Civic Intelligence

Wave College Inc.

990 • Fiscal year 2018 • EIN 27-4269892

Jul 01, 2017 to Jun 30, 2018 • Filed on Nov 12, 2018

1000 North Great Neck RoadVirginia Beach, VA 23454

(757) 401-6125

Siviq Scores

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

Liabilities / Assets

74th percentile

0.22x

Higher debt load relative to assets than 74% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

59th percentile

0.06x

Higher debt load relative to revenue than 59% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Net Margin

35th percentile

-1.6%

Higher net margin than 35% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

66th percentile

$50,792

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 9.0% of source-year revenue.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Asset Growth

12th percentile

-15%

Faster asset growth than 12% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

59th percentile

9.0%

Faster revenue growth than 59% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Assets

Down

$160,148

Down $28,750 (-15%) from 2017

Net Assets

Down

$125,109

Down $9,131 (-6.8%) from 2017

Liabilities

Down

$35,039

Down $19,619 (-36%) from 2017

Revenue

Up

$564,109

Up $46,513 (+9.0%) from 2017

Expenses

Up

$573,240

Up $59,915 (+12%) from 2017

Net Income

Down

-$9,131

Down $13,402 (-314%) from 2017

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

2018

Assets$160,148
Liabilities$35,039
Net Assets$125,109

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

2018

Revenue$564,109
Expenses$573,240
Net Income-$9,131
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Nov 12, 2018
Return Version
2017v2.3
Gross Receipts
$568,282
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$111,385$95,307▼ $16,078
Accounts Receivable$52,031$58,652▲ $6,621
Cash and Non-Interest-Bearing Accounts$25,482$6,189▼ $19,293
Total Assets$188,898$160,148▼ $28,750
Liabilities
Other Liabilities$6,000$18,000▲ $12,000
Accounts Payable and Accrued Expenses$18,760$15,849▼ $2,911
Deferred Revenue$13,887--
Mortgage Notes Payable Secured by Investment Property$16,011$1,190▼ $14,821
Total Liabilities$54,658$35,039▼ $19,619
Net Assets / Fund Balance
Unrestricted Net Assets$134,240$125,109▼ $9,131
Total Net Assets Fund Balance$134,240$125,109▼ $9,131
Total Liabilities and Net Assets / Fund Balance$188,898$160,148▼ $28,750

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$57,087$35,109$92,196
Equipment$38,220$51,754$89,974
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Derek HolserExecutive ViFT$50,792$50,792
Revenue and Support

Revenue Composition

Contributions and Grants
$164,559
Program Service Revenue
$390,613
Investment Income
$0
Other Revenue
$8,937
All Other Contributions
$164,559
Change in Net Assets
$-9,131

Audited Revenue Reconciliation

Revenue per Audited Statements
$564,109
Revenue Not Reported on Form 990
$12,000
Total Revenue per Audited Statements
$576,109
Total Revenue per Form 990
$564,109
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$302,267
Salaries, Compensation, and Employee Benefits$270,973
Total Fundraising Expense$11,018
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$170,786$20,093$10,046$200,925
Occupancy$64,800$7,200-$72,000
Current Officers, Directors, Trustees, and Key Employees$45,713$5,079-$50,792
Depreciation Depletion$28,684$3,187-$31,871
All Other Expenses$27,182$682-$27,864
Other Expenses$19,823$29,062-$19,823
Payroll Taxes$16,367$1,926$963$19,256
Information Technology$6,475$11,511-$17,986
Office Expenses-$7,841-$7,841
Fees for Services Accounting$5,265$585-$5,850
Travel$3,239--$3,239
Interest$379$42-$421
Insurance$149$18$9$176
Total Functional Expenses$474,996$87,226$11,018$573,240

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$585,240
Expenses per Audited Statements$573,240
Total Expenses per Form 990$573,240
Expenses Not Reported on Form 990$12,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$13,110
Fundraising Direct Expenses$4,173
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$18,000
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
7574016125
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
2018-11-12
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
12
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, 2018.

Schedule D, Page 4, Part XIII

The organization's federal return of organization exempt from income tax (form 990) for 2017, 2016, 2015, and 2014 are subject to examination by the irs,generally for three years after they were filed.

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IRS990ScheduleD/DonatedServicesAndUseFcltsAmt012000
IRS990ScheduleD/DonatedServicesUseFcltsAmt012000
IRS990ScheduleD/EquipmentGrp/BookValueAmt038220
IRS990ScheduleD/EquipmentGrp/DepreciationAmt051754
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt089974
IRS990ScheduleD/ExpensesNotReportedAmt012000
IRS990ScheduleD/ExpensesSubtotalAmt0573240
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt057087
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt035109
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt092196
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt018000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PAYABLES - OTHER
IRS990ScheduleD/RevenueNotReportedAmt012000
IRS990ScheduleD/RevenueSubtotalAmt0564109
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, 2018.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S FEDERAL RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) FOR 2017, 2016, 2015, AND 2014 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/TotalBookValueLandBuildingsAmt095307
IRS990ScheduleD/TotalExpensesPerForm990Amt0573240
IRS990ScheduleD/TotalLiabilityAmt018000
IRS990ScheduleD/TotalRevenuePerForm990Amt0564109
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0576109
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0585240
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/TotalAssetsBOYAmt0188898
IRS990/TotalAssetsEOYAmt0160148
IRS990/TotalAssetsGrp/BOYAmt0188898
IRS990/TotalAssetsGrp/EOYAmt0160148
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0164559
IRS990/TotalEmployeeCnt012
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt011018
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt087226
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0474996
IRS990/TotalFunctionalExpensesGrp/TotalAmt0573240
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt054658
IRS990/TotalLiabilitiesEOYAmt035039
IRS990/TotalLiabilitiesGrp/BOYAmt054658
IRS990/TotalLiabilitiesGrp/EOYAmt035039
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0134240
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0125109
IRS990/TotalProgramServiceExpensesAmt0474996
IRS990/TotalProgramServiceRevenueAmt0390613
IRS990/TotalReportableCompFromOrgAmt050792
IRS990/TotalRevenueGrp/ExclusionAmt08937
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0390613
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0564109
IRS990/TotalVolunteersCnt022
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0188898
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0160148
IRS990/TravelGrp/ProgramServicesAmt03239
IRS990/TravelGrp/TotalAmt03239
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0134240
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0125109
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/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0DEREK HOLSER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE VICE PRES.
ReturnHeader/BusinessOfficerGrp/PhoneNum07574815005
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-11-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0WAVE COLLEGE INC
ReturnHeader/Filer/BusinessNameControlTxt0WAVE
ReturnHeader/Filer/EIN0274269892
ReturnHeader/Filer/PhoneNum07574016125
ReturnHeader/Filer/USAddress/AddressLine1Txt01000 NORTH GREAT NECK ROAD
ReturnHeader/Filer/USAddress/CityNm0VIRGINIA BEACH
ReturnHeader/Filer/USAddress/StateAbbreviationCd0VA
ReturnHeader/Filer/USAddress/ZIPCd023454
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId07F96481C5B530990C7F638757D70C235DB316E18
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId011D08EB2F5BE2EC3AE7D51D9233745753A7734C1
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0167.68.16.49
ReturnHeader/FilingSecurityInformation/IPDt02018-11-15
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm007:20:50
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

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