Virginia Education Foundation
- Assets
- $2.0m
- Revenue
- $2.5m
- Investments
- $1.3m
- Employees
- 0
- Location
- Madison, VA
- Founding
- 04/2018
- Data as of
- 02/2023
- EIN
- 36-4893011
Organization Overview
Virginia Education Foundation is located in Madison, VA. The organization was established in 2018. 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. Virginia 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 02/2023, Virginia Education Foundation generated $2.5m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 50.7% each year . All expenses for the organization totaled $1.8m during the year ending 02/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Virginia Education Foundation has awarded 21 individual grants totaling $4,888,741. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE VIRGINIA EDUCATION FOUNDATION PROMOTES LITERACY, GRADE LEVEL READING, AND SCHOOL SUCCESS BY PROVIDING GRANTS TO VIRGINIA TITLE I PUBLIC SCHOOLS AND ORGANIZATIONS IN VIRGINIA THAT SERVE THE EDUCATIONAL NEEDS OF LOW-INCOME CHILDREN AND YOUTH AND STUDENTS WITH DISABILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VEF PROVIDED REVENUES IN THE FORM OF NEW BOOKS TO VIRGINIA PUBLIC SCHOOL SYSTEMS SERVING MANY THOUSANDS OF LOW-INCOME CHILDREN AND YOUTH AND STUDENTS WITH DISABILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Beker President | OfficerTrustee | 20 | $0 |
Arnold E Smith Treasurer | OfficerTrustee | 1 | $0 |
Jeanna Beker Vice President | OfficerTrustee | 3 | $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 | $2,526,934 |
| Noncash contributions included in lines 1a–1f | $1,945,705 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,526,934 |
| Total Program Service Revenue | $0 |
| Investment income | $17,126 |
| 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 | $2,544,060 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,707,562 |
| 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. | $100,000 |
| Compensation of current officers, directors, key employees. | $5,000 |
| 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 | $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 | $0 |
| Office expenses | $0 |
| 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 | $4,600 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,817,849 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $459,691 |
| 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 | $18,401 |
| Investments—publicly traded securities | $266,650 |
| Investments—other securities | $1,263,117 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,007,859 |
| Accounts payable and accrued expenses | $0 |
| 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 | $500,000 |
| Total liabilities | $500,000 |
| Net assets without donor restrictions | $1,507,859 |
| 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 | $2,007,859 |
Grants Awarded
Over the last fiscal year, Virginia Education Foundation has awarded $3,861,176 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
RICHMOND CITY SCHOOLS | | | $510,795 |
RICHMOND CITY SCHOOLS | | | $510,795 |
DANVILLE CITY SCHOOLS | | | $463,803 |
DANVILLE CITY SCHOOLS | | | $463,803 |
HENRY COUNTY SCHOOLS | | | $358,698 |
HENRY COUNTY SCHOOLS | | | $358,698 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Transylvania Vocational Services Inc Brevard, NC | $52,218,118 | $34,183,028 |
Champions For Education Inc Charlotte, NC | $4,769,828 | $14,830,024 |
Campus Development Foundation Inc Chattanooga, TN | $70,898,605 | $12,373,348 |
Kentucky Educational Development Corporation Ashland, KY | $6,070,827 | $11,298,796 |
Building Hope Finance Washington, DC | $123,995,340 | $7,003,194 |
Nc State Engineering Foundation Inc Raleigh, NC | $172,988,383 | $18,412,442 |
Dc Public Education Fund Washington, DC | $19,324,284 | $7,024,090 |
St Christophers School Foundation Richmond, VA | $94,106,126 | $9,680,251 |
National Automatic Sprinkler 669 Va Education Fund Columbia, MD | $15,668,623 | $8,120,660 |
United States Japan Foundation Owings Mills, MD | $106,169,200 | $4,759,214 |
Lowes Foundation Mooresville, NC | $8,794,184 | $2,155,365 |
Knox Education Foundation Knoxville, TN | $6,393,317 | $5,852,579 |