Norfolk Naval Base & City Of Norfol Rec And Welfare Perpetual Fund Inc
- Assets
- $1.0m
- Revenue
- $19.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Norfolk, VA
- Founding
- 06/1991
- Data as of
- 12/2021
- EIN
- 54-1589718
Organization Overview
Norfolk Naval Base & City Of Norfol Rec And Welfare Perpetual Fund Inc is located in Norfolk, VA. The organization was established in 1991. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norfolk Naval Base & City Of Norfol Rec And Welfare Perpetual Fund Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Norfolk Naval Base & City Of Norfol Rec And Welfare Perpetual Fund Inc generated $19.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.4%) each year. All expenses for the organization totaled $4.8k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (10.8%) per year over the past 7 years. 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
THE NORFOLK NAVAL BASE & CITY OF NORFOLK RECREATION & WELLFARE PERPETUAL FUND, INC. IS A TAX EXEMPT ORGANIZATION PERSUANT TO AN ORDER OF THE US DISTRICT COURT FOR THE EASTERN US.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NORFOLK NAVAL BASE & CITY OF NORFOLK RECREATION & WELLFARE PERPETUAL FUND, INC. IS A TAX EXEMPT ORGANIZATION PERSUANT TO AN ORDER OF THE US DISTRICT COURT FOR THE EASTERN US. THE FUND WAS CREATED FOR THE PURPOSE OF PROVIDING MEANINGFUL ENTERTAINMENT, DINING, & RECREATIONAL EXPERIENCES FOR THE DESERVING MEMBERS OF THE US NAVY IN THE CITY OF NORFOLK, VIRGINIA. FUNDING FOR THE INITIAL CAPITAL ADDITION WAS PROVIDED BY COCA-COLA ENTERPRISES, INC. RECIPIENTS OF THE FUND AWARD PACKAGES ARE CHOSEN BY THEIR RESPECTIVE MILITARY COMMANDS AND ARE ABLE TO SELECT AN AWARD PACKAGE FROM A WIDE VARIETY OF THE BEST ENTERTAINMENT, DINING, AND RECREATION IN NORFOLK, VIRGINIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Franklin Treasurer | OfficerTrustee | $0 | |
Ted Baroudy Vice-Preside | OfficerTrustee | $0 | |
Edward Ullom III President | OfficerTrustee | $0 | |
Kristi Sinclair Secretary | OfficerTrustee | $0 | |
Douglas J Beaver Chairman | OfficerTrustee | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $21,240 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,031 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,209 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,628 |
| 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 | $0 |
| Insurance | $2,186 |
| All other expenses | $25 |
| Total functional expenses | $4,839 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $168,290 |
| 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 | $1,192 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $873,479 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,824 |
| Total assets | $1,046,785 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $1,046,785 |
| 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 | $1,046,785 |
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