Virtual Enterprises International Inc
- Assets
- $2.4m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 34
- Location
- New York, NY
- Founding
- 11/2010
- Data as of
- 06/2022
- 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 06/2022, Virtual Enterprises International Inc employed 34 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 06/2022, Virtual Enterprises International Inc generated $3.0m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $3.6m during the year ending 06/2022. While expenses have increased by 9.3% per year over the past 5 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
2022
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 22,000 STUDENTS PARTICIPATED AND OR SERVED THROUGH THESE ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sandra Krasnoff Chair | OfficerTrustee | 12 | $0 |
Paul B Cronin Vice Chair | OfficerTrustee | 2 | $0 |
Mary Haggerty Treasurer | OfficerTrustee | 2 | $0 |
Michael P Coneys Secretary | OfficerTrustee | 2 | $0 |
David Banks Director | Trustee | 2 | $0 |
Matthew S Boone Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $463,740 |
| Related organizations | $0 |
| Government grants | $301,140 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,035,507 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,800,387 |
| Total Program Service Revenue | $1,279,264 |
| Investment income | $682 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$73,598 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,031,382 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,000 |
| 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. | $390,754 |
| Compensation of current officers, directors, key employees. | $5,588 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,461,080 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $88,921 |
| Payroll taxes | $153,311 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,805 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $34,316 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $421,983 |
| Advertising and promotion | $0 |
| Office expenses | $54,542 |
| Information technology | $52,904 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $66,458 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,034 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $190,479 |
| Insurance | $11,761 |
| All other expenses | $98,238 |
| Total functional expenses | $3,591,685 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $357,627 |
| Savings and temporary cash investments | $543,521 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,311,928 |
| 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 | $15,938 |
| Net Land, buildings, and equipment | $122,209 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,351,223 |
| Accounts payable and accrued expenses | $295,234 |
| 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 | $295,234 |
| Net assets without donor restrictions | $1,035,989 |
| Net assets with donor restrictions | $1,020,000 |
| 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 | $2,351,223 |
Grants Awarded
Over the last fiscal year, Virtual Enterprises International Inc has awarded $189,000 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
OAKLAND PUBLIC EDUCATION FUND PURPOSE: YOUTH BUSINESS SUMMIT | $25,000 |
GREATER JOHNSTOWN SCHOOL DISTRICT PURPOSE: YOUTH BUSINESS SUMMIT | $50,000 |
CALIFORNIA COMMUNITY FOUNDATION PURPOSE: YOUTH BUSINESS SUMMIT | $25,000 |
WASHOE COUNT SCHOOL DISTRICT PURPOSE: YOUTH BUSINESS SUMMIT | $39,000 |
DALLAS EDUCATION FOUNDATION PURPOSE: YOUTH BUSINESS SUMMIT | $25,000 |
DC PUBLIC EDUCATION FUND PURPOSE: YOUTH BUSINESS SUMMIT | $25,000 |