Southwest Virginia Higher Education Center Foundation

Nonprofit profile at a glance

EIN
800232306
IRS 990 coverage
2013–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Abingdon, VA, USA
Phone
2766194345
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and/or Fund Distribution

Reported finances

Revenue
$693,106
Expenses
$843,266
Assets
$6,213,102
Liabilities
$0

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

Leadership & pay

12 people listed

People named in this filing

  • CAROL JONES (DIRECTOR)
  • DAVID MATLOCK (EX OFFICIO DIRECTOR)
  • GARY HEARL (CHAIRMAN)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The foundation was formed to support the educational programs and activities of the southwest Virginia higher education center and the clean energy research and development center by providing administrative services, engaging in all matters.

What it reported doing in 2024

The southwest Virginia higher education center foundation manages grants for the southwest Virginia clean energy research and development center. The Virginia tobacco indemnification and community revitalization is the sponsor for the awards managed by the foundation. The sponsor requires large equipment purchases to be titled to the foundation while the award is managed. The tobacco indemnification and community revitalization grant awards allow the southwest Virginia clean energy research and development center and the foundation assist in the indemnification and community revitalization grant and gives businesses the support needed for starting a new venture. The r&d center's focus is on applied research for technologies, policy, and infrastructure issues, along with brokering of key workforce needs, will systematically connect industry with the education and research resources needed.the mission of the southwest Virginia higher education center foundation is to support the programs of the southwest Virginia higher education center.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 92
  • Accountability: 72
  • Sustainability: 51
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 95.2%; rating input score 95
  • Fundraising efficiency: Limited

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: 91.7%; rating input score 92; 24th percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -21.7%; rating input score 9; 9th percentile among comparable filings
  • Total-asset coverage ratio: 7.37; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: -20.4% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: -24.9% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -5.6% per year; rating input score 0; 6th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 95.2% of spending went to programs
  • Governance: 11 of 12 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $802K in reported program spending
  • Leadership: top reported pay $0 · 12 people listed
  • Consistency: 16 of 16 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 12 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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.

Key Signals

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

  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Sustainability: Operating margin scored 9/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.