Advancement Foundation

Organization Overview

Advancement Foundation, operating under the name The Advancement Foundation, is located in Vinton, VA. The organization was established in 2007. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Advancement 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, Advancement Foundation generated $830.6k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.8% each year . All expenses for the organization totaled $846.4k during the year ending 12/2022. While expenses have increased by 12.1% 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.

Mission & Program ActivityExcerpts From the 990T Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

THE ADVANCEMENT FOUNDATION EMPOWERS CITIZENS THROUGH PERSONAL, COMMUNITY AND FINANCIAL ASSET DEVELOPMENT.

Describe the Organization's Program Activity:

OTHER CAPCITY PROGRAMS ENCOURAGING THE GROWTH AND INVESTMENT OF SMALL BUSINESS.


OVER 122 ENTREPRENEURS FROM FOUR COUNTIES AND SEVEN CITIES PARTICIPATED IN THE ANNUAL GUANTLET PROGRAM AND COMPETITION. THIS PROGRAM HAS OVER 200 MENTORS AND COMMUNITY LEADERS PARTICIPATING WITH OVER $250,000 IN AWARDED CASH AND IN-KIND PRIZES.


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Board, Officers & Key Employees

Name (title)Compensation
Annette Patterson
President
$65,000
Judy Wood
Secretary
$13,121
Jon Mccoy
Director
$0
Becky Freemal
Chair
$0
Patrick Patterson
Director
$0
Marcia Major
Treasurer
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $633,331
All other contributions, gifts, grants, and similar amounts not included above$192,958
Noncash contributions included in lines 1a–1f $203,057
Total Revenue from Contributions, Gifts, Grants & Similar$826,289
Total Program Service Revenue$25,629
Investment income $0
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income -$21,341
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $830,577

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