Civic Intelligence

Vela Education Fund

990 • Fiscal year 2024 • EIN 84-4185046

Jan 01, 2024 to Dec 31, 2024 • Filed on Nov 17, 2025

Organization ProfileWWW.VELA.ORG
807 Waukegan Road 124Deerfield, IL 60015

(504) 250-7715

Siviq Scores

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

Liabilities / Assets

46th percentile

0.14x

Higher debt load relative to assets than 46% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

40th percentile

0.16x

Higher debt load relative to revenue than 40% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

85th percentile

40%

Higher net margin than 85% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

87th percentile

$406,779

Higher top officer pay than 87% of similar nonprofits.

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

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

94th percentile

58%

Faster asset growth than 94% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

38th percentile

2.3%

Faster revenue growth than 38% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets46th percentile

Assets

Up

$21,403,298

Up $7,882,483 (+58%) from 2023

Net Assets

Up

$18,455,242

Up $8,017,467 (+77%) from 2023

Liabilities

Down

$2,948,056

Down $134,984 (-4.4%) from 2023

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin85th percentile

Revenue

Up

$18,940,669

Up $422,661 (+2.3%) from 2023

Expenses

Down

$11,450,200

Down $2,138,802 (-16%) from 2023

Net Income

Up

$7,490,469

Up $2,561,463 (+52%) from 2023

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

2024

Assets$21,403,298
Liabilities$2,948,056
Net Assets$18,455,242
Open 2024 Filing

Operations Trend

Revenue Growth38th 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

2024

Revenue$18,940,669
Expenses$11,450,200
Net Income$7,490,469
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 17, 2025
Return Version
2024v5.1
Gross Receipts
$18,940,669
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$12,905,591$15,116,173▲ $2,210,582
Pledges and Grants Receivable$300,000$5,316,885▲ $5,016,885
Investments Other Securities$250,000$750,000▲ $500,000
Other Notes and Loans Receivable, Net$0$115,406▲ $115,406
Prepaid Expenses and Deferred Charges$65,224$102,829▲ $37,605
Cash and Non-Interest-Bearing Accounts$0$2,005▲ $2,005
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$13,520,815$21,403,298▲ $7,882,483
Other Assets Total$0$0→ $0
Liabilities
Grants Payable$2,625,088$2,084,250▼ $540,838
Accounts Payable and Accrued Expenses$457,952$863,806▲ $405,854
Other Liabilities$0$0→ $0
Total Liabilities$3,083,040$2,948,056▼ $134,984
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$8,708,655$10,914,487▲ $2,205,832
Net Assets With Donor Restrictions$1,729,120$7,540,755▲ $5,811,635
Total Net Assets Fund Balance$10,437,775$18,455,242▲ $8,017,467
Total Liabilities and Net Assets / Fund Balance$13,520,815$21,403,298▲ $7,882,483
Compensation and Service Providers
Top Officer Pay87th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Elizabeth SelingChief of OperationsFT$242,017$164,762$406,779
Lindsay KellyDirector-brand and CommunicationsFT$181,040$46,388$227,428
Lauren GrevelDirector of ProgramsFT$135,600$57,506$193,106
Ashley HoDirector of Product StrategyFT$139,388$18,392$157,780
Shaina BeltonDirector of CommunityFT$112,997$19,066$132,063

Board Members and Trustees

NameTitle
Derek JohnsonBoard Member
Todd RoseBoard Member
Caleb OffleyBOARD MEMBER (Outgoing)
Edward HuiBOARD MEMBER (Outgoing)
Meredith OlsonBoard Member/exec Director
Weston EdwardsSecretary
Henrich HeuerTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
CCDC Hotel LLC dba Conrad Washington DCHotel Meeting Conference Expense950 New York Ave NW, Suite 101, Washington, DC 20001$536,496
Clevyr IncWeb Platform912 N Classen BLVD, Ste 275, Oklahoma City, OK 73106$454,985
Bounteous IncWeb Platform4115 N Ravenswood Ave, Chicago, IL 60613$418,513
North Third Partners LLCConsulting1313 Stoneoak Drive, McKinney, TX 75072$400,000
Wild Reply LLCMedia Production2929 N Central Expy, Richardson, TX 75080$397,600
Revenue and Support

Revenue Composition

Contributions and Grants
$18,171,446
Program Service Revenue
$52,395
Investment Income
$716,828
Other Revenue
$0
All Other Contributions
$18,171,446
Change in Net Assets
$7,490,469

Audited Revenue Reconciliation

Revenue per Audited Statements
$18,940,669
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$955,605
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$19,896,274
Total Revenue per Form 990
$18,940,669
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$6,162,250
Other Expenses$3,721,220
Salaries, Compensation, and Employee Benefits$1,566,730
Total Fundraising Expense$335,749
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$4,839,750--$4,839,750
Fees for Services Other$1,525,122$615,683$335,749$2,476,554
Other Salaries and Wages$1,075,078$268,769-$1,343,847
Grants to Domestic Individuals$1,322,500--$1,322,500
Conferences and Meetings$1,015,123$720-$1,015,843
Payroll Taxes$71,924$17,981-$89,905
Travel$79,708$43-$79,751
Other Employee Benefits$62,682$15,670-$78,352
Office Expenses$63,477$7,801-$71,278
Pension Plan Contributions$43,701$10,925-$54,626
Occupancy$5,864$29,583-$35,447
Other Expenses$22,125$0$0$22,125
Fees for Services Accounting-$12,548-$12,548
Insurance-$7,674-$7,674
Total Functional Expenses$10,127,054$987,397$335,749$11,450,200

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$11,856,307
Total Expenses per Form 990$11,450,200
Expenses per Audited Statements$10,904,965
Expenses Not Reported on Form 990$951,342
Expenses Not Reported on Financial Statements$545,235
Other Expense Adjustments$545,235
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
See AttachedDeerfield, IL-Support$4,742,250
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
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. The organization recently updated its conflict of interest policy for directors, officers, and key employees and each of them acknowledged the new policy.”

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
807 WAUKEGAN ROAD 124, DEERFIELD, IL 60015

Signing Officer

Name
Kara Hartnett
Title
Treasurer
Phone
5042507715
Signed
2025-11-17
Discuss with paid preparer
Yes

Organization Details

Formed
2020
Legal Domicile
De
Voting Board Members
3
Independent Board Members
3
Employees
9
Volunteers
0

Preparer

Firm
Forvis Mazars LLP
Address
1201 Walnut Street Suite 1700, Kansas City, MO 64106-2246
Preparer
Michael Engle
Phone
8162216300
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G Other Fees

“OTHER FEES FOR SERVICES - Total Expense: 2476554, Program Service Expense: 1525122, Management and General Expenses: 615683, Fundraising Expenses: 335749;”

Financial Statement Notes

Schedule D, Part X 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.”

Schedule D, Part XII, Line 4(B) Other expenses in form 990 not in audited financial statements

“Grants adjustment - 545235”

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IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR-BRAND AND COMMUNICATIONS
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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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Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$21,403,298
Liabilities
$2,948,056
Net assets
$18,455,242
Revenue
$18,940,669
Expenses
$11,450,200
Net income
$7,490,469
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$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
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$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