Civic Intelligence

Wave College Inc.

990 • Fiscal year 2020 • EIN 27-4269892

Jul 01, 2019 to Jun 30, 2020 • Filed on May 14, 2021

1000 North Great Neck RdVirginia Beach, VA 23454

(757) 401-6125

Siviq Scores

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

Liabilities / Assets

81st percentile

0.42x

Higher debt load relative to assets than 81% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

62nd percentile

0.13x

Higher debt load relative to revenue than 62% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

44th percentile

3.0%

Higher net margin than 44% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

68th percentile

$53,000

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 6.8% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

81st percentile

44%

Faster asset growth than 81% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

84th percentile

44%

Faster revenue growth than 84% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Assets

Up

$241,229

Up $73,812 (+44%) from 2019

Net Assets

Up

$139,455

Up $23,275 (+20%) from 2019

Liabilities

Up

$101,774

Up $50,537 (+99%) from 2019

Revenue

Up

$777,551

Up $236,474 (+44%) from 2019

Expenses

Up

$754,276

Up $204,270 (+37%) from 2019

Net Income

Up

$23,275

Up $32,204 (+361%) from 2019

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 2020: $241,229Liabilities 2020: $101,774Net Assets 2020: $139,4552020Assets 2022: $153,574Liabilities 2022: $53,412Net Assets 2022: $100,1622022Assets 2025: $330Net Assets 2025: $3302025

Highlighted filing

2020

Assets$241,229
Liabilities$101,774
Net Assets$139,455

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 2020: $777,551Expenses 2020: $754,276Net Income 2020: $23,2752020Revenue 2022: $878,283Expenses 2022: $946,458Net Income 2022: -$68,1752022Revenue 2025: $15,076Expenses 2025: $20,233Net Income 2025: -$5,1572025

Highlighted filing

2020

Revenue$777,551
Expenses$754,276
Net Income$23,275
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 14, 2021
Return Version
2019v5.0
Gross Receipts
$779,165
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 a 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$81,299$151,143▲ $69,844
Cash and Non-Interest-Bearing Accounts$33,849$73,197▲ $39,348
Accounts Receivable$52,269$16,889▼ $35,380
Total Assets$167,417$241,229▲ $73,812
Liabilities
Unsecured Notes Loans Payable$30,000$30,000→ $0
Accounts Payable and Accrued Expenses$13,237$25,429▲ $12,192
Deferred Revenue-$23,758-
Mortgage Notes Payable Secured by Investment Property$8,000$20,000▲ $12,000
Other Liabilities-$2,587-
Total Liabilities$51,237$101,774▲ $50,537
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$116,180$139,455▲ $23,275
Total Net Assets Fund Balance$116,180$139,455▲ $23,275
Total Liabilities and Net Assets / Fund Balance$167,417$241,229▲ $73,812

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$24,295$77,522$101,817
Buildings$89,996$4,737$94,733
Leasehold Improvements$36,852$55,344$92,196
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Sarah HummelCEOFT$53,000$53,000

Board Members and Trustees

NameTitle
Mark EdwardsChairman
Steve KellyPresident
Derek HolserVice-chairma
Devon ChandlerDirector
Jeff TouraultDirector
Kevin GreenDirector
Robert SlowikSecretary
Mark HopkinsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$387,976
Program Service Revenue
$390,432
Investment Income
$5
Other Revenue
$-862
All Other Contributions
$303,402
Change in Net Assets
$23,275

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported Amount
Other Non Cash Contri Table1$94,732
Total Noncash Contributions1$94,732

Audited Revenue Reconciliation

Revenue per Audited Statements
$737,004
Revenue Not Reported on Financial Statements
$40,547
Revenue Not Reported on Form 990
$1,614
Other Revenue Adjustments
$40,547
Total Revenue per Audited Statements
$738,618
Total Revenue per Form 990
$777,551
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$394,322
Other Expenses$319,407
Grants and Similar Amounts Paid$40,547
Total Fundraising Expense$15,347
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$276,802$31,816$9,544$318,162
Occupancy$121,189$13,771$1,140$136,100
Current Officers, Directors, Trustees, and Key Employees$46,110$5,300$1,590$53,000
Grants to Domestic Individuals$40,547--$40,547
Other Expenses$21,902$2,489$498$24,889
Payroll Taxes$20,149$2,316$695$23,160
Information Technology$7,473$12,810$1,067$21,350
Fees for Services Other$16,601$1,845-$18,446
Office Expenses$11,243$1,278$256$12,777
Advertising$4,676-$520$5,196
Travel$3,442--$3,442
Interest$1,642$187$37$1,866
Conferences and Meetings$371--$371
Total Functional Expenses$666,462$72,467$15,347$754,276

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$754,276
Total Expenses per Audited Statements$715,343
Expenses per Audited Statements$713,729
Expenses Not Reported on Financial Statements$40,547
Other Expense Adjustments$40,547
Expenses Not Reported on Form 990$1,614
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$1,614
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
Other Liabilities$2,587
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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 form 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 RD, VIRGINIA BEACH, VA 23454
Doing Business As
Wave Leadership College Inc

Signing Officer

Name
Sarah Hummel
Title
CEO
Phone
7574016125
Signed
2021-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steve Kelly
Formed
2010
Legal Domicile
Va
Voting Board Members
7
Independent Board Members
7
Employees
11
Volunteers
25

Preparer

Firm
Moja & Company
Address
PO BOX 531, REIDSVILLE, GA 30453
Preparer
Dave Moja
Phone
3212589907
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The mission of wave leadership college, as a 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.

Form 990, Part XI, Line 9

Fundraising expenses 1,614 scholarships -40,547 fundraising expenses -1,614 scholarships 40,547

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

Fundraising expenses 1,614

Schedule D, Page 4, Part XI, Line 4B

SCHOLARSHIPS 40,547

Schedule D, Page 4, Part XII, Line 2D

Fundraising expenses 1,614

Schedule D, Page 4, Part XII, Line 4B

SCHOLARSHIPS 40,547

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IRS990/ProgramServiceRevenueGrp/BusinessCd1611600
IRS990/ProgramServiceRevenueGrp/Desc0TUITION AND FEES
IRS990/ProgramServiceRevenueGrp/Desc1AUXILIARY INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0322832
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt167600
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0322832
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt167600
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0252071
IRS990/PYExcessBenefitTransInd0false
IRS990/PYOtherExpensesAmt0215293
IRS990/PYOtherRevenueAmt016256
IRS990/PYProgramServiceRevenueAmt0272750
IRS990/PYRevenuesLessExpensesAmt0-8929
IRS990/PYSalariesCompEmpBnftPaidAmt0334713
IRS990/PYTotalExpensesAmt0550006
IRS990/PYTotalRevenueAmt0541077
IRS990/ReconcilationRevenueExpnssAmt023275
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0390432
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/BuildingsGrp/BookValueAmt089996
IRS990ScheduleD/BuildingsGrp/DepreciationAmt04737
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt094733
IRS990ScheduleD/EquipmentGrp/BookValueAmt024295
IRS990ScheduleD/EquipmentGrp/DepreciationAmt077522
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0101817
IRS990ScheduleD/ExpensesNotReportedAmt01614
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt040547
IRS990ScheduleD/ExpensesSubtotalAmt0713729
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt036852
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt055344
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt092196
IRS990ScheduleD/OtherExpensesIncludedAmt01614
IRS990ScheduleD/OtherExpensesNotIncludedAmt040547
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02587
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OTHER LIABILITIES
IRS990ScheduleD/OtherRevenueAmt01614
IRS990ScheduleD/OtherRevenuesNotIncludedAmt040547
IRS990ScheduleD/RevenueNotReportedAmt01614
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt040547
IRS990ScheduleD/RevenueSubtotalAmt0737004
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FUNDRAISING EXPENSES 1,614
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1SCHOLARSHIPS 40,547
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2FUNDRAISING EXPENSES 1,614
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3SCHOLARSHIPS 40,547
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XII, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3SCHEDULE D, PAGE 4, PART XII, LINE 4B
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0151143
IRS990ScheduleD/TotalExpensesPerForm990Amt0754276
IRS990ScheduleD/TotalLiabilityAmt02587
IRS990ScheduleD/TotalRevenuePerForm990Amt0777551
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0738618
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0715343
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 IN THE FORM OF PELL GRANTS AND DIRECT LOANS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, LINE 6
IRS990ScheduleI/GrantRecordsMaintainedInd0false
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt040547
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0SCHOLARSHIPS
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt037
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd0false
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt01
IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd0X
IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt094732
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd0false
IRS990ScheduleM/ThirdPartiesUsedInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE MISSION OF WAVE LEADERSHIP COLLEGE, AS A 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 FORM 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/ExplanationTxt4FUNDRAISING EXPENSES 1,614 SCHOLARSHIPS -40,547 FUNDRAISING EXPENSES -1,614 SCHOLARSHIPS 40,547
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0167417
IRS990/TotalAssetsEOYAmt0241229
IRS990/TotalAssetsGrp/BOYAmt0167417
IRS990/TotalAssetsGrp/EOYAmt0241229
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0387976
IRS990/TotalEmployeeCnt011
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt015347
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt072467
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0666462
IRS990/TotalFunctionalExpensesGrp/TotalAmt0754276
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt051237
IRS990/TotalLiabilitiesEOYAmt0101774
IRS990/TotalLiabilitiesGrp/BOYAmt051237
IRS990/TotalLiabilitiesGrp/EOYAmt0101774
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0116180
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0139455
IRS990/TotalProgramServiceExpensesAmt0666462
IRS990/TotalProgramServiceRevenueAmt0390432
IRS990/TotalReportableCompFromOrgAmt053000

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