Celebrating 75 Years of Supporting the MCV Campus

Throughout 2024, the MCV Foundation has been marking the 75th anniversary since its incorporation in May 1949. 

The organization was created, according to its initial charter, “to aid, strengthen, and extend in every proper and useful manner the work, service and objectives of the Medical College of Virginia.”  

A secondary mission stated the foundation would also “develop, strengthen and utilize the ties of sympathy between the Medical College of Virginia and its alumni, friends and others throughout the world.” 

“It’s amazing to see the clear throughline to our mission today,” said Margaret Ann Bollmeier, who became president and CEO of the foundation in 2015. “We’re proud to continue this enduring legacy of support for the teaching, research and healing mission of the MCV Campus.” 

The first meeting of the foundation’s board of trustees was held on campus Dec. 2, 1949, with William T. Sanger, Ph.D., then dean of the Medical College of Virginia, serving as president of the corporation. 

The early days were modest for the MCV Foundation. Some of its earlier financial records from 1952 indicate total assets were around $2,500, or roughly $33,000 today when adjusted for inflation.  

The first full-time executive director for the foundation, David E. Bagby Jr., would be hired in 1981, according to a reflection from former trustee Charles M. Caravati, M.D., who chaired the search committee and said this year marked an inflection point when trustees became serious about building the foundation’s endowment. During the eight years that followed, the foundation’s endowment grew from $8.5 million to $40 million in 1989, when the foundation marked its 40th anniversary. 

Today, the foundation manages close to $1 billion in assets across more than 2,000 funds for research, patient care and educational support. Endowed funds account for $821.9 million of those resources. 

From the 1968 creation of Virginia Commonwealth University, to the 1974 founding of what would become VCU Massey Comprehensive Cancer Center, to the 1996 creation of a new state authority for VCU Health’s hospitals, the MCV Foundation has been here to support the next steps in patient care, research and education on the MCV Campus. 

Throughout these decades, volunteer board members, staff and supporters have worked steadily to grow the foundation’s endowed resources, strengthen the academic health system’s impact on people’s lives, and expand the dedicated circle of MCV Campus friends across Virginia and the world. A robust series of events, outreach and programs support those efforts, including the popular Discovery Series. 

A lot has changed, but one constant has been a steadfast commitment to supporting the excellent teaching, healing and discovery mission of VCU Health Sciences and VCU Health. The foundation has come a long way since its earliest days and balance sheets, and all of us are excited and inspired to see what comes next. 

If you’re interested in supporting the work of the MCV Foundation to fuel excellence in patient care, research and education on the MCV Campus, please contact Brian Thomas, executive vice president and chief development officer.