The California Institute of the Arts will become the parent institution of the Vermont College of Fine Arts under a recent deal reached by the two private nonprofits, VCFA announced Tuesday. Under the deal, VCFA will become a wholly owned subsidiary of CalArts. The two institutions will remain academically separate, with their own accreditation, trustee boards, faculty, degree programs and academic standards, a spokesperson for CalArts said on behalf of both institutions. Like many other small colleges, VCFA has seen enrollment declines over the past few years and has frequently run annual deficits. The institution said it sought to partner with CalArts because of the “extensive and dedicated resources” that it could offer.