Civic Intelligence

New Horizons Educational Foundation Inc.

990 • Fiscal year 2020 • EIN 54-1674644

Jul 01, 2019 to Jun 30, 2020 • Filed on Jan 29, 2021

Organization ProfileNHGS.TEC.VA.US/EDUCATIONALFOUNDATION
520 Butler Farm RoadHampton, VA 23666

(757) 766-1100

Siviq Scores

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

Liabilities / Assets

87th percentile

0.84x

Higher debt load relative to assets than 87% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

95th percentile

7.34x

Higher debt load relative to revenue than 95% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

88th percentile

42%

Higher net margin than 88% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

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

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

17th percentile

-2.7%

Faster asset growth than 17% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

43rd percentile

-0.2%

Faster revenue growth than 43% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$10,338,726

Down $292,190 (-2.7%) from 2019

Net Assets

Up

$1,700,910

Up $493,176 (+41%) from 2019

Liabilities

Down

$8,637,816

Down $785,366 (-8.3%) from 2019

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin88th percentile

Revenue

Down

$1,176,752

Down $2,290 (-0.2%) from 2019

Expenses

Down

$683,576

Down $48,508 (-6.6%) from 2019

Net Income

Up

$493,176

Up $46,218 (+10%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth17th percentile

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

$15M$10M$5.0M$0Assets 2011: $151,699Liabilities 2011: $02011Assets 2012: $137,262Liabilities 2012: $02012Assets 2013: $130,358Liabilities 2013: $02013Assets 2014: $12,261,535Liabilities 2014: $12,128,243Net Assets 2014: $133,2922014Assets 2015: $12,319,868Liabilities 2015: $12,201,529Net Assets 2015: $118,3392015Assets 2016: $13,006,696Liabilities 2016: $12,568,900Net Assets 2016: $437,7962016Assets 2017: $13,061,131Liabilities 2017: $12,177,657Net Assets 2017: $883,4742017Assets 2018: $11,050,869Liabilities 2018: $10,290,093Net Assets 2018: $760,7762018Assets 2019: $10,630,916Liabilities 2019: $9,423,182Net Assets 2019: $1,207,7342019Assets 2020: $10,338,726Liabilities 2020: $8,637,816Net Assets 2020: $1,700,9102020Assets 2021: $10,084,487Liabilities 2021: $7,808,161Net Assets 2021: $2,276,3262021Assets 2022: $9,814,842Liabilities 2022: $6,981,162Net Assets 2022: $2,833,6802022Assets 2023: $9,613,611Liabilities 2023: $6,135,347Net Assets 2023: $3,478,2642023Assets 2024: $9,529,605Liabilities 2024: $5,280,584Net Assets 2024: $4,249,0212024

Highlighted filing

2020

Assets$10,338,726
Liabilities$8,637,816
Net Assets$1,700,910
Open 2020 Filing

Operations Trend

Revenue Growth43rd percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2011: $63,107Expenses 2011: $54,479Net Income 2011: $8,6282011Revenue 2012: $57,961Expenses 2012: $72,398Net Income 2012: -$14,4372012Revenue 2013: $54,293Expenses 2013: $61,197Net Income 2013: -$6,9042013Revenue 2014: $84,094Expenses 2014: $81,160Net Income 2014: $2,9342014Revenue 2015: $82,562Expenses 2015: $97,515Net Income 2015: -$14,9532015Revenue 2016: $685,420Expenses 2016: $365,963Net Income 2016: $319,4572016Revenue 2017: $1,125,302Expenses 2017: $679,624Net Income 2017: $445,6782017Revenue 2018: $1,134,749Expenses 2018: $1,257,447Net Income 2018: -$122,6982018Revenue 2019: $1,179,042Expenses 2019: $732,084Net Income 2019: $446,9582019Revenue 2020: $1,176,752Expenses 2020: $683,576Net Income 2020: $493,1762020Revenue 2021: $1,227,134Expenses 2021: $651,718Net Income 2021: $575,4162021Revenue 2022: $1,177,888Expenses 2022: $620,534Net Income 2022: $557,3542022Revenue 2023: $1,207,997Expenses 2023: $563,413Net Income 2023: $644,5842023Revenue 2024: $1,276,138Expenses 2024: $505,381Net Income 2024: $770,7572024

Highlighted filing

2020

Revenue$1,176,752
Expenses$683,576
Net Income$493,176
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Jan 29, 2021
Return Version
2019v5.0
Gross Receipts
$1,188,202
Mission and Program Overview

Mission

Promote vocational, science and technology education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$9,259,049$8,940,920▼ $318,129
Savings and Temporary Cash Investments$1,146,417$1,149,704▲ $3,287
Cash and Non-Interest-Bearing Accounts$223,450$246,294▲ $22,844
Total Assets$10,630,916$10,338,726▼ $292,190
Other Assets Total$2,000$1,808▼ $192
Liabilities
Tax Exempt Bond Liabilities$8,360,339$7,572,473▼ $787,866
Other Liabilities$1,027,842$1,027,842→ $0
Accounts Payable and Accrued Expenses$35,001$37,501▲ $2,500
Total Liabilities$9,423,182$8,637,816▼ $785,366
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,112,914$1,621,584▲ $508,670
Net Assets With Donor Restrictions$94,820$79,326▼ $15,494
Total Net Assets Fund Balance$1,207,734$1,700,910▲ $493,176
Total Liabilities and Net Assets / Fund Balance$10,630,916$10,338,726▼ $292,190

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,742,768$1,106,029$9,848,797
Equipment$187,509$312,326$499,835
Other Land Buildings$10,643$3,872$14,515
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

NameTitle
Heather CordascoBoard Presid
Walt GrahamBoard Sec/tr
Dudley HarrisBoard Vice P
Bj HughesDirector
Jeffrey ClemonsDirector
Joseph C BartoiiiDirector
Kenneth TaylorDirector
Latitia D MccaneDirector
M Kenneth Taylor JrDirector
Mark J AdamsDirector
Rhonda BunnDirector
Richard B DonaldsonDirector
Richard M Bagley JrDirector
Rick GallaerDirector
Rob CollinsDirector
Robert S MckennaDirector
Robert T CrinerDirector
Robin M Nelhuebel Phd RnDirector
Wayne D MorrisonDirector
William WalshDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$113,899
Program Service Revenue
$1,059,132
Investment Income
$3,821
Other Revenue
$-100
All Other Contributions
$72,605
Change in Net Assets
$493,176

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,176,752
Revenue Not Reported on Form 990
$11,450
Total Revenue per Audited Statements
$1,188,202
Total Revenue per Form 990
$1,176,752
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$559,880
Grants and Similar Amounts Paid$123,696
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$318,129--$318,129
Interest$239,976--$239,976
Grants to Domestic Orgs$66,446--$66,446
Grants to Domestic Individuals$57,250--$57,250
Office Expenses-$1,775-$1,775
Total Functional Expenses$681,801$1,775$0$683,576

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$695,026
Expenses per Audited Statements$683,576
Total Expenses per Form 990$683,576
Expenses Not Reported on Form 990$11,450
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
New Horizons Regional Education CtrHampton, VAGovSupport$66,446
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$11,450
Fundraising Gross Income$9,600
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Classic$50,894$9,600$1,784$7,816
Total Events$50,894$9,600$11,450$-1,850
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Rent Deposit$1,027,842

Bond Issues

BondIssuerIssuedIssue PricePurpose
AEconomic Development Authority of2013-11-05$11,000,000CONSTRUCT SCHOOL

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$11,000,000$539,522$3,427,527$97,331

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The form 990 is reviewed by the board president.”

Form 990, Page 6, Part VI, Line 19

“Financial statements are made available upon request. Governing documents are on our website.”

Filing and Contact Details

Filer

Filer Name
New Horizons Educational Foundation
EIN
54-1674644
Phone
7577661100
Address
520 BUTLER FARM ROAD, HAMPTON, VA 23666

Signing Officer

Name
Heather Cordasco
Title
Board President
Phone
7577660000
Signed
2021-01-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Heather Cordasco
Formed
1997
Voting Board Members
20
Independent Board Members
20
Employees
0
Volunteers
20

Preparer

Firm
A Rohm Smith & Company
Address
11832 ROCK LANDING DR STE 101, NEWPORT NEWS, VA 23606-4277
Preparer
Theresa Rohm CPA
Phone
7572239602
Supplemental Narrative

Additional Explanations

Form 990

“Schedule r new opportunity l.l.c. Is a single-member limited liability company of which new horizons educational foundation, inc. Is the sole member. The l.l.c. Signed a 11,000,000 promissory note with the economic development authority of the city of newport news in november 2013. Proceeds from this loan were used to finance the construction of a special education facility that will be leased to new horizons regional education center. Woodside lane l.l.c. Is a single-member limited liability company of which new horizons educational foundation, inc. Is the sole member. The l.l.c. Was formed to oversee the renovation of the woodside lane campus. The foundation has programs that support the educational programs of new horizons regional education centers. Joseph barto, iii is a member of the foundation's board. He is also the president of training modernization group, inc. Which has a contract to manage the good life solution program, a program of new horizons regional education centers.”

Form 990, Page 1, Part I, Line 6

“Volunteers serve on the board of directors.”

Form 990, Part XI, Line 9

“Fundraising expenses netted with income 11,450 fundraising expenses netted with income -11,450”

Financial Statement Notes

Schedule D, Page 3, Part X

“Nhef has adopted the provisions of fasb asc 740-10-25, which require that a tax position be recognized or derecognized based on a "more likely than not" threshold. This applies to positions taken or expected to be taken in a tax return. Nhef does not believe its financial statements include any uncertain tax positions.”

Schedule D, Page 4, Part XI, Line 2D

“Fundraising expenses netted with income 11,450”

Schedule D, Page 4, Part XII, Line 2D

“Fundraising expenses netted with income 11,450”

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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/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD SEC/TR
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD VICE P
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
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IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0PROMOTE VOCATIONAL, SCIENCE AND TECHNOLOGY EDUCATION.
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IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0HEATHER CORDASCO
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IRS990/ProgramServiceRevenueGrp/Desc0SCHOOL BUILDING
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IRS990/ProgSrvcAccomActy2Grp/Desc0PROVIDE FUNDS TO NEW HORIZONS REGIONAL EDUCATION CENTER'S PROGRAMS FOR EQUIPMENT, STAFF TRAINING, AND STUDENT INCENTIVES.
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt066446
IRS990/ProgSrvcAccomActy3Grp/Desc0A SPECIAL EDUCATION FACILITY IS BEING LEASED TO NEW HORIZONS REGIONAL EDUCATION CENTER FOR 15 YEARS (THE TERM OF THE BOND DEBT USED TO CONSTRUCT THE FACILILTY AS DESCRIBED IN SCHEDULE O). THE LEASE PAYMENTS BEING MADE ARE EQUAL TO THE DEBT SERVICE PAYMENTS DUE ON THE LOAN.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0558105
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IRS990/PYTotalExpensesAmt0732084
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0493176
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0GOLF CLASSIC ENTRY FEES 79,732
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt06959
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0RENT DEPOSIT
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IRS990ScheduleD/RevenueNotReportedAmt011450
IRS990ScheduleD/RevenueSubtotalAmt01176752
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0NHEF HAS ADOPTED THE PROVISIONS OF FASB ASC 740-10-25, WHICH REQUIRE THAT A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A "MORE LIKELY THAN NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. NHEF DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FUNDRAISING EXPENSES NETTED WITH INCOME 11,450
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2FUNDRAISING EXPENSES NETTED WITH INCOME 11,450
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XII, LINE 2D
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IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt050894

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,338,726
Liabilities
$8,637,816
Net assets
$1,700,910
Revenue
$1,176,752
Expenses
$683,576
Net income
$493,176
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$9.53$5.28$4.25$1.28$0.51$0.77
2023Detailed filing. Detailed filing data is available for this year.$9.61$6.14$3.48$1.21$0.56$0.64
2022Detailed filing. Detailed filing data is available for this year.$9.81$6.98$2.83$1.18$0.62$0.56
2021Detailed filing. Detailed filing data is available for this year.$10.1$7.81$2.28$1.23$0.65$0.58
2020Detailed filing. Detailed filing data is available for this year.$10.3$8.64$1.70$1.18$0.68$0.49
2019Detailed filing. Detailed filing data is available for this year.$10.6$9.42$1.21$1.18$0.73$0.45
2018Detailed filing. Detailed filing data is available for this year.$11.1$10.3$0.76$1.13$1.26$0.12
2017Detailed filing. Detailed filing data is available for this year.$13.1$12.2$0.88$1.13$0.68$0.45
2016Detailed filing. Detailed filing data is available for this year.$13.0$12.6$0.44$0.69$0.37$0.32
2015Detailed filing. Detailed filing data is available for this year.$12.3$12.2$0.12$0.08$0.10$0.01
2014Summary only. Only limited summary data is available for this year.$12.3$12.1$0.13$0.08$0.08$0.00
2013Summary only. Only limited summary data is available for this year.$0.13$0.00$0.05$0.06$0.01
2012Summary only. Only limited summary data is available for this year.$0.14$0.00$0.06$0.07$0.01
2011Summary only. Only limited summary data is available for this year.$0.15$0.00$0.06$0.05$0.01