2023-11-15T06:44:11+00:00 2022-12-31 440160260 FORVIS LLP 1201 WALNUT SUITE 1700 KANSAS CITY MO 641062246 990 2022-01-01 844185046 VELA Education Fund VELA 5042507715 361 PARK AVE 203 GLENCOE IL 60022 KARA HARTNETT TREASURER 5042507715 2023-11-15 true BRIAN MENKES 999009999 MICHAEL J ENGLE P00482834 8162216300 2022 2023-04-26 12:10:37Z MEREDITH OLSON 361 PARK AVE 203 GLENCOE IL 60022 16079595 false X WWW.VELAEDFUND.ORG X 2020 DE CUSTOM EDUCATION PROGRAMS TO MEET FAMILIES LEARNERS' NEEDS, INCREASING AWARENESS OF NONTRADITIONAL EDUCATION, AND ACCELERATING ADOPTION BY MORE FAMILIES AND COMMUNITIES. 4 4 9 0 0 0 13244860 16075378 0 2709 4217 0 13247569 16079595 8478775 12714332 0 377050 1046037 0 0 1118446 1236354 9974271 14996723 3273298 1082872 4855969 8295380 430072 2786611 4425897 5508769 THE VELA EDUCATION FUND EXISTS TO ACCELERATE EDUCATION INNOVATION AND OPPORTUNITY FOR EVERY LEARNER BY: SUPPORTING EVERYDAY ENTREPRENEURS BUILDING CUSTOM EDUCATION PROGRAMS TO MEET FAMILIES LEARNERS' NEEDS, INCREASING AWARENESS OF NONTRADITIONAL EDUCATION, AND ACCELERATING ADOPTION BY MORE FAMILIES AND COMMUNITIES. false false 14886074 12714332 0 VELA EDUCATION FUND MADE 688 GRANTS TO SUPPORT THE CREATION OR EXPANSION OF COMMUNITY-BASED NON-TRADITIONAL LEARNING MODELS. 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BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. true SEE ATTACHED 361 PARK AVE 203 GLENCOE IL 60022 10880332 VARIOUS 323 175 EDUCATION SCHOLARSHIPS 190 1792500 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. 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 true false BETH SELING CHIEF OF OPERATIONS 216850 0 75000 0 0 0 13477 0 27406 0 332733 0 0 0 Schedule J, Part I, Line 7 Non-fixed payments INCENTIVE COMPENSATION IS BASED ON EXTRAORDINARY EFFORTS AND SERVICES PROVIDED TO THE ORGANIZATION, NOT BASED ON FINANCIAL RESULTS OF THE ORGANIZATION. Form 990, Part VI, Line 6 , 7A & 7B - CLASSES OF MEMBERS OR STOCKHOLDERS 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, Line 11b Review of form 990 by governing body 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, Line 12c Conflict of interest policy 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, Line 19 Required documents available to the public VELA EDUCATION FUND MAKES DOCUMENTS AVAILABLE IN ACCORDANCE WITH IRS RULES.