Grace Covenant Child Development Center
- Assets
- $635.5k
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 60
- Location
- Richmond, VA
- Founding
- 06/2019
- Data as of
- 08/2024
- EIN
- 30-0185273
Organization Overview
Grace Covenant Child Development Center is located in Richmond, VA. The organization was established in 2019. According to its NTEE Classification (P33) the organization is classified as: Child Day Care, under the broad grouping of Human Services and related organizations. As of 08/2024, Grace Covenant Child Development Center employed 60 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grace Covenant Child Development Center 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 08/2024, Grace Covenant Child Development Center generated $1.3m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $1.3m during the year ending 08/2024. While expenses have increased by 6.6% per year over the past 5 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE GRACE COVENANT CHILD DEVELOPMENT CENTER'S PRIMARY EXEMPT PURPOSE IS TO PROVIDE A CHILD CARE CENTER FOR WORKING PARENTS IN WHICH THE CHILDREN FROM A BROAD RANGE OF SOCIAL ECONOMIC AND ETHNIC BACKGROUNDS ARE TAUGHT THE VALUES OF A CHRISTIAN LIFE IN A LOVING, NURTURING AND EDUCATIONAL ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE GRACE COVENANT CHILD DEVELOPMENT CENTER OPERATES A CENTER FOR THE CHILDREN OF WORKING PARENTS. THE CHILD DEVELOPMENT CENTER CONCENTRATES ON TEACHING THE VALUES OF CHRISTIAN LIFE TO CHILDREN FROM A BROAD RANGE OF SOCIAL, ECONOMIC AND ETHNIC BACKGROUNDS WHILE PROVIDING A LOVING AND SAFE ENVIRONMENT FOR THE NURTURING AND EDUCATION OF THE CHILDREN. THE CHILDCARE CENTER'S HOURS OF OPERATIONS ARE MONDAY THROUGH FRIDAY, 7:30 AM TO 6:00 PM. THE CHILDCARE PROVIDES SECULAR AND CHRISTIAN EDUCATIONAL PROGRAMS. VOLUNTEERS FROM GRACE COVENANT CHURCH, THE PARENTS OF CHILDREN AND THE COMMUNITY ASSIST THE CHILD CARE CENTER WITH THE MUSIC PROGRAM, CELEBRATING BIRTHDAYS, SHOPPING FOR SUPPLIES, ASSISTING WITH THE CHILDREN (AFTER PROPER TRAINING) AND MAINTAINING THE FACILITY. AVERAGE ENROLLMENT DURING THE YEAR WAS APPROXIMATELY 80 STUDENTS. OPERATING THE CHILD CARE CENTER IS GRACE COVENANT CHILD DEVELOPMENT CENTER'S ONLY ACTIVITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Travis Bowen Executive Director | OfficerTrustee | 40 | $65,634 |
Calvin Sydnor Board Director | Trustee | 0.5 | $0 |
Joanna Sydnor Board Director | Trustee | 0.5 | $0 |
Susan Long Board Director | Trustee | 0.5 | $0 |
Rusty Stadler Board Director | Trustee | 0.5 | $0 |
Kelsey Morem Director | Trustee | 0.5 | $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 | $4,763 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,763 |
| Total Program Service Revenue | $1,274,495 |
| Investment income | $22,828 |
| 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 | $1,302,086 |
| 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. | $65,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $956,246 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,786 |
| Payroll taxes | $95,424 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,450 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $498 |
| Office expenses | $3,631 |
| Information technology | $11,709 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,696 |
| All other expenses | $0 |
| Total functional expenses | $1,321,953 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,466 |
| Savings and temporary cash investments | $90,041 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,389 |
| 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 | $0 |
| Investments—publicly traded securities | $507,597 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $635,493 |
| Accounts payable and accrued expenses | $12,200 |
| 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 | -$170 |
| Other liabilities | $0 |
| Total liabilities | $12,030 |
| Net assets without donor restrictions | $0 |
| 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 | $623,463 |
| Total liabilities and net assets/fund balances | $635,493 |