Civic Intelligence

Hanover Education Foundation

990 • Fiscal year 2023 • EIN 54-1573406

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

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.

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

Liabilities / Revenue

17th percentile

0.00x

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

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

Net Margin

80th percentile

27%

Higher net margin than 80% of similar nonprofits.

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

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.

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

Asset Growth

54th percentile

5.9%

Faster asset growth than 54% of similar nonprofits.

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

Revenue Growth

35th percentile

-1.8%

Faster revenue growth than 35% of similar nonprofits.

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

Assets

Up

$4,426,495

Up $245,419 (+5.9%) from 2022

Net Assets

Up

$4,426,495

Up $245,419 (+5.9%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue

Down

$542,835

Down $9,914 (-1.8%) from 2022

Expenses

Up

$396,671

Up $61,280 (+18%) from 2022

Net Income

Down

$146,164

Down $71,194 (-33%) from 2022

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

2023

Assets$4,426,495
Liabilities$0
Net Assets$4,426,495

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

2023

Revenue$542,835
Expenses$396,671
Net Income$146,164
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Feb 15, 2024
Return Version
2022v5.0
Gross Receipts
$1,062,241
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$3,662,299$3,860,210▲ $197,911
Savings and Temporary Cash Investments$518,777$485,885▼ $32,892
Pledges and Grants Receivable-$80,400-
Total Assets$4,181,076$4,426,495▲ $245,419
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,712,659$4,000,126▲ $287,467
Net Assets Without Donor Restrictions$468,417$426,369▼ $42,048
Total Net Assets Fund Balance$4,181,076$4,426,495▲ $245,419
Total Liabilities and Net Assets / Fund Balance$4,181,076$4,426,495▲ $245,419

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$3,662,299$105,000▲ $332,275-$3,940,210
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
Compensation and Service Providers

Board Members and Trustees

NameTitle
Jennifer a WoodPresident
Bethany PainterDirector
Dave WhitesideDirector
Edwin CaldasDirector
Eric S BatemanDirector
Ginnina L EakleDirector
Lisa a MorrisDirector
Stacey GilesDirector
Stuart F SettleDirector
Tim AmosDirector
Trip TribbleDirector
Margaret HillExecutive Di
Kim EppsSecretary
Kimberley B Dages CPATreasurer
Trey HaydenVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$342,362
Program Service Revenue
$0
Investment Income
$233,019
Other Revenue
$-32,546
All Other Contributions
$270,677
Change in Net Assets
$146,164

Audited Revenue Reconciliation

Revenue per Audited Statements
$512,971
Revenue Not Reported on Financial Statements
$29,864
Revenue Not Reported on Form 990
$234,435
Total Revenue per Audited Statements
$747,406
Total Revenue per Form 990
$542,835
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$337,622
Other Expenses$59,049
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$206,041--$206,041
Grants to Domestic Orgs$131,581--$131,581
Fees for Service Investment Mgmnt Fees-$29,864-$29,864
Fees for Services Accounting-$8,900-$8,900
Office Expenses-$6,345-$6,345
Conferences and Meetings-$4,040-$4,040
Other Expenses-$2,900-$2,900
Travel-$2,350-$2,350
Insurance-$909-$909
Total Functional Expenses$337,622$59,049$0$396,671

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$501,987
Total Expenses per Form 990$396,671
Expenses per Audited Statements$366,807
Expenses Not Reported on Form 990$135,180
Expenses Not Reported on Financial Statements$29,864
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Hanover County Public SchoolsAshland, VAGovScholarships/awards$109,501
Hanover County Public SchoolsAshland, VAGovCovid-19 Grants$22,080
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$53,946
Fundraising Gross Income$21,400
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Celebration Din$51,860$10,900$31,760$-20,860
Golf Tournament$41,225$10,500$58$10,442
Total Events$93,085$21,400$53,946$-32,546
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
2024-02-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Margaret Hill
Formed
1989
Legal Domicile
Va
Voting Board Members
14
Independent Board Members
14
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

Uncertain tax positions 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 years ended june 30, 2023 and 2022.

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IRS990/OtherExpensesGrp/Desc0MISCELLANEOUS EXPENSE
IRS990/OtherExpensesGrp/Desc1SUPPORT STAFF DINNER
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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/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/CurrentTaxYearMinus3YearsAmt042450
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt060500
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0146350
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0224481
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0954934
IRS990ScheduleA/InvestmentIncomeCYPct00.30000
IRS990ScheduleA/InvestmentIncomePYPct00.30000
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0723423
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0667598
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0704398
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0399071
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt03213858
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
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IRS990/ScheduleBRequiredInd0true
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IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt03455149
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IRS990ScheduleD/DonatedServicesAndUseFcltsAmt0135180
IRS990ScheduleD/DonatedServicesUseFcltsAmt0135180
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/InvestmentExpensesNotIncldAmt029864
IRS990ScheduleD/NetUnrealizedGainsInvstAmt099255
IRS990ScheduleD/PrmnntEndowmentBalanceEOYPct00.91500
IRS990ScheduleD/RevenueNotReportedAmt0234435
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt029864
IRS990ScheduleD/RevenueSubtotalAmt0512971
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/ExplanationTxt1UNCERTAIN TAX POSITIONS 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 YEARS ENDED JUNE 30, 2023 AND 2022.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART V, LINE 4
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalRevenuePerForm990Amt0542835
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0747406
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0501987
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt071685

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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