Over 80 higher education leaders from 70 public colleges and universities contributed to the development of the VSA program and data reporting template during 2007.

The initial development and implementation of the VSA was funded by two grants from the Lumina Foundation as well as in kind contributions by participating institutions.

The concept of the VSA was first outlined in a 2006 discussion paper shared broadly among the members of (A٠P٠L٠U) and AASCU. The paper and its two subsequent updates formed the basis for discussions among education officials, policy-makers, and academic leaders and ultimately the creation of the VSA.