Civic Intelligence

Broadwater Academy

990 • Fiscal year 2023 • EIN 54-0799130

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2024

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

92nd percentile

0.86x

Higher debt load relative to assets than 92% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

88th percentile

1.01x

Higher debt load relative to revenue than 88% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

27th percentile

-6.5%

Higher net margin than 27% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

90th percentile

$206,316

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 5.2% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

14th percentile

-9.5%

Faster asset growth than 14% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

33rd percentile

-3.3%

Faster revenue growth than 33% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$4,710,472

Down $493,249 (-9.5%) from 2022

Net Assets

Down

$664,822

Down $257,509 (-28%) from 2022

Liabilities

Down

$4,045,650

Down $235,740 (-5.5%) from 2022

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin27th percentile

Revenue

Down

$4,001,369

Down $138,202 (-3.3%) from 2022

Expenses

Up

$4,263,065

Up $540,891 (+15%) from 2022

Net Income

Down

-$261,696

Down $679,093 (-163%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth14th 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

2023

Assets$4,710,472
Liabilities$4,045,650
Net Assets$664,822
Open 2023 Filing

Operations Trend

Revenue Growth33rd 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

2023

Revenue$4,001,369
Expenses$4,263,065
Net Income-$261,696
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$4,001,369
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$2,126,914$2,033,096▼ $93,818
Accounts Receivable$1,928,956$1,819,788▼ $109,168
Cash and Non-Interest-Bearing Accounts$986,081$518,393▼ $467,688
Savings and Temporary Cash Investments$78,558$74,915▼ $3,643
Prepaid Expenses and Deferred Charges$31,469$32,954▲ $1,485
Pledges and Grants Receivable$4,756$4,756→ $0
Total Assets$5,203,721$4,710,472▼ $493,249
Other Assets Total$46,987$226,570▲ $179,583
Liabilities
Deferred Revenue$3,065,168$2,740,929▼ $324,239
Other Liabilities$558,220$701,613▲ $143,393
Mortgage Notes Payable Secured by Investment Property$456,152$356,336▼ $99,816
Accounts Payable and Accrued Expenses$201,850$246,772▲ $44,922
Total Liabilities$4,281,390$4,045,650▼ $235,740
Net Assets / Fund Balance
Net Assets With Donor Restrictions$351,760$345,937▼ $5,823
Net Assets Without Donor Restrictions$570,571$318,885▼ $251,686
Total Net Assets Fund Balance$922,331$664,822▼ $257,509
Total Liabilities and Net Assets / Fund Balance$5,203,721$4,710,472▼ $493,249

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,501,282$4,075,021$5,576,303
Equipment$358,042$971,855$1,329,897
Land$153,098-$153,098
Other Land Buildings$20,674$56,115$76,789
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Francis RyanHead of SchoolFT$168,618$37,698$206,316
Barbara ParkerAssistant Head of SchoolFT$78,000$11,723$89,723
Steven M BeloteCFOFT$77,573$7,981$85,554

Board Members and Trustees

NameTitle
Chris WillisChair
Jon WehnerVice Chair
Ann Arsenieu GallivanDirector
Anne Harvard HooperDirector
Annette BrickhouseDirector
Blake JohnsonDirector
Brent AndersonDirector
Jim ShaefferDirector
Kristy HickmanDirector
Matha SutherlandDirector
Pamela Von Eiff TurnerDirector
Pete DuerDirector
Spencer ShelleyDirector
Holly BundickSecretary
Daniel HooperTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$495,488
Program Service Revenue
$3,503,956
Investment Income
$1,925
Other Revenue
$0
All Other Contributions
$441,017
Change in Net Assets
$-261,696

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,001,369
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$3,690
Total Revenue per Audited Statements
$4,005,059
Total Revenue per Form 990
$4,001,369
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,950,972
Other Expenses$1,312,093
Total Fundraising Expense$141,618
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,744,006$413,012$67,458$2,224,476
Current Officers, Directors, Trustees, and Key Employees$288,984$82,331-$371,315
Occupancy$271,377$28,672$2,944$302,993
Depreciation Depletion$237,260$12,334$2,730$252,324
Payroll Taxes$161,815$25,383$3,173$190,371
Other Employee Benefits$140,088$21,975$2,747$164,810
Interest-$81,670-$81,670
Fees for Services Other-$68,709-$68,709
Fees for Services Accounting-$59,697-$59,697
Insurance-$58,207-$58,207
Information Technology$46,993--$46,993
Advertising-$12,434$32,707$45,141
Office Expenses$24,533$5,397$10,539$40,469
Other Expenses$52,646$5,594$19,320$5,594
Fees for Service Investment Mgmnt Fees-$497-$497
Fees for Services Legal-$130-$130
Total Functional Expenses$3,175,208$946,239$141,618$4,263,065

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,263,065
Expenses per Audited Statements$4,262,568
Total Expenses per Audited Statements$4,262,568
Expenses Not Reported on Financial Statements$497
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$547,591
Operating Lease Liability$154,022
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
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steven M Belote
Formed
1965
Legal Domicile
Va
Voting Board Members
15
Independent Board Members
15
Employees
87
Volunteers
69

Preparer

Firm
Forvis Llp
Address
440 MONTICELLO AVE SUITE 2050, NORFOLK, VA 23510
Preparer
Lakrisha J Castleberry
Phone
7576245100
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in split interest agreement 7,334.”

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 7,334.”

Raw XML AppendixShowing 400 of 621 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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IRS990/Form990PartVIISectionAGrp/PersonNm12MATHA SUTHERLAND
IRS990/Form990PartVIISectionAGrp/PersonNm13ANNE HARVARD HOOPER
IRS990/Form990PartVIISectionAGrp/PersonNm14PAMELA VON EIFF TURNER
IRS990/Form990PartVIISectionAGrp/PersonNm15FRANCIS RYAN
IRS990/Form990PartVIISectionAGrp/PersonNm16BARBARA PARKER
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IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15HEAD OF SCHOOL
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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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IRS990/ScheduleBRequiredInd01

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,710,472
Liabilities
$4,045,650
Net assets
$664,822
Revenue
$4,001,369
Expenses
$4,263,065
Net income
-$261,696
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. 2023 filings • 501(c)3 • $1M-$5M nonprofits