Civic Intelligence

Vermont Student Development Fund Inc.

990 • Fiscal year 2024 • EIN 03-0367034

Jul 01, 2023 to Jun 30, 2024 • Filed on Nov 04, 2024

Organization Profilewww.vsac.org/vsf
10 East Allen St 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

74th percentile

0.50x

Higher debt load relative to assets than 74% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

76th percentile

0.93x

Higher debt load relative to revenue than 76% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

50th percentile

4.1%

Higher net margin than 50% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

75th percentile

$397,203

Higher top officer pay than 75% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

80th percentile

17%

Faster asset growth than 80% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

78th percentile

31%

Faster revenue growth than 78% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets74th percentile

Assets

Up

$25,220,619

Up $3,754,448 (+17%) from 2023

Net Assets

Up

$12,486,379

Up $2,441,574 (+24%) from 2023

Liabilities

Up

$12,734,240

Up $1,312,874 (+11%) from 2023

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin50th percentile

Revenue

Up

$13,719,701

Up $3,257,908 (+31%) from 2023

Expenses

Up

$13,162,279

Up $3,210,142 (+32%) from 2023

Net Income

Up

$557,422

Up $47,766 (+9.4%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth80th 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

2024

Assets$25,220,619
Liabilities$12,734,240
Net Assets$12,486,379
Open 2024 Filing

Operations Trend

Revenue Growth78th 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

2024

Revenue$13,719,701
Expenses$13,162,279
Net Income$557,422
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Nov 4, 2024
Return Version
2023v5.0
Gross Receipts
$14,201,902
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 or training.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$11,484,598$13,675,074▲ $2,190,476
Investments in Publicly Traded Securities$9,981,573$11,451,967▲ $1,470,394
Total Assets$21,466,171$25,220,619▲ $3,754,448
Other Assets Total-$93,578-
Liabilities
Deferred Revenue$11,396,559$12,702,558▲ $1,305,999
Other Liabilities$24,807$31,682▲ $6,875
Total Liabilities$11,421,366$12,734,240▲ $1,312,874
Net Assets / Fund Balance
Net Assets With Donor Restrictions$10,044,805$12,486,379▲ $2,441,574
Net Assets Without Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$10,044,805$12,486,379▲ $2,441,574
Total Liabilities and Net Assets / Fund Balance$21,466,171$25,220,619▲ $3,754,448

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$10,944,115$580,560▲ $1,377,857$0$12,486,379
2022$9,516,510$675,556▲ $901,555$0$10,944,115
2021$10,307,447$691,230▼ $1,237,182$0$9,516,510
2020$8,531,876$156,892▲ $1,854,543$0$10,307,447
2019$7,102,391$1,110,067▲ $562,334$0$8,531,876
Compensation and Service Providers
Top Officer Pay75th percentile

Board Members and Trustees

NameTitle
Dorothy R MitchellChair
John McSoleyChair Audit Committee
Michael K SmithChair Finance Committee
David LarsenSecretary & Corporate Governance Comm. Chair
Scott A GilesPresident and CEO&
Martha P HeathVice Chair & Programs & Services Comm. Chair
Ann E CummingsDirector
Caleb ElderDirector
Clarence DavisDirector
Mike PieciakDirector
Ryan DuludeDirector
Tim ChamberlinDirector
Patrick J LeducVP & COO
Thomas A LittleVP & General Counsel
Meghan MetzlerVP of Finance & CFO
Michael R StuartVP of Finance & CFO
Marilyn J CargillVP of Financial Aid Services and Research
Revenue and Support

Revenue Composition

Contributions and Grants
$13,330,920
Program Service Revenue
$0
Investment Income
$388,781
Other Revenue
$0
All Other Contributions
$4,012,393
Change in Net Assets
$557,422

Audited Revenue Reconciliation

Revenue per Audited Statements
$13,719,701
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$984,842
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$14,704,543
Total Revenue per Form 990
$13,719,701
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$13,154,249
Other Expenses$8,030
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$13,154,249--$13,154,249
Payments to Affiliates$0$8,030$0$8,030
Total Functional Expenses$13,154,249$8,030$0$13,162,279

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$13,162,279
Total Expenses per Audited Statements$13,162,279
Total Expenses per Form 990$13,162,279
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 affiliated organization VSAC$31,182
Unapplied cash receipts$500
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 35% controlled entity
No
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

“This return is prepared by the Controller and is reviewed by the Vice President & CFO and the Vice President & Chief Legal Counsel. A complete copy of the Form 990 is presented and reviewed by management with the Audit Committee of the Board of Directors prior to filing. A complete copy of the Form 990 is also made available to the full Board of Directors prior to filing.”

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

“On an annual basis each Board member and officer is required to complete a questionnaire disclosing any relationships which might violate the Organization's policy regarding conflicts of interest. In the event such a conflict were to exist the Organization 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 (VSAC) and is a component unit of that entity. Consequently the financial statements of VSDF are consolidated with those of VSAC. The consolidated annual audited financial statements are available on the website www.vsac.org. Quarterly unaudited financial statements of VSDF are also available at this same site. VSAC's and VSDF's governing documents and conflicts of interest policies 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
10 East Allen St PO Box 2000, Winooski, VT 05404
Doing Business As
Vermont Scholarship Fund

Signing Officer

Name
Meghan Metzler
Title
VP of Finance/CFO
Phone
8026543746
Signed
2024-11-04

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 and invest and to provide scholarships for the higher education of Vermont students.”

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IRS990/Form990PartVIISectionAGrp/PersonNm15Ann E Cummings
IRS990/Form990PartVIISectionAGrp/PersonNm16Meghan Metzler
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt160
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt2222037
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt160
IRS990/Form990PartVIISectionAGrp/TitleTxt0President and CEO&
IRS990/Form990PartVIISectionAGrp/TitleTxt1VP & General Counsel
IRS990/Form990PartVIISectionAGrp/TitleTxt2VP & COO
IRS990/Form990PartVIISectionAGrp/TitleTxt3VP of Finance & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt4VP of Financial Aid Services and Research
IRS990/Form990PartVIISectionAGrp/TitleTxt5Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt6Vice Chair & Programs & Services Comm. Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt7Secretary & Corporate Governance Comm. Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Chair Finance Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt10Chair Audit Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16VP of Finance & CFO
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IRS990/GamingActivitiesInd00
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IRS990/GrantAmt013154249
IRS990/GrantsToDomesticIndividualsGrp/ProgramServicesAmt013154249
IRS990/GrantsToDomesticIndividualsGrp/TotalAmt013154249
IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt00
IRS990/GrantsToDomesticOrgsGrp/TotalAmt00
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IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
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IRS990/InformationTechnologyGrp/ProgramServicesAmt00
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IRS990/InsuranceGrp/FundraisingAmt00
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IRS990/InsuranceGrp/ProgramServicesAmt00
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IRS990/InterestGrp/ProgramServicesAmt00
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IRS990/InvestmentExpenseAmt00
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IRS990/InvestmentIncomeGrp/UnrelatedBusinessRevenueAmt00
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0The 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 families, 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 awards about 13.2 million in scholarships through 149 award programs to 3,527 Vermonters.
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IRS990/MoreThan5000KToOrgInd00
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IRS990/PrincipalOfficerNm0Scott Giles
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Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$25,220,619
Liabilities
$12,734,240
Net assets
$12,486,379
Revenue
$13,719,701
Expenses
$13,162,279
Net income
$557,422
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
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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
Peer Organizations

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