Civic Intelligence

Virtu Foundation Inc.

990 • Fiscal year 2022 • EIN 23-2925319

Jan 01, 2022 to Dec 31, 2022 • Filed on Feb 21, 2023

Organization ProfileVIRTUFOUND.ORG
PO Box 5212CHARLOTTESVIlLE, VA 22905-5212

(434) 823-1440

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

88th percentile

0.65x

Higher debt load relative to assets than 88% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

99th percentile

12.37x

Higher debt load relative to revenue than 99% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

94th percentile

70%

Higher net margin than 94% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

60th percentile

5.9%

Faster asset growth than 60% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

6th percentile

-58%

Faster revenue growth than 6% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$2,131,226

Up $118,707 (+5.9%) from 2021

Net Assets

Up

$754,936

Up $134,207 (+22%) from 2021

Liabilities

Down

$1,376,290

Down $15,500 (-1.1%) from 2021

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin94th percentile

Revenue

Down

$111,236

Down $152,995 (-58%) from 2021

Expenses

Up

$33,620

Up $261 (+0.8%) from 2021

Net Income

Down

$77,616

Down $153,256 (-66%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth60th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0Assets 2015: $285,829Liabilities 2015: $02015Assets 2021: $2,012,519Liabilities 2021: $1,391,790Net Assets 2021: $620,7292021Assets 2022: $2,131,226Liabilities 2022: $1,376,290Net Assets 2022: $754,9362022Assets 2023: $2,491,758Liabilities 2023: $1,477,290Net Assets 2023: $1,014,4682023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024Assets 2025: $1,976,444Liabilities 2025: $1,003,150Net Assets 2025: $973,2942025

Highlighted filing

2022

Assets$2,131,226
Liabilities$1,376,290
Net Assets$754,936
Open 2022 Filing

Operations Trend

Revenue Growth6th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$300K$200K$100K$0Revenue 2015: $148,837Expenses 2015: $23,797Net Income 2015: $125,0402015Revenue 2021: $264,231Expenses 2021: $33,359Net Income 2021: $230,8722021Revenue 2022: $111,236Expenses 2022: $33,620Net Income 2022: $77,6162022Revenue 2023: $82,592Expenses 2023: $49,424Net Income 2023: $33,1682023Revenue 2024: $41,541Expenses 2024: $28,917Net Income 2024: $12,6242024Revenue 2025: $107,311Expenses 2025: $31,129Net Income 2025: $76,1822025

Highlighted filing

2022

Revenue$111,236
Expenses$33,620
Net Income$77,616
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Feb 21, 2023
Return Version
2022v4.1
Gross Receipts
$111,236
Mission and Program Overview

Mission

Provides, by scholarships, stringed musical instruments to young students whose careers would benefit from having a better instrument +

The Foundation acquires stringed musical instruments and lends them to young musicians in need.

Balance Sheet Detail
LineBeginningEndChange
Assets
Inventories for Sale or Use$2,039,690$2,096,897▲ $57,207
Pd in Cap Srpls Land Bldg Eqp Fund$453,133$452,645▼ $488
Rtn Earn Endowment Incm Other Fnds$224,675$302,291▲ $77,616
Cash and Non-Interest-Bearing Accounts$25,686$30,107▲ $4,421
Investments in Publicly Traded Securities$4,222$4,222→ $0
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$2,069,598$2,131,226▲ $61,628
Other Assets Total$0$0→ $0
Liabilities
Escrow Account Liability$1,391,790$1,376,290▼ $15,500
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,391,790$1,376,290▼ $15,500
Net Assets / Fund Balance
Total Net Assets Fund Balance$677,808$754,936▲ $77,128
Total Liabilities and Net Assets / Fund Balance$2,069,598$2,131,226▲ $61,628
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Curtis PetersonPresident
George LeamanDirector
Jerry ShortDirector
Joel MostromDirector
Karen MostromDirector
Susanne Mueller-GroteDirector
Anne E ChapinSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$111,125
Program Service Revenue
$0
Investment Income
$111
Other Revenue
$0
All Other Contributions
$111,125
Change in Net Assets
$77,616
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$14,266
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members$19,354--$19,354
Insurance$8,523$0$0$8,523
Fees for Services Accounting$1,163$0$0$1,163
Advertising$1,125$0$0$1,125
Office Expenses$75$0$0$75
Total Functional Expenses$33,620$0$0$33,620
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Line 11B

“All board members are provided a written copy of the 990 report seven days prior filing.”

Part VI, Line 19

“Good public policy.”

Filing and Contact Details

Filer

Filer Name
Virtu Foundation Inc
EIN
23-2925319
In Care Of
% Curtis Peterson
Phone
4348231440
Address
PO BOX 5212, CHARLOTTESVIlLE, VA 22905-5212
Doing Business As
Above

Signing Officer

Name
Curtis Peterson
Title
President
Signed
2023-02-21
Discuss with paid preparer
No

Organization Details

Formed
1997
Legal Domicile
Md
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7
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IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt00
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt00
IRS990/NetAssetsOrFundBalancesBOYAmt0677808
IRS990/NetAssetsOrFundBalancesEOYAmt0754936
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt00
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetGainOrLossInvestmentsGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetIncmFromFundraisingEvtGrp/ExclusionAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetIncomeFromGamingGrp/ExclusionAmt00
IRS990/NetIncomeFromGamingGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetIncomeOrLossGrp/ExclusionAmt00
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt00
IRS990/NetRentalIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NoncashContributionsAmt023500
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/FundraisingAmt00
IRS990/OccupancyGrp/ManagementAndGeneralAmt00
IRS990/OccupancyGrp/ProgramServicesAmt00
IRS990/OccupancyGrp/TotalAmt00
IRS990/OfficeExpensesGrp/FundraisingAmt00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt00
IRS990/OfficeExpensesGrp/ProgramServicesAmt075
IRS990/OfficeExpensesGrp/TotalAmt075
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt00
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0Judging
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt00
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt10
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt20
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt30
IRS990/OtherExpensesGrp/ProgramServicesAmt03380
IRS990/OtherExpensesGrp/ProgramServicesAmt10
IRS990/OtherExpensesGrp/ProgramServicesAmt20
IRS990/OtherExpensesGrp/ProgramServicesAmt30
IRS990/OtherExpensesGrp/TotalAmt03380
IRS990/OtherExpensesGrp/TotalAmt10
IRS990/OtherExpensesGrp/TotalAmt20
IRS990/OtherExpensesGrp/TotalAmt30
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt00
IRS990/OtherRevenueMiscGrp/ExclusionAmt00
IRS990/OtherRevenueMiscGrp/ExclusionAmt10
IRS990/OtherRevenueMiscGrp/ExclusionAmt20
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt10
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt20
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt00
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt10
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt20
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt00
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt10
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt20
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt00
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt00
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/FundraisingAmt00
IRS990/PaymentsToAffiliatesGrp/ManagementAndGeneralAmt00
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt00
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt00
IRS990/PayrollTaxesGrp/ProgramServicesAmt00
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt0453133
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt0452645
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt00
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0Curtis Peterson
IRS990/PriorPeriodAdjustmentsAmt0-488
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/ExclusionAmt10

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,131,226
Liabilities
$1,376,290
Net assets
$754,936
Revenue
$111,236
Expenses
$33,620
Net income
$77,616
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.98$1.00$0.97$0.11$0.03$0.08
2024Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.04$0.03$0.01
2023Detailed filing. Detailed filing data is available for this year.$2.49$1.48$1.01$0.08$0.05$0.03
2022Detailed filing. Detailed filing data is available for this year.$2.13$1.38$0.75$0.11$0.03$0.08
2021Detailed filing. Detailed filing data is available for this year.$2.01$1.39$0.62$0.26$0.03$0.23
2015Summary only. Only limited summary data is available for this year.$0.29$0.00$0.15$0.02$0.13