2025-10-28T06:32:00-07:00 2025-06-30 208087076 FOTI FLYNN LOWEN & CO PC 501 S JEFFERSON ST ROANOKE VA 24011 990 2024-07-01 208407010 MHC ACADEMIC FOUNDATION MHCA 2764034445 PO BOX 492 MARTINSVILLE VA 24114 KEVIN DEKONINCK Executive Director 2025-10-28 true true BRADLEY J DAVIS CPA P00695707 5403449246 2024 2025-03-06 01:10:19Z PO BOX 492 MARTINSVILLE VA 24114 3316549 false X mhcaf.org X 2006 VA TO PROVIDE FINANCIAL AND OTHER SUPPORT FOR THE DISSEMINATION OF EDUCATION IN MARTINSVILLE AND HENRY COUNTY, VIRGINIA, INCLUDING BUT NOT LIMITED TO SUPPORT OF NEW COLLEGE INSTITUTE. 5 5 2 0 -18835 3000 0 782137 1193414 0 763302 1196414 58165 51000 0 89816 90233 0 0 135902 153787 283883 295020 479419 901394 14498458 16118675 7154 2061 14491304 16116614 TO PROVIDE FINANCIAL AND OTHER SUPPORT FOR THE DISSEMINATION OF EDUCATION IN MARTINSVILLE AND HENRY COUNTY, VIRGINIA, INCLUDING BUT NOT LIMITED TO SUPPORT OF NEW COLLEGE INSTITUTE. false false 70813 FOUNDATION ENCOURAGED AND COORDINATED THE DEVELOPMENT AND DELIVERY OF DEGREE PROGRAMS AND OTHER CREDIT AND NON-CREDIT COURSES FOR THE PURPOSE OF SATISFYING STATEWIDE CRITICAL SHORTAGE AREAS AND INDUSTRY NEEDS. THIS WAS ACCOMPLISHED BY PROVIDING DIRECT AND INDIRECT SUPPORT TO NEW COLLEGE INSTITUTE AND TO THOSE STUDENTS ATTENDING. 70813 true false false false false false false false false true true false false false false false true false false false false false false false false false false true true false false false false false false false false false false false false false false false false false false true 2 0 true 2 true false false false false false false false 0 false false false false false false false X 5 5 false false true false false false false true true false false true true true true true true true false false X X THE FOUNDATION 2764035606 5 EAST CHURCH STREET MARTINSVILLE VA 24112 KEVIN DEKONINCK Executive Dir. 40.00 0.00 X 78600 0 0 SIMONE REDD CHAIRWOMAN 1.50 0.00 X X 1200 0 0 CARY WRIGHT MEMBER 1.50 0.00 X 0 0 0 SCHNIKA HODGE Secretary 1.50 0.00 X X 0 0 0 DR JAMES ROUNTREE VICE CHAIR 1.50 0.00 X X 0 0 0 JONATHAN MARTIN Treasurer 1.50 0.00 X X 0 0 0 79800 0 false false false 0 3000 3000 0 344399 344399 0 0 0 2969150 2120135 849015 849015 849015 0 0 0 0 1196414 1193414 30000 30000 21000 21000 0 0 76200 7620 68580 0 1542 154 1388 2358 236 2122 3600 360 3240 6533 653 5880 0 79357 79357 15550 15550 0 0 17380 17380 0 0 8764 8764 0 0 3600 360 3240 3557 356 3201 0 0 0 0 0 19601 9800 9801 Accreditation & Memberships 2793 2793 Bank Charges 1393 139 1254 TELEPHONE 1345 135 1210 MISC 447 447 0 295020 70813 224207 0 210118 598789 0 0 0 0 0 0 0 12017 11644 5200 5200 0 14276323 15508242 0 0 0 0 14498458 16118675 7154 2061 7154 2061 X 12655265 14166501 1836039 1950113 14491304 16116614 14498458 16118675 901394 723916 X false true X true false X 150454 311900 19300 -18835 3000 465819 0 0 150454 311900 19300 -18835 3000 465819 36164 429655 181465 260780 275255 317445 344399 1379344 0 46 677 723 1845886 118401 0.23280 0.27710 X Current Year Facts and Circumstances: BEGINNING IN 2023, THE FOUNDATION WAS ISSUED A CEASE AND DESIST LETTER FROM THE VA ATTORNEY GENERAL'S OFFICE. THIS WAS ISSUED AS PART OF AN ONGOING LEGAL DISPUTE BETWEEN THE FOUNDATION AND NEW COLLEGE INSTITUTE ("NCI"). THE FOUNDATION HAS COMPLIED WITH THIS LETTER WHICH HAS CAUSED OUTGOING GRANTS TO ORGANIZATIONS ASIDE FROM NCI TO BE HALTED. THE LACK OF ACTIVITY AND NEGATIVE PR HAS DRASTICALLY AFFECTED THE FOUNDATION'S ABILITY TO SOLICIT NEW CONTRIBUTIONS FROM THE PUBLIC. THE FOUNDATION IS NOT SEEKING ADDITIONAL DONATIONS IN ORDER TO COMPLY WITH THE CEASE AND DESIST LETTER. THE FOUNDATION DOES MAINTAIN A BOARD OF DIRECTORS THAT BROADLY REPRESENTS THE INTERESTS OF THE PUBLIC, AND IT PLANS TO SUPPORT THE MARTINSVILLE AND HENRY COUNTY COMMUNITY ONCE THE CEASE AND DESIST IS LIFTED. $14,987,680 OF THE FOUNDATION'S INVESTMENTS ARE INCLUDED IN DONOR FUNDED ENDOWMENTS WHICH GENERATE THE VAST MAJORITY OF THE FOUNDATION'S INVESTMENT INCOME. Prior Year Facts and Circumstances: BEGINNING IN 2023, THE FOUNDATION WAS ISSUED A CEASE AND DESIST LETTER FROM THE VA ATTORNEY GENERAL'S OFFICE. THIS WAS ISSUED AS PART OF AN ONGOING LEGAL DISPUTE BETWEEN THE FOUNDATION AND NEW COLLEGE INSTITUTE ("NCI"). THE FOUNDATION HAS COMPLIED WITH THIS LETTER WHICH HAS CAUSED OUTGOING GRANTS TO ORGANIZATIONS ASIDE FROM NCI TO BE HALTED. THE LACK OF ACTIVITY AND NEGATIVE PR HAS DRASTICALLY AFFECTED THE FOUNDATION'S ABILITY TO SOLICIT NEW CONTRIBUTIONS FROM THE PUBLIC. THE FOUNDATION IS NOT SEEKING ADDITIONAL DONATIONS IN ORDER TO COMPLY WITH THE CEASE AND DESIST LETTER. THE FOUNDATION DOES MAINTAIN A BOARD OF DIRECTORS THAT BROADLY REPRESENTS THE INTERESTS OF THE PUBLIC, AND IT PLANS TO SUPPORT THE MARTINSVILLE AND HENRY COUNTY COMMUNITY ONCE THE CEASE AND DESIST IS LIFTED. $13,755,730 OF THE FOUNDATION'S INVESTMENTS ARE INCLUDED IN DONOR FUNDED ENDOWMENTS WHICH GENERATE THE VAST MAJORITY OF THE FOUNDATION'S INVESTMENT INCOME. 13755730 3000 1899950 671000 14987680 12180429 5000 1793301 223000 13755730 11317702 5000 1100227 242500 12180429 12708946 5300 -1216644 179900 11317702 831588 11625586 278772 27000 12708946 0.91010 0.04030 0.04960 false false false 5200 5200 1902950 723916 723916 1179034 17380 17380 1196414 277640 277640 17380 17380 295020 true NEW COLLEGE INSTITUTE 191 FAYETTE ST MARTINSVILLE VA 24112 611505770 30000 0 CASH VALUE DEVELOP ADDITIONAL PROGRAMS 1 0 SCHOLARSHIPS FOR STUDENTS ATTENDING NEW COLLEGE INSTITUTE 5 21000 Form 990, Part VI, Section B, Line 11b Reviewed internally by staff. Then reviewed by Audit Committee and presented to the Board for review. Form 990, Part VI, Section B, Line 15a REVIEW OF SALARIES FOR SIMILAR POSITIONS AND EDUCATIONAL LEVELS ARE APPROVED BY THE BOARD. Form 990, Part VI, Section B, Line 15b OFFICERS DO NOT RECEIVE COMPENSATION. NO EMPLOYEES EARN MORE THAN $100,000. Form 990, Part VI, Section C, Line 19 UPON REQUEST.