The Foundation for Independent Higher Education (FIHE), recently asked CIC’s operating unit, CAPHE, to evaluate the FIHE/UPS National Venture Fund program. The report, by CAPHE Executive Director Michelle Gilliard, presented to FIHE’s board of directors in November, describes the impact of the National Venture Fund (NVF) program since its inception. Among the findings contained in the report:

• $9.2 million has been directed to private colleges and universities across the country as a result of the program. Of that amount, $2.06 million has been distributed from the Venture Fund. FIHE state executives and member institutions have raised $7.1 million in matching dollars;
• 78 percent of the FIHE state fund offices are participating in the program; and
• collaboration among state fund offices is becoming common. More than seven state funds have formed collaborative projects.

    In 1999, FIHE launched the National Venture Fund program, drawing on funds made available through an endowment the organization received from the United Parcel Service in the mid-1970s. The mission of the Venture Fund is to enrich educational opportunities for students and create administrative efficiencies, often involving collaborations and uses of technology. Since the program’s inception, 45 grants ranging from $5,000 to $100,000 have been awarded. These grants support a variety of activities that are carried out by independent institutions across the country. The program requires award recipients to raise a minimum of a one-to-one dollar match, in order for the Venture Fund dollars to be distributed. To date, the NVF program is close to achieving a four-to-one match.
    The program evaluation services provided by CAPHE stems from the CIC, FIHE, and NAICU Protocol of Collaboration, signed in 2000. Michelle Gilliard is a member of the National Venture Fund oversight committee.
    The report will be available as an Adobe document in December through both the CIC (www.cic.edu) and FIHE (www.fihe.org) websites.