Virginia Foundation for Independent Colleges

Analysis

Virginia Foundation for Independent Colleges is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in March 1953, 73 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Virginia Foundation for Independent Colleges reported income of $2.3m and spending of $3.5m, spending 149% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.9m to $2.3m (+25%), an average of +5.7% a year. The sharpest change came in the year to June 2021, when income rose by 64%. Over the whole period it spent 170% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Virginia Foundation for Independent Colleges sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 88th percentile within VA. Charities of a similar size with the same main cause include Sadie Nash Leadership Project Inc ($2.3m), Mesoras Hatorah Inc ($2.3m) and Alba Executive Development & Applied Research in Business Admin ($2.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $511k (15% of expenses). Other salaries and wages came to $173k. At year end it held assets of $39.9m against liabilities of $2.2m, net assets of $37.7m. It reported 5 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.