Overview
What is Virtu Foundation Inc?
Virtu Foundation Inc, based in Charlottesville, Virginia, is a nonprofit organization that focuses on supporting the musical aspirations of young talents. Their primary mission is to provide top-notch stringed instruments to budding musicians who lack the financial means to acquire them. This access to instruments significantly enhances their educational and professional advancement in the field of music. The organization solely dedicates its resources to this single program.
Official website here: www.virtufound.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 76%, Three-Star out of Four Star rating. This rating reflects the organization's solid performance in accountability and finance, as it is based entirely on a single beacon score. The high rating indicates that Virtu Foundation Inc demonstrates a strong commitment to financial transparency and good governance.
The organization excels in several areas, particularly its board structure, with 100% independent members and a solid size of seven independent members. Additionally, it maintains a high program expense ratio of nearly 91%, suggesting that a significant portion of its funding is directed toward its charitable activities. Other strengths include having a conflict of interest policy in place and proper documentation of board meeting minutes.
However, the charity does face some limitations. Notably, it lacks whistleblower and document retention policies, which are critical for ensuring accountability and ethical governance. The liabilities to assets ratio is also a concern at 59.28%, indicating that the organization has a relatively high level of liabilities compared to its assets. Overall, while Virtu Foundation Inc shows strength in governance and program spending, addressing these limitations could enhance its operational integrity further.
This AI summary has been generated from information found on Charity Navigator.
Is Virtu Foundation Inc legitimate?
Virtu Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Virtu Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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Official website here: www.virtufound.org
What is the mission statement of Virtu Foundation Inc?
The Virtu Foundation's mission is to aid in the advancement of talented young musicians' careers by providing them with high-quality stringed instruments. These instruments are crucial for these individuals as they currently lack the financial means to acquire them. The foundation, with its single program, directs all its resources towards this mission.
Official website here: www.virtufound.org
Who is the CEO of Virtu Foundation Inc?
Curtis Peterson is the President of Virtu Foundation Inc.
Official website here: www.virtufound.org
What is the revenue of Virtu Foundation Inc?
Virtu Foundation Inc's revenue in 2023 was $82,592.
Official website here: www.virtufound.org
Who are the executives of Virtu Foundation Inc and what are their salaries?
Here are 7 key members and their salaries:
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Official website here: www.virtufound.org
Where can I find the form 990 for Virtu Foundation Inc?
Virtu Foundation Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.virtufound.org
Learn more at the official website: www.virtufound.org
Mission Statement of Virtu Foundation Inc
Virtu Foundation Inc, a nonprofit organization, is dedicated to aiding talented young musicians in their educational and professional journeys. Recognizing that access to quality stringed instruments can significantly impact a musician's progress, Virtu Foundation provides such instruments to those whose financial circumstances prevent them from acquiring them. By offering these resources, Virtu Foundation aims to support these young musicians in advancing their musical careers, thereby contributing to the broader musical community. The organization's focus is solely on its one program, ensuring that all resources are directed towards this noble cause.
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Impact
October, 2024
Virtu Foundation Inc significantly impacts young musicians by providing them with quality stringed instruments, essential for advancing their education and careers in music. By targeting talented individuals who lack access to affordable instruments, the foundation helps level the playing field, enabling these musicians to refine their skills and pursue their passions. This support not only fosters individual growth and creativity but also enriches the broader cultural landscape by nurturing the next generation of artists. With a dedicated focus on this singular program, Virtu Foundation ensures that all resources directly contribute to empowering young talent in the music community.
This information is meant to be a general summary of Virtu Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $117
- Program Service Revenue: $78,215
- Gross Receipts: $107,592
Assets and Liabilities:
- Total Assets: $2,491,758
- Total Liabilities: $1,477,290
- Net Assets: $1,014,468
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Scholarships
Revenue
$78,215
Organization Details
Founding Year
1997
Phone
(434) 823-1440Principal Officer
Curtis Peterson
Main Address
PO Box 5212, Charlottesville, VA, 22905
Website
www.virtufound.orgNTEE Category
Code: T30 - Philanthropy
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