Civic Intelligence

Virtu Foundation Inc.

990 • Fiscal year 2023 • EIN 23-2925319

Jan 01, 2023 to Dec 31, 2023 • Filed on Jan 16, 2024

Organization ProfileVirtufound.org
PO Box 5212Charlottesville, VA 22905

(434) 823-1440

Siviq Scores

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

Liabilities / Assets

87th percentile

0.59x

Higher debt load relative to assets than 87% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

99th percentile

17.89x

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

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

87th percentile

40%

Higher net margin than 87% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

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.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

73rd percentile

17%

Faster asset growth than 73% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

14th percentile

-26%

Faster revenue growth than 14% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$2,491,758

Up $360,532 (+17%) from 2022

Net Assets

Up

$1,014,468

Up $259,532 (+34%) from 2022

Liabilities

Up

$1,477,290

Up $101,000 (+7.3%) from 2022

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin87th percentile

Revenue

Down

$82,592

Down $28,644 (-26%) from 2022

Expenses

Up

$49,424

Up $15,804 (+47%) from 2022

Net Income

Down

$33,168

Down $44,448 (-57%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth73rd 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

2023

Assets$2,491,758
Liabilities$1,477,290
Net Assets$1,014,468
Open 2023 Filing

Operations Trend

Revenue Growth14th 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

2023

Revenue$82,592
Expenses$49,424
Net Income$33,168
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jan 16, 2024
Return Version
2023v4.0
Gross Receipts
$107,592
Mission and Program Overview

Mission

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

To provide stringed instruments to talented young musicians to assist in forwarding their education and careers.

Balance Sheet Detail
LineBeginningEndChange
Assets
Inventories for Sale or Use$2,096,720$2,391,392▲ $294,672
Cap Stk Tr Prin Current Funds$452,644$458,144▲ $5,500
Rtn Earn Endowment Incm Other Fnds$303,804$314,018▲ $10,214
Pd in Cap Srpls Land Bldg Eqp Fund-$242,304-
Savings and Temporary Cash Investments$1,824$30,000▲ $28,176
Investments Program Related$0$30,000▲ $30,000
Other Notes and Loans Receivable, Net$0$22,777▲ $22,777
Cash and Non-Interest-Bearing Accounts$28,092$13,368▼ $14,724
Investments in Publicly Traded Securities$4,221$4,221→ $0
Accounts Receivable$1,880$0▼ $1,880
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets-$0-
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$2,132,737$2,491,758▲ $359,021
Other Assets Total-$0-
Liabilities
Other Liabilities$0$1,457,790▲ $1,457,790
Escrow Account Liability$1,376,290$0▼ $1,376,290
Accounts Payable and Accrued Expenses$0$19,500▲ $19,500
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,376,290$1,477,290▲ $101,000
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,132,739$0▼ $2,132,739
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$756,448$1,014,466▲ $258,018
Total Liabilities and Net Assets / Fund Balance$2,132,738$2,491,756▲ $359,018
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$78,215
Investment Income
$117
Other Revenue
$4,260
All Other Contributions
$0
Change in Net Assets
$33,168
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$19,528
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$29,896--$29,896
Insurance$9,034--$9,034
Advertising$0$5,400-$5,400
Information Technology$0$3,020-$3,020
Fees for Services Accounting$0$1,830-$1,830
Fees for Services Legal$0$244-$244
Total Functional Expenses$38,930$10,494$0$49,424
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-
Receivables from Officers, Directors, Trustees, and Key Employees-$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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Line 11B

“Copy of 990 report issued to each board member.”

Part VI, Line 19

“Notice of availability upon request on website.”

Filing and Contact Details

Filer

Filer Name
Virtu Foundation Inc
EIN
23-2925319
Phone
4348231440
Address
PO Box 5212, Charlottesville, VA 22905

Signing Officer

Name
Curtis Peterson
Title
President
Phone
4348231440
Signed
2024-01-16

Organization Details

Principal Officer
Curtis Peterson
Formed
1997
Legal Domicile
Md
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
0
Supplemental Narrative

Additional Explanations

Part XI, Line 9

“Item 9, XI. The Foundation has adopted the policy of, now, every two years, reassessing the valuation of the inventory of instruments, both owned and borrowed, to reflect their current insurable values. In 2023 the portfolio was revalued to values equal to their insurance values. This was the first such re-valuation in two decades. The reassessment was in the amount of $280,850. No funds were involved.”

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IRS990/OccupancyGrp/TotalAmt00
IRS990/OfficeExpensesGrp/FundraisingAmt00
IRS990/OfficeExpensesGrp/TotalAmt00
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherChangesInNetAssetsAmt0280850
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt01457790
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/OtherSourcesGrossIncomeAmt00
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt00
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt022777
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt00
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ProgramServicesAmt00
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt0242304
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0Curtis Peterson
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0813211
IRS990/ProgramServiceRevenueGrp/Desc0Scholarships
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt078215
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt078215
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt015997
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0110
IRS990/PymtTravelEntrtnmntPubOfclGrp/ProgramServicesAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt017989
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0109404
IRS990/PYRevenuesLessExpensesAmt075528
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt033986
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0109514
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt033168
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RelatedOrganizationsAmt00
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/ReservesMaintainedAmt00
IRS990/RevenueAmt0363442
IRS990/RoyaltiesGrp/ProgramServicesAmt00
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/ExclusionAmt00
IRS990/RoyaltiesRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RoyaltiesRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0303804
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0314018
IRS990/SavingsAndTempCashInvstGrp/BOYAmt01824
IRS990/SavingsAndTempCashInvstGrp/EOYAmt030000
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/CurrentTaxYearAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/CurrentTaxYearMinus1YearAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt078214
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt0109401
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0235687
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt051746
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt03538
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt0478586
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/CurrentTaxYearAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/CurrentTaxYearMinus1YearAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt0117
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt0110
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt0103
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt0100
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt097
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0527
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt00
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt00
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt00
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/CurrentTaxYearAmt00
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/CurrentTaxYearMinus1YearAmt00

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,491,758
Liabilities
$1,477,290
Net assets
$1,014,468
Revenue
$82,592
Expenses
$49,424
Net income
$33,168
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