Civic Intelligence

Hanover Education Foundation

990 • Fiscal year 2022 • EIN 54-1573406

Jul 01, 2021 to Jun 30, 2022 • Filed on Sep 14, 2023

Organization ProfileWWW.HEFHANOVER.COM
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

17th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

17th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

85th percentile

39%

Higher net margin than 85% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

16th percentile

-12%

Faster asset growth than 16% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

28th percentile

-9.3%

Faster revenue growth than 28% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets17th percentile

Assets

Down

$4,181,076

Down $590,301 (-12%) from 2021

Net Assets

Down

$4,181,076

Down $590,301 (-12%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue And Expenses
Liabilities / Revenue17th percentileNet Margin85th percentile

Revenue

Down

$552,749

Down $56,483 (-9.3%) from 2021

Expenses

Up

$335,391

Up $55,455 (+20%) from 2021

Net Income

Down

$217,358

Down $111,938 (-34%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth16th percentile

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

2022

Assets$4,181,076
Liabilities$0
Net Assets$4,181,076
Open 2022 Filing

Operations Trend

Revenue Growth28th percentile

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

2022

Revenue$552,749
Expenses$335,391
Net Income$217,358
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Sep 14, 2023
Return Version
2021v4.0
Gross Receipts
$1,680,613
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$4,308,416$3,662,299▼ $646,117
Savings and Temporary Cash Investments$458,061$518,777▲ $60,716
Accounts Receivable$4,900--
Total Assets$4,771,377$4,181,076▼ $590,301
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets With Donor Restrictions$4,275,314$3,712,659▼ $562,655
Net Assets Without Donor Restrictions$496,063$468,417▼ $27,646
Total Net Assets Fund Balance$4,771,377$4,181,076▼ $590,301
Total Liabilities and Net Assets / Fund Balance$4,771,377$4,181,076▼ $590,301

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$4,308,416$84,463▲ $575,748-$3,662,299
2021$3,492,336$55,000▲ $904,904-$4,308,416
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
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Brett S ChristianPresident
Ginnina L EakleDirector
Jennifer a WoodDirector
Kim EppsDirector
Kimberley B Dages CPADirector
Lisa a MorrisDirector
Michael C PatrickDirector
Trey HaydenDirector
Trip TribbleDirector
Margaret HillExecutive Di
Sharon H PottsSecretary
Paul B FranklinTreasurer
Fatima R CaldasVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$327,795
Program Service Revenue
$0
Investment Income
$231,911
Other Revenue
$-6,957
All Other Contributions
$304,923
Change in Net Assets
$217,358

Audited Revenue Reconciliation

Revenue per Audited Statements
$517,917
Revenue Not Reported on Financial Statements
$34,832
Revenue Not Reported on Form 990
$-704,679
Total Revenue per Audited Statements
$-186,762
Total Revenue per Form 990
$552,749
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$271,033
Other Expenses$64,358
Total Fundraising Expense$3,536
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$197,719--$197,719
Grants to Domestic Orgs$73,314--$73,314
Fees for Service Investment Mgmnt Fees-$34,832-$34,832
Fees for Services Accounting-$10,000-$10,000
Conferences and Meetings-$3,001-$3,001
Travel-$1,800-$1,800
Office Expenses-$1,462-$1,462
All Other Expenses-$1,418-$1,418
Other Expenses-$1,393$3,536$1,393
Insurance-$892-$892
Total Functional Expenses$271,033$60,822$3,536$335,391

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$403,539
Total Expenses per Form 990$335,391
Expenses per Audited Statements$300,559
Expenses Not Reported on Form 990$102,980
Expenses Not Reported on Financial Statements$34,832
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Hanover County Public SchoolsAshland, VAGovCovid-19 Grants$37,404
Hanover County Public SchoolsAshland, VAGovScholarships/awards$35,910
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$18,457
Fundraising Gross Income$11,500
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$34,372$11,500$7,362$4,138
Total Events$34,372$11,500$18,457$-6,957
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
2023-09-14
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, 2022.”

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IRS990/PrincipalOfficerNm0MARGARET HILL
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IRS990/ProgSrvcAccomActy2Grp/Desc0CLASSROOM GRANTS - THE FOUNDATION PROVIDES GRANTS TO EDUCATORS IN ORDER TO FACILITATE AND UPGRADE LEARNING ENVIRONMENTS.
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt015658
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/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt060500
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt029600
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0154550
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0277093
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0229473
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0153165
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt070722
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0889212
IRS990ScheduleA/InvestmentIncomeCYPct00.30000
IRS990ScheduleA/InvestmentIncomePYPct00.31000
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.69950
IRS990ScheduleA/PublicSupportPY509Pct00.69040
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0719368
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0667598
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0704398
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0399071
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0468707
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt02959142
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IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-807659
IRS990ScheduleD/PrmnntEndowmentBalanceEOYPct00.91490
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IRS990ScheduleD/RevenueSubtotalAmt0517917
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, 2022.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART V, LINE 4
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 3, PART X
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Filings

Displayed year

2022 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$4,181,076
Liabilities
$0
Net assets
$4,181,076
Revenue
$552,749
Expenses
$335,391
Net income
$217,358
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