Civic Intelligence

Patrick Henry Memorial Foundation Inc

990 • Fiscal year 2022 • EIN 54-0662892

Jul 01, 2021 to Jun 30, 2022 • Filed on Dec 07, 2022

1250 Red Hill RoadBrookneal, VA 24528

(434) 376-2044

Siviq Scores

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

Liabilities / Assets

9th percentile

0.00x

Higher debt load relative to assets than 9% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

13th percentile

0.03x

Higher debt load relative to revenue than 13% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

54th percentile

8.3%

Higher net margin than 54% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

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

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

20th percentile

-9.7%

Faster asset growth than 20% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

74th percentile

23%

Faster revenue growth than 74% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Assets

Down

$15,338,378

Down $1,655,726 (-9.7%) from 2021

Net Assets

Down

$15,301,858

Down $1,593,792 (-9.4%) from 2021

Liabilities

Down

$36,520

Down $61,934 (-63%) from 2021

Revenue

Up

$1,385,392

Up $260,538 (+23%) from 2021

Expenses

Up

$1,269,997

Up $169,258 (+15%) from 2021

Net Income

Up

$115,395

Up $91,280 (+379%) from 2021

Historical Trend

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0Assets 2010: $7,319,579Liabilities 2010: $9,871Net Assets 2010: $7,309,7082010Assets 2011: $8,018,220Liabilities 2011: $39,447Net Assets 2011: $7,978,7732011Assets 2012: $7,963,428Liabilities 2012: $36,211Net Assets 2012: $7,927,2172012Assets 2013: $9,402,307Liabilities 2013: $27,946Net Assets 2013: $9,374,3612013Assets 2014: $10,494,946Liabilities 2014: $13,302Net Assets 2014: $10,481,6442014Assets 2015: $11,542,290Liabilities 2015: $19,566Net Assets 2015: $11,522,7242015Assets 2016: $11,329,475Liabilities 2016: $50,708Net Assets 2016: $11,278,7672016Assets 2017: $11,595,258Liabilities 2017: $36,716Net Assets 2017: $11,558,5422017Assets 2018: $12,811,859Liabilities 2018: $191,961Net Assets 2018: $12,619,8982018Assets 2019: $13,029,037Liabilities 2019: $58,823Net Assets 2019: $12,970,2142019Assets 2020: $14,748,383Liabilities 2020: $109,802Net Assets 2020: $14,638,5812020Assets 2021: $16,994,104Liabilities 2021: $98,454Net Assets 2021: $16,895,6502021Assets 2022: $15,338,378Liabilities 2022: $36,520Net Assets 2022: $15,301,8582022Assets 2023: $15,886,177Liabilities 2023: $81,110Net Assets 2023: $15,805,0672023Assets 2024: $17,397,316Liabilities 2024: $51,719Net Assets 2024: $17,345,5972024Assets 2025: $18,643,564Liabilities 2025: $23,137Net Assets 2025: $18,620,4272025

Highlighted filing

2022

Assets$15,338,378
Liabilities$36,520
Net Assets$15,301,858

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $398,8062010Revenue 2011: $387,214Expenses 2011: $403,957Net Income 2011: -$16,7432011Expenses 2012: $499,6592012Expenses 2013: $500,1162013Revenue 2014: $829,182Expenses 2014: $557,193Net Income 2014: $271,9892014Revenue 2015: $1,476,739Expenses 2015: $540,089Net Income 2015: $936,6502015Revenue 2016: $742,450Expenses 2016: $729,702Net Income 2016: $12,7482016Revenue 2017: $939,337Expenses 2017: $879,645Net Income 2017: $59,6922017Revenue 2018: $1,356,197Expenses 2018: $818,555Net Income 2018: $537,6422018Revenue 2019: $993,263Expenses 2019: $847,241Net Income 2019: $146,0222019Revenue 2020: $2,508,785Expenses 2020: $1,031,374Net Income 2020: $1,477,4112020Revenue 2021: $1,124,854Expenses 2021: $1,100,739Net Income 2021: $24,1152021Revenue 2022: $1,385,392Expenses 2022: $1,269,997Net Income 2022: $115,3952022Revenue 2023: $1,009,175Expenses 2023: $1,352,794Net Income 2023: -$343,6192023Revenue 2024: $2,907,927Expenses 2024: $3,303,541Net Income 2024: -$395,6142024Revenue 2025: $1,964,136Expenses 2025: $1,634,486Net Income 2025: $329,6502025

Highlighted filing

2022

Revenue$1,385,392
Expenses$1,269,997
Net Income$115,395
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Dec 7, 2022
Return Version
2021v4.0
Gross Receipts
$1,430,020
Mission and Program Overview

Mission

The patrick henry memorial foundation possesses the largest collection of patrick henry artifacts and memorabilia in the nation. The purpose of this collection is to aid in educating the public about the life, times, philosophy, and contributions to posterity of patrick henry.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,609,167$5,506,449▼ $102,718
Cash and Non-Interest-Bearing Accounts$582,447$730,405▲ $147,958
Investments in Publicly Traded Securities$442,788$347,828▼ $94,960
Inventories for Sale or Use$50,905$59,941▲ $9,036
Prepaid Expenses and Deferred Charges$6,948$4,758▼ $2,190
Pledges and Grants Receivable$2,305--
Accounts Receivable-$365-
Total Assets$16,994,104$15,338,378▼ $1,655,726
Other Assets Total$10,299,544$8,688,632▼ $1,610,912
Liabilities
Unsecured Notes Loans Payable$68,593--
Mortgage Notes Payable Secured by Investment Property$27,389$30,737▲ $3,348
Accounts Payable and Accrued Expenses$2,273$5,210▲ $2,937
Other Liabilities$199$573▲ $374
Total Liabilities$98,454$36,520▼ $61,934
Net Assets / Fund Balance
Net Assets With Donor Restrictions$10,642,694$9,145,502▼ $1,497,192
Net Assets Without Donor Restrictions$6,252,956$6,156,356▼ $96,600
Total Net Assets Fund Balance$16,895,650$15,301,858▼ $1,593,792
Total Liabilities and Net Assets / Fund Balance$16,994,104$15,338,378▼ $1,655,726

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$4,451,752$2,022,174$6,473,926
Land$1,054,697-$1,054,697
Other Assets Org$42,943--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Charles Skip D Fox IvDirector
Dagen McdowellDirector
Dr Jack SchafferDirector
Gene SmithDirector
Mark HolmanDirector
Mike MaddenDirector
Robert SextonDirector
Sherman LapradeDirector
Walter M Cart JrDirector
Ward BurtonDirector
Dabney T P Gilliam JrDirector - C
Elsie RoseDirector - T
Jean ElliottDirector Vi
Revenue and Support

Revenue Composition

Contributions and Grants
$850,522
Program Service Revenue
$15,784
Investment Income
$383,408
Other Revenue
$135,678
All Other Contributions
$781,929
Change in Net Assets
$115,395

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,307,940
Revenue Not Reported on Financial Statements
$77,452
Revenue Not Reported on Form 990
$-1,695,554
Total Revenue per Audited Statements
$-387,614
Total Revenue per Form 990
$1,385,392
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$847,284
Salaries, Compensation, and Employee Benefits$422,713
Total Fundraising Expense$121,715
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$304,270$24,047$31,573$359,890
Depreciation Depletion$229,095--$229,095
Fees for Services Other$88,823$24,136$69,684$182,643
Fees for Service Investment Mgmnt Fees-$77,452-$77,452
Office Expenses$39,809$15,412$11,573$66,794
Insurance$32,551$6,540-$39,091
Other Employee Benefits$25,991$864$1,153$28,008
Payroll Taxes$23,937$1,573$2,437$27,947
Advertising$24,920-$2,281$27,201
All Other Expenses$16,290--$16,290
Other Expenses$10,160$7,662$2,266$10,160
Pension Plan Contributions$5,547$573$748$6,868
Travel$3,275$2,645-$5,920
Interest-$477-$477
Total Functional Expenses$986,901$161,381$121,715$1,269,997

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,269,997
Total Expenses per Audited Statements$1,206,178
Expenses per Audited Statements$1,192,545
Expenses Not Reported on Financial Statements$77,452
Expenses Not Reported on Form 990$13,633
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$33,878
Fundraising Direct Expenses$33,495
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Bbb/july 4th Ev$33,878$33,878$33,495$383
Total Events$33,878$33,878$33,495$383
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Taxes Accrued and Withheld$573
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
Yes
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

A draft copy of the form 990 is provided to the board members prior to filing. Board members are given a period of time to comment or suggest changes to the draft before filing. The board president also reviews the form 990 prior to signing.

Form 990, Page 6, Part VI, Line 15A

The chief executive officer's compensation is determined by approval from the board of directors and is included in the minutes.

Form 990, Page 6, Part VI, Line 19

The organization makes its governing documents and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Patrick Henry Memorial
EIN
54-0662892
Phone
4343762044
Address
1250 RED HILL ROAD, BROOKNEAL, VA 24528

Signing Officer

Name
Dabney T P Gilliam Jr
Title
Director - Chairman
Phone
4343762044
Signed
2022-12-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dabney T P Gilliam Jr
Formed
1944
Legal Domicile
Va
Voting Board Members
13
Independent Board Members
13
Employees
24
Volunteers
50

Preparer

Firm
Brockman Drinkard & Pennington Pc
Address
104 ARCHWAY COURT, LYNCHBURG, VA 24502
Preparer
Timothy a Blanks
Phone
4348468458
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The patrick henry memorial foundation possesses the largest collection of patrick henry artifacts and memorabilia in the nation. The purpose of this collection is to aid in educating the public about the life, times, philosophy, and contributions to posterity of patrick henry.

Form 990, Part IX, Line 11G

Operations consulting 88,823 24,136 69,684

Form 990, Part XI, Line 9

Cost of goods sold deducted from revenues 7,682 rental expense deducted from rental income 3,451 cost of goods sold deducted from revenues -7,682 rental expense deducted from rental income -3,451

Financial Statement Notes

Schedule D, Page 3, Part X

The foundation follows professional standards in accounting for income taxes. Under these standards, an organization must recognize the tax benefit associated with tax taken for tax return purposes when it is more likely than not the position will be sustainded. The implementation of these standards had no impact on the foundation's financial statements. The foundation's income tax filings are subject to audit by various taxing authorities. Open audit periods include its years ending june 30, 2019 through 2022. In evaluating the foundation's revenue sources, foundation management does not believe there are any material uncertain tax positions and, accordingly, it will not recognize any liability for unrecognized tax benefits. There were no interest or penalties recorded in the foundation's financial statements for the years ended june 30, 2022 and 2021.

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

Cost of goods sold deducted from revenues 7,682 rental expense deducted from rental income 3,451

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

Cost of goods sold deducted from revenues 7,682 rental expense deducted from rental income 3,451

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IRS990/MissionDesc0THE PATRICK HENRY MEMORIAL FOUNDATION POSSESSES THE LARGEST COLLECTION OF PATRICK HENRY ARTIFACTS AND MEMORABILIA IN THE NATION. THE PURPOSE OF THIS COLLECTION IS TO AID IN EDUCATING THE PUBLIC ABOUT THE LIFE, TIMES, PHILOSOPHY, AND CONTRIBUTIONS TO POSTERITY OF PATRICK HENRY.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION FOLLOWS PROFESSIONAL STANDARDS IN ACCOUNTING FOR INCOME TAXES. UNDER THESE STANDARDS, AN ORGANIZATION MUST RECOGNIZE THE TAX BENEFIT ASSOCIATED WITH TAX TAKEN FOR TAX RETURN PURPOSES WHEN IT IS MORE LIKELY THAN NOT THE POSITION WILL BE SUSTAINDED. THE IMPLEMENTATION OF THESE STANDARDS HAD NO IMPACT ON THE FOUNDATION'S FINANCIAL STATEMENTS. THE FOUNDATION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES. OPEN AUDIT PERIODS INCLUDE ITS YEARS ENDING JUNE 30, 2019 THROUGH 2022. IN EVALUATING THE FOUNDATION'S REVENUE SOURCES, FOUNDATION MANAGEMENT DOES NOT BELIEVE THERE ARE ANY MATERIAL UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, IT WILL NOT RECOGNIZE ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. THERE WERE NO INTEREST OR PENALTIES RECORDED IN THE FOUNDATION'S FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2022 AND 2021.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1COST OF GOODS SOLD DEDUCTED FROM REVENUES 7,682 RENTAL EXPENSE DEDUCTED FROM RENTAL INCOME 3,451
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2COST OF GOODS SOLD DEDUCTED FROM REVENUES 7,682 RENTAL EXPENSE DEDUCTED FROM RENTAL INCOME 3,451
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XII, LINE 2D
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$18.6$0.02$18.6$1.96$1.63$0.33
2024Detailed filing. Detailed filing data is available for this year.$17.4$0.05$17.3$2.91$3.30$0.40
2023Detailed filing. Detailed filing data is available for this year.$15.9$0.08$15.8$1.01$1.35$0.34
2022Detailed filing. Detailed filing data is available for this year.$15.3$0.04$15.3$1.39$1.27$0.12
2021Detailed filing. Detailed filing data is available for this year.$17.0$0.10$16.9$1.12$1.10$0.02
2020Detailed filing. Detailed filing data is available for this year.$14.7$0.11$14.6$2.51$1.03$1.48
2019Detailed filing. Detailed filing data is available for this year.$13.0$0.06$13.0$0.99$0.85$0.15
2018Detailed filing. Detailed filing data is available for this year.$12.8$0.19$12.6$1.36$0.82$0.54
2017Detailed filing. Detailed filing data is available for this year.$11.6$0.04$11.6$0.94$0.88$0.06
2016Detailed filing. Detailed filing data is available for this year.$11.3$0.05$11.3$0.74$0.73$0.01
2015Detailed filing. Detailed filing data is available for this year.$11.5$0.02$11.5$1.48$0.54$0.94
2014Detailed filing. Detailed filing data is available for this year.$10.5$0.01$10.5$0.83$0.56$0.27
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.40$0.03$9.37$0.50
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.96$0.04$7.93$0.50
2011Summary only. Only limited summary data is available for this year.$8.02$0.04$7.98$0.39$0.40$0.02
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.32$0.01$7.31$0.40