VIRGINIA FOUNDATION FOR LD STUDENTS

EIN: 271647574 501(c)(3) Education

VIRGINIA BEACH, VA

Total Revenue
$697,291
Total Expenses
$362,295
Total Assets
$430,433
Net Assets
$430,397
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
2009
Legal Domicile
VA
Principal Officer
JOANNE WEBSTER
Phone
7577471674
Tax Period
2024-07-01 to 2025-06-30

CHESAPEAKE BAY ACADEMY EDUCATIONAL FOUNDATION, founded in 2009, is a small nonprofit in the Education sector that reported $571K in total revenue in fiscal year 2018. Revenue decreased 15% compared to the prior year. Expenses of $683K exceeded revenue, resulting in a 20% operating deficit.

Mission

THE VIRGINIA FOUNDATION FOR LD STUDENTS WAS ESTABLISHED TO SERVE STUDENTS WITH FINANCIAL NEED WHOSE LIVES WOULD BE TRANSFORMED BY AN INDIVIDUALIZED EDUCATION. STUDENTS SUPPORTED BY THIS FOUNDATION COME FROM A WIDE RANGE OF SOCIOECONOMIC BACKGROUNDS; OVER 20% OF FAMILIES CURRENTLY RECEIVING TUITION ASSISTANCE LIVE AT OR BELOW THE FEDERAL POVERTY LEVEL. SUPPORTERS OF THIS EDUCATIONAL FOUNDATION SECURE OUR ABILITY TO OFFER STUDENTS CRITICAL SCHOLARSHIP FUNDS, WHILE AT THE SAME TIME REALIZING SIGNIFICANT TAX SAVINGS FOR DONORS. THE IMPACT OF YOUR GIFT TO VFLDS IS TRULY LIFE CHANGING.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $697,291
Program Service Revenue $0
Investment Income $0
Other Revenue $0
TOTAL REVENUE $697,291

Expense Breakdown

Grants Paid $333,888
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $343,721
Other Expenses $28,407
TOTAL EXPENSES $362,295

Year-over-Year Comparison

2024 2023 Change
Revenue $697,291 $424,134 +0.6%
Expenses $362,295 $854,439 -0.6%
Net Income $334,996 $-430,305 -1.8%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
5
Independent Members
5
Employees
N/A
Volunteers
5

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$0
Total Directors
5
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOANNE L WEBSTER PRESIDENT 1.00
Officer Director
$0 $0 $0
MATT BENEDETTI TREASURER 1.00
Officer Director
$0 $0 $0
JOSH MYERS SECRETARY 1.00
Officer Director
$0 $0 $0
DARLENE PIERRO VICE PRESIDENT 1.00
Officer Director
$0 $0 $0
DAVIS RENNOLDS TRUSTEE 0.50
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $697,291 $362,295 $430,433 $334,996
2024 $424,134 $854,439 $246,672 $-430,305
2023 $1,034,595 $819,739 $525,706 $214,856
2022 $472,208 $724,549 $310,850 $-252,341
2021 $761,555 $651,656 $564,917 $109,899
2019 $571,239 $683,337 $790,325 $-112,098
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