Westminster-Canterbury On Chesapeake Bay Foundation
- Assets
- $17.0m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Virginia Beach, VA
- Founding
- 06/1993
- Data as of
- 09/2023
- EIN
- 54-1666603
Organization Overview
Westminster-Canterbury On Chesapeake Bay Foundation is located in Virginia Beach, VA. The organization was established in 1993. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westminster-Canterbury On Chesapeake Bay 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 09/2023, Westminster-Canterbury On Chesapeake Bay Foundation generated $1.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (4.0%) each year. All expenses for the organization totaled $1.6m during the year ending 09/2023. 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
TO SUPPORT THE MISSION OF WESTMINSTER-CANTERBURY ON CHESAPEAKE BAY
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OWESTMINSTER-CANTERBURY ON CHESAPEAKE BAY FOUNDATION PROVIDED FINANCIAL ASSISTANCE TO APPLICANTS WHO MEET THE ADMISSION REQUIREMENTS AND HAVE SERVED THEIR CHURCH AND/OR COMMUNITY, BUT LACK SUFFICIENT RESOURCES FOR ADMISSION. THE FOUNDATION ALSO PROVIDES FINANCIAL ASSISTANCE FOR RESIDENTS, WHO THROUGH NO FAULT OF THEIR OWN, EXPERIENCE FINANCIAL DIFFICULTIES AND CAN NO LONGER MEET THEIR MONTHLY OBLIGATIONS. DURING THE YEAR, 38 RESIDENTS RECEIVED MONTHLY FEE ASSISTANCE OF $608,787 AND 2 RESIDENTS RECEIVED ENTRANCE FEE ASSISTANCE OF $173,610. THE FOUNDATION ALSO PAID AN ADDITIONAL $136,790 TO RESIDENTS TO ASSIST WITH MEDICAL AND OTHER MISCELLANEOUS EXPENSES.THE RESIDENT EDUCATION FUND PROVIDES SCHOLARSHIP GRANTS TO EMPLOYEES AND CHILDREN OF EMPLOYEES ENROLLED IN A PROGRAM (USUALLY A DEGREE-GRANTING PROGRAM) AT AN ACCREDITED INSTITUTION OF HIGHER LEARNING. DURING THE YEAR, THE FUND AWARDED SCHOLARSHIP GRANTS TOTALING $76,783 TO 36 RECIPIENTS.
WESTMINSTER-CANTERBURY ON CHESAPEAKE BAY FOUNDATION HOLDS SEVERAL DIFFERENT FUNDS SUCH AS THE EMPLOYEE EMERGENCY FUND, THE CHAPEL FUND, THE LIBRARY FUND, ETC. THESE FUNDS ARE USED TO PROVIDE SERVICES TO THE RESIDENTS AND EMPLOYEES. CONTRIBUTIONS ARE COLLECTED AND THE FUNDS ARE HELD FOR EXPENDITURES RELATED TO THESE FUNDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr William C Hedrick Trustee, Chair | OfficerTrustee | 1 | $0 |
Forrest E Williams Trustee, Vice Chair | OfficerTrustee | 1 | $0 |
Linda Lowrance Trustee | Trustee | 1 | $0 |
Robert Herbert Trustee | Trustee | 1 | $0 |
Dr Terry Jenkins Trustee | Trustee | 1 | $0 |
Donald Glenum Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $143,967 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,246,678 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,390,645 |
| Total Program Service Revenue | $0 |
| Investment income | $469,008 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $33,902 |
| Net Income from Fundraising Events | -$12,019 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,881,536 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $995,970 |
| 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 | $197,497 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $26,272 |
| Payroll taxes | $12,608 |
| 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 | $38,355 |
| Advertising and promotion | $0 |
| Office expenses | $35,885 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $109 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $750 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,590,634 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $599,878 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $238,649 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $16,209,060 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $17,047,587 |
| Accounts payable and accrued expenses | $84,817 |
| Grants payable | $0 |
| Deferred revenue | $289,333 |
| 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 | $374,150 |
| Net assets without donor restrictions | $3,426,456 |
| Net assets with donor restrictions | $13,246,981 |
| 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 | $17,047,587 |