Virginia Aquarium & Marine Science Center Foundation Inc
- Assets
- $33.7m
- Revenue
- $4.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Virginia Beach, VA
- Founding
- 01/1983
- Data as of
- 06/2022
- EIN
- 52-1272309
Organization Overview
Virginia Aquarium & Marine Science Center Foundation Inc is located in Virginia Beach, VA. The organization was established in 1983. According to its NTEE Classification (A57) the organization is classified as: Science & Technology Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Aquarium & Marine Science Center Foundation 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 Aquarium & Marine Science Center Foundation Inc generated $4.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.6%) each year. All expenses for the organization totaled $3.2m during the year ending 06/2022. 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
TO INSPIRE CONSERVATION OF THE MARINE ENVIRONMENT THROUGH EDUCATION, RESEARCH AND SUSTAINABLE PRACTICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESEARCH AND CONSERVATION - TO CONDUCT AND SUPPORT SCIENTIFIC RESEARCH AND STEWARDSHIP INITIATIVES IN ORDER TO PRODUCE AND DISSEMINATE KNOWLEDGE LEADING TO EFFECTIVE CONSERVATION OF THE MARINE ENVIRONMENT.
PROGRAM REVENUE- TO PROVIDE ENGAGING EDUCATIONAL EXPERIENCES THAT MEET THE NEEDS AND EXCEED THE EXPECTATIONS OF THE AQUARIUM'S DIVERSE AUDIENCES IN ORDER TO FOSTER OCEAN LITERACY AND INSPIRE CONSERVATION ACTION.
EXHIBITS- TO PRODUCE ENGAGING, IMMERSIVE EXHIBITS IN ORDER TO INSPIRE CONSERVATION ACTIONS BY CREATING EMOTIONAL CONNECTIONS BETWEEN GUESTS AND THE ANIMAL POPULATION AND ENHANCE UNDERSTANDING OF MARINE SCIENCE THROUGH HANDS-ON EXPLORATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Salvatore J Daibero Chairperson | OfficerTrustee | 2 | $0 |
Thomas M Mcnicholas III Chair Of Mission And Advocacy | OfficerTrustee | 2 | $0 |
Robert C Fort Officer At Large | OfficerTrustee | 2 | $0 |
Daniel R Peterson Treas., Chair Of Fin & Aud Com | OfficerTrustee | 2 | $0 |
William A Hearst Past Officer | OfficerTrustee | 2 | $0 |
Sherri L Miles Secretary | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rover Dolphin Tours Boat Contract | 6/29/22 | $560,022 |
City Of Virginia Beach Reno, Rent & Payroll | 6/29/22 | $1,043,055 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $592,962 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,322,040 |
| Noncash contributions included in lines 1a–1f | $70,400 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,915,002 |
| Total Program Service Revenue | $1,168,355 |
| Investment income | $125,632 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $48,396 |
| Net Gain/Loss on Asset Sales | $261,633 |
| Net Income from Fundraising Events | $165,125 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,535,734 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $19,500 |
| 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 | $543,773 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $141,562 |
| Payroll taxes | $37,085 |
| 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 | $71,835 |
| Fees for services: Other | $62,875 |
| Advertising and promotion | $24,941 |
| Office expenses | $88,684 |
| Information technology | $11,382 |
| Royalties | $0 |
| Occupancy | $247 |
| Travel | $675 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,766 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $677,151 |
| Insurance | $22,616 |
| All other expenses | $247,384 |
| Total functional expenses | $3,238,257 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,586,705 |
| Pledges and grants receivable | $833,914 |
| Accounts receivable, net | $627,992 |
| 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 | $213,500 |
| Net Land, buildings, and equipment | $19,048,342 |
| Investments—publicly traded securities | $6,370,929 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $33,681,382 |
| Accounts payable and accrued expenses | $278,977 |
| Grants payable | $0 |
| Deferred revenue | $116,846 |
| 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 | $395,823 |
| Net assets without donor restrictions | $28,216,143 |
| Net assets with donor restrictions | $5,069,416 |
| 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 | $33,681,382 |
Grants Awarded
Over the last fiscal year, Virginia Aquarium & Marine Science Center Foundation Inc has awarded $19,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Ross, CA PURPOSE: Support of SWOT | $13,500 |
Fort Wayne, IN PURPOSE: Cabuyal Sea Turtle Nesting | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 17 grants that Virginia Aquarium & Marine Science Center Foundation Inc has recieved totaling $672,873.
| Awarding Organization | Amount |
|---|---|
Dominion Energy Charitable Foundation Richmond, VA PURPOSE: WIND ENERGY EXHIBIT AND ACCESS AQUARIUM | $125,000 |
Dominion Energy Charitable Foundation Richmond, VA PURPOSE: WIND ENERGY EXHIBIT AND ACCESS AQUARIUM | $125,000 |
Hampton Roads Community Foundation Norfolk, VA PURPOSE: 2021 DESIGNATED DISTRIBUTION FOR PROFESSIONAL DEVELOPMENT | $100,710 |
Hampton Roads Community Foundation Norfolk, VA PURPOSE: VIRGINIA AQUARIUM & MARINE SCIENCE CENTER CAPITAL CAMPAIGN | $100,000 |
Goode Family Foundation Norfolk, VA PURPOSE: SUPPORT RECIPIENT'S TAX-EXEMPT PROGRAM | $50,000 |
United Way Of South Hampton Roads Norfolk, VA PURPOSE: GRANTS AWARDED | $49,006 |
Endowment Analysis
| Beg. Balance | $4,069,894 |
| Earnings | -$567,018 |
| Net Contributions | $129,466 |
| Ending Balance | $3,632,342 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Discovery Place Inc Charlotte, NC | $111,200,822 | $10,179,677 |
Maryland Science Center Baltimore, MD | $34,486,010 | $6,432,096 |
The Kentucky Science Center Inc Louisville, KY | $5,223,902 | $4,115,750 |
Virginia Aquarium & Marine Science Center Foundation Inc Virginia Beach, VA | $33,681,382 | $4,535,734 |
The Virginia Air And Space Center Hampton, VA | $2,430,723 | $3,284,380 |
Kaleideum Winstonsalem, NC | $17,183,226 | $3,243,264 |
Jason Learning Ashburn, VA | $5,870,552 | $2,710,419 |
Catawba Science Center Inc Hickory, NC | $7,857,553 | $1,772,591 |
Great Smoky Mountain Heritage Center Inc Townsend, TN | $3,656,397 | $974,256 |
Science Museum Of Western Virginia Roanoke, VA | $461,302 | $956,745 |
Bha Automobile Museum Inc Hunt Valley, MD | $29,558,452 | $1,782,568 |
Maryland Technology Museum Inc Hunt Valley, MD | $48,995 | $293,094 |