Civic Intelligence

Wave College Inc.

990 • Fiscal year 2017 • EIN 27-4269892

Jul 01, 2016 to Jun 30, 2017 • Filed on Oct 14, 2017

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

77th percentile

0.29x

Higher debt load relative to assets than 77% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Liabilities / Revenue

66th percentile

0.11x

Higher debt load relative to revenue than 66% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Net Margin

42nd percentile

0.8%

Higher net margin than 42% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Top Officer Pay

63rd percentile

$46,125

Higher top officer pay than 63% of similar nonprofits.

Top officer pay equals 8.9% of source-year revenue.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Asset Growth

16th percentile

-9.6%

Faster asset growth than 16% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2016 to 2017

Revenue Growth

68th percentile

17%

Faster revenue growth than 68% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2016 to 2017

Assets

Down

$188,898

Down $20,156 (-9.6%) from 2016

Net Assets

Up

$134,240

Up $4,271 (+3.3%) from 2016

Liabilities

Down

$54,658

Down $24,427 (-31%) from 2016

Revenue

Up

$517,596

Up $76,065 (+17%) from 2016

Expenses

Up

$513,325

Up $129,168 (+34%) from 2016

Net Income

Down

$4,271

Down $53,103 (-93%) from 2016

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

2017

Assets$188,898
Liabilities$54,658
Net Assets$134,240

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

2017

Revenue$517,596
Expenses$513,325
Net Income$4,271
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Oct 14, 2017
Return Version
2016v3.0
Gross Receipts
$521,854
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.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$134,113$111,385▼ $22,728
Accounts Receivable$34,580$52,031▲ $17,451
Cash and Non-Interest-Bearing Accounts$40,361$25,482▼ $14,879
Total Assets$209,054$188,898▼ $20,156
Liabilities
Accounts Payable and Accrued Expenses$12,305$18,760▲ $6,455
Mortgage Notes Payable Secured by Investment Property$41,352$16,011▼ $25,341
Deferred Revenue$4,725$13,887▲ $9,162
Other Liabilities$20,703$6,000▼ $14,703
Total Liabilities$79,085$54,658▼ $24,427
Net Assets / Fund Balance
Unrestricted Net Assets$129,969$134,240▲ $4,271
Total Net Assets Fund Balance$129,969$134,240▲ $4,271
Total Liabilities and Net Assets / Fund Balance$209,054$188,898▼ $20,156

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$53,442$36,532$89,974
Leasehold Improvements$57,943$18,461$76,404
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Derek HolserExecutive ViFT$46,125$46,125

Board Members and Trustees

NameTitle
Mark EdwardsChairman
Pastor Steve KellyPresident
Bert WimberleyDirector
Gayle TechanchukDirector
Jeff TouraultDirector
Jurgen MatthesiusDirector
Kevin GreenDirector
James ShupertSecretary
Mark HopkinsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$183,316
Program Service Revenue
$326,417
Investment Income
$0
Other Revenue
$7,863
All Other Contributions
$183,316
Change in Net Assets
$4,271

Audited Revenue Reconciliation

Revenue per Audited Statements
$517,596
Revenue Not Reported on Form 990
$14,000
Total Revenue per Audited Statements
$531,596
Total Revenue per Form 990
$517,596
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$263,448
Other Expenses$249,877
Total Fundraising Expense$10,791
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$168,529$19,827$9,913$198,269
Occupancy$64,800$7,200-$72,000
Current Officers, Directors, Trustees, and Key Employees$42,863$4,762-$47,625
All Other Expenses$23,639$1,920-$25,559
Depreciation Depletion$21,299$2,367-$23,666
Payroll Taxes$14,921$1,755$878$17,554
Information Technology$5,388$9,579-$14,967
Other Expenses$8,484$22,724-$8,484
Fees for Services Accounting$7,286$810-$8,096
Office Expenses-$3,731-$3,731
Travel$3,142--$3,142
Interest$970$108-$1,078
Total Functional Expenses$427,751$74,783$10,791$513,325

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$527,325
Expenses per Audited Statements$513,325
Total Expenses per Form 990$513,325
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 Gross Income$12,121
Fundraising Direct Expenses$4,258
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$6,000
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
2017-10-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Derek Holser
Formed
2010
Legal Domicile
Va
Voting Board Members
9
Independent Board Members
9
Employees
11
Volunteers
22

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

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

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

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, 2017.

Schedule D, Page 4, Part XIII

The organization's federal return of organization exempt from income tax (form 990) for 2016, 2015, 2014, and 2013 are subject to examination by the irs,generally for three years after they were filed.

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IRS990/PYSalariesCompEmpBnftPaidAmt0182111
IRS990/PYTotalExpensesAmt0384157
IRS990/PYTotalRevenueAmt0441531
IRS990/ReconcilationRevenueExpnssAmt04271
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0326417
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt014000
IRS990ScheduleD/DonatedServicesUseFcltsAmt014000
IRS990ScheduleD/EquipmentGrp/BookValueAmt053442
IRS990ScheduleD/EquipmentGrp/DepreciationAmt036532
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt089974
IRS990ScheduleD/ExpensesNotReportedAmt014000
IRS990ScheduleD/ExpensesSubtotalAmt0513325
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt057943
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt018461
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt076404
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt06000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PAYABLES - OTHER
IRS990ScheduleD/RevenueNotReportedAmt014000
IRS990ScheduleD/RevenueSubtotalAmt0517596
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, 2017.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S FEDERAL RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) FOR 2016, 2015, 2014, AND 2013 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/TotalBookValueLandBuildingsAmt0111385
IRS990ScheduleD/TotalExpensesPerForm990Amt0513325
IRS990ScheduleD/TotalLiabilityAmt06000
IRS990ScheduleD/TotalRevenuePerForm990Amt0517596
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0531596
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0527325
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 MISSION OF WAVE LEADERSHIP COLLEGE, AS AN EXPERIENCE-RICH, ACADEMICALLY-ADEPT INSTITUTION OF BIBLICAL HIGHER EDUCATION, IS TO EQUIP CHRISTIAN LEADERS TO BUILD THE LOCAL CHURCH AND TRANSFORM THEIR COMMUNITIES FOR THE GLORY OF GOD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD REVIEWS AND APPROVES THE 990 PREPARED BY A QUALIFIED INDEPENDENT ACCOUNTING FIRM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ANNUALLY THE BOARD REVIEWS THE CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0209054
IRS990/TotalAssetsEOYAmt0188898
IRS990/TotalAssetsGrp/BOYAmt0209054
IRS990/TotalAssetsGrp/EOYAmt0188898
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0183316
IRS990/TotalEmployeeCnt011
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt010791
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt074783
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0427751
IRS990/TotalFunctionalExpensesGrp/TotalAmt0513325
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt079085
IRS990/TotalLiabilitiesEOYAmt054658
IRS990/TotalLiabilitiesGrp/BOYAmt079085
IRS990/TotalLiabilitiesGrp/EOYAmt054658
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0129969
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0134240
IRS990/TotalProgramServiceExpensesAmt0427751
IRS990/TotalProgramServiceRevenueAmt0326417
IRS990/TotalReportableCompFromOrgAmt046125
IRS990/TotalRevenueGrp/ExclusionAmt07863
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0326417
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0517596
IRS990/TotalVolunteersCnt022
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0209054
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0188898
IRS990/TravelGrp/ProgramServicesAmt03142
IRS990/TravelGrp/TotalAmt03142
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0129969
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0134240
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01000 NORTH GREAT NECK RD
IRS990/USAddress/CityNm0VIRGINIA BEACH
IRS990/USAddress/StateAbbreviationCd0VA
IRS990/USAddress/ZIPCd023454
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
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/SignatureDt02017-10-14
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

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