Broadwater Academy
- Assets
- $5.2m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 86
- Location
- Exmore, VA
- Founding
- 08/1967
- Data as of
- 06/2021
- EIN
- 54-0799130
Organization Overview
Broadwater Academy is located in Exmore, VA. The organization was established in 1967. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2021, Broadwater Academy employed 86 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Broadwater Academy 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 06/2021, Broadwater Academy generated $3.5m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $3.5m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (2.3%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
BROADWATER ACADEMY IS AN INDEPENDENT, NON-PROFIT INSTITUTION THAT EXISTS TO PROVIDE AN ACADEMIC-BASED EDUCATIONAL PROGRAM AND TO PROVIDE NON-ACADEMIC PROGRAMS WHICH ENHANCE AND FACILITATE THE DEVELOPMENT OF STUDENTS WHO ARE PREPARED TO SUCCEED IN A COLLEGE PROGRAM AND TO CONTRIBUTE TO A CHANGING SOCIETY UPON GRADUATION. THE ACADEMY ADMITS STUDENTS OF ANY RACE, COLOR, NATIONAL AND ETHNIC ORIGIN WHO ARE ALL ENTITLED TO ALL THE RIGHTS, PRIVILEDGES, PROGRAMS AND ACTIVITES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE SCHOOL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL INSTRUCTION AND SERVICES PROVIDED TO APPROXIMATELY 305 STUDENTS. SERVICES INCLUDE BUS TRANSPORTATION, ATHLETICS AND OTHER EXTRACURRICULAR ACTIVITES.
TUITION GRANTS AND FINANCIAL AID CREDITS ARE USED TO ASSIST STUDENTS IN ATTENDING THE ACADEMY WHEN THEY WOULD OTHERWISE NOT BE FINANCIALLY ABLE TO DO SO, APPROXIMATELY 144 DIRECTLY EACH YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara Parker Assistant Head Of School | Officer | 50 | $70,499 |
Francis Ryan Head Of School Starting July 2020 | Officer | 50 | $64,995 |
Julie Badger Head Of School Through June 2020 | Officer | 50 | $40,625 |
Leslie West CFO Through August 2020 | Officer | 50 | $40,625 |
Pamela Von Eiff-Turner Chair | OfficerTrustee | 5 | $0 |
Daniel A Brown Vice Chair | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $57,660 |
| Government grants | $432,800 |
| All other contributions, gifts, grants, and similar amounts not included above | $256,916 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $747,376 |
| Total Program Service Revenue | $2,799,158 |
| Investment income | $112 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$780 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,545,866 |
| 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. | $288,202 |
| Compensation of current officers, directors, key employees. | $43,754 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,026,075 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $113,772 |
| Payroll taxes | $183,222 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,333 |
| Fees for services: Accounting | $72,081 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $437 |
| Fees for services: Other | $66,221 |
| Advertising and promotion | $20,165 |
| Office expenses | $34,915 |
| Information technology | $45,713 |
| Royalties | $0 |
| Occupancy | $194,149 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $34,664 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $199,227 |
| Insurance | $44,672 |
| All other expenses | $0 |
| Total functional expenses | $3,541,557 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $878,571 |
| Savings and temporary cash investments | $72,233 |
| Pledges and grants receivable | $22,736 |
| Accounts receivable, net | $1,892,385 |
| 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 | $10,693 |
| Net Land, buildings, and equipment | $2,225,961 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $99,000 |
| Total assets | $5,201,579 |
| Accounts payable and accrued expenses | $314,215 |
| Grants payable | $0 |
| Deferred revenue | $2,810,183 |
| 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 | $973,965 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $587,090 |
| Total liabilities | $4,685,453 |
| Net assets without donor restrictions | $100,748 |
| Net assets with donor restrictions | $415,378 |
| 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 | $5,201,579 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Broadwater Academy has recieved totaling $52,089.
| Awarding Organization | Amount |
|---|---|
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $42,089 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $10,000 |
Endowment Analysis
| Beg. Balance | $56,833 |
| Earnings | $6,318 |
| Other Expense | $6,318 |
| Ending Balance | $56,833 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Somerset Community Services Inc Marion Station, MD | $23,511,474 | $20,221,070 |
American Association Of University Women Inc Washington, DC | $138,843,361 | $18,528,803 |
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |
James Madison University Foundation Inc Harrisonburg, VA | $191,139,680 | $18,508,438 |
Indian Paintbrush Foundation Washington, DC | $2,617,521,485 | $1,521,981,843 |
Marine Corps Scholarship Foundation Inc Alexandria, VA | $149,128,193 | $34,285,716 |
Children Of Fallen Patriots Foundation Reston, VA | $18,264,760 | $13,060,746 |
District Of Columbia College Access Program Washington, DC | $105,959,870 | $18,161,486 |
The Hartwell Foundation Corporation Memphis, TN | $88,595,532 | $17,280,759 |
Asian And Pacific Islander American Scholarship Fund Washington, DC | $37,686,826 | $13,616,717 |
Morehead Cain Foundation Chapel Hill, NC | $0 | $13,275,596 |
Education Foundation Scholarship Endowment Trust Chapel Hill, NC | $389,903,195 | $25,351,334 |