Central VirginiaGovernor's School

Foundation

Annual Report2016-2017

3151 Wards Ferry RoadLynchburg, Virginia 24502

(434) 477-5980 Fax (434) 239-4140www.cvgs.k12.va.us

Board of Directors July 1, 2016-June 30, 2017

Stephen Smith, EdD**President & CEO

Pam Bradford** Wells Fargo

Ashley Carrington**

Peter Dorman, PhD** Central VA Community College

John HallFoundation Vice President

CVGS Graduate Lynchburg Wealth Management, LLC

Adrienne Howard CVGS Graduate

Christine Marraccini, MD***Women's Health Services

of Central Virginia

Scott Nagley** BWX Technologies

John Precious**

Donna Stuart** Harris Corporation

Kim TibbsCVGS Graduate

Teresa Weinmeister**AREVA

Larry Wetzel**BWX Technologies

*Parent of Current Student**Parent of CVGS Graduate

***Parent of Current Student and Graduate

The Governor's School Foundation is a nonprofit 501(c)(3) corporation established to channel funds from private

sources to enhance the educational program provided for students by the Central Virginia Governor's Schoolfor Science and Technology. All contributions to the Foundation are tax deductible. EIN: 54-1441933

CVGSFoundation

Financial ReportFiscal Year Ending

June 30, 2017

Income 2015-16 2016-17

Total Donations $64,486.15 $64,722.85

Disbursements 2015-16 2016-17

Total $31,380.39 $15,000.00

Corporate Registration $125.00 $125.00Accountant Fees $858.60 $896.00CVGS Program Support** $30,396.79 $13,979.00Total $31,380.39 $15,000.00

**Major Program Support categories and expenditures are provided in the narrative section of this report.

Assets 2015-16 2016-17

Total $642,938.83 $792,761.73

Managed Portfolio $577,847.79 $669,176.96ETF Portfolio $64,800.04 $115,478.51Money Market 291.00 8,106.26Total $642,938.83 $792,761.73

Foundation NotesThe Central Virginia Governor’s School for Science and Technology (CVGS) continues to benefit from the work of the CVGS Foundation Board of Directors and from the numerous contributions received from CVGS parents, alumni, and our partners in the community. The Foundation Board of Directors expresses its appreciation to the individuals and corporations who have contributed to the Foundation and, through the Foundation, the Governor’s School program. At the end of the 2016-17 fiscal year, $64,722.85 was raised, which is the largest annual donation amount in the past decade! Contributions from parents and friends, along with associated corporate matching funds, amounted to $27,342.60. CVGS Alumni, with associated matching funds, gave $13,530.25. Our corporate donors provided the remainder of the gifts, in the amount of $23,850.00.

A single disbursement of $15,000, representing about half of the allowed 5% of the Foundation Endowment value alloca-tion, was provided to the CVGS program in the fall of 2016. These funds were used for corporate registration ($125.00) and accountant fees ($896.00), and the remainder was allocated for CVGS Program Support, providing funding for what is known as the CVGS Margin of Excellence activities. Major categories of our Margin of Excellence activities include student research projects, research trips, and research symposiums; the purchase, support, and maintenance of advanced technology (such as the scanning electron microscope, 3D printers, and drones); our new student orientation program; the Senior Science Scenario capstone project; research mentor, internship sponsor, and Foundation donor appreciation programs; and student awards and scholarships presented at our annual student recognition reception.

For FY17, major Margin of Excellence categories include research support, specifically the costs for a record number of students to attend the three day Virginia Junior Academy of Sciences Annual Research Symposium held at Virginia Com-menwealth University, Foundation donor appreciation, which was the second half of the costs for the Donor Recognition Wall, and student awards and scholarships (expended or encumbered at $4,500). While expenses for these and other Margin of Excellence activities exceeded the $15,000 allocation, unspent funds accumulated from prior years' allocations made up the difference.

At the Foundation Finance Committee meeting on July 19, 2017, Mr. Bruce Light of Wells Fargo Advisors shared the performance of both the managed portfolio and the ETF portfolio with the committee. We are delighted to note that the total value of the Foundation endowment has reached a record high of almost $800,000. Dr. Smith noted that the Founda-tion Board appreciates the long-standing support of Mr. Light and his staff. Also at that meeting, Dr. Smith requested an allocation for FY18 of $20,000, again about half of the maximum allotment. Dr. Smith explained that he was able to do so only due to remaining funds that will be able to cover the excess costs of the anticipated Margin of Excellence expenses.

One Foundation donor asked Dr. Smith why we had a goal of $1,000,000 in the endowment if Margin of Excellence activi-ties can be funded with only $20,000 per year. Dr. Smith shared with the donor that these years of lesser allocations are supported by funds which accumulated from full 5% allocations over many years. In addition, Dr. Smith noted that for many years Foundation funds were used to pay off the loan for the Scanning Electron Microscope, which is now owned outright and is maintained by operating funds. By working toward a $1,000,000 endowment and taking smaller alloca-tions in typical years, the goal is to be able to purchase the next major piece of technology, whatever that might be, either outright or with a much shorter loan term, thus saving considerably on interest expenses. If the equipment becomes a fixture for the program, as the SEM did, then the goal would be to have the operating budget assume the operating/main-tenance costs so Foundation funds could again be focused on providing access to emerging technologies.

Contributors(Period Ending June 30, 2017)

Corporate Donors

Vision Sponsors ($10,000+)AREVA

Vision Sponsors ($5,000+)Gutters & Guards, Inc.

Leadership Sponsor ($2,500+)BWX Technologies

Opportunity Sponsors ($1,000+)AECOMCatalyst Communications TechnologiesGREIF

CVGS Fellows ($500+)The Greater Lynchburg Community Trust

CVGS Patrons ($250+)Lynchburg Wealth Management, LLCOaks Test PrepWiley|Wilson

Sustaining Members ($100+)Sylvan Learning

Matching GiftsBWX Technologies

CVGS Parents and Friends

Leadership Sponsors ($2,500+)Mr. & Mrs. Bob LevequeMr. & Mrs. Alan Wood Opportunity Sponsors ($1,000+) Drs. Moira Rafferty & Robert BassDr. & Mrs. Pete CapriseDr. & Mrs. Scott DouglassMr. & Mrs. Peter DoyleMr. & Mrs. Tom HallMr. Joseph & Dr. Christine MarracciniMr. & Mrs. Scott NagleyMr. & Mrs. John PreciousMr. & Mrs. Carrell Rowles, Jr.Mr. & Mrs. Kevin SmithStephen & Meg Smith CVGS Fellows ($500+) Tracy & Albert BakerMr. & Mrs. Mike CarpenterDr. & Mrs. Cap EschenroederMr. & Mrs. Mike MaddenMr. & Mrs. Henry ManselMr. & Mrs. Jeff Willoughby

CVGS Parents and Friends (continued)

CVGS Patrons ($250+) Drs. Teresa & Robert BrennenMr. & Mrs. Greg BurnsDr. & Mrs. Paul IrwinMr. & Mrs. Douglas JonesMr. & Mrs. Matthew RoeserMr. Steven RuhfMr. & Mrs. William Schneider Sustaining Members ($100+) Ms. Patsy AdamsMr. & Mrs. Dan CarlsonMr. & Mrs. Terry ChalkerMr. & Mrs. David ChaseDr. & Mrs. Peter DormanMr. & Mrs. Nghiep DuDr. & Mrs. Robert FeldmanMr. Phillip GarrettDrs. Cheryl & Bruce GerlichMs. Donna HartmannDr. & Mrs. Andrew LightMr. & Mrs. Ken NowakowskiDr. Marc Ordower & Dr. Karin WarrenMs. Katrina Sabino- In memory of Larbie MensahDr. & Mrs. John SalmonDr. Lee & Dr. Peggy SchimmoellerMr. & Mrs. Kenneth SelmerMr. & Mrs. Denton SiskMr. & Mrs. Bradley StoneMr. & Mrs. Tom WebbMs. Teresa WeinmeisterMr. & Mrs. Larry WetzelDr. Thomas Wigboldy & Dr. Heidi LippMr. & Mrs. Darren Wood Contributing Members Mr. Brian & Dr. Susan EickMr. & Mrs. Jeff HowardMr. David Galindo & Ms. Joice LumanMr. & Mrs. Robert WhiteMr. & Mrs. Richard Whitfield, Jr.

Alumni Leadership Sponsors ($2,500+) Erin Frackleton '01 Opportunity Sponsors ($1,000+) Dr. Carrington Crawford '97Mr. & Mrs. Stephen English (Both Class of '94)Dr. & Mrs. John Howard (Both Class of '94)Kevin '90 & Shannon Scott-In memory of James W. Scott

CVGS Fellows ($500+) Conor Frackleton '03Mr. Tudor Moscalu '04Mr. Justin Nance '01 CVGS Patrons ($250+) Mr. John Burns '11Ms. Megan Olsen '01 Sustaining Members ($100+) John '93 & Tiffany Ayers-In memory of Brandi Nichols & Genna Chambers WileyMr. John Hall '01Kim '93 & Phil Lemburg-In memory of Brandi Nichols & Genna Chambers WileyMs. Nancy Pawl '87Mr. & Mrs. John Thomas '87 Contributing Members Mr. Robert & Mrs. Elizabeth Davis '87 ClarkMr. Randall Morcom '08

Please contact Mrs. Kim McMillan at (434)477-5980 if you would like to have your donation recognized in a different format in future years.