Civic Intelligence

Virginia Beach Library Foundation

990 • Fiscal year 2024 • EIN 27-3077402

Jul 01, 2023 to Jun 30, 2024 • Filed on Sep 09, 2024

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

64th percentile

0.15x

Higher debt load relative to assets than 64% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

93rd percentile

1.91x

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

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

6th percentile

-51%

Higher net margin than 6% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

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

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

48th percentile

3.5%

Faster asset growth than 48% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

69th percentile

23%

Faster revenue growth than 69% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets64th percentile

Assets

Up

$1,957,515

Up $66,586 (+3.5%) from 2023

Net Assets

Up

$1,655,044

Up $32,558 (+2.0%) from 2023

Liabilities

Up

$302,471

Up $34,028 (+13%) from 2023

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin6th percentile

Revenue

Up

$158,365

Up $29,809 (+23%) from 2023

Expenses

Up

$239,513

Up $114,527 (+92%) from 2023

Net Income

Down

-$81,148

Down $84,718 (-2373%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth48th 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

2024

Assets$1,957,515
Liabilities$302,471
Net Assets$1,655,044
Open 2024 Filing

Operations Trend

Revenue Growth69th 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

2024

Revenue$158,365
Expenses$239,513
Net Income-$81,148
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Sep 9, 2024
Return Version
2023v5.0
Gross Receipts
$214,019
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$1,619,849$1,761,874▲ $142,025
Cash and Non-Interest-Bearing Accounts$267,080$191,641▼ $75,439
Total Assets$1,890,929$1,957,515▲ $66,586
Other Assets Total$4,000$4,000→ $0
Liabilities
Escrow Account Liability$260,229$301,936▲ $41,707
Accounts Payable and Accrued Expenses$8,214$535▼ $7,679
Total Liabilities$268,443$302,471▲ $34,028
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,537,418$1,566,380▲ $28,962
Net Assets Without Donor Restrictions$85,068$88,664▲ $3,596
Total Net Assets Fund Balance$1,622,486$1,655,044▲ $32,558
Total Liabilities and Net Assets / Fund Balance$1,890,929$1,957,515▲ $66,586

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
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Robert G Krebs JrPresident
Chelle DavisDirector
Kirkland Molloy KelleyDirector
Marcy SimsDirector
Morris H Fine EsqDirector
Nancy OliverDirector
Kimberly KnightExecutive Di
Karen BischoffSecretary
Michelle SweezeyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$77,857
Program Service Revenue
$0
Investment Income
$80,508
Other Revenue
$0
All Other Contributions
$77,857
Change in Net Assets
$-81,148
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$239,513
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
Advertising-$12,093-$12,093
Fees for Service Investment Mgmnt Fees-$10,303-$10,303
Fees for Services Accounting-$6,540-$6,540
Office Expenses-$1,132-$1,132
Other Expenses$203,023$764-$764
All Other Expenses-$674-$674
Total Functional Expenses$203,023$36,490$0$239,513
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
2024-09-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert G Krebs Jr
Formed
2009
Legal Domicile
Va
Voting Board Members
9
Independent Board Members
9
Employees
0

Preparer

Firm
Stewart & Company
Address
2940 N LYNNHAVEN RD, VIRGINIA BEACH, VA 23452
Preparer
W Kevin Stewart CPA
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 Appendix368 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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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.
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ReturnHeader/BuildTS02024-08-08 14:25:15Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0ROBERT G KREBS JR
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07573858128
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-09-09
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0STEWART & COMPANY
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0VIRGINIA BEACH
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ReturnHeader/PreparerPersonGrp/PhoneNum07574860114
ReturnHeader/PreparerPersonGrp/PreparationDt02024-09-09
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0W KEVIN STEWART CPA
ReturnHeader/ReturnTs02024-09-09T17:29:39-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,957,515
Liabilities
$302,471
Net assets
$1,655,044
Revenue
$158,365
Expenses
$239,513
Net income
-$81,148
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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2024 filings • 501(c)3 • $1M-$5M nonprofits