Virginia War Memorial Foundation meets the 20 Standards for Charity Accountability.
BBB Wise Giving Alliance Comment
In finding that Virginia War Memorial Foundation meets BBB WGA’s Standard 10, which calls for charities to not retain unrestricted assets totaling more than three times the previous year’s expenses, BBB WGA considered the following. According to the organization’s 2020 audited financial statements, The Foundation’s unrestricted assets were $3,651,542 or 4.3 times the year’s expenses of $640,855. However, the organization reports that “2020 expenses were much lower than expected due to the cancelling of almost all on-site programs because of COVID-19 related shutdowns.” By comparison total expenses in 2019 were $1,296,832 – which makes the ratio of unrestricted assets to total expenses less than 3 times.
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Year, State Incorporated
1990, VA
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Also Known As
Virginia War Memorial Educational Foundation, Inc.
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Stated Purpose
"to honor veterans, preserve history, educate youth, and inspire patriotism in all."
Virginia War Memorial Foundation (Virginia War Memorial) seeks to honor veterans through the preservation of their stories. The organization?s education programs provide context for the Commonwealth?s military history in war and peacetime. The organization reports that it preserves the histories of Virginia?s veterans through their award-winning documentary series, Virginians at War, which features oral histories from veterans and civilians set against the backdrop of the historical record. The organization also enables communities to stand by veterans and equips citizens with critical thinking skills around issues of human conflict. Virginia War Memorial offers hands-on programs for children (in-school, homeschool, and online); educational resources and professional development for teachers; lectures, events, and seminars for adults; collections and archives for researchers; arts programs for veterans; patriotic ceremonies for the community; and historical exhibits, arts events, documentary films, and oral histories.
For the year ended December 31, 2020, Virginia War Memorial Foundation's program expenses were:
Film production and educational programs |
$163,144 |
Events |
$139,427 |
Virginia War Memorial expansion project |
$106,925 |
Other programs |
$50,222 |
Total Program Expenses: |
$459,718 |
*2021 compensation, as reported by the charity, includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Invitations to fund raising events, Planned giving arrangements, Print advertisements (newspapers, magazines, etc.), Telephone appeals, Radio, Television, Other
Fundraising costs were 5% of related contributions. (Related contributions, which totaled $1,317,072, 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 Virginia War Memorial Foundation's audited financial statements for the year ended December 31, 2020.
Source of Funds |
Donor contributions |
$1,294,072 |
Investment return, net |
$266,684 |
Corporate sponsorships |
$23,000 |
Rent |
$11,174 |
Recoveries of bad debt |
$2,250 |
Special event, net |
$1,431 |
Gift shop sales, net |
($37) |
Total Income |
$1,598,574 |
- Programs: 72%
- Administrative: 18%
- Fundraising: 10%
Total Income |
$1,598,574 |
Program expenses |
$459,718 |
Fundraising expenses |
$66,349 |
Administrative expenses |
$114,788 |
Other expenses |
$0 |
Total expenses: |
$640,855 |
Income in Excess of Expenses |
$957,719 |
Beginning Net Assets |
$5,308,310 |
Other Changes In Net Assets |
$0 |
Ending Net Assets |
$6,266,029 |
Total Liabilities |
$23,911 |
Total Assets |
$6,289,940 |