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Vermont Student Development Fund INC

Tax-deductible

Winooski, VT501(c)(3)Since 2000EducationEIN 03-0367034Revenue $17.5M in FY2025

On file with the IRSvsac.org/vsfPo Box 2000, 05404-2601 · Winooski, VTTax-exempt since Dec 2000Publicly supported charity — 170(b)(1)(A)(vi)

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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.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $586K a year · 5% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
8 mo
of spending, in cash
Looks good: 7.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $104K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$10.9M
44% of total assets
Looks good: liabilities are 44% of assets; 50% or less.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$17.5M
+28% vs prior year
Spent
$16.8M
To programs
100%
Net assets
$13.8M
By yearFY2021–FY2025
Revenue
$17.5M
FY2025▲ +28%
Tap a bar for its year
Revenue by fiscal year
FY2021$7.9M
FY2022$10.4M
FY2023$10.5M
FY2024$13.7M
FY2025$17.5M
Expenses
$16.8M
FY2025▲ +28%
Tap a bar for its year
Expenses by fiscal year
FY2021$7.5M
FY2022$9.6M
FY2023$10.0M
FY2024$13.2M
FY2025$16.8M
Net assets
$13.8M
FY2025▲ +10%
Tap a bar for its year
Net assets by fiscal year
FY2021$9.7M
FY2022$8.9M
FY2023$10.0M
FY2024$12.5M
FY2025$13.8M

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 2000.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $16.8M Management & general 0% · $13K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

17 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Scott a Giles
President and CEO
$0Pt VII · Sec A
$0Pt VII · Sec A
Thomas a Little
VP & General Counsel
$0Pt VII · Sec A
Meghan Metzler
VP of Finance & CFO
$0Pt VII · Sec A
Michael R Stuart
VP of Finance & CFO
$0Pt VII · Sec A
$0Pt VII · Sec A
Martha P Heath
Vice Chair & Programs & Services Comm. Chair
$0Pt VII · Sec A
David Larsen
Secretary & Corporate Governance Comm. Chair
$0Pt VII · Sec A
See Vermont Student Development Fund INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides scholarships and financial aid for post-secondary education.

Questions for Vermont Student Development Fund INC

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Provided by the organization

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1 program · $16.8M · in their own filed words · FY2024
01

Scholarships were awarded and disbursed to 4,024 students to support their pursuit of education.

$16.8Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Vermont Community FoundationFY2024$92K
EvernorthFY2024$12K
Total grants receivedfrom 2 funders$104K
Grants paid · 25 grants · $57.0M · 2020–2024
Unitemized GrantFY2024$9,518,218
Unitemized GrantFY2024$4,008,369
Unitemized GrantFY2024$2,944,471
Unitemized GrantFY2024$248,757
Unitemized GrantFY2024$73,930
Unitemized GrantFY2023$7,023,502
Unitemized GrantFY2023$3,524,982
Unitemized GrantFY2023$2,295,025
Unitemized GrantFY2023$240,872
Unitemized GrantFY2023$69,868
Unitemized GrantFY2022$4,060,333
Unitemized GrantFY2022$3,299,655
Unitemized GrantFY2022$2,326,601
Unitemized GrantFY2022$198,340
Unitemized GrantFY2022$67,208
Unitemized GrantFY2021$4,177,599
Unitemized GrantFY2021$3,302,803
Unitemized GrantFY2021$1,898,268
See all 25 grants →

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$17.5M
Ln 12
Gifts and grantsLn 1h$16.7M
Investment incomeLn 3$828K
Money outPt IX
$16.8M
Ln 25
Programscol B$16.8M
Managementcol C$13K
Owns and owesPt X
$13.8M
net assets · Ln 32
Cash and savingsLn 1–2$11.1M
Total assetsLn 16$24.6M
LiabilitiesLn 26$10.9M
PeoplePt VI, VII
17
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$16.7M
Government grantsLn 1e$12.5M
Noncash giftsLn 1g$0
Fundraising eventsLn 1c$0
Investment incomeLn 3$828K
Gains on assetsLn 7$502K
Total revenueLn 12$17.5M
Assets in detailPt X, end of year
SavingsLn 2$11.1M
Cash and savings togetherLn 1–2$11.1M
InvestmentsLn 11–13$12.7M
Other assetsLn 15$900K
Total assetsLn 16$24.6M
LiabilitiesLn 26$10.9M
Net assetsLn 32$13.8M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$13.7M$11.1M
InvestmentsLn 11–13$11.5M$12.7M
Total assetsLn 16$25.2M$24.6M
LiabilitiesLn 26$12.7M$10.9M
Net assetsLn 32$12.5M$13.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0$0
Grants to domestic individualsLn 2$16.8M$16.8M
Grants and assistance to foreign recipientsLn 3$0$0
Payments to affiliatesLn 21$13K$13K
Total functional expensesLn 25$16.8M$16.8M$13K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $17.5M$16.8M$688K$13.8M 990 PDF
FY2024 $13.7M$13.2M$557K$12.5M 990 PDF
FY2023 $10.5M$10.0M$510K$10.0M 990 PDF
FY2022 $10.4M$9.6M$735K$8.9M 990 PDF
FY2021 $7.9M$7.5M$440K$9.7M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2025 990 (6 parts)
Part I · Summary $17,494,764 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $13,330,920$16,666,996
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $388,781$827,768
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $13,719,701$17,494,764
I-13 Grants and similar amounts paidPrior year $13,154,249$16,793,745
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $8,030$13,405
I-18 Total expensesPrior year $13,162,279$16,807,150
I-19 Revenue less expensesPrior year $557,422$687,614
Part VI · Governance 11 of 11 board members independent, 1 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members11
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $17,494,764 across 12 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$0
VIII-1e Government grants$12,462,689
VIII-1f All other contributions, gifts and grants$4,204,307
VIII-1g Noncash contributions (included above)$0
VIII-1h Total contributions, gifts and grants$16,666,996
VIII-3 Investment incomeRelated to mission $0 · Unrelated business $0 · Excluded from tax $326,226$326,226
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax $501,542$501,542
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $827,768$17,494,764
Part IX · Statement of functional expenses $16,807,150 across 4 lines filed
IX-1 Grants to domestic organizationsPrograms $0$0
IX-2 Grants to domestic individualsPrograms $16,793,745$16,793,745
IX-3 Grants and assistance to foreign recipientsPrograms $0$0
IX-21 Payments to affiliatesManagement $13,405$13,405
IX-25 Total functional expensesPrograms $16,793,745 · Management $13,405 · Fundraising $0$16,807,150
Part X · Balance sheet $24,646,852 assets, 11 lines filed
X-2 Savings and temporary cash investmentsStart of year $13,675,074$11,095,263
X-11 Publicly traded securitiesStart of year $11,451,967$12,651,431
X-15 Other assetsStart of year $93,578$900,158
X-16 Total assetsStart of year $25,220,619$24,646,852
X-19 Deferred revenueStart of year $12,702,558$10,826,781
X-25 Other liabilitiesStart of year $31,682$40,496
X-26 Total liabilitiesStart of year $12,734,240$10,867,277
X-27 Net assets without donor restrictionsStart of year $0$0
X-28 Net assets with donor restrictionsStart of year $12,486,379$13,779,575
X-32 Total net assets or fund balancesStart of year $12,486,379$13,779,575
X-33 Total liabilities and net assetsStart of year $25,220,619$24,646,852
Part XI · Reconciliation of net assets $13,779,575 net assets at year end
XI-1 Total revenue$17,494,764
XI-2 Total expenses$16,807,150
XI-3 Revenue less expenses$687,614
XI-4 Net assets at start of year$12,486,379
XI-5 Net unrealized gains (losses) on investments$605,582
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$13,779,575

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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