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Section III: Comprehensive Standard

3.2.13 Any institution-related foundation not controlled by the institution has a contractual or other formal agreement that (1) accurately describes the relationship between the institution and the foundation, and (2) describes any liability associated with that relationship. In all cases, the institution ensures that the relationship is consistent with its mission. (Institution-related Foundations)

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JUDGMENT OF COMPLIANCE

√ Compliance             Partial compliance          Non-compliance

NARRATIVE

The Richard Bland College Foundation, Inc., created in 1977, is a non-profit, tax-exempt 501(c) - (3) Corporation under Commonwealth of Virginia law.  The purposes of the Richard Bland College Foundation, Inc., are clearly defined in the Articles of Incorporation, approved by the Virginia State Corporation Commission on August 23, 1977.  The overriding purpose is stated in Section II (a) of the Articles of Incorporation, “To aid, strengthen, and extend in every proper and useful manner the work, service, and objectives of Richard Bland College.”

On April 24, 1997, the Board of Visitors approved a “Memorandum of Understanding Fiscal and Operating Relationship Between Richard Bland College and The Richard Bland College Foundation.”  This instrument accurately describes the fiscal and operating relationship between the College and the Foundation and in Section 6, describes the liabilities associated with that relationship.

The Foundation manages all donated gifts.  Gifts may include money, stock, bequests, and other material assets which are to be used for the benefit of the College.  The Richard Bland College Foundation Bylaws, Article II, state, “The President of the College, the Dean of Administration and Finance, the Director of Institutional Advancement, and the Director of Financial Aid shall be ex-officio members of the Board and shall have full voting rights.”  The Foundation is controlled by a Board of Directors of at least nine and no more than thirty appointees.  Their responsibilities are described in Article III of the Bylaws.  These directors include local business leaders, alumni, members of the faculty and staff, and other interested parties.  The current President of the Foundation is a local businessman who is President of the Bank of Southside Virginia.

The President of the College serves as first Vice-President of the Board of Directors of the Foundation and is the primary individual responsible for raising funds from external sources.  Along with the Director of Institutional Advancement, the President directs and is responsible for the Annual Fund Drive and beginning in 2005, directing the first Capital Campaign.  The goal of the Capital Campaign is $5,000,000, to be used for scholarships and campus facility enhancements to support expanding student enrollment.

The Richard Bland College Foundation publishes the Richard Bland College Foundation Annual Report containing a message from the President of Richard Bland College and a list of donors. The Foundation is also audited annually by the local accounting firm of Mitchell Wiggins after which the Richard Bland College Foundation, Inc., Financial Report is published.

Richard Bland College ensures that its relationship with the Richard Bland College Foundation is consistent with its mission.  The Foundation assists and supports the College in its mission to provide the educational opportunities of a junior college.

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SUPPORT DOCUMENTATION

Page updated February 8, 2008  | Questions or comments? Email sacsparc@rbc.edu

© 2005, Richard Bland College
Petersburg, Virginia