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CHARITY REVIEW
Issued: February 2025 Expires: February 2027

Science Museum of Virginia Foundation

Standards Not Met
Standards Not Met
1 6 7 14 17
(804) 864-1547
Post Office Box 11624
Richmond, VA, 23230
https://smv.org/
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Standards For Charity Accountability

Governance

  1. Board Oversight
  2. Board Size
  3. Board Meetings
  4. Board Compensation
  5. Conflict of Interest

Measuring Effectiveness

  1. Effectiveness Policy
  2. Effectiveness Report

Finances

  1. Program Expenses
  2. Fundraising Expenses
  3. Accumulating Funds
  4. Audit Report
  5. Detailed Expense Breakdown
  6. Accurate Expense Reporting
  7. Budget Plan

Fundraising & Info

  1. Truthful Materials
  2. Annual Report
  3. Website Disclosures
  4. Donor Privacy
  5. Cause Marketing Disclosures
  6. Complaints

Science Museum of Virginia Foundation does not meet the following 5 Standards for Charity Accountability:

Standard 1 (Oversight of Operations and Staff)
Organizations shall have a board of directors that provides adequate oversight of the charity's operations and its staff. Indication of adequate oversight includes, but is not limited to, regularly scheduled appraisals of the CEO's performance, evidence of disbursement controls such as board approval of the budget, fund raising practices, establishment of a conflict of interest policy, and establishment of accounting procedures sufficient to safeguard charity finances.

SMVF does not meet this Standard because its board of directors does not:

  • Review the performance of the Chief Executive Officer at least once every two years.
  • Approve the organization’s budget.

Standard 6 (Board Policy on Effectiveness)
Have a board policy of assessing, no less than every two years, the organization's performance and effectiveness and of determining future actions required to achieve its mission.

SMVF does not meet this Standard because:

  • The board of directors does not have a written policy stating that, at least every two years, an appraisal be done assessing the organization’s performance and effectiveness and determining future actions required to achieve its mission.

Standard 7 (Board Approval of Written Report on Effectiveness)
Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.

SMVF does not meet this Standard because:

  • The organization has not completed an effectiveness assessment in the last two years.

Standard 14 (Budget)
Have a board-approved annual budget for its current fiscal year, outlining projected expenses for major program activities, fund raising, and administration.

SMVF does not meet this Standard because, when the organization provided 2024 budget information, it indicated that the budget:

  • Did not identify total projected program service expenses and did not break these expenses down by major program category (operations, expenditures to or on behalf of the museum, indirect museum support).

Standard 17 (Web Site Disclosures)
Include on any charity websites that solicit contributions, the same information that is recommended for annual reports, as well as the mailing address of the charity and electronic access to its most recent IRS Form 990.

SMVF does not meet this Standard because the organization’s website, https://smv.org/, does not include all of the recommended information for those charity websites that solicit for donations. Specifically, it does not include:

  • A summary of 2023 program service accomplishments.

The BBB Wise Giving Alliance requested but did not receive complete information from the organization and is unable to verify the organization's compliance with the following Standard(s) for Charity Accountability: 3, 15

Science Museum of Virginia Foundation meets the remaining 13 Standards for Charity Accountability.

Stated Purpose:
"to serve as the private fundraising partner of the Science Museum of Virginia."

Year, State Incorporated:
1972, VA

Science Museum of Virginia Foundation (SMVF) reports that it supports the services and operations of the Science Museum of Virginia, a state institution founded by the Virginia Academy of Science and the Virginia General Assembly. The organization states that it helps fund hundreds of permanent and visiting exhibits throughout the year, allowing visitors to learn and experiment with science concepts. SMVF also assists with funding museum educational programming, including classes, lectures, workshops, and training. In 2023, the organization reported it welcomed 493,935 visitors, 68,998 live demonstration participants, and 51,863 future scientists on field trips.

For the year ended June 30, 2023, Science Museum of Virginia Foundation's program expenses were:

Expenditure to or on behalf of the Museum $2,482,495
Indirect support to the Museum $157,748
Operations grant to the Museum $1,494,572
Total Program Expenses $4,134,815

Chief Executive
Kinsey Peeler, Executive Director

Compensation*
$148,014

Chair of the Board
Elena Edwards

Chair's Profession / Business Affiliation
Chief Markets Officer, Allianz Partners

Board Size
25

Paid Staff Size
6

*2022 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.

Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Direct mail appeals, Radio

Fundraising costs were 13% of related contributions. (Related contributions, which totaled $3,143,499, are donations received as a result of fundraising activities.)

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.

The following information is based on Science Museum of Virginia Foundation's audited financial statements for the year ended June 30, 2023.

Source of Funds
In-kind contributions $24,497
Sponsorships $169,200
Investment income, net $574,733
Membership, special events, and other income $640,273
Realized and unrealized gains on investments, net $695,813
Contributions $2,949,802
Total Income $5,054,318

Programs: 86% Fundraising: 9% Administrative: 5%

Total Income $5,054,318
Total expenses: $4,802,238
  Program expenses $4,134,815
  Fundraising expenses $414,883
  Administrative expenses $252,540
  Other expenses $0
Income in Excess of Expenses $252,080
Beginning Net Assets $29,610,805
Other Changes In Net Assets $0
Ending Net Assets $29,862,885
Total Liabilities $2,325,247
Total Assets $32,188,132

Note: According to SMVF's audited financial statements for the year ended June 30, 2023, the organization received in-kind contributions of $24,497 in the form of program materials.

An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the International Association of Better Business Bureaus.

This report is not to be used for fundraising or promotional purposes.

RELATED CONTENT

Report completed by:
BBB Wise Giving Alliance