Nansemond County Farm Bureau Inc
- Assets
- $243.6k
- Revenue
- $205.9k
- Investments
- $0.0
- Employees
- 5
- Location
- Suffolk, VA
- Founding
- 04/1945
- Data as of
- 12/2023
- EIN
- 54-6059848
Organization Overview
Nansemond County Farm Bureau Inc is located in Suffolk, VA. The organization was established in 1945. According to its NTEE Classification (K28) the organization is classified as: Farm Bureaus & Granges, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 12/2023, Nansemond County Farm Bureau Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nansemond County Farm Bureau Inc is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 12/2023, Nansemond County Farm Bureau Inc generated $205.9k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $179.8k during the year ending 12/2023. While expenses have increased by 3.3% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
AN ORGANIZATION OF PERSONS INTERESTED IN AGRICULTURE AND THE BETTERMENT OF AGRICULTURAL EDUCATION, ECONOMIC OPPORTUNITY, AND SOCIAL ADVANCEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PUBLIC AFFAIRS - WE PROVIDE INFORMATION TO MEMBERS REGARDING COMMON PROBLEMS AFFECTED BY LOCAL, STATE AND FEDERAL LEGISLATION.
COMMODITIES - WORKING WITH SPECIALLY TRAINED STATE FARM BUREAU EMPLOYEES TO SOLVE COMMON PROBLEMS OF COMMODITY GROUPS WITHIN OUR MEMBERSHIP.
COMMUNICATIONS - DISTRIBUTION OF INFORMATION TO MEMBERS OF THE ORGANIZATION VIA NEWSLETTERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Gwaltney President | OfficerTrustee | 9.3 | $0 |
Monte Walden Vice President | OfficerTrustee | 0.5 | $0 |
Richard Williams Treasurer | OfficerTrustee | 2.2 | $0 |
Benny Copeland Director | Trustee | 0.35 | $0 |
Mike Ellis Director | Trustee | 0.4 | $0 |
Wayne Byrum Director | Trustee | 0.46 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $201,288 |
| Investment income | $4,006 |
| 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 | $205,894 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,200 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,103 |
| 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 | $72,535 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $280 |
| Payroll taxes | $5,855 |
| 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 | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $121 |
| Office expenses | $7,348 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,011 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,033 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $751 |
| Insurance | $1,552 |
| All other expenses | $881 |
| Total functional expenses | $179,848 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $56,835 |
| Savings and temporary cash investments | $141,914 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,444 |
| 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 | $32,375 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $243,568 |
| Accounts payable and accrued expenses | $11,666 |
| Grants payable | $0 |
| Deferred revenue | $17,432 |
| 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 | $29,098 |
| Net assets without donor restrictions | $0 |
| 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 | $214,470 |
| Total liabilities and net assets/fund balances | $243,568 |