Quilts Of Valor Foundation
- Assets
- $1.3m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 8
- Location
- Winterset, IA
- Founding
- 08/2005
- Data as of
- 12/2022
- EIN
- 20-2474691
Organization Overview
Quilts Of Valor Foundation is located in Winterset, IA. The organization was established in 2005. According to its NTEE Classification (P58) the organization is classified as: Gift Distribution, under the broad grouping of Human Services and related organizations. As of 12/2022, Quilts Of Valor Foundation employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Quilts Of Valor Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Quilts Of Valor Foundation generated $1.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 17.2% each year . All expenses for the organization totaled $1.2m during the year ending 12/2022. While expenses have increased by 18.2% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO COVER SERVICE MEMBERS AND VETERANS TOUCHED BY WAR WITH COMFORTING AND HEALING QUILTS OF VALOR
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE QUILTS OF VALOR FOUNDATION IS REPRESENTED BY APPROXIMATELY 10,000 VOLUNTEER MEMBERS LIVING IN THE UNITED STATES. QOVF GROUPS AND THEIR MEMBERS ACTIVELY SEEK DONATIONS FOR FABRIC, NOTIONS AND OTHER SUPPLIES IN ORDER TO MAKE AND AWARD QOVS. OUR QUILTS ARE MADE TO MEET STANDARDS OF EXCELLENCE AND ARE AWARDED TO SERVICE MEMBERS AND VETERANS OF THE UNITED STATES MILITARY. THROUGH THEIR EFFORTS WE WERE ABLE TO REPORT THE COMPLETION AND AWARD OF OVER 30,978 QOVS IN 2022.
DURING 2022, OUR TRAININGS WERE HELD BY VIDEO CONFERENCE, BUT AWARDS MOVED BACK TO IN-PERSON. TRAINING WAS PROVIDED VIA ONLINE FORMATS FOR OUR MORE THAN 80 STATE AND DISTRICT COORDINATOR VOLUNTEER LEADERS. GROUPS RESUMED TO IN-PERSON MEETINGS. MONTHLY BOARD OF DIRECTOR MEETINGS WERE HELD REMOTELY WITH ONE IN-PERSON MEETING IN APRIL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lori Thompson Executive Di | Officer | 40 | $50,500 |
Michelle Nelson Left Feb 2022 Past Treasur | OfficerTrustee | 30 | $30,918 |
Jennifer Lee Board Member | Trustee | 4.5 | $0 |
John Oxley Board Member | Trustee | 18 | $0 |
Jon Neuhaus Board Member | Trustee | 1 | $0 |
Elizabeth Kitslaar Board Member | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $167,526 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,196,547 |
| Noncash contributions included in lines 1a–1f | $10,031 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,364,073 |
| Total Program Service Revenue | $0 |
| Investment income | $7,745 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $27,993 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,609 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,403,420 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $81,418 |
| Compensation of current officers, directors, key employees. | $81,418 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $84,753 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $12,729 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,480 |
| Fees for services: Accounting | $15,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,208 |
| Office expenses | $18,641 |
| Information technology | $17,647 |
| Royalties | $0 |
| Occupancy | $5,400 |
| Travel | $14,305 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,288 |
| All other expenses | $11,624 |
| Total functional expenses | $1,183,015 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,139,653 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,630 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $167,728 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,342 |
| Total assets | $1,315,353 |
| Accounts payable and accrued expenses | $2,843 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $28,609 |
| Total liabilities | $31,452 |
| Net assets without donor restrictions | $1,276,882 |
| Net assets with donor restrictions | $7,019 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,315,353 |