Broadwater Academy
Nonprofit profile at a glance
- EIN
- 540799130
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Exmore, VA, USA
- Phone
- 7574429041
- Rating
- 74
- Verdict
- SUPPORTED
- Rating confidence
- Standard
- Sector
- Scholarships, Student Financial Aid Services, Awards
Reported finances
- Revenue
- $4,157,415
- Expenses
- $4,177,202
- Assets
- $4,270,205
- Liabilities
- $3,619,735
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
18 people listed
Highest reported compensation
- FRANCIS RYAN (HEAD OF SCHOOL): $199,969 total reported compensation
- STEVEN M BELOTE (CFO): $105,909 total reported compensation
- BARBARA PARKER (ASSISTANT HEAD OF SCHOOL): $52,450 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Broadwater academy is an independent, non-profit institution that exists to provide an academic-based educational program and to provide non-academic programs which enhance and facilitate the development of students who are prepared to succeed in a college program and to contribute to a changing society upon graduation. The academy admits students of any race, color, national and ethnic origin who are all entitled to all the rights, priviledges, programs and activites generally accorded or made available to students at the school.
What it reported doing in 2024
Tuition grants and financial aid credits are used to assist students in attending the academy when they would otherwise not be financially able to do so, approximately 156 directly each year.
Operating model
- Revenue model
- Other-operating. 83% of the money available for current operations came from other operating revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and fundraising costs are high for each dollar raised.
Rating breakdown
- Financial Efficiency: 73
- Transparency & Controls: 76
- Accountability: 79
- Sustainability: 30
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 79.4%; rating input score 79
- Program expense ratio: 77.9%; rating input score 78
- Fundraising efficiency: $6.79 raised per $1 spent on fundraising; rating input score 25; 25th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 4 of 8 controls in place; rating input score 50
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: Fail
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -0.5%; rating input score 31; 31st percentile among comparable filings
- Total-asset coverage ratio: 1.02; rating input score 38; 38th percentile among comparable filings
- Liabilities to assets ratio: 0.85; rating input score 9; 9th percentile among comparable filings
- Officer compensation ratio: 9.7%; rating input score 31; 31st percentile among comparable filings
Growth
- Program expense growth: 0.1% per year; rating input score 100; 14th percentile among comparable filings
- Revenue growth: 1.6% per year; rating input score 100; 18th percentile among comparable filings
- Asset growth: 1.3% per year; rating input score 100; 17th percentile among comparable filings
Details
- Where the money goes: 79.4% of revenue deployed · 77.9% of spending went to programs
- Governance: 14 of 14 board members independent · 4 of 8 filing controls reported
- Programs: 2 filed program accomplishments · $3.3M in reported program spending
- Leadership: top reported pay $200K · 18 people listed · 1 of 6 pay-setting controls reported
- Consistency: 34 of 34 current checks pass
- Schedules: 8 filed schedules · includes major donors, executive pay, and related organizations
- Filing history: 15 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 4 filed money-flow records
- Related organizations: 1 filed related-organization link
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Accountability: Governance controls: 4 of 8 not reported.
- High — Financial Efficiency: Fundraising efficiency scored 25/100.
- Moderate — Sustainability: Operating margin scored 31/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 38/100.
- High — Sustainability: Liabilities to assets ratio scored 9/100.
- Moderate — Sustainability: Officer compensation ratio scored 31/100.