Civic Intelligence

Virginia Beach Library Foundation

990 • Fiscal year 2023 • EIN 27-3077402

Jul 01, 2022 to Jun 30, 2023 • Filed on Oct 23, 2023

Organization ProfileWWW.VBLIBRARYFOUNDATION.ORG

Refreshing map…

2416 Courthouse Drive Bldg 19Virginia Beach, VA 23456

(757) 385-8128

Siviq Scores

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

Liabilities / Assets

62nd percentile

0.14x

Higher debt load relative to assets than 62% of similar nonprofits.

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

Liabilities / Revenue

93rd percentile

2.09x

Higher debt load relative to revenue than 93% of similar nonprofits.

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

Net Margin

47th percentile

2.8%

Higher net margin than 47% 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

59th percentile

8.0%

Faster asset growth than 59% of similar nonprofits.

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

Revenue Growth

21st percentile

-15%

Faster revenue growth than 21% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets62nd percentile

Assets

Up

$1,890,929

Up $139,317 (+8.0%) from 2022

Net Assets

Up

$1,622,486

Up $103,980 (+6.8%) from 2022

Liabilities

Up

$268,443

Up $35,337 (+15%) from 2022

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin47th percentile

Revenue

Down

$128,556

Down $23,028 (-15%) from 2022

Expenses

Up

$124,986

Up $39,358 (+46%) from 2022

Net Income

Down

$3,570

Down $62,386 (-95%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth59th percentile

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

$3.0M$2.0M$1.0M$0Assets 2011: $1,305,511Liabilities 2011: $0Net Assets 2011: $1,305,5112011Assets 2012: $1,304,260Liabilities 2012: $0Net Assets 2012: $1,304,2602012Assets 2013: $1,250,207Liabilities 2013: $0Net Assets 2013: $1,250,2072013Assets 2014: $1,386,732Liabilities 2014: $10,627Net Assets 2014: $1,376,1052014Assets 2015: $1,450,948Liabilities 2015: $0Net Assets 2015: $1,450,9482015Assets 2016: $1,450,987Liabilities 2016: $0Net Assets 2016: $1,450,9872016Assets 2017: $1,446,859Liabilities 2017: $0Net Assets 2017: $1,446,8592017Assets 2019: $1,648,634Liabilities 2019: $208,749Net Assets 2019: $1,439,8852019Assets 2020: $1,651,499Liabilities 2020: $217,616Net Assets 2020: $1,433,8832020Assets 2021: $2,011,489Liabilities 2021: $271,991Net Assets 2021: $1,739,4982021Assets 2022: $1,751,612Liabilities 2022: $233,106Net Assets 2022: $1,518,5062022Assets 2023: $1,890,929Liabilities 2023: $268,443Net Assets 2023: $1,622,4862023Assets 2024: $1,957,515Liabilities 2024: $302,471Net Assets 2024: $1,655,0442024Assets 2025: $2,127,651Liabilities 2025: $336,097Net Assets 2025: $1,791,5542025

Highlighted filing

2023

Assets$1,890,929
Liabilities$268,443
Net Assets$1,622,486
Open 2023 Filing

Operations Trend

Revenue Growth21st percentile

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

$400K$300K$200K$100K$0-$100KExpenses 2011: $9,4692011Expenses 2012: $38,2962012Expenses 2013: $157,5182013Revenue 2014: $172,783Expenses 2014: $46,885Net Income 2014: $125,8982014Revenue 2015: $109,502Expenses 2015: $34,659Net Income 2015: $74,8432015Revenue 2016: $110,338Expenses 2016: $110,299Net Income 2016: $392016Revenue 2017: $134,222Expenses 2017: $138,350Net Income 2017: -$4,1282017Revenue 2019: $309,102Expenses 2019: $300,926Net Income 2019: $8,1762019Revenue 2020: $149,649Expenses 2020: $123,928Net Income 2020: $25,7212020Revenue 2021: $136,958Expenses 2021: $111,516Net Income 2021: $25,4422021Revenue 2022: $151,584Expenses 2022: $85,628Net Income 2022: $65,9562022Revenue 2023: $128,556Expenses 2023: $124,986Net Income 2023: $3,5702023Revenue 2024: $158,365Expenses 2024: $239,513Net Income 2024: -$81,1482024Revenue 2025: $146,350Expenses 2025: $112,750Net Income 2025: $33,6002025

Highlighted filing

2023

Revenue$128,556
Expenses$124,986
Net Income$3,570
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Oct 23, 2023
Return Version
2022v5.0
Gross Receipts
$209,441
Mission and Program Overview

Mission

To support the virginia beach public libraries

The virginia beach libary foundation's mission is to secure, manage, and invest publicly raised funds, gifts, and bequests in support of virginia beach libraries.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,528,721$1,619,849▲ $91,128
Cash and Non-Interest-Bearing Accounts$218,891$267,080▲ $48,189
Total Assets$1,751,612$1,890,929▲ $139,317
Other Assets Total$4,000$4,000→ $0
Liabilities
Escrow Account Liability$233,106$260,229▲ $27,123
Accounts Payable and Accrued Expenses-$8,214-
Total Liabilities$233,106$268,443▲ $35,337
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,439,134$1,537,418▲ $98,284
Net Assets Without Donor Restrictions$79,372$85,068▲ $5,696
Total Net Assets Fund Balance$1,518,506$1,622,486▲ $103,980
Total Liabilities and Net Assets / Fund Balance$1,751,612$1,890,929▲ $139,317

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$1,518,509$71,164▲ $157,802$78,474$1,622,488
2021$1,739,499$65,324▼ $200,688$61,117$1,518,508
2020$1,433,883$61,115▲ $356,016$70,588$1,739,499
2019$1,439,885$37,915▲ $80,009$91,349$1,433,881
2018$1,442,889$209,370▲ $88,552$59,674$1,439,885
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Robert G Krebs JrPresident
Chelle DavisDirector
Guy TowerDirector
Kirkland Molloy KelleyDirector
Marcy SimsDirector
Michelle SweezeyDirector
Morris H Fine EsqDirector
Nancy OliverDirector
Kimberly KnightExecutive Di
Karen BischoffSecretary
Eric FoxVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$71,165
Program Service Revenue
$0
Investment Income
$57,391
Other Revenue
$0
All Other Contributions
$71,165
Change in Net Assets
$3,570
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$124,986
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
Fees for Service Investment Mgmnt Fees-$9,093-$9,093
Advertising-$8,936-$8,936
Fees for Services Accounting-$5,850-$5,850
Other Expenses$78,474$4,239-$4,239
All Other Expenses-$1,238-$1,238
Office Expenses-$975-$975
Total Functional Expenses$78,474$46,512$0$124,986
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
Annual disclosure for covered persons
Yes
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

Form 990, Page 6, Part VI, Line 11B

“The board of directors review and approve form 990 before it is filed.”

Form 990, Page 6, Part VI, Line 12C

“The foundation by-laws require directors to comply with all virginia and local law concerning conflict of interest transactions as defined in va code section 13.1-871. Directors must disclose actual or potential conflicts to the board of directors.”

Form 990, Page 6, Part VI, Line 19

“The foundation makes it's form 990 available on guidestar.org, as well as upon request.”

Filing and Contact Details

Filer

Filer Name
Virginia Beach Library Foundation
EIN
27-3077402
Phone
7573858128
Address
2416 COURTHOUSE DRIVE BLDG 19, VIRGINIA BEACH, VA 23456

Signing Officer

Name
Robert G Krebs Jr
Title
President
Phone
7573858128
Signed
2023-10-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert G Krebs Jr
Formed
2009
Legal Domicile
Va
Voting Board Members
11
Independent Board Members
11
Employees
0

Preparer

Firm
Stewart & Company
Address
2940 N LYNNHAVEN RD, VIRGINIA BEACH, VA 23452
Preparer
William R Stewart
Phone
7574860114
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 2B

“The organization holds funds as intermediary for a separate organization - the friends of the library, as part of its endowment investments.”

Raw XML Appendix393 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HOLDS FUNDS AS INTERMEDIARY FOR A SEPARATE ORGANIZATION - THE FRIENDS OF THE LIBRARY, AS PART OF ITS ENDOWMENT INVESTMENTS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION BY-LAWS REQUIRE DIRECTORS TO COMPLY WITH ALL VIRGINIA AND LOCAL LAW CONCERNING CONFLICT OF INTEREST TRANSACTIONS AS DEFINED IN VA CODE SECTION 13.1-871. DIRECTORS MUST DISCLOSE ACTUAL OR POTENTIAL CONFLICTS TO THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FOUNDATION MAKES IT'S FORM 990 AVAILABLE ON GUIDESTAR.ORG, AS WELL AS UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0ROBERT G KREBS JR
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07573858128
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-10-23
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0VA
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ReturnHeader/PreparerPersonGrp/PhoneNum07574860114
ReturnHeader/PreparerPersonGrp/PreparationDt02023-10-23
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0WILLIAM R STEWART
ReturnHeader/ReturnTs02023-10-23T16:34:17-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0ROBERT
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0KREBS
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$1,890,929
Liabilities
$268,443
Net assets
$1,622,486
Revenue
$128,556
Expenses
$124,986
Net income
$3,570
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.13$0.34$1.79$0.15$0.11$0.03
2024Detailed filing. Detailed filing data is available for this year.$1.96$0.30$1.66$0.16$0.24$0.08
2023Detailed filing. Detailed filing data is available for this year.$1.89$0.27$1.62$0.13$0.12$0.00
2022Detailed filing. Detailed filing data is available for this year.$1.75$0.23$1.52$0.15$0.09$0.07
2021Detailed filing. Detailed filing data is available for this year.$2.01$0.27$1.74$0.14$0.11$0.03
2020Detailed filing. Detailed filing data is available for this year.$1.65$0.22$1.43$0.15$0.12$0.03
2019Detailed filing. Detailed filing data is available for this year.$1.65$0.21$1.44$0.31$0.30$0.01
2017Detailed filing. Detailed filing data is available for this year.$1.45$0.00$1.45$0.13$0.14$0.00
2016Detailed filing. Detailed filing data is available for this year.$1.45$0.00$1.45$0.11$0.11$0.00
2015Detailed filing. Detailed filing data is available for this year.$1.45$0.00$1.45$0.11$0.03$0.07
2014Detailed filing. Detailed filing data is available for this year.$1.39$0.01$1.38$0.17$0.05$0.13
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.25$0.00$1.25$0.16
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.30$0.00$1.30$0.04
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.31$0.00$1.31$0.01