Global Friendship Ventures
- Assets
- $4.1m
- Revenue
- $796.5k
- Investments
- $0.0
- Employees
- 6
- Location
- Norfolk, VA
- Founding
- 03/2010
- Data as of
- 12/2022
- EIN
- 26-3754915
Organization Overview
Global Friendship Ventures is located in Norfolk, VA. The organization was established in 2010. According to its NTEE Classification (B60) the organization is classified as: Adult Education, under the broad grouping of Education and related organizations. As of 12/2022, Global Friendship Ventures employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Global Friendship Ventures 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, Global Friendship Ventures generated $796.5k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $632.1k during the year ending 12/2022. While expenses have increased by 1.8% per year over the past 4 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 FACILIATE FRIENDSHIP AND COMMUNITY AMONG INTERNATIONAL STUDENTS STUDYING IN NORFOLK, VIRGINIA AREA. TO PROVIDE ASSISTANCE TO INTERNATIONAL STUDENTS SEEKING TO UNDERSTAND HOW TO ADAPT TO COLLEGIATE LIFE IN THE UNITED STATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES RELATED TO PROVIDING ASSITANCE TO INTERNATIONAL STUDENTS SEEKING TO UNDERSTAND HOW TO ADAPT TO COLLEGIATE LIFE IN THE UNITED STATES BY OFFERING HOUSING AND PROGRAMS WHILE RESIDING IN THE RESIDENCE HALL.
PROGRAM EXPENSES EXPENSES RELATED TO PROVIDING ACTIVITIES FOR ALL INTERNATIONAL STUDENTS AT UNIVERSITIES IN THE HAMPTON ROADS AREA WHICH INCLUDES MEALS WITH STUDENTS, WELCOME BAGS, WELCOME LUNCHEON AND TOUR OF THE AREA, FRIDAY NIGHT DINNERS WITH SPEAKERS RELEVANT TO INTERNATIONAL STUDENTS, WIVES ACTIVITIES, THANKSGIVING BANQUET, FOOD FOR STUDENTS FINANCIALLY STRUGGLING, RECEIVING AND DISTRIBUTING FURNITURE AND ITEMS TO FURNISH APARTSMENTS, SPORTS VIEWING PARTIES, TRIPS TO LOCAL ATTRACTIONS AND A DAY TRIP TO LAKE GASTON FOR MEALS AND WATER SPORTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathy Strickland Treasurer | OfficerTrustee | 10 | $0 |
Richard Hardison President | OfficerTrustee | 7 | $0 |
Mike Andrews Vice Preside | OfficerTrustee | 10 | $0 |
Laura Pratt Secretary | OfficerTrustee | 7 | $0 |
Charles Ives Board Member | Trustee | 7 | $0 |
Barbara King Board Member | Trustee | 2 | $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 | $441,680 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $441,680 |
| Total Program Service Revenue | $805 |
| Investment income | $856 |
| 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 | $796,481 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $169,497 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $12,446 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $250 |
| Fees for services: Accounting | $2,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $319 |
| Advertising and promotion | $1,040 |
| Office expenses | $15,943 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $78,022 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,483 |
| Interest | $33,617 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $180,245 |
| Insurance | $9,290 |
| All other expenses | $22,294 |
| Total functional expenses | $632,135 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $213,419 |
| 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 | $0 |
| Net Land, buildings, and equipment | $3,747,038 |
| Investments—publicly traded securities | $60,200 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $30,824 |
| Other assets | $6,620 |
| Total assets | $4,058,101 |
| 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 | $395,035 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $31,607 |
| Total liabilities | $426,642 |
| Net assets without donor restrictions | $3,631,459 |
| 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 | $4,058,101 |