The V Foundation to Give 100 Percent of Every Direct Donation to Cancer Research

Cary, N.C. –  The V Foundation for Cancer Research officially announced today that effective with its new fiscal year October 1, 2006, 100 percent of all new direct cash donations and net proceeds of events contributed to The V Foundation will be used to fund cancer research and related programs. The announcement was made by The V Foundation chairman Bob Lloyd.

The Foundation embarked on a campaign to raise money for an endowment fund several years ago, and the fund has now reached a level that will allow the Foundation to cover all operating expenses for the foreseeable future with the investment income.

“When donors are considering where to give their money and have it make an impact, The V Foundation’s ability to give 100 percent of it to cancer research and related programs is very exciting,” Lloyd said. “We are one of a very few foundations that can make this statement. Donated money will not go to pay for administration and overhead; it will go to research, so that we can find cures for cancer. This is an extremely rewarding milestone for The V Foundation.”

“The active fundraising efforts of our all volunteer board members and all the support of the extended families and friends of The V Foundation have moved us one step closer to achieving my brother Jim’s dream of defeating cancer,” said Nick Valvano, CEO of The V Foundation.

This new achievement will allow The V Foundation to fund more cancer research grants. The Foundation, which awarded nearly $8 million in grants this year, currently awards three types of grants: V Scholar Grants, The V Foundation Grants in Translational Cancer Research and Designated Grants. The V Scholar Grants are designed to identify, retain and further the careers of talented young investigators. These grants provide funds directly to young scientists, enabling them to establish their laboratories and gain a competitive edge necessary to earn additional funding from other sources. The V Foundation translational grants facilitate the transition of projects from the laboratory to the clinic, helping to bring the benefits of new basic-level understanding to patients more quickly and efficiently. Designated grants fund projects in communities or regions local to the fund-raising area. All grants are reviewed and selected by The V Foundation’s Scientific Review Committee.

The V Foundation was founded in 1993 by ESPN and the late Jim Valvano and has raised more than $60 million to fund cancer research grants nationwide. Among the nation’s elite charities in terms of fiscal responsibility, The V Foundation has been rated a top 4-star charity by Charity Navigator for four consecutive years. For more information on The V Foundation or to make a donation, please visit www.jimmyv.org or call 1-800-4JimmyV