Virginia Technical Institute
- Assets
- $3.2m
- Revenue
- $814.3k
- Investments
- $0.0
- Employees
- 32
- Location
- Altavista, VA
- Founding
- 01/2010
- Data as of
- 06/2022
- EIN
- 27-0338868
Organization Overview
Virginia Technical Institute is located in Altavista, VA. The organization was established in 2010. According to its NTEE Classification (B30) the organization is classified as: Vocational & Technical Schools, under the broad grouping of Education and related organizations. As of 06/2022, Virginia Technical Institute employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Technical Institute 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 06/2022, Virginia Technical Institute generated $814.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $801.9k during the year ending 06/2022. While expenses have increased by 3.7% per year over the past 7 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
THE ORGANIZATIONS PRIMARY MISSION IS TO PROVIDE INDIVIDUALS WITH AN OPPORTUNITY TO OBTAIN HANDS ON TRAINING IN A VARIETY OF TECHNICAL OCCUPATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PROVISION OF HANDS ON TRAINING IN TECHNICAL OCCUPATIONS TO INDIVIDUALS. APPOXIMATELY 500 INDIVIDUALS WERE SERVED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roger Hill Vice Chair | OfficerTrustee | 4 | $0 |
Dennis Janiak Chairman | OfficerTrustee | 4 | $0 |
Tony Bowling Director | Trustee | 4 | $0 |
Jeff Harris Director | Trustee | 4 | $0 |
Brian Yates Director | Trustee | 4 | $0 |
Kenneth Crews Director | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $42,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,550 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $50,550 |
| Total Program Service Revenue | $698,916 |
| Investment income | $39 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $24,494 |
| 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 | $814,315 |
| 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 | $385,217 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $250 |
| Fees for services: Accounting | $700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,027 |
| Office expenses | $19,366 |
| 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 | $2,464 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $141,528 |
| Insurance | $29,324 |
| All other expenses | $164,019 |
| Total functional expenses | $801,907 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $209,279 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,595 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $26,414 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,951,748 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,192,036 |
| Accounts payable and accrued expenses | $17,483 |
| 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 | $75,476 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,575 |
| Total liabilities | $95,534 |
| Net assets without donor restrictions | $3,096,502 |
| 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 | $3,192,036 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Virginia Technical Institute has recieved totaling $44,025.
| Awarding Organization | Amount |
|---|---|
Beverly W And Hampton O Powell Charitable Foundation Hardy, VA PURPOSE: GRANTS FOR SCHOLARSHIPS | $30,000 |
Greater Lynchburg Community Foundation Lynchburg, VA PURPOSE: UPGRADE INDUSTRIAL MAINTENANCE MECHANIC LAB; ANNUAL DONOR-DESIGNATED GRANT | $13,025 |
Minnie & Bernard Lane Foundation Altavista, VA PURPOSE: EDUCATION | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Chowan University Murfreesboro, NC | $92,478,442 | $40,741,279 |
Cedar Tree Academy Public Charter School Washington, DC | $23,312,011 | $10,362,283 |
Meba Training Plan Baltimore, MD | $15,796,900 | $7,564,374 |
Accreditation Alliance Of Career Schools And Colleges Arlington, VA | $26,046,219 | $7,869,062 |
Laurelbrook Sanitarium And School Incorporated Dayton, TN | $3,172,312 | $3,978,330 |
Brillare Beauty Institute Cleveland, TN | $1,097,021 | $2,779,261 |
Qualified Elevator Inspector Training Tr Columbia, MD | $488,825 | $1,547,894 |
Plumbers & Pipefitters Locals 352 & 572 Joint Apprenticeship Committee Nashville, TN | $1,903,387 | $1,719,621 |
Pathnorth Inc Washington, DC | $170,941 | $946,873 |
Tennessee Future Farmers Of America Foundation Inc Cookeville, TN | $8,783,000 | $1,550,962 |
Biotechnical Institutes Of Maryland Baltimore, MD | $870,239 | $730,410 |
Electrician Training Academy At Knoxville Knoxville, TN | $786,789 | $800,194 |