Wvma Educational Fund Inc

What it reported doing in 2024

The wvma educational fund inc. (wvmaef) remains dedicated to fostering the expansion and advancement of West Virginia's manufacturing sector. Recognizing that effective workforce development is essential for the industry to reach its full potential within the state, the wvmaef and its collaborators are focused on securing a pipeline of proficient workers. This initiative aims to satisfy both immediate labor requirements and the anticipated demands of future manufacturing roles.we continue maximizing program impact and quality. Addressing increased demand, we hosted twelve explore the new manufacturing academies this year. These academies successfully raised student awareness; those able to name a state-made product grew from under 40% to nearly 85%, impacting approximately 915 students. Additionally, 15 explore the new manufacturing workshops were held with outreach to 994 middle school students. The fourteen explore student video contest entries set new benchmarks for quality and creativity. Enhanced promotion led to an impressive 57,848 total votes. This year, explore the new manufacturing introduced the graphic design contest for middle schools. Students designed product posters with local manufacturers, resulting in 41 submissions from 12 schools. This initiative engaged new partners and successfully expanded program participation. The manufacturing day virtual lab series continued construction of its library framework. The manufacturing innovation challenge experienced further growth this year, involving 17 teams that completed projects reflecting a level of sophistication comparable to that of industry professionals. This initiative continues to enhance students' technical proficiency and communication skills while demonstrating the clear advantages of manufacturer involvement. As partners increasingly recognize the value of their volunteer efforts, the challenge continues to flourish. The scrap program provided students of various ages with diverse opportunities to showcase their creativity, ranging from sewing projects and ornament contests to window displays. These initiatives allowed 12 participating teams to demonstrate innovative talents in both stem and artistic fields. The 2024-2025 programming year was marked by significant achievements within the workforce development program. Reaching approximately 215 students across five regions, the initiative featured 17 distinct activities, such as coaching sessions, virtual information meetings, and live mock interview exercises. Industry partners contributed their expertise to guide students in mastering essential professional tools, including the development of impactful elevator pitches, polished resumes, and effective interview techniques. We held six regional awards ceremonies across West Virginia, including a new ceremony for the new river region. This event featured project presentations from the explore student video contest, graphic design challenge, scrap, and manufacturing innovation challenge. The ceremony recognized emerging elite in manufacturing, outstanding industry educator, and outstanding industry champion recipients. These winners, along with future makers distinction schools, were also showcased at the virtual state ceremony. Additionally, the year included four educator roundtables, two student advisory panels, and four manufacturer advisory panels.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 79.7%; rating input score 80
• Fundraising efficiency: Limited

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: 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: 3 of 8 controls in place; rating input score 38
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Fail
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: -34.9%; rating input score 8; 8th percentile among comparable filings
• Total-asset coverage ratio: 0.27; rating input score 14; 14th percentile among comparable filings
• Liabilities to assets ratio: 1.09; rating input score 4; 4th percentile among comparable filings
• Officer compensation ratio: 20.4%; rating input score 19; 19th percentile among comparable filings

Growth

• Program expense growth: 15.6% per year; rating input score 100; 80th percentile among comparable filings
• Revenue growth: 13.4% per year; rating input score 100; 79th percentile among comparable filings
• Asset growth: 1.4% per year; rating input score 100; 31st percentile among comparable filings