Virginia Education Foundation
- Assets
- $3.0m
- Revenue
- $2.7m
- Investments
- $2.1m
- Employees
- 0
- Location
- Madison, VA
- Founding
- 04/2018
- Data as of
- 02/2024
- EIN
- 36-4893011
Organization Overview
Virginia Education Foundation is located in Madison, VA. The organization was established in 2018. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Education 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 02/2024, Virginia Education Foundation generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 42.0% each year . All expenses for the organization totaled $1.9m during the year ending 02/2024. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Virginia Education Foundation has awarded 16 individual grants totaling $2,958,153. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE VIRGINIA EDUCATION FOUNDATION PROMOTES LITERACY, GRADE LEVEL READING, AND SCHOOL SUCCESS BY PROVIDING GRANTS AND NON-CASH REVENUES TO VIRGINIA TITLE I PUBLIC SCHOOLS AND ORGANIZATIONS IN VIRGINIA THAT SERVE THE EDUCATIONAL NEEDS OF LOW-INCOME CHILDREN AND YOUTH AND STUDENTS WITH DISABILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VEF PROVIDED REVENUES IN THE FORM OF NEW BOOKS TO VIRGINIA PUBLIC SCHOOL SYSTEMS SERVING MANY THOUSANDS OF LOW-INCOME CHILDREN AND YOUTH AND STUDENTS WITH DISABILITIES.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Beker President | OfficerTrustee | 20 | $0 |
Arnold E Smith Treasurer | OfficerTrustee | 1 | $0 |
Jeanna Beker Vice President | 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 | $2,617,583 |
| Noncash contributions included in lines 1a–1f | $1,994,516 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,617,583 |
| Total Program Service Revenue | $0 |
| Investment income | $60,303 |
| 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 | $2,677,886 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,767,347 |
| 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. | $100,000 |
| Compensation of current officers, directors, key employees. | $5,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,360 |
| Insurance | $0 |
| All other expenses | $8 |
| Total functional expenses | $1,878,910 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $314,356 |
| 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 | $11,041 |
| Investments—publicly traded securities | $611,573 |
| Investments—other securities | $2,101,360 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,038,330 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $600,000 |
| Total liabilities | $600,000 |
| Net assets without donor restrictions | $2,438,330 |
| 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 | $3,038,330 |
Grants Awarded
Over the last fiscal year, Virginia Education Foundation has awarded $1,930,588 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
HENRICO COUNTY SCHOOLS | | | $256,330 |
DANVILLE CITY SCHOOLS | | | $463,803 |
HENRY COUNTY SCHOOLS | | | $358,698 |
RICHMOND CITY SCHOOLS | | | $510,795 |
ROANOKE CITY SCHOOLS | | | $340,962 |