Civic Intelligence

Broadwater Academy Foundation

990 • Fiscal year 2024 • EIN 45-5245398

Jul 01, 2023 to Jun 30, 2024 • Filed on Mar 06, 2025

Organization Profilewww.broadwateracademy.org
PO Box 546Exmore, VA 23350

(757) 442-9041

Siviq Scores

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

Liabilities / Assets

50th percentile

0.06x

Higher debt load relative to assets than 50% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

91st percentile

1.38x

Higher debt load relative to revenue than 91% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

17th percentile

-16%

Higher net margin than 17% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

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

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

43rd percentile

1.7%

Faster asset growth than 43% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

12th percentile

-25%

Faster revenue growth than 12% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets50th percentile

Assets

Up

$1,593,421

Up $27,059 (+1.7%) from 2023

Net Assets

Up

$1,495,422

Up $35,312 (+2.4%) from 2023

Liabilities

Down

$97,999

Down $8,253 (-7.8%) from 2023

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin17th percentile

Revenue

Down

$71,011

Down $24,133 (-25%) from 2023

Expenses

Up

$82,165

Up $1,702 (+2.1%) from 2023

Net Income

Down

-$11,154

Down $25,835 (-176%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth43rd percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2012: $1,062,195Liabilities 2012: $0Net Assets 2012: $1,062,1952012Assets 2013: $1,111,370Liabilities 2013: $182,983Net Assets 2013: $928,3872013Assets 2014: $1,600,423Liabilities 2014: $174,602Net Assets 2014: $1,425,8212014Assets 2015: $1,644,647Liabilities 2015: $169,272Net Assets 2015: $1,475,3752015Assets 2016: $1,666,897Liabilities 2016: $162,347Net Assets 2016: $1,504,5502016Assets 2017: $1,700,263Liabilities 2017: $155,670Net Assets 2017: $1,544,5932017Assets 2018: $1,732,718Liabilities 2018: $147,759Net Assets 2018: $1,584,9592018Assets 2019: $1,644,235Liabilities 2019: $141,034Net Assets 2019: $1,503,2012019Assets 2020: $1,605,084Liabilities 2020: $132,730Net Assets 2020: $1,472,3542020Assets 2021: $1,648,225Liabilities 2021: $124,518Net Assets 2021: $1,523,7072021Assets 2022: $1,533,258Liabilities 2022: $115,687Net Assets 2022: $1,417,5712022Assets 2023: $1,566,362Liabilities 2023: $106,252Net Assets 2023: $1,460,1102023Assets 2024: $1,593,421Liabilities 2024: $97,999Net Assets 2024: $1,495,4222024Assets 2025: $1,754,311Liabilities 2025: $88,670Net Assets 2025: $1,665,6412025

Highlighted filing

2024

Assets$1,593,421
Liabilities$97,999
Net Assets$1,495,422
Open 2024 Filing

Operations Trend

Revenue Growth12th percentile

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

$1.0M$500K$0-$500KRevenue 2012: $0Expenses 2012: $75Net Income 2012: -$752012Revenue 2013: $266,539Expenses 2013: $298,369Net Income 2013: -$31,8302013Revenue 2014: $705,543Expenses 2014: $255,282Net Income 2014: $450,2612014Revenue 2015: $166,409Expenses 2015: $173,983Net Income 2015: -$7,5742015Revenue 2016: $140,641Expenses 2016: $111,466Net Income 2016: $29,1752016Revenue 2017: $187,082Expenses 2017: $96,983Net Income 2017: $90,0992017Revenue 2018: $94,474Expenses 2018: $101,039Net Income 2018: -$6,5652018Revenue 2019: $35,396Expenses 2019: $143,350Net Income 2019: -$107,9542019Revenue 2020: $34,922Expenses 2020: $73,851Net Income 2020: -$38,9292020Revenue 2021: $75,477Expenses 2021: $86,730Net Income 2021: -$11,2532021Revenue 2022: $38,509Expenses 2022: $75,460Net Income 2022: -$36,9512022Revenue 2023: $95,144Expenses 2023: $80,463Net Income 2023: $14,6812023Revenue 2024: $71,011Expenses 2024: $82,165Net Income 2024: -$11,1542024Revenue 2025: $209,312Expenses 2025: $82,336Net Income 2025: $126,9762025

Highlighted filing

2024

Revenue$71,011
Expenses$82,165
Net Income-$11,154
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Mar 6, 2025
Return Version
2023v6.0
Gross Receipts
$71,011
Mission and Program Overview

Mission

The organization's mission is to raise, manage, and distribute funds solely for the benefit of the students of broadwater academy and for improvements to the broadwater academy education environment, including, but not limited to, program enhancements, technological improvements, facilities improvements, faculty enrichment, and scholarships for students.

The organization's mission is to raise, manage and distribute funds solely for the benefit of the students of broadwater academy and for the improvements to the broadwater academy education, environment, including but not limited to, program enhancements, technological students of broadwater academy and for the improvements to the broadwater academy education, environment, including but not limited to, program enhancements, technological improvements, facilities enrichment, and scholarships for students

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$547,590$859,771▲ $312,181
Investments Other Securities$665,859$441,163▼ $224,696
Land, Buildings, and Equipment, Net$205,541$184,520▼ $21,021
Savings and Temporary Cash Investments$147,371$107,967▼ $39,404
Cash and Non-Interest-Bearing Accounts$1--
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0--
Loans From Officers Directors$0$0→ $0
Total Assets$1,566,362$1,593,421▲ $27,059
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$106,252$97,999▼ $8,253
Other Liabilities$0$0→ $0
Total Liabilities$106,252$97,999▼ $8,253
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,063,467$1,080,470▲ $17,003
Net Assets With Donor Restrictions$396,643$414,952▲ $18,309
Total Net Assets Fund Balance$1,460,110$1,495,422▲ $35,312
Total Liabilities and Net Assets / Fund Balance$1,566,362$1,593,421▲ $27,059

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$165,529$119,257$284,786
Land$20,000-$20,000
Leasehold Improvements$1,530$2,294$3,824
Equipment$-2,539$5,172$2,633
Other Securities$441,163--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$211,419-▲ $17,257-$218,172
2023$214,354-▼ $2,935-$211,419
2022$226,609-▼ $12,255-$214,354
2021$193,073-▲ $33,536-$226,609
2020$144,108$52,742▲ $274-$193,073
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Chris WillisChair
Jon WehnerVice Chair
Ann Arseniu GallivanDirector
Annette BrickhouseDirector
Blake JohnsonDirector
Brent AndersonDirector
Clint CrouseDirector
JP BinardDirector
Jim SchaefferDirector
Kristy HickmanDirector
Martha SutherlandDirector
Pete DuerDirector
Sierra Knight-MageeDirector
Spencer ShelleyDirector
Will RussellDirector
Holly BundickSecretary
Daniel HooperTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$57,931
Other Revenue
$13,080
Change in Net Assets
$-11,154

Audited Revenue Reconciliation

Revenue per Audited Statements
$67,620
Revenue Not Reported on Financial Statements
$3,391
Revenue Not Reported on Form 990
$46,466
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$114,086
Total Revenue per Form 990
$71,011
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$54,355
Other Expenses$27,810
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$54,355--$54,355
Depreciation Depletion-$21,023-$21,023
Fees for Service Investment Mgmnt Fees-$3,391-$3,391
Interest-$3,346-$3,346
Fees for Services Legal-$50-$50
Total Functional Expenses$54,355$27,810$0$82,165

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$82,165
Expenses per Audited Statements$78,774
Total Expenses per Audited Statements$78,774
Expenses Not Reported on Financial Statements$3,391
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Broadwater AcademyExmore, VA501(c)(3)Provide scholarships for students at Broadwater Academy$54,355
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B Review of form 990 by governing body

“Organization governing members review form 990 before filing with irs”

Form 990, Part VI, Line 12C Conflict of interest policy

“Each director or principal officer shall annually sign a statement which affirms such person has 1) received a copy of the conflicts of interest policy 2) has read and understands the policy 3) has agreed to comply with the policy 4) understands the organization is charitable and in order to maintain federal tax-exempt purposes. The policy includes procedures that involve 1) a duty to disclose 2) determining whether a conflic exists 3) procedures for addressing the conflict of interest 4) additional steps if violations of the policy exist”

Form 990, Part VI, Line 18 How forms are made available to the public

“Applicable documents are available upon request or the free guidestar website”

Form 990, Part VI, Line 19 Required documents available to the public

“Applicable documents are available upon request or the free guidestar website”

Filing and Contact Details

Filer

Filer Name
Broadwater Academy Foundation
EIN
45-5245398
Phone
7574429041
Address
PO BOX 546, EXMORE, VA 23350

Signing Officer

Name
Steven M Belote
Title
Chief Financial Officer
Phone
7574429041
Signed
2025-03-06
Discuss with paid preparer
Yes

Organization Details

Formed
2012
Legal Domicile
Va
Voting Board Members
15
Independent Board Members
15
Employees
0
Volunteers
17

Preparer

Firm
Forvis Mazars LLP
Address
500 Ridgefield Court, Asheville, NC 28806
Preparer
Amy Bibby
Phone
8282542254
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The process has not changed from the prior year.”

Financial Statement Notes

Schedule D, Part V, Line 4 Intended uses of endowment funds

“Endowment Funds are managed for the sole benefit of Broadwater Academy. Only the earnings on the funds are available for use towards student scholarships or faculty development and support.”

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“The organization is exempt from federal and state income taxes under internal revenue code section 501(c)(3) and the commonwealth of virginia and therefore has made no provisions for federal or state income taxes.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt097999
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IRS990/OtherWebsiteInd0X
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IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0STEVEN M BELOTE
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt054471
IRS990/PYInvestmentIncomeAmt079687
IRS990/PYOtherExpensesAmt025992
IRS990/PYOtherRevenueAmt015457
IRS990/PYProgramServiceRevenueAmt00
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IRS990/PYTotalProfFndrsngExpnsAmt00
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IRS990/QuidProQuoContributionsInd0false
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
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IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
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IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd0false
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IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd0true
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd0false
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IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd0true
IRS990ScheduleA/IRSWrittenDeterminationInd0X
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IRS990ScheduleD/BoardDesignatedBalanceEOYPct00.0
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IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt0226609
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt033536
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/AdministrativeExpensesAmt04051
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/BeginningYearBalanceAmt0144108
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/ContributionsAmt052742
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt0193073
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt05172
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt02633
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IRS990ScheduleD/ExpensesSubtotalAmt078774
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Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,593,421
Liabilities
$97,999
Net assets
$1,495,422
Revenue
$71,011
Expenses
$82,165
Net income
-$11,154
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.75$0.09$1.67$0.21$0.08$0.13
2024Detailed filing. Detailed filing data is available for this year.$1.59$0.10$1.50$0.07$0.08$0.01
2023Detailed filing. Detailed filing data is available for this year.$1.57$0.11$1.46$0.10$0.08$0.01
2022Detailed filing. Detailed filing data is available for this year.$1.53$0.12$1.42$0.04$0.08$0.04
2021Detailed filing. Detailed filing data is available for this year.$1.65$0.12$1.52$0.08$0.09$0.01
2020Detailed filing. Detailed filing data is available for this year.$1.61$0.13$1.47$0.03$0.07$0.04
2019Detailed filing. Detailed filing data is available for this year.$1.64$0.14$1.50$0.04$0.14$0.11
2018Detailed filing. Detailed filing data is available for this year.$1.73$0.15$1.58$0.09$0.10$0.01
2017Detailed filing. Detailed filing data is available for this year.$1.70$0.16$1.54$0.19$0.10$0.09
2016Detailed filing. Detailed filing data is available for this year.$1.67$0.16$1.50$0.14$0.11$0.03
2015Detailed filing. Detailed filing data is available for this year.$1.64$0.17$1.48$0.17$0.17$0.01
2014Detailed filing. Detailed filing data is available for this year.$1.60$0.17$1.43$0.71$0.26$0.45
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.11$0.18$0.93$0.27$0.30$0.03
2012Summary only. Only limited summary data is available for this year.$1.06$0.00$1.06$0.00$0.00$0.00