The Southeast Virginia Community Foundation
- Assets
- $16.9m
- Revenue
- $267.7k
- Investments
- $0.0
- Employees
- 3
- Location
- Chesapeake, VA
- Founding
- 08/2009
- Data as of
- 12/2023
- EIN
- 27-2529017
Organization Overview
The Southeast Virginia Community Foundation is located in Chesapeake, VA. The organization was established in 2009. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Southeast Virginia Community Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southeast Virginia Community 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, Southeast Virginia Community Foundation generated $267.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (16.6%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Southeast Virginia Community Foundation has awarded 272 individual grants totaling $4,085,951. 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
SEVACF ENHANCES THE QUALITY OF THE LIFE IN SOUTH HAMPTON ROADS BY CONNECTING PEOPLE WHO CARE WITH CAUSES LARGE AND SMALL, MANAGING CHARITABLE FUNDS, AND PROVIDING GRANTS AND SCHOLARSHIPS FOR (CONTINUED ON SCHEDULE O)
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION MAKES GRANTS TO NONPROFIT ORGANIZATIONS IN THE CHARITABLE AREAS OF ARTS & CULTURE, CAPITAL & OPERATING SUPPORT, EDUCATION; HEALTH AND HUMAN SERVICES; CIVIC AND ECONOMIC DEVELOPMENT; AND RELIGIOUS. GRANTS ARE SUGGESTED BY FUND ADVISORS, ARE MADE FROM DESIGNATED OR FIELD OF INTEREST FUNDS, OR ARE RECOMMENDED AND APPROVED BY THE BOARD OF DIRECTORS FROM THE COMMUNITY NEEDS FUND (DISCRETIONARY FUNDS FROM UNRESTRICTED DOLLARS.)
THE FOUNDATION ADMINISTERS 24 SCHOLARSHIP FUNDS AND ANNUALLY HOLDS A CELEBRATION INVITING BOARD MEMBERS, ADVISORY BOARD MEMBERS, SCHOLARSHIP DONORS, AWARDEES AND THIER FAMILY MEMBERS. THE SCHOLARSHIP RECEPTION WAS NOT HELD IN 2023.
DONOR EDUCATION AND OTHER PROGRAMS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amy W Folkes President | OfficerTrustee | 3 | $0 |
Timothy S Culpepper Past Pres. | OfficerTrustee | 3 | $0 |
Richard E H Wentz CEO | OfficerTrustee | 40 | $81,000 |
Stephen Korving Vice Preside | OfficerTrustee | 3 | $0 |
Michelle Butler Secretary | OfficerTrustee | 3 | $0 |
Carl L Hardee Treasurer | OfficerTrustee | 3 | $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 | $382,232 |
| Noncash contributions included in lines 1a–1f | $500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $382,232 |
| Total Program Service Revenue | $0 |
| Investment income | $204,180 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$537,010 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $267,674 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $884,519 |
| Grants and other assistance to domestic individuals. | $76,030 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $81,000 |
| Compensation of current officers, directors, key employees. | $12,150 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $75,150 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $33,648 |
| Payroll taxes | $11,939 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $816 |
| Fees for services: Accounting | $8,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,235 |
| Advertising and promotion | $4,164 |
| Office expenses | $945 |
| Information technology | $18,546 |
| Royalties | $0 |
| Occupancy | $12,629 |
| Travel | $15 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,023 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,425 |
| Insurance | $2,676 |
| All other expenses | $4,001 |
| Total functional expenses | $1,249,304 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $1,498,461 |
| 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 | $4,689 |
| Net Land, buildings, and equipment | $11,994 |
| Investments—publicly traded securities | $15,376,166 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $16,891,410 |
| Accounts payable and accrued expenses | $609 |
| 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 | $1,837,526 |
| Total liabilities | $1,838,135 |
| Net assets without donor restrictions | $1,690,296 |
| Net assets with donor restrictions | $13,362,979 |
| 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 | $16,891,410 |
Grants Awarded
Over the last fiscal year, The Southeast Virginia Community Foundation has awarded $834,519 in support to 36 organizations.
| Grant Recipient | Amount |
|---|---|
ABILITY CENTER OF VIRGINIA PURPOSE: HEALTH & HUMAN SRV | $115,251 |
ALL DISTRICT READS PURPOSE: EDUCATION | $7,500 |
AN ACHIEVABLE DREAM PURPOSE: EDUCATION | $8,000 |
ARMED SERVICES YMCA OF HAMPTON ROAD PURPOSE: HEALTH/HUMAN SVCS | $7,200 |
CENTENARY UNITED METHODIST CHURCH PURPOSE: RELIGIOUS | $85,000 |
CHESAPEAKE PUBLIC SCHOOLS EDUCATION PURPOSE: EDUCATION | $7,500 |