Virginia Beach Library Foundation
- Assets
- $1.8m
- Revenue
- $151.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Virginia Beach, VA
- Founding
- 08/2010
- Data as of
- 06/2022
- EIN
- 27-3077402
Organization Overview
Virginia Beach Library Foundation is located in Virginia Beach, VA. The organization was established in 2010. According to its NTEE Classification (B70) the organization is classified as: Libraries, 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 Library 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 06/2022, Virginia Beach Library Foundation generated $151.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $85.6k during the year ending 06/2022. 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
THE VIRGINIA BEACH LIBARY FOUNDATION'S MISSION IS TO SECURE, MANAGE, AND INVEST PUBLICLY RAISED FUNDS, GIFTS, AND BEQUESTS IN SUPPORT OF VIRGINIA BEACH LIBRARIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORT OF VIRGINIA BEACH PUBLIC LIBRARY'S YOUTH AND FAMILY SERVICES PROGRAMMING, INCLUDING THE SUMMER READING CHALLENGE
SUPPORT OF VIRGINIA BEACH PUBLIC LIBRARY'S EFFORTS TO PROVIDE BETER CUSTOMER SERVICE THROUGH THE PURCHASE AND IMPLEMENTATION OF ORANGEBOY'S SAVANNAH SOFTWARE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Bischoff Secretary | OfficerTrustee | 0.25 | $0 |
Margaret Campbell Vice Preside | OfficerTrustee | 0.5 | $0 |
Eric Fox Treasurer | OfficerTrustee | 0.25 | $0 |
Robert G Krebs Jr President | OfficerTrustee | 0.5 | $0 |
Morris H Fine ESQ Director | Trustee | 0.25 | $0 |
Wanda Cooper 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 | $65,324 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $65,324 |
| Total Program Service Revenue | $0 |
| Investment income | $33,917 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $52,343 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $151,584 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $11,355 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,820 |
| Office expenses | $964 |
| 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 | $555 |
| Total functional expenses | $85,628 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $218,891 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $1,528,721 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,000 |
| Total assets | $1,751,612 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $233,106 |
| 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 | $233,106 |
| Net assets without donor restrictions | $1,518,506 |
| 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 | $1,751,612 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Virginia Beach Library Foundation has recieved totaling $15,215.
| Awarding Organization | Amount |
|---|---|
E C Wareheim Foundation Buffalo, NY PURPOSE: GENERAL USE | $10,000 |
Townebank Foundation Suffolk, VA PURPOSE: GEN. CHARITABLE | $5,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $215 |
Endowment Analysis
| Beg. Balance | $1,739,499 |
| Earnings | -$200,688 |
| Admin Expense | $24,510 |
| Net Contributions | $65,324 |
| Other Expense | $61,117 |
| Ending Balance | $1,518,508 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Washington County Free Library Hagerstown, MD | $16,301,833 | $8,756,633 |
Washington Research Library Consortium Upper Marlboro, MD | $19,082,145 | $5,815,985 |
Loyola-Notre Dame Library Inc Baltimore, MD | $17,276,844 | $4,820,071 |
Cabell County Public Library Huntington, WV | $12,674,770 | $6,152,653 |
Wicomico County Free Library Inc Salisbury, MD | $3,745,578 | $3,405,166 |
Friends Committee On National Legislation Washington, DC | $7,160,459 | $3,361,145 |
Southern Maryland Regional Library Association Inc Charlotte Hall, MD | $4,649,230 | $3,547,495 |
Fontana Regional Library Bryson City, NC | $3,949,070 | $3,576,120 |
Blackwater Regional Library Courtland, VA | $2,907,987 | $2,595,036 |
Cli Prison Alliance Inc Raleigh, NC | $1,246,885 | $2,394,225 |
National Sporting Library Incorporated Middleburg, VA | $24,531,630 | $3,372,979 |
Tenn-Share Alcoa, TN | $1,129,556 | $1,846,388 |