Civic Intelligence

Wave College Inc.

990 • Fiscal year 2015 • EIN 27-4269892

Jul 01, 2014 to Jun 30, 2015 • Filed on Oct 27, 2015

Organization ProfileWWW.WAVECOLLEGE.COM
1000 North Great Neck RoadVirginia Beach, VA 23454

(757) 481-5005

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$101,240

Up $18,157 (+22%) from 2014

Net Assets

Down

$59,190

Down $11,957 (-17%) from 2014

Liabilities

Up

$42,050

Up $30,114 (+252%) from 2014

Revenue And Expenses

Revenue

Up

$274,241

Up $29,146 (+12%) from 2014

Expenses

Up

$286,198

Up $31,178 (+12%) from 2014

Net Income

Down

-$11,957

Down $2,032 (-20%) from 2014

Historical Trend

Balance Sheet Trend

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

$300K$200K$100K$0Assets 2014: $83,083Liabilities 2014: $11,936Net Assets 2014: $71,1472014Assets 2015: $111,294Liabilities 2015: $38,700Net Assets 2015: $72,5942015Assets 2015: $101,240Liabilities 2015: $42,050Net Assets 2015: $59,1902015Assets 2016: $209,054Liabilities 2016: $79,085Net Assets 2016: $129,9692016Assets 2017: $188,898Liabilities 2017: $54,658Net Assets 2017: $134,2402017Assets 2018: $160,148Liabilities 2018: $35,039Net Assets 2018: $125,1092018Assets 2019: $167,417Liabilities 2019: $51,237Net Assets 2019: $116,1802019Assets 2022: $153,574Liabilities 2022: $53,412Net Assets 2022: $100,1622022Assets 2025: $330Net Assets 2025: $3302025

Highlighted filing

2015

Assets$101,240
Liabilities$42,050
Net Assets$59,190
Open 2015 Filing

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2014: $245,095Expenses 2014: $255,020Net Income 2014: -$9,9252014Revenue 2015: $287,645Expenses 2015: $286,198Net Income 2015: $1,4472015Revenue 2015: $274,241Expenses 2015: $286,198Net Income 2015: -$11,9572015Revenue 2016: $441,531Expenses 2016: $384,157Net Income 2016: $57,3742016Revenue 2017: $517,596Expenses 2017: $513,325Net Income 2017: $4,2712017Revenue 2018: $564,109Expenses 2018: $573,240Net Income 2018: -$9,1312018Revenue 2019: $541,077Expenses 2019: $550,006Net Income 2019: -$8,9292019Revenue 2022: $878,283Expenses 2022: $946,458Net Income 2022: -$68,1752022Revenue 2025: $15,076Expenses 2025: $20,233Net Income 2025: -$5,1572025

Highlighted filing

2015

Revenue$274,241
Expenses$286,198
Net Income-$11,957
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Oct 27, 2015
Return Version
2014v5.0
Gross Receipts
$285,411
Mission and Program Overview

Mission

The mission of wave leadership college, as an experience-rich, academically-adept institution of biblical higher education, is to equip christian leaders to transform their communities for the glory of god.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$23,850$64,426▲ $40,576
Accounts Receivable$10,064$17,692▲ $7,628
Cash and Non-Interest-Bearing Accounts$49,169$14,710▼ $34,459
Prepaid Expenses and Deferred Charges-$4,412-
Total Assets$83,083$101,240▲ $18,157
Liabilities
Other Liabilities$5,582$22,203▲ $16,621
Accounts Payable and Accrued Expenses$3,638$12,631▲ $8,993
Deferred Revenue$2,716$7,216▲ $4,500
Total Liabilities$11,936$42,050▲ $30,114
Net Assets / Fund Balance
Unrestricted Net Assets$58,147$59,190▲ $1,043
Temporarily Rstr Net Assets$13,000--
Total Net Assets Fund Balance$71,147$59,190▼ $11,957
Total Liabilities and Net Assets / Fund Balance$83,083$101,240▲ $18,157

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$44,554$3,088$47,642
Equipment$19,872$8,165$28,037
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Derek HolserExecutive ViFT$45,000$45,000

Board Members and Trustees

NameTitle
Mark EdwardsChairman
Pastor Steve KellyPresident
Bert WimberleyDirector
Gayle TechanchukDirector
James ShupertDirector
Jurgen MatthesiusDirector
Mark HopkinsDirector
John OsteenTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$100,500
Program Service Revenue
$168,087
Investment Income
$0
Other Revenue
$5,654
All Other Contributions
$100,500
Change in Net Assets
$-11,957

Audited Revenue Reconciliation

Revenue per Audited Statements
$274,241
Total Revenue per Audited Statements
$274,241
Total Revenue per Form 990
$274,241
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$143,809
Other Expenses$142,389
Total Fundraising Expense$4,941
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$76,716$9,025$4,513$90,254
Current Officers, Directors, Trustees, and Key Employees$40,500$4,500-$45,000
All Other Expenses$18,091$6,357-$24,448
Occupancy$21,600$2,400-$24,000
Other Expenses$8,999--$8,999
Payroll Taxes$7,271$856$428$8,555
Depreciation Depletion$6,358$707-$7,065
Fees for Services Accounting$4,500$500-$5,000
Travel$4,715--$4,715
Information Technology$621$1,105-$1,726
Office Expenses-$1,254-$1,254
Fees for Services Legal$485$54-$539
Total Functional Expenses$254,499$26,758$4,941$286,198

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$286,198
Total Expenses per Audited Statements$286,198
Total Expenses per Form 990$286,198
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$16,824
Fundraising Direct Expenses$11,170
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$14,260$14,260$11,170$3,090
Total Events$14,260$14,260$11,170$3,090
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payables - Other$22,203
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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 reviews and approves the 990 prepared by a qualified independent accounting firm.”

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

“Annually the board reviews the conflict of interest policy.”

Form 990, Page 6, Part VI, Line 19

“Documents are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Wave College Inc
EIN
27-4269892
Phone
7574815005
Address
1000 NORTH GREAT NECK ROAD, VIRGINIA BEACH, VA 23454
Doing Business As
Wave Leadership College Inc

Signing Officer

Name
Derek Holser
Title
Executive Vice Pres.
Phone
7574815005
Signed
2015-10-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Derek Holser Executive Vice Pres
Formed
2010
Legal Domicile
Va
Voting Board Members
8
Independent Board Members
8
Employees
5
Volunteers
25

Preparer

Firm
Barnes Brock Cornwell & Painter Plc
Address
908 EDEN WAY N STE 201, CHESAPEAKE, VA 23320-2640
Preparer
Kimberly C Painter
Phone
7579615017
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“Liability for uncertain tax positions under fin 48 footnote: the organization adopted the recognition requirements for uncertain income tax positions as required by generally accepted accounting principles, with no cumulative effect adjustment required. Income tax benefits are recognized for income tax positions taken or expected to be taken in a return, only when it is determined that the income tax position will more- likely-than-not be sustained upon examination by taxing authorities. The organization has analyzed the tax positions taken in its filings with the internal revenue service. The organization believes that its income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse affect on the organization's financial condition, results of operations or cash flows. Accordingly, the organization has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at june 30, 2015.”

Schedule D, Page 4, Part XIII

“The organization's federal return of organization exempt from income tax (form 990) for 2014, 2013, and 2012 are subject to examination by the irs, generally for three years after they were filed.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0LIABILITY FOR UNCERTAIN TAX POSITIONS UNDER FIN 48 FOOTNOTE: THE ORGANIZATION ADOPTED THE RECOGNITION REQUIREMENTS FOR UNCERTAIN INCOME TAX POSITIONS AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, WITH NO CUMULATIVE EFFECT ADJUSTMENT REQUIRED. INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE- LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE ORGANIZATION HAS ANALYZED THE TAX POSITIONS TAKEN IN ITS FILINGS WITH THE INTERNAL REVENUE SERVICE. THE ORGANIZATION BELIEVES THAT ITS INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE AFFECT ON THE ORGANIZATION'S FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, THE ORGANIZATION HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2015.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S FEDERAL RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) FOR 2014, 2013, AND 2012 ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XIII
IRS990ScheduleD/TotalBookValueLandBuildingsAmt064426
IRS990ScheduleD/TotalExpensesPerForm990Amt0286198
IRS990ScheduleD/TotalLiabilityAmt022203
IRS990ScheduleD/TotalRevenuePerForm990Amt0274241
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0274241
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0286198
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0POLICY IS PRINTED ON LITERATURE AND PRINT ADS USED FOR MARKETING AND SOLICITATION AS WELL AS POSTED ON THE ORGANIZATION'S WEBSITE.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION RECEIVES FEDERAL FUNDING, PELL GRANTS AND DIRECT LOANS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, LINE 6
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt011170
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0GOLF TOURNAMENT
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt014260
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt014260
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt014260
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt014260
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt03090
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt011170
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt011170
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD REVIEWS AND APPROVES THE 990 PREPARED BY A QUALIFIED INDEPENDENT ACCOUNTING FIRM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ANNUALLY THE BOARD REVIEWS THE CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt013000
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt083083
IRS990/TotalAssetsEOYAmt0101240
IRS990/TotalAssetsGrp/BOYAmt083083
IRS990/TotalAssetsGrp/EOYAmt0101240
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0100500
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt04941
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt026758
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0254499
IRS990/TotalFunctionalExpensesGrp/TotalAmt0286198
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt011936
IRS990/TotalLiabilitiesEOYAmt042050
IRS990/TotalLiabilitiesGrp/BOYAmt011936
IRS990/TotalLiabilitiesGrp/EOYAmt042050
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt071147
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt059190
IRS990/TotalProgramServiceExpensesAmt0254499
IRS990/TotalProgramServiceRevenueAmt0168087
IRS990/TotalReportableCompFromOrgAmt045000
IRS990/TotalRevenueGrp/ExclusionAmt05654
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0168087
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0274241
IRS990/TotalVolunteersCnt025
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt083083
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0101240
IRS990/TravelGrp/ProgramServicesAmt04715
IRS990/TravelGrp/TotalAmt04715
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt058147
IRS990/UnrestrictedNetAssetsGrp/EOYAmt059190
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01000 NORTH GREAT NECK ROAD
IRS990/USAddress/CityNm0VIRGINIA BEACH
IRS990/USAddress/StateAbbreviationCd0VA
IRS990/USAddress/ZIPCd023454
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0WWW.WAVECOLLEGE.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02016-04-25 22:37:26Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0DEREK HOLSER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE VICE PRES.
ReturnHeader/BusinessOfficerGrp/PhoneNum07574815005
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-10-27
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0WAVE COLLEGE INC
ReturnHeader/Filer/BusinessNameControlTxt0WAVE
ReturnHeader/Filer/EIN0274269892
ReturnHeader/Filer/PhoneNum07574815005
ReturnHeader/Filer/USAddress/AddressLine1Txt01000 NORTH GREAT NECK ROAD
ReturnHeader/Filer/USAddress/CityNm0VIRGINIA BEACH
ReturnHeader/Filer/USAddress/StateAbbreviationCd0VA
ReturnHeader/Filer/USAddress/ZIPCd023454
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0200221868
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BARNES BROCK CORNWELL & PAINTER PLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0908 EDEN WAY N STE 201
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CHESAPEAKE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0VA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0233202640

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$101,240
Liabilities
$42,050
Net assets
$59,190
Revenue
$274,241
Expenses
$286,198
Net income
-$11,957
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.15$0.20$0.05
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.54$0.53$1.00$8.78$9.46$0.68
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.67$0.51$1.16$5.41$5.50$0.09
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.60$0.35$1.25$5.64$5.73$0.09
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.89$0.55$1.34$5.18$5.13$0.04
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.09$0.79$1.30$4.42$3.84$0.57
2015Detailed filing. Detailed filing data is available for this year.$1.11$0.39$0.73$2.88$2.86$0.01
2015Detailed filing. Detailed filing data is available for this year.$1.01$0.42$0.59$2.74$2.86$0.12
2014Detailed filing. Detailed filing data is available for this year.$0.83$0.12$0.71$2.45$2.55$0.10