V Foundation to direct all donations to cancer research

Updated: December 4, 2006, 7:16 PM ET
Associated Press

CARY, N.C. -- The V Foundation, honoring the late basketball coach Jim Valvano, will direct all donations in full toward cancer research.

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.

Copyright 2006 by The Associated Press