The Pursuit of Uncompromised Excellence in the Classroom
The Virginia Athletics Foundation funds the entire cost of Virginia’s 316.6 athletics scholarships through a combination of donations to the Annual Fund and endowment distributions. Annual Fund giving also supports the academic affairs budget and a portion of Olympic sports operational budgets. The Annual Fund consists of gifts made each year by donors including: alumni, student-athlete alumni, friends and businesses. In 2016, VAF raised $17.3 million in its Annual Fund with the support of approximately 9,400 donors. These donations funded 81 percent of the athletics scholarship expense with endowment distributions funding the remainder. The growth of the Annual Fund is critical to funding scholarships in the future. The 2016 target includes an increase in tuition, as approved each year by the University’s Board of Visitors (approximately 4-5% annually) and implementation of the full cost of attendance ($1.4 million).
These costs will continue to rise and are among the reasons why Virginia athletics launched the first phase of its All In For Excellence fundraising initiative.
Cost of Attendance
When members of the “Power Five” conferences – the ACC, Big Ten, Big 12, Pac-12, and SEC – met in January 2015, several new measures were passed, including the addition of full cost of attendance to athletics scholarships. The traditional athletics scholarship covered tuition, room, board, books, and fees. The cost of attendance stipend helps student-athletes cover travel expenses, personal expenses, and school supplies. The University establishes the cost of attendance by using Federal guidelines.
The All In For Excellence fundraising effort includes support for the full cost of attendance for scholarship student-athletes. For the 2017 academic year, the implementation of the full cost of attendance is projected to cost an additional $1.4 million.
To learn more about annual giving, click here.