Civic Intelligence

Virginia Beach Public Schools Education Foundation and Subsidiary

990 • Fiscal year 2019 • EIN 54-1637620

Jul 01, 2018 to Jun 30, 2019 • Filed on Mar 12, 2020

Organization ProfileWWW.VBEF.ORG
2512 George Mason DriveVirginia Beach, VA 23456-0038

(757) 263-1069

Siviq Scores

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

Liabilities / Assets

52nd percentile

0.09x

Higher debt load relative to assets than 52% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

83rd percentile

0.70x

Higher debt load relative to revenue than 83% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

88th percentile

38%

Higher net margin than 88% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

65th percentile

$93,768

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 24.6% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

68th percentile

11%

Faster asset growth than 68% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

22nd percentile

-10%

Faster revenue growth than 22% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Up

$2,951,892

Up $550,382 (+23%) from 2016

Net Assets

Up

$2,684,529

Up $676,762 (+34%) from 2016

Liabilities

Down

$267,363

Down $126,380 (-32%) from 2016

Revenue And Expenses
Liabilities / Revenue83rd percentileNet Margin88th percentile

Revenue

Up

$381,819

Up $15,699 (+4.3%) from 2016

Expenses

Down

$237,153

Down $104,099 (-31%) from 2016

Net Income

Up

$144,666

Up $119,798 (+482%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth68th percentile

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

2019

Assets$2,951,892
Liabilities$267,363
Net Assets$2,684,529
Open 2019 Filing

Operations Trend

Revenue Growth22nd percentile

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

2019

Revenue$381,819
Expenses$237,153
Net Income$144,666
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Mar 12, 2020
Return Version
2018v3.1
Gross Receipts
$3,701,996
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 in Publicly Traded Securities$2,080,796$2,182,957▲ $102,161
Savings and Temporary Cash Investments$242,626$368,273▲ $125,647
Land, Buildings, and Equipment, Net$132,184$132,184→ $0
Pledges and Grants Receivable$42,091$38,174▼ $3,917
Accounts Receivable$7,734$3,070▼ $4,664
Prepaid Expenses and Deferred Charges-$1,791-
Total Assets$2,659,041$2,951,892▲ $292,851
Other Assets Total$153,610$225,443▲ $71,833
Liabilities
Mortgage Notes Payable Secured by Investment Property$205,750$236,665▲ $30,915
Deferred Revenue$7,833$24,498▲ $16,665
Grants Payable$16,400$6,200▼ $10,200
Accounts Payable and Accrued Expenses$1,315--
Total Liabilities$231,298$267,363▲ $36,065
Net Assets / Fund Balance
Unrestricted Net Assets$2,270,358$2,434,607▲ $164,249
Temporarily Rstr Net Assets$157,385$249,922▲ $92,537
Total Net Assets Fund Balance$2,427,743$2,684,529▲ $256,786
Total Liabilities and Net Assets / Fund Balance$2,659,041$2,951,892▲ $292,851

Asset Categories

AssetBook ValueDepreciationBasis
Land$132,184--
Other Assets Org$225,443--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$2,071,652-▲ $123,036-$2,194,688
2017$1,967,958-▲ $105,530-$2,071,652
2016$1,701,578$93,489▲ $172,891-$1,967,958
2015$1,570,422$105,699▲ $25,457-$1,701,578
2014$1,559,042-▲ $11,380-$1,570,422
Compensation and Service Providers
Top Officer Pay65th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Debbie GriffeyEducation Foundation CoordFT$93,768$93,768

Board Members and Trustees

NameTitle
H Frank MalbonImmediated Past-president
Robert BroermannPresident
Kevin HillPresident Elect
Danny SpeightDirector
Debbie NadiranDirector
George MacdonaldDirector
Harry Purkey JrDirector
Joe FlanaganDirector
John BarringerDirector
LISA O'DONNELLDirector
Laura RileyDirector
Mike LoflinDirector
Monica CurryDirector
Patsy SlaughterDirector
Sandy BowieDirector
Sheila MagulaDirector
Tim FaulknerDirector
William MoralesDirector
Charlie CortelliniEmeritus
Chris EttelEmeritus
Debra GrayEmeritus
Emilie TilleyEmeritus
H Nelson Adcock JrEmeritus
Jane PurringtonEmeritus
John LangloisEmeritus
Mike RossEmeritus
Ned WilliamsEmeritus
Neil RoseEmeritus
Ray BreedenEmeritus
Steve HarwoodEmeritus
Tony PirroneEmeritus
William KamarekEmeritus
Duane HarverSecretary
John MazachTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$250,678
Program Service Revenue
$0
Investment Income
$14,162
Other Revenue
$116,979
All Other Contributions
$236,695
Change in Net Assets
$144,666

Audited Revenue Reconciliation

Revenue per Audited Statements
$378,562
Revenue Not Reported on Financial Statements
$3,257
Revenue Not Reported on Form 990
$246,829
Total Revenue per Audited Statements
$625,391
Total Revenue per Form 990
$381,819
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$212,950
Other Expenses$24,203
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$212,950--$212,950
Fees for Services Accounting-$7,700-$7,700
Office Expenses$6,226$185-$6,411
Fees for Service Investment Mgmnt Fees-$3,257-$3,257
Other Expenses$1,349$2,041-$1,349
Information Technology$1,335--$1,335
Fees for Services Legal-$75-$75
Total Functional Expenses$223,895$13,258$0$237,153

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$368,605
Total Expenses per Form 990$237,153
Expenses per Audited Statements$233,896
Expenses Not Reported on Form 990$134,709
Expenses Not Reported on Financial Statements$3,257
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$178,671
Fundraising Direct Expenses$64,455
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Pearls of Wisdom$127,135$127,135$23,351$103,784
Golf Tournament$27,595$27,595$25,350$2,245
Total Events$178,671$178,671$64,455$114,216
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 has 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 11B

“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 its governing documents, conflict of interest policy and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Virginia Beach Public Schools Education
EIN
54-1637620
Phone
7572631069
Address
2512 GEORGE MASON DRIVE, VIRGINIA BEACH, VA 23456-0038

Signing Officer

Name
Robert Broermann
Title
President
Phone
7572631069
Signed
2020-03-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert Broermann
Formed
1991
Legal Domicile
Va
Voting Board Members
34
Independent Board Members
34
Employees
0
Volunteers
41

Preparer

Firm
Cherry Bekaert Llp
Address
222 CENTRAL PARK AVE STE 1400, VIRGINIA BEACH, VA 23462
Preparer
Gregory G Davis
Phone
7574562400
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“BAD DEBT EXPENSE -1,123.”

Part XII Line 2C

“No changes have been made to the oversight process or selction process during the 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, 2019. 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, 2019. As a single-member limited liability company, thsb, llc is a disregarded entity for income tax purposes.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“BAD DEBT EXPENSE 1,123.”

Raw XML AppendixShowing 400 of 706 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm0ROBERT BROERMANN
IRS990/Form990PartVIISectionAGrp/PersonNm1KEVIN HILL
IRS990/Form990PartVIISectionAGrp/PersonNm2DUANE HARVER
IRS990/Form990PartVIISectionAGrp/PersonNm3JOHN MAZACH
IRS990/Form990PartVIISectionAGrp/PersonNm4H FRANK MALBON
IRS990/Form990PartVIISectionAGrp/PersonNm5H NELSON ADCOCK JR
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IRS990/Form990PartVIISectionAGrp/PersonNm12TIM FAULKNER
IRS990/Form990PartVIISectionAGrp/PersonNm13JOE FLANAGAN
IRS990/Form990PartVIISectionAGrp/PersonNm14DEBRA GRAY
IRS990/Form990PartVIISectionAGrp/PersonNm15STEVE HARWOOD
IRS990/Form990PartVIISectionAGrp/PersonNm16WILLIAM KAMAREK
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IRS990/Form990PartVIISectionAGrp/PersonNm19GEORGE MACDONALD
IRS990/Form990PartVIISectionAGrp/PersonNm20SHEILA MAGULA
IRS990/Form990PartVIISectionAGrp/PersonNm21WILLIAM MORALES
IRS990/Form990PartVIISectionAGrp/PersonNm22DEBBIE NADIRAN
IRS990/Form990PartVIISectionAGrp/PersonNm23LISA O'DONNELL
IRS990/Form990PartVIISectionAGrp/PersonNm24TONY PIRRONE
IRS990/Form990PartVIISectionAGrp/PersonNm25HARRY PURKEY JR
IRS990/Form990PartVIISectionAGrp/PersonNm26JANE PURRINGTON
IRS990/Form990PartVIISectionAGrp/PersonNm27LAURA RILEY
IRS990/Form990PartVIISectionAGrp/PersonNm28NEIL ROSE
IRS990/Form990PartVIISectionAGrp/PersonNm29MIKE ROSS
IRS990/Form990PartVIISectionAGrp/PersonNm30PATSY SLAUGHTER
IRS990/Form990PartVIISectionAGrp/PersonNm31DANNY SPEIGHT
IRS990/Form990PartVIISectionAGrp/PersonNm32EMILIE TILLEY
IRS990/Form990PartVIISectionAGrp/PersonNm33NED WILLIAMS
IRS990/Form990PartVIISectionAGrp/PersonNm34DEBBIE GRIFFEY
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt340
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt160
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt180
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt190
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt200
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt210
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt220
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt230
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt240
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT ELECT
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4IMMEDIATED PAST-PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt5EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt9EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt15EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt16EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt17EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt28EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt29EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt30DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt31DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt32EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt33EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt34EDUCATION FOUNDATION COORD
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/FormationYr01991
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd01
IRS990/FundraisingDirectExpensesAmt064455
IRS990/FundraisingGrossIncomeAmt0178671
IRS990/GainOrLossGrp/SecuritiesAmt0-33476
IRS990/GamingActivitiesInd00
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IRS990/GrantsPayableGrp/BOYAmt016400
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IRS990/GrantsToDomesticIndividualsGrp/TotalAmt0212950
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IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt03219576
IRS990/GrossReceiptsAmt03701996
IRS990/GrossSalesOfInventoryAmt05433
IRS990/GroupReturnForAffiliatesInd00
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IRS990/IndependentAuditFinclStmtInd00
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IRS990/IndoorTanningServicesInd00
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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/TotalRevenueColumnAmt0114216
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IRS990/OperateHospitalInd00
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IRS990/OtherAssetsTotalGrp/BOYAmt0153610
IRS990/OtherAssetsTotalGrp/EOYAmt0225443

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,951,892
Liabilities
$267,363
Net assets
$2,684,529
Revenue
$381,819
Expenses
$237,153
Net income
$144,666
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.93$0.10$2.83$0.48$0.35$0.13
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.16$0.01$3.15$0.38$0.26$0.12
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.91$0.02$2.89$0.54$0.31$0.24
2019Detailed filing. Detailed filing data is available for this year.$2.95$0.27$2.68$0.38$0.24$0.14
2016Detailed filing. Detailed filing data is available for this year.$2.40$0.39$2.01$0.37$0.34$0.02
2015Detailed filing. Detailed filing data is available for this year.$2.32$0.38$1.94$0.30$0.26$0.04
2014Detailed filing. Detailed filing data is available for this year.$2.47$0.55$1.91$0.30$0.22$0.08
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.10$0.52$1.58$0.25
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.56$0.24$1.32$0.16
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.31$0.19$1.12$0.16