Civic Intelligence

New Horizons Educational Foundation Inc.

990 • Fiscal year 2021 • EIN 54-1674644

Jul 01, 2020 to Jun 30, 2021 • Filed on May 02, 2022

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

0.77x

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

95th percentile

6.36x

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

85th percentile

47%

Higher net margin than 85% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

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.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

16th percentile

-2.5%

Faster asset growth than 16% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

37th percentile

4.3%

Faster revenue growth than 37% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$10,084,487

Down $254,239 (-2.5%) from 2020

Net Assets

Up

$2,276,326

Up $575,416 (+34%) from 2020

Liabilities

Down

$7,808,161

Down $829,655 (-9.6%) from 2020

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin85th percentile

Revenue

Up

$1,227,134

Up $50,382 (+4.3%) from 2020

Expenses

Down

$651,718

Down $31,858 (-4.7%) from 2020

Net Income

Up

$575,416

Up $82,240 (+17%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth16th 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

2021

Assets$10,084,487
Liabilities$7,808,161
Net Assets$2,276,326
Open 2021 Filing

Operations Trend

Revenue Growth37th 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

2021

Revenue$1,227,134
Expenses$651,718
Net Income$575,416
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 2, 2022
Return Version
2020v4.0
Gross Receipts
$1,227,290
Mission and Program Overview

Mission

Promote vocational, science and technology education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,940,918$8,622,791▼ $318,127
Savings and Temporary Cash Investments$1,149,704$1,151,596▲ $1,892
Cash and Non-Interest-Bearing Accounts$246,294$302,600▲ $56,306
Pledges and Grants Receivable-$7,500-
Total Assets$10,338,916$10,084,487▼ $254,429
Other Assets Total$2,000--
Liabilities
Tax Exempt Bond Liabilities$7,572,473$6,760,068▼ $812,405
Other Liabilities$1,027,842$1,027,842→ $0
Accounts Payable and Accrued Expenses$37,691$20,251▼ $17,440
Total Liabilities$8,638,006$7,808,161▼ $829,845
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,700,910$2,276,326▲ $575,416
Total Net Assets Fund Balance$1,700,910$2,276,326▲ $575,416
Total Liabilities and Net Assets / Fund Balance$10,338,916$10,084,487▼ $254,429

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,496,547$1,352,250$9,848,797
Equipment$116,569$383,266$499,835
Other Land Buildings$9,675$4,840$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
Robert S MckennaDirector
Robert T CrinerDirector
Robin M Nelhuebel Phd RnDirector
Wayne D MorrisonDirector
William WalshDirector
Rob CollinsFormer Direc
Revenue and Support

Revenue Composition

Contributions and Grants
$197,237
Program Service Revenue
$1,027,848
Investment Income
$2,055
Other Revenue
$-6
All Other Contributions
$171,787
Change in Net Assets
$575,416

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,227,134
Revenue Not Reported on Form 990
$156
Total Revenue per Audited Statements
$1,227,290
Total Revenue per Form 990
$1,227,134
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$535,218
Grants and Similar Amounts Paid$116,500
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$318,128--$318,128
Interest$215,438--$215,438
Grants to Domestic Orgs$64,000--$64,000
Grants to Domestic Individuals$52,500--$52,500
Office Expenses-$1,652-$1,652
Total Functional Expenses$650,066$1,652$0$651,718

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$651,874
Expenses per Audited Statements$651,718
Total Expenses per Form 990$651,718
Expenses Not Reported on Form 990$156
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
New Horizons Regional Education CtrHampton, VAGovSupport$64,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$156
Fundraising Gross Income$150
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Classic$25,600$150-$150
Total Events$25,600$150$156$-6
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$4,239,932$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
2022-05-02
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 is being 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 156 fundraising expenses netted with income -156”

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 dercognized based on a "more likely than not" threshold. This applies to positions taken or expected to be taken in a tax return. Nhef does ot believe it financial statements include any uncertain tax positions.”

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

“Fundraising expenses netted with income 156”

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

“Fundraising expenses netted with income 156”

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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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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0RENT DEPOSIT
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0NHEF HAS ADOPTED THE PROVISIONS OF FASB ASC 740-10-25, WHICH REQUIRE THAT A TAX POSITION BE RECOGNIZED OR DERCOGNIZED BASED ON A "MORE LIKELY THAN NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. NHEF DOES OT BELIEVE IT FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FUNDRAISING EXPENSES NETTED WITH INCOME 156
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2FUNDRAISING EXPENSES NETTED WITH INCOME 156
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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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,084,487
Liabilities
$7,808,161
Net assets
$2,276,326
Revenue
$1,227,134
Expenses
$651,718
Net income
$575,416
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