VA FOUNDATION FOR INDEPENDENT COLLEGES

EIN: 540554396 501(c)(3) Education

RICHMOND, VA

Total Revenue
$3,577,306
Total Expenses
$3,869,454
Total Assets
$45,063,696
Net Assets
$42,923,995
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1952
Legal Domicile
VA
Principal Officer
LOCKE OGENS
Phone
8042886609
Tax Period
2024-07-01 to 2025-06-30

VA FOUNDATION FOR INDEPENDENT COLLEGES, founded in 1952, is a community nonprofit in the Education sector that reported $3.6M in total revenue in fiscal year 2024. Revenue surged 65% from the prior year, signaling strong growth momentum. Net assets of $42.9M represent 144 months of operating reserves.

Mission

TO SECURE FINANCIAL SUPPORT THAT ENABLES COLLEGE-BOUND STUDENTS TO ACCESS AND GRADUATE FROM OUTSTANDING VIRGINIA INDEPENDENT HIGHER EDUCATION INSTITUTIONS.

Program Service Accomplishments

Program 1
Expenses: $2,762,118

THE FOUNDATION PROVIDES ANNUAL UNRESTRICTED AND RESTRICTED CONTRIBUTIONS TO SUPPORT CRUCIAL NEEDS AT ITS SEVENTEEN MEMBER INSTITUTIONS, INCLUDING FUNDING FOR CAMPUS IMPROVEMENTS, SCHOLARSHIPS...

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THE FOUNDATION PROVIDES ANNUAL UNRESTRICTED AND RESTRICTED CONTRIBUTIONS TO SUPPORT CRUCIAL NEEDS AT ITS SEVENTEEN MEMBER INSTITUTIONS, INCLUDING FUNDING FOR CAMPUS IMPROVEMENTS, SCHOLARSHIPS, ACADEMIC PROGRAM DEVELOPMENT, AND FACULTY DEVELOPMENT.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $3,400,755
Program Service Revenue $0
Investment Income $176,551
Other Revenue $0
TOTAL REVENUE $3,577,306

Expense Breakdown

Grants Paid $2,173,736
Salaries & Benefits $923,618
Fundraising Expenses $379,002
Program Expenses $2,762,118
Other Expenses $772,100
TOTAL EXPENSES $3,869,454

Year-over-Year Comparison

2024 2023 Change
Revenue $3,577,306 $2,162,960 +0.7%
Expenses $3,869,454 $3,798,527 +0.0%
Net Income $-292,148 $-1,635,567 -0.8%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
81
Independent Members
81
Employees
6
Volunteers
116

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$515,706
Total Directors
81
$0
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
A MARSHALL ACUFF JR TRUSTEE 1.00
Director
$0 $0 $0
NANCY HOWELL AGEE TRUSTEE 1.00
Director
$0 $0 $0
GEORGE F ALBRIGHT JR TRUSTEE 1.00
Director
$0 $0 $0
JOHN C ASBURY TRUSTEE 1.00
Director
$0 $0 $0
FRANK BATTEN JR TRUSTEE 1.00
Director
$0 $0 $0
GEORGE Y BIRDSONG TRUSTEE 1.00
Director
$0 $0 $0
RANDY HARRELL TRUSTEE 1.00
Director
$0 $0 $0
CHARLES L CABELL ESQ TRUSTEE 1.00
Director
$0 $0 $0
JOHN M CAMP III TRUSTEE 1.00
Director
$0 $0 $0
VICTOR O CARDWELL ESQ TRUSTEE 1.00
Director
$0 $0 $0
THEODORE L CHANDLER JR TRUSTEE 1.00
Director
$0 $0 $0
C LYNCH CHRISTIAN III TRUSTEE 1.00
Director
$0 $0 $0
JOHN R CLARK III TRUSTEE 1.00
Director
$0 $0 $0
PETER A CONVERSE TRUSTEE 1.00
Director
$0 $0 $0
RICHARD CULLEN ESQ TRUSTEE 1.00
Director
$0 $0 $0
JOHN MCNAMARA CURTIS SR TRUSTEE 1.00
Director
$0 $0 $0
BEVERLY E DALTON TRUSTEE 1.00
Director
$0 $0 $0
RUSS ELLET TRUSTEE 1.00
Director
$0 $0 $0
LAUREN FISHER WHITE TRUSTEE 1.00
Director
$0 $0 $0
CALVIN W FOWLER JR TRUSTEE 1.00
Director
$0 $0 $0
GEORGE C FREEMAN III TRUSTEE 1.00
Director
$0 $0 $0
PALMER P GARSON TRUSTEE 1.00
Director
$0 $0 $0
THOMAS E GOODE TRUSTEE 1.00
Director
$0 $0 $0
BRAD N HALL TRUSTEE 1.00
Director
$0 $0 $0
H HITER HARRIS III TRUSTEE 1.00
Director
$0 $0 $0
TEAGUE AVEY TRUSTEE 1.00
Director
$0 $0 $0
GARY D BONNEWELL TRUSTEE 1.00
Director
$0 $0 $0
MARTIN KENT TRUSTEE 1.00
Director
$0 $0 $0
C BURKE KING TREASURER 1.00
Officer Director
$0 $0 $0
ESTHER C LEE TRUSTEE 1.00
Director
$0 $0 $0
DENNIS MATHEIS TRUSTEE 1.00
Director
$0 $0 $0
CRAIG L MASSEY TRUSTEE 1.00
Director
$0 $0 $0
W SHEPPARD MILLER III TRUSTEE 1.00
Director
$0 $0 $0
T JUSTIN MOORE III TRUSTEE 1.00
Director
$0 $0 $0
THURSTON R MOORE ESQ TRUSTEE 1.00
Director
$0 $0 $0
JENNIFER FELIX TRUSTEE 1.00
Director
$0 $0 $0
WILLIAM L MURRAY TRUSTEE 1.00
Director
$0 $0 $0
MARK G MYKITYSHYN PHD TRUSTEE 1.00
Director
$0 $0 $0
BERNARD A NEIMEIER TRUSTEE 1.00
Director
$0 $0 $0
DANIEL J O'NEILL TRUSTEE 1.00
Director
$0 $0 $0
WILLIAM L PANNILL TRUSTEE 1.00
Director
$0 $0 $0
JEFFREY V HALEY TRUSTEE 1.00
Director
$0 $0 $0
CHARLOTTE PORTERFIELD TRUSTEE 1.00
Director
$0 $0 $0
BRIAN W QUIGLEY TRUSTEE 1.00
Director
$0 $0 $0
THOMAS L RANSOM TRUSTEE 1.00
Director
$0 $0 $0
CARTER V REID TRUSTEE 1.00
Director
$0 $0 $0
H MCGUIRE RILEY TRUSTEE 1.00
Director
$0 $0 $0
STEWART D ROBERSON EDD TRUSTEE 1.00
Director
$0 $0 $0
ANDREA GLASGOW TRUSTEE 1.00
Director
$0 $0 $0
DOUGLAS WILSON TRUSTEE 1.00
Director
$0 $0 $0
GARY R SHOOK TRUSTEE 1.00
Director
$0 $0 $0
J KNOX SINGLETON TRUSTEE 1.00
Director
$0 $0 $0
BRIAN K SKINNER TRUSTEE 1.00
Director
$0 $0 $0
ROBERT H SPILMAN JR TRUSTEE 1.00
Director
$0 $0 $0
HUGH E TAYLOR TRUSTEE 1.00
Director
$0 $0 $0
MARIA TEDESCO TRUSTEE 1.00
Director
$0 $0 $0
GARY R THOMSON TRUSTEE 1.00
Director
$0 $0 $0
KEITH D VANDERVENNET TRUSTEE 1.00
Director
$0 $0 $0
MARY ALLEN WALLER TRUSTEE 1.00
Director
$0 $0 $0
JAMES C WHEAT III TRUSTEE 1.00
Director
$0 $0 $0
JOHN H WICK IV TRUSTEE 1.00
Director
$0 $0 $0
TRACY FRIST TRUSTEE 1.00
Director
$0 $0 $0
R SACKETT WOOD TRUSTEE 1.00
Director
$0 $0 $0
RANDALL PARKS TRUSTEE 1.00
Director
$0 $0 $0
WILLIAM R VAN BUREN III ESQ CHAIRMAN 1.00
Officer Director
$0 $0 $0
IRMA BECERRA VICE CHAIR 1.00
Officer Director
$0 $0 $0
DAVID W BUSHMAN TRUSTEE 1.00
Director
$0 $0 $0
WILLIAM C DUDLEY TRUSTEE 1.00
Director
$0 $0 $0
A LOUISE FINCHER TRUSTEE 1.00
Director
$0 $0 $0
TRACY FITZSIMMONS TRUSTEE 1.00
Director
$0 $0 $0
KEVIN F HALLOCK TRUSTEE 1.00
Director
$0 $0 $0
MICHAEL HILL TRUSTEE 1.00
Director
$0 $0 $0
MARY DANA HINTON TRUSTEE 1.00
Director
$0 $0 $0
MARY POPE M HUTSON TRUSTEE 1.00
Director
$0 $0 $0
HAKIM J LUCAS TRUSTEE 1.00
Director
$0 $0 $0
SCOTT D MILLER TRUSTEE 1.00
Director
$0 $0 $0
ALISON MORRISON-SHETLAR TRUSTEE 1.00
Director
$0 $0 $0
SUE OTT ROWLANDS TRUSTEE 1.00
Director
$0 $0 $0
FRANK SHUSHOK TRUSTEE 1.00
Director
$0 $0 $0
TODD TELEMECO TRUSTEE 1.00
Director
$0 $0 $0
DARRELL K WILLIAMS TRUSTEE 1.00
Director
$0 $0 $0
MARY-BETH JOHNSON CHIEF OPERATING OFFICER 40.00
Officer
$179,774 $36,462 $216,236
MATTHEW SHANK FORMER PRESIDENT 40.00
Officer
$15,181 $12,479 $27,660
LOCKE W OGENS PRESIDENT 40.00
Officer
$269,327 $2,483 $271,810
ELIZABETH BLAINE DIRECTOR OF DEVELOPMENT 40.00
Highest
$185,434 $5,639 $191,073
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $3,577,306 $3,869,454 $45,063,696 $-292,148
2024 $2,162,960 $3,798,527 $40,781,297 $-1,635,567
2023 $2,321,318 $3,465,527 $39,898,946 $-1,144,209
2022 $1,487,532 $3,330,627 $39,340,912 $-1,843,095
2021 $2,460,865 $3,173,484 $42,176,233 $-712,619
2020 $1,505,101 $3,321,732 $30,664,480 $-1,816,631
2019 $1,856,855 $3,115,151 $32,398,669 $-1,258,296
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