As we approach the end of the 2011 calendar year, I wanted to update all of you who follow The VCF on our recent happenings. First, I wish you a blessed holiday and hope that 2012 will be a tremendous year for you, your family, the VCF and our country.
I thought I’d share my notes with each of you from the wonderful Richmond Appreciation Luncheon this past December 1 at the Williams Mullen Center; a wonderful venue and friend of the VCF.
As many of you know, 2010 – 2011 was a year of change for the VCF. We lost our friend and leader Will Pearson, but the VCF finished with its highest giving total ever, despite a challenging economy and great uncertainty in the world; thanks in part to each of you here today. I also was also fortunate to have the opportunity to take over as President for the VCF and I am delighted to address you today:
Let me tell you about the accomplishments for the VCF in 2010 – 2011. Our story remains compelling:
• The VCF had a 14% increase in donations or 3.32 ROI for our colleges, one of the highest in the US. The average grant to our five schools was $189,000 in mostly unrestricted funds. These funds, faciliatate our mission, helping students achieve their dream of a college education. (clap)
• We also moved our office/upgraded our software/and implemented a solid development plan. We are ready to implement a n”new” Planned Giving program. Our website is also under redevelopment making 2012 look even more promising!
• Our statistics are also compelling in our 46th year:
• 75% of our enrollees are VA residents;
• 30% are of minority background;
• 30% first are generation attendees;
• 65% receive some type of financial aid;
• 49% are from low-to moderate income families; the need is great and the role of the VCF is crucial in preparing the next generation of taxpayers in the Commonwealth.
• Perhaps most significant, our colleagues at the other private colleges and universities in VA average $270mm in endowments.
Our VCF schools average $16mm. Endowments help make tuition and college costs affordable; therefore, YOUR contributions, the funds we give to the five schools each year for scholarships and grants in aid; make such a difference in achieving our mission! And, as our friend, Will Pearson liked to point out, “100% of every dollar contributed goes back to our member schools”!
Our colleges continue to play an even bigger role; not just in the lives of their students and families which are changed for the better but also for the economic vitality of the communities that they serve.
I would like to thank the Presidents of the Virginia College Fund: Dr. Clorisa Philips, Virginia Intermont; Dr. Tiffany Franks, Averett University; Dr. Loren Swartzendruber, Eastern Mennonite University; Dr. Jennifer Braaten, Ferrum College & Dr. David Olive, Bluefield College and also our Board of Directors, the backbone of the VCF. Thank you all for your leadership.
On behalf of the board and presidents, we wish you all a successful year end and happy holidays.
