Vela Education Fund

Analysis

Vela Education Fund is a registered charity in United States, based in Arlington, VA. It received its IRS tax-exemption ruling in December 2020, 6 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Vela Education Fund reported income of $18.5m and spending of $13.6m, leaving 27% of income unspent that year. Across the 4 years on record, from December 2020 to December 2023, income grew from $4.6m to $18.5m (+305%), an average of +59% a year. The sharpest change came in the year to December 2021, when income rose by 190%. Over the whole period it spent 80% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Vela Education Fund sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within VA. Charities of a similar size with the same main cause include Coastal Bend Community Foundation ($18.5m), Community Foundation of North Louisiana ($18.5m) and Jewish Community Center of Greater Kansas City ($18.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% of the total. Other salaries and wages came to $1.4m. At year end it held assets of $13.5m against liabilities of $3.1m, net assets of $10.4m. It reported 8 employees.