Civic Intelligence

Vermont Student Development Fund Inc.

990 • Fiscal year 2017 • EIN 03-0367034

Jul 01, 2016 to Jun 30, 2017 • Filed on Oct 24, 2017

Organization Profilewww.vsac.org/vsf
PO Box 2000Winooski, VT 05404

(802) 654-3714

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

75th percentile

0.55x

Higher debt load relative to assets than 75% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

80th percentile

1.02x

Higher debt load relative to revenue than 80% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Net Margin

68th percentile

10%

Higher net margin than 68% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

81st percentile

$316,063

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 5.0% of source-year revenue.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Asset Growth

50th percentile

4.6%

Faster asset growth than 50% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

48th percentile

4.2%

Faster revenue growth than 48% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets75th percentile

Assets

Up

$11,871,009

Up $524,528 (+4.6%) from 2016

Net Assets

Up

$5,392,255

Up $659,816 (+14%) from 2016

Liabilities

Down

$6,478,754

Down $135,288 (-2.0%) from 2016

Revenue And Expenses
Liabilities / Revenue80th percentileNet Margin68th percentile

Revenue

Up

$6,327,939

Up $252,710 (+4.2%) from 2016

Expenses

Down

$5,687,099

Down $290,528 (-4.9%) from 2016

Net Income

Up

$640,840

Up $543,238 (+557%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth50th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2011: $9,538,709Liabilities 2011: $6,166,820Net Assets 2011: $3,371,8892011Assets 2012: $9,627,079Liabilities 2012: $6,124,425Net Assets 2012: $3,502,6542012Assets 2013: $10,190,751Liabilities 2013: $6,224,098Net Assets 2013: $3,966,6532013Assets 2014: $10,508,182Liabilities 2014: $5,869,129Net Assets 2014: $4,639,0532014Assets 2015: $10,183,434Liabilities 2015: $5,430,126Net Assets 2015: $4,753,3082015Assets 2016: $11,346,481Liabilities 2016: $6,614,042Net Assets 2016: $4,732,4392016Assets 2017: $11,871,009Liabilities 2017: $6,478,754Net Assets 2017: $5,392,2552017Assets 2018: $12,232,303Liabilities 2018: $6,180,157Net Assets 2018: $6,052,1462018Assets 2019: $14,300,089Liabilities 2019: $7,768,445Net Assets 2019: $6,531,6442019Assets 2020: $16,135,276Liabilities 2020: $8,193,370Net Assets 2020: $7,941,9062020Assets 2021: $18,078,140Liabilities 2021: $8,343,341Net Assets 2021: $9,734,7992021Assets 2022: $17,468,961Liabilities 2022: $8,558,338Net Assets 2022: $8,910,6232022Assets 2023: $21,466,171Liabilities 2023: $11,421,366Net Assets 2023: $10,044,8052023Assets 2024: $25,220,619Liabilities 2024: $12,734,240Net Assets 2024: $12,486,3792024Assets 2025: $24,646,852Liabilities 2025: $10,867,277Net Assets 2025: $13,779,5752025

Highlighted filing

2017

Assets$11,871,009
Liabilities$6,478,754
Net Assets$5,392,255
Open 2017 Filing

Operations Trend

Revenue Growth48th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$20M$15M$10M$5.0M$0Expenses 2011: $5,824,0202011Expenses 2012: $5,616,1972012Revenue 2013: $5,140,384Expenses 2013: $4,985,938Net Income 2013: $154,4462013Revenue 2014: $5,255,227Expenses 2014: $5,126,407Net Income 2014: $128,8202014Revenue 2015: $6,520,733Expenses 2015: $5,679,855Net Income 2015: $840,8782015Revenue 2016: $6,075,229Expenses 2016: $5,977,627Net Income 2016: $97,6022016Revenue 2017: $6,327,939Expenses 2017: $5,687,099Net Income 2017: $640,8402017Revenue 2018: $5,401,555Expenses 2018: $4,967,913Net Income 2018: $433,6422018Revenue 2019: $5,616,274Expenses 2019: $5,443,508Net Income 2019: $172,7662019Revenue 2020: $7,061,675Expenses 2020: $5,999,387Net Income 2020: $1,062,2882020Revenue 2021: $7,934,039Expenses 2021: $7,494,261Net Income 2021: $439,7782021Revenue 2022: $10,359,436Expenses 2022: $9,623,959Net Income 2022: $735,4772022Revenue 2023: $10,461,793Expenses 2023: $9,952,137Net Income 2023: $509,6562023Revenue 2024: $13,719,701Expenses 2024: $13,162,279Net Income 2024: $557,4222024Revenue 2025: $17,494,764Expenses 2025: $16,807,150Net Income 2025: $687,6142025

Highlighted filing

2017

Revenue$6,327,939
Expenses$5,687,099
Net Income$640,840
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Oct 24, 2017
Return Version
2016v3.0
Gross Receipts
$10,643,875
Mission and Program Overview

Mission

The Vermont Scholarship Fund is a 501(c)(3) charitable affiliate of the Vermont Student Assistance Corporation. Our mission is to provide scholarships to Vermonters through gifts from individual donors and philanthropic sources. Together with our donors, we make it possible for more Vermonters to aim higher, go further, and build something better-for themselves, for their family, for their community, and for our shared world. We partner closely with our donors to create scholarship funds that reflect their personal and philanthropic values as well as their financial goals-so they can help open the doors to higher education for others. We administer all scholarships through VSAC, with ongoing support that makes managing a scholarship easy. VSAC currently administers almost $5.8 million in scholarships to some 3,000 Vermonters each year.

The mission of the Vermont Student Development Fund is to seek, invest and maintain monetary and other support for scholarships and other financial assistance to individuals seeking a post secondary education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$3,447,986$5,300,073▲ $1,852,087
Investments in Publicly Traded Securities$4,396,155$5,214,763▲ $818,608
Pledges and Grants Receivable$1,745,711$0▼ $1,745,711
Cash and Non-Interest-Bearing Accounts$1,756,629$1,356,173▼ $400,456
Total Assets$11,346,481$11,871,009▲ $524,528
Liabilities
Deferred Revenue$6,613,529$5,914,080▼ $699,449
Other Liabilities$513$564,674▲ $564,161
Total Liabilities$6,614,042$6,478,754▼ $135,288
Net Assets / Fund Balance
Permanently Rstr Net Assets$4,732,439$5,392,255▲ $659,816
Temporarily Rstr Net Assets$0$0→ $0
Unrestricted Net Assets$0$0→ $0
Total Net Assets Fund Balance$4,732,439$5,392,255▲ $659,816
Total Liabilities and Net Assets / Fund Balance$11,346,481$11,871,009▲ $524,528

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$5,314,877$348,701▲ $565,763$0$5,968,819
2015$5,332,878$252,727▲ $916$0$5,314,877
2014$5,295,453$78,759▲ $186,611$0$5,332,878
2013$4,724,528$115,295▲ $663,394$0$5,295,453
2012$4,327,815$102,756▲ $432,370$0$4,724,528
Compensation and Service Providers
Top Officer Pay81st percentile

Board Members and Trustees

NameTitle
Dorothy R MitchellChair
David R CoatesChair Audit Committee
Michael K SmithChair Finance Committee
G Dennis O'BrienChair Human Resources Committee
David LarsonSecretary & Chair Corporate Governance Committee
Scott A GilesPresident and CEO
Martha P HeathVice Chair & Chair Programs & Services Committee
Partick J LeducVice President and CIO
Marilyn J CargillVice President of Financial Aid Services and Research
Ann E CummingsDirector
Beth PearceDirector
Katherine B HutchinsonDirector
Matt TrieberDirector
Pamela A ChisholmDirector
Sarah E BuxtonDirector
Thomas A LittleVP & General Counsel
Michael R StuartVP Finance & CFO
Revenue and Support

Revenue Composition

Contributions and Grants
$5,831,565
Program Service Revenue
$0
Investment Income
$496,374
Other Revenue
$0
All Other Contributions
$3,177,992
Change in Net Assets
$640,840

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded1$99,804Average high-low trade price on date of receipt
Total Noncash Contributions1$99,804-

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,327,939
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$18,977
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$6,346,916
Total Revenue per Form 990
$6,327,939
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$5,687,099
Other Expenses$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$5,687,099--$5,687,099
Total Functional Expenses$5,687,099$0$0$5,687,099

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,687,099
Total Expenses per Audited Statements$5,687,099
Total Expenses per Form 990$5,687,099
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to related organization VSAC$564,674
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“For the year ending 6/30/2017 the governing body of VSDF did not review the form 990 prior to filing. This return was prepared by senior accounting staff. It was reviewed by the Vice President of Finance/CFO and Vice President-Legal Counsel. It was made available to the Audit Committee of the Board of Directors prior to filing and it was approved by this committee.”

Form 990, Part VI, Section B, Line 12C

“On an annual basis each Board member and Board officer is required to complete a questionnaire disclosing any relationships which might violate the Company's policy regarding conflicts of interest. In the event such a conflict were to exist the Company would conduct a follow-up investigation and take appropriate steps to insure that the conflict relationship did not continue or persist.”

Form 990, Part VI, Section C, Line 19

“VSDF is governed by the policies and decisions of the Vermont Student Assistance Corporation and is a component unit of that entity. Consequently the financial statements of VSDF are consolidated with those of VSAC. The consolidated audited financial statements are available on the website www.vsac.org. VSAC's and VSDF's governing documents and conflict of interest policy are public records of the State of Vermont and will be made available upon request.”

Filing and Contact Details

Filer

Filer Name
Vermont Student Development Fund Inc
EIN
03-0367034
Phone
8026543714
Address
PO Box 2000, Winooski, VT 05404

Signing Officer

Name
Michael Stuart
Title
CFO/VP of Finance
Phone
8026543770
Signed
2017-10-24

Organization Details

Principal Officer
Scott Giles
Formed
2000
Legal Domicile
Vt
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
0
Supplemental Narrative

Financial Statement Notes

Schedule D, Part V, Line 4

“The Organization's endowment funds are used as directed by the donors to hold, invest and provide scholarships for the higher education of Vermont students.”

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IRS990/Form990PartVIISectionAGrp/PersonNm0Dorothy R Mitchell
IRS990/Form990PartVIISectionAGrp/PersonNm1Martha P Heath
IRS990/Form990PartVIISectionAGrp/PersonNm2David Larson
IRS990/Form990PartVIISectionAGrp/PersonNm3Pamela A Chisholm
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IRS990/Form990PartVIISectionAGrp/PersonNm7G Dennis O'Brien
IRS990/Form990PartVIISectionAGrp/PersonNm8Beth Pearce
IRS990/Form990PartVIISectionAGrp/PersonNm9Michael K Smith
IRS990/Form990PartVIISectionAGrp/PersonNm10Matt Trieber
IRS990/Form990PartVIISectionAGrp/PersonNm11Sarah E Buxton
IRS990/Form990PartVIISectionAGrp/PersonNm12Scott A Giles
IRS990/Form990PartVIISectionAGrp/PersonNm13Thomas A Little
IRS990/Form990PartVIISectionAGrp/PersonNm14Michael R Stuart
IRS990/Form990PartVIISectionAGrp/PersonNm15Marilyn J Cargill
IRS990/Form990PartVIISectionAGrp/PersonNm16Partick J Leduc
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice Chair & Chair Programs & Services Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary & Chair Corporate Governance Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Chair Audit Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Chair Human Resources Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Chair Finance Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12President and CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt13VP & General Counsel
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP Finance & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt15Vice President of Financial Aid Services and Research
IRS990/Form990PartVIISectionAGrp/TitleTxt16Vice President and CIO
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IRS990/MissionDesc0The primary purpose of the fund is to solicit, receive, hold and manage securities, cash or other property received by bequest, devise, gift, purchase or loan. These assets are used primarily for scholarships and other financial assistance to benefit qualified individuals seeking a post secondary education.
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$11,871,009
Liabilities
$6,478,754
Net assets
$5,392,255
Revenue
$6,327,939
Expenses
$5,687,099
Net income
$640,840
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$24.6$10.9$13.8$17.5$16.8$0.69
2024Detailed filing. Detailed filing data is available for this year.$25.2$12.7$12.5$13.7$13.2$0.56
2023Detailed filing. Detailed filing data is available for this year.$21.5$11.4$10.0$10.5$9.95$0.51
2022Detailed filing. Detailed filing data is available for this year.$17.5$8.56$8.91$10.4$9.62$0.74
2021Detailed filing. Detailed filing data is available for this year.$18.1$8.34$9.73$7.93$7.49$0.44
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$16.1$8.19$7.94$7.06$6.00$1.06
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.3$7.77$6.53$5.62$5.44$0.17
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.2$6.18$6.05$5.40$4.97$0.43
2017Detailed filing. Detailed filing data is available for this year.$11.9$6.48$5.39$6.33$5.69$0.64
2016Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$11.3$6.61$4.73$6.08$5.98$0.10
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.2$5.43$4.75$6.52$5.68$0.84
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$10.5$5.87$4.64$5.26$5.13$0.13
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.2$6.22$3.97$5.14$4.99$0.15
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.63$6.12$3.50$5.62
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.54$6.17$3.37$5.82