Civic Intelligence

Virginia Beach Public Schools Education Foundation and Subsidiary

990 • Fiscal year 2014 • EIN 54-1637620

Jul 01, 2013 to Jun 30, 2014 • Filed on Jan 30, 2015

2512 George Mason DriveVirginia Bch, VA 23456-0038

(757) 263-1069

Siviq Scores

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

Liabilities / Assets

62nd percentile

0.22x

Higher debt load relative to assets than 62% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

89th percentile

1.86x

Higher debt load relative to revenue than 89% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Net Margin

82nd percentile

26%

Higher net margin than 82% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

67th percentile

$94,618

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 31.7% of source-year revenue.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Asset Growth

80th percentile

17%

Faster asset growth than 80% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

72nd percentile

17%

Faster revenue growth than 72% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Assets

Up

$2,468,756

Up $366,319 (+17%) from 2013

Net Assets

Up

$1,913,794

Up $329,691 (+21%) from 2013

Liabilities

Up

$554,962

Up $36,628 (+7.1%) from 2013

Revenue

$298,797

No earlier filing loaded for comparison.

Expenses

Down

$221,522

Down $24,388 (-9.9%) from 2013

Net Income

$77,275

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $1,311,272Liabilities 2010: $189,901Net Assets 2010: $1,121,3712010Assets 2011: $1,557,311Liabilities 2011: $238,345Net Assets 2011: $1,318,9662011Assets 2013: $2,102,437Liabilities 2013: $518,334Net Assets 2013: $1,584,1032013Assets 2014: $2,468,756Liabilities 2014: $554,962Net Assets 2014: $1,913,7942014Assets 2015: $2,321,042Liabilities 2015: $376,986Net Assets 2015: $1,944,0562015Assets 2016: $2,401,510Liabilities 2016: $393,743Net Assets 2016: $2,007,7672016Assets 2019: $2,951,892Liabilities 2019: $267,363Net Assets 2019: $2,684,5292019Assets 2020: $2,909,579Liabilities 2020: $17,692Net Assets 2020: $2,891,8872020Assets 2021: $3,162,475Liabilities 2021: $11,833Net Assets 2021: $3,150,6422021Assets 2022: $2,932,876Liabilities 2022: $102,275Net Assets 2022: $2,830,6012022

Highlighted filing

2014

Assets$2,468,756
Liabilities$554,962
Net Assets$1,913,794

Operations Trend

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

$600K$400K$200K$0Expenses 2010: $156,0982010Expenses 2011: $164,7102011Expenses 2013: $245,9102013Revenue 2014: $298,797Expenses 2014: $221,522Net Income 2014: $77,2752014Revenue 2015: $297,701Expenses 2015: $256,729Net Income 2015: $40,9722015Revenue 2016: $366,120Expenses 2016: $341,252Net Income 2016: $24,8682016Revenue 2019: $381,819Expenses 2019: $237,153Net Income 2019: $144,6662019Revenue 2020: $541,128Expenses 2020: $305,091Net Income 2020: $236,0372020Revenue 2021: $380,214Expenses 2021: $259,140Net Income 2021: $121,0742021Revenue 2022: $475,885Expenses 2022: $347,473Net Income 2022: $128,4122022

Highlighted filing

2014

Revenue$298,797
Expenses$221,522
Net Income$77,275
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Jan 30, 2015
Return Version
2013v4.0
Gross Receipts
$504,989
Mission and Program Overview

Mission

To make a difference in the epublic schools of virginia beach by raising private sector support to fund innovative and creative learning programs and to reward educational exellence using grants to help support pilot programs run by the school system educators.

To raise private sector support to fund innovative and creative learning programs for the students of virginia beach city public schools and to reward educational excellence.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$1,287,278$1,529,953▲ $242,675
Land, Buildings, and Equipment, Net$0$397,938▲ $397,938
Savings and Temporary Cash Investments$188,351$191,675▲ $3,324
Pledges and Grants Receivable$33,435$30,946▼ $2,489
Accounts Receivable$16,205$21,036▲ $4,831
Total Assets$2,102,437$2,468,756▲ $366,319
Other Assets Total$577,168$297,208▼ $279,960
Liabilities
Mortgage Notes Payable Secured by Investment Property$504,555$533,118▲ $28,563
Grants Payable$7,000$12,200▲ $5,200
Accounts Payable and Accrued Expenses$3,613$5,978▲ $2,365
Deferred Revenue$3,166$3,666▲ $500
Total Liabilities$518,334$554,962▲ $36,628
Net Assets / Fund Balance
Unrestricted Net Assets$1,524,134$1,797,195▲ $273,061
Temporarily Rstr Net Assets$59,969$116,599▲ $56,630
Total Net Assets Fund Balance$1,584,103$1,913,794▲ $329,691
Total Liabilities and Net Assets / Fund Balance$2,102,437$2,468,756▲ $366,319

Asset Categories

AssetBook ValueDepreciationBasis
Land$397,938--
Other Assets Org$297,208--
Other Securities$915,638--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2013$1,306,248$49,832▲ $202,962-$1,559,042
2012$1,086,850$60,105▲ $159,293-$1,306,248
2011$1,090,937-▼ $4,087-$1,086,850
2010$898,645$1,158▲ $191,134-$1,090,937
2009$752,429$81,000▲ $65,216-$898,645
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Debbie ThomasEducation Foundation CoordFT$94,618$94,618

Board Members and Trustees

NameTitle
Mike RossImmediate Past President
Neil RosePresident
Nelson AdcockPresident-elect
Barbara DealDirector
Betty MichelsonDirector
Catherine GettierDirector
Doug BittermanDirector
Frank MalbonDirector
Harry Purkey JrDirector
Jane BrooksDirector
John MazachDirector
KEVIN O'BRIENDirector
Kathy Allen BennettDirector
Marion AkinsDirector
Nancy DefordDirector
Nancy GuyDirector
Ray BreedenDirector
Scott SeeryDirector
Tony PirroneDirector
Betty BroylesHonorary Director
Bill KamarekHonorary Director
Charlie CortelliniHonorary Director
Christopher EttelHonorary Director
Debbi GrayHonorary Director
Emilie TilleyHonorary Director
Jane PurringtonHonorary Director
John LangloisHonorary Director
Ned WilliamsHonorary Director
Randall DuboisSecretary
Robert BroermannTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$190,070
Program Service Revenue
$0
Investment Income
$56,441
Other Revenue
$52,286
All Other Contributions
$134,789
Change in Net Assets
$77,275
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$126,514
Grants and Similar Amounts Paid$95,008
Total Fundraising Expense$3,116
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$95,008--$95,008
Other Expenses$93,727--$93,727
All Other Expenses$3,744$5,596$3,116$12,456
Fees for Service Investment Mgmnt Fees$3,515$5,252-$8,767
Office Expenses$2,351$3,513-$5,864
Fees for Services Accounting$2,286$3,414-$5,700
Total Functional Expenses$200,631$17,775$3,116$221,522
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$84,909
Fundraising Direct Expenses$36,899
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 2$48,630$48,630$14,922$33,708
Event 1$43,473$9,225$4,658$4,567
Total Events$119,157$84,909$36,899$48,010
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
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The organization does have members.

Form 990, Part VI, Section A, Line 7A

The members elect the directors of the board. The directors of the board vote on officers who serve on the executive committee.

Form 990, Part VI, Section A, Line 7B

Purchases of land for the house project/thsb llc are subject to approval.

Form 990, Part VI, Section B, Line 11

A copy of the 990 is provided to the board of directors after the return is filed.

Form 990, Part VI, Section C, Line 19

The organization makes it's governing documents, conflict of interest policy and financial statements available to the public upon request.

Filing and Contact Details

Filer

EIN
54-1637620
Phone
7572631069

Signing Officer

Name
H Nelson Adcock
Title
President
Phone
7572631069
Signed
2015-01-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
H Nelson Adcock
Formed
1991
Legal Domicile
Va
Voting Board Members
30
Independent Board Members
30
Employees
0
Volunteers
60

Preparer

Preparer
Peter Alfele
Phone
7574562400
Supplemental Narrative

Additional Explanations

PART XII, LINE 2C:

The process has not changed since the prior year.

Financial Statement Notes

PART V, LINE 4:

The foundation has drafted a policy of appropriating for distributions each year. The foundation's current plan is to build the endowment to $2 million, at which time the foundation plans to use a portion of the annual interest income for its operations. At the time when this occurs, the virginia beach education foundation will annually distribute up to 4% of a of the market value of the fund for the purpose of administering grants, over 4% will go to the virginia beach education foundation. If the portfolio net worth is less than $2,000,000 it is the discretion of the finance team whether or not to use the interest income.

PART X, LINE 2:

The foundation is exempt from income tax under section 501(c)(3) of the internal revenue code. Management has evaluated the effect of the guidance provided by u.s. Generally accepted accounting principles on accounting for uncertainty in income taxes. Management believes that the foundation continues to satisfy the requirements of a tax-exempt organization at june 30, 2014. Management has evaluated all other tax positions that could have a significant effect on the consolidated financial statements and determined the foundation had no uncertain income tax positions at june 30, 2014.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16HONORARY DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17HONORARY DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18HONORARY DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19HONORARY DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20HONORARY DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21HONORARY DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22HONORARY DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23HONORARY DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24HONORARY DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt26PRESIDENT-ELECT
IRS990/Form990PartVIISectionAGrp/TitleTxt27TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt28SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt29IMMEDIATE PAST PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt30EDUCATION FOUNDATION COORD
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/FormationYr01991
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd01
IRS990/FundraisingAmt034248
IRS990/FundraisingDirectExpensesAmt036899
IRS990/FundraisingGrossIncomeAmt084909
IRS990/GainOrLossGrp/SecuritiesAmt036318
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt030
IRS990/GrantAmt058011
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IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt0205611
IRS990/GrossReceiptsAmt0504989
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt030
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt020123
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IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt01529953
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IRS990/LegalDomicileStateCd0VA
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt0169293
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IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO MAKE A DIFFERENCE IN THE PUBLIC SCHOOLS OF VIRGINIA BEACH BY RAISING PRIVATE SECTOR SUPPORT TO FUND INNOVATIVE AND CREATIVE LEARNING PROGRAMS AND TO REWARD EDUCATIONAL EXCELLENCE USING GRANTS TO HELP SUPPORT PILOT PROGRAMS RUN BY THE SCHOOL SYSTEM EDUCATORS.
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt048010
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IRS990/OtherExpensesGrp/Desc0CONSTRUCTION MATERIALS
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IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS
IRS990/OtherRevenueMiscGrp/Desc1POWER OF BELIEF BOOK
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IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0H NELSON ADCOCK
IRS990/ProfessionalFundraisingInd00
IRS990/ProgSrvcAccomActy2Grp/Desc0THE VIRGINIA BEACH EDUCATION FOUNDATION (VBEF) MANAGES A FEW RESTRICTED FUNDS FOR THE PURPOSE OF AWARDING SCHOLARSHIPS TO GRADUATING SENIORS IN VIRGINIA BEACH CITY PUBLIC SCHOOLS (VBCPS). THERE ARE A FEW SCHOLARSHIPS AVAILABLE TO VBCPS TEACHERS, AS WELL, EACH YEAR THROUGH VBEF. IN THE CURRENT YEAR THERE WERE 16 SCHOLARSHIPS AWARDED.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt072515
IRS990/ProgSrvcAccomActy2Grp/GrantAmt036997
IRS990/ProgSrvcAccomActy3Grp/Desc0THE HOUSE PROJECT OR THSB LLC IS THE FOUNDATION FOR WHICH VBEF BEGAN. APPROXIMATELY 80 JUNIORS AND SENIORS FROM THE VIRGINIA BEACH CITY PUBLIC SCHOOLS TECHNICAL & CAREER EDUCATION CENTER ENROLLED IN HVAC, CARPENTRY, ELECTRICITY, PLUMBING, MASONRY AND CISCO NETWORKING CONSTRUCT A SINGLE-FAMILY HOME. STUDENTS WORK ALONGSIDE THEIR CLASS INSTRUCTORS AND SUB-CONTRACTORS WHO DONATE THEIR TIME TO MENTOR THE STUDENTS IN THIS HANDS-ON LEARNING EXPERIENCE.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt033363
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt04276
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00

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