Civic Intelligence

Jefferson Center Foundation Ltd.

990 • Fiscal year 2021 • EIN 62-1392982

Jul 01, 2020 to Jun 30, 2021 • Filed on Feb 09, 2022

Organization Profilewww.jeffcenter.org

View Organization Page

541 Luck Ave SW 221Roanoke, VA 24016

(540) 343-2624

Siviq Scores

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

Liabilities / Assets

19th percentile

0.02x

Higher debt load relative to assets than 19% of similar nonprofits.

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

Liabilities / Revenue

63rd percentile

0.38x

Higher debt load relative to revenue than 63% of similar nonprofits.

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

Net Margin

4th percentile

-52%

Higher net margin than 4% of similar nonprofits.

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

Top Officer Pay

23rd percentile

$100,000

Higher top officer pay than 23% of similar nonprofits.

Top officer pay equals 8.9% of source-year revenue.

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

Asset Growth

18th percentile

-1.6%

Faster asset growth than 18% of similar nonprofits.

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

Revenue Growth

8th percentile

-31%

Faster revenue growth than 8% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets19th percentile

Assets

Down

$24,446,324

Down $384,990 (-1.6%) from 2020

Net Assets

Down

$24,023,429

Down $410,116 (-1.7%) from 2020

Liabilities

Up

$422,895

Up $25,126 (+6.3%) from 2020

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin4th percentile

Revenue

Down

$1,123,866

Down $497,759 (-31%) from 2020

Expenses

Down

$1,713,657

Down $623,525 (-27%) from 2020

Net Income

Up

-$589,791

Up $125,766 (+18%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth18th percentile

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

$30M$20M$10M$0Assets 2011: $26,727,850Liabilities 2011: $249,474Net Assets 2011: $26,478,3762011Assets 2012: $26,433,323Liabilities 2012: $219,533Net Assets 2012: $26,213,7902012Assets 2013: $25,984,757Liabilities 2013: $307,607Net Assets 2013: $25,677,1502013Assets 2014: $25,977,824Liabilities 2014: $363,133Net Assets 2014: $25,614,6912014Assets 2015: $26,592,993Liabilities 2015: $396,587Net Assets 2015: $26,196,4062015Assets 2016: $27,039,576Liabilities 2016: $341,699Net Assets 2016: $26,697,8772016Assets 2017: $26,774,627Liabilities 2017: $327,039Net Assets 2017: $26,447,5882017Assets 2018: $26,134,815Liabilities 2018: $418,355Net Assets 2018: $25,716,4602018Assets 2019: $25,309,433Liabilities 2019: $303,358Net Assets 2019: $25,006,0752019Assets 2020: $24,831,314Liabilities 2020: $397,769Net Assets 2020: $24,433,5452020Assets 2021: $24,446,324Liabilities 2021: $422,895Net Assets 2021: $24,023,4292021Assets 2022: $24,079,593Liabilities 2022: $442,487Net Assets 2022: $23,637,1062022Assets 2023: $23,341,672Liabilities 2023: $237,458Net Assets 2023: $23,104,2142023Assets 2024: $23,342,699Liabilities 2024: $259,080Net Assets 2024: $23,083,6192024Assets 2025: $22,695,493Liabilities 2025: $235,445Net Assets 2025: $22,460,0482025

Highlighted filing

2021

Assets$24,446,324
Liabilities$422,895
Net Assets$24,023,429
Open 2021 Filing

Operations Trend

Revenue Growth8th percentile

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

$4.0M$2.0M$0-$2.0MExpenses 2011: $1,963,8462011Expenses 2012: $2,105,8932012Revenue 2013: $1,756,923Expenses 2013: $2,315,601Net Income 2013: -$558,6782013Revenue 2014: $2,330,451Expenses 2014: $2,449,885Net Income 2014: -$119,4342014Revenue 2015: $3,105,931Expenses 2015: $2,521,964Net Income 2015: $583,9672015Revenue 2016: $3,328,890Expenses 2016: $2,809,928Net Income 2016: $518,9622016Revenue 2017: $2,175,754Expenses 2017: $2,477,304Net Income 2017: -$301,5502017Revenue 2018: $1,899,222Expenses 2018: $2,466,726Net Income 2018: -$567,5042018Revenue 2019: $1,629,702Expenses 2019: $2,342,854Net Income 2019: -$713,1522019Revenue 2020: $1,621,625Expenses 2020: $2,337,182Net Income 2020: -$715,5572020Revenue 2021: $1,123,866Expenses 2021: $1,713,657Net Income 2021: -$589,7912021Revenue 2022: $2,456,793Expenses 2022: $2,567,584Net Income 2022: -$110,7912022Revenue 2023: $2,366,491Expenses 2023: $2,994,606Net Income 2023: -$628,1152023Revenue 2024: $2,962,046Expenses 2024: $3,177,074Net Income 2024: -$215,0282024Revenue 2025: $2,292,349Expenses 2025: $3,113,450Net Income 2025: -$821,1012025

Highlighted filing

2021

Revenue$1,123,866
Expenses$1,713,657
Net Income-$589,791
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Feb 9, 2022
Return Version
2020v4.0
Gross Receipts
$1,428,418
Mission and Program Overview

Mission

Provide broad access to inspirational performing arts experiences, transformational arts education opportunities, and vibrant community space.

The foundation was organized to manage the renovation and subsequent rental and maintenance of the jefferson high school. The property belongs to the city of roanoke and the foundation's exempt purpose is to raise public funding for renovation of the building such that it can be used to provide affordable office space for other non-profit/city agencies serving the public, as well as becoming a cultural center for the arts and a community center for other organizations to meet.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,072,714$7,546,388▼ $526,326
Investments in Publicly Traded Securities$1,215,917$1,399,923▲ $184,006
Cash and Non-Interest-Bearing Accounts$547,597$768,206▲ $220,609
Pledges and Grants Receivable$319,735$86,908▼ $232,827
Accounts Receivable$75,380$45,544▼ $29,836
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$24,831,314$24,446,324▼ $384,990
Other Assets Total$14,599,971$14,599,355▼ $616
Liabilities
Deferred Revenue$117,868$163,119▲ $45,251
Unsecured Notes Loans Payable$159,200$159,200→ $0
Accounts Payable and Accrued Expenses$69,012$52,713▼ $16,299
Other Liabilities$51,689$47,863▼ $3,826
Total Liabilities$397,769$422,895▲ $25,126
Net Assets / Fund Balance
Net Assets With Donor Restrictions$15,715,901$15,404,236▼ $311,665
Net Assets Without Donor Restrictions$8,717,644$8,619,193▼ $98,451
Total Net Assets Fund Balance$24,433,545$24,023,429▼ $410,116
Total Liabilities and Net Assets / Fund Balance$24,831,314$24,446,324▼ $384,990

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,093,055$8,495,166$15,588,221
Equipment$348,338$1,198,376$1,546,714
Leasehold Improvements$104,995$31,944$136,939
Other Assets Org$35,255--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$1,215,917$909▲ $248,262$65,165$1,399,923
2019$1,077,590$101,361▲ $92,417$55,451$1,215,917
2018$956,930$100,625▲ $69,512$49,477$1,077,590
2017$859,356$92,690▲ $43,729$38,845$956,930
2016$643,849$185,683▲ $57,620$27,796$859,356
Compensation and Service Providers
Top Officer Pay23rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Cyrus E PaceExecutive DirecFT$100,000$100,000

Board Members and Trustees

NameTitle
Nathan KerrChairman
Whit EllermanVice Chairman
Adrian WilsonBoard Member
Anne JenkinsBoard Member
Bo FrithBoard Member
Bryan MusselwhiteBoard Member
Charles a WebbBoard Member
Daniel SummerlinBoard Member
Greg BrockBoard Member
Malcolm QuigleyBoard Member
Marc NelsonBoard Member
Marjorie TenzerBoard Member
Mark S LawrenceBoard Member
Shelonda ArthurBoard Member
Sharon BurnhamSecretary
Richard Socha-mowerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$502,985
Program Service Revenue
$536,536
Investment Income
$72,432
Other Revenue
$11,913
All Other Contributions
$305,249
Change in Net Assets
$-589,791

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
Works of Art1$28,000Donor Provided
Total Noncash Contributions1$28,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,110,179
Revenue Not Reported on Financial Statements
$13,687
Revenue Not Reported on Form 990
$1,846,473
Total Revenue per Audited Statements
$2,956,652
Total Revenue per Form 990
$1,123,866
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,045,216
Salaries, Compensation, and Employee Benefits$668,441
Total Fundraising Expense$155,312
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$550,402$17,212$5,737$573,351
Other Salaries and Wages$356,384$48,861$91,817$497,062
Current Officers, Directors, Trustees, and Key Employees$80,000$10,000$10,000$100,000
Fees for Services Other$29,072$11,055$8,414$48,541
Payroll Taxes$33,018$4,421$7,624$45,063
All Other Expenses$15,489$7,912$19,114$42,515
Insurance$25,967$4,151$4,151$34,269
Other Expenses$17,017$315$441$17,017
Advertising$16,424--$16,424
Pension Plan Contributions$11,606$1,681$2,965$16,252
Office Expenses$5,270$7,565$1,555$14,390
Fees for Service Investment Mgmnt Fees-$13,687-$13,687
Other Employee Benefits$5,496$3,047$1,521$10,064
Interest-$2,229-$2,229
Total Functional Expenses$1,418,017$140,328$155,312$1,713,657

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,366,768
Total Expenses per Form 990$1,713,657
Expenses per Audited Statements$1,699,970
Expenses Not Reported on Form 990$1,666,798
Expenses Not Reported on Financial Statements$13,687
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
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Payroll$36,963
Rent Collected in Advance$7,888
Payroll Withholdings Payable$3,012
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
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, Part VI, Line 11B: Form 990 Review Process

“Audited Financial Statements are used to provide the financial information. Questions are answered as required. Director of Finance and Executive Director review and revise and then ask board members, usually Finance Committtee members, to review as well noting any issues they identify so that we may revise the return as needed.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The organization conducts annual conflict of interest meetings, where all members can disclose their conflicts. A committee then reviews all the information for propriety.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The board of directors considers performance and experience in determining salary for the executive director. The salary must be approved by the chairman of the board of directors, in writing.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“All documents are provided upon request”

Filing and Contact Details

Filer

Filer Name
Jefferson Center Foundation Ltd
EIN
62-1392982
Phone
5403432624
Address
541 LUCK AVE SW 221, ROANOKE, VA 24016

Signing Officer

Name
Cyrus E Pace
Title
Executive Director
Signed
2022-02-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cyrus E Pace
Formed
1989
Legal Domicile
Va
Voting Board Members
16
Independent Board Members
16
Employees
66
Volunteers
100

Preparer

Firm
Foti Flynn Lowen & Co PC
Address
PO Box 12765, Roanoke, VA 24028
Preparer
Frank B Hancock CPA
Phone
5403449246
Supplemental Narrative

Financial Statement Notes

Part V, Line 4: Intended uses of the endowment fund.

“The money needs to be held in perpetuity and the income from the funds will be used for maintenance of jefferson center.”

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IRS990/Form990PartVIISectionAGrp/PersonNm16DANIEL SUMMERLIN
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IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt14Treasurer
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IRS990/InsuranceGrp/FundraisingAmt04151
IRS990/InsuranceGrp/ManagementAndGeneralAmt04151
IRS990/InsuranceGrp/ProgramServicesAmt025967
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IRS990/LocalChaptersInd0false
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0THE FOUNDATION WAS ORGANIZED TO MANAGE THE RENOVATION AND SUBSEQUENT RENTAL AND MAINTENANCE OF THE JEFFERSON HIGH SCHOOL. THE PROPERTY BELONGS TO THE CITY OF ROANOKE AND THE FOUNDATION'S EXEMPT PURPOSE IS TO RAISE PUBLIC FUNDING FOR RENOVATION OF THE BUILDING SUCH THAT IT CAN BE USED TO PROVIDE AFFORDABLE OFFICE SPACE FOR OTHER NON-PROFIT/CITY AGENCIES SERVING THE PUBLIC, AS WELL AS BECOMING A CULTURAL CENTER FOR THE ARTS AND A COMMUNITY CENTER FOR OTHER ORGANIZATIONS TO MEET.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetAssetsOrFundBalancesEOYAmt024023429
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IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt00
IRS990/OfficeExpensesGrp/FundraisingAmt01555
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt07565
IRS990/OfficeExpensesGrp/ProgramServicesAmt05270
IRS990/OfficeExpensesGrp/TotalAmt014390
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt014599355
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt01521
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt03047
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt05496
IRS990/OtherEmployeeBenefitsGrp/TotalAmt010064
IRS990/OtherExpensesGrp/Desc0UTILITIES
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IRS990/OtherExpensesGrp/Desc2TAXES & LICENSES
IRS990/OtherExpensesGrp/Desc3ARTIST FEES
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IRS990/OtherExpensesGrp/FundraisingAmt1701
IRS990/OtherExpensesGrp/FundraisingAmt2441
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt04999
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt13193
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2315
IRS990/OtherExpensesGrp/ProgramServicesAmt0122603
IRS990/OtherExpensesGrp/ProgramServicesAmt1120797
IRS990/OtherExpensesGrp/ProgramServicesAmt228472
IRS990/OtherExpensesGrp/ProgramServicesAmt317017
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IRS990/OtherExpensesGrp/TotalAmt1124691
IRS990/OtherExpensesGrp/TotalAmt229228
IRS990/OtherExpensesGrp/TotalAmt317017
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1500019
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt220872
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt36788
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1500019
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt220872
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt36788
IRS990/ProgSrvcAccomActy2Grp/Desc0THE FOUNDATION OVERSEES THE SHORT-TERM RENTALS OF VENUES WITHIN THE FACILITY TO OUTSIDE INDIVIDUALS AND ORGANIZATIONS.
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt046710
IRS990/ProgSrvcAccomActy3Grp/Desc0THE FOUNDATION'S SHAFTMAN PERFORMANCE HALL SERVES AS A PERMANENT PERFORMANCE VENUE FOR PRESENTING HIGH QUALITY LIVE MUSIC PERFORMANCES AND MUSIC EDUCATION PROGRAMMING.
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IRS990/ProgSrvcAccomActy3Grp/RevenueAmt027660
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$24,446,324
Liabilities
$422,895
Net assets
$24,023,429
Revenue
$1,123,866
Expenses
$1,713,657
Net income
-$589,791
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$22.7$0.24$22.5$2.29$3.11$0.82
2024Detailed filing. Detailed filing data is available for this year.$23.3$0.26$23.1$2.96$3.18$0.22
2023Detailed filing. Detailed filing data is available for this year.$23.3$0.24$23.1$2.37$2.99$0.63
2022Detailed filing. Detailed filing data is available for this year.$24.1$0.44$23.6$2.46$2.57$0.11
2021Detailed filing. Detailed filing data is available for this year.$24.4$0.42$24.0$1.12$1.71$0.59
2020Detailed filing. Detailed filing data is available for this year.$24.8$0.40$24.4$1.62$2.34$0.72
2019Detailed filing. Detailed filing data is available for this year.$25.3$0.30$25.0$1.63$2.34$0.71
2018Detailed filing. Detailed filing data is available for this year.$26.1$0.42$25.7$1.90$2.47$0.57
2017Detailed filing. Detailed filing data is available for this year.$26.8$0.33$26.4$2.18$2.48$0.30
2016Detailed filing. Detailed filing data is available for this year.$27.0$0.34$26.7$3.33$2.81$0.52
2015Detailed filing. Detailed filing data is available for this year.$26.6$0.40$26.2$3.11$2.52$0.58
2014Detailed filing. Detailed filing data is available for this year.$26.0$0.36$25.6$2.33$2.45$0.12
2013Summary only. Only limited summary data is available for this year.$26.0$0.31$25.7$1.76$2.32$0.56
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.4$0.22$26.2$2.11
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.7$0.25$26.5$1.96