South Carolina Virtual Education Foundation
- Assets
- $4.9m
- Revenue
- $171.0k
- Investments
- $0.0
- Employees
- 1
- Location
- West Columbia, SC
- Founding
- 12/2019
- Data as of
- 06/2021
- EIN
- 83-3342225
Organization Overview
South Carolina Virtual Education Foundation is located in West Columbia, SC. The organization was established in 2019. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, 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. South Carolina Virtual Education Foundation 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, South Carolina Virtual Education Foundation generated $171.0k in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 58.0% each year . All expenses for the organization totaled $189.5k during the year ending 06/2021. While expenses have increased by 42.3% per year over the past 2 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
CORPORATION CHARTERED PURPOSE OF PUBLIC BENEFIT TO THE SOUTH CAROLINA VIRTUAL CHARTER SCHOOL TO SUPPORT EXCEPTIONAL LEARNING EXPERIENCES WITH INDIVIDUAL LEARNING APPROACHES TO PROVIDE STUDENTS THE TOOLS TO SUCCEED IN SCHOOL AND BEYOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PURCHASED LAND AND A BUILDING FOR RENOVATION TO BE USED AS THE FOUNDATION ADMINISTRATIVE BUILDING AND EDUCATIONAL FACILITY. THE FOUNDATION ENTERED INTO A LEASE AGREEMENT WITH THE CHARTER SCHOOL BEGINNING DECEMBER 1, 2019 AND ENDING JUNE 30, 2025 WITH AN OPTION TO EXTEND THE LEASE FOR AN ADDITIONAL FIVE YEARS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Emeriel Hubbard Executive Di | Officer | 40 | $38,500 |
Dr Cherry Daniel Treasurer | OfficerTrustee | 1 | $0 |
Julie Armstrong Secretary | OfficerTrustee | 1 | $0 |
Julie Anne Kornahrens Board Chair | OfficerTrustee | 1 | $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 | $168,000 |
| Investment income | $2,957 |
| 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 | $170,957 |
| 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. | $38,500 |
| Compensation of current officers, directors, key employees. | $19,250 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,951 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,353 |
| Fees for services: Accounting | $4,558 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $50,269 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $26,960 |
| 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 | $48,464 |
| Insurance | $6,769 |
| All other expenses | $1,717 |
| Total functional expenses | $189,541 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $76,530 |
| Savings and temporary cash investments | $1,150,280 |
| Pledges and grants receivable | $0 |
| 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 | $3,709,387 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,000 |
| Total assets | $4,946,197 |
| Accounts payable and accrued expenses | $6,502 |
| 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 | $6,502 |
| Net assets without donor restrictions | $3,709,387 |
| Net assets with donor restrictions | $1,230,308 |
| 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 | $4,946,197 |
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|---|---|---|
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Transylvania Vocational Services Inc Brevard, NC | $52,218,118 | $34,183,028 |
University System Of Georgia Foundation Inc Atlanta, GA | $572,651,205 | $27,479,908 |
Champions For Education Inc Charlotte, NC | $4,769,828 | $14,830,024 |
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Hephzibah Charter Foundation Inc Hephzibah, GA | $10,181,498 | $8,307,126 |
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Nc State Engineering Foundation Inc Raleigh, NC | $172,988,383 | $18,412,442 |
Georgia Student Scholarship Organization Sso Inc Cumming, GA | $4,146,288 | $9,720,252 |
Lowes Foundation Mooresville, NC | $8,794,184 | $2,155,365 |
Queens University Of Charlotte Endowment Charlotte, NC | $185,539,015 | $2,324,123 |
Women For Women Winterville, NC | $0 | $207,453 |