The Longwood University Foundation, Inc. The Longwood University Foundation, Inc., incorporated on July 17, 1959, a 501(c)(3) nonprofit organization, was established to support the goals and aspirations of Longwood University. The Foundation was created under the laws of the State of Virginia to serve Longwood University as an organization to foster the image of Longwood and through its actions enhance the academic, social, and physical growth of the University. The Longwood University Foundation, Inc. assists the University in raising, investing and distributing of funds to support various University operating and endowment programs, along with monitoring donor stewardship requirements. As of June 30, 2006 assets held by the Foundation total $47 million. During Fiscal year 2006 the Foundation received $3.4 million in revenue and provided $2.4 million in support to the University:
The Longwood University Foundation holds three regularly scheduled business meetings a year (September, February and May). The Longwood University Foundation, Inc., Board consists of 30 Public Directors, of which special representation consists of at least two alumni and one faculty. Directors are nominated for three year terms, with possible renewal for up to nine (9) total years of service. In addition to the 30 Public Directors, seven Ex-Officio Directors serve on the Board: (1) Rector of the Visitors of Longwood University, (2) Member of the Visitors appointed as Official Liaison to the Foundation, (3) President of Longwood University, (4) Vice President of University Advancement of Longwood University who serves as the Chief Operating Officer of the Foundation Board (5) Chief Financial Officer of the Longwood University Foundation, who serves as Corporate Secretary and Treasurer of the Foundation (6) President of the Longwood University Alumni Association and (7) President of the Longwood Ambassadors.
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