Civic Intelligence

Henrico Inc

990 • Fiscal year 2021 • EIN 54-1998119

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 12, 2021

Organization Profile
1000 Regent University DriveVirginia Beach, VA 23464

(757) 352-4059

Siviq Scores

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

Liabilities / Assets

43rd percentile

0.16x

Higher debt load relative to assets than 43% of similar nonprofits.

2021 filings • 501(c)2 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

40th percentile

1.99x

Higher debt load relative to revenue than 40% of similar nonprofits.

2021 filings • 501(c)2 • $10M-$25M nonprofits • Source year 2021

Net Margin

57th percentile

23%

Higher net margin than 57% of similar nonprofits.

2021 filings • 501(c)2 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

74th percentile

$363,101

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 33.0% of source-year revenue.

2021 filings • 501(c)2 • $10M-$25M nonprofits • Source year 2021

Asset Growth

39th percentile

-2.1%

Faster asset growth than 39% of similar nonprofits.

2021 filings • 501(c)2 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

50th percentile

0.0%

Faster revenue growth than 50% of similar nonprofits.

2021 filings • 501(c)2 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets43rd percentile

Assets

Down

$13,582,997

Down $295,858 (-2.1%) from 2020

Net Assets

Down

$11,394,689

Down $850,667 (-6.9%) from 2020

Liabilities

Up

$2,188,308

Up $554,809 (+34%) from 2020

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin57th percentile

Revenue

Flat

$1,100,000

Flat from 2020

Expenses

Up

$850,667

Up $5,279 (+0.6%) from 2020

Net Income

Down

$249,333

Down $5,279 (-2.1%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth39th percentile

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

$20M$15M$10M$5.0M$0Assets 2011: $14,596,374Liabilities 2011: $13,814Net Assets 2011: $14,582,5602011Assets 2012: $14,328,952Liabilities 2012: $13,814Net Assets 2012: $14,315,1382012Assets 2013: $14,061,284Liabilities 2013: $13,814Net Assets 2013: $14,047,4702013Assets 2014: $14,652,155Liabilities 2014: $938,457Net Assets 2014: $13,713,6982014Assets 2015: $15,232,954Liabilities 2015: $1,994,632Net Assets 2015: $13,238,3222015Assets 2016: $15,299,231Liabilities 2016: $2,659,066Net Assets 2016: $12,640,1652016Assets 2017: $15,138,425Liabilities 2017: $530,910Net Assets 2017: $14,607,5152017Assets 2018: $14,617,781Liabilities 2018: $745,108Net Assets 2018: $13,872,6732018Assets 2019: $14,280,931Liabilities 2019: $1,190,187Net Assets 2019: $13,090,7442019Assets 2020: $13,878,855Liabilities 2020: $1,633,499Net Assets 2020: $12,245,3562020Assets 2021: $13,582,997Liabilities 2021: $2,188,308Net Assets 2021: $11,394,6892021Assets 2022: $13,463,854Liabilities 2022: $2,866,448Net Assets 2022: $10,597,4062022Assets 2023: $13,046,831Liabilities 2023: $3,195,756Net Assets 2023: $9,851,0752023Assets 2024: $13,024,823Liabilities 2024: $3,910,242Net Assets 2024: $9,114,5812024Assets 2025: $13,116,748Liabilities 2025: $4,801,098Net Assets 2025: $8,315,6502025

Highlighted filing

2021

Assets$13,582,997
Liabilities$2,188,308
Net Assets$11,394,689
Open 2021 Filing

Operations Trend

Revenue Growth50th percentile

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

$1.5M$1.0M$500K$0Expenses 2011: $267,4232011Expenses 2012: $267,4222012Expenses 2013: $267,6682013Revenue 2014: $1,100,000Expenses 2014: $333,772Net Income 2014: $766,2282014Revenue 2015: $1,100,000Expenses 2015: $475,376Net Income 2015: $624,6242015Revenue 2016: $1,100,000Expenses 2016: $598,157Net Income 2016: $501,8432016Revenue 2017: $1,100,000Expenses 2017: $682,650Net Income 2017: $417,3502017Revenue 2018: $1,100,000Expenses 2018: $734,841Net Income 2018: $365,1592018Revenue 2019: $1,100,000Expenses 2019: $781,929Net Income 2019: $318,0712019Revenue 2020: $1,100,000Expenses 2020: $845,388Net Income 2020: $254,6122020Revenue 2021: $1,100,000Expenses 2021: $850,667Net Income 2021: $249,3332021Revenue 2022: $1,100,000Expenses 2022: $797,283Net Income 2022: $302,7172022Revenue 2023: $1,100,000Expenses 2023: $746,331Net Income 2023: $353,6692023Revenue 2024: $1,100,000Expenses 2024: $736,493Net Income 2024: $363,5072024Revenue 2025: $1,100,000Expenses 2025: $798,930Net Income 2025: $301,0702025

Highlighted filing

2021

Revenue$1,100,000
Expenses$850,667
Net Income$249,333
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 12, 2021
Return Version
2020v4.0
Gross Receipts
$1,100,000
Mission and Program Overview

Mission

Title holding company

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,875,140$13,579,667▼ $295,473
Cash and Non-Interest-Bearing Accounts$3,715$3,330▼ $385
Total Assets$13,878,855$13,582,997▼ $295,858
Liabilities
Accounts Payable and Accrued Expenses$1,633,499$2,188,308▲ $554,809
Other Liabilities$0$0→ $0
Total Liabilities$1,633,499$2,188,308▲ $554,809
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$12,245,356$11,394,689▼ $850,667
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$12,245,356$11,394,689▼ $850,667
Total Liabilities and Net Assets / Fund Balance$13,878,855$13,582,997▼ $295,858

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,757,507$8,096,251$16,853,758
Land$4,822,160-$4,822,160
Other Land Buildings$0$0$0
Equipment$0$0$0
Leasehold Improvements$0$0$0
Compensation and Service Providers
Top Officer Pay74th percentile

Board Members and Trustees

NameTitle
Louis IsakoffPresident
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$1,100,000
Change in Net Assets
$249,333
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$850,667
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$850,282
Office Expenses---$385
Total Functional Expenses$0$0$0$850,667
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign 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
Backup withholding compliance
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
Yes
Other officer compensation reviewed
Yes
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

“Regent University is the sole stockholder of Henrico, Inc.”

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

“Regent University, as the sole stockholder of Henrico, Inc., elects members of the governing body.”

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

“Decisions made by the governing body of Henrico, Inc. are subject to the approval of Regent University, the sole stockholder of Henrico, Inc.”

Form 990, Part VI, Section B, Line 11B

“The 990 is sent as a PDF file to all board members for their review before it is filed with the IRS.”

Form 990, Part VI, Section B, Line 12C

“All officers, directors, trustees and key employees are required to complete a conflict of interest questionnaire and statement on a regular basis.”

Form 990, Part VI, Section B, Line 15

“Currently no officers are compensated by Henrico, Inc. If officers are compensated in the future, Henrico, Inc. will review the compensation levels of its officers to determine whether the compensation is reasonable compared to similar positions of responsibility. This process will include securing comparable compensation data from an independent source, reviewing the data to ensure that the compensation is reasonable and ensure that contemporaneous substantiation of the deliberation and decision making processes takes place.”

Form 990, Part VI, Section C, Line 19

“All governing documents, policies, audited financial statements and the 990 tax forms for the organization are all available upon request.”

Filing and Contact Details

Filer

Filer Name
Henrico Inc
EIN
54-1998119
Phone
7573524059
Address
1000 Regent University Drive, Virginia Beach, VA 23464

Signing Officer

Name
Louis Isakoff
Title
President
Phone
7572262794
Signed
2021-11-12

Organization Details

Principal Officer
Louis Isakoff
Formed
2001
Legal Domicile
Va
Voting Board Members
1
Independent Board Members
0
Employees
0
Volunteers
0
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Less $1,100,000 decrease in owner's equity.”

Financial Statement Notes

Schedule D, Part X, Line 2

“Henrico, Inc., a title holding company has been recognized by the Internal Revenue Service as tax exempt under Section 501(c)2 of the IRC. Henrico, Inc. is included in the audited financial statements of Regent University. Regent University does not believe its consolidated financial statements include any uncertain tax positions.”

Raw XML Appendix366 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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Henrico, Inc., a title holding company has been recognized by the Internal Revenue Service as tax exempt under Section 501(c)2 of the IRC. Henrico, Inc. is included in the audited financial statements of Regent University. Regent University does not believe its consolidated financial statements include any uncertain tax positions.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Regent University is the sole stockholder of Henrico, Inc.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Regent University, as the sole stockholder of Henrico, Inc., elects members of the governing body.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Decisions made by the governing body of Henrico, Inc. are subject to the approval of Regent University, the sole stockholder of Henrico, Inc.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The 990 is sent as a PDF file to all board members for their review before it is filed with the IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4All officers, directors, trustees and key employees are required to complete a conflict of interest questionnaire and statement on a regular basis.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Currently no officers are compensated by Henrico, Inc. If officers are compensated in the future, Henrico, Inc. will review the compensation levels of its officers to determine whether the compensation is reasonable compared to similar positions of responsibility. This process will include securing comparable compensation data from an independent source, reviewing the data to ensure that the compensation is reasonable and ensure that contemporaneous substantiation of the deliberation and decision making processes takes place.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6All governing documents, policies, audited financial statements and the 990 tax forms for the organization are all available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Less $1,100,000 decrease in owner's equity.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, Line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section B, Line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part XI, Line 9
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1Regent University Foundation
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0541061178
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1204273074
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501(c)3
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Educational Institution
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1To receive, hold, maintain, invest and administer assets for the benefit of Regent University.
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt02
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt111
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt01000 Regent University Dr
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt11000 Regent University Dr
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Virginia Beach
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1Virginia Beach
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd1VA
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd123464
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd01
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt01100000
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt11100000
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0Regent University
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1Regent University
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0j
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1p
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IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0VA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt013878855
IRS990/TotalAssetsEOYAmt013582997
IRS990/TotalAssetsGrp/BOYAmt013878855
IRS990/TotalAssetsGrp/EOYAmt013582997
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalContributionsAmt00
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IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0850667
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01633499
IRS990/TotalLiabilitiesEOYAmt02188308
IRS990/TotalLiabilitiesGrp/BOYAmt01633499
IRS990/TotalLiabilitiesGrp/EOYAmt02188308
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt012245356
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt011394689
IRS990/TotalOtherCompensationAmt040954
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt0850667
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01100000
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01100000
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IRS990/TotalVolunteersCnt00
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt013582997
IRS990/TotReportableCompRltdOrgAmt0322147
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IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01000 Regent University Drive
IRS990/USAddress/CityNm0Virginia Beach
IRS990/USAddress/StateAbbreviationCd0VA
IRS990/USAddress/ZIPCd023464
IRS990/VotingMembersGoverningBodyCnt01
IRS990/VotingMembersIndependentCnt00
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL2
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/LastSubmissionRqrOOBCd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/OOBSecurityVerificationCd011
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd01
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0Louis Isakoff
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum07572262794
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HENRICO INC
ReturnHeader/Filer/BusinessNameControlTxt0HENR
ReturnHeader/Filer/EIN0541998119
ReturnHeader/Filer/PhoneNum07573524059
ReturnHeader/Filer/USAddress/AddressLine1Txt01000 Regent University Drive
ReturnHeader/Filer/USAddress/CityNm0Virginia Beach
ReturnHeader/Filer/USAddress/StateAbbreviationCd0VA
ReturnHeader/Filer/USAddress/ZIPCd023464
ReturnHeader/ReturnTs02021-11-08T16:06:59-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$13,582,997
Liabilities
$2,188,308
Net assets
$11,394,689
Revenue
$1,100,000
Expenses
$850,667
Net income
$249,333
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$13.1$4.80$8.32$1.10$0.80$0.30
2024Detailed filing. Detailed filing data is available for this year.$13.0$3.91$9.11$1.10$0.74$0.36
2023Detailed filing. Detailed filing data is available for this year.$13.0$3.20$9.85$1.10$0.75$0.35
2022Detailed filing. Detailed filing data is available for this year.$13.5$2.87$10.6$1.10$0.80$0.30
2021Detailed filing. Detailed filing data is available for this year.$13.6$2.19$11.4$1.10$0.85$0.25
2020Detailed filing. Detailed filing data is available for this year.$13.9$1.63$12.2$1.10$0.85$0.25
2019Detailed filing. Detailed filing data is available for this year.$14.3$1.19$13.1$1.10$0.78$0.32
2018Detailed filing. Detailed filing data is available for this year.$14.6$0.75$13.9$1.10$0.73$0.37
2017Detailed filing. Detailed filing data is available for this year.$15.1$0.53$14.6$1.10$0.68$0.42
2016Detailed filing. Detailed filing data is available for this year.$15.3$2.66$12.6$1.10$0.60$0.50
2015Detailed filing. Detailed filing data is available for this year.$15.2$1.99$13.2$1.10$0.48$0.62
2014Detailed filing. Detailed filing data is available for this year.$14.7$0.94$13.7$1.10$0.33$0.77
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.1$0.01$14.0$0.27
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.3$0.01$14.3$0.27
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.6$0.01$14.6$0.27