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2010 Annual Report Stanton Partners, Inc • Rev. Ernest L. Reid A regional force for education Portsmouth School Board Board & Staff • Dr. James T. Roberts 2010 Financial Statement Superintendent, STATEMENTS OF FINANCIAL POSITION 2010 2009 Founders Chesapeake Public Schools • Frank Batten, Sr. • Thomas E. Robinson Assets: • Joshua P. Darden, Jr. Robinson Development Group • W. Douglas Russell Current Assets: Class of 2010 Officers The Rutherfoord Companies Cash and cash equivalents $ 4,835,381 $ 8,541,593 • Robert M. Stanton • Louis F. Ryan Contributions receivable 109,887 153,247 ACCESS College Foundation 2010 Annual Report Stanton Partners, Inc. HIGH SCHOOL SUCCESS Landmark Communications, Inc. (Ret.) Grant receivable 10,487 — Chairman • Anne B. Shumadine PROGRAM—Last year we continued • Bonnie B. Sutton Signature Financial Management, Inc. Total Current Assets 4,955,755 8,694,840 President and CEO • Lorraine B. Skeeter Investments, at fair value 19,403,283 14,615,030 the outstanding performance that has • Conrad M. Hall Message from the chairman Chair, Suffolk School Board Investments, at cost 875,000 800,000 defined ACCESS College Foundation Dominion Enterprises (Ret.) • Lisa B. Smith Property and equipment (net) 107,133 105,885 ACCESSING POTENTIAL: In addition, we have awarded over $5 million in ACCESS Last throughout its 22-year history. For the Chair-Elect Community Volunteer Secretary/Treasurer Long term contributions receivable (net) 70,806 75,952 The ACCESS College Foundation is serving more local public school Dollar Scholarships to local students. These scholarships often 2009-10 school year, about 3,250 South • Dr. David C. Stuckwisch Superintendent, Total Assets $25,411,977 $24,291,707 students than ever in our efforts to make higher education accessible to all. bridge the gap between the cost of college and the financial aid Hampton Roads high school students Board of Directors Portsmouth Public Schools • Frank Batten Liabilities and Net Assets: As a nationally recognized college access program, we are proud of the ACCESS helped students secure. received over $32 million in financial aid • Jeffery Taylor Landmark Media Enterprises Wells Fargo Advisors Current Liabilities: • Dr. Richard Bentley strong partnerships we have forged within our community. and scholarships. • Rear Admiral Ben Wachendorf, (Ret). Accounts payable and accrued expenses $ 66,164 $ 66,180 Superintendent, EchoStorm The community’s backing has been integral to our efforts, and Net Assets: Norfolk Public Schools • Dr. Deran R. Whitney With every initiative ACCESS undertakes, the main focus is to pre- we are honored that so many have joined our family of supporters DID YOU KNOW? • Barry C. Bishop Superintendent, Unrestricted 2,372,714 2,338,738 Greater Norfolk Corporation pare local students for success. While our middle school and high over the past two decades. These supporters know that educa- —ACCESS Advisors schedule appoint- Suffolk Public Schools Temporarily restricted 6,754,278 5,668,468 • R. Bruce Bradley school advisors work to ensure that students are able to go to tion is critical in the fight against poverty and in the growth of ments with every junior and senior Landmark Media Enterprises (Ret.) Administration Permanently restricted 16,218,821 16,218,321 Total Net Assets 25,345,813 24,225,527 college, our College Success Program works with students to help our local economy. whose GPA is 2.5 or higher to help with • Joan P. Brock • Bonnie B. Sutton Dollar Tree Stores, Inc. Total Liabilities and Net Assets $25,411,977 $24,291,707 them persist and succeed in college by completing their programs. college plans. Last year, that added up President and CEO • William L. Chorey, Sr. • Dana Cheek CCESS Chorey & Associates Realty, LTD. The work must continue—A College Foundation is to individual appointments with over helped waive over $240,000 in SAT several hundred dollars still stand in Director of Administrative and STATEMENT OF ACTIVITIES 2010 2009 • Clyde T. Clark, Jr. Financial Services It is this continuum of service, with targeted programs to serve stu- doing more than ever to assist local children and their families. 14,000 students—7,019 juniors and and college application fees for 1,900 the way of paying for college and can SunTrust • Cheryl L. Jones Public Support and Revenue: dents in grades 7 through 16, that will better prepare our children With your support, the ACCESS College Foundation will provide 7,443 seniors—assisting with college low-income students whose family mean the critical difference in attend- • William A. Copeland, Jr. Program Director TowneBank Contributions $ 1,674,267 $ 1,242,684 for a future where education is intrinsically linked with opportunity. bright futures to even more students. Our community as a whole admission applications and helping file income met 150% of federal poverty ing. ACCESS addresses the problem • Gina M. Madden • Joshua P. Darden, Jr. (Co-Founder) Director of Development Donated facilities 60,000 60,000 will benefit as a result. for financial aid and scholarships. guidelines or less. through Last Dollar Scholarships— Darden Properties, Inc. • Elizabeth Klein Interest income 169,637 171,172 • Todd C. Davidson You will find in the enclosed annual report that in the 2009-10 —Last year alone, ACCESS funded or —Often after financial aid is assembled, totaling $500,000 last year. Annual Giving Manager Dividend income 259,979 312,321 Virginia Beach School Board school year, ACCESS assisted thousands of students to prepare • Kelli Kellen Gains (losses) on investments 1,138,321 (4,209,429) • John A. B. Davies, Jr. Administrative and Accounting Assistant for and succeed in higher education. Since its inception, ACCESS Sincerely, Hampton Roads Bankshares • Courtney Morris Capital gain distributions 10,979 310,855 • Cindy C. Earhart Program and Development Assistant Total Public Support, Revenue and Losses $ 3,313,183 $(2,112,397) has assisted over 32,500 students in taking college entrance High School Program impact Norfolk Southern Corporation examinations, submitting applications for admission, applying • Paul J. Farrell Class of Since Advisors Expenses: for financial aid and scholarship opportunities, enrolling in college Rosewell Homes, Inc. Eastern Region Student grants and fees $ 446,628 $ 352,952 2010 1988 • Gwen S. Green • Adria Phillips Other expenses: and much more. In the process, over $268 million in financial aid Robert M. Stanton Fulbright & Jaworski, L.L.P. Region Coordinator Programs 1,228,495 1,203,858 and scholarships from federal, state, college and private sources Chairman, ACCESS College Foundation Students Assisted with the College Process 3,250 32,500 • Raymond K. Hamilton • Twanya Brown Dollar Tree Stores, Inc. • Antwan Perry Support services 517,774 519,118 has been amassed for these students. Stanton Partners, Inc. Financial Aid Received $32,000,000 $268,000,000 • Susan B. Hirschbiel • Kelley Person Total Expenses 2,192,897 2,075,928 Community Volunteer Last Dollar Scholarships Awarded 625 6,200 • Jacqueline Whitehead Change in Net Assets 1,120,286 (4,188,325) • Dr. Kirk T. Houston, Sr. Central Region Net Assets, Beginning of Year 24,225,527 28,413,852 Last Dollar Scholarship Value $500,000 $5,000,000 Chair, Norfolk School Board • Ashley Woodous • Thomas G. Johnson, Jr. Region Coordinator Net Assets, End of Year $25,345,813 $24,225,527 Willcox & Savage, P.C • Darcel Catlett • Aubrey L. Layne, Jr. • Kevin Cenedella STATEMENT OF CASH FLOWS 2010 2009 Great Atlantic Management, LLC • Laurra Edmonds-Young Cash Flows from Operating Activities • Miles B. Leon • Karla Galloway Change in net assets $1,120,286 $(4,188,325) S.L. Nusbaum Realty Company • Dana Smith Adjustments to reconcile change in • Andria McClellan Western Region On campus Community Volunteer • Joanne Forbes net assets to net cash provided by operating activities (1,096,169) 3,981,923 College success Program Impact • Gary T. McCollum Region Coordinator Net Cash Provided by Operating Activities 24,117 (206,402) Cox Communications Virginia • Jordan Brown and on course Now Seniors Now Juniors Now Sophomores • Dr. James G. Merrill • Lauren Collins Cash Flows from Investing Activities (2007 Cohort (2008 Cohort (2009 Cohort Superintendent, • Geri Drewrey COLLEGE SUCCESS PROGRAM— Persistence) Persistence) Persistence) Virginia Beach City Public Schools • Ayesha Hughes Purchase of property and equipment (16,376) (7,945) • George H. Metzger Other Collection of contributions restricted for long-term purposes — 25,090 While access to college is critical, ensur- RP55 Group College Success • Andrea Schusler Purchase of investments (12,954,652) (3,112,479) ing that our students succeed once there • Audrey Darden Parrott Special Programs Coordinator/ Students Persisting/ 112/127 127/134 135/139 Community Volunteer Proceeds from sales of investments 9,240,699 4,857,667 is equally important. Our College Success College Success Advisor Total Cohort (88%) (94%) (97%) • Anita O. Poston • Peggy Johnson Net Cash Provided by Investing Activities (3,730,329) 1,762,333 Program helps ACCESS Scholars stay on Vandeventer Black, LLP Early College Awareness Advisor Net Increase in cash and cash equivalents (3,706,212) 1,555,931 • Christina F. Pullen track through ongoing communications For All Students 57% 63% 75% • Lakeisha Phelps Mayes Cash and cash equivalents, beginning of year 8,541,593 6,985,662 Chesapeake School Board Early College Awareness Advisor and on-campus counseling for academic, • Alfred M. Randolph, Jr. Cash and Cash Equivalents, End of Year $ 4,835,381 $ 8,541,593 financial, personal and social issues. State University, Virginia Wesleyan College the national average by nearly 50 percent Kaufman & Canoles and the four campuses of Tidewater with more than 94 percent of these stu- The program serves ACCESS Scholars Community College. dents still in college. In the spring of attending Norfolk State University, 2011, we will celebrate our first graduat- Old Dominion University, Virginia On average, retention rates for partici- ing class of ACCESS College Success Commonwealth University, Virginia pating ACCESS Scholars have surpassed Program Scholars. www.accesscollege.org 7300 Newport Avenue, Suite 500 • Norfolk, VA 23505 • (757) 962-6113 Farmers Bank Beverly C.
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