Virginia Beach City Public Schools Education Foundation Inc
- Assets
- $3.0m
- Revenue
- $594.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Virginia Beach, VA
- Founding
- 02/1993
- Data as of
- 06/2023
- EIN
- 54-1637620
Organization Overview
Virginia Beach City Public Schools Education Foundation Inc is located in Virginia Beach, VA. The organization was established in 1993. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., 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 Beach City Public Schools Education 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 06/2023, Virginia Beach City Public Schools Education Foundation Inc generated $594.6k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $736.8k during the year ending 06/2023. While expenses have increased by 10.1% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO MAKE A DIFFERENCE IN THE EPUBLIC SCHOOLS OF VIRGINIA BEACH BY RAISING PRIVATE SECTOR SUPPORT TO FUND INNOVATIVE AND CREATIVE LEARNING PROGRAMS AND TO REWARD EDUCATIONAL EXELLENCE USING GRANTS TO HELP SUPPORT PILOT PROGRAMS RUN BY THE SCHOOL SYSTEM EDUCATORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL PROGRAMS - THE FOUNDATION AWARDED 69 GRANTS FOR INOVATIVE PROJECTS IN THE CURRENT YEAR. THE GRANTS WERE AWARDED TO SCHOOLS FOR PROJECTS THAT TEACHERS HAVE DESIGNED TO ENHANCE STUDENT ACHIEVEMENT. GRANTS ARE AWARDED UP TO 20,000 EACH. 5 TEACHER OF THE YEAR AWARDS WERE ALSO GRANTED IN THE CURRENT YEAR.
SCHOLARSHIPS - THE VIRGINIA BEACH EDUCATION FOUNDATION (VBEF) MANGES RESTRICTED FUNDS FOR THE PURPOSE OF AWARDING SCHOLARSHIPS TO GRADUATING SENIORS IN VIRGINIA BEACH CITY PUBLIC SCHOOLS (VBCPS). IN THE CURRENT YEAR 10 SCHOLARSHIPS WERE AWARDED.
STUDENT SUPPORT - THE BEACH BAGS PROGRAM, WHICH PROVIDEDS SHELF-STABLE FOOD TO VIRGINIA BEACH PUBLIC SCHOOL STUDENTS IN NEED OF FOOD DURING WEEKENDS AND HOLIDAYS, IS A PROGRAM FOR WHICH FUNDS ARE RESTRICTED THROUGH THE FOUNDATION. MY FRIEND'S CLOSET PROVIDES CLOTHING TO VIRGINIA BEACH PUBLIC SCHOOL STUDENTS IN NEED. ADDITIONAL RESTRICTED FUNDING DESIGNATED BY DONORS ARE ALSO MADE TO BENEFIT VIRGINIA BEACH STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Debbie Hughes Coordinator | Officer | 40 | $0 |
Kevin Hill President | OfficerTrustee | 2 | $0 |
Will Moralez President El | OfficerTrustee | 2 | $0 |
John Mazach Treasurer | OfficerTrustee | 2 | $0 |
Monica Curry Secretary | OfficerTrustee | 2 | $0 |
Robert Broermann Past Preside | OfficerTrustee | 2 | $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 | $590,605 |
| Noncash contributions included in lines 1a–1f | $6,253 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $590,605 |
| Total Program Service Revenue | $0 |
| Investment income | $74,657 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$53,265 |
| Net Income from Fundraising Events | -$19,302 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $594,620 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $14,700 |
| 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 | $2,291 |
| Fees for services: Accounting | $11,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,946 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,126 |
| Office expenses | $18,441 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $748 |
| Total functional expenses | $736,796 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $378,471 |
| Pledges and grants receivable | $74,517 |
| 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 | $2,293,188 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $206,307 |
| Total assets | $2,952,483 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $5,000 |
| Deferred revenue | $16,166 |
| 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 | $80,000 |
| Other liabilities | $0 |
| Total liabilities | $101,166 |
| Net assets without donor restrictions | $2,411,755 |
| Net assets with donor restrictions | $439,562 |
| 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 | $2,952,483 |
Grants Awarded
Over the last fiscal year, Virginia Beach City Public Schools Education Foundation Inc has awarded $27,046 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
DEY ELEMENTARY SCHOOL PURPOSE: EDUCATIONAL | $13,835 |
FAIRFIELD ELEMENTARY SCHOOL PURPOSE: EDUCATIONAL | $6,699 |
NEW CASTLE ELEMENTARY SCHOOL PURPOSE: EDUCATIONAL | $6,512 |