Virginia Ship Repair Foundation Inc
- Assets
- $1.4m
- Revenue
- $617.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Norfolk, VA
- Founding
- 01/1983
- Data as of
- 12/2022
- EIN
- 54-1186058
Organization Overview
Virginia Ship Repair Foundation Inc is located in Norfolk, VA. The organization was established in 1983. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Ship Repair 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 12/2022, Virginia Ship Repair Foundation Inc generated $617.3k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 30.7% each year . All expenses for the organization totaled $486.3k during the year ending 12/2022. While expenses have increased by 25.3% per year over the past 8 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
TRAINING AND WORKFORCE DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, THE FOUNDATION ACCOMPLISHED ITS MISSION TO DEVELOP AND EDUCATE THE EXISTING AND FUTURE WORKFORCE OF THE SHIP REPAIR INDUSTRY IN THE FOLLOWING MEANS: PURSUED VIRTUAL CAREER AND INDUSTRY DAY OUTREACH TO AREA SCHOOLS; HOSTED 9 MIDDLE SCHOOL TEAMS COMPRISED OF APPROXIMATELY 90 STUDENTS TO COMPETE IN THE SHIP REPAIR DIGITAL INNOVATION DESIGN COMPETITION; CONTINUED TO OFFER MARINE TRADE TRAINING COURSES FOR ENTRY-LEVEL WORKERS IN PARTNERSHIP WITH REGIONAL COMMUNITY COLLEGES IN COATINGS, ELECTRICAL, OUTSIDE MACHINIST, PIPEFITTING, SHEET METAL, AND WELDING; FACILITATED TOURS OF SHIP REPAIR FACILITIES FOR VARIOUS GROUPS, TO EXPERIENCE THE SHIPYARD ENVIRONMENT AND SPEAK WITH INCUMBENT WORKERS; PARTNERED WITH REGIONAL SCHOOL SYSTEMS IN HAMPTON, NORFOLK, VIRGINIA BEACH, CHESAPEAKE, AND PORTSMOUTH TO PROVIDE INFORMATION ON AVAILABLE CAREER PATHWAYS TO INTERESTED STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Crow Executive Director | Officer | 10 | $0 |
Robbie Walker Chairman | OfficerTrustee | 0.25 | $0 |
Christian Stanco Vice Chairman | OfficerTrustee | 0.25 | $0 |
Todd Kling Secretary/treasurer | OfficerTrustee | 0.25 | $0 |
Amanda Berce Director | Trustee | 0.25 | $0 |
Jeff Julian Director | Trustee | 0.25 | $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 | $26,950 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $26,950 |
| Total Program Service Revenue | $295,935 |
| Investment income | $7,716 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $85,210 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $617,296 |
| 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. | $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 | $79,104 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,865 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $117,449 |
| Office expenses | $45,824 |
| Information technology | $6,188 |
| Royalties | $0 |
| Occupancy | $5,000 |
| Travel | $1,713 |
| 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 | $0 |
| All other expenses | $2,980 |
| Total functional expenses | $486,320 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,237,824 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $134,141 |
| 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 | $1,371,965 |
| Accounts payable and accrued expenses | $51,169 |
| 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 | $51,169 |
| Net assets without donor restrictions | $1,320,796 |
| 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 | $1,371,965 |