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:
1
18
Science Museum of Virginia Foundation meets the remaining 18 Standards for Charity Accountability.
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 exhibits 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, educational workshops, and training.
For the year ended June 30, 2021, Science Museum of Virginia Foundation's program expenses were:
Direct museum support |
$1,792,168 |
Indirect museum support |
$124,936 |
Total Program Expenses: |
$1,917,104 |
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Chief Executive
Kinsey Peeler, Executive Director
-
Compensation*
$123,834
-
Chair of the Board
Robert Feeser
-
Chair's Profession / Business Affiliation
President, Riverwind Advisors, LLC
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Board Size
22
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Paid Staff Size
7
*2020 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Note: Judy Harris, Director of Advancement, served as SMVF's highested compensated employee, receiving $138,144 in compensation.
Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Invitations to fund raising events, Membership appeals, Planned giving arrangements, Telephone appeals
Fundraising costs were 9% of related contributions. (Related contributions, which totaled $5,844,015 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, 2021.
Source of Funds |
Realized and unrealized gains on investments, net |
$6,616,748 |
Contributions |
$5,670,259 |
Sponsorships |
$117,393 |
Membership, special events, and other |
$56,363 |
Investment income, net |
($132,168) |
Total Income |
$12,328,595 |
- Programs: 66%
- Fundraising: 17%
- Administrative: 17%
Total Income |
$12,328,595 |
Program expenses |
$1,917,104 |
Fundraising expenses |
$521,403 |
Administrative expenses |
$502,232 |
Other expenses |
$0 |
Total expenses: |
$2,940,739 |
Income in Excess of Expenses |
$9,387,856 |
Beginning Net Assets |
$20,796,254 |
Other Changes In Net Assets |
$0 |
Ending Net Assets |
$30,184,110 |
Total Liabilities |
$2,024,018 |
Total Assets |
$32,208,128 |
Note: According to SMVF's audited financial statements for the year ended June 30, 2021, the organization received $4,331 in contributed goods.