VA FOUNDATION FOR INDEPENDENT COLLEGES (EIN 540554396) - Form 990 Financial Analysis & Trantor Score

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Tuckman-Chang Vulnerability Assessment

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1952

Legal Domicile

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 $1.9M in total revenue in fiscal year 2018. Revenue grew 17% year-over-year, indicating healthy expansion. Expenses of $3.1M exceeded revenue, resulting in a 68% operating deficit.

Mission

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

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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

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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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

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

$515,706

Total Directors

Key Employees

Highest Compensated

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

VA FOUNDATION FOR INDEPENDENT COLLEGES