VIRGINIA BEACH LIBRARY FOUNDATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2009

Legal Domicile

Principal Officer

ROBERT G KREBS JR

Phone

7573858128

Tax Period

2023-07-01 to 2024-06-30

VIRGINIA BEACH LIBRARY FOUNDATION, founded in 2009, is a small nonprofit in the Education sector that reported $158K in total revenue in fiscal year 2023. Revenue surged 23% from the prior year, signaling strong growth momentum. Expenses of $240K exceeded revenue, resulting in a 51% operating deficit.

Mission

THE VIRGINIA BEACH LIBARY FOUNDATION'S MISSION IS TO SECURE, MANAGE, AND INVEST PUBLICLY RAISED FUNDS, GIFTS, AND BEQUESTS IN SUPPORT OF VIRGINIA BEACH LIBRARIES.

Program Service Accomplishments

Program 1

Expenses: $203,023

SUPPORT OF VIRGINIA BEACH PUBLIC LIBRARY'S YOUTH AND FAMILY SERVICES PROGRAMMING, INCLUDING THE SUMMER READING CHALLENGE

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $77,857

Program Service Revenue $0

Investment Income $80,508

Other Revenue $0

TOTAL REVENUE $158,365

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $203,023

Other Expenses $239,513

TOTAL EXPENSES $239,513

Year-over-Year Comparison

	2023	2022	Change
Revenue	$158,365	$128,556	+0.2%
Expenses	$239,513	$124,986	+0.9%
Net Income	$-81,148	$3,570	-23.7%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KAREN BISCHOFF	SECRETARY	0.25	Officer Director	$0	$0	$0
CHELLE DAVIS	DIRECTOR	0.25	Director	$0	$0	$0
MORRIS H FINE ESQ	DIRECTOR	0.25	Director	$0	$0	$0
ROBERT G KREBS JR	PRESIDENT	0.50	Officer Director	$0	$0	$0
KIRKLAND MOLLOY KELLEY	DIRECTOR	0.25	Director	$0	$0	$0
KIMBERLY KNIGHT	EXECUTIVE DI	0.25	Director	$0	$0	$0
NANCY OLIVER	DIRECTOR	0.25	Director	$0	$0	$0
MARCY SIMS	DIRECTOR	0.25	Director	$0	$0	$0
MICHELLE SWEEZEY	TREASURER	0.25	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	No data	No data	No data	No data
2024	$158,365	$239,513	$1,957,515	$-81,148
2023	$128,556	$124,986	$1,890,929	$3,570
2022	$151,584	$85,628	$1,751,612	$65,956
2021	$136,958	$111,516	$2,011,489	$25,442
2020	$149,649	$123,928	$1,651,499	$25,721
2019	$309,102	$300,926	$1,648,634	$8,176