Civic Intelligence

Tvec Charitable Foundation Inc

990 • Fiscal year 2018 • EIN 45-5548476

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 07, 2019

Organization ProfileWWW.TVEC.NET/CHARITABLE-FOUNDATION
PO Box 888Kaufman, TX 75142

(972) 932-2214

Siviq Scores

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

Liabilities / Assets

57th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Liabilities / Revenue

56th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Net Margin

50th percentile

3.4%

Higher net margin than 50% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Top Officer Pay

100th percentile

$543,185

Higher top officer pay than 100% of similar nonprofits.

Top officer pay equals 149.8% of source-year revenue.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Asset Growth

73rd percentile

21%

Faster asset growth than 73% of similar nonprofits.

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

Revenue Growth

56th percentile

4.9%

Faster revenue growth than 56% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets57th percentile

Assets

Up

$71,455

Up $12,361 (+21%) from 2017

Net Assets

Up

$71,455

Up $12,361 (+21%) from 2017

Liabilities

Flat

$0

Flat from 2017

Revenue And Expenses
Liabilities / Revenue56th percentileNet Margin50th percentile

Revenue

Up

$362,558

Up $16,859 (+4.9%) from 2017

Expenses

Down

$350,197

Down $13,803 (-3.8%) from 2017

Net Income

Up

$12,361

Up $30,662 (+168%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth73rd percentile

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

$200K$150K$100K$50K$0Assets 2013: $40,437Liabilities 2013: $0Net Assets 2013: $40,4372013Assets 2014: $80,945Liabilities 2014: $0Net Assets 2014: $80,9452014Assets 2015: $79,963Liabilities 2015: $0Net Assets 2015: $79,9632015Assets 2016: $77,395Liabilities 2016: $0Net Assets 2016: $77,3952016Assets 2017: $59,094Liabilities 2017: $0Net Assets 2017: $59,0942017Assets 2018: $71,455Liabilities 2018: $0Net Assets 2018: $71,4552018Assets 2019: $79,687Liabilities 2019: $0Net Assets 2019: $79,6872019Assets 2020: $92,817Liabilities 2020: $0Net Assets 2020: $92,8172020Assets 2021: $152,559Liabilities 2021: $0Net Assets 2021: $152,5592021Assets 2022: $149,690Liabilities 2022: $0Net Assets 2022: $149,6902022Assets 2023: $113,990Liabilities 2023: $7,500Net Assets 2023: $106,4902023Assets 2024: $77,798Liabilities 2024: $0Net Assets 2024: $77,7982024

Highlighted filing

2018

Assets$71,455
Liabilities$0
Net Assets$71,455
Open 2018 Filing

Operations Trend

Revenue Growth56th percentile

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

$600K$400K$200K$0-$200KRevenue 2013: $244,342Expenses 2013: $203,905Net Income 2013: $40,4372013Revenue 2014: $328,274Expenses 2014: $285,766Net Income 2014: $42,5082014Revenue 2015: $330,044Expenses 2015: $331,026Net Income 2015: -$9822015Revenue 2016: $336,749Expenses 2016: $339,317Net Income 2016: -$2,5682016Revenue 2017: $345,699Expenses 2017: $364,000Net Income 2017: -$18,3012017Revenue 2018: $362,558Expenses 2018: $350,197Net Income 2018: $12,3612018Revenue 2019: $374,132Expenses 2019: $365,900Net Income 2019: $8,2322019Revenue 2020: $388,890Expenses 2020: $375,760Net Income 2020: $13,1302020Revenue 2021: $405,632Expenses 2021: $345,890Net Income 2021: $59,7422021Revenue 2022: $427,219Expenses 2022: $430,088Net Income 2022: -$2,8692022Revenue 2023: $446,059Expenses 2023: $489,259Net Income 2023: -$43,2002023Revenue 2024: $450,758Expenses 2024: $479,450Net Income 2024: -$28,6922024

Highlighted filing

2018

Revenue$362,558
Expenses$350,197
Net Income$12,361
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 7, 2019
Return Version
2018v3.1
Gross Receipts
$362,558
Mission and Program Overview

Mission

The mission of the Foundation is the accumulation and disbursement of funds for charitable purposes in the counties comprising the service territory of Trinity Valley Electric Cooperative, Inc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$59,094$71,455▲ $12,361
Total Assets$59,094$71,455▲ $12,361
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Unrestricted Net Assets$59,094$71,455▲ $12,361
Total Net Assets Fund Balance$59,094$71,455▲ $12,361
Total Liabilities and Net Assets / Fund Balance$59,094$71,455▲ $12,361
Compensation and Service Providers
Top Officer Pay100th percentile

Employees

NameTitleOtherTotal
Paul WeatherfordDirector$27,377$27,377
Jerry PriestDirector$26,790$26,790
Jo Ann HanstromSecretary$13,650$13,650
Howard TillisonChairman$13,500$13,500
Carolyn MinorVice Chairman$13,200$13,200
Edward ReeveDirector$11,850$11,850
David LangDirector$9,900$9,900

Board Members and Trustees

NameTitle
Jerry BozeExecutive Director
Revenue and Support

Revenue Composition

Contributions and Grants
$362,558
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$362,558
Change in Net Assets
$12,361

Audited Revenue Reconciliation

Revenue per Audited Statements
$362,558
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$362,558
Total Revenue per Form 990
$362,558
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$348,000
Other Expenses$2,197
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$348,000--$348,000
Fees for Services Accounting-$2,000-$2,000
Other Expenses-$197-$197
Total Functional Expenses$348,000$2,197$0$350,197

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$350,197
Total Expenses per Audited Statements$350,197
Total Expenses per Form 990$350,197
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
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, Part VI, Section B, Line 11B

“Tvec charitable foundation's form 990 is presented to each officer and director at the regularly scheduled board meeting preceding the filing. The chief financial officer of tvec leads a review of the form and accompanying schedules during the course of the board meeting, and responds to questions from the board members from their independent review.”

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

“Tvec charitable foundation's conflict of interest policy is designed to help directors and officers identify and avoid situations that present potential conflicts of interest, and to provide guidance in managing conflicts which might arise in accordance with legal requirements and the goals of accountability and transparency. Each director and officer must disclose any situation which, in their opinion, may violate or appear to violate any provisions of the policy. The board of directors is responsible for reviewing all policy interpretations and violations.”

Form 990, Part VI, Section C, Line 19

“The annual form 990 is available at all offices for inspection and copies are provided to the public upon proper request. The governing documents of tvec charitable foundation and internal policies are only available upon reuqest. No unaudited financial statements are made available to the general public.”

Filing and Contact Details

Filer

Filer Name
Tvec Charitable Foundation Inc
EIN
45-5548476
Phone
9729322214
Address
PO BOX 888, KAUFMAN, TX 75142

Signing Officer

Name
Jeffrey Lane
Title
Executive Director
Phone
9729322214
Signed
2019-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jeffrey Lane
Formed
2012
Legal Domicile
TX
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7

Preparer

Firm
Bolinger Segars Gilbert and Moss Llp
Address
8215 NASHVILLE AVENUE, LUBBOCK, TX 79423
Preparer
Matt R Willis
Phone
8067473806
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The board of directors have assigned members to an audit committee to oversee the financial statement audit and select the independent financial statement auditor.”

Financial Statement Notes

PART X, LINE 2:

“The foundation has adopted the "uncertain tax positions" provisions of accounting principles generally accepted in the united states of america. The primary tax position of the charitable foundation is its filing status as a tax exempt entity. The foundation determined that it is more likely than not that their tax positions will be sustained upon examination by the internal revenue service (irs), or other state taxing authority. The foundation is no longer subject to examinations by federal taxing authorities for years before 2015. There were no penalties or interest recognized during the year ended december 31, 2018 and 2017.”

Raw XML Appendix397 raw XML fields

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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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0ALL COMPENSATION REPORTED ON SCHEDULE J PART II IS RELATED TO THE DIRECTORS' EMPLOYMENT WITH TRINITY VALLEY ELECTRIC COOPERATIVE, INC. PER THE BY-LAWS NO DIRECTOR OR MEMBER OF ANY COMMITTEE OF THE BOARD MAY BE PAID COMPENSATION FOR HIS/HER SERVICE AS A DIRECTOR OR COMMITTEE MEMBER OF THE FOUNDATION.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE J, PART II:
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IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TVEC CHARITABLE FOUNDATION'S FORM 990 IS PRESENTED TO EACH OFFICER AND DIRECTOR AT THE REGULARLY SCHEDULED BOARD MEETING PRECEDING THE FILING. THE CHIEF FINANCIAL OFFICER OF TVEC LEADS A REVIEW OF THE FORM AND ACCOMPANYING SCHEDULES DURING THE COURSE OF THE BOARD MEETING, AND RESPONDS TO QUESTIONS FROM THE BOARD MEMBERS FROM THEIR INDEPENDENT REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1TVEC CHARITABLE FOUNDATION'S CONFLICT OF INTEREST POLICY IS DESIGNED TO HELP DIRECTORS AND OFFICERS IDENTIFY AND AVOID SITUATIONS THAT PRESENT POTENTIAL CONFLICTS OF INTEREST, AND TO PROVIDE GUIDANCE IN MANAGING CONFLICTS WHICH MIGHT ARISE IN ACCORDANCE WITH LEGAL REQUIREMENTS AND THE GOALS OF ACCOUNTABILITY AND TRANSPARENCY. EACH DIRECTOR AND OFFICER MUST DISCLOSE ANY SITUATION WHICH, IN THEIR OPINION, MAY VIOLATE OR APPEAR TO VIOLATE ANY PROVISIONS OF THE POLICY. THE BOARD OF DIRECTORS IS RESPONSIBLE FOR REVIEWING ALL POLICY INTERPRETATIONS AND VIOLATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ANNUAL FORM 990 IS AVAILABLE AT ALL OFFICES FOR INSPECTION AND COPIES ARE PROVIDED TO THE PUBLIC UPON PROPER REQUEST. THE GOVERNING DOCUMENTS OF TVEC CHARITABLE FOUNDATION AND INTERNAL POLICIES ARE ONLY AVAILABLE UPON REUQEST. NO UNAUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE GENERAL PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD OF DIRECTORS HAVE ASSIGNED MEMBERS TO AN AUDIT COMMITTEE TO OVERSEE THE FINANCIAL STATEMENT AUDIT AND SELECT THE INDEPENDENT FINANCIAL STATEMENT AUDITOR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XII, LINE 2C
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ReturnHeader/TaxPeriodEndDt02018-12-31
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$71,455
Liabilities
$0
Net assets
$71,455
Revenue
$362,558
Expenses
$350,197
Net income
$12,361
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.78$0.00$0.78$4.51$4.79$0.29
2023Detailed filing. Detailed filing data is available for this year.$1.14$0.08$1.06$4.46$4.89$0.43
2022Detailed filing. Detailed filing data is available for this year.$1.50$0.00$1.50$4.27$4.30$0.03
2021Detailed filing. Detailed filing data is available for this year.$1.53$0.00$1.53$4.06$3.46$0.60
2020Detailed filing. Detailed filing data is available for this year.$0.93$0.00$0.93$3.89$3.76$0.13
2019Detailed filing. Detailed filing data is available for this year.$0.80$0.00$0.80$3.74$3.66$0.08
2018Detailed filing. Detailed filing data is available for this year.$0.71$0.00$0.71$3.63$3.50$0.12
2017Detailed filing. Detailed filing data is available for this year.$0.59$0.00$0.59$3.46$3.64$0.18
2016Detailed filing. Detailed filing data is available for this year.$0.77$0.00$0.77$3.37$3.39$0.03
2015Detailed filing. Detailed filing data is available for this year.$0.80$0.00$0.80$3.30$3.31$0.01
2014Summary only. Only limited summary data is available for this year.$0.81$0.00$0.81$3.28$2.86$0.43
2013Summary only. Only limited summary data is available for this year.$0.40$0.00$0.40$2.44$2.04$0.40