The Jackson-Hope Fund operates under the auspices of the VMI Foundation. It is governed by an independent Board of Overseers composed of voting members, who are major donors to the fund, and non-voting members, the presidents of the VMI Board of Visitors and the VMI Foundation Board.

Each year, the dean of the faculty develops specific requests for grants for academic projects that are endorsed by the superintendent as being consistent with the Institute’s long-range academic plan.

The dean then presents the proposals to the Board of Overseers for its consideration and approval. The proposals are accompanied by a set of measurable benchmarks by which success can be judged.

After approving a grant, the Board of Overseers monitors funded project reports and determines their effectiveness, success, and relevance. Reports serve as audits and are communicated to alumni annually.

Grants are subject to termination if a project does not meet agreed-upon performance and relevant benchmarks. Given the level of support, the Fund’s overseers have justifiably high standards as they review reports on the use of the funds, and they expect a high level of return in improvements to the Institute’s academic life.