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← NORTHERN VIRGINIA COMMUNITY COLLEGE EDUCATIONAL FOUNDATION INC

Form 990 for tax year 2023

Filed by NORTHERN VIRGINIA COMMUNITY COLLEGE EDUCATIONAL FOUNDATION INC.

Totals

Total revenue
$3,190,059
Total expenses
$3,187,984
Contributions and grants received
$2,176,106
Grants paid
$801,511
Program service revenue
$231,029
Investment income
$671,380
Other revenue
$111,544
Total assets, end of year
$38,741,585
Total liabilities, end of year
$290,498
Net assets or fund balances, end of year
$38,451,087
Program services expenses (Part IX)
$2,819,407
Management and general expenses
$329,522
Fundraising expenses
$39,055
Program service expenses (Part III)
$2,819,407

Program services were 88.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $125,598

  • 1f · All other contributions, gifts and grants

    $2,050,508

  • 1g · Noncash contributions included above

    $57,011

  • 2a · Program service revenue: Registration

    total $231,029 · related or exempt $231,029

  • 3 · Investment income

    total $770,240 · excluded $770,240

  • 7b · Less cost or other basis and sales expenses

    securities $98,860

  • 7c · Gain or loss

    securities -$98,860

  • 7d · Net gain or loss

    total -$98,860 · excluded -$98,860

  • 8a · Fundraising events: gross income

    $79,401

  • 8a · Fundraising events: contributions included on line 1c

    $125,598

  • 8b · Fundraising events: direct expenses

    $79,401

  • 8c · Net income from fundraising events

    total $0

  • 11a · Other revenue: Gift Fee Income

    total $107,637 · excluded $107,637

  • 11b · Other revenue: Other Income

    total $3,907 · excluded $3,907

  • 11e · Other revenue, total

    $111,544

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $801,511 · program services $801,511

  • 7 · Other salaries and wages

    total $512,362 · program services $449,142 · management and general $35,057 · fundraising $28,163

  • 11b · Fees: legal

    total $51,408 · program services $39,984 · management and general $11,424

  • 11c · Fees: accounting

    total $115,584 · program services $23,117 · management and general $92,467

  • 11d · Fees: lobbying

    total $150,000 · program services $150,000

  • 11f · Fees: investment management

    total $147,502 · management and general $147,502

  • 11g · Fees: other

    total $91,392 · program services $74,256 · management and general $17,136

  • 13 · Office expenses

    total $12,235 · program services $7,799 · management and general $3,018 · fundraising $1,418

  • 14 · Information technology

    total $55,119 · program services $41,339 · management and general $8,268 · fundraising $5,512

  • 17 · Travel

    total $3,172 · program services $2,538 · fundraising $634

  • 23 · Insurance

    total $10,456 · management and general $10,456

  • 24a · Other expenses: Fund Expenses

    total $885,412 · program services $885,412

  • 24b · Other expenses: Registration

    total $188,682 · program services $188,682

  • 24c · Other expenses: Gift Fee Expenses

    total $107,637 · program services $107,637

  • 24d · Other expenses: Program Support

    total $21,790 · program services $21,790

  • 24e · All other expenses

    total $33,722 · program services $26,200 · management and general $4,194 · fundraising $3,328

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $740,529 · end of year $106,155

  • 3 · Pledges and grants receivable

    beginning of year $3,147,344 · end of year $3,014,890

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,815

  • 11 · Investments: publicly traded securities

    beginning of year $23,606,099 · end of year $28,994,595

  • 12 · Investments: other securities

    beginning of year $8,299,899 · end of year $6,625,945

  • 17 · Accounts payable and accrued expenses

    beginning of year $189,915 · end of year $208,773

  • 19 · Deferred revenue

    beginning of year $114,749 · end of year $79,550

  • 25 · Other liabilities

    beginning of year $281,370 · end of year $2,175

  • 27 · Net assets without donor restrictions

    beginning of year $12,403,318 · end of year $14,166,614

  • 28 · Net assets with donor restrictions

    beginning of year $22,808,334 · end of year $24,284,473

Mission and programs · 2023

Mission

NOVA Foundation supports the college's goal of providing all students with a high-quality, life-changing education. The Foundation raises private funds to enhance nova programs, create student scholarships and offer awards to faculty for programs not supported by state funds.

Activities or mission (Part I)

Collect and manage private resources to support the Northern Virginia Community College.

  • Support of College Programs: The NOVA Foundation exists to significantly increase private philanthropy 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.

    Expenses $1,829,214

  • 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 to secure private donations. These scholarships and 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.

    Expenses $801,511 · Grants $801,511

  • Registrations: Supporting college programs through collecting program registrations and facilitating payments from these funds.

    Expenses $188,682 · Revenue $231,029

As filed on the 2023 return.

Listed in Part VII

  • Jennifer Mulchandani

    Ex Officio Member

    Total calculated
    $0
    Hours/week
    1

  • Erin Hogan

    Chair

    Total calculated
    $0
    Hours/week
    1

  • Michael Forehand

    Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Joe Teipe

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Julia Lafferty

    Co-Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Victoria Leone

    Co-Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Anne Kress

    President, NOVA

    Total calculated
    $0
    Hours/week
    1

  • Rosie O'Neil

    Chair of the Governance Committee

    Total calculated
    $0
    Hours/week
    1

  • Debi Alexander

    Director

    Total calculated
    $0
    Hours/week
    1

  • Kristina Bouweiri

    Director

    Total calculated
    $0
    Hours/week
    1

  • Thomas W Minnick

    Director

    Total calculated
    $0
    Hours/week
    1

  • John Porter

    Director

    Total calculated
    $0
    Hours/week
    1

  • Buddy Rizer

    Director

    Total calculated
    $0
    Hours/week
    1

  • Matt Shank

    Director

    Total calculated
    $0
    Hours/week
    1

  • Zuzana Steen

    Director

    Total calculated
    $0
    Hours/week
    1

  • John Clarke

    Director

    Total calculated
    $0
    Hours/week
    1

  • David Farajollahi

    Director (JUL-MAR)

    Total calculated
    $0
    Hours/week
    1

  • Kelly Persons

    Executive Director

    Total calculated
    $194,323
    From this org
    $0
    From related orgs
    $156,940
    Other
    $37,383
    Hours/week
    60 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $156,940 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $26,685 related
    Nontaxable benefits
    $0 + $10,698 related
    Filer's total
    $0 + $194,323 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Written employment contract

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
12 February 2025
IRS schema version
2023v6.0
Source object
202500449349302065

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