MARTINSVILLE — The Virginia Attorney General’s Office has issued a warning to the former New College Foundation demanding assurance that it will not distribute any money until an understanding has been reached.
New College Foundation (NCF) announced on Feb. 7 that it had reorganized and renamed itself MHC Academic Foundation (MHCAF) and would no longer be limited to financially supporting New College Institute (NCI).
NCF was incorporated on Oct. 19, 2006, “to provide financial and other support to New College Institute.”
The Articles of Reinstatement of MHC Academic Foundation (former NCF), adopted on Nov. 1 and effective Feb. 7, list as purpose “to provide financial and other support for the dissemination of education in Martinsville and Henry County, Virginia, including, but not limited to, support for New College Institute.”
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On Feb. 15, Senior Assistant Attorney General Ramona Taylor sent a letter to MHCAF/former NCF Executive Director Kevin DeKoninck advising him that NCF was established “for the specific purpose of providing financial support and other support to New College Institute” and reorganizing in such a way as to allow itself to distribute money elsewhere “requires discussion, as well as clarification regarding the funds raised, endowed, or held for NCI’s benefit prior to Feb. 7, to the benefit of any organization or entity other than NCI.”
Taylor said “such restricted funds may not properly be distributed for the benefit of any other organization.”
When DeKoninck was asked on Feb. 8 concerning the new mission of the Foundation and where it plans to use funds outside of NCI, he responded on Feb. 10 that “Over the next few months, in consultation with our long term partners, we will have exploratory conversations with several academic initiatives in the Martinsville and Henry County region, including the New College Institute, that complement