Broadwater Academy

EIN: 540799130 501(c)(3) Education

EXMORE, VA

Total Revenue
$4,157,415
Total Expenses
$4,177,202
Total Assets
$4,270,205
Net Assets
$650,470
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
1965
Legal Domicile
VA
Phone
7574429041
Tax Period
2024-07-01 to 2025-06-30

BROADWATER ACADEMY, founded in 1965, is a community nonprofit in the Education sector that reported $3.1M in total revenue in fiscal year 2016. Revenue decreased 20% compared to the prior year. Expenses of $3.6M exceeded revenue, resulting in a 17% operating deficit.

Mission

BROADWATER ACADEMY IS AN INDEPENDENT, NON-PROFIT INSTITUTION THAT EXISTS TO PROVIDE AN ACADEMIC-BASED EDUCATIONAL PROGRAM AND TO PROVIDE NON-ACADEMIC PROGRAMS WHICH ENHANCE AND FACILITATE THE DEVELOPMENT OF STUDENTS WHO ARE PREPARED TO SUCCEED IN A COLLEGE PROGRAM AND TO CONTRIBUTE TO A CHANGING SOCIETY UPON GRADUATION. THE ACADEMY ADMITS STUDENTS OF ANY RACE, COLOR, NATIONAL AND ETHNIC ORIGIN WHO ARE ALL ENTITLED TO ALL THE RIGHTS, PRIVILEDGES, PROGRAMS AND ACTIVITES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE SCHOOL.

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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 $538,363
Program Service Revenue $3,405,277
Investment Income $186,869
Other Revenue $26,906
TOTAL REVENUE $4,157,415

Expense Breakdown

Grants Paid $0
Salaries & Benefits $2,921,462
Fundraising Expenses $79,321
Program Expenses $3,255,640
Other Expenses $1,255,740
TOTAL EXPENSES $4,177,202

Year-over-Year Comparison

2024 2023 Change
Revenue $4,157,415 $4,438,307 -0.1%
Expenses $4,177,202 $4,447,475 -0.1%
Net Income $-19,787 $-9,168 +1.2%
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
14
Independent Members
14
Employees
90
Volunteers
66

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
8
$404,199
Total Directors
14
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CHRIS WILLIS Chair 4.0
Officer Director
$0 $0 $0
Daniel Hooper Treasurer 4.0
Officer Director
$0 $0 $0
JON WEHNER Vice Chair 4.0
Officer Director
$0 $0 $0
Will Russell Secretary 4.0
Officer Director
$0 $0 $0
Ace Seybolt Director 1.0
Director
$0 $0 $0
Blake Johnson DIRECTOR 1.0
Director
$0 $0 $0
Brent Anderson Director 1.0
Director
$0 $0 $0
Clint Crouse Director 1.0
Director
$0 $0 $0
Jim Shaeffer DIRECTOR 1.0
Director
$0 $0 $0
JP Binard DIRECTOR 1.0
Director
$0 $0 $0
Kristy Hickman DIRECTOR 1.0
Director
$0 $0 $0
Robert Sabbatini DIRECTOR 1.0
Director
$0 $0 $0
Sierra Knight Magee DIRECTOR 1.0
Director
$0 $0 $0
Spencer Shelley DIRECTOR 1.0
Director
$0 $0 $0
BARBARA PARKER ASSISTANT HEAD OF SCHOOL 50.0
Officer
$50,117 $2,333 $52,450
FRANCIS RYAN HEAD OF SCHOOL 50.0
Officer
$165,000 $34,969 $199,969
Kate Terry Assistant Head of School 50.0
Officer
$41,833 $4,038 $45,871
STEVEN M BELOTE CFO 50.0
Officer
$100,625 $5,284 $105,909
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 $4,157,415 $4,177,202 $4,270,205 $-19,787
2024 $4,438,307 $4,447,475 $5,094,803 $-9,168
2023 $4,001,369 $4,263,065 $4,710,472 $-261,696
2022 $4,139,571 $3,722,174 $5,203,721 $417,397
2021 $3,545,866 $3,541,557 $5,201,579 $4,309
2020 $2,894,053 $3,154,892 $5,211,524 $-260,839
2019 $3,328,446 $3,500,693 $5,065,272 $-172,247
2018 $3,165,673 $3,407,180 $5,490,774 $-241,507
2017 $3,062,705 $3,583,073 $4,874,471 $-520,368
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