The Valencia Foundation seeks to provide the margin of excellence for which Valencia has long been known. The foundation is a separate, not-for-profit, IRS approved 501(c)(3) corporation chartered in 1974 to provide financially for the educational needs of Valencia that cannot be met through state aid or student tuition income. Nearly 60 community leaders volunteer generously of their time, talent, and resources by serving on the board of directors.
During the fiscal year ending March 31, 2009, Valencia's net assets totaled over $49 million. This included property valued at $3.2 million, and an endowment of $41.8 million. The rental income from the foundation's real estate investments cover most of the foundation's operating and fund-raising expenses, ensuring that 100 percent of donations are used exclusively for our donors' intended purpose.
Valencia Foundation received over $4 million in external funding and pledges to support scholarships, faculty chairs and learning programs during the 2008-09 fiscal year. This included private gifts of more than $3 million and federal and state matching funds of $233,050. Donors have pledged more than $1.2 million for future gifts to the foundation. More than 1,000 individuals, corporations and organizations contributed. This included 409 donors new to the foundation, as well as 13 new scholarships.
In 1997, the Valencia Foundation received the prestigious Circle of Excellence National Award from the Council for Advancement and Support of Education.
Of the top five reasons students cite for dropping out of college, four are financial. This makes Valencia’s work building scholarships especially urgent. Because many of our students are working a full-time or several part-time jobs — as well as balancing family, community, volunteer and personal commitments — scholarships make a tremendous difference in their ability to attend college. Gifts to the general scholarship fund for students in need have allowed the foundation to make education possible for thousands of students.
The foundation also offers planned giving opportunities. It seeks deferred contributions through bequests, gifts of life insurance, charitable gift annuities, and the establishment of lead trusts and charitable remainder annuity and unitrusts.
Endowment accounts may be established with a one-time gift or by a pledge with payments made over several years. A percentage of an account’s market value is paid out annually according to the donor’s intent.
The Foundation maintains over 500 named scholarships, 114 academic support funds and 42 endowed teaching chairs and fellowships.