South Carolina Virtual Education Foundation

Analysis

South Carolina Virtual Education Foundation is a registered charity in United States, based in Okatie, SC. It received its IRS tax-exemption ruling in December 2019, 7 years ago. Its declared purposes cover education, which this site groups under education and training. 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 June 2023, South Carolina Virtual Education Foundation reported income of $287k and spending of $330k, spending 115% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $5.0m to $287k (-94%), an average of -51% a year. The sharpest change came in the year to June 2021, when income rose by 150%. Over the whole period it spent 16% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, South Carolina Virtual Education Foundation sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 66th percentile within SC. Charities of a similar size with the same main cause include Impact-U Foundation ($287k), Parent Booster USA Inc ($287k) and Upper Freehold Regional School District Booster Club ($287k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 84% of the total. Compensation of current officers, directors and key employees was $31k (9.3% of expenses). Other salaries and wages came to $94k. At year end it held assets of $4.8m against liabilities of $4,087, net assets of $4.8m. It reported 2 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.