Civic Intelligence

Wave College Inc.

990 • Fiscal year 2016 • EIN 27-4269892

Jul 01, 2015 to Jun 30, 2016 • Filed on Oct 25, 2016

1000 North Great Neck RoadVirginia Beach, VA 23454

(757) 481-5005

Siviq Scores

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

Liabilities / Assets

87th percentile

0.38x

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

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Liabilities / Revenue

86th percentile

0.18x

Higher debt load relative to revenue than 86% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Net Margin

68th percentile

13%

Higher net margin than 68% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Top Officer Pay

91st percentile

$45,000

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 10.2% of source-year revenue.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Asset Growth

90th percentile

88%

Faster asset growth than 90% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Annualized from 2015 to 2016

Revenue Growth

87th percentile

53%

Faster revenue growth than 87% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Annualized from 2015 to 2016

Assets

Up

$209,054

Up $97,760 (+88%) from 2015

Net Assets

Up

$129,969

Up $57,375 (+79%) from 2015

Liabilities

Up

$79,085

Up $40,385 (+104%) from 2015

Revenue

Up

$441,531

Up $153,886 (+53%) from 2015

Expenses

Up

$384,157

Up $97,959 (+34%) from 2015

Net Income

Up

$57,374

Up $55,927 (+3865%) from 2015

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 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

2016

Assets$209,054
Liabilities$79,085
Net Assets$129,969

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 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

2016

Revenue$441,531
Expenses$384,157
Net Income$57,374
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Oct 25, 2016
Return Version
2015v2.1
Gross Receipts
$444,360
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$64,426$134,113▲ $69,687
Cash and Non-Interest-Bearing Accounts$14,710$40,361▲ $25,651
Accounts Receivable$27,746$34,580▲ $6,834
Prepaid Expenses and Deferred Charges$4,412--
Total Assets$111,294$209,054▲ $97,760
Liabilities
Mortgage Notes Payable Secured by Investment Property-$41,352-
Other Liabilities$22,203$20,703▼ $1,500
Accounts Payable and Accrued Expenses$12,631$12,305▼ $326
Deferred Revenue$3,865$4,725▲ $860
Total Liabilities$38,699$79,085▲ $40,386
Net Assets / Fund Balance
Unrestricted Net Assets$72,595$129,969▲ $57,374
Total Net Assets Fund Balance$72,595$129,969▲ $57,374
Total Liabilities and Net Assets / Fund Balance$111,294$209,054▲ $97,760

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$67,681$21,355$89,036
Leasehold Improvements$66,432$9,972$76,404
Compensation and Service Providers

Employees

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

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$87,665
Program Service Revenue
$354,135
Investment Income
$0
Other Revenue
$-269
All Other Contributions
$87,665
Change in Net Assets
$57,374

Audited Revenue Reconciliation

Revenue per Audited Statements
$441,531
Revenue Not Reported on Form 990
$14,000
Total Revenue per Audited Statements
$455,531
Total Revenue per Form 990
$441,531
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$202,046
Salaries, Compensation, and Employee Benefits$182,111
Total Fundraising Expense$6,856
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$106,942$12,581$6,291$125,814
Occupancy$43,200$4,800-$48,000
Current Officers, Directors, Trustees, and Key Employees$40,500$4,500-$45,000
Depreciation Depletion$18,067$2,008-$20,075
All Other Expenses$15,463$3,456-$18,919
Information Technology$4,890$8,693-$13,583
Payroll Taxes$9,602$1,130$565$11,297
Other Expenses$6,368$19,223-$6,368
Fees for Services Accounting$5,175$575-$5,750
Office Expenses-$4,342-$4,342
Travel$2,939--$2,939
Interest$2,101$234-$2,335
Fees for Services Legal$855$95-$950
Total Functional Expenses$315,664$61,637$6,856$384,157

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$398,157
Expenses per Audited Statements$384,157
Total Expenses per Form 990$384,157
Expenses Not Reported on Form 990$14,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$2,829
Fundraising Gross Income$2,560
Professional Fundraising Fees$0
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$20,703
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
2016-10-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Derek Holser
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, 2016.

Schedule D, Page 4, Part XIII

The organization's federal return of organization exempt from income tax (form 990) for 2015, 2014, 2013, and 2012 are subject to examination by the irs,generally for three years after they were filed.

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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/LeaseholdImprovementsGrp/BookValueAmt066432
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt09972
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt076404
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt020703
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PAYABLES - OTHER
IRS990ScheduleD/RevenueNotReportedAmt014000
IRS990ScheduleD/RevenueSubtotalAmt0441531
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, 2016.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S FEDERAL RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) FOR 2015, 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/TotalBookValueLandBuildingsAmt0134113
IRS990ScheduleD/TotalExpensesPerForm990Amt0384157
IRS990ScheduleD/TotalLiabilityAmt020703
IRS990ScheduleD/TotalRevenuePerForm990Amt0441531
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0455531
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0398157
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
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/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0111294
IRS990/TotalAssetsEOYAmt0209054
IRS990/TotalAssetsGrp/BOYAmt0111294
IRS990/TotalAssetsGrp/EOYAmt0209054
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt087665
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt06856
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt061637
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0315664
IRS990/TotalFunctionalExpensesGrp/TotalAmt0384157
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt038699
IRS990/TotalLiabilitiesEOYAmt079085
IRS990/TotalLiabilitiesGrp/BOYAmt038699
IRS990/TotalLiabilitiesGrp/EOYAmt079085
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt072595
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0129969
IRS990/TotalProgramServiceExpensesAmt0315664
IRS990/TotalProgramServiceRevenueAmt0354135
IRS990/TotalReportableCompFromOrgAmt045000
IRS990/TotalRevenueGrp/ExclusionAmt0-269
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0354135
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0441531
IRS990/TotalVolunteersCnt025
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0111294
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0209054
IRS990/TravelGrp/ProgramServicesAmt02939
IRS990/TravelGrp/TotalAmt02939
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt072595
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0129969
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01000 NORTH GREAT NECK RD
IRS990/USAddress/CityNm0VIRGINIA BEACH
IRS990/USAddress/StateAbbreviationCd0VA
IRS990/USAddress/ZIPCd023454
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0WWW.WAVECOLLEGE.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0DEREK HOLSER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE VICE PRES.
ReturnHeader/BusinessOfficerGrp/PhoneNum07574815005
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-10-25
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
ReturnHeader/PreparerPersonGrp/PhoneNum07579615017
ReturnHeader/PreparerPersonGrp/PreparationDt02016-11-04
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0KIMBERLY C PAINTER
ReturnHeader/ReturnTs02016-11-04T14:36:11-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-07-01
ReturnHeader/TaxPeriodEndDt02016-06-30
ReturnHeader/TaxYr02015

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