Civic Intelligence

Virtu Foundation Inc.

990 • Fiscal year 2021 • EIN 23-2925319

Jan 01, 2021 to Dec 31, 2021 • Filed on Mar 27, 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

89th percentile

0.69x

Higher debt load relative to assets than 89% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

96th percentile

5.27x

Higher debt load relative to revenue than 96% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

97th percentile

87%

Higher net margin than 97% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

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.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Balance Sheet
Liabilities / Assets89th percentile

Assets

Up

$2,012,519

Up $1,726,690 (+604%) from 2015

Net Assets

$620,729

No earlier filing loaded for comparison.

Liabilities

Up

$1,391,790

Up $1,391,790 from 2015

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin97th percentile

Revenue

Up

$264,231

Up $115,394 (+78%) from 2015

Expenses

Up

$33,359

Up $9,562 (+40%) from 2015

Net Income

Up

$230,872

Up $105,832 (+85%) from 2015

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

2021

Assets$2,012,519
Liabilities$1,391,790
Net Assets$620,729
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

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

2021

Revenue$264,231
Expenses$33,359
Net Income$230,872
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Mar 27, 2024
Return Version
2021v4.0
Gross Receipts
$264,231
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 provides, to talented and needy young musicians, sringed instruments of a quality that will enhance their careers in music

Balance Sheet Detail
LineBeginningEndChange
Assets
Inventories for Sale or Use$1,326,850$1,331,200▲ $4,350
Investments Program Related$424,400$647,900▲ $223,500
Rtn Earn Endowment Incm Other Fnds$395,304$620,729▲ $225,425
Cash and Non-Interest-Bearing Accounts$29,937$25,715▼ $4,222
Investments in Publicly Traded Securities$4,221$4,221→ $0
Accounts Receivable$1,686$3,483▲ $1,797
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds-$0-
Total Assets$1,787,094$2,012,519▲ $225,425
Liabilities
Escrow Account Liability$1,391,790$1,391,790→ $0
Total Liabilities$1,391,790$1,391,790→ $0
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0--
Net Assets Without Donor Restrictions$0--
Total Net Assets Fund Balance$395,304$620,729▲ $225,425
Total Liabilities and Net Assets / Fund Balance$1,787,094$2,012,519▲ $225,425
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$28,386
Program Service Revenue
$235,766
Investment Income
$79
Other Revenue
$0
All Other Contributions
$28,386
Change in Net Assets
$230,872
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$16,109
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$17,250--$17,250
All Other Expenses$8,838--$8,838
Insurance$6,814--$6,814
Information Technology$457--$457
Total Functional Expenses$33,359$0$0$33,359
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
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

“Copies provided at Board of Directors meeting.”

Part VI, Line 19

“Documents provided upon request from the public. Financial statements posted on website.”

Filing and Contact Details

Filer

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

Signing Officer

Name
Curtis Peterson
Title
President
Signed
2024-03-27

Organization Details

Formed
1997
Legal Domicile
Md
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7
Supplemental Narrative

Additional Explanations

Part V, Line 3B

“The Foundation has no employees.”

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IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01787094
IRS990/TotalAssetsEOYAmt02012519
IRS990/TotalAssetsGrp/BOYAmt01787094
IRS990/TotalAssetsGrp/EOYAmt02012519
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt028386
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt033359
IRS990/TotalFunctionalExpensesGrp/TotalAmt033359
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01391790
IRS990/TotalLiabilitiesEOYAmt01391790
IRS990/TotalLiabilitiesGrp/BOYAmt01391790
IRS990/TotalLiabilitiesGrp/EOYAmt01391790
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0395304
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0620729
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt033360
IRS990/TotalProgramServiceRevenueAmt0235766
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0235845
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0264231
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt07
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01787094
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02012519
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TransactionWithControlEntInd0false
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02697 Browns Gap Turnpike
IRS990/USAddress/CityNm0Charlottesville
IRS990/USAddress/StateAbbreviationCd0VA
IRS990/USAddress/ZIPCd022901
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0virtufound.org
IRS990/WhistleblowerPolicyInd0false
ReasonableCauseExplanation/ExplanationTxt0On 3/8/24, by letter, the IRS, Department of Tax Exempt Entities, concluded that The Virtu Foundation should have filed a long form 990 instead of a postcard 990 for fiscal year 2021. This submission is complying with that request..
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0Curtis Peterson
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-03-27
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE VIRTU FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0VIRT
ReturnHeader/Filer/EIN0232925319
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO Box 5212
ReturnHeader/Filer/USAddress/CityNm0Charlottesville
ReturnHeader/Filer/USAddress/StateAbbreviationCd0VA
ReturnHeader/Filer/USAddress/ZIPCd022905
ReturnHeader/ReturnTs02024-03-27T10:56:05Z
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,012,519
Liabilities
$1,391,790
Net assets
$620,729
Revenue
$264,231
Expenses
$33,359
Net income
$230,872
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