Virginia Legends Walk Foundation

Nonprofit profile at a glance

EIN
541968112
IRS 990 coverage
2014–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Virginia Beach, VA, USA
Phone
7578150830
Rating
58
Verdict
MIXED
Rating confidence
Moderate
Sector
Historical Societies, Related Historical Activities

Official website

Reported finances

Revenue
$7,783
Expenses
$12,659
Assets
$12,103
Liabilities
$0

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

Leadership & pay

3 people listed

People named in this filing

  • ROBERT N MELATTI (DIRECTOR)
  • GARY SPELL (DIRECTOR)
  • DEREK LEONIDOFF (DIRECTOR)

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

Provide election for and education concerning legendary Virginia personalities. Install plaques that honor these virginians in Virginia beach city owned public garden/walk dedicated to this purpose. Provide historical themed programming for visitors to the city of Virginia beach and the commonwealth of Virginia.

What it reported doing in 2024

Provide election for an education concerning legendary virginians. Install plaques that honor these inductees on Virginia beach owned public garden walk, in the heart of the resort, dedicated to this purpose. There were no inductions nor nominations in 2022. The organization anticipates nominations for inductions will begin in 2023. The legend walk plans a significantly increased presence via the website www.va-legends.net. The park is designed to accommodate several more inductees before the construction of additional mounting columns will be required.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 79% for direct work, and 21% for grants.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 37
  • Transparency & Controls: 92
  • Accountability: 70
  • Sustainability: 34
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 6.3%; rating input score 6
  • 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: 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; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • 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: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -62.6%; rating input score 26; 26th percentile among comparable filings
  • Total-asset coverage ratio: 0.96; rating input score 24; 24th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -2% per year; rating input score 0; 45th percentile among comparable filings
  • Revenue growth: -21.4% per year; rating input score 0; 18th percentile among comparable filings
  • Asset growth: -2.8% per year; rating input score 0; 27th percentile among comparable filings

Details

  • Where the money goes: 6.3% of revenue deployed · 100% of spending went to programs
  • Governance: 2 of 2 board members independent · 2 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $13K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 8 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • 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.

  • High — Financial Efficiency: Mission deployment rate scored 6/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 26/100.
  • High — Sustainability: Total-asset coverage ratio scored 24/100.
  • High — Growth: Asset growth scored 0/100.