Virginia Industry Foundation Inc

Nonprofit profile at a glance

EIN
205582985
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Richmond, VA, USA
Phone
8046437489
Rating
52
Verdict
MIXED
Rating confidence
Moderate
Sector
Support N.E.C.

Official website

Reported finances

Revenue
$40,479
Expenses
$15,751
Assets
$53,037
Liabilities
$38,571

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

Leadership & pay

4 people listed

Executive titles in this filing

  • BRETT VASSEY (PRESIDENT)

Highest reported compensation

  • BRETT VASSEY (PRESIDENT): $303,916 total reported compensation

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

Overview

Mission

To provide scientific educational information, compose, publish, and disseminate information and standards designed to advance industry and specific education, recognize industrial, scientific, educational, workplace and environmental achievements, support technology, intensive industry research and development and serve as a central scientific, educational, and charitable resource for industry and the public.

What it reported doing in 2024

Rural Virginia advanced manufacturing project to train and retrain manufacturing technicians and world class manufacturing assessors in the tobacco dependent localities of southside and southwest Virginia.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
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

MIXED - The filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 55
  • Transparency & Controls: 66
  • Accountability: 31
  • Sustainability: 56
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 39.1%; rating input score 39
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 9th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 61.1%; rating input score 91; 91st percentile among comparable filings
  • Total-asset coverage ratio: 3.37; rating input score 42; 42nd percentile among comparable filings
  • Liabilities to assets ratio: 0.73; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 146%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: -12.2% per year; rating input score 0; 25th percentile among comparable filings
  • Revenue growth: -17.9% per year; rating input score 0; 21st percentile among comparable filings
  • Asset growth: 2.3% per year; rating input score 100; 54th percentile among comparable filings

Details

  • Where the money goes: 39.1% of revenue deployed · 100% of spending went to programs
  • Governance: 0 of 4 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $16K in reported program spending
  • Leadership: top reported pay $304K · 4 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 21 of 21 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • 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 — Financial Efficiency: Mission deployment rate scored 39/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 42/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.