Valentine Museum: FY2021 Nonprofit Profile & Form 990 (EIN 54-0505967)

Revenue by fiscal year
FY2020	$2.0M
FY2021	$3.6M
FY2022	$4.4M
FY2023	$7.1M
FY2024	$4.0M
FY2025	$5.4M

Expenses by fiscal year
FY2020	$2.7M
FY2021	$2.4M
FY2022	$2.6M
FY2023	$2.9M
FY2024	$3.8M
FY2025	$4.1M

Net assets by fiscal year
FY2020	$25.8M
FY2021	$31.2M
FY2022	$30.2M
FY2023	$36.1M
FY2024	$37.5M
FY2025	$39.4M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1925.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

71 cents of each dollar spent went to programs.

71%

19%

Program services 71% · $1.7M Management & general 19% · $459K Fundraising 10% · $247K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

30 people listed on the 990; $130K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII

William J Martin

Director

$129,827Pt VII · Sec A

Scott R Warren

Vice Chairman

$0Pt VII · Sec A

J Edward Ukrop

Secretary

$0Pt VII · Sec A

E Massie Valentine JR

Treasurer

$0Pt VII · Sec A

James L Weinberg

Assistant Secretary

$0Pt VII · Sec A

Deborah W Davis

Assistant Treasurer

$0Pt VII · Sec A

Marjorie N Grier

Ex. Officio

$0Pt VII · Sec A

Edward L Ayers

Trustee

$0Pt VII · Sec A

William J Martin’s $147K as Director is at the 64th percentile of top reported officer pay among 3924 $1–10M arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 2 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
William J Martin	$146,838	$141,702	$141,859	$131,055	$129,827	$129,427
David B Morris	$111,801	—	—	—	—	—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Valentine Museum executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Collects, preserves, and interprets Richmond's history to engage and educate diverse audiences.

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Provided by the organization

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1 program · $1.7M · in their own filed words · FY2020

01

The valentine engages children and adults in thoughtful programs designed to use history to inform the present and to shape the future. Interactive programs reach children from pre-k to high school on site and through outreach in the schools.

$1.7Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record

Grants received · FY2025

Hofheimer-Wright FoundationFY2025$75K

Fatherree FoundationFY2025$12K

Total grants receivedfrom 2 funders$88K

By the numbers

The FY2021 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$3.6M

Ln 12

Gifts and grantsLn 1h$2.9M

Investment incomeLn 3$450K

Other incomeLn 4–11$266K

Money outPt IX

$2.4M

Ln 25

Programscol B$1.7M

Managementcol C$459K

Fundraisingcol D$247K

Owns and owesPt X

$31.2M

net assets · Ln 32

Cash and savingsLn 1–2$1.2M

Total assetsLn 16$32.5M

LiabilitiesLn 26$1.3M

PeoplePt VI, VII

30

listed · VII A

PaidVII A1

Voting boardVI 1a30

IndependentVI 1b30

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$2.9M

Government grantsLn 1e$42K

Noncash giftsLn 1g$6K

Fees for servicesLn 2g$11K

Investment incomeLn 3$450K

Other incomeLn 4–11$266K

Total revenueLn 12$3.6M

Assets in detailPt X, end of year

CashLn 1$82K

SavingsLn 2$1.1M

Cash and savings togetherLn 1–2$1.2M

InvestmentsLn 11–13$21.5M

Land, buildings, equipmentLn 10c$7.0M

Other assetsLn 15$745K

Total assetsLn 16$32.5M

LiabilitiesLn 26$1.3M

Net assetsLn 32$31.2M

OperationsPt I, VI

EmployeesI 591

VolunteersI 69

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY21	End FY21
Cash and savingsLn 1–2	$1.1M	$1.2M
InvestmentsLn 11–13	$17.2M	$21.5M
Land, buildings, equipmentLn 10c	$6.6M	$7.0M
Total assetsLn 16	$27.0M	$32.5M
LiabilitiesLn 26	$1.2M	$1.3M
Net assetsLn 32	$25.8M	$31.2M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Pay of current officers, directors and key staffLn 5	$133K		$133K
Other salaries and wagesLn 7	$912K	$697K	$112K	$103K
Other employee benefitsLn 9	$88K	$46K	$27K	$14K
Payroll taxesLn 10	$76K	$51K	$18K	$8K
Investment management feesLn 11f	$73K		$73K
Other fees for servicesLn 11g	$123K	$73K	$22K	$29K
Advertising and promotionLn 12	$23K	$21K	$2K
Office expensesLn 13	$29K	$21K	$4K	$3K
OccupancyLn 16	$184K	$175K	$9K	$102
TravelLn 17	$19K	$1K	$3K	$15K
Conferences, conventions and meetingsLn 19	$2K	$1K	$665	$390
Depreciation, depletion and amortizationLn 22	$352K	$352K
InsuranceLn 23	$49K	$26K	$23K
Other expenses (24a–d)Ln 24	$238K	$186K	$26K	$25K
All other expensesLn 24e	$94K	$38K	$7K	$49K
Total functional expensesLn 25	$2.4M	$1.7M	$459K	$247K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$5.4M	$4.1M	$1.3M	$39.4M	990 PDF
FY2024	$4.0M	$3.8M	$235K	$37.5M	990 PDF
FY2023	$7.1M	$2.9M	$4.3M	$36.1M	990 PDF
FY2022	$4.4M	$2.6M	$1.9M	$30.2M	990 PDF
FY2021 Viewing	$3.6M	$2.4M	$1.2M	$31.2M	990 PDF
FY2020	$2.0M	$2.7M	−$635K	$25.8M	990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2021 990 (6 parts)

Part I · Summary $3,612,288 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $1,440,873$2,885,021

I-9 Program service revenuePrior year $66,895$10,878

I-10 Investment incomePrior year $341,730$450,202

I-11 Other revenuePrior year $187,003$266,187

I-12 Total revenuePrior year $2,036,501$3,612,288

I-13 Grants and similar amounts paidPrior year $0$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $1,326,369$1,208,384

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $1,345,328$1,186,706

I-18 Total expensesPrior year $2,671,697$2,395,090

I-19 Revenue less expensesPrior year −$635,196$1,217,198

Part VI · Governance 30 of 30 board members independent, 1 to look at

VI-1a Voting members of the governing body30

VI-1b Independent voting members30

VI-2 Family or business relationship among officers or directorsYes

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $3,612,288 across 11 lines filed

Lines not itemized here account for $15,944 of total revenue; see the IRS return.

VIII-1e Government grants$42,076

VIII-1f All other contributions, gifts and grants$2,842,945

VIII-1g Noncash contributions (included above)$6,322

VIII-1h Total contributions, gifts and grants$2,885,021

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $10,878$10,878

VIII-3 Investment incomeExcluded from tax $450,202$450,202

VIII-5 RoyaltiesExcluded from tax $615$615

VIII-6 Net rental income or lossExcluded from tax $9,105$9,105

VIII-8 Net income from fundraising eventsExcluded from tax $80,588$80,588

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $159,935$159,935

VIII-12 Total revenueRelated to mission $26,251 · Unrelated business $0 · Excluded from tax $701,016$3,612,288

Part IX · Statement of functional expenses $2,395,090 across 15 lines filed

IX-5 Pay of current officers, directors and key staffManagement $132,600$132,600

IX-7 Other salaries and wagesPrograms $696,869 · Management $111,646 · Fundraising $103,162$911,677

IX-9 Other employee benefitsPrograms $46,030 · Management $27,455 · Fundraising $14,180$87,665

IX-10 Payroll taxesPrograms $51,126 · Management $17,588 · Fundraising $7,728$76,442

IX-11f Investment management feesManagement $72,879$72,879

IX-11g Other fees for servicesPrograms $72,645 · Management $21,780 · Fundraising $28,770$123,195

IX-12 Advertising and promotionPrograms $21,067 · Management $1,603$22,670

IX-13 Office expensesPrograms $21,178 · Management $4,405 · Fundraising $3,265$28,848

IX-16 OccupancyPrograms $175,155 · Management $8,970 · Fundraising $102$184,227

IX-17 TravelPrograms $1,395 · Management $3,294 · Fundraising $14,599$19,288

IX-19 Conferences, conventions and meetingsPrograms $1,140 · Management $665 · Fundraising $390$2,195

IX-22 Depreciation, depletion and amortizationPrograms $352,221$352,221

IX-23 InsurancePrograms $25,714 · Management $23,263$48,977

IX-24 Other expenses (24a–d)Programs $186,495 · Management $26,151 · Fundraising $25,335$237,981

IX-24e All other expensesPrograms $38,068 · Management $7,058 · Fundraising $49,099$94,225

IX-25 Total functional expensesPrograms $1,689,103 · Management $459,357 · Fundraising $246,630$2,395,090

Part X · Balance sheet $32,486,198 assets, 18 lines filed

X-1 Cash, non-interest-bearingStart of year $63,645$82,396

X-2 Savings and temporary cash investmentsStart of year $994,815$1,143,710

X-3 Pledges and grants receivableStart of year $1,309,141$1,980,356

X-4 Accounts receivableStart of year $1,071$19,141

X-8 Inventories for sale or useStart of year $38,428$32,721

X-9 Prepaid expenses and deferred chargesStart of year $9,177$6,450

X-10c Land, buildings and equipment, netStart of year $6,644,644$6,964,018

X-11 Publicly traded securitiesStart of year $17,169,093$21,491,755

X-14 Intangible assetsStart of year $20,606$20,606

X-15 Other assetsStart of year $745,045$745,045

X-16 Total assetsStart of year $26,995,665$32,486,198

X-17 Accounts payable and accrued expensesStart of year $432,239$472,978

X-25 Other liabilitiesStart of year $782,581$789,144

X-26 Total liabilitiesStart of year $1,214,820$1,262,122

X-27 Net assets without donor restrictionsStart of year $8,235,729$9,116,907

X-28 Net assets with donor restrictionsStart of year $17,545,116$22,107,169

X-32 Total net assets or fund balancesStart of year $25,780,845$31,224,076

X-33 Total liabilities and net assetsStart of year $26,995,665$32,486,198

Part XI · Reconciliation of net assets $31,224,076 net assets at year end

XI-1 Total revenue$3,612,288

XI-2 Total expenses$2,395,090

XI-3 Revenue less expenses$1,217,198

XI-4 Net assets at start of year$25,780,845

XI-5 Net unrealized gains (losses) on investments$4,226,033

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$31,224,076

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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Valentine Museum FY2021 filing

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Compensation history total reportable pay by year · 2 named individuals · Part VII

Questions the 990 asks

Programs and updates

Questions for Valentine Museum

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV