Civic Intelligence

Vermont Student Development Fund Inc.

990 • Fiscal year 2025 • EIN 03-0367034

Jul 01, 2024 to Jun 30, 2025 • Filed on Oct 24, 2025

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

76th percentile

0.44x

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

2025 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2025

Liabilities / Revenue

75th percentile

0.62x

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

2025 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2025

Net Margin

47th percentile

3.9%

Higher net margin than 47% of similar nonprofits.

2025 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2025

Top Officer Pay

93rd percentile

$412,495

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2025 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2025

Asset Growth

22nd percentile

-2.3%

Faster asset growth than 22% of similar nonprofits.

2025 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2024 to 2025

Revenue Growth

80th percentile

28%

Faster revenue growth than 80% of similar nonprofits.

2025 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets76th percentile

Assets

Down

$24,646,852

Down $573,767 (-2.3%) from 2024

Net Assets

Up

$13,779,575

Up $1,293,196 (+10%) from 2024

Liabilities

Down

$10,867,277

Down $1,866,963 (-15%) from 2024

Revenue And Expenses
Liabilities / Revenue75th percentileNet Margin47th percentile

Revenue

Up

$17,494,764

Up $3,775,063 (+28%) from 2024

Expenses

Up

$16,807,150

Up $3,644,871 (+28%) from 2024

Net Income

Up

$687,614

Up $130,192 (+23%) from 2024

Historical Trend

Balance Sheet Trend

Asset Growth22nd 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

2025

Assets$24,646,852
Liabilities$10,867,277
Net Assets$13,779,575
Open 2025 Filing

Operations Trend

Revenue Growth80th 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

2025

Revenue$17,494,764
Expenses$16,807,150
Net Income$687,614
Open 2025 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Oct 24, 2025
Return Version
2024v5.0
Gross Receipts
$18,649,844
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
Investments in Publicly Traded Securities$11,451,967$12,651,431▲ $1,199,464
Savings and Temporary Cash Investments$13,675,074$11,095,263▼ $2,579,811
Total Assets$25,220,619$24,646,852▼ $573,767
Other Assets Total$93,578$900,158▲ $806,580
Liabilities
Deferred Revenue$12,702,558$10,826,781▼ $1,875,777
Other Liabilities$31,682$40,496▲ $8,814
Total Liabilities$12,734,240$10,867,277▼ $1,866,963
Net Assets / Fund Balance
Net Assets With Donor Restrictions$12,486,379$13,779,575▲ $1,293,196
Net Assets Without Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$12,486,379$13,779,575▲ $1,293,196
Total Liabilities and Net Assets / Fund Balance$25,220,619$24,646,852▼ $573,767

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$12,486,379$195,939▲ $1,433,349$0$13,779,575
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
Compensation and Service Providers
Top Officer Pay93rd 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
Mary-Katherine StoneDirector
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
Revenue and Support

Revenue Composition

Contributions and Grants
$16,666,996
Program Service Revenue
$0
Investment Income
$827,768
Other Revenue
$0
All Other Contributions
$4,204,307
Change in Net Assets
$687,614

Audited Revenue Reconciliation

Revenue per Audited Statements
$17,494,764
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$605,582
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$18,100,346
Total Revenue per Form 990
$17,494,764
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$16,793,745
Other Expenses$13,405
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$16,793,745--$16,793,745
Payments to Affiliates-$13,405-$13,405
Total Functional Expenses$16,793,745$13,405$0$16,807,150

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$16,807,150
Total Expenses per Audited Statements$16,807,150
Total Expenses per Form 990$16,807,150
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$39,496
Accounts payable$1,000
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 Director of Finance/Controller and is reviewed by the Vice President/CFO and Vice President/Legal Counsel. A complete copy of Form 990 is presented and reviewed by management with the audit committee of the board of directors prior to filing. A complete copy of 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 ensure that conflict was resolved.”

Form 990, Part VI, Section C, Line 19

“The Organization is governed by the policies and decisions of the Vermont Student Assistance Corporation (VSAC) and is a component unit of VSAC. Consequently the financial statements of the Organization are consolidated with VSAC. The consolidated audited financial statements of VSAC and unaudited quarterly financial statements of the Organization are available at www.vsac.org. VSAC's and Organization's governing documents and conflicts of interest policies are 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
2025-10-24

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

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IRS990/Form990PartVIISectionAGrp/PersonNm12Ryan Dulude
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President and CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1VP & COO
IRS990/Form990PartVIISectionAGrp/TitleTxt2VP & General Counsel
IRS990/Form990PartVIISectionAGrp/TitleTxt3VP of Finance & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt4VP of Finance & CFO
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
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IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
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IRS990/MissionDesc0The Vermont Scholarship Fund is a 501(c)(3) charitable affiliate of the Vermont Student Assistance Corporation (VSAC). Our mission is to provide scholarships to Vermonters through gifts and grants from the State of Vermont, Federal agencies, individual donors and philanthropic sources. Together with our supporters we make it possible for more people to aim higher, go further, and build something better for themselves, their families, and the community. We partner closely with our supporters to create scholarship funds that reflect mission and goals to open doors to education for others. We administer all scholarships through VSAC, with ongoing support that makes managing scholarships efficient. In FY25, VSAC awarded about 16.8 million in scholarships through 150 award programs to 4,024 Vermonters.
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Document Assets

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Filings

Displayed year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$24,646,852
Liabilities
$10,867,277
Net assets
$13,779,575
Revenue
$17,494,764
Expenses
$16,807,150
Net income
$687,614
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