Virtual Enterprises International Inc
- Assets
- $3.1m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 36
- Location
- New York, NY
- Founding
- 11/2010
- Data as of
- 06/2021
- EIN
- 27-3362452
Organization Overview
Virtual Enterprises International Inc is located in New York, NY. The organization was established in 2010. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 06/2021, Virtual Enterprises International Inc employed 36 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virtual Enterprises International 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 06/2021, Virtual Enterprises International Inc generated $3.3m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $2.6m during the year ending 06/2021. While expenses have increased by 8.2% per year over the past 6 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
TO PROVIDE SCHOOLS AND SCHOOL DISTRICTS WITH STRATEGIES FOR IMPLEMENTING THE VEI PROGRAM AND OPPORTUNITIES FOR STUDENTS IN REAL- WORLD LEARNING ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDED THREE SIGNATURE ACTIVITIES TO THE STUDENTS IN THE PROGRAM AS PART OF THE YOUTH BUSINESS SUMMIT - THE INTERNATIONAL TRADE SHOW, THE NATIONAL BUSINESS PLAN COMPETITION AND THE GLOBAL BUSINESS CHALLENGE. MORE THAN 4,000 STUDENTS PARTICIPATED AND OR SERVED THROUGH THESE ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicholas Lee Chapman President | OfficerTrustee | 40 | $153,527 |
Iris Blanc Founder | OfficerTrustee | 40 | $140,588 |
Michael Brownstein Director | 40 | $115,000 | |
Paul Presti Ny Metro Regional Director | 40 | $114,132 | |
Matthew Chasin Vice Chair | OfficerTrustee | 2 | $0 |
Ashley Fina Chair | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $347,571 |
| Related organizations | $0 |
| Government grants | $319,905 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,598,452 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,265,928 |
| Total Program Service Revenue | $977,290 |
| Investment income | $1,247 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $29,409 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,278,836 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $189,000 |
| 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. | $295,588 |
| Compensation of current officers, directors, key employees. | $31,255 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,281,460 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $76,336 |
| Payroll taxes | $113,703 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,860 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $28,000 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $335,597 |
| Advertising and promotion | $0 |
| Office expenses | $37,053 |
| Information technology | $5,105 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $8,741 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,720 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $25,048 |
| Insurance | $11,036 |
| All other expenses | $14,286 |
| Total functional expenses | $2,608,930 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $108,672 |
| Savings and temporary cash investments | $2,055,949 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $726,859 |
| 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 | $8,098 |
| Net Land, buildings, and equipment | $236,896 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,136,474 |
| Accounts payable and accrued expenses | $69,042 |
| 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 | $451,140 |
| Total liabilities | $520,182 |
| Net assets without donor restrictions | $1,588,292 |
| Net assets with donor restrictions | $1,028,000 |
| 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 | $3,136,474 |
Grants Awarded
Over the last fiscal year, Virtual Enterprises International Inc has awarded $189,000 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
GREATER JOHNSTOWN SCHOOL DISTRICT PURPOSE: YOUTH BUSINESS SUMMIT | $50,000 |
Reno, NV PURPOSE: YOUTH BUSINESS SUMMIT | $39,000 |
DALLAS EDUCATION FOUNDATION PURPOSE: YOUTH BUSINESS SUMMIT | $25,000 |
Los Angeles, CA PURPOSE: YOUTH BUSINESS SUMMIT | $25,000 |
Oakland, CA PURPOSE: YOUTH BUSINESS SUMMIT | $25,000 |
Washington, DC PURPOSE: YOUTH BUSINESS SUMMIT | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 11 grants that Virtual Enterprises International Inc has recieved totaling $411,080.
| Awarding Organization | Amount |
|---|---|
New York Life Foundation New York, NY PURPOSE: EDUC. GENERAL | $250,000 |
American Portfolios Foundation Inc Holbrook, NY PURPOSE: CHARITABLE CONTRIBUTION | $32,500 |
Broadridge Foundation Newark, NJ PURPOSE: TRANSFORMING STUDENTS THROUGH AUTHENTIC BUSINESS EXPERIENCES | $30,000 |
Goldman Sachs Charitable Gift Fund New York, NY PURPOSE: COMMUNITY OUTREACH & ENRICHMENT PROGRAMS | $25,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $20,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $15,062 |
Endowment Analysis
| Beg. Balance | $1,000,000 |
| Net Contributions | $1,028,000 |
| Other Expense | $1,000,000 |
| Ending Balance | $1,028,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Transcend Inc Hastingsonhudson, NY | $40,245,682 | $36,384,149 |
The Baruch College Fund New York, NY | $295,690,612 | $67,294,185 |
Collier Services Wickatunk, NJ | $8,471,748 | $15,685,679 |
S&p Global Foundation New York, NY | $10,276,249 | $7,071,664 |
Workforce Outsource Services Inc Uniondale, NY | $10,340,814 | $13,464,902 |
North Star Academy Foundation Inc New York, NY | $177,913,521 | $11,304,915 |
Hyde Leadership Charter School-Brooklyn Brooklyn, NY | $3,932,564 | $12,878,236 |
Teach Plus Incorporated Boston, MA | $12,001,505 | $12,042,496 |
Onward Israel Internships And Opportunities Ltd New York, NY | $897,895 | $11,379,184 |
Goodwin College Educational Services Inc East Hartford, CT | $19,577 | $10,789,035 |
Education Resource Strategies Inc Watertown, MA | $16,861,900 | $10,099,352 |
Entrepreneurial Ventures In Education Quincy, MA | $4,865,485 | $11,072,937 |