RD270 - Virginia Early Childhood Foundation 2014 Annual Report and Financial Statements for Year Ended June 30, 2014 (With Independent Auditors' Report Thereon)

Executive Summary:
What is our goal?

Promoting the school readiness of Virginia’s young children.

Why is school readiness so important?

A child’s experiences during the earliest years have the potential to impact the trajectory of his or her entire life. When a child is born with risks, such as low birth weight, or to a mother who has not completed high school, or in a family living in poverty, positive interactions with caring parents and adults and access to high quality care and learning environments can buffer those risks. Children in supportive families, living in communities where there is access to health care and responsive caregivers, are better prepared for kindergarten. Children who are better prepared are able to make the most of school once they arrive and remain motivated to be successful throughout their lives.

Why does school readiness matter to Virginians?

School readiness produces economic and social benefits including a productive workforce for Virginia. To learn more, see Early Childhood Development and Returns on Investment.

What is VECF’s charge?

Virginia’s Appropriation Act charges VECF, through a contract with the Virginia Department of Social Services, to support communities across the state as they develop proactive systems to promote school readiness for all children in Virginia, and to leverage one local or private dollar for every dollar of the state funding.

How has VECF demonstrated stewardship of its funding?

• Invested in 30 Smart Beginnings school readiness initiatives, encompassing nearly 100 counties and cities and 90% of the state’s population

• Operated with general administration costs at under 7% of total expenses

• Exceeded required ratio, leveraging $6 for every $1 of state funding

• $7.6 million were attracted by the $1.25 million appropriation from state general funds.

• Since FY07, Virginia has invested more than $11 million in Smart Beginnings. VECF and its partners have leveraged nearly $60 million in additional funding for school readiness efforts in the Commonwealth.