The organization was founded in 1963 as the Virginia College Placement Association (VCPA). In 1995, VCPA merged with the Virginia Association for Cooperative Education (VACE), and was renamed the Virginia Association of Colleges and Employers (VACE). The corporation is non-profit and supported solely through its membership dues and registration fees for conferences and workshops. VACE is dedicated to enhancing the professional development of individuals working in the fields of career development, cooperative education and recruitment. 

From its small beginning of about 20 charter members, the organization has grown steadily. One membership meeting is held annually at the Annual Conference. The Board of Directors generally meets quarterly.

Throughout the years, VACE has attempted to respond to the changing needs of the membership through its informational and developmental programs and through activities that encourage information exchange. It is the responsibility of the Board of Directors to guide the organization in this effort and provide continuing professional development opportunities to the membership.