CARY, N.C. -- The V Foundation, honoring the late basketball
coach Jim Valvano, will direct all donations in full toward cancer
The foundation has reached the point where it can cover
operating expenses from the investment income of its endowment
fund, foundation chairman Bob Lloyd said Monday.
"Donated money will not go to pay for administration and
overhead," Lloyd said. "It will go to research, so that we can
find cures for cancers. This is an extremely rewarding milestone
for The V Foundation."
The foundation was started in 1993 to honor the North Carolina State
coach and ESPN commentator who died of cancer. It has raised more
than $60 million and awarded cancer research grants in 36 states.
The fifth annual Jimmy V Women's Basketball Classic travels to
Rutgers, Valvano's alma mater. Rutgers was to host Duke (No. 5 ESPN/USA Today; No. 4 AP) on
Monday night. The 12th annual men's tournament starts Tuesday at
Madison Square Garden, with No. 21 Syracuse facing Oklahoma State
and Arizona (No. 15 ESPN/USA Today; No. 14 AP) meeting Louisville.