Northern Virginia Community College Educational Foundation Inc
- Assets
- $35.8m
- Revenue
- $3.8m
- Investments
- $8.3m
- Employees
- 0
- Location
- Annadale, VA
- Founding
- 06/1980
- Data as of
- 06/2023
- EIN
- 51-0249730
Organization Overview
Northern Virginia Community College Educational Foundation Inc, operating under the name Nova Foundation, is located in Annadale, VA. The organization was established in 1980. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. Nova 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 06/2023, Nova Foundation generated $3.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $2.6m during the year ending 06/2023. While expenses have increased by 4.9% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
COLLECT AND MANAGE PRIVATE RESOURCES TO SUPPORT THE NORTHERN VIRGINIA COMMUNITY COLLEGE
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORT OF COLLEGE PROGRAMS: THE NOVA FOUNDATION EXISTS TO SIGNIFICANTLY INCREASE PRIVATE PHILANTHROPY IN ORDER TO BUILD A STRONG ENDOWMENT, SECURE RESOURCES TO FUND NOVA'S STRATEGIC PRIORITIES AND SUSTAIN INITIATIVES THAT STRENGTHEN THE COLLEGE'S COMMUNITY PARTNERSHIPS. THE FOUNDATION SUPPORTS UNMET ACADEMIC AND STUDENT SERVICES NEEDS AND WORKFORCE PROGRAMS ON ALL SIX CAMPUSES AND THROUGH NOVA ONLINE. IT PROVIDES AWARDS TO FACULTY AND STAFF ANNUALLY FOR PROGRAMS AND PROFESSIONAL DEVELOPMENT NOT COVERED BY THE STATE BUDGET.
STUDENT SCHOLARSHIPS AND GRANTS: THE NOVA FOUNDATION ASSISTS STUDENTS IN OBTAINING NECESSARY FINANCIAL RESOURCES NEEDED TO COMPLETE THEIR PROGRAM OF STUDY AT NORTHERN VIRGINIA COMMUNITY COLLEGE AS WELL AS MONETARY ASSISTANCE TO STUDENTS TO ABATE SHORT-TERM FINANCIAL CRISES. WE EDUCATE DONORS ABOUT STUDENT NEEDS INCLUDING THE UNIQUE CHALLENGES FACING FIRST GENERATION COLLEGE STUDENTS IN ORDER TO SECURE PRIVATE DONATIONS. THESE SCHOLARSHIPSAND GRANTS HELP TO REMOVE FINANCIAL BARRIERS FOR NOVA STUDENTS. OUR SCHOLARSHIP PROGRAM CONSISTS OF MORE THAN 325 ENDOWED AND ANNUAL SCHOLARSHIP FUNDS. THIS TRANSLATES TO MORE THAN 600 INDIVIDUAL SCHOLARSHIP AWARDS THROUGHOUT THE YEAR.
REGISTRATIONS: SUPPORTING COLLEGE PROGRAMS THROUGH COLLECTING PROGRAM REGISTRATIONS AND FACILITATING PAYMENTS FROM THESE FUNDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Buddy Rizer Chair | OfficerTrustee | 1 | $0 |
Erin Hogan Vice Chair | OfficerTrustee | 1 | $0 |
Michael Forehand Secretary | OfficerTrustee | 1 | $0 |
Julia Lafferty Treasurer | OfficerTrustee | 1 | $0 |
Debi Alexander Director | Trustee | 1 | $0 |
Kristina Bouweiri Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mcguirewoods Consulting Llc Consulting On Government Relations | 6/29/23 | $150,000 |
Irsfeld & Associates Legal & Operations | 6/29/23 | $126,000 |
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 | $3,346,258 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,346,258 |
| Total Program Service Revenue | $191,122 |
| Investment income | $484,943 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$250,452 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,781,761 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $522,075 |
| 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 | $476,756 |
| 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 | $90,633 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $95,638 |
| Fees for services: Other | $121,306 |
| Advertising and promotion | $0 |
| Office expenses | $32,764 |
| Information technology | $43,388 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,251 |
| 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 | $12,632 |
| All other expenses | $113,491 |
| Total functional expenses | $2,606,377 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $740,529 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,147,344 |
| 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 | $3,815 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $23,606,099 |
| Investments—other securities | $8,299,899 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $35,797,686 |
| Accounts payable and accrued expenses | $189,915 |
| Grants payable | $0 |
| Deferred revenue | $114,749 |
| 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 | $281,370 |
| Total liabilities | $586,034 |
| Net assets without donor restrictions | $12,403,318 |
| Net assets with donor restrictions | $22,808,334 |
| 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 | $35,797,686 |