Civic Intelligence

Dolphin Scholarship Foundation

990 • Fiscal year 2022 • EIN 54-6038828

Jul 01, 2021 to Jun 30, 2022 • Filed on Oct 06, 2022

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

15th percentile

0.00x

Higher debt load relative to assets than 15% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

18th percentile

0.03x

Higher debt load relative to revenue than 18% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

87th percentile

46%

Higher net margin than 87% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

30th percentile

$74,035

Higher top officer pay than 30% of similar nonprofits.

Top officer pay equals 6.9% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

34th percentile

-3.8%

Faster asset growth than 34% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

84th percentile

50%

Faster revenue growth than 84% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets15th percentile

Assets

Down

$6,734,999

Down $263,542 (-3.8%) from 2021

Net Assets

Down

$6,707,371

Down $267,318 (-3.8%) from 2021

Liabilities

Up

$27,628

Up $3,776 (+16%) from 2021

Revenue And Expenses
Liabilities / Revenue18th percentileNet Margin87th percentile

Revenue

Up

$1,068,147

Up $355,042 (+50%) from 2021

Expenses

Up

$579,990

Up $63,218 (+12%) from 2021

Net Income

Up

$488,157

Up $291,824 (+149%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth34th 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

2022

Assets$6,734,999
Liabilities$27,628
Net Assets$6,707,371
Open 2022 Filing

Operations Trend

Revenue Growth84th 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

2022

Revenue$1,068,147
Expenses$579,990
Net Income$488,157
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Oct 6, 2022
Return Version
2021v4.0
Gross Receipts
$2,089,393
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.

The dolphin scholarship foundation (dsf) believes that enhancement of both human potential and quality of life is achievable through education. Many sons, daughters, and spouses of u.s. Navy submariners face financial obstacles while pursuing undergraduate and vocational education. Dsf is committed to minimizing those obstacles by assisting them in reaching their fullest potential.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$6,828,983$6,487,739▼ $341,244
Savings and Temporary Cash Investments$154,922$221,885▲ $66,963
Land, Buildings, and Equipment, Net-$8,426-
Accounts Receivable-$3,500-
Inventories for Sale or Use$5,400$2,659▼ $2,741
Prepaid Expenses and Deferred Charges$1,686$1,236▼ $450
Cash and Non-Interest-Bearing Accounts$800$620▼ $180
Total Assets$6,998,541$6,734,999▼ $263,542
Other Assets Total$6,750$8,934▲ $2,184
Liabilities
Deferred Revenue$19,885$23,794▲ $3,909
Other Liabilities$2,301$2,646▲ $345
Accounts Payable and Accrued Expenses$1,666$1,188▼ $478
Total Liabilities$23,852$27,628▲ $3,776
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,910,154$5,545,987▼ $364,167
Net Assets With Donor Restrictions$1,064,535$1,161,384▲ $96,849
Total Net Assets Fund Balance$6,974,689$6,707,371▼ $267,318
Total Liabilities and Net Assets / Fund Balance$6,998,541$6,734,999▼ $263,542

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$8,426$21,710$30,136

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$1,064,535$176,376▼ $40,875-$1,161,384
2020$903,463$11,592▲ $166,975-$1,064,535
2019$866,113$5,207▲ $46,782-$903,463
2018$541,445$256,900▲ $83,032-$866,113
2017$495,347$13,831▲ $38,667-$541,445
Compensation and Service Providers
Top Officer Pay30th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Andrew ClarkExecutive DiFT$74,035$74,035

Board Members and Trustees

NameTitle
Colleen HoustonChairman
Charles J Beers JrPresident
Albert H Konetzni JrDirector
Barry L BrunerDirector
Bruce E GroomsDirector
Charlie YoungDirector
David BolcarDirector
James HayDirector
Keith B FargoDirector
Maryellen BaldwinDirector
Michele LamphearDirector
Steven W MaasDirector
Timothy W OliverDirector
Merrill H DormanSecretary/tr
Scott R Van BuskirkVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$493,677
Program Service Revenue
$0
Investment Income
$492,777
Other Revenue
$81,693
All Other Contributions
$492,212
Change in Net Assets
$488,157

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,050,078
Revenue Not Reported on Financial Statements
$18,069
Revenue Not Reported on Form 990
$-755,475
Total Revenue per Audited Statements
$294,603
Total Revenue per Form 990
$1,068,147
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$380,250
Salaries, Compensation, and Employee Benefits$127,089
Other Expenses$72,651
Total Fundraising Expense$42,542
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$380,250--$380,250
Current Officers, Directors, Trustees, and Key Employees$40,720$14,807$18,508$74,035
Other Salaries and Wages$24,247$8,817$11,022$44,086
Fees for Service Investment Mgmnt Fees-$18,069-$18,069
Occupancy$12,382$2,653$2,653$17,688
Information Technology$7,593$1,627$1,627$10,847
Payroll Taxes$4,932$1,794$2,242$8,968
Office Expenses$2,095$594$2,207$4,896
Fees for Services Accounting$3,222$690$690$4,602
Insurance$2,164$464$464$3,092
Advertising$914--$914
Other Expenses$809$582$2,083$809
Depreciation Depletion$356$77$77$510
All Other Expenses$363$68$68$499
Conferences and Meetings$262$56$56$374
Total Functional Expenses$483,024$54,424$42,542$579,990

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$579,990
Expenses per Audited Statements$561,921
Total Expenses per Audited Statements$561,921
Expenses Not Reported on Financial Statements$18,069
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$96,243
Fundraising Direct Expenses$19,341
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$71,789$70,324$15,825$54,499
Other Fundraisi$25,919$25,919$2,051$23,868
Total Events$97,708$96,243$19,341$76,902
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$2,646
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
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, and 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
2022-10-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Merrill H Dorman
Formed
1990
Legal Domicile
Va
Voting Board Members
15
Independent Board Members
15
Employees
7
Volunteers
15

Preparer

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

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The dolphin scholarship foundation (dsf) believes that enhancement of both human potential and quality of life is achievable through education. Many sons, daughters, and spouses of u.s. Navy submariners face financial obstacles while pursuing undergraduate and vocational education. Dsf is committed to minimizing those obstacles by assisting them in reaching their fullest potential.”

Financial Statement Notes

Schedule D, Page 3, Part X

“The foundation 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 foundation has analyzed the tax positions taken in its filings with the internal revenue service. The foundation 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 foundation's financial condition, results of operations or cash flows. Accordingly, the foundation has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at june 30, 2022.”

Schedule D, Page 4, Part XIII

“The foundation's federal return of organization exempt from income tax (form 990) for 2022, 2021, 2020 and 2019 are subject to examination by the irs, generally for three years after they were filed.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt3CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15EXECUTIVE DI
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0THE DOLPHIN SCHOLARSHIP FOUNDATION (DSF) BELIEVES THAT ENHANCEMENT OF BOTH HUMAN POTENTIAL AND QUALITY OF LIFE IS ACHIEVABLE THROUGH EDUCATION. MANY SONS, DAUGHTERS, AND SPOUSES OF U.S. NAVY SUBMARINERS FACE FINANCIAL OBSTACLES WHILE PURSUING UNDERGRADUATE AND VOCATIONAL EDUCATION. DSF IS COMMITTED TO MINIMIZING THOSE OBSTACLES BY ASSISTING THEM IN REACHING THEIR FULLEST POTENTIAL.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetAssetsOrFundBalancesEOYAmt06707371
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0359815
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IRS990/NetIncmFromFundraisingEvtGrp/ExclusionAmt076902
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IRS990/OccupancyGrp/TotalAmt017688
IRS990/OfficeExpensesGrp/FundraisingAmt02207
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0594
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IRS990/OperateHospitalInd0false
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IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt08934
IRS990/OtherExpensesGrp/Desc0EQUIPMENT RENTAL & MAINT
IRS990/OtherExpensesGrp/Desc1TELEPHONE
IRS990/OtherExpensesGrp/Desc2BANK CHARGES
IRS990/OtherExpensesGrp/Desc3REGISTRATION
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IRS990/OtherExpensesGrp/FundraisingAmt1582
IRS990/OtherExpensesGrp/FundraisingAmt22083
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1582
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IRS990/OtherExpensesGrp/ProgramServicesAmt1809
IRS990/OtherExpensesGrp/TotalAmt04389
IRS990/OtherExpensesGrp/TotalAmt13879
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IRS990/OtherSalariesAndWagesGrp/TotalAmt044086
IRS990/OtherWebsiteInd0X
IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt02242
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt01794
IRS990/PayrollTaxesGrp/ProgramServicesAmt04932
IRS990/PayrollTaxesGrp/TotalAmt08968
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01686
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01236
IRS990/PrincipalOfficerNm0MERRILL H DORMAN
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IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0502425
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt0332567
IRS990/PYInvestmentIncomeAmt0138363
IRS990/PYOtherExpensesAmt070995
IRS990/PYOtherRevenueAmt072317
IRS990/PYRevenuesLessExpensesAmt0196333
IRS990/PYSalariesCompEmpBnftPaidAmt0113210
IRS990/PYTotalExpensesAmt0516772
IRS990/PYTotalRevenueAmt0713105
IRS990/QuidProQuoContributionsInd0true
IRS990/QuidProQuoContriDisclInd0true
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0488157
IRS990/RegularMonitoringEnfrcInd0true
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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0154922
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0221885
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0GROSS INCOME FROM FUNDRAISING EVENTS 149,002
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,734,999
Liabilities
$27,628
Net assets
$6,707,371
Revenue
$1,068,147
Expenses
$579,990
Net income
$488,157
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