Vela Education Fund
- Assets
- $8.3m
- Revenue
- $16.1m
- Investments
- $0.0
- Employees
- 9
- Location
- Glencoe, IL
- Founding
- Data as of
- 12/2022
- EIN
- 84-4185046
Organization Overview
Vela Education Fund is located in Glencoe, IL. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2022, Vela Education Fund employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vela Education Fund 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 12/2022, Vela Education Fund generated $16.1m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 52.1% each year . All expenses for the organization totaled $15.0m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Vela Education Fund has awarded 11 individual grants totaling $2,720,500. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CUSTOM EDUCATION PROGRAMS TO MEET FAMILIES LEARNERS' NEEDS, INCREASING AWARENESS OF NONTRADITIONAL EDUCATION, AND ACCELERATING ADOPTION BY MORE FAMILIES AND COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VELA EDUCATION FUND MADE 688 GRANTS TO SUPPORT THE CREATION OR EXPANSION OF COMMUNITY-BASED NON-TRADITIONAL LEARNING MODELS. VELA FACILITATED COMMUNITY-BUILDING, KNOWLEDGE-SHARING, AND RESOURCE-SHARING AMONGST ITS COMMUNITY OF ENTREPRENEURS AND INCREASED AWARENESS OF NONTRADITIONAL EDUCATION THROUGH STORYTELLING, RESEARCH, AND COMMUNITY EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Board Member/exec Director | OfficerTrustee | 1 | $0 |
Name Not Listed Board Member | Trustee | 1 | $0 |
Name Not Listed Board Member | Trustee | 1 | $0 |
Name Not Listed Board Member (incoming) | Trustee | 1 | $0 |
Name Not Listed Board Member | Trustee | 1 | $0 |
Name Not Listed Board Member (outgoing) | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
North Third Partners Llc Consulting | 12/30/22 | $464,000 |
Brendan Lowe Media Services | 12/30/22 | $201,403 |
Universe Creative Media Services | 12/30/22 | $200,500 |
Stand Together Chamber Of Commerce Inc Admin Services | 12/30/22 | $109,839 |
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 | $16,075,378 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,075,378 |
| Total Program Service Revenue | $0 |
| Investment income | $4,217 |
| 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 | $16,079,595 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,921,832 |
| Grants and other assistance to domestic individuals. | $1,792,500 |
| 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 | $894,590 |
| Pension plan accruals and contributions | $42,537 |
| Other employee benefits | $43,319 |
| Payroll taxes | $65,591 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $85 |
| Fees for services: Accounting | $11,304 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,009,474 |
| Advertising and promotion | $0 |
| Office expenses | $10,338 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,004 |
| Travel | $52,072 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,161 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $14,996,723 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,975,389 |
| Savings and temporary cash investments | $6,009,688 |
| Pledges and grants receivable | $302,995 |
| 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 | $7,308 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,295,380 |
| Accounts payable and accrued expenses | $371,611 |
| Grants payable | $2,415,000 |
| 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 | $2,786,611 |
| Net assets without donor restrictions | $4,511,269 |
| Net assets with donor restrictions | $997,500 |
| 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 | $8,295,380 |
Grants Awarded
Over the last fiscal year, Vela Education Fund has awarded $2,720,500 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
40 SCHOOLS PURPOSE: SUBGRANTS FOR PANDEMIC RELIEF | $465,000 |
GRIPTAPE INC PURPOSE: GENERAL OPERATIONS | $150,000 |
HLS CREATIVE ACADEMY PURPOSE: GENERAL OPERATIONS | $50,000 |
CAMELBACK VENTURES PURPOSE: SUBGRANTS FOR PANDEMIC RELIEF | $445,000 |
ARIZONA COUNCIL FOR AMERICAN PRIVATE EDUCATION PURPOSE: GENERAL OPERATIONS | $100,000 |
HIGH SCHOOL FOR RECORDING ARTS PURPOSE: GENERAL OPERATIONS | $25,000 |