Vba Education Foundation
- Assets
- $2.1m
- Revenue
- $402.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Glen Allen, VA
- Founding
- 06/2007
- Data as of
- 12/2023
- EIN
- 20-4943021
Organization Overview
Vba Education Foundation is located in Glen Allen, VA. The organization was established in 2007. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vba Education 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 12/2023, Vba Education Foundation generated $402.0k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $204.4k during the year ending 12/2023. While expenses have increased by 10.3% per year over the past 9 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.
Since 2017, Vba Education Foundation has awarded 22 individual grants totaling $742,709. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
IT IS THE MISSION OF THE VBA EDUCATION FOUNDATION TO ADVANCE PERSONAL FINANCIAL LITERACY ACROSS THE COMMONWEALTH OF VIRGINIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION SUPPORTS FINANCIAL LITERACY TRAINING AND EDUCATION FOR K-12 AND COLLEGE STUDENTS AND TEACHERS BY PROVIDING FUNDING AND SCHOLARSHIPS TO VARIOUS ORGANIZATIONS THROUGHOUT VIRGINIA.
VBA BANK DAY SCHOLARSHIP PROGRAM: VIRGINIA HIGH SCHOOL SENIORS LEARN ABOUT BANKING, FINANCIAL SERVICES, CAREER OPPORTUNITIES IN THE INDSUTRY AND THE VITAL ROLE BANKS PLAY IN THEIR COMMUNITIES ON THE THIRD TUESDAY IN MARCH, WHICH HAS BEEN DECLARED BANK DAY IN VIRGINIA. 13 SCHOLARSHIPS ARE AWARDED BASED ON ESSAYS THAT THE STUDENTS WRITE ABOUT THEIR EXPERIENCE. THE FOUNDATION MANAGES THIS PROGRAM AND DISTRIBUTES THE SCHOLARHIPS.
VIRGINIA BANK FELLOWS PROGRAM: THE FOUNDATION SUPPORTS THIS PROGRAM BY PROVIDING SCHOLARSHIPS AND ADDITIONAL EDUCATIONAL AND LEADERSHIP TRAINING OPPORTUNITIES FOR UNDERSERVED STUDENTS IN THE COMMUNITY COLLEGE SYSTEM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Harvard Chairman | OfficerTrustee | 1 | $0 |
Bruce T Whitehurst President | OfficerTrustee | 1 | $0 |
Walter C Ayers Director Emiritus | Trustee | 1 | $0 |
Nathalia D Artus Board Member | Trustee | 1 | $0 |
T Patrick Collins Board Member | Trustee | 1 | $0 |
Timothy M Duffee Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $137,010 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $137,010 |
| Total Program Service Revenue | $0 |
| Investment income | $68,149 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $196,845 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $402,004 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $169,500 |
| Grants and other assistance to domestic individuals. | $26,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,840 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,919 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $210 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $204,434 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $124,532 |
| Savings and temporary cash investments | $78,690 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,882,774 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,085,996 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $2,085,996 |
| Net assets with donor restrictions | $0 |
| 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 | $2,085,996 |
Grants Awarded
Over the last fiscal year, Vba Education Foundation has awarded $169,500 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
VIRGINIA COUNCIL ON ECONOMIC EDUCATION PURPOSE: VA PUBLIC SCHOOL EDUCATORS AND FOR UVA WISE | $32,000 |
READ TO THEM PURPOSE: VA READS ONE BOOK-ONE READING EVENT | $7,500 |
THE VIRGINIA FOUNDATION OF COMMUNITY COLLEGE EDUCATION PURPOSE: FUNDING SCHOLARSHIPS FOR UNDERSERVED STUDENTS IN THE COMMUNITY COLLEGE SYSTEM | $130,000 |