PROGRAMS COVID-19 STUDENT FUND
$500K in emergency assistance
STUDENTS AT VFIC SCHOOLS WERE NOT IMMUNE to the financial challenges presented
UNDERGRAD RESEARCH
26 research projects
PROVIDING UNIQUE RESEARCH EXPERIENCES for undergraduates elevates interest in STEM subjects and enhances learning. The VFIC raised more than $53,000 last year to fund 26 student
by the COVID-19 pandemic. To help with a wide variety
research projects. Research topics ranged from a literature
of unexpected expenses, the VFIC created a $500,000
review of COVID-19 to the use of mangroves as a land
emergency assistance fund for students on the 15 campuses
stabilization practice.
in the VFIC consortium. Each school received a grant for $33,333 to support undergraduate students financially
2019-2020 Contributors: Carilion Clinic; New Market Corporation; Shelton H. Short, Jr. Foundation; William E. Betts, Jr. Endowed Fund
impacted by the crisis.
EXCELENCIA INITIATIVE
262 students impacted
CREATING ACCESS TO A COLLEGE EDUCATION – that’s the purpose of the Excelencia Initiative. The VFIC continued its grant-funded campus tour program that focuses on bringing
HARRIS+MEDNICK AWARDS
15 notable faculty members
EXCEPTIONAL FACULTY AND DEDICATED STAFF are what make VFIC schools so special. Through the Harris Awards Program, the VFIC honors three faculty/staff members from VFIC
Latino high school students from across the Commonwealth
schools each year for their commitment to undergraduate
to visit and experience its schools. This year, 262 students
teaching and the use of instructional technology. The
from 7 high schools visited 9 VFIC schools.
Mednick Faculty Fellowship Program funded 15 VFIC faculty members’ research projects. 2019-2020 Contributors: Libby and Hiter Harris Endowed Fund; H. Hiter Harris III Rising Star and Excellence in IT Endowment Funds; H. Hiter Harris III; Maurice L. Mednick Fund
“The VFIC has worked to bring its STEM instructors together with the goal of sharing resources as well as joining forces to pursue large-scale scientific initiatives. I am excited for our new initiative to perform a climate resilience analysis of the entire Commonwealth as a joint effort of all VFIC institutions and the Science Museum of Virginia. A project like this will provide amazing opportunities for our students to perform authentic science at the highest level and to become inspired to pursue careers in STEM.” Michael J. Wolyniak, Ph.D., McGavacks Associate Professor of Biology & Director of Undergraduate Research and Honors, Hampden-Sydney College
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Randolph-Macon College
ETHICS BOWL
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student competitors
THE VIRGINIA FOUNDATION FOR INDEPENDENT COLLEGES’ ETHICS BOWL was founded on the belief that our schools have a responsibility to help students establish an ethical framework
for making decisions. The 2020 event, “Ethics and Higher Education,” brought together sixteen teams on the University of Lynchburg campus, with the team from Virginia Wesleyan University winning the competition. Dr. Kenneth R. Garren, president of the University of Lynchburg from 2001 to 2020, was honored at the Ethics Bowl Dinner for his dedication to higher education and the ethics bowl program. The event
WOMEN’S LEADERSHIP DEVELOPMENT SUMMIT
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inspirational days
THE INAUGURAL STARTING NOW SUMMIT brought together a diverse group of undergraduate women to network, learn, and engage with community and business leaders from all over Virginia.
raised over $32,000 to fund scholarships for students from
This three-day summit also allowed participants to cultivate
underrepresented populations in the Greater Lynchburg area.
relationships with peers, visit prominent employers, and tour
2019-2020 Event Contributors: Wells Fargo Foundation; Roger H. Mudd Ethics Bowl Endowment Fund Dinner Contributors: 1000 Church Street/The Imperial Trust; American National Bank & Trust; Birdsong Corporation; Doug & Bev Dalton; Peyton & Cherie Humphrey; Alex & Sackett Wood
REALWORLD
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key financial education resource
NAVIGATING THE FINANCIAL ROADMAP AFTER COLLEGE can be a daunting task for students. Through a partnership with Realworld, students at VFIC schools now have access to an online
platform that helps them transition into life after school. Realworld provides a comprehensive introduction to some of the more complicated real-world decisions and experiences, such as paying off student loans and saving for retirement.
the State Capitol. 2019-2020 Contributors: Altria; Atlantic Union Bank; Council of Independent Colleges, Dominion Energy; The Jessie Ball duPont Fund
STEM COLLABORATIVE RESEARCH PROJECT
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emerging collaborative project
HARNESSING THE POWER OF COLLECTIVE EXPERTISE AND RESOURCES, VFIC schools are collaborating on a research project focused on climate resiliency. This project
took shape as the result of the VFIC STEM-education workshops. Faculty at VFIC schools are now busy planning subsequent stages of this project.
2019-2020 Contributors: Mr. and Mrs. George F. Albright, Jr.; Richard Cullen, Esq.; Margaret & Ted Hengst; John & Celeste Stallings
Listed contributors supported the program with gifts of $2,000 or more. Additional contributors appear in the Honor Roll of Donors. 9
BOARD of Trustees A. Marshall Acuff, Jr.
C. Lynch Christian III
Thomas J. Lyons, Jr.
Bob Sasser
Managing Director Silvercrest Asset Mgmt. Group
President 1000 Church Street, Inc.
Chairman COASTAL Hospitality Associates, LLC
Executive Chairman Dollar Tree, Inc.
Nancy H. Agee
John R. Clark III
Craig L. Massey
Mary G. Shockey
President and CEO Carilion Clinic
President Steuart Investment Company
Vice Chairman Evan Energy Investments, LC
Civic Leader Millwood, VA
George F. Albright, Jr.
Peter A. Converse
Managing Director; VA Business Head JPMorgan Private Bank
Bank Director United Bankshares, Inc.
W. Sheppard Miller III
Gary R. Shook
President and CEO Trident Utility Contracting
President & CEO Community Bankers’ Bank
John C. Asbury
Richard Cullen, Esq.
President & CEO Atlantic Union Bank
Partner McGuireWoods LLP
T. Justin Moore III
J. Knox Singleton
Civic Leader Richmond, VA
Civic Leader Winchester, VA
Joseph L. Austin, M.D.
Beverley E. Dalton
Medical Director, Cardiac Rehabilitation Carilion Clinic
Chair of the Board English Construction Co.
Thurston R. Moore, Esq.
Robert H. Spilman, Jr.
Chairman Emeritus Hunton Andrews Kurth LLP
President and CEO Bassett Furniture Industries, Inc.
Spencer W. Morten III
John G. Stallings
Chairman and CEO Bassett Mirror Company, Inc.
Civic Leader Richmond, VA
Mark G. Mykityshyn, Ph.D.
Susan K. Still
Executive Chairman ADS Capital
Board of Directors American National Bank & Trust
Bernard A. Niemeier
Hugh E. Taylor
President & Publisher Virginia Business
Civic Leader Falls Church, VA
Daniel J. O’Neill
Gary R. Thomson, CPA
President, Virginia East Region Truist Bank
Owner Thomson Consulting, LLC
William L. Pannill
William R. Van Buren III, Esq.
Chairman Tacoma Management, Inc.
Chairman Kaufman & Canoles, P.C.
L. Allan Parrott, Jr.
Keith D. VanderVennet
Vice Chairman Tidewater Fleet Supply
Senior Vice President Ferguson Enterprises, Inc.
Brian Quigley
Mary Allen Waller
Partner & Co-Founder Green Sky Strategy, LLC
Global Director of Community Engagement Markel Corporation
Frank Batten, Jr. Chairman and CEO Landmark Media Enterprises, LLC
J. Edward Betts, Esq. Counsel Christian & Barton, L.L.P.
W. Earle Betts III CEO Montague-Betts Company
George Y. Birdsong CEO Birdsong Corporation
Victor K. Branch Richmond Market President Bank of America Corporation
Charles L. Cabell, Esq. Partner Williams Mullen
John M. Camp III Managing Director, Business Dev. Arbor Investments
Victor O. Cardwell, Esq. Principal Woods Rogers PLC
David A. Chandler SVP, Middle Market Banking Leader, Virginia West Region Truist Bank
Thomas F. Farrell II Executive Chair Dominion Energy
Calvin W. Fowler, Jr. President and CEO Williams Mullen
George C. Freeman III Chairman, President and CEO Universal Corporation
Palmer P. Garson Managing Director Silvercrest Asset Mgmt. Group
Thomas E. Goode Regional Private Bank Mgr., Sr.VP Wells Fargo Private Bank
Brad N. Hall Vice President External Affairs AEP/Appalachian Power Co.
H. Hiter Harris III Managing Director Harris Williams & Co.
Paul T. Hengst Principal PTH Ventures, LLC
George C. Howell III Chairman Hunton Andrews Kurth LLP
C. Burke King
Theodore L. Chandler, Jr.
Civic Leader Richmond, VA
Co-Founder and Managing Director NRV
Charles S. Luck IV President and CEO Luck Companies
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Carter V. Reid Vice President, Customer Operations Optima Health
H. McGuire Riley President BAHR Associates, Inc.
Stewart D. Roberson, Ed.D. Chairman, President and CEO Moseley Architects
Thomas D. Rutherfoord, Jr. Civic Leader Alexandria, Virginia
Margaret G. Warner Senior Correspondent The PBS NewsHour
James C. Wheat III President Blandfield Associates, LLC
R. Sackett Wood President and CEO Moore & Giles
“Where else in Virginia can one experience such collegiality, support, and commitment to independent higher education? The VFIC helps Virginia move forward by supporting the rigor, the relevance, and the students of our 15 colleges and universities.” Tracy Fitzsimmons, Ph.D., President, Shenandoah University
FINANCIALS $2,039,001
distributions to colleges & programs
$459,029
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, 2020, audited by Mitchell Wiggins, are available upon request.
management & general
$423,720
fundraising
IN THE FISCAL YEAR that ended June 30, 2020, the VFIC generated income totaling $2,856,749. The total distribution to the member colleges was $2,039,001. The average distribution per college was $135,933.
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 vfic.org
100 percent of the operating expenses were covered by the VFIC endowment. Figures provided are unaudited.
University of Lynchburg
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VIRGINIA FOUNDATION FOR INDEPENDENT COLLEGES 901 East Byrd Street, Suite 1625 Richmond, Virginia 23219
Washington and Lee University