Civic Intelligence

Shenandoah Valley Battlefields Foundation

990 • Fiscal year 2023 • EIN 54-2007460

Oct 01, 2022 to Sep 30, 2023 • Filed on Apr 02, 2024

PO Box 897New Market, VA 22844

(540) 740-4545

Siviq Scores

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

Liabilities / Assets

32nd percentile

0.10x

Higher debt load relative to assets than 32% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

70th percentile

0.81x

Higher debt load relative to revenue than 70% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

94th percentile

64%

Higher net margin than 94% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

14th percentile

$162,170

Higher top officer pay than 14% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Asset Growth

43rd percentile

4.3%

Faster asset growth than 43% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

38th percentile

-0.4%

Faster revenue growth than 38% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Assets

Up

$63,483,814

Up $2,644,631 (+4.3%) from 2022

Net Assets

Up

$56,874,001

Up $5,207,485 (+10%) from 2022

Liabilities

Down

$6,609,813

Down $2,562,854 (-28%) from 2022

Revenue

Down

$8,141,350

Down $32,753 (-0.4%) from 2022

Expenses

Up

$2,930,571

Up $1,204,042 (+70%) from 2022

Net Income

Down

$5,210,779

Down $1,236,795 (-19%) from 2022

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2011: $14,061,528Liabilities 2011: $654,242Net Assets 2011: $13,407,2862011Assets 2012: $14,131,226Liabilities 2012: $654,358Net Assets 2012: $13,476,8682012Assets 2013: $16,705,563Liabilities 2013: $1,020,370Net Assets 2013: $15,685,1932013Assets 2014: $20,582,576Liabilities 2014: $1,319,117Net Assets 2014: $19,263,4592014Assets 2015: $21,008,427Liabilities 2015: $1,607,907Net Assets 2015: $19,400,5202015Assets 2016: $28,768,390Liabilities 2016: $5,758,713Net Assets 2016: $23,009,6772016Assets 2017: $33,752,541Liabilities 2017: $4,842,387Net Assets 2017: $28,910,1542017Assets 2018: $34,919,534Liabilities 2018: $3,712,772Net Assets 2018: $31,206,7622018Assets 2019: $36,178,081Liabilities 2019: $2,849,310Net Assets 2019: $33,328,7712019Assets 2020: $39,949,892Liabilities 2020: $2,760,488Net Assets 2020: $37,189,4042020Assets 2021: $52,047,334Liabilities 2021: $6,783,513Net Assets 2021: $45,263,8212021Assets 2022: $60,839,183Liabilities 2022: $9,172,667Net Assets 2022: $51,666,5162022Assets 2023: $63,483,814Liabilities 2023: $6,609,813Net Assets 2023: $56,874,0012023Assets 2024: $70,693,313Liabilities 2024: $8,228,555Net Assets 2024: $62,464,7582024Assets 2025: $74,697,504Liabilities 2025: $6,694,316Net Assets 2025: $68,003,1882025

Highlighted filing

2023

Assets$63,483,814
Liabilities$6,609,813
Net Assets$56,874,001

Operations Trend

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

$10M$5.0M$0Revenue 2011: $1,450,784Expenses 2011: $1,423,658Net Income 2011: $27,1262011Expenses 2012: $2,484,5592012Revenue 2013: $3,276,395Expenses 2013: $1,068,070Net Income 2013: $2,208,3252013Revenue 2014: $4,678,278Expenses 2014: $1,100,012Net Income 2014: $3,578,2662014Revenue 2015: $1,407,490Expenses 2015: $1,270,429Net Income 2015: $137,0612015Revenue 2016: $4,909,795Expenses 2016: $1,300,638Net Income 2016: $3,609,1572016Revenue 2017: $3,132,867Expenses 2017: $1,337,158Net Income 2017: $1,795,7092017Revenue 2018: $3,925,329Expenses 2018: $1,628,721Net Income 2018: $2,296,6082018Revenue 2019: $3,850,718Expenses 2019: $1,728,709Net Income 2019: $2,122,0092019Revenue 2020: $5,284,490Expenses 2020: $1,423,857Net Income 2020: $3,860,6332020Revenue 2021: $6,618,931Expenses 2021: $1,427,414Net Income 2021: $5,191,5172021Revenue 2022: $8,174,103Expenses 2022: $1,726,529Net Income 2022: $6,447,5742022Revenue 2023: $8,141,350Expenses 2023: $2,930,571Net Income 2023: $5,210,7792023Revenue 2024: $9,045,319Expenses 2024: $3,458,167Net Income 2024: $5,587,1522024Revenue 2025: $7,896,297Expenses 2025: $2,870,332Net Income 2025: $5,025,9652025

Highlighted filing

2023

Revenue$8,141,350
Expenses$2,930,571
Net Income$5,210,779
Jump To
Filing Snapshot
Filing Period
Oct 1, 2022 to Sep 30, 2023
Signed
Apr 2, 2024
Return Version
2022v5.0
Gross Receipts
$8,196,151
Mission and Program Overview

Mission

To preserve, protect, and interpret the historic civil war battlefields, structures, and artifacts of the shenandoah valley.

To preserve, protect, and interpret the historic civil war battlefields, structures, and artifcacts of the shenandoah valley.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$382,252$1,215,244▲ $832,992
Loans From Officers Directors$285,000$285,000→ $0
Land, Buildings, and Equipment, Net-$103,050-
Investments in Publicly Traded Securities$74,749$76,781▲ $2,032
Accounts Receivable$373$57,062▲ $56,689
Total Assets$60,839,183$63,483,814▲ $2,644,631
Other Assets Total$60,381,809$62,031,677▲ $1,649,868
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,647,469$3,631,583▼ $5,015,886
Deferred Revenue-$2,026,245-
Other Liabilities$170,000$603,490▲ $433,490
Accounts Payable and Accrued Expenses$70,198$63,495▼ $6,703
Total Liabilities$9,172,667$6,609,813▼ $2,562,854
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$51,009,702$56,637,296▲ $5,627,594
Net Assets With Donor Restrictions$656,814$236,705▼ $420,109
Total Net Assets Fund Balance$51,666,516$56,874,001▲ $5,207,485
Total Liabilities and Net Assets / Fund Balance$60,839,183$63,483,814▲ $2,644,631

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$103,050$52,120$155,170
Other Assets Org$13,490--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Keven WalkerCEOFT$125,000$37,170$162,170

Board Members and Trustees

NameTitle
Mark D PerreaultChairman
Nicholas P PicernoVice Chairma
Allen L LouderbackBoard Member
Alphonso P Boxley IiiBoard Member
Benjamin MarchiBoard Member
Childs F BurdenBoard Member
Col Hugh Sproul IiiBoard Member
Del Christopher T HeadBoard Member
Dr William R Archer IiiBoard Member
James E Pearman JrBoard Member
James R Wilins JrBoard Member
Linda C WheelerBoard Member
Patrick M KenneyBoard Member
Thomas C MackBoard Member
W Denman ZirkleBoard Member
William B HoltzmanBoard Member
Cdr Craig a MorinSecretary
Craig R StevensTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Riggs Ward INCDesign2315 W MAIN ST, Richmond, VA 23220$686,824
Webb Richards DesignDesign828 MAIN ST SUITE 1102, Lynchburg, VA 24504$146,638
Revenue and Support

Revenue Composition

Contributions and Grants
$7,950,396
Program Service Revenue
$102,848
Investment Income
$5,957
Other Revenue
$82,149
All Other Contributions
$2,099,916
Change in Net Assets
$5,210,779

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Qualified Contrib Other2$281,500Market Value
Total Noncash Contributions2$281,500-

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,163,042
Revenue Not Reported on Financial Statements
$-21,692
Revenue Not Reported on Form 990
$-3,294
Other Revenue Adjustments
$-21,692
Total Revenue per Audited Statements
$8,159,748
Total Revenue per Form 990
$8,141,350
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,270,546
Salaries, Compensation, and Employee Benefits$627,025
Total Fundraising Expense$251,064
Grants and Similar Amounts Paid$33,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$221,546$80,536$52,214$354,296
All Other Expenses$204,456$20,868-$225,324
Interest$184,204--$184,204
Current Officers, Directors, Trustees, and Key Employees$100,545$37,299$24,326$162,170
Other Expenses$378,887-$158,228$158,228
Other Employee Benefits$42,340$15,346$9,939$67,625
Conferences and Meetings$40,406$11,415-$51,821
Office Expenses-$48,793-$48,793
Payroll Taxes$26,787$9,790$6,357$42,934
Grants to Domestic Individuals$33,000--$33,000
Fees for Services Accounting-$25,575-$25,575
Fees for Services Other-$14,634-$14,634
Travel-$12,970-$12,970
Depreciation Depletion$9,950--$9,950
Fees for Services Legal-$8,725-$8,725
Insurance-$1,054-$1,054
Total Functional Expenses$2,392,502$287,005$251,064$2,930,571

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,952,263
Expenses per Audited Statements$2,930,571
Total Expenses per Form 990$2,930,571
Expenses Not Reported on Form 990$21,692
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
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$285,000$285,000→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Line of Credit$590,000
Lease Liabilities$13,490
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
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 4

The organization made significant changes to their by-laws effective july 27, 2023.

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

The form 990 is prepared by an independent accountant and reviewed by the board of trustees before filing with the irs.

Form 990, Page 6, Part VI, Line 12C

The organization monitors compliance with the conflict of interst policy by reviewing the completed and signed required annual disclosures.

Form 990, Page 6, Part VI, Line 15A

Executive management salaries are subject to an indpendent review by a committee of the board, using comparative data for similar organizations in similar geographic areas.

Form 990, Page 6, Part VI, Line 15B

Executive management salaries are subject to an indpendent review by a committee of the board, using comparative data for similar organizations in similar geographic areas.

Form 990, Page 6, Part VI, Line 17

New mexico, new york, north carolina, north dakota, oklahoma, oregon, pennsylvania, rhode island, south carolina, tennessee, utah, virginia, washington, west virginia, wisconsin

Form 990, Page 6, Part VI, Line 19

The governing documents, conflict of interest policy, and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Shenandoah Valley Battlefields
EIN
54-2007460
Address
PO BOX 897, NEW MARKET, VA 22844

Signing Officer

Name
Keven Walker
Title
CEO
Signed
2024-04-02

Organization Details

Principal Officer
Keven Walker
Legal Domicile
Va
Voting Board Members
18
Independent Board Members
18
Employees
11
Volunteers
195

Preparer

Firm
Robinson Farmer Cox Associates
Address
10 HEDGEROW DR, STAUNTON, VA 24401
Preparer
James W Kelly
Phone
5402487300
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4A

Preservation and interpretation of civil war battlefield sites: this including approximately 6,500 acres of battlefield land throughout the shenandoah valley, and 22 historic structures, historic collections and artifacts from the civil war era are protected, cared for and preserved. The foudadtion provides grants for organizations participating in battlefield preservation and interpretation. The foundation's offices are located on the second floor of the historic strayer house in downtown new market, virginia, in the heart of the shenandoah valley. A civil war orientation center small gift shop and visitor information center is located on the first floor. The foundation coordinates numerous volunteers who are engaged in the ongoing efforts. The foundation owns and operates a civil war museum in downtown winchester and a visitors center located at the third winchester battlefield.

Form 990, Part XI, Line 9

Cost of goods sold 21,692 cost of goods sold -21,692

Financial Statement Notes

Schedule D, Page 1, Part II, Line 5

The foundation has a written policy on monitoring and enforcement.

Schedule D, Page 1, Part II, Line 9

Easements acquired are recorded at either the cost of obtaining the easement or the fair market value of an easement donation at the date of the donation.

Schedule D, Page 2, Part III, Line 4

The foundation has significant artifacts from the civil war era that are on display and for scholarly use in a museum setting. They include a civil war cannon and caisoon, artifacts, and books from the civil war era.

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

Cost of goods sold -21,692

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

Cost of goods sold 21,692

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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$74.7$6.69$68.0$7.90$2.87$5.03
2024Detailed filing. Detailed filing data is available for this year.$70.7$8.23$62.5$9.05$3.46$5.59
2023Detailed filing. Detailed filing data is available for this year.$63.5$6.61$56.9$8.14$2.93$5.21
2022Detailed filing. Detailed filing data is available for this year.$60.8$9.17$51.7$8.17$1.73$6.45
2021Detailed filing. Detailed filing data is available for this year.$52.0$6.78$45.3$6.62$1.43$5.19
2020Detailed filing. Detailed filing data is available for this year.$39.9$2.76$37.2$5.28$1.42$3.86
2019Detailed filing. Detailed filing data is available for this year.$36.2$2.85$33.3$3.85$1.73$2.12
2018Detailed filing. Detailed filing data is available for this year.$34.9$3.71$31.2$3.93$1.63$2.30
2017Detailed filing. Detailed filing data is available for this year.$33.8$4.84$28.9$3.13$1.34$1.80
2016Detailed filing. Detailed filing data is available for this year.$28.8$5.76$23.0$4.91$1.30$3.61
2015Detailed filing. Detailed filing data is available for this year.$21.0$1.61$19.4$1.41$1.27$0.14
2014Summary only. Only limited summary data is available for this year.$20.6$1.32$19.3$4.68$1.10$3.58
2013Summary only. Only limited summary data is available for this year.$16.7$1.02$15.7$3.28$1.07$2.21
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.1$0.65$13.5$2.48
2011Summary only. Only limited summary data is available for this year.$14.1$0.65$13.4$1.45$1.42$0.03