Foundation First EIN 27-4379476

Foundation First FY2021 filing

EIN  27-4379476 Public charity (501(c)(3)) Fredericksbrg, VA
Form 990 (PDF)
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →
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Verified accurate 8/24/26 · see original filing: IRS
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Size
$1–10M
What they do
Connects partners to coordinate resources for young children's school and life readiness.
Leadership
Gregory Mellors · Chair
Money in and out
$806K revenue, $779K expenses
Bottom line
97% program efficiency

Connects partners to coordinate resources for young children's school and life readiness. For fiscal year 2021 it reported $806K in revenue, $779K in expenses, and $252K in net assets.Pt I

Where the money goes · FY2021
Total revenue
$806K
Pt VIII · Ln 12
Total expenses
$779K
Pt IX · Ln 25
Net assets
$252K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $27K
Where spending went · Part IX cols B–D
Program services $0.97 Management & general $0.03 Fundraising $0.00
Program efficiency
97%
of spending reaches programs
Operating runway
1.4mo
months of highly liquid reserves at operating expense rate
Surplus margin
+3%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2021 · Form 990
Revenue
$806K
FY2021▲ +27%
Expenses
$779K
FY2021▲ +23%
Total assets
$300K
FY2021▼ -5%
Total liabilities
$48K
FY2021▼ -47%
Total revenue
$806K
Pt VIII · Ln 12
Total expenses
$779K
Pt IX · Ln 25
Net assets
$252K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$27K
Total assetsPt X · Ln 16$300K
Program-expense ratioPt IX · col B97%
Voting members of governing bodyPt I · Ln 319
Independent voting membersPt I · Ln 419
Mission & Programs · Part III

Where the work happens

3 program services account for $698K of program spending, described in the organization's own filed words · FY2020.
01

Virginia Star Quality Initiative(vsqi)

Statewide system designed to assist childcare providers in their efforts to assess and improve the quality of their services.

$389Kprogram expense
02

Preschool Development Grant

Pilot program for a new unified system for early childhood development in virginia (birth-five).

$260Kprogram expense
03

Al's Pals

A resiliency-based early childhood curriculum and teacher training program that develops personal, social and emotional skills in young children.

$50Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CFoundation First
EINHdr · item D27-4379476
Principal addressHdr · item CFredericksbrg, VA
WebsiteHdr · item Jwww.smartbeginningsra.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MVA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B99)
Ruling yearIRS BMFJun 2011

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a19
Independent voting membersPt VI · Ln 1b19
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Foundation First executive salaries →

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Statement of Revenue

Part VIII
Contributions & grants100%$803K
Investment income$22
Other revenue$3K
— government grantsLn 1e$798K
Total revenueLn 12$806K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.97 Management & general $0.03 Fundraising $0.00
Program services97%$753K
Management & general3%$26K
Fundraising$56
Total functional expensesLn 25$779K

Balance Sheet

Part X · end of year
CashLn 1$92K
Total assetsLn 16$300K
Total liabilitiesLn 26$48K
Total net assetsLn 32$252K
Months of cash on handcomputed1.4

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $92K · Operating expenses/yr $779K
1.4 months
Where the money goes
Program services
Program services $753K · Total expenses $779K
97%
Management & General
Management & general $26K · Total expenses $779K
3%
Fundraising
Fundraising $56 · Total expenses $779K
0%
Cost to raise $1
Fundraising expense (2-yr avg) $2K · Solicited contributions (2-yr avg) $5K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $803K · Total revenue $806K
100%
Government reliance
Government grants $798K · Total revenue $806K
99%
Earned-income share
Program service revenue $0 · Total revenue $806K
0%
Investment reliance
Investment income $22 · Total revenue $806K
0%
Program self-sufficiency
Program service revenue $0 · Total expenses $779K
0%
Growth & trend
Revenue growth (YoY)
This year $806K · Prior year $635K
+27%
Net-asset trend (YoY)
End of year $252K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $806K · Expenses $779K
+3%
Liabilities-to-Assets
Total liabilities — · Total assets $300K
Net-asset ratio
Net assets $252K · Total assets $300K
84%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $300K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Gregory Mellors · Reported title CHAIR · Highest reported compensation $0 · Total expenses $779K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $348K · Total expenses $779K
45%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 97%
Overhead ratio 3%
Fundraising cost ratio 0%
Revenue growth 27%
Accounting fee ratio 1%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 1 funder$4.4M

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$4.9M revenue · ⤓ 990 PDF
FY2024$4.4M revenue · ⤓ 990 PDF
FY2023$2.4M revenue · ⤓ 990 PDF
FY2022$690K revenue · ⤓ 990 PDF
FY2021$806K revenue · viewing · ⤓ 990 PDF
FY2020$635K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2021IRS
Classification, formation year, addressIRS Business Master File
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