Virginia Academy Of Science Engineering And Medicine Inc
- Assets
- $335.4k
- Revenue
- $325.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 06/2014
- Data as of
- 06/2022
- EIN
- 46-3787774
Organization Overview
Virginia Academy Of Science Engineering And Medicine Inc is located in Richmond, VA. The organization was established in 2014. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Academy Of Science Engineering And Medicine Inc 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 Academy Of Science Engineering And Medicine Inc generated $325.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.6% each year . All expenses for the organization totaled $232.6k during the year ending 06/2022. While expenses have increased by 14.6% 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 PRIMARY MISSION OF VASEM SHALL BE TO:(1) INFORMPROVIDE AN INDEPENDENT RESOURCE OF EXPERTISE IN SCIENCE, ENGINEERING AND MEDICINE TO THE COMMONWEALTH OF VIRGINIA; ENVISION FUTURE TRENDS AND PROVIDE LEADERSHIP IN CATALYZING EMERGING OPPORTUNITIES;(2) ADVOCATEPROMOTE INVESTMENTS IN JOB GROWTH, RESEARCH, AND SOLUTIONS TO CHALLENGES IN SCIENCE, ENGINEERING AND TECHNOLOGY; SUPPORT EMERGING LEADERS IN SCIENCE, ENGINEERING AND MEDICNE TOWARD THEIR ELECTION IN THE NATIONIAL ACADEMIES;(3)SERVEFOSTER NEW COLLABORATIONS BETWEEN BUSINESSES AND THE COMMONWEALTH OF VIRGINIA UNIVERSITIES AND COLLEGES; GROW VIRGINIA'S COMPETITIVENESS FOR NEW BUSINESS INVESTMENTS, FEDERAL FUNDING AND JOB GROWTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PULLING TOGETHER INDIVIDUALS FROM INDUSTRY, ACADEMIC, AND GOVERNMENT 'SILOS' TO CREATE CROSS-INDUSTRY AND CROSS-DISCIPLINARY OPPORTUNITIES IN FAST-MOVING TECHNICAL FIELDS THAT INCLUDE BIG DATA, TRANSPORTAION AND AUTONOMOUS SYSTEMS AND BECOME A RESOURCE FOR LEGISLATIVE AND OTHER GROUPS AS A BRAIN TRUST FOR INDUSTRY, GOVERNMENT AND EDUCATION.
THE COMMONWEALTH OF VIRGINIA ENGINEERING AND SCIENCE (COVES) FELLOWSHIP IS A 12-WEEK FELLOWSHIP PROGRAM OF THE VIRGINIA ACADEMY OF SCIENCE, ENGINEERING AND MEDICINE (VASEM). GRADUATE STUDENT AND POSTDOCTORAL FELLOWS WILL SERVE AS SCIENCE ADVISORS IN A VARIETY OF POSSIBLE PLACEMENTS, INCLUDING LEGISLATIVE OFFICES, EXECUTIVE AGENCIES, OR PROMINENT COMPANIES AND NONPROFITS IN THE STATE OF VIRGINIA. FELLOWS WILL GAIN EXPERIENCE BY SERVING THEIR HOST OFFICE AND PERFORMING RELEVANT TASKS SUCH AS RESEARCHING, DRAFTING, AND REVISING RELEVANT POLICIES. FELLOWS WILL ALSO BE PAIRED WITH A VASEM MEMBER WHO WILL SERVE AS AN EXPERIENCED SCIENCE POLICY MENTOR THROUGHOUT THE FELLOWSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr James Aylor President | OfficerTrustee | 8 | $0 |
Dr Antonio Elias Secretary/treasurer | OfficerTrustee | 4 | $0 |
Dr Patricia Dove Immediate Past President | OfficerTrustee | 1 | $0 |
Dr X J Meng Director | Trustee | 1 | $0 |
Dr Robert Kahn Director | Trustee | 1 | $0 |
General Lester L Lyles Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $62,500 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $62,467 |
| All other contributions, gifts, grants, and similar amounts not included above | $200,800 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $325,767 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $325,767 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $40,000 |
| 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 | $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 | $2,389 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $113,384 |
| Advertising and promotion | $0 |
| Office expenses | $17,790 |
| Information technology | $76 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $296 |
| 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 | $3,253 |
| All other expenses | $3,681 |
| Total functional expenses | $232,578 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $335,366 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $335,366 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $335,366 |
| 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 | $335,366 |