Civic Intelligence

Jefferson Scholars Foundation

990 • Fiscal year 2014 • EIN 31-1755873

Jul 01, 2013 to Jun 30, 2014 • Filed on Feb 25, 2015

PO Box 40089122904-4891

(434) 243-9029

Siviq Scores

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

Liabilities / Assets

24th percentile

0.15x

Higher debt load relative to assets than 24% of similar nonprofits.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2014

Liabilities / Revenue

93rd percentile

3.89x

Higher debt load relative to revenue than 93% of similar nonprofits.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2014

Net Margin

3rd percentile

-24%

Higher net margin than 3% of similar nonprofits.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2014

Top Officer Pay

66th percentile

$1,162,739

Higher top officer pay than 66% of similar nonprofits.

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

2014 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2014

Asset Growth

81st percentile

14%

Faster asset growth than 81% of similar nonprofits.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

Up

$344,642,318

Up $43,249,120 (+14%) from 2013

Net Assets

Up

$294,510,502

Up $41,769,209 (+17%) from 2013

Liabilities

Up

$50,131,816

Up $1,479,911 (+3.0%) from 2013

Revenue

$12,887,060

No earlier filing loaded for comparison.

Expenses

Down

$15,956,396

Down $62,581 (-0.4%) from 2013

Net Income

-$3,069,336

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0B$500M$0Assets 2013: $301,393,198Liabilities 2013: $48,651,905Net Assets 2013: $252,741,2932013Assets 2014: $344,642,318Liabilities 2014: $50,131,816Net Assets 2014: $294,510,5022014Assets 2015: $358,098,213Liabilities 2015: $54,620,134Net Assets 2015: $303,478,0792015Assets 2016: $349,638,149Liabilities 2016: $58,396,816Net Assets 2016: $291,241,3332016Assets 2017: $394,206,233Liabilities 2017: $57,480,950Net Assets 2017: $336,725,2832017Assets 2018: $424,436,388Liabilities 2018: $56,519,281Net Assets 2018: $367,917,1072018Assets 2019: $530,655,981Liabilities 2019: $59,489,992Net Assets 2019: $471,165,9892019Assets 2020: $547,483,075Liabilities 2020: $63,913,335Net Assets 2020: $483,569,7402020Assets 2021: $761,742,846Liabilities 2021: $67,723,707Net Assets 2021: $694,019,1392021Assets 2023: $764,689,436Liabilities 2023: $83,781,663Net Assets 2023: $680,907,7732023Assets 2025: $899,123,680Liabilities 2025: $93,503,377Net Assets 2025: $805,620,3032025

Highlighted filing

2014

Assets$344,642,318
Liabilities$50,131,816
Net Assets$294,510,502

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$150M$100M$50M$0-$50MExpenses 2013: $16,018,9772013Revenue 2014: $12,887,060Expenses 2014: $15,956,396Net Income 2014: -$3,069,3362014Revenue 2015: $8,989,797Expenses 2015: $18,782,066Net Income 2015: -$9,792,2692015Revenue 2016: $13,299,521Expenses 2016: $16,709,781Net Income 2016: -$3,410,2602016Revenue 2017: $26,835,640Expenses 2017: $18,707,769Net Income 2017: $8,127,8712017Revenue 2018: $11,363,472Expenses 2018: $17,865,721Net Income 2018: -$6,502,2492018Revenue 2019: $106,985,067Expenses 2019: $21,531,318Net Income 2019: $85,453,7492019Revenue 2020: $18,860,748Expenses 2020: $20,517,300Net Income 2020: -$1,656,5522020Revenue 2021: $36,629,374Expenses 2021: $25,722,375Net Income 2021: $10,906,9992021Revenue 2023: $33,501,224Expenses 2023: $33,928,905Net Income 2023: -$427,6812023Revenue 2025: $36,641,682Expenses 2025: $39,581,142Net Income 2025: -$2,939,4602025

Highlighted filing

2014

Revenue$12,887,060
Expenses$15,956,396
Net Income-$3,069,336
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Feb 25, 2015
Return Version
2013v4.0
Gross Receipts
$24,402,454
Mission and Program Overview

Mission

The mission of the jefferson scholars foundation is to serve the university of virginia by identifying, attracting, and nurturing individuals of extraordinary intellectual range and depth who possess the highest concomitant qualities of leadership, scholarship, and citizenship.the foundation administers the jefferson scholards and fellows program, which awards merit-based scholarships and fellowships that pay tuition fees, room and board, and other expected living expenses during the student's tenure at the university of virginia. The foundation awards scholarships to approximately 26 to 36 recipients in each entering undergraduate class and awards approximately 6 to 21 new graduate fellowships each year.

Academic merit-based scholarship, fellowship and professorship support to students and faculty at the university of virginia.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$233,310,832$275,920,136▲ $42,609,304
Land, Buildings, and Equipment, Net$19,465,473$20,505,696▲ $1,040,223
Pledges and Grants Receivable$18,927,215$17,403,545▼ $1,523,670
Savings and Temporary Cash Investments$8,303,539$6,199,569▼ $2,103,970
Other Notes and Loans Receivable, Net$4,833,060$4,792,134▼ $40,926
Receivables From Officers Etc$681,300$719,150▲ $37,850
Prepaid Expenses and Deferred Charges$144,497$136,344▼ $8,153
Total Assets$301,393,198$344,642,318▲ $43,249,120
Other Assets Total$15,727,282$18,965,744▲ $3,238,462
Liabilities
Tax Exempt Bond Liabilities$22,500,000$22,500,000→ $0
Grants Payable$20,401,644$22,108,305▲ $1,706,661
Other Liabilities$4,511,145$5,128,346▲ $617,201
Accounts Payable and Accrued Expenses$1,239,116$395,165▼ $843,951
Total Liabilities$48,651,905$50,131,816▲ $1,479,911
Net Assets / Fund Balance
Permanently Rstr Net Assets$169,411,843$181,097,748▲ $11,685,905
Temporarily Rstr Net Assets$94,971,638$125,577,060▲ $30,605,422
Unrestricted Net Assets$-11,642,188$-12,164,306▼ $522,118
Total Net Assets Fund Balance$252,741,293$294,510,502▲ $41,769,209
Total Liabilities and Net Assets / Fund Balance$301,393,198$344,642,318▲ $43,249,120

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$16,988,504$2,606,202$19,594,706
Land$2,879,100-$2,879,100
Equipment$475,778$810,204$1,285,982
Other Land Buildings$162,314-$162,314
Other Assets Org$2,455,141--
Other Securities$42,797--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2013$235,834,375$15,552,052▲ $43,696,910$8,601,288$278,375,277
2012$211,315,039$16,608,356▲ $26,874,248$12,208,116$235,834,375
2011$204,009,557$13,046,739▲ $9,826,454$9,053,650$211,315,039
2010$160,007,677$18,202,913▲ $37,259,271$4,929,099$204,009,557
2009$140,686,391$8,558,716▲ $19,453,560$2,437,286$160,007,677
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
James H WrightPresident/secretary/treasuFT$360,000$802,739$1,162,739
S Patrick IngramDirector of DevelopmentFT$187,254$106,549$293,803
Michael E LutzAssistant TreasurerFT$119,263$32,310$151,573
Helen M DwyerAssistant SecretaryFT$127,427$16,442$143,869
Kevin E MurrayDirector of Gift PlanningFT$119,967$21,798$141,765
Christine E PatrickAssociate Director of DeveFT$109,555$15,094$124,649

Board Members and Trustees

NameTitle
C Mark PirrungChairman of the Board
Timothy J IngrassiaVice Chairman of the Board
Charles C Townsend IiiFoundation Board of Direct
Claiborne P DemingFoundation Board of Direct
Coolidge E Rhodes JrFoundation Board of Direct
David N WebbFoundation Board of Direct
Deborah R HirtleFoundation Board of Direct
Gregory a MccrickardFoundation Board of Direct
Harold J Rodriguez JrFoundation Board of Direct
James E Rutrough JrFoundation Board of Direct
John D Milton JrFoundation Board of Direct
Landon Hilliard IiiFoundation Board of Direct
Lavinia H TouchtonFoundation Board of Direct
Marilyn B HebenstreitFoundation Board of Direct
Mark Av PinhoFoundation Board of Direct
Peter M GrantFoundation Board of Direct
R Halsey WiseFoundation Board of Direct
Richard C Kellogg JrFoundation Board of Direct
Robin R HowellFoundation Board of Direct
Sealy H HopkinsonFoundation Board of Direct
Stephen P SmileyFoundation Board of Direct
Stephen S CrawfordFoundation Board of Direct
Todd R SchnuckFoundation Board of Direct
William L Polk JrFoundation Board of Direct
Clifford W BogueEx-officio Member
Gertrude J FraserEx-officio Member
Hunter E CraigEx-officio Member

Highest Paid Contractors

ContractorServicesLocationCompensation
Dallan ConstructionConstruction-$1,010,173
Uva Investment Management CompanyInvestment Management-$652,268
Zigersnead ArchitectsArchitecture-$125,883
Revenue and Support

Revenue Composition

Contributions and Grants
$10,785,748
Program Service Revenue
$0
Investment Income
$599,115
Other Revenue
$1,502,197
All Other Contributions
$10,785,748
Change in Net Assets
$-3,069,336

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded32$799,132Mean Value
Total Noncash Contributions32$799,132-

Audited Revenue Reconciliation

Revenue per Audited Statements
$12,226,008
Revenue Not Reported on Financial Statements
$661,052
Revenue Not Reported on Form 990
$44,838,545
Total Revenue per Audited Statements
$57,064,553
Total Revenue per Form 990
$12,887,060
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$9,152,382
Other Expenses$4,192,235
Salaries, Compensation, and Employee Benefits$2,611,779
Total Fundraising Expense$1,678,073
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$8,666,666--$8,666,666
Current Officers, Directors, Trustees, and Key Employees$164,779$347,100$595,266$1,107,145
Other Salaries and Wages$464,899$154,362$246,227$865,488
Interest$619,429$85,606$102,565$807,600
Depreciation Depletion$579,197$80,046$95,904$755,147
Fees for Service Investment Mgmnt Fees-$661,052-$661,052
Foreign Grants$485,716--$485,716
Other Employee Benefits$108,053$87,913$177,228$373,194
Occupancy$286,796$37,242$42,849$366,887
Travel$3,512$2,026$215,036$220,574
Office Expenses$68,929$51,476$56,115$176,520
Pension Plan Contributions$55,983$48,895$70,904$175,782
Payroll Taxes$29,912$19,719$40,539$90,170
Information Technology$20,651$20,651$20,651$61,953
Fees for Services Accounting-$59,000-$59,000
Insurance-$46,156$6,717$52,873
Conferences and Meetings-$40,010-$40,010
Fees for Services Other$1,312$22,935$1,331$25,578
All Other Expenses$2,102$10,475$2,098$14,675
Other Expenses$429,617$9,407$4,643$9,407
Fees for Services Legal-$1,005-$1,005
Total Functional Expenses$12,487,067$1,791,256$1,678,073$15,956,396

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$15,956,396
Expenses per Audited Statements$15,295,344
Total Expenses per Audited Statements$15,295,344
Expenses Not Reported on Financial Statements$661,052
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$492,973

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
EuropeGrantmakingSchool Meetings00$428,426
East AsiaGrantmaking-00$57,290
EuropeProgram Services-00$7,257
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$681,300$719,150▲ $37,850
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Interest Rate Swap$4,657,933
Other Liabilities$470,413

Bond Issues

BondIssuerIssuedIssue PricePurpose
A52-12975032007-10-03$18,000,000SEE SCHEDULE K, PART VI
B54-13006452010-07-09$4,500,000SEE SCHEDULE K, PART VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$18,000,000---
B$4,500,000---

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 7A

The jefferson scholars foundation board of directors includes three ex-officio positions: the chairman of the university of virginia alumni association or his or her designee; a designee by the board of visitors of the university of virginia in consultation with the foundation's board chairman; and, a designee by the president of the univeristy of virginia, also in consultation with the foundation's board chairman.

Form 990, Part VI, Section B, Line 11

The jefferson scholars foundation's auditors prepared the form 990 from information provided by the foundation's finance team. The director of finance reviews the form 990 and acknowledges his responsibility for the completeness and accuracy of the informational tax return. Upon completion of the review, the return is distributed to the jefferson scholars foundation board of directors audit committee for review and approval. Upon approval by the audit committee, the form 990 is then filed with the internal revenue service. The form 990 is subsequently distributed to the full board of directors for their information.

Form 990, Part VI, Section B, Line 12C

Conflict of interest policy monitoring and enforcement compliance: the foundation requires directors and employees to disclose conflicts of interests as they arise. In addition, a conflict of interest disclosure statement is distributed annually. The foundation monitors the return of the disclosure statements and follows up if a statement hasn't been returned. The disclosure statements are reviewed by the director of finance for situations requiring disclosure to and approval by the board of directors. The conflict of interest transaction must be approved by the affirmative vote of a majority of the directors on the board of directors who have no direct or indirect personal interest in the transaction. Members of the foundation finance team monitor the foundation's business dealings to identify, when possible, a potential conflict of interest. A potential conflict of interest would be brought to management's attention for resolution.

Form 990, Part VI, Section B, Line 15A

The foundation employs the foundation president under the terms of a five-year employment agreement. The contract terms and compensation were established by the board of directors using comparable compensation data; the services of a compensation consultant; and the opinion of a major law firm. The board documented its decision through the execution of a formal employment agreement with the president. Form 990, part vi, section b, line 15b: the foundation's director of business operations conducts a biennial compensation review using comparable compensation information pertaining to the employment responsibilities and experience levels of all foundation staff. This compensation information is shared with the foundation president for input into the review and evaluation of the staff compensation. Additionally, during the preparation of the annual operating budget, the chairman of the audit committee reviews the compensation information and reports out his summary findings to the full board of directors for approval.

Form 990, Part VI, Section C, Line 18

The foundation's form 1023, 990 and 990-t are available upon request.

Form 990, Part VI, Section C, Line 19

The jefferson scholars foundation does not make its governing documents available to the public. The foundation's conflict of interest policy and financial statements are available upon request.

Filing and Contact Details

Filer

EIN
31-1755873
Phone
4342439029

Signing Officer

Name
James H Wright
Title
President
Phone
4342439029
Signed
2015-02-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James H Wright
Formed
1998
Legal Domicile
Va
Voting Board Members
26
Independent Board Members
26
Employees
19
Volunteers
929

Preparer

Preparer
P Frank Berry
Phone
4342962156
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in fair value of interest rate swap -230,611. Change in fair value of beneficial interest in trusts 392,833. Change in fair value of perpetual trusts 1,523,212. Reserve for note receivable -543,864.

Financial Statement Notes

PART V, LINE 4:

Intended use of endowment funds: investment income earned by the endowment funds is the primary source of operational revenue for the foundation. This revenue is used to support the scholarship, fellowship and professorship programs and the related operational needs of the foundation.

PART X, LINE 2:

Uncertain tax positions under fin 48: the foundation is exempt from federal income taxes as defined by section 501(c)(3) of the internal revenue code (the code) and classified as a public charity under 509(a)(1) of the code. The foundation is required to recognize a tax position taken or expected to be taken on a tax return based on a "more likely than not" threshold. The foundation believes its consolidated financial statements do not include any uncertain tax positions. The federal information returns of the foundation are generally no longer subject to examination by the internal revenue service for fiscal years prior to 2011.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in fair value of interest rate swap -230,611. Change in fair value of beneficial interest in trusts 392,833. Change in fair value of perpetual trusts 1,523,212. Reserve for note receivable -543,864.

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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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IRS990/Form990PartVIISectionAGrp/TitleTxt0FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt1EX-OFFICIO MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt2FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt3FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt4FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt5EX-OFFICIO MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt7FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt8FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt9FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt10FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt11FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt12FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt13EX-OFFICIO MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE CHAIRMAN OF THE BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt15FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt16CHAIRMAN OF THE BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt17FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt18FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt19FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt20FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt21FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt22FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt23FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt24FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt25FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt26FOUNDATION BOARD OF DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt27ASSISTANT TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt28PRESIDENT/SECRETARY/TREASU
IRS990/Form990PartVIISectionAGrp/TitleTxt29ASSISTANT SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt30DIRECTOR OF DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt31DIRECTOR OF GIFT PLANNING
IRS990/Form990PartVIISectionAGrp/TitleTxt32ASSOCIATE DIRECTOR OF DEVE
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$899$93.5$806$36.6$39.6$2.94
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$765$83.8$681$33.5$33.9$0.43
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$762$67.7$694$36.6$25.7$10.9
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$547$63.9$484$18.9$20.5$1.66
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$531$59.5$471$107$21.5$85.5
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$424$56.5$368$11.4$17.9$6.50
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$394$57.5$337$26.8$18.7$8.13
2016Detailed filing. Detailed filing data is available for this year.$350$58.4$291$13.3$16.7$3.41
2015Detailed filing. Detailed filing data is available for this year.$358$54.6$303$8.99$18.8$9.79
2014Detailed filing. Detailed filing data is available for this year.$345$50.1$295$12.9$16.0$3.07
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$301$48.7$253$16.0
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2014 filings • 501(c)3 • $250M-$1B nonprofits