Civic Intelligence

Hanover Education Foundation

990 • Fiscal year 2020 • EIN 54-1573406

Jul 01, 2019 to Jun 30, 2020 • Filed on Feb 26, 2021

200 Berkley StreetAshland, VA 23005-1302

(804) 365-4565

Siviq Scores

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

Liabilities / Assets

19th percentile

0.00x

Higher debt load relative to assets than 19% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

22nd percentile

0.01x

Higher debt load relative to revenue than 22% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

68th percentile

16%

Higher net margin than 68% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

37th percentile

$0

Higher top officer pay than 37% of similar nonprofits.

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

38th percentile

1.8%

Faster asset growth than 38% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

90th percentile

74%

Faster revenue growth than 90% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Up

$3,831,915

Up $68,279 (+1.8%) from 2019

Net Assets

Up

$3,825,915

Up $62,279 (+1.7%) from 2019

Liabilities

Up

$6,000

Up $6,000 from 2019

Revenue

Up

$585,857

Up $248,302 (+74%) from 2019

Expenses

Up

$494,563

Up $138,060 (+39%) from 2019

Net Income

Up

$91,294

Up $110,242 (+582%) from 2019

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: $1,391,202Liabilities 2011: $20,889Net Assets 2011: $1,370,3132011Assets 2012: $1,364,946Liabilities 2012: $0Net Assets 2012: $1,364,9462012Assets 2013: $1,505,874Liabilities 2013: $25,622Net Assets 2013: $1,480,2522013Assets 2014: $2,920,559Liabilities 2014: $8,147Net Assets 2014: $2,912,4122014Assets 2015: $3,177,177Liabilities 2015: $0Net Assets 2015: $3,177,1772015Assets 2016: $3,096,901Liabilities 2016: $1,392Net Assets 2016: $3,095,5092016Assets 2017: $3,588,508Liabilities 2017: $4,500Net Assets 2017: $3,584,0082017Assets 2018: $3,667,284Liabilities 2018: $3,371Net Assets 2018: $3,663,9132018Assets 2019: $3,763,636Liabilities 2019: $0Net Assets 2019: $3,763,6362019Assets 2020: $3,831,915Liabilities 2020: $6,000Net Assets 2020: $3,825,9152020Assets 2021: $4,771,377Liabilities 2021: $0Net Assets 2021: $4,771,3772021Assets 2022: $4,181,076Liabilities 2022: $0Net Assets 2022: $4,181,0762022Assets 2023: $4,426,495Liabilities 2023: $0Net Assets 2023: $4,426,4952023Assets 2024: $4,748,655Liabilities 2024: $0Net Assets 2024: $4,748,6552024

Highlighted filing

2020

Assets$3,831,915
Liabilities$6,000
Net Assets$3,825,915

Operations Trend

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

$2.0M$1.5M$1.0M$500K$0-$500KExpenses 2011: $285,1842011Expenses 2012: $246,9642012Revenue 2013: $209,280Expenses 2013: $196,829Net Income 2013: $12,4512013Revenue 2014: $1,571,026Expenses 2014: $282,615Net Income 2014: $1,288,4112014Revenue 2015: $706,361Expenses 2015: $342,403Net Income 2015: $363,9582015Revenue 2016: $410,359Expenses 2016: $372,907Net Income 2016: $37,4522016Revenue 2017: $552,162Expenses 2017: $331,942Net Income 2017: $220,2202017Revenue 2018: $418,375Expenses 2018: $426,683Net Income 2018: -$8,3082018Revenue 2019: $337,555Expenses 2019: $356,503Net Income 2019: -$18,9482019Revenue 2020: $585,857Expenses 2020: $494,563Net Income 2020: $91,2942020Revenue 2021: $609,232Expenses 2021: $279,936Net Income 2021: $329,2962021Revenue 2022: $552,749Expenses 2022: $335,391Net Income 2022: $217,3582022Revenue 2023: $542,835Expenses 2023: $396,671Net Income 2023: $146,1642023Revenue 2024: $434,335Expenses 2024: $512,073Net Income 2024: -$77,7382024

Highlighted filing

2020

Revenue$585,857
Expenses$494,563
Net Income$91,294
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Feb 26, 2021
Return Version
2019v5.0
Gross Receipts
$777,465
Mission and Program Overview

Mission

To substantially augment existing tax and grant-based funds in order to provide hanover county students with unparalled opportunities and experiences.

To enhance educational opportunities in hanover county, virginia

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$3,452,953$3,490,140▲ $37,187
Savings and Temporary Cash Investments$306,283$336,275▲ $29,992
Accounts Receivable$4,400$5,500▲ $1,100
Total Assets$3,763,636$3,831,915▲ $68,279
Liabilities
Grants Payable-$6,000-
Total Liabilities$0$6,000▲ $6,000
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,335,462$3,434,625▲ $99,163
Net Assets Without Donor Restrictions$428,174$391,290▼ $36,884
Total Net Assets Fund Balance$3,763,636$3,825,915▲ $62,279
Total Liabilities and Net Assets / Fund Balance$3,763,636$3,831,915▲ $68,279

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$3,455,149$55,000▲ $131,044-$3,492,336
2019$3,344,635-▲ $273,117-$3,455,149
2018$3,221,871-▲ $321,065-$3,344,635
2017$2,787,731$233,750▲ $411,033-$3,221,871
2016$2,884,586-▲ $17,830-$2,787,731
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$405,803
Program Service Revenue
$0
Investment Income
$160,060
Other Revenue
$19,994
All Other Contributions
$387,350
Change in Net Assets
$91,294

Audited Revenue Reconciliation

Revenue per Audited Statements
$555,999
Revenue Not Reported on Financial Statements
$29,858
Revenue Not Reported on Form 990
$73,965
Total Revenue per Audited Statements
$629,964
Total Revenue per Form 990
$585,857
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$427,963
Other Expenses$66,600
Total Fundraising Expense$530
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$236,523--$236,523
Grants to Domestic Individuals$191,440--$191,440
Fees for Service Investment Mgmnt Fees-$29,858-$29,858
Fees for Services Accounting-$9,200-$9,200
All Other Expenses-$2,039$530$2,569
Travel-$1,887-$1,887
Conferences and Meetings-$1,725-$1,725
Office Expenses-$1,413-$1,413
Other Expenses-$1,000-$1,000
Insurance-$858-$858
Total Functional Expenses$427,963$66,070$530$494,563

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$567,685
Total Expenses per Form 990$494,563
Expenses per Audited Statements$464,705
Expenses Not Reported on Form 990$102,980
Expenses Not Reported on Financial Statements$29,858
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Hanover County Public SchoolsAshland, VAGovCovid-19 Grants$125,550
Hanover County Public SchoolsAshland, VAGovScholarships/awards$110,973
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$42,450
Fundraising Direct Expenses$22,456
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Celebration Din$42,650$26,850-$26,850
Bowling for Edu$18,253$15,600-$15,600
Total Events$60,903$42,450$22,456$19,994
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
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

The accounting firm prepares the draft form 990 which is circlulated by email to the board. The board is given a response period for questions. After the response period expires and questions are addressed the foundation files the form 990.

Form 990, Page 6, Part VI, Line 19

All records are available to the public for review upon request at the office of the foundation located at the county of hanover, virginia school board office, 200 berkley street, ashland, virginia.

Filing and Contact Details

Filer

Filer Name
Hanover Education Foundation
EIN
54-1573406
Phone
8043654565
Address
200 BERKLEY STREET, ASHLAND, VA 23005-1302

Signing Officer

Name
Margaret Hill
Title
Executive Director
Phone
8043654565
Signed
2021-02-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Margaret Hill
Formed
1989
Legal Domicile
Va
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
10

Preparer

Firm
Harris Hardy & Johnstone Pc
Address
300 ARBORETUM PL STE 660, RICHMOND, VA 23236
Preparer
George G Crowell CPA
Phone
8045600560
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

Other grants - the foundation awards grants to educators, students, and staff in order to enhance educational opportunities including the purchase of materials and supplies for hanover county public schools.

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

Endowment funds are in place to provide the resources necessary to provide grants and scholarships to hanover county public school students, educators, and school leaders.

Schedule D, Page 3, Part X

The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, the foundation may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the foundation and various positions related to the potential sources of unrelated business taxable income (ubti). The foundation has recognized no uncertain tax positions for the year ended june 30, 2020. The foundation is generally no longer subject to examination by the internal revenue service for years before 2017.

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IRS990/PrincipalOfficerNm0MARGARET HILL
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IRS990/ProgSrvcAccomActy2Grp/Desc0CLASSROOMS OF THE FUTURE - THE FOUNDATION GIVES GRANTS TO EDUCATORS IN ORDER TO ENHANCE TECHNOLOGY AND INNOVATION IN THE CLASSROOM.
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IRS990/ProgSrvcAccomActy3Grp/Desc0COVID 19 GRANT - THE COVID-19 GRANT WAS ESTABLISHED IN 2020 TO ACCEPT DONATIONS FOR HANOVER FAMILIES IN NEED OF SUPPORT TO COMBAT THE IMPACT MADE BY COVID19. THE FUND PROVIDES DIRECT SUPPORT TO HANOVER COUNTY FOR FOOD NEEDS. THIS FUND WILL CONTINUE TO BE USED TO SERVE STUDENTS AND FAMILIES IN OUR COMMUNITY WHO ARE AFFECTED BY COVID19 AS WELL AS ASSIST IN OTHER FOUNDATION PRIORITIES.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0OTHER GRANTS - THE FOUNDATION AWARDS GRANTS TO EDUCATORS, STUDENTS, AND STAFF IN ORDER TO ENHANCE EDUCATIONAL OPPORTUNITIES INCLUDING THE PURCHASE OF MATERIALS AND SUPPLIES FOR HANOVER COUNTY PUBLIC SCHOOLS.
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IRS990ScheduleA/InvestmentIncomePYPct00.26000
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0587539
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IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt02242189
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/InvestmentExpensesNotIncldAmt029858
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-29015
IRS990ScheduleD/PrmnntEndowmentBalanceEOYPct00.66720
IRS990ScheduleD/RevenueNotReportedAmt073965
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt029858
IRS990ScheduleD/RevenueSubtotalAmt0555999
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ENDOWMENT FUNDS ARE IN PLACE TO PROVIDE THE RESOURCES NECESSARY TO PROVIDE GRANTS AND SCHOLARSHIPS TO HANOVER COUNTY PUBLIC SCHOOL STUDENTS, EDUCATORS, AND SCHOOL LEADERS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THAT GUIDANCE, THE FOUNDATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE FOUNDATION AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME (UBTI). THE FOUNDATION HAS RECOGNIZED NO UNCERTAIN TAX POSITIONS FOR THE YEAR ENDED JUNE 30, 2020. THE FOUNDATION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2017.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART V, LINE 4
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TermEndowmentBalanceEOYPct00.25070
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0567685
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt018453
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt015800
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent2Amt02653

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.75$0.00$4.75$0.43$0.51$0.08
2023Detailed filing. Detailed filing data is available for this year.$4.43$0.00$4.43$0.54$0.40$0.15
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.18$0.00$4.18$0.55$0.34$0.22
2021Detailed filing. Detailed filing data is available for this year.$4.77$0.00$4.77$0.61$0.28$0.33
2020Detailed filing. Detailed filing data is available for this year.$3.83$0.01$3.83$0.59$0.49$0.09
2019Detailed filing. Detailed filing data is available for this year.$3.76$0.00$3.76$0.34$0.36$0.02
2018Detailed filing. Detailed filing data is available for this year.$3.67$0.00$3.66$0.42$0.43$0.01
2017Detailed filing. Detailed filing data is available for this year.$3.59$0.00$3.58$0.55$0.33$0.22
2016Detailed filing. Detailed filing data is available for this year.$3.10$0.00$3.10$0.41$0.37$0.04
2015Detailed filing. Detailed filing data is available for this year.$3.18$0.00$3.18$0.71$0.34$0.36
2014Summary only. Only limited summary data is available for this year.$2.92$0.01$2.91$1.57$0.28$1.29
2013Summary only. Only limited summary data is available for this year.$1.51$0.03$1.48$0.21$0.20$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.36$0.00$1.36$0.25
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.39$0.02$1.37$0.29