An update on behalf of Bess Littlefield, VFN CEO
The Virginia Funders Network (VFN) was launched in 2020 with a belief in the transformational power of collaboration, where working and learning together, philanthropy can more effectively advance opportunities for all who call Virginia home.
Generous investments by philanthropy leaders provided start-up funds for VFN’s three-year launch. During this time, VFN hired three full-time employees, developed a governance process, and launched its first strategic framework. We now offer an annual conference, regional funders gatherings across Virginia, and virtual learning. We have also served as the backbone for two collaborative funding projects.
As VFN transitions from this start-up phase, we are informed by the 2024 member survey and numerous conversations with members and VFN’s Advisory Board on where VFN should lead, where we should partner to avoid duplication of efforts, and where we should not focus for the time being. Members shared input on VFN’s value proposition. We are the only Virginia-focused organization for funders, serving as a statewide and regional convener.
As one member said, VFN’s biggest value is “the benefits of being part of something much larger and impactful than our organization alone.”
Members want VFN to continue to provide networking opportunities and collaborative learning about the pressing issues facing Virginia communities. Members value VFN’s role as a backbone for collective action and are eager for VFN to strengthen our work in policy and advocacy in the Commonwealth.
In order to deliver on member expectations and create a sustainable infrastructure to support the work of philanthropy across Virginia, VFN must develop a financial model with a diverse resource base. A healthy balance of revenue from membership and philanthropic contributions, grants, sponsorships, and earned income will ensure VFN remains relevant. Members in VFN’s Sustainers Circle invest above and beyond the minimum membership threshold with additional contributions, grants, conference sponsorships, and/or multi-year pledges. They are helping VFN work toward a revenue model that will ensure sustainability.
At its May 2024 meeting, the VFN Advisory Board adopted a new membership contribution structure that will launch with the 2025 Membership Campaign. This new structure is a tiered schedule based on annual grant-making in Virginia. It will help us respond to member priorities for VFN as we begin this next phase of our life cycle. According to the United Philanthropy Forum, many Philanthropic Serving Organizations like VFN receive 50% of their revenues from membership contributions. We anticipate this new contribution structure will generate between 40-45% of annual revenues as we work overtime toward the national benchmark and continue to build other revenue streams.
We are grateful for the investment and engagement of all VFN members and commit to ensuring that VFN provides value to the entire philanthropic sector.
Bess Littlefield, CEO
The Virginia Funders Network
bess@vafunders.org
P.S. Hear from VFN Treasurer Kate Keller, President of the Harvest Foundation on this membership update.
