Civic Intelligence

Dolphin Scholarship Foundation

990 • Fiscal year 2017 • EIN 54-6038828

Jul 01, 2016 to Jun 30, 2017 • Filed on Oct 03, 2017

Organization ProfileWWW.DOLPHINSCHOLARSHIP.ORG
4966 Euclid Road Suite 109Virginia Beach, VA 23462

(757) 671-3200

Siviq Scores

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

Liabilities / Assets

12th percentile

0.00x

Higher debt load relative to assets than 12% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

17th percentile

0.03x

Higher debt load relative to revenue than 17% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Net Margin

26th percentile

-3.7%

Higher net margin than 26% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

24th percentile

$53,057

Higher top officer pay than 24% of similar nonprofits.

Top officer pay equals 9.7% of source-year revenue.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Asset Growth

50th percentile

3.8%

Faster asset growth than 50% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

32nd percentile

-1.0%

Faster revenue growth than 32% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets12th percentile

Assets

Up

$5,116,213

Up $189,409 (+3.8%) from 2016

Net Assets

Up

$5,100,223

Up $175,889 (+3.6%) from 2016

Liabilities

Up

$15,990

Up $13,520 (+547%) from 2016

Revenue And Expenses
Liabilities / Revenue17th percentileNet Margin26th percentile

Revenue

Down

$546,727

Down $5,644 (-1.0%) from 2016

Expenses

Down

$566,898

Down $23,805 (-4.0%) from 2016

Net Income

Up

-$20,171

Up $18,161 (+47%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth50th percentile

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

$10M$5.0M$0Assets 2011: $3,768,341Liabilities 2011: $1,501Net Assets 2011: $3,766,8402011Assets 2012: $3,841,868Liabilities 2012: $2,909Net Assets 2012: $3,838,9592012Assets 2013: $4,059,793Liabilities 2013: $1,553Net Assets 2013: $4,058,2402013Assets 2014: $4,684,339Liabilities 2014: $1,822Net Assets 2014: $4,682,5172014Assets 2015: $4,804,066Liabilities 2015: $11,547Net Assets 2015: $4,792,5192015Assets 2016: $4,926,804Liabilities 2016: $2,470Net Assets 2016: $4,924,3342016Assets 2017: $5,116,213Liabilities 2017: $15,990Net Assets 2017: $5,100,2232017Assets 2018: $5,289,489Liabilities 2018: $5,416Net Assets 2018: $5,284,0732018Assets 2019: $5,871,676Liabilities 2019: $17,913Net Assets 2019: $5,853,7632019Assets 2020: $5,911,071Liabilities 2020: $61,445Net Assets 2020: $5,849,6262020Assets 2021: $6,998,541Liabilities 2021: $23,852Net Assets 2021: $6,974,6892021Assets 2022: $6,734,999Liabilities 2022: $27,628Net Assets 2022: $6,707,3712022Assets 2023: $7,643,427Liabilities 2023: $62,294Net Assets 2023: $7,581,1332023Assets 2024: $8,387,937Liabilities 2024: $55,357Net Assets 2024: $8,332,5802024Assets 2025: $9,001,838Liabilities 2025: $37,777Net Assets 2025: $8,964,0612025

Highlighted filing

2017

Assets$5,116,213
Liabilities$15,990
Net Assets$5,100,223
Open 2017 Filing

Operations Trend

Revenue Growth32nd percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2011: $578,8142011Expenses 2012: $563,6552012Expenses 2013: $575,6272013Revenue 2014: $782,679Expenses 2014: $574,872Net Income 2014: $207,8072014Revenue 2015: $597,331Expenses 2015: $593,035Net Income 2015: $4,2962015Revenue 2016: $552,371Expenses 2016: $590,703Net Income 2016: -$38,3322016Revenue 2017: $546,727Expenses 2017: $566,898Net Income 2017: -$20,1712017Revenue 2018: $589,130Expenses 2018: $591,129Net Income 2018: -$1,9992018Revenue 2019: $776,076Expenses 2019: $581,096Net Income 2019: $194,9802019Revenue 2020: $510,067Expenses 2020: $589,511Net Income 2020: -$79,4442020Revenue 2021: $713,105Expenses 2021: $516,772Net Income 2021: $196,3332021Revenue 2022: $1,068,147Expenses 2022: $579,990Net Income 2022: $488,1572022Revenue 2023: $855,430Expenses 2023: $635,644Net Income 2023: $219,7862023Revenue 2024: $709,954Expenses 2024: $723,748Net Income 2024: -$13,7942024Revenue 2025: $612,629Expenses 2025: $761,199Net Income 2025: -$148,5702025

Highlighted filing

2017

Revenue$546,727
Expenses$566,898
Net Income-$20,171
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Oct 3, 2017
Return Version
2016v3.0
Gross Receipts
$1,327,817
Mission and Program Overview

Mission

Easing the financial burden of undergraduate and vocational education for eligible members of the u.s. Submarine force and their dependents.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$4,673,957$4,904,239▲ $230,282
Savings and Temporary Cash Investments$160,847$132,253▼ $28,594
Pledges and Grants Receivable$50,922$28,762▼ $22,160
Cash and Non-Interest-Bearing Accounts$3,617$13,823▲ $10,206
Inventories for Sale or Use$14,446$12,764▼ $1,682
Land, Buildings, and Equipment, Net$6,041$9,580▲ $3,539
Prepaid Expenses and Deferred Charges$2,159$1,948▼ $211
Accounts Receivable-$1,000-
Total Assets$4,926,804$5,116,213▲ $189,409
Other Assets Total$14,815$11,844▼ $2,971
Liabilities
Deferred Revenue-$10,500-
Accounts Payable and Accrued Expenses$556$5,344▲ $4,788
Other Liabilities$1,914$146▼ $1,768
Total Liabilities$2,470$15,990▲ $13,520
Net Assets / Fund Balance
Unrestricted Net Assets$4,522,293$4,603,821▲ $81,528
Temporarily Rstr Net Assets$402,041$496,402▲ $94,361
Total Net Assets Fund Balance$4,924,334$5,100,223▲ $175,889
Total Liabilities and Net Assets / Fund Balance$4,926,804$5,116,213▲ $189,409

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$9,580$41,763$51,343

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$401,921$74,059▲ $30,133-$495,347
2015$377,061$410▲ $33,429-$401,921
2014$358,703$8,820▲ $22,219-$378,542
2013$319,179$8,054▲ $42,670-$358,703
2012$257,062$40,800▲ $29,917-$319,179
Compensation and Service Providers
Top Officer Pay24th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Andrew ClarkExecutive DiFT$53,057$53,057

Board Members and Trustees

NameTitle
Suzanne TofaloChairman
Charles J Beers JrPresident
Albert H Konetzni JrDirector
Charles SouthallDirector
James HayDirector
Maryellen BaldwinDirector
Robert Beech JrDirector
Sheila McneillDirector
Timothy W OliverDirector
Merrill H DormanSecretary/tr
Scott R Van BuskirkVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$402,032
Program Service Revenue
$0
Investment Income
$143,578
Other Revenue
$1,117
All Other Contributions
$325,930
Change in Net Assets
$-20,171

Audited Revenue Reconciliation

Revenue per Audited Statements
$546,727
Revenue Not Reported on Form 990
$196,060
Total Revenue per Audited Statements
$742,787
Total Revenue per Form 990
$546,727
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$376,900
Salaries, Compensation, and Employee Benefits$108,870
Other Expenses$81,128
Total Fundraising Expense$38,765
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$376,900--$376,900
Current Officers, Directors, Trustees, and Key Employees$28,438$14,219$14,219$56,876
Other Salaries and Wages$24,779$8,434$11,044$44,257
Occupancy$1,294$20,103$277$21,674
Fees for Service Investment Mgmnt Fees-$14,307-$14,307
Depreciation Depletion$6,148$1,317$1,317$8,782
Payroll Taxes$4,116$1,756$1,865$7,737
Information Technology$3,878$831$831$5,540
Fees for Services Accounting$2,800$600$600$4,000
Insurance$2,274$488$488$3,250
Office Expenses$1,350$737$1,159$3,246
Travel--$2,605$2,605
All Other Expenses$250$933$396$1,579
Other Expenses$3,712$470$1,071$1,071
Fees for Services Legal$726$156$156$1,038
Fees for Services Other$274$233$298$805
Conferences and Meetings$499$107$107$713
Total Functional Expenses$457,438$70,695$38,765$566,898

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$566,898
Total Expenses per Audited Statements$566,898
Total Expenses per Form 990$566,898
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$11,856
Fundraising Direct Expenses$11,823
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Other Fundraisi$13,175---
Golf Tournament$69,536$11,856$11,823$33
Total Events$82,711$11,856$11,823$33
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Liabilities$146
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
Yes
Other officer compensation reviewed
No
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 11B

“A draft of the 990 is sent to the board for review and approval prior to filing with the internal revenue service.”

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

“Annually the conflict of interest policy is reviewed with the board.”

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

“The board performs annual performance evaluations of the executive director and re-evaluates compensation based on comparable data for similar national and local organizations.”

Form 990, Page 6, Part VI, Line 19

“The foundation makes its governing documents, conflict of interest policy statements, adn financial statements available to the public at its offices by request.”

Filing and Contact Details

Filer

Filer Name
Dolphin Scholarship Foundation
EIN
54-6038828
Address
4966 EUCLID ROAD SUITE 109, VIRGINIA BEACH, VA 23462

Signing Officer

Name
Merrill H Dorman
Title
Secretary/treasurer
Signed
2017-10-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Merrill H Dorman
Formed
1990
Legal Domicile
Va
Voting Board Members
11
Independent Board Members
11
Employees
4
Volunteers
2

Preparer

Firm
Barnes Brock Cornwell & Painter Plc
Address
908 EDEN WAY N STE 201, CHESAPEAKE, VA 23320-2640
Preparer
Kimberly C Painter
Phone
7579615017
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item B

“Form 990 line 3 and 4 voting and independent board members should be 11.”

Form 990, Part XI, Line 9

“Sublease payments offsetting rental expense 13,578”

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization adopted the recognition requirements for uncertain income tax positions as required by generally accepted accounting principles, with no cumulative effect adjustment required. Income tax benefits are recognized for income tax positions taken or expected to be taken in a return, only when it is determined that the income tax position will more- likely-than-not be sustained upon examination by taxing authorities. The organization has analyzed the tax positions taken in its filings with the internal revenue service. The organization believes that its income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse affect on the organization's financial condition, results of operations or cash flows. Accordingly, the organization has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at june 30, 2017.”

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

“Sublease payments offsetting rental expense 13,578”

Schedule D, Page 4, Part XIII

“The organization's federal return of organization exempt from income tax (form 990) for 2017, 2016, 2015, and 2014 are subject to examination by the irs,generally for three years after they were filed.”

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IRS990/PrincipalOfficerNm0MERRILL H DORMAN
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0-20171
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,116,213
Liabilities
$15,990
Net assets
$5,100,223
Revenue
$546,727
Expenses
$566,898
Net income
-$20,171
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.00$0.04$8.96$0.61$0.76$0.15
2024Detailed filing. Detailed filing data is available for this year.$8.39$0.06$8.33$0.71$0.72$0.01
2023Detailed filing. Detailed filing data is available for this year.$7.64$0.06$7.58$0.86$0.64$0.22
2022Detailed filing. Detailed filing data is available for this year.$6.73$0.03$6.71$1.07$0.58$0.49
2021Detailed filing. Detailed filing data is available for this year.$7.00$0.02$6.97$0.71$0.52$0.20
2020Detailed filing. Detailed filing data is available for this year.$5.91$0.06$5.85$0.51$0.59$0.08
2019Detailed filing. Detailed filing data is available for this year.$5.87$0.02$5.85$0.78$0.58$0.19
2018Detailed filing. Detailed filing data is available for this year.$5.29$0.01$5.28$0.59$0.59$0.00
2017Detailed filing. Detailed filing data is available for this year.$5.12$0.02$5.10$0.55$0.57$0.02
2016Detailed filing. Detailed filing data is available for this year.$4.93$0.00$4.92$0.55$0.59$0.04
2015Detailed filing. Detailed filing data is available for this year.$4.80$0.01$4.79$0.60$0.59$0.00
2014Detailed filing. Detailed filing data is available for this year.$4.68$0.00$4.68$0.78$0.57$0.21
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.06$0.00$4.06$0.58
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.84$0.00$3.84$0.56
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.77$0.00$3.77$0.58