Civic Intelligence

Wave College Inc.

990 • Fiscal year 2019 • EIN 27-4269892

Jul 01, 2018 to Jun 30, 2019 • Filed on Nov 25, 2019

Organization ProfileWWW.WAVECOLLEGE.COM
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

79th percentile

0.31x

Higher debt load relative to assets than 79% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

66th percentile

0.09x

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

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Net Margin

34th percentile

-1.7%

Higher net margin than 34% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

50th percentile

$0

Higher top officer pay than 50% of similar nonprofits.

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

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Asset Growth

54th percentile

4.5%

Faster asset growth than 54% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

33rd percentile

-4.1%

Faster revenue growth than 33% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$167,417

Up $7,269 (+4.5%) from 2018

Net Assets

Down

$116,180

Down $8,929 (-7.1%) from 2018

Liabilities

Up

$51,237

Up $16,198 (+46%) from 2018

Revenue And Expenses
Liabilities / Revenue66th percentileNet Margin34th percentile

Revenue

Down

$541,077

Down $23,032 (-4.1%) from 2018

Expenses

Down

$550,006

Down $23,234 (-4.1%) from 2018

Net Income

Up

-$8,929

Up $202 (+2.2%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth54th percentile

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

2019

Assets$167,417
Liabilities$51,237
Net Assets$116,180
Open 2019 Filing

Operations Trend

Revenue Growth33rd percentile

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

2019

Revenue$541,077
Expenses$550,006
Net Income-$8,929
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Nov 25, 2019
Return Version
2018v3.2
Gross Receipts
$542,131
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$95,307$81,299▼ $14,008
Accounts Receivable$58,652$52,269▼ $6,383
Cash and Non-Interest-Bearing Accounts$6,189$33,849▲ $27,660
Total Assets$160,148$167,417▲ $7,269
Liabilities
Unsecured Notes Loans Payable-$30,000-
Other Liabilities$18,000--
Accounts Payable and Accrued Expenses$15,849$13,237▼ $2,612
Mortgage Notes Payable Secured by Investment Property$1,190$8,000▲ $6,810
Total Liabilities$35,039$51,237▲ $16,198
Net Assets / Fund Balance
Unrestricted Net Assets$125,109$116,180▼ $8,929
Total Net Assets Fund Balance$125,109$116,180▼ $8,929
Total Liabilities and Net Assets / Fund Balance$160,148$167,417▲ $7,269

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$33,228$68,589$101,817
Leasehold Improvements$48,071$44,125$92,196
Compensation and Service Providers
Top Officer Pay50th percentile

Board Members and Trustees

NameTitle
Reverend Mark EdwardsChairman
Reverend Steve KellyPresident
Devon ChandlerDirector
Jason SwangoDirector
Jeff TouraultDirector
Reverend Kevin GreenDirector
Sarah L HummelExecutive Vi
Robert SlowikSecretary
Reverend Mark HopkinsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$252,071
Program Service Revenue
$272,750
Investment Income
$0
Other Revenue
$16,256
All Other Contributions
$252,071
Change in Net Assets
$-8,929

Audited Revenue Reconciliation

Revenue per Audited Statements
$541,077
Revenue Not Reported on Form 990
$7,430
Total Revenue per Audited Statements
$548,507
Total Revenue per Form 990
$541,077
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$334,713
Other Expenses$215,293
Total Fundraising Expense$14,243
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$226,681$26,055$7,817$260,553
Information Technology$15,198$26,053$2,171$43,422
Comp Disqual Persons$37,374$4,296$1,288$42,958
Payroll Taxes$27,146$3,120$936$31,202
Depreciation Depletion$23,266$2,585-$25,851
All Other Expenses$21,169$643-$21,812
Other Expenses$13,127$20,734$1,091$13,127
Occupancy$10,753$1,195-$11,948
Advertising$8,455-$940$9,395
Office Expenses$7,451--$7,451
Fees for Services Accounting$4,950$550-$5,500
Travel$2,977--$2,977
Interest$666$74-$740
Total Functional Expenses$450,458$85,305$14,243$550,006

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$557,436
Expenses per Audited Statements$550,006
Total Expenses per Form 990$550,006
Expenses Not Reported on Form 990$7,430
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$17,310
Fundraising Direct Expenses$1,054
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$16,925$16,925$1,054$15,871
Total Events$16,925$16,925$1,054$15,871
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
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
Sarah L Hummel
Title
Executive Vice Pres
Phone
7574815005
Signed
2019-11-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sarah L Hummel
Formed
2010
Legal Domicile
Va
Voting Board Members
8
Independent Board Members
8
Employees
13
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

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

“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, 2019.”

Schedule D, Page 4, Part XIII

“The organization's federal return of organization exempt from income tax (form 990) for 2019, 2018, 2017, and 2016 are subject to examination by the irs, generally for three years after they were filed.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE 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, 2019.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S FEDERAL RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) FOR 2019, 2018, 2017, AND 2016 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
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IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
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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
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IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0GOLF TOURNAMENT
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IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt01054
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
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IRS990/USAddress/AddressLine1Txt01000 N GREAT NECK ROAD
IRS990/USAddress/CityNm0VIRGINIA BEACH
IRS990/USAddress/StateAbbreviationCd0VA
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IRS990/WebsiteAddressTxt0WWW.WAVECOLLEGE.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02020-09-23 17:36:50Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0SARAH L HUMMEL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE VICE PRES
ReturnHeader/BusinessOfficerGrp/PhoneNum07574815005
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-11-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0WAVE COLLEGE INC
ReturnHeader/Filer/BusinessNameControlTxt0WAVE
ReturnHeader/Filer/EIN0274269892

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$167,417
Liabilities
$51,237
Net assets
$116,180
Revenue
$541,077
Expenses
$550,006
Net income
-$8,929
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
2019Detailed filing. Detailed filing data is available for this year.$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
2014Detailed filing. Detailed filing data is available for this year.$0.83$0.12$0.71$2.45$2.55$0.10
Peer Organizations

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