Virginia Soybean Association Inc
- Assets
- $323.8k
- Revenue
- $286.1k
- Investments
- $0.0
- Employees
- 1
- Location
- Goochland, VA
- Founding
- 03/1973
- Data as of
- 06/2023
- EIN
- 23-7254945
Organization Overview
Virginia Soybean Association Inc is located in Goochland, VA. The organization was established in 1973. According to its NTEE Classification (K20) the organization is classified as: Agricultural Programs, under the broad grouping of Food, Agriculture & Nutrition and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Soybean Association Inc is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 06/2023, Virginia Soybean Association Inc generated $286.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $281.6k during the year ending 06/2023. While expenses have increased by 0.6% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ASSOCIATION'S PRIMARY PURPOSE IS TO PROMOTE AND MARKET SOYBEANS AND THEIR MANY USES, TO PROVIDE EDUCATIONAL MATERIAL TO THE PUBLIC AND SOYBEAN PRODUCERS, AND TO ACT AS A COMMUNICATION LINK TO THOSE IN THE SOYBEAN INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTION & EDUCATION: INFORMATIONAL EXHIBITS AT CONFERENCES, EXPOS, FAIRS AND FESTIVALS AND AT A MUSEUM, SPONSORSHIP OF FARM MEMBERS & SPEAKERS TO ATTEND CONFERENCES AND RELAY THE LATEST SOYBEAN NEWS TO FARMERS, SPONSORSHIP OF ORGANIZATIONS THAT DEVELOP CLASSROOM MATERIALS AND BROADCAST SOYBEAN NEWS TO THE PUBLIC, ISSUING SCHOLARSHIPS TO PROMOTE AGRICULTURAL EDUCATION.
RESEARCH: CONDUCT AND DISSEMINATE RESULTS OF VIRGINIA SPECIFIC RESEARCH THROUGH TRAINING SESSIONS, CONFERENCES, OR RESEARCH-ORIENTED FIELD DAYS.
PRODUCER COMMUNICATION: PUBLICATIONS AND NEWS RELEASES PROVIDING VIRGINIA'S SOYBEAN PRODUCERS WITH UP-TO-DATE AND PRACTICAL FARMING INFORMATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kyle Sturgis President | OfficerTrustee | 1 | $0 |
Mike Bryant Vice President | OfficerTrustee | 1 | $0 |
Rob Puckette Secretary / Treasurer | OfficerTrustee | 1 | $0 |
Adam Davis Chairman | OfficerTrustee | 1 | $0 |
David Barnes Director | Trustee | 1 | $0 |
Jonathan Chilton Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $8,640 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,140 |
| Total Program Service Revenue | $271,556 |
| Investment income | $2,379 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $286,075 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $5,500 |
| 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 | $57,680 |
| Pension plan accruals and contributions | $4,000 |
| Other employee benefits | $7,180 |
| Payroll taxes | $5,230 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $400 |
| Fees for services: Accounting | $10,364 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,978 |
| Advertising and promotion | $0 |
| Office expenses | $1,805 |
| Information technology | $4,522 |
| Royalties | $0 |
| Occupancy | $2,656 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $80,704 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,230 |
| Insurance | $1,150 |
| All other expenses | $0 |
| Total functional expenses | $281,587 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $297,534 |
| 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 | $1,166 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $25,149 |
| Other assets | $0 |
| Total assets | $323,849 |
| Accounts payable and accrued expenses | $15,475 |
| 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 | $24,571 |
| Total liabilities | $40,046 |
| Net assets without donor restrictions | $283,803 |
| 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 | $323,849 |