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Alcovets FY2022 filing

Tax-deductible

Graham, NC501(c)(3)EducationEIN 82-5304445Revenue $223K in FY2022

On file with the IRSalcovets.orgPo Box 872, 27253-0872 · Graham, NCTax-exempt since Feb 2019Publicly supported charity — 170(b)(1)(A)(vi)

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We are dedicated to raising money to honor and assist local veterans of alamance county that are in need. This organization in its activities shall be non-partisan, non-sectional, non-sectarian and shall not take part in nor lend influence to the election or appointment of any candidates for state, county or any other public office. Alcovets, INC. Is a non-profit and shall operate exclusively for education and charitable purposes within the meaning of section 501(3) of the internal revenue code or the corresponding section of any future federal tax code.

501(c)(3) charity; gifts are tax-deductible.
33¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 3
filings with a surplus
Average surplus $65K a year · 32% of revenue · last 3 filings
Looks good: a surplus in 3 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
33%
of spending
Concern: 33% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
16 mo
of spending, in cash
Looks good: 16.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
3
named funders · $16K
Looks good: 3 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$2K
0.8% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 10 voting members
Looks good: 9 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$223K
+73% vs prior year
Spent
$114K
To programs
33%
Net assets
$234K
By yearFY2021–FY2024
Revenue
$223K
FY2022▲ +73%
Tap a bar for its year
Revenue by fiscal year
FY2021$129K
FY2022$223K
FY2023$206K
FY2024$179K
Expenses
$114K
FY2022
Tap a bar for its year
Expenses by fiscal year
FY2021Not on file
FY2022$114K
FY2023$161K
FY2024$140K
Net assets
$234K
FY2022▲ +88%
Tap a bar for its year
Net assets by fiscal year
FY2021$125K
FY2022$234K
FY2023$280K
FY2024$319K

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 2019.

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

Where the money goes

33 cents of each dollar spent went to programs.

Program services 33% · $37K Management & general 6% · $7K Fundraising 61% · $70K

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

10 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Richard Shevlin
Vice Chairma
$0Pt VII · Sec A
Duane Flood
Treasurer
$0Pt VII · Sec A
Bobby Chin
Secretary
$0Pt VII · Sec A
Wayne Brewer
Director
$0Pt VII · Sec A
Larry Brooks
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Alcovets 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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Raises funds to help local veterans facing hardship.

Provided by the organization

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1 program · $37K · in their own filed words · FY2022
01

Providing outreach and hosting events to educate the public on the needs of veterans and to honor the veterans of alamance county. We strive to fight for those who fought for us.

$37Kprogram 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 · FY2024
Petty Family Foundation INCFY2024$10K
Vicky and Sam Hunt FoundationFY2024$5K
GE FoundationFY2024$1K
Total grants receivedfrom 3 funders$16K
See all 3 funders →

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$223K
Ln 12
Other incomeLn 4–11$118K
Gifts and grantsLn 1h$102K
Fees for servicesLn 2g$3K
Money outPt IX
$114K
Ln 25
Programscol B$37K
Managementcol C$7K
Fundraisingcol D$70K
Owns and owesPt X
$234K
net assets · Ln 32
Cash and savingsLn 1–2$156K
Total assetsLn 16$236K
LiabilitiesLn 26$2K
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$102K
Government grantsLn 1e$54K
Noncash giftsLn 1g$8K
Fundraising eventsLn 1c$4K
Fees for servicesLn 2g$3K
Investment incomeLn 3$23
Other incomeLn 4–11$118K
Total revenueLn 12$223K
Assets in detailPt X, end of year
CashLn 1$156K
Cash and savings togetherLn 1–2$156K
Land, buildings, equipmentLn 10c$80K
Total assetsLn 16$236K
LiabilitiesLn 26$2K
Net assetsLn 32$234K
OperationsPt I, VI
EmployeesI 50
VolunteersI 6185
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$57K$156K
Land, buildings, equipmentLn 10c$68K$80K
Total assetsLn 16$125K$236K
LiabilitiesLn 26$136$2K
Net assetsLn 32$125K$234K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$15K$15K
Advertising and promotionLn 12$14K$14K
OccupancyLn 16$5K$5K
Depreciation, depletion and amortizationLn 22$4K$4K
InsuranceLn 23$4K$4K
Other expenses (24a–d)Ln 24$67K$18K$49K
All other expensesLn 24e$5K$2K$2K
Total functional expensesLn 25$114K$37K$7K$70K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $179K$140K$39K$319K 990 PDF
FY2023 $206K$161K$45K$280K 990 PDF
FY2022 Viewing $223K$114K$110K$234K 990 PDF
FY2021 $129K$125K 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 FY2022 990 (6 parts)
Part I · Summary $223,263 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $98,922$102,356
I-9 Program service revenuePrior year $1,525$3,161
I-10 Investment incomePrior year $5$23
I-11 Other revenuePrior year $28,772$117,723
I-12 Total revenuePrior year $129,224$223,263
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to membersPrior year $7,363$14,769
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $43,242$98,775
I-18 Total expensesPrior year $50,605$113,544
I-19 Revenue less expensesPrior year $78,619$109,719
Part VI · Governance 9 of 10 board members independent, 4 to look at
VI-1a Voting members of the governing body10
VI-1b Independent voting members9
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $223,263 across 10 lines filed
VIII-1b Membership dues$1,130
VIII-1c Fundraising events$3,600
VIII-1e Government grants$54,271
VIII-1f All other contributions, gifts and grants$43,355
VIII-1g Noncash contributions (included above)$7,871
VIII-1h Total contributions, gifts and grants$102,356
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,161$3,161
VIII-3 Investment incomeRelated to mission $23$23
VIII-8 Net income from fundraising events$117,723
VIII-12 Total revenueRelated to mission $3,184$223,263
Part IX · Statement of functional expenses $113,544 across 7 lines filed
IX-4 Benefits paid to or for membersPrograms $14,769$14,769
IX-12 Advertising and promotionFundraising $14,479$14,479
IX-16 OccupancyManagement $4,692$4,692
IX-22 Depreciation, depletion and amortizationPrograms $4,271$4,271
IX-23 InsuranceFundraising $3,874$3,874
IX-24 Other expenses (24a–d)Programs $17,894 · Fundraising $49,059$66,953
IX-24e All other expensesManagement $2,187 · Fundraising $2,319$4,506
IX-25 Total functional expensesPrograms $36,934 · Management $6,879 · Fundraising $69,731$113,544
Part X · Balance sheet $236,440 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $57,351$156,106
X-10c Land, buildings and equipment, netStart of year $67,548$80,334
X-16 Total assetsStart of year $124,899$236,440
X-17 Accounts payable and accrued expensesStart of year $136$1,958
X-26 Total liabilitiesStart of year $136$1,958
X-27 Net assets without donor restrictionsStart of year $124,763$196,668
X-28 Net assets with donor restrictions$37,814
X-32 Total net assets or fund balancesStart of year $124,763$234,482
X-33 Total liabilities and net assetsStart of year $124,899$236,440
Part XI · Reconciliation of net assets $234,482 net assets at year end
XI-1 Total revenue$223,263
XI-2 Total expenses$113,544
XI-3 Revenue less expenses$109,719
XI-4 Net assets at start of year$124,763
XI-10 Net assets at end of year$234,482

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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