Where Does $1 to Vita Nova, Inc. Go?
Vita Nova, Inc. is a 501 (c) (3) non-profit organization based in West Palm Beach, Florida that operates three (3) programs to help youths 18-25 years old transition to independence. The three programs include:
- Vita Nova Village: A residential (apartment) program that has a capacity of 29 young adults who age out of foster care yet still need assistance with life skills, education, employment, and counseling.
- Independent Living Services: A program funded by the State of Florida to help young adults (16-25 years old) learn the skills and resources they will need to become independent adults.
- The Oasis Center: Provides a quick connection to work, housing, and healthcare assistance with county providers for young adults who didn’t come out of the foster care system or qualify for the Independent Living Services program.
Outside of providing shelter, Vita Nova, Inc. provides most of their services through their staff in the form of guidance and education. Consequently, compensation in the form of salary, benefits, pension, and payroll taxes is the organization’s largest expense.
The most recent IRS Form 990 (2013) for the year ending September 30, 2014 reports the following information:
$1.6 million in revenue was collected which came from contributions and grants ($1.363,123 million or 88%) and program service revenue ($273,783 or 12%).
Functional expenses (net of depreciation) were $1.8 million – about $200,000 more than was collected – broken down as follows:
- $1,251,541: Compensation, Pension, and Payroll Taxes (77% of revenue)
- $ 209,565: Occupancy (13% of revenue)
- $ 196,927: Management, Legal, Accounting, Contract Labor, Resident Assistance (12% of revenue)
- $ 143,164: Office, IT, Insurance, Equipment Rental, Business and Bank Fees, Interest (9% of revenue)
- $ 34,899: Advertising, Promotion, Travel, Conferences, Other Expenses (2% of revenue)
In other words, $1 in revenue was spent as follows:
-$0.77: Compensation, Pension, and Payroll Taxes
-$0.12: Management, Legal, Accounting, Contract Labor, Resident Assistance
-$0.09: Office, IT, Insurance, Equipment Rental, Business and Bak Fees, Interest
-$0.02: Advertising, Promotion, Travel, Conferences, Other Expenses
-$1.13: Total Functional Expenses
As illustrated above, the organization spent more than what they received which was covered by their fund balance (think savings account). At year-end, Vita Nova, Inc. reported total assets of $4 million most of which are in real estate (in the form of housing apartments for 29 young adults), buildings and equipment ($3.5 million or 88%) followed by cash ($249,823 or 6%), and pledges receivable ($159,637 or 4%). Liabilities – accrued expenses, deferred revenue, and notes payable – totaled $392,952, leaving net assets or a fund balance of $3.7 million compared to $3.9 million at the beginning of the year.
In summary, Vita Nova, Inc. is a service oriented non-profit that helps young adults become independent adults. The organization ran a $200,000 shortfall this past year. Supported primarily by ChildNet, Vita Nova Foundation (a separate entity that was funded from the sale of land), the Jim Moran Foundation, Workforce Alliance, Allegany Franciscan, Planned Parenthood, the Quantum Foundation, the US Department of Housing and Urban Development, and the Schmidt Family Foundation, Vita Nova, Inc. has not relied on individual donations from the community (which could help make up the shortfall).
Vita Nova, Inc. does not fly first class, have a discretionary spending account, or pay for social or health club fees. The organization has a total of 27 employees who have an average compensation package of $40,000.
To make a donation, go to the website above or mail checks payable to Vita Nova, Inc. to 3111 South Dixie Highway, West Palm Beach, Florida 33405. Or, consider donating household goods and/or clothing to the thrift shop located at 3129 South Congress Avenue, Palm Springs, Florida 33461 (pictured below).