2022-11-15T16:05:12-06:00 2021-12-31 FORVIS LLP 1201 Walnut Suite 1700 KANSAS CITY MO 641062246 990 2021-01-01 844185046 VELA EDUCATION FUND % KARA HARTNETT VELA 5042507715 361 PARK AVE Suite 203 GLENCOE IL 60022 KARA HARTNETT TREASURER 5718582964 2022-11-15 true Brian Menkes XXX-XX-XXXX Michael J Engle P00482834 8162216300 2022-11-15 2 2021 2022-09-23 18:48:47Z X MEREDITH OLSON 361 PARK AVE SUITE 203 GLENCOE IL 60022 13247569 false X WWW.VELAEDFUND.ORG X 2020 DE CUSTOM EDUCATION PROGRAMS TO MEET FAMILIESLEARNERS' NEEDS, INCREASING AWARENESS OF NONTRADITIONAL EDUCATION, AND ACCELERATING ADOPTION BY MORE FAMILIES AND COMMUNITIES. 5 5 4 0 0 4566567 13244860 0 0 4415 2709 0 0 4570982 13247569 2720500 8478775 0 0 0 377050 0 0 72814 697883 1118446 3418383 9974271 1152599 3273298 1305580 4855969 152981 430072 1152599 4425897 X SEE SCHEDULE O false false 9759327 8478775 0 See Schedule O 9759327 true true false false false false false false false false false false false false false true true false false false false false false false false false false true true true false false false false false false false false false false false false false false false false false true 296 0 4 true false false false false false false false false false false false false X 5 5 false false false false true true true true true false false true true true true true true false false false X KARA HARTNETT 5712906811 1320 N COURTHOUSE ROAD STE 300 ARLINGTON VA 22201 X BETH SELING CHIEF OF OPERATIONS 50.0 0.0 X 175409 0 31217 DEREK JOHNSON BOARD MEMBER 1.0 0.0 X 0 0 0 MARC STERNBERG BOARD MEMBER 1.0 0.0 X 0 0 0 CALEB OFFLEY BOARD MEMBER 1.0 0.0 X 0 0 0 MEREDITH OLSON BOARD MEMBER/EXEC DIRECTOR 1.0 0.0 X X 0 0 0 TODD ROSE BOARD MEMBER 1.0 0.0 X 0 0 0 BRIAN MENKES SECRETARY 1.0 0.0 X 0 0 0 175409 0 31217 1 false true false NORTH THIRD PARTNERS LLC 1313 Stoneoak Drive MCKINNEY TX 75072 Consulting 256000 UNIVERSE CREATIVE 4433 Clayton Avenue LOS ANGELES CA 90027 Media services 150000 BRENDAN LOWE 1936 Saranac Ave Suite 3 Rm B126 LAKE PLACID NY 12946 Media services 171070 TRANSCEND INC 689 Douglass Street SAN FRANCISCO CA 94114 Consulting 125000 STAND TOGETHER CHAMBER OF COMMERCE 1320 N Courthouse Rd Suite 500 ARLINGTON VA 22201 Admin Service 112578 5 13244860 13244860 0 2709 2709 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13247569 2709 6106275 6106275 2372500 2372500 0 0 0 0 329173 329173 14504 14504 10695 10695 22678 22678 0 90 90 3640 3640 0 0 0 1055574 858424 124336 72814 0 12468 12468 0 0 6345 1095 5250 24417 24417 0 4174 4174 0 0 0 763 763 DUES & SUBSCRIPTIONS 10924 2924 8000 - 0 - 0 - 0 51 51 9974271 9759327 142130 72814 1257500 697573 48078 4151046 0 0 2 0 0 0 0 0 0 0 0 0 0 7350 0 0 0 0 0 0 0 0 0 0 0 0 1305580 4855969 152981 201047 0 229025 0 0 0 0 0 0 0 0 0 0 0 0 0 0 152981 430072 X 1152599 4425897 0 0 1152599 4425897 1305580 4855969 3273298 X false true X true false X 0 0 0 4566567 13244860 17811427 0 0 0 0 0 4566567 13244860 17811427 4643629 13167798 4415 2709 7124 0 0 17818551 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 13396153 148584 148584 13247569 13247569 10122855 148584 148584 9974271 9974271 SCHEDULE D, PART X, LINE 2 MANAGEMENT HAS EVALUATED THE INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. true SEE SCHEDULE I ATTACHMENT 6041275 222 95 EDUCATION SCHOLARSHIPS 274 2372500 SCHEDULE I, PART I, LINE 2 THE FILING ORGANIZATION DISTRIBUTES GRANTS IN ACCORDANCE WITH THE CHARITABLE PURPOSE OF THE ORGANIZATION. ALL GRANTS WERE MADE PURSUANT TO THE REQUIREMENT THAT THEY BE EXPENDED EXCLUSIVELY FOR CHARITABLE PURPOSES, REGARDLESS OF TAX STATUS OF THE RECIPIENT. IF APPLICABLE, THE ORGANIZATION REVIEWS RECIPIENT'S FORM 990, IRS TAX-EXEMPTION LETTER, AND VALIDATES THE RECIPIENT'S TAX ID NUMBER. ADEQUATE DOCUMENTATION IS RETAINED FOR ALL GRANTS. false false false false false false false false false BETH SELING CHIEF OF OPERATIONS 175409 0 0 0 0 0 10419 0 20798 0 206626 0 0 0 FORM 990, PART III, LINE 1 The VELA Education Fund exists to accelerate education innovation and opportunity for every learner by: supporting everyday entrepreneurs building custom education programs to meet familieslearners' needs, increasing awareness of nontraditional education, and accelerating adoption by more families and communities. FORM 990, PART III, LINE 4A VELA EDUCATION FUND MADE 591 GRANTS: 312 GRANTS SUPPORTED THE CREATION OR EXPANSION OF HIGH-IMPACT NON-TRADITIONAL LEARNING MODELS; 5 GRANTS WERE AWARDED TO SUB-GRANTING PARTNER ORGANIZATIONS THAT COLLECTIVELY AWARDED 253 MICROGRANTS TO EDUCATIONAL PROGRAMS AND PLATFORMS THAT MET FAMILIES' EDUCATIONAL NEEDS DURING THE PANDEMIC; 274 GRANTS WERE MADE DIRECTLY TO INDIVIDUALS TO SUPPORT THEIR EDUCATIONAL NEEDS, INCLUDING SCHOLARSHIPS. VELA EDUCATION FUND ALSO PROVIDED 200 DIRECT-TO-FAMILY FAST CASH GRANTS TO SUPPORT FAMILIES' EDUCATIONAL NEEDS DURING THE PANDEMIC. VELA EDUCATION FUND DEVELOPED A ROBUST AND ACTIONABLE SET OF DATA ON THE EDUCATIONAL VALUES AND PRIORITIES OF LEARNERS AND FAMILIES ACCESSING NON-TRADITIONAL LEARNING THROUGH SURVEYS AND FOCUS GROUPS. VELA ALSO HOSTED COMMUNITY EVENTS AND FACILITATED KNOWLEDGE AND RESOURCE SHARE FOR ITS COMMUNITY OF EVERYDAY EDUCATION ENTREPRENEURS. FORM 990, PART VI, LINES 6, 7A & 7B THE ORGANIZATION HAS TWO CLASS A MEMBERS. CLASS A MEMBERS HAVE THE POWER TO ELECT AND REMOVE AN EQUAL NUMBERS OF DIRECTORS. AMENDMENTS TO THE GOVERNING DOCUMENTS ARE SUBJECT TO THE WRITTEN CONSENT OF THE CLASS A MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B AN INDEPENDENT ACCOUNTING FIRM PREPARED AND REVIEWED THE FORM 990. A FULL DRAFT OF THE 990 ALONG WITH ALL REQUIRED SCHEDULES IS THEN PROVIDED TO BOARD MEMBERS, INTERNAL MANAGEMENT, AND LEGAL COUNSEL FOR REVIEW. ALL QUESTIONS ARE ADDRESSED AND ANY MODIFICATIONS ARE MADE, IF NECESSARY. IF TIME ALLOWS, THE FORM 990 AND ALL REQUIRED SCHEDULES WILL BE PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S CONFLICT OF INTEREST POLICY COVERS PROPOSED TRANSACTIONS WHERE INTERESTED PERSONS (I.E., BOARD MEMBERS AND OFFICERS) MAY HAVE A FINANCIAL INTEREST IN A TRANSACTION BEING CONSIDERED BY THE BOARD OF DIRECTORS OR A COMMITTEE THEREOF. THE BOARD OR COMMITTEE THEREOF HAS VARIOUS OPTIONS TO ADDRESS THE PROPOSED TRANSACTION AND WHETHER IT PRESENTS A CONFLICT OF INTEREST, INCLUDING EVALUATING THE FAIRNESS OF THE TRANSACTION, WHETHER TO APPOINT A DISINTERESTED PERSON(S) OR COMMITTEE TO EVALUATE THE TRANSACTION, CONSULTING LEGAL COUNSEL, ETC. FORM 990, PART VI, SECTION C, LINE 19 VELA EDUCATION FUND MAKES DOCUMENTS AVAILABLE IN ACCORDANCE WITH IRS RULES. FORM 990 PART IX LINE 11G DESCRIPTION:OTHER PROFESSIONAL FEES TOTAL FEES:1001634 FORM 990 PART IX LINE 11G DESCRIPTION:TEMPORARY HELP TOTAL FEES:28205 FORM 990 PART IX LINE 11G DESCRIPTION:OUTREACH SERVICES TOTAL FEES:25735