Better Business Bureau Report for
Science Museum of Virginia Foundation, Inc.

Better Business Bureau Report issued October 2014
Better Business Bureau Report expires October 2016


This BBB Accredited charity meets all 20 Standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: Science Museum of Virginia Foundation, Inc.
Address: 2500 West Broad Street
  Richmond, VA 23220
Phone: 804-864-1546
Web Address: www.smv.org
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Better Business Bureau Comments

Year, State Incorporated: 1972, Virginia
Affiliates: None
Mission: The Science Museum of Virginia Foundation's mission is to support the Science Museum of Virginia in its mission to inspire Virginians to enrich their lives through science.

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Evaluation Conclusions

              

Science Museum of Virginia Foundation, Inc. (SMVF) meets the 20 Standards for Charity Accountability.
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Programs

              

Located in Richmond’s historic Broad Street Station, the Science Museum of Virginia is the state’s flagship institution for informal science learning. The Museum opened its doors in 1977 and is today a highly visible, accessible, and popular destination for families, school and community groups and out of town visitors, attracting annual visitation of 300,000. The Science Museum houses more than 60,000 square feet of interactive exhibits, the DOME Theater, live science demonstrations, teaching labs, and the Carpenter Science Theatre Company and employs a broad range of experiences to inspire and engage audiences of all ages. Also a popular gathering place for civic and business groups, the Museum hosts some 500 community events each year. The Museum partners with a range of community groups and youth agencies and raises funds to underwrite visits from underserved groups to ensure that the broadest cross section of Virginians has access to the dynamic learning opportunities we offer.

For the fiscal year ended June 30, 2013, SMVF's program expenses were:

  
Expenditures to or on behalf of the Museum 4,432,596
Grants to Science Museum of Virginia 703,848
Indirect Museum support 202,354
Total Program Expenses: $5,338,798
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Governance

              

Chief Executive : Kinsey P. Peeler, Executive Director
Compensation*: 

Chair of the Board: Anne Maire Elles
Chair's Profession / Business Affiliation: Owner, Trappings

Board Size: 26

Paid Staff Size: 9

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Fund Raising

              

Method(s) Used:

Direct mail, invitations to fund raising events, grant proposals, internet & website appeals, and memberships.
Fund raising costs were 13% of related contributions. (Related contributions, which totaled $5,004,539, are donations received as a result of fund raising activities.)
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Financial

              

The following information is based on SMVF's audited financial statements for the fiscal year ended June 30, 2013.

Source of Funds  
Capital Campaign 3,019,168
Annual giving and sponsorships 1,240,752
Net unrealized gain on investments 1,227,051
Special events and other 505,575
Endowment 239,044
Investment income 191,371
Change in value of split interest agreements -1,504
Total Income $6,421,457


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Uses of Funds as a % of Total Expenses

Programs: 85%  Fund Raising: 11%  Administrative: 4% 

Total income $6,421,457
Program expenses $5,338,798
Fund raising expenses 669,441
Administrative expenses 227,036
Total expenses $6,235,275
Income in Excess of Expenses 186,182
Beginning net assets 19,239,489
Ending net assets 19,425,671
Total liabilities 792,591
Total assets $20,218,262


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Tax Status

              

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.
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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

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