Nova of Virginia Aquatics Inc

Analysis

Nova of Virginia Aquatics Inc is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in March 1989, 37 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending August 2023, Nova of Virginia Aquatics Inc reported income of $5.0m and spending of $5.1m, spending 102% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $3.5m to $5.0m (+41%), an average of +8.9% a year. The sharpest change came in the year to August 2021, when income rose by 33%. Over the whole period it spent 88% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Nova of Virginia Aquatics Inc sits at the 99th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within VA. Charities of a similar size with the same main cause include Club Ohio Soccer Inc ($5.0m), YMCA of Marthas Vineyard Inc ($5.0m) and Triangle Aquatic Center ($4.9m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 8.4% and program service revenue 79% of the total. Compensation of current officers, directors and key employees was $46k (0.9% of expenses). Other salaries and wages came to $2.1m. At year end it held assets of $16.5m against liabilities of $8.5m, net assets of $8.1m. It reported 148 employees.