Civic Intelligence

Broadwater Academy

990 • Fiscal year 2025 • EIN 54-0799130

Jul 01, 2024 to Jun 30, 2025

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

0.85x

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

2025 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2025

Liabilities / Revenue

87th percentile

0.87x

Higher debt load relative to revenue than 87% of similar nonprofits.

2025 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2025

Net Margin

35th percentile

-0.5%

Higher net margin than 35% of similar nonprofits.

2025 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2025

Top Officer Pay

91st percentile

$199,969

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 4.8% of source-year revenue.

2025 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2025

Asset Growth

8th percentile

-16%

Faster asset growth than 8% of similar nonprofits.

2025 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2024 to 2025

Revenue Growth

25th percentile

-6.3%

Faster revenue growth than 25% of similar nonprofits.

2025 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2024 to 2025

Assets

Down

$4,270,205

Down $824,598 (-16%) from 2024

Net Assets

Down

$650,470

Down $9,890 (-1.5%) from 2024

Liabilities

Down

$3,619,735

Down $814,708 (-18%) from 2024

Revenue

Down

$4,157,415

Down $280,892 (-6.3%) from 2024

Expenses

Down

$4,177,202

Down $270,273 (-6.1%) from 2024

Net Income

Down

-$19,787

Down $10,619 (-116%) from 2024

Historical Trend

Balance Sheet Trend

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

2025

Assets$4,270,205
Liabilities$3,619,735
Net Assets$650,470

Operations Trend

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

2025

Revenue$4,157,415
Expenses$4,177,202
Net Income-$19,787
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Mar 6, 2026
Return Version
2024v5.1
Gross Receipts
$4,196,752
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$1,854,135$1,688,659▼ $165,476
Accounts Receivable$1,837,912$1,655,027▼ $182,885
Cash and Non-Interest-Bearing Accounts$575,694$706,185▲ $130,491
Pledges and Grants Receivable$648,446$0▼ $648,446
Savings and Temporary Cash Investments$77,829$82,884▲ $5,055
Prepaid Expenses and Deferred Charges$24,579$31,965▲ $7,386
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors$0$0→ $0
Total Assets$5,094,803$4,270,205▼ $824,598
Other Assets Total$76,208$105,485▲ $29,277
Liabilities
Deferred Revenue$2,984,644$2,991,706▲ $7,062
Mortgage Notes Payable Secured by Investment Property$288,530$290,080▲ $1,550
Accounts Payable and Accrued Expenses$249,527$190,002▼ $59,525
Other Liabilities$911,742$147,947▼ $763,795
Total Liabilities$4,434,443$3,619,735▼ $814,708
Net Assets / Fund Balance
Net Assets With Donor Restrictions$334,485$335,309▲ $824
Net Assets Without Donor Restrictions$325,875$315,161▼ $10,714
Total Net Assets Fund Balance$660,360$650,470▼ $9,890
Total Liabilities and Net Assets / Fund Balance$5,094,803$4,270,205▼ $824,598

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,214,668$4,379,873$5,594,541
Equipment$302,059$1,089,170$1,391,229
Land$153,098-$153,098
Other Land Buildings$18,834$67,912$86,746
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Francis RyanHead of SchoolFT$165,000$34,969$199,969
Steven M BeloteCFOFT$100,625$5,284$105,909
Barbara ParkerAssistant Head of SchoolFT$50,117$2,333$52,450
Kate TerryAssistant Head of SchoolFT$41,833$4,038$45,871

Board Members and Trustees

NameTitle
Chris WillisChair
Jon WehnerVice Chair
Ace SeyboltDirector
Blake JohnsonDirector
Brent AndersonDirector
Clint CrouseDirector
JP BinardDirector
Jim ShaefferDirector
Kristy HickmanDirector
Robert SabbatiniDirector
Sierra Knight MageeDirector
Spencer ShelleyDirector
Will RussellSecretary
Daniel HooperTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$538,363
Program Service Revenue
$3,405,277
Investment Income
$186,869
Other Revenue
$26,906
All Other Contributions
$433,901
Change in Net Assets
$-19,787

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,156,845
Revenue Not Reported on Financial Statements
$570
Revenue Not Reported on Form 990
$49,234
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$4,206,079
Total Revenue per Form 990
$4,157,415
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,921,462
Other Expenses$1,255,740
Total Fundraising Expense$79,321
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,962,166$235,605-$2,197,771
Current Officers, Directors, Trustees, and Key Employees$149,109$188,863$49,481$387,453
Depreciation Depletion$259,445$12,532$2,985$274,962
Occupancy$210,852$23,560$2,262$236,674
Payroll Taxes$160,353$25,154$3,144$188,651
Other Employee Benefits$125,449$19,678$2,460$147,587
Fees for Services Accounting-$77,281-$77,281
Insurance-$61,573-$61,573
Office Expenses$41,170$6,408$7,661$55,239
Information Technology$55,003--$55,003
Interest-$54,458-$54,458
Fees for Services Other$0$47,295$0$47,295
Fees for Services Legal-$21,934-$21,934
Advertising-$11,329$1,050$12,379
Other Expenses$69,101$5,343$10,278$5,343
Fees for Service Investment Mgmnt Fees-$570-$570
Total Functional Expenses$3,255,640$842,241$79,321$4,177,202

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,215,969
Total Expenses per Form 990$4,177,202
Expenses per Audited Statements$4,176,632
Expenses Not Reported on Form 990$39,337
Expenses Not Reported on Financial Statements$570
Other Expense Adjustments$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$52,910
Fundraising Direct Expenses$39,337
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Gala and Auction$100,431$52,910$16,356$36,554
Event 2-$0-$0
Total Events$100,431$52,910$39,337$13,573
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Broadwater Academy Foundation$78,755
Federal Income Taxes$69,192
Operating Lease Liability-
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, Line 18

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

Form 990, Part VI, Line 11B Review of form 990 by governing body

Finance committee members have the opportunity to review the tax return before filing

Form 990, Part VI, Line 12C Conflict of interest policy

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, Line 15A Process to establish compensation of top management official

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, Line 19 Required documents available to the public

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
2026-03-06
Discuss with paid preparer
Yes

Organization Details

Formed
1965
Legal Domicile
Va
Voting Board Members
14
Independent Board Members
14
Employees
90
Volunteers
66

Preparer

Firm
Forvis Mazars LLP
Address
One Oak Plaza Suite 300, Asheville, NC 28801
Preparer
Amy Bibby
Phone
8282542254
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

Change in Split Interest Agreement - 9897; Total - 9897;

Form 990, Part XII, Line 2C

The process has not changed from the prior year.

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

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.

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

Special Event Expenses - 39337 Change in Split Interest Agreement - 9897

Schedule D, Part XII, Line 2(D) Other expenses in audited financial statements not in form 990

Special Event Expenses - 39337

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IRS990/Form990PartVIISectionAGrp/PersonNm1Daniel Hooper
IRS990/Form990PartVIISectionAGrp/PersonNm2JON WEHNER
IRS990/Form990PartVIISectionAGrp/PersonNm3Will Russell
IRS990/Form990PartVIISectionAGrp/PersonNm4Ace Seybolt
IRS990/Form990PartVIISectionAGrp/PersonNm5Blake Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm6Brent Anderson
IRS990/Form990PartVIISectionAGrp/PersonNm7Clint Crouse
IRS990/Form990PartVIISectionAGrp/PersonNm8Jim Shaeffer
IRS990/Form990PartVIISectionAGrp/PersonNm9JP Binard
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IRS990/Form990PartVIISectionAGrp/PersonNm11Robert Sabbatini
IRS990/Form990PartVIISectionAGrp/PersonNm12Sierra Knight Magee
IRS990/Form990PartVIISectionAGrp/PersonNm13Spencer Shelley
IRS990/Form990PartVIISectionAGrp/PersonNm14BARBARA PARKER
IRS990/Form990PartVIISectionAGrp/PersonNm15FRANCIS RYAN
IRS990/Form990PartVIISectionAGrp/PersonNm16Kate Terry
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IRS990/Form990PartVIISectionAGrp/TitleTxt15HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt16Assistant Head 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/MortgNotesPyblScrdInvstPropGrp/EOYAmt0290080
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IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0STEVEN M BELOTE
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IRS990/ProgSrvcAccomActy2Grp/Desc0TUITION GRANTS AND FINANCIAL AID CREDITS ARE USED TO ASSIST STUDENTS IN ATTENDING THE ACADEMY WHEN THEY WOULD OTHERWISE NOT BE FINANCIALLY ABLE TO DO SO, APPROXIMATELY 156 DIRECTLY EACH YEAR.
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-19787

Document Assets

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Filings

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. 2025 filings • 501(c)3 • $1M-$5M nonprofits