Nova of Virginia Aquatics Inc

Nonprofit profile at a glance

EIN
541427388
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Richmond, VA, USA
Phone
8047543401
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Swimming & Other Water Recreation

Official website

Reported finances

Revenue
$7,306,261
Expenses
$5,969,444
Assets
$20,655,266
Liabilities
$11,400,884

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

18 people listed

Executive titles in this filing

  • RYAN EHRENSBERGER (PRESIDENT)
  • KIRK VOGEL (PRESIDENT EMERITUS)
  • JENNY CONNORS (PRESIDENT EMERITUS - ENDED 1/31/2025)
  • STINSON MUNDY (PRESIDENT ELECT)
  • LEIGH PETERSON (CEO)

Highest reported compensation

  • LEIGH PETERSON (CEO): $115,538 total reported compensation
  • DAVID SCHRECK (HEAD COACH): $107,779 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We strive to instill the qualities that will make our young people leaders of tomorrow. Dreams are our business, discipline is our tool, excellence is our pursuit.

What it reported doing in 2024

Through programs offered by nova, swimmers have qualified for USA swimming sanctioned championship meets at state, regional, zone, national, and international levels. An estimated 800 swimmers benefited from the competitive team and another more than 3,000 benefited from the learn to swim program during the fiscal year.

Operating model

Revenue model
Earned-program. 70% of the money available for current operations came from fees and other program 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

STRONG - 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: 81
  • Transparency & Controls: 92
  • Accountability: 84
  • Sustainability: 68
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 79.4%; rating input score 79
  • Program expense ratio: 91.1%; rating input score 91
  • Fundraising efficiency: $19 raised per $1 spent on fundraising; rating input score 58; 58th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 18.3%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 3.46; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.55; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: 3.7%; rating input score 63; 63rd percentile among comparable filings

Growth

  • Program expense growth: 9.2% per year; rating input score 100; 61st percentile among comparable filings
  • Revenue growth: 7.2% per year; rating input score 100; 55th percentile among comparable filings
  • Asset growth: 9.9% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 79.4% of revenue deployed · 91.1% of spending went to programs
  • Governance: 12 of 12 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $5.4M in reported program spending
  • Leadership: top reported pay $116K · 18 people listed
  • Highest-paid contractors: 4 contractors listed · $4.4M reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Review — Financial Efficiency: Fundraising efficiency scored 58/100.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.