Rice's Hotelhughlett's Tavern Foundation Inc

What it reported doing in 2024

1. In 2008 a carriage house museum was dedicated. Istea grants were received to cover the cost of construction. The museum displays restored antique carriages, buggies, carts. Work began on the restoration of a 1929 model a. Other permanent displays are being developed. 2. A functional blacksmith's shop is complete. This construction was done by an all volunteer group known as the tavern rangers. The blacksmith's shop produces items for sale. Member of the blacksmith's guild are trained in the blacksmith trade/skills. The blacksmith shop is open during the farmer's market and provides demonstrations of a working forge. 3. The educational program focuses on 3rd and 4th grade students who study Virginia history as a part of our state curriculum. In 2008, the program expanded to include 5th grade students and the northern neck home schoolers association. Expenses included printing costs, postage, and office supplies, and telephone. Over 2400 students were given a taste of local history. Hands on activities included, quilt making, brick making, colonial games, net mending, quill writing, african american storytelling, and archeology. 4. Now that the tavern and hotel are restored, the foundation assumes the responsibility to maintain this building. Expenses included are for insurance, maintenance, utilities, telephone, etc. Protection 4. The transportation museum was completed in 2005. The carriage house was completed in late 2007. The museum houses many examples of antique carriages and vehicles. The museum is open on a regular schedule and during the farmer's market. The transporation building is used for demonstrations of quilting, spinning, weaving, making thread. These demonstrations are provide during the farmer's market and for the educational programs conducted by the tavern.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 88.6%; rating input score 89
• Fundraising efficiency: $488.01 raised per $1 spent on fundraising; rating input score 95; 95th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 1 of 7 controls in place; rating input score 14
  • Conflict-of-interest policy: Fail
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: 10.7%; rating input score 61; 61st percentile among comparable filings
• Total-asset coverage ratio: 6.49; rating input score 84; 84th percentile among comparable filings
• Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
• Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

• Program expense growth: 11.6% per year; rating input score 100; 73rd percentile among comparable filings
• Revenue growth: 6.3% per year; rating input score 100; 59th percentile among comparable filings
• Asset growth: 1.4% per year; rating input score 100; 31st percentile among comparable filings