Adding Items To List Results In Duplicates?

I have this code to return a list of fund sources for our organization.

Dim FundSourceList As New List(Of FundSource)
Dim fs As New FundSource
If results.Count > 0 Then[code].....

The problem is that when I loop through the resulting FundSourceList all it shows is the last value. For example, if I have three fund sources (state, federal, athletic), then when I use this code to loop through all I get listed is athletic, athletic, athletic.

For Each FundSource In FundSources
Debug.Print(FundSource.FundDescription)
Next

So I change the code to this. I moved the creation of the fs variable inside the loop.

Dim results = From result In dsResult.Tables(0) Select result
Dim FundSourceList As New List(Of FundSource)
If results.Count > 0 Then[code]....

This works fine but now I'm creating a new class over and over again. It seems a little inefficient to me. Can I not create the class outside the loop and use it over and over again?