The New College Institute has established a new foundation to manage fundraising for the higher education center in Martinsville, as it continues to seek control of more than $10 million that its original foundation is holding.
NCI spokesperson Olivia Garrett said during a meeting of the NCI board’s executive committee Wednesday evening that the Foundation for New College Institute had filed its incorporation documents with the state.
The board of the nonprofit foundation initially will have nine elected trustees, who were not named Wednesday, along with two members who also sit on the NCI board. NCI Executive Director Joe Sumner will serve as an ex-officio member and is the registered agent for the foundation.
Articles of incorporation filed Aug. 9 state that the purpose of the foundation is to promote NCI’s mission and raise funds in collaboration with the institute, and to manage gifts made in support of NCI.
During the meeting Wednesday, the executive committee voted unanimously to name Richard Hall, chair of the NCI board, and Eric Jones, its vice chair, to the new foundation’s board of trustees. Other members of the executive committee present were Del. Wren Williams, R-Patrick County; Del. Destiny LeVere Bolling, D-Henrico County; and Cameron Patterson.
NCI’s full board of directors voted in July to support forming a new independent nonprofit foundation to raise funds on its behalf.
The institute has spent more than a year in a dispute with its original foundation. In February 2023, the New College Foundation renamed itself the Martinsville-Henry County Academic Foundation and broadened its scope to serve educational causes throughout the region, instead of working only to raise money for NCI.
Both sides say they have a right to the foundation’s assets, which total about $13 million, including about $7.5 million from the 2020 sale of the New College Institute building to the state.
The MHCAF’s ability to grant funds to organizations beyond NCI was frozen during an initial review by the attorney general’s office in 2023 and more recently as the foundation and NCI have participated in mediation.
The Academic Foundation has continued to award grants to students in higher education programs hosted at NCI. For the 2023-2024 academic year, it awarded eight scholarships totaling $23,000.
In recent years, the foundation has given scholarships totaling more than $40,000.
MHCAF executive director Kevin DeKoninck and board chair Simone Redd did not immediately respond to a request for comment Wednesday evening.
