Virginia Student Aid Foundation
Also known as Virginia Athletics Foundation
Virginia Student Aid Foundation reported $50.3 million in revenue and $45.0 million in expenses for calendar year 2024. Of every $100 it spent, $88.39 went to program services, $5.02 to management and general costs and $6.59 to fundraising. Its largest source of revenue was contributions and grants: 94.3% of the total. The highest compensation it reported for one person was $545,320 (EXEC DIRECTOR, SEC/TREAS). 9 people received more than $100,000 in reportable compensation. Revenue fell 2% between 2019 and 2024. Source: Form 990, 2024.
Where $100 of spending went
Calendar year 2024 · Form 990, Part IX, line 25 · total expenses $45MFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
Calendar year 2024 · Form 990, Part VIII · total revenue $50MThe 990 scorecard · same measures for every charity, no grades
| Measure | 2024 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 88.4% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 5.0% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 6.6% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.06 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 94.3% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 4.0% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $545,320 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 1.21% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 9 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 48.4 | 13.3 |
| Independent voting board members Part VI 1a–1b | 26 of 27 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
2024 · Form 990, Part III · the three largest programs by expenseThe foundation's primary purpose is to provide funding for scholarships for student athletes. In 2024, 10,152 donors to the foundation, including former student-athletes,parents, alumni, fans, and businesses who recognize the value of the intercollegiate athletics experience at the university of virginia, enthusiastically provide support in a variety of ways. Through itsfund-raising efforts, the foundation provides the maximum funding for all 316.6 scholarships allowed for 25 of the 27 teams sanctioned by the ncaa at the university. Scholarships for the men's and women's squash teams are…
The foundation raises funds on behalf of the university of virginia to finance the renovation of existing athletics facilities and the construction of new athletics facilities as identified and approved by the university. The foundation also provides funding to enhance the operational budgets of various sports at the university. These costs are determined in coordination with the university athletics department in identifying strategic priorities. Additionally, donations made to the friends of program are designated by donors to specific sports among the 14 women's and 13 men's varsity sports…
Highest reported compensation
2024 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| EXEC DIRECTOR, SEC/TREAS Director/trustee, officer, 40.00 hrs/week | $493,617 | $0 | $51,703 | $545,320 |
| CHIEF OPERATING OFFICER Key employee, 40.00 hrs/week | $213,194 | $0 | $43,893 | $257,087 |
| CHIEF FINANCIAL OFFICER Officer, 40.00 hrs/week | $180,839 | $0 | $41,089 | $221,928 |
| SENIOR MAJOR GIFTS OFFICER Highest compensated employee, 40.00 hrs/week | $175,202 | $0 | $25,420 | $200,622 |
| SENIOR MAJOR GIFTS OFFICER Highest compensated employee, 40.00 hrs/week | $144,823 | $0 | $21,501 | $166,324 |
| SENIOR DIRECTOR OF DEVELOPMENT Highest compensated employee, 40.00 hrs/week | $128,948 | $0 | $27,118 | $156,066 |
| SENIOR DIRECTOR OF DONOR EXPIRIENCES Highest compensated employee, 40.00 hrs/week | $118,030 | $0 | $30,045 | $148,075 |
| SENIOR DIRECTOR OF MARKETING AND COMMUNICATIONS Highest compensated employee, 40.00 hrs/week | $110,849 | $0 | $29,823 | $140,672 |
9 people received more than $100,000 in reportable compensation from Virginia Student Aid Foundation (Part VII, line 2). Compensation of current officers, directors and key employees totaled $974K (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
2024 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b27 · 26 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aNo
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bNo
- Employees Part I, line 534
- Volunteers Part I, line 626
Largest outside contractors
2024 · Form 990, Part VII, Section B · businesses only| UNIVERSITY OF VIRGINIA INVESTMENT MNGT Investment management | $187,586 |
| CARD CONNECT Credit card processor | $186,754 |
| MCGUIRE WOODS LLP Legal services | $108,169 |
Individuals listed as contractors are left out. 3 contractors were paid more than $100,000 in all.
Private foundation grants it received
10 private foundations reported grants to Virginia Student Aid Foundation totaling $315K on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Virginia Student Aid Foundation's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Virginia Student Aid Foundation, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Virginia Student Aid Foundation spent in 2024, $88.39 went to programs. The full breakdown, from its IRS Form 990:
Embed on your site
Similar-sized charities in this cause
- The Hun School of PrincetonPrinceton, NJ · revenue $50M · programs 86.1% · FY2025
- June Shelton School and Evaluation CenterDallas, TX · revenue $50M · programs 89.6% · FY2025
- National Elevator Industry Educational ProgramAttleboro Falls, MA · revenue $50M · programs 85.0% · FY2025
- John Burroughs SchoolSt Louis, MO · revenue $50M · programs 86.9% · FY2025
- Randolph CollegeLynchburg, VA · revenue $50M · programs 81.4% · FY2025
Questions people ask
How much of Virginia Student Aid Foundation's spending goes to programs?
In calendar year 2024, Virginia Student Aid Foundation reported that 88.4% of its $45.0 million in expenses went to program services, 5.0% to management and general and 6.6% to fundraising (Form 990, Part IX).
How much does Virginia Student Aid Foundation pay its top executive?
The largest total compensation Virginia Student Aid Foundation reported for one person in calendar year 2024 was $545,320, for the role of EXEC DIRECTOR, SEC/TREAS (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Virginia Student Aid Foundation get its money?
Of $50.3 million in revenue in calendar year 2024, 94.3% came from contributions and grants and 4.0% from program service revenue (Form 990, Part VIII).
Is Virginia Student Aid Foundation a registered charity?
The IRS lists EIN 54-0517188 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- 2024: Form 990 for calendar year 2024, object 202502569349300110 · read the filing
- 2023: Form 990 for calendar year 2023, object 202412609349300216 · read the filing
- 2022: Form 990 for calendar year 2022, object 202322709349300742 · read the filing
- 2021: Form 990 for calendar year 2021, object 202202669349300340 · read the filing
- 2020: Form 990 for calendar year 2020, object 202132779349300878 · read the filing
- 2019: Form 990 for calendar year 2019, object 202012809349300336 · read the filing
All filings for EIN 54-0517188: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.