Civic Intelligence

Broadwater Academy

990 • Fiscal year 2021 • EIN 54-0799130

Jul 01, 2020 to Jun 30, 2021 • Filed on May 09, 2022

Organization ProfileWWW.BROADWATERACADEMY.ORG

View Organization Page

PO Box 546Exmore, VA 22350

(757) 442-9041

Siviq Scores

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

Liabilities / Assets

91st percentile

0.90x

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

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

86th percentile

1.32x

Higher debt load relative to revenue than 86% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

24th percentile

0.1%

Higher net margin than 24% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

32nd percentile

$76,107

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

24th percentile

-0.2%

Faster asset growth than 24% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

63rd percentile

23%

Faster revenue growth than 63% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$5,201,579

Down $9,945 (-0.2%) from 2020

Net Assets

Up

$516,126

Up $46,086 (+9.8%) from 2020

Liabilities

Down

$4,685,453

Down $56,031 (-1.2%) from 2020

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin24th percentile

Revenue

Up

$3,545,866

Up $651,813 (+23%) from 2020

Expenses

Up

$3,541,557

Up $386,665 (+12%) from 2020

Net Income

Up

$4,309

Up $265,148 (+102%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth24th percentile

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

$6.0M$4.0M$2.0M$0Assets 2011: $5,067,958Liabilities 2011: $587,346Net Assets 2011: $4,480,6122011Assets 2012: $3,950,952Liabilities 2012: $1,137,652Net Assets 2012: $2,813,3002012Assets 2013: $3,903,030Liabilities 2013: $1,118,899Net Assets 2013: $2,784,1312013Assets 2014: $3,923,545Liabilities 2014: $1,337,404Net Assets 2014: $2,586,1412014Assets 2015: $3,669,333Liabilities 2015: $1,634,848Net Assets 2015: $2,034,4852015Assets 2016: $4,317,406Liabilities 2016: $2,647,010Net Assets 2016: $1,670,3962016Assets 2017: $4,874,471Liabilities 2017: $3,924,494Net Assets 2017: $949,9772017Assets 2018: $5,490,774Liabilities 2018: $4,454,125Net Assets 2018: $1,036,6492018Assets 2019: $5,065,272Liabilities 2019: $4,169,682Net Assets 2019: $895,5902019Assets 2020: $5,211,524Liabilities 2020: $4,741,484Net Assets 2020: $470,0402020Assets 2021: $5,201,579Liabilities 2021: $4,685,453Net Assets 2021: $516,1262021Assets 2022: $5,203,721Liabilities 2022: $4,281,390Net Assets 2022: $922,3312022Assets 2023: $4,710,472Liabilities 2023: $4,045,650Net Assets 2023: $664,8222023Assets 2024: $5,094,803Liabilities 2024: $4,434,443Net Assets 2024: $660,3602024Assets 2025: $4,270,205Liabilities 2025: $3,619,735Net Assets 2025: $650,4702025

Highlighted filing

2021

Assets$5,201,579
Liabilities$4,685,453
Net Assets$516,126
Open 2021 Filing

Operations Trend

Revenue Growth63rd percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $3,361,1942011Expenses 2012: $3,756,9612012Revenue 2013: $3,650,326Expenses 2013: $3,790,237Net Income 2013: -$139,9112013Revenue 2014: $3,640,409Expenses 2014: $3,918,524Net Income 2014: -$278,1152014Revenue 2015: $3,580,170Expenses 2015: $4,038,545Net Income 2015: -$458,3752015Revenue 2016: $3,553,524Expenses 2016: $3,917,613Net Income 2016: -$364,0892016Revenue 2017: $3,062,705Expenses 2017: $3,583,073Net Income 2017: -$520,3682017Revenue 2018: $3,165,673Expenses 2018: $3,407,180Net Income 2018: -$241,5072018Revenue 2019: $3,328,446Expenses 2019: $3,500,693Net Income 2019: -$172,2472019Revenue 2020: $2,894,053Expenses 2020: $3,154,892Net Income 2020: -$260,8392020Revenue 2021: $3,545,866Expenses 2021: $3,541,557Net Income 2021: $4,3092021Revenue 2022: $4,139,571Expenses 2022: $3,722,174Net Income 2022: $417,3972022Revenue 2023: $4,001,369Expenses 2023: $4,263,065Net Income 2023: -$261,6962023Revenue 2024: $4,438,307Expenses 2024: $4,447,475Net Income 2024: -$9,1682024Revenue 2025: $4,157,415Expenses 2025: $4,177,202Net Income 2025: -$19,7872025

Highlighted filing

2021

Revenue$3,545,866
Expenses$3,541,557
Net Income$4,309
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 9, 2022
Return Version
2020v4.2
Gross Receipts
$3,546,646
Mission and Program Overview

Mission

Broadwater academy is an independent, non-profit institution that exists to provide an academic-based educational program and to provide non-academic programs which enhance and facilitate the development of students who are prepared to succeed in a college program and to contribute to a changing society upon graduation. The academy admits students of any race, color, national and ethnic origin who are all entitled to all the rights, priviledges, programs and activites generally accorded or made available to students at the school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,391,272$2,225,961▼ $165,311
Accounts Receivable$1,628,406$1,892,385▲ $263,979
Cash and Non-Interest-Bearing Accounts$949,813$878,571▼ $71,242
Savings and Temporary Cash Investments$52,742$72,233▲ $19,491
Pledges and Grants Receivable$75,066$22,736▼ $52,330
Prepaid Expenses and Deferred Charges$15,225$10,693▼ $4,532
Total Assets$5,211,524$5,201,579▼ $9,945
Other Assets Total$99,000$99,000→ $0
Liabilities
Deferred Revenue$2,222,056$2,810,183▲ $588,127
Mortgage Notes Payable Secured by Investment Property$1,230,594$973,965▼ $256,629
Other Liabilities$924,794$587,090▼ $337,704
Accounts Payable and Accrued Expenses$364,040$314,215▼ $49,825
Total Liabilities$4,741,484$4,685,453▼ $56,031
Net Assets / Fund Balance
Net Assets With Donor Restrictions$431,732$415,378▼ $16,354
Net Assets Without Donor Restrictions$38,308$100,748▲ $62,440
Total Net Assets Fund Balance$470,040$516,126▲ $46,086
Total Liabilities and Net Assets / Fund Balance$5,211,524$5,201,579▼ $9,945

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,641,156$3,767,979$5,409,135
Equipment$404,482$928,661$1,333,143
Land$153,098-$153,098
Other Land Buildings$27,225$62,509$89,734
Compensation and Service Providers
Top Officer Pay32nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Francis RyanHead of School Starting July 2020FT$64,995$11,112$76,107
Barbara ParkerAssistant Head of SchoolFT$70,499$2,739$73,238
Leslie WestCFO Through August 2020FT$40,625$1,334$41,959
Julie BadgerHead of School Through June 2020FT$40,625-$40,625

Board Members and Trustees

NameTitle
Pamela Von Eiff-turnerChair
Daniel a BrownVice Chair
Ann Arsenieu GallivanDirector
Annette BrickhouseDirector
Brent AndersonDirector
Chris WillisDirector
Holly BundickDirector
Kenneth R BlairDirector
Pete DuerDirector
Richard D VestalDirector
Steven M BeloteCFO Starting January 2021
Martha S SutherlandSecretary
Jon WehnerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$747,376
Program Service Revenue
$2,799,158
Investment Income
$-668
Other Revenue
$0
All Other Contributions
$256,916
Change in Net Assets
$4,309

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,545,429
Revenue Not Reported on Financial Statements
$437
Revenue Not Reported on Form 990
$41,777
Total Revenue per Audited Statements
$3,587,206
Total Revenue per Form 990
$3,545,866
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,611,271
Other Expenses$930,286
Total Fundraising Expense$70,684
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,671,120$294,605$60,350$2,026,075
Current Officers, Directors, Trustees, and Key Employees$244,448$43,754-$288,202
Depreciation Depletion$183,622$13,492$2,113$199,227
Occupancy$173,265$19,055$1,829$194,149
Payroll Taxes$157,047$22,903$3,272$183,222
Other Employee Benefits$94,261$17,030$2,481$113,772
Fees for Services Accounting-$72,081-$72,081
Fees for Services Other-$66,221-$66,221
Information Technology$45,713--$45,713
Insurance-$44,672-$44,672
Office Expenses$30,669$3,607$639$34,915
Interest-$34,664-$34,664
Advertising-$20,165-$20,165
Other Expenses$71,730$7,129-$7,129
Fees for Services Legal-$1,333-$1,333
Fees for Service Investment Mgmnt Fees-$437-$437
Total Functional Expenses$2,809,725$661,148$70,684$3,541,557

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,541,557
Expenses per Audited Statements$3,541,120
Total Expenses per Audited Statements$3,541,120
Expenses Not Reported on Financial Statements$437
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Broadwater Academy Foundation$587,090
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Finance commitee members have the opportunity to review the tax return before filing”

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

“Each director or principal officer shall annually sign a statement which affirms such person 1) has 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 its federal tax exemption, it must engage primarily in activities which accomplish one or more if its tax-exempt purposes. The policy includes procedures that involve 1) a duty to disclose 2) determining whether a conflict of interest exists and 4) additional steps if violations of the conflicts of interest policy exist”

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

“It is the duty of the finance committee and board of directors to approve compensation for headmaster, ceo, and employees of the school”

Form 990, Part VI, Section C, Line 18

“Governing documents disclosure explain governing documents are available to the public upon request”

Form 990, Part VI, Section C, Line 19

“Governing documents disclosure explain governing documents are available to the public upon request”

Filing and Contact Details

Filer

Filer Name
Broadwater Academy
EIN
54-0799130
Phone
7574429041
Address
PO BOX 546, EXMORE, VA 22350

Signing Officer

Name
Steven M Belote
Title
Chief Financial Officer
Phone
7574429041
Signed
2022-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steven M Belote
Formed
1965
Legal Domicile
Va
Voting Board Members
12
Independent Board Members
12
Employees
86
Volunteers
64

Preparer

Firm
Dixon Hughes Goodman Llp
Address
440 MONTICELLO AVE SUITE 1400, NORFOLK, VA 23510
Preparer
Lakrisha J Watson
Phone
7576245100
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in split interest agreement 21,850.”

FORM 990, PART XII, LINE 2C:

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

Financial Statement Notes

PART X, LINE 2:

“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.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Change in split interest agreement 21,850.”

Raw XML AppendixShowing 400 of 577 raw XML fields

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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12HEAD OF SCHOOL THROUGH JUNE 2020
IRS990/Form990PartVIISectionAGrp/TitleTxt13HEAD OF SCHOOL STARTING JULY 2020
IRS990/Form990PartVIISectionAGrp/TitleTxt14ASSISTANT HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt15CFO THROUGH AUGUST 2020
IRS990/Form990PartVIISectionAGrp/TitleTxt16CFO STARTING JANUARY 2021
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IRS990/MissionDesc0BROADWATER ACADEMY IS AN INDEPENDENT, NON-PROFIT INSTITUTION THAT EXISTS TO PROVIDE AN ACADEMIC-BASED EDUCATIONAL PROGRAM AND TO PROVIDE NON-ACADEMIC PROGRAMS WHICH ENHANCE AND FACILITATE THE DEVELOPMENT OF STUDENTS WHO ARE PREPARED TO SUCCEED IN A COLLEGE PROGRAM AND TO CONTRIBUTE TO A CHANGING SOCIETY UPON GRADUATION. THE ACADEMY ADMITS STUDENTS OF ANY RACE, COLOR, NATIONAL AND ETHNIC ORIGIN WHO ARE ALL ENTITLED TO ALL THE RIGHTS, PRIVILEDGES, PROGRAMS AND ACTIVITES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE SCHOOL.
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,201,579
Liabilities
$4,685,453
Net assets
$516,126
Revenue
$3,545,866
Expenses
$3,541,557
Net income
$4,309
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$4.27$3.62$0.65$4.16$4.18$0.02
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.09$4.43$0.66$4.44$4.45$0.01
2023Detailed filing. Detailed filing data is available for this year.$4.71$4.05$0.66$4.00$4.26$0.26
2022Detailed filing. Detailed filing data is available for this year.$5.20$4.28$0.92$4.14$3.72$0.42
2021Detailed filing. Detailed filing data is available for this year.$5.20$4.69$0.52$3.55$3.54$0.00
2020Detailed filing. Detailed filing data is available for this year.$5.21$4.74$0.47$2.89$3.15$0.26
2019Detailed filing. Detailed filing data is available for this year.$5.07$4.17$0.90$3.33$3.50$0.17
2018Detailed filing. Detailed filing data is available for this year.$5.49$4.45$1.04$3.17$3.41$0.24
2017Detailed filing. Detailed filing data is available for this year.$4.87$3.92$0.95$3.06$3.58$0.52
2016Detailed filing. Detailed filing data is available for this year.$4.32$2.65$1.67$3.55$3.92$0.36
2015Detailed filing. Detailed filing data is available for this year.$3.67$1.63$2.03$3.58$4.04$0.46
2014Detailed filing. Detailed filing data is available for this year.$3.92$1.34$2.59$3.64$3.92$0.28
2013Summary only. Only limited summary data is available for this year.$3.90$1.12$2.78$3.65$3.79$0.14
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.95$1.14$2.81$3.76
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.07$0.59$4.48$3.36
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2021 filings • 501(c)3 • $5M-$10M nonprofits