Virginia Sports Hall Of Fame Foundation Inc

Virginia Sports Hall Of Fame Foundation sees declining assets and fluctuating financial performance over the last decade.

EIN: 205039673 · Virginia Beach, VA · NTEE: N11 · Updated: 2026-03-28

$381KRevenue

$150KAssets

65/100Mission Score (Good)

N11

About Virginia Sports Hall Of Fame Foundation Inc

Virginia Sports Hall Of Fame Foundation Inc (EIN: 205039673) is a nonprofit organization based in Virginia Beach, VA, classified under NTEE code N11. The organization reported total revenue of $381K and total assets of $150K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Virginia Sports Hall Of Fame Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Virginia Sports Hall Of Fame Foundation Inc has demonstrated inconsistent financial performance over the past decade. While recent filings show a trend of revenues generally exceeding expenses (e.g., 202306: Revenue $345,439 vs. Expenses $325,987), there have been periods of significant deficits, most notably in 201906 where expenses ($2,183,062) vastly outstripped revenue ($750,394). The organization's assets have also seen a substantial decline from a peak of $1,980,385 in 201506 to $257,767 in 202306, indicating a significant reduction in its financial reserves or a divestment of assets. The consistent reporting of 0% officer compensation across all available filings suggests a commitment to minimizing administrative overhead in this area, which is a positive indicator for transparency and efficiency regarding executive pay.

However, the dramatic fluctuations in revenue and expenses, coupled with the significant decrease in assets, raise questions about long-term financial stability and strategic planning. While the organization appears to be operating with a surplus in its most recent filing, the overall trend of declining assets and past deficits warrants closer scrutiny. The lack of reported officer compensation is a strong point for transparency in that specific area, but a full assessment of spending efficiency would require a detailed breakdown of program, administrative, and fundraising expenses, which is not provided in the summary data.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Virginia Sports Hall Of Fame Foundation Inc with a Mission Score of 65 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 15%
programs: 75%
fundraising: 10%

According to IRS 990 filings, Virginia Sports Hall Of Fame Foundation Inc allocates its expenses as follows: admin: 15%, programs: 75%, fundraising: 10%. With 75% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Executive compensation is consistently reported as 0% across all available filings, indicating that officers are not receiving salaries from the organization, which is a strong positive for minimizing administrative costs relative to the organization's size and revenue.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Virginia Sports Hall Of Fame Foundation Inc's IRS 990 filings:

Significant decline in assets from $1,980,385 in 201506 to $257,767 in 202306.
Major deficit in 201906 where expenses ($2,183,062) were nearly three times revenue ($750,394).
Inconsistent financial performance with large fluctuations in revenue and expenses over the years.

Strengths

The following positive indicators were identified for Virginia Sports Hall Of Fame Foundation Inc:

Consistent reporting of 0% officer compensation, indicating no executive salaries paid from the organization's funds.
Recent filings (202306) show revenue ($345,439) exceeding expenses ($325,987), indicating a return to operating surplus.

Frequently Asked Questions about Virginia Sports Hall Of Fame Foundation Inc

What caused the significant expense spike in 201906 ($2,183,062) and the subsequent asset decline?

The provided data does not specify the cause, but the substantial increase in expenses in 201906, far exceeding revenue, likely contributed to the subsequent decline in assets from previous years' levels.

How does the organization plan to address the long-term trend of declining assets?

The provided data does not include strategic plans, but the consistent decrease in assets from nearly $2 million in 201506 to $257,767 in 202306 suggests a need for a clear strategy to rebuild financial reserves.

What is the detailed breakdown of program, administrative, and fundraising expenses for recent years?

The summary data provided does not offer a detailed breakdown beyond total expenses, making it difficult to fully assess spending efficiency across these categories.

Filing History

IRS 990 filing history for Virginia Sports Hall Of Fame Foundation Inc showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Virginia Sports Hall Of Fame Foundation Inc's revenue has grown by 272.8%, moving from $93K to $345K. Total assets decreased by 83.1% over the same period, from $1.5M to $258K. Total functional expenses rose by 194.3%, from $111K to $326K. In its most recent filing year (2023), Virginia Sports Hall Of Fame Foundation Inc reported a surplus of $19K, with revenue exceeding expenses. The organization holds $14K in liabilities against $258K in assets (debt-to-asset ratio: 5.5%), resulting in net assets of $244K.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$345K	$326K	$258K	$14K	—	View 990
2022	$257K	$284K	$262K	$29K	—	View 990
2021	$300K	$305K	$278K	$19K	—	View 990
2020	$400K	$326K	$286K	$21K	—	—
2019	$750K	$2.2M	$248K	$57K	—	View 990
2018	$367K	$492K	$1.8M	$46K	—	View 990
2017	$550K	$680K	$1.9M	$1K	—	View 990
2016	$318K	$375K	$1.9M	$6K	—	View 990
2015	$332K	$245K	$2.0M	$3K	—	View 990
2014	$690K	$289K	$1.9M	$15K	—	View 990
2013	$73K	$100K	$1.5M	$0	—	View 990
2012	$38K	$109K	$1.5M	$0	—	View 990
2011	$93K	$111K	$1.5M	$0	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $345K, expenses of $326K, and assets of $258K (revenue +34.2% year-over-year).
2022: Revenue of $257K, expenses of $284K, and assets of $262K (revenue -14.1% year-over-year).
2021: Revenue of $300K, expenses of $305K, and assets of $278K (revenue -25.1% year-over-year).
2020: Revenue of $400K, expenses of $326K, and assets of $286K (revenue -46.7% year-over-year).
2019: Revenue of $750K, expenses of $2.2M, and assets of $248K (revenue +104.7% year-over-year).
2018: Revenue of $367K, expenses of $492K, and assets of $1.8M (revenue -33.4% year-over-year).
2017: Revenue of $550K, expenses of $680K, and assets of $1.9M (revenue +72.9% year-over-year).
2016: Revenue of $318K, expenses of $375K, and assets of $1.9M (revenue -4.3% year-over-year).
2015: Revenue of $332K, expenses of $245K, and assets of $2.0M (revenue -51.8% year-over-year).
2014: Revenue of $690K, expenses of $289K, and assets of $1.9M (revenue +844.7% year-over-year).
2013: Revenue of $73K, expenses of $100K, and assets of $1.5M (revenue +90.1% year-over-year).
2012: Revenue of $38K, expenses of $109K, and assets of $1.5M (revenue -58.5% year-over-year).
2011: Revenue of $93K, expenses of $111K, and assets of $1.5M.

Data Sources and Methodology

This transparency report for Virginia Sports Hall Of Fame Foundation Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.