Civic Intelligence

Vela Education Fund

990 • Fiscal year 2022 • EIN 84-4185046

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

Organization ProfileWWW.VELAEDFUND.ORG
361 Park Ave 203Glencoe, IL 60022

(504) 250-7715

Siviq Scores

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

Liabilities / Assets

66th percentile

0.34x

Higher debt load relative to assets than 66% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

45th percentile

0.17x

Higher debt load relative to revenue than 45% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

50th percentile

6.7%

Higher net margin than 50% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

82nd percentile

$332,733

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

94th percentile

71%

Faster asset growth than 94% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

73rd percentile

21%

Faster revenue growth than 73% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets66th percentile

Assets

Up

$8,295,380

Up $3,439,411 (+71%) from 2021

Net Assets

Up

$5,508,769

Up $1,082,872 (+24%) from 2021

Liabilities

Up

$2,786,611

Up $2,356,539 (+548%) from 2021

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin50th percentile

Revenue

Up

$16,079,595

Up $2,832,026 (+21%) from 2021

Expenses

Up

$14,996,723

Up $5,022,452 (+50%) from 2021

Net Income

Down

$1,082,872

Down $2,190,426 (-67%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth94th percentile

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

$30M$20M$10M$0Assets 2020: $1,305,580Liabilities 2020: $152,981Net Assets 2020: $1,152,5992020Assets 2021: $4,855,969Liabilities 2021: $430,072Net Assets 2021: $4,425,8972021Assets 2022: $8,295,380Liabilities 2022: $2,786,611Net Assets 2022: $5,508,7692022Assets 2023: $13,520,815Liabilities 2023: $3,083,040Net Assets 2023: $10,437,7752023Assets 2024: $21,403,298Liabilities 2024: $2,948,056Net Assets 2024: $18,455,2422024

Highlighted filing

2022

Assets$8,295,380
Liabilities$2,786,611
Net Assets$5,508,769
Open 2022 Filing

Operations Trend

Revenue Growth73rd percentile

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

$20M$15M$10M$5.0M$0Revenue 2020: $4,570,982Expenses 2020: $3,418,383Net Income 2020: $1,152,5992020Revenue 2021: $13,247,569Expenses 2021: $9,974,271Net Income 2021: $3,273,2982021Revenue 2022: $16,079,595Expenses 2022: $14,996,723Net Income 2022: $1,082,8722022Revenue 2023: $18,518,008Expenses 2023: $13,589,002Net Income 2023: $4,929,0062023Revenue 2024: $18,940,669Expenses 2024: $11,450,200Net Income 2024: $7,490,4692024

Highlighted filing

2022

Revenue$16,079,595
Expenses$14,996,723
Net Income$1,082,872
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$16,079,595
Mission and Program Overview

Mission

The vela education fund exists to accelerate education innovation and opportunity for every learner by: supporting everyday entrepreneurs building custom education programs to meet families learners' needs, increasing awareness of nontraditional education, and accelerating adoption by more families and communities.

Custom education programs to meet families learners' needs, increasing awareness of nontraditional education, and accelerating adoption by more families and communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$4,151,046$6,009,688▲ $1,858,642
Cash and Non-Interest-Bearing Accounts$697,573$1,975,389▲ $1,277,816
Pledges and Grants Receivable-$302,995-
Prepaid Expenses and Deferred Charges$7,350$7,308▼ $42
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$4,855,969$8,295,380▲ $3,439,411
Other Assets Total$0$0→ $0
Liabilities
Grants Payable$229,025$2,415,000▲ $2,185,975
Accounts Payable and Accrued Expenses$201,047$371,611▲ $170,564
Other Liabilities$0$0→ $0
Total Liabilities$430,072$2,786,611▲ $2,356,539
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,425,897$4,511,269▲ $85,372
Net Assets With Donor Restrictions-$997,500-
Total Net Assets Fund Balance$4,425,897$5,508,769▲ $1,082,872
Total Liabilities and Net Assets / Fund Balance$4,855,969$8,295,380▲ $3,439,411
Compensation and Service Providers
Top Officer Pay82nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
-Chief of OperationsFT$216,850$115,883$332,733
-Director-issue EducationFT$128,368$17,352$145,720
-Manager-issue EducationFT$118,646$16,502$135,148
-Senior Director of Strategic AdvancementFT$109,736$4,320$114,056

Board Members and Trustees

NameTitle
-Board Member
-Board Member (incoming)
-Board Member (outgoing)
-Board Member/exec Director
-Secretary
-Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
North Third Partners LLCConsulting1313 STONEOAK DRIVE, Mckinney, TX 75072$464,000
Brendan LoweMedia Services1936 SARANAC AVE SUITE 3 RM B126, Lake Placid, NY 12946$201,403
Universe CreativeMedia Services4433 CLAYTON AVENUE, Los Angeles, CA 90027$200,500
Stand Together Chamber Of Commerce INCAdmin Services1320 N COURTHOUSE RD SUITE 500, Arlington, VA 22201$109,839
Revenue and Support

Revenue Composition

Contributions and Grants
$16,075,378
Program Service Revenue
$0
Investment Income
$4,217
Other Revenue
$0
All Other Contributions
$16,075,378
Change in Net Assets
$1,082,872

Audited Revenue Reconciliation

Revenue per Audited Statements
$16,079,595
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$1,396,719
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$17,476,314
Total Revenue per Form 990
$16,079,595
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$12,714,332
Other Expenses$1,236,354
Salaries, Compensation, and Employee Benefits$1,046,037
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$10,921,832--$10,921,832
Grants to Domestic Individuals$1,792,500--$1,792,500
Fees for Services Other$1,009,474$0$0$1,009,474
Other Salaries and Wages$813,762$80,828-$894,590
Other Expenses$119,916--$119,916
Payroll Taxes$61,342$4,249-$65,591
Travel$52,072--$52,072
Other Employee Benefits$43,319--$43,319
Pension Plan Contributions$39,430$3,107-$42,537
Conferences and Meetings$19,161--$19,161
Occupancy$2,934$11,070-$14,004
Fees for Services Accounting-$11,304-$11,304
Office Expenses$10,332$6-$10,338
Fees for Services Legal-$85-$85
Total Functional Expenses$14,886,074$110,649$0$14,996,723

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$16,393,442
Expenses per Audited Statements$14,996,723
Total Expenses per Form 990$14,996,723
Expenses Not Reported on Form 990$1,396,719
Expenses Not Reported on Financial Statements$0
Other Expense Adjustments$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
See AttachedGlencoe, IL-Various$10,880,332
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6 , 7A & 7B - CLASSES OF MEMBERS OR STOCKHOLDERS

“The organization has two class a members. Class a members have the power to elect and remove an equal numbers of directors. Amendments to the governing documents are subject to the written consent of the class a members.”

Form 990, Part VI, Line 11B Review of form 990 by governing body

“An independent accounting firm prepared and reviewed the form 990. A full draft of the 990 along with all required schedules is then provided to board members, internal management, and legal counsel for review. All questions are addressed and any modifications are made, if necessary. If time allows, the form 990 and all required schedules will be provided to the board of directors prior to filing.”

Form 990, Part VI, Line 12C Conflict of interest policy

“The organization's conflict of interest policy covers proposed transactions where interested persons (i.e., board members and officers) may have a financial interest in a transaction being considered by the board of directors or a committee thereof. The board or committee thereof has various options to address the proposed transaction and whether it presents a conflict of interest, including evaluating the fairness of the transaction, whether to appoint a disinterested person(s) or committee to evaluate the transaction, consulting legal counsel, etc.”

Form 990, Part VI, Line 19 Required documents available to the public

“Vela education fund makes documents available in accordance with irs rules.”

Filing and Contact Details

Filer

Filer Name
VELA Education Fund
EIN
84-4185046
Phone
5042507715
Address
361 PARK AVE 203, GLENCOE, IL 60022

Signing Officer

Name
Kara Hartnett
Title
Treasurer
Phone
5042507715
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Formed
2020
Legal Domicile
De
Voting Board Members
4
Independent Board Members
4
Employees
9
Volunteers
0

Preparer

Firm
Forvis Llp
Address
1201 WALNUT SUITE 1700, KANSAS CITY, MO 64106-2246
Preparer
Michael J Engle
Phone
8162216300
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) FOOTNOTE

“Management has evaluated the income tax positions under the guidance included in asc 740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD MEMBER (INCOMING)
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER (OUTGOING)
IRS990/Form990PartVIISectionAGrp/TitleTxt6SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt7TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt8SENIOR DIRECTOR OF STRATEGIC ADVANCEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt9CHIEF OF OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt10MANAGER-ISSUE EDUCATION
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR-ISSUE EDUCATION
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IRS990/MissionDesc0THE VELA EDUCATION FUND EXISTS TO ACCELERATE EDUCATION INNOVATION AND OPPORTUNITY FOR EVERY LEARNER BY: SUPPORTING EVERYDAY ENTREPRENEURS BUILDING CUSTOM EDUCATION PROGRAMS TO MEET FAMILIES LEARNERS' NEEDS, INCREASING AWARENESS OF NONTRADITIONAL EDUCATION, AND ACCELERATING ADOPTION BY MORE FAMILIES AND COMMUNITIES.
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IRS990/OtherSalariesAndWagesGrp/TotalAmt0894590
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt04249
IRS990/PayrollTaxesGrp/ProgramServicesAmt061342
IRS990/PayrollTaxesGrp/TotalAmt065591
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt03107
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt039430
IRS990/PensionPlanContributionsGrp/TotalAmt042537
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IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0MEREDITH OLSON
IRS990/ProfessionalFundraisingInd0false
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IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
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IRS990/ReconcilationRevenueExpnssAmt01082872
IRS990/RegularMonitoringEnfrcInd0true
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IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt04151046
IRS990/SavingsAndTempCashInvstGrp/EOYAmt06009688
IRS990ScheduleA/First5Years170Ind0X
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt016075378
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt013244860
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt04566567
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt033886805
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt04217
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt02709
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt04415
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt011341
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt00
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
IRS990ScheduleA/PublicOrganization170Ind0X
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IRS990ScheduleA/SubstantialContributorsTotAmt010716111
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt016075378
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt013244860
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt033886805
IRS990ScheduleA/TotalSupportAmt033898146
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
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IRS990/ScheduleBRequiredInd0true
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IRS990ScheduleD/DonatedServicesUseFcltsAmt01396719
IRS990ScheduleD/ExpensesNotReportedAmt01396719
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IRS990ScheduleD/OtherRevenueAmt00
IRS990ScheduleD/OtherRevenuesNotIncludedAmt00
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt016079595
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT HAS EVALUATED THE INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) FOOTNOTE
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IRS990ScheduleD/TotalLiabilityAmt00
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IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt017476314
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt016393442
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0EDUCATION SCHOLARSHIPS
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt0190
IRS990ScheduleI/RecipientTable/CashGrantAmt010880332
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0VARIOUS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0SEE ATTACHED
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0361 PARK AVE

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Filings

Displayed year

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

Open filing
Assets
$8,295,380
Liabilities
$2,786,611
Net assets
$5,508,769
Revenue
$16,079,595
Expenses
$14,996,723
Net income
$1,082,872
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$21.4$2.95$18.5$18.9$11.5$7.49
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.5$3.08$10.4$18.5$13.6$4.93
2022Detailed filing. Detailed filing data is available for this year.$8.30$2.79$5.51$16.1$15.0$1.08
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.86$0.43$4.43$13.2$9.97$3.27
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.31$0.15$1.15$4.57$3.42$1.15