Civic Intelligence

New River Community College Educational Foundation Inc.

990 • Fiscal year 2017 • EIN 52-1203686

Jan 01, 2017 to Dec 31, 2017 • Filed on Aug 08, 2018

5251 College DriveDublin, VA 24084

(540) 674-3618

Siviq Scores

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

Liabilities / Assets

8th percentile

0.00x

Higher debt load relative to assets than 8% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

11th percentile

0.02x

Higher debt load relative to revenue than 11% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Net Margin

91st percentile

49%

Higher net margin than 91% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

25th percentile

$109,256

Higher top officer pay than 25% of similar nonprofits.

Top officer pay equals 7.5% of source-year revenue.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Asset Growth

81st percentile

18%

Faster asset growth than 81% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

84th percentile

38%

Faster revenue growth than 84% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Assets

Up

$15,797,689

Up $2,356,317 (+18%) from 2016

Net Assets

Up

$15,763,632

Up $2,474,044 (+19%) from 2016

Liabilities

Down

$34,057

Down $117,727 (-78%) from 2016

Revenue

Up

$1,447,523

Up $394,864 (+38%) from 2016

Expenses

Up

$734,994

Up $78,645 (+12%) from 2016

Net Income

Up

$712,529

Up $316,219 (+80%) from 2016

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2011: $7,043,512Liabilities 2011: $0Net Assets 2011: $7,043,5122011Assets 2012: $8,067,098Liabilities 2012: $0Net Assets 2012: $8,067,0982012Assets 2013: $11,185,454Liabilities 2013: $0Net Assets 2013: $11,185,4542013Assets 2014: $12,223,692Liabilities 2014: $0Net Assets 2014: $12,223,6922014Assets 2015: $12,379,117Liabilities 2015: $5,201Net Assets 2015: $12,373,9162015Assets 2016: $13,441,372Liabilities 2016: $151,784Net Assets 2016: $13,289,5882016Assets 2017: $15,797,689Liabilities 2017: $34,057Net Assets 2017: $15,763,6322017Assets 2018: $15,647,745Liabilities 2018: $20,286Net Assets 2018: $15,627,4592018Assets 2019: $20,189,203Liabilities 2019: $1,889Net Assets 2019: $20,187,3142019Assets 2020: $22,559,324Liabilities 2020: $1,256Net Assets 2020: $22,558,0682020Assets 2021: $25,600,364Liabilities 2021: $1,256Net Assets 2021: $25,599,1082021Assets 2022: $23,381,970Liabilities 2022: $1,256Net Assets 2022: $23,380,7142022Assets 2023: $28,753,648Liabilities 2023: $1,256Net Assets 2023: $28,752,3922023Assets 2024: $33,230,143Liabilities 2024: $1,256Net Assets 2024: $33,228,8872024

Highlighted filing

2017

Assets$15,797,689
Liabilities$34,057
Net Assets$15,763,632

Operations Trend

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

$6.0M$4.0M$2.0M$0Revenue 2011: $609,568Expenses 2011: $382,262Net Income 2011: $227,3062011Revenue 2012: $708,039Expenses 2012: $360,639Net Income 2012: $347,4002012Revenue 2013: $2,177,553Expenses 2013: $421,310Net Income 2013: $1,756,2432013Revenue 2014: $899,861Expenses 2014: $567,681Net Income 2014: $332,1802014Revenue 2015: $977,815Expenses 2015: $537,918Net Income 2015: $439,8972015Revenue 2016: $1,052,659Expenses 2016: $656,349Net Income 2016: $396,3102016Revenue 2017: $1,447,523Expenses 2017: $734,994Net Income 2017: $712,5292017Revenue 2018: $1,923,606Expenses 2018: $1,065,722Net Income 2018: $857,8842018Revenue 2019: $2,679,523Expenses 2019: $1,307,908Net Income 2019: $1,371,6152019Revenue 2020: $2,238,821Expenses 2020: $1,401,877Net Income 2020: $836,9442020Revenue 2021: $2,938,715Expenses 2021: $1,549,008Net Income 2021: $1,389,7072021Revenue 2022: $2,925,233Expenses 2022: $1,630,139Net Income 2022: $1,295,0942022Revenue 2023: $4,365,778Expenses 2023: $1,761,587Net Income 2023: $2,604,1912023Revenue 2024: $3,891,636Expenses 2024: $1,888,471Net Income 2024: $2,003,1652024

Highlighted filing

2017

Revenue$1,447,523
Expenses$734,994
Net Income$712,529
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Aug 8, 2018
Return Version
2017v2.3
Gross Receipts
$1,552,983
Mission and Program Overview

Mission

The new river community college education foundation, inc (the foundation) serves as a conduit for contributions that provide scholarship opportunities and tuition and book assistance for students, faculty, and staff, at new river community college. The foundation relies on the generosity of the community to continue its work in securing the future of the college, its students, faculty, and staff. Contributions are received from various corporations and the general public and are an investment in the future of the community. Through donations, grants, and endowments, the foundation is able to provide tuition and textbook scholarships for students, fund academic programs, and encourage the professional development of new river community college's faculty and staff. The foundation's work helps to ensure the college continues its pledge of providing academic excellence while expanding the services it offers to fulfill escalating workforce requirements.

The foundation serves as a conduit for contributions that provide scholarship opportunities and tuition and book assistance for students, faculty, and staff, at new river community college.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$11,599,459$14,110,566▲ $2,511,107
Land, Buildings, and Equipment, Net$1,361,845$1,257,771▼ $104,074
Cash and Non-Interest-Bearing Accounts$448,860$373,879▼ $74,981
Other Notes and Loans Receivable, Net$29,067$55,473▲ $26,406
Prepaid Expenses and Deferred Charges$2,141--
Total Assets$13,441,372$15,797,689▲ $2,356,317
Liabilities
Accounts Payable and Accrued Expenses$144,784--
Other Liabilities-$27,057-
Deferred Revenue$7,000$7,000→ $0
Total Liabilities$151,784$34,057▼ $117,727
Net Assets / Fund Balance
Unrestricted Net Assets$6,644,508$8,350,289▲ $1,705,781
Permanently Rstr Net Assets$5,574,561$6,387,797▲ $813,236
Temporarily Rstr Net Assets$1,070,519$1,025,546▼ $44,973
Total Net Assets Fund Balance$13,289,588$15,763,632▲ $2,474,044
Total Liabilities and Net Assets / Fund Balance$13,441,372$15,797,689▲ $2,356,317

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,087,017-$1,087,017
Equipment$48,668$438,013$486,681
Buildings$122,086$147,013$269,099

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$8,958,181$795,330▲ $1,886,345-$11,329,381
2016$8,253,650$335,151▲ $637,490-$8,958,181
2015$10,204,390$650,000▼ $86,295-$10,731,434
2014$9,098,284$250,000▲ $890,205-$10,204,390
2013$7,262,346$350,000▲ $1,515,552-$9,098,284
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Covey AngelaExecutive DiPT$109,256$109,256

Board Members and Trustees

NameTitle
Aden WilliamBoard Member
Barnes EdBoard Member
Blake RobertBoard Member
Brown JohnBoard Member
Chachra KrishaBoard Member
Edwards RandallBoard Member
Epley CarlBoard Member
Graham FlorineBoard Member
Hale EddieBoard Member
Hancock GaryBoard Member
Huber PatBoard Member
Lawhorn EdBoard Member
Nicely HiwathaBoard Member
Overstreet WaylandBoard Member
Owens AndrewBoard Member
Pugh LeslieBoard Member
Rakes JamesBoard Member
Ridpath DavidBoard Member
Rooker GregoryBoard Member
Shelor LarryBoard Member
Simmons L TBoard Member
Watson MichaelBoard Member
Webb LewisBoard Member
Wheeler AnneBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$1,228,292
Program Service Revenue
$0
Investment Income
$204,877
Other Revenue
$14,354
All Other Contributions
$1,228,292
Change in Net Assets
$712,529

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded4$48,540Quoted Market Price
Total Noncash Contributions4$48,540-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,404,471
Revenue Not Reported on Financial Statements
$43,052
Revenue Not Reported on Form 990
$1,867,082
Total Revenue per Audited Statements
$3,271,553
Total Revenue per Form 990
$1,447,523
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$584,338
Other Expenses$150,656
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$584,338--$584,338
Depreciation Depletion-$104,072-$104,072
Fees for Services Other-$13,652-$13,652
Conferences and Meetings-$13,261-$13,261
Insurance-$3,661-$3,661
Office Expenses-$2,651-$2,651
Travel-$1,335-$1,335
Other Expenses-$400-$400
All Other Expenses-$35-$35
Total Functional Expenses$584,338$150,656$0$734,994

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$797,509
Expenses per Audited Statements$734,994
Total Expenses per Form 990$734,994
Expenses Not Reported on Form 990$62,515
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to New River Comm College$27,057
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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

990 is provided to management and board of trustees for review prior to filing.

Form 990, Page 6, Part VI, Line 12C

Management and the board of trustees annually monitor compliance with conflict of interest policy.

Form 990, Page 6, Part VI, Line 19

The foundation makes its governing documents available upon request.

Filing and Contact Details

Filer

Filer Name
New River Community College
EIN
52-1203686
Phone
5406743618
Address
5251 COLLEGE DRIVE, DUBLIN, VA 24084

Signing Officer

Name
Covey Angela
Title
Executive Director
Phone
5406743618
Signed
2018-08-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Covey Angela
Formed
1980
Legal Domicile
Va
Voting Board Members
25
Independent Board Members
24
Employees
0
Volunteers
24

Preparer

Firm
Michael B Cooke CPA Pc
Address
2001 S MAIN ST STE 6, BLACKSBURG, VA 24060-6667
Preparer
Todd Massey
Phone
5409531152
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The new river community college education foundation, inc (the foundation) serves as a conduit for contributions that provide scholarship opportunities and tuition and book assistance for students, faculty, and staff, at new river community college. The foundation relies on the generosity of the community to continue its work in securing the future of the college, its students, faculty, and staff. Contributions are received from various corporations and the general public and are an investment in the future of the community. Through donations, grants, and endowments, the foundation is able to provide tuition and textbook scholarships for students, fund academic programs, and encourage the professional development of new river community college's faculty and staff. The foundation's work helps to ensure the college continues its pledge of providing academic excellence while expanding the services it offers to fulfill escalating workforce requirements.

Form 990, Page 1, Part I, Line 6

Board members volunteer their time.

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IRS990/MissionDesc0THE NEW RIVER COMMUNITY COLLEGE EDUCATION FOUNDATION, INC (THE FOUNDATION) SERVES AS A CONDUIT FOR CONTRIBUTIONS THAT PROVIDE SCHOLARSHIP OPPORTUNITIES AND TUITION AND BOOK ASSISTANCE FOR STUDENTS, FACULTY, AND STAFF, AT NEW RIVER COMMUNITY COLLEGE. THE FOUNDATION RELIES ON THE GENEROSITY OF THE COMMUNITY TO CONTINUE ITS WORK IN SECURING THE FUTURE OF THE COLLEGE, ITS STUDENTS, FACULTY, AND STAFF. CONTRIBUTIONS ARE RECEIVED FROM VARIOUS CORPORATIONS AND THE GENERAL PUBLIC AND ARE AN INVESTMENT IN THE FUTURE OF THE COMMUNITY. THROUGH DONATIONS, GRANTS, AND ENDOWMENTS, THE FOUNDATION IS ABLE TO PROVIDE TUITION AND TEXTBOOK SCHOLARSHIPS FOR STUDENTS, FUND ACADEMIC PROGRAMS, AND ENCOURAGE THE PROFESSIONAL DEVELOPMENT OF NEW RIVER COMMUNITY COLLEGE'S FACULTY AND STAFF. THE FOUNDATION'S WORK HELPS TO ENSURE THE COLLEGE CONTINUES ITS PLEDGE OF PROVIDING ACADEMIC EXCELLENCE WHILE EXPANDING THE SERVICES IT OFFERS TO FULFILL ESCALATING WORKFORCE REQUIREMENTS.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$33.2$0.00$33.2$3.89$1.89$2.00
2023Detailed filing. Detailed filing data is available for this year.$28.8$0.00$28.8$4.37$1.76$2.60
2022Detailed filing. Detailed filing data is available for this year.$23.4$0.00$23.4$2.93$1.63$1.30
2021Detailed filing. Detailed filing data is available for this year.$25.6$0.00$25.6$2.94$1.55$1.39
2020Detailed filing. Detailed filing data is available for this year.$22.6$0.00$22.6$2.24$1.40$0.84
2019Detailed filing. Detailed filing data is available for this year.$20.2$0.00$20.2$2.68$1.31$1.37
2018Detailed filing. Detailed filing data is available for this year.$15.6$0.02$15.6$1.92$1.07$0.86
2017Detailed filing. Detailed filing data is available for this year.$15.8$0.03$15.8$1.45$0.73$0.71
2016Detailed filing. Detailed filing data is available for this year.$13.4$0.15$13.3$1.05$0.66$0.40
2015Detailed filing. Detailed filing data is available for this year.$12.4$0.01$12.4$0.98$0.54$0.44
2014Summary only. Only limited summary data is available for this year.$12.2$0.00$12.2$0.90$0.57$0.33
2013Summary only. Only limited summary data is available for this year.$11.2$0.00$11.2$2.18$0.42$1.76
2012Summary only. Only limited summary data is available for this year.$8.07$0.00$8.07$0.71$0.36$0.35
2011Summary only. Only limited summary data is available for this year.$7.04$0.00$7.04$0.61$0.38$0.23