In 2006, the New College Foundation (NCF) was created to “provide the ‘margin of excellence’ to enable the New College Institute to continually grow and prosper, meeting the changing needs for higher education and economic growth for Martinsville, Henry County and this region of the Commonwealth (of Virginia)”—a place that had lost 19,000 manufacturing jobs over two decades. But the financial returns to the college have been small—16 endowed scholarships worth a total of $46,000 this current school year. Meanwhile, NCF, as owner of the new facility that houses the college, charges it $383,000 per year in rent, putting a growing chill on the relationships between the two boards and staffs.
What’s the backstory behind this seeming dysfunctional relationship between a college and its nonprofit fundraising arm?
Read Debby’s Full Article at Nonprofit Quarterly