Nonprofit · EIN 87-2984176
CAPTAIN JOHN BAG HEFTI MEMORIAL SCHOLARSHIP FUND
Tax-exempt · VIRGINIA BEACH, VA 23451
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990-PF | $105,020 | $104,472 | $548 | $209,178 | $0 | $209,178 |
| December 31, 2024 | 990-PF | $84,822 | $65,281 | $19,541 | $208,704 | $0 | $208,704 |
| December 31, 2023 | 990-PF | $106,109 | $61,886 | $44,223 | $189,163 | $0 | $189,163 |
| December 31, 2022 | 990-PF | $177,590 | $32,650 | $144,940 | $144,940 | $0 | $144,940 |
Financial details: 990-PF for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $48,334
- Interest
- $5,496
- Other income
- $51,190
Expenses
- Grants and similar amounts paid
- $10,000
- Disbursements for charitable purposes
- $10,000
- Excise tax on investment income
- $76
Balance sheet and other
- Total assets, start of year
- $208,704
- Total assets, end of year
- $209,178
- Total liabilities, end of year
- $0
- Net assets, end of year
- $209,178
- Qualifying distributions
- $10,000
- Net investment income
- $5,496
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990-PF for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| PATRICIA HEFTI PO BOX 55046, VIRGINIA BEACH, VA 23471 | PRESIDENT | 0 | $0 |
| GORDON TREY FAULKNER 4028 TIMBER RIDGE DRIVE, VIRGINIA BEACH, VA 23455 | SECRETARY | 0 | $0 |
| KATHLEEN FAULKNER PO BOX 55046, VIRGINIA BEACH, VA 23471 | BOARD MEMBER | 0 | $0 |
| JAMES HEFTI PO BOX 55046, VIRGINIA BEACHA, VA 23471 | TREASURER | 0 | $0 |
| JOHN A HEFTI JR PO BOX 55046, VIRGINIA BEACH, VA 23471 | BOARD MEMBER | 0 | $0 |
| ADAM HEFTI PO BOX 55046, VIRGINIA BEACH, VA 23471 | BOARD MEMBER | 0 | $0 |
990-PF for the year ended December 31, 2024: 6 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| PATRICIA HEFTI PO BOX 55046, VIRGINIA BEACH, VA 23471 | PRESIDENT | 0 | $0 |
| GORDON TREY FAULKNER 4028 TIMBER RIDGE DRIVE, VIRGINIA BEACH, VA 23455 | SECRETARY | 0 | $0 |
| KATHLEEN FAULKNER PO BOX 55046, VIRGINIA BEACH, VA 23471 | BOARD MEMBER | 0 | $0 |
| JAMES HEFTI PO BOX 55046, VIRGINIA BEACHA, VA 23471 | TREASURER | 0 | $0 |
| JOHN A HEFTI JR PO BOX 55046, VIRGINIA BEACH, VA 23471 | BOARD MEMBER | 0 | $0 |
| ADAM HEFTI PO BOX 55046, VIRGINIA BEACH, VA 23471 | BOARD MEMBER | 0 | $0 |
990-PF for the year ended December 31, 2023: 6 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| PATRICIA HEFTI PO BOX 55046, VIRGINIA BEACH, VA 23471 | PRESIDENT | 0 | $0 |
| GORDON TREY FAULKNER 4028 TIMBER RIDGE DRIVE, VIRGINIA BEACH, VA 23455 | SECRETARY | 0 | $0 |
| KATHLEEN FAULKNER PO BOX 55046, VIRGINIA BEACH, VA 23471 | BOARD MEMBER | 0 | $0 |
| JAMES HEFTI PO BOX 55046, VIRGINIA BEACHA, VA 23471 | TREASURER | 0 | $0 |
| JOHN A HEFTI JR PO BOX 55046, VIRGINIA BEACH, VA 23471 | BOARD MEMBER | 0 | $0 |
| ADAM HEFTI PO BOX 55046, VIRGINIA BEACH, VA 23471 | BOARD MEMBER | 0 | $0 |
990-PF for the year ended December 31, 2022: 6 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| PATRICIA HEFTI PO BOX 55046, VIRGINIA BEACH, VA 23471 | PRESIDENT | 5 | $0 |
| GORDON TREY FAULKNER 4028 TIMBER RIDGE DRIVE, VIRGINIA BEACH, VA 23455 | SECRETARY | 1 | $0 |
| KATHLEEN FAULKNER PO BOX 55046, VIRGINIA BEACH, VA 23471 | BOARD MEMBER | 1 | $0 |
| JAMES HEFTI PO BOX 55046, VIRGINIA BEACHA, VA 23471 | TREASURER | 1 | $0 |
| JOHN A HEFTI JR PO BOX 55046, VIRGINIA BEACH, VA 23471 | BOARD MEMBER | 1 | $0 |
| ADAM HEFTI PO BOX 55046, VIRGINIA BEACH, VA 23471 | BOARD MEMBER | 1 | $0 |
Address and contacts
- Address (IRS master file)
- 576 BIRDNECK ROAD N UNIT 108, VIRGINIA BEACH, VA 23451-6374
- Signed the 990-PF
- GORDON TREY FAULKNER, SECRETARY
- Phone
- (757) 384-5985
- Website
- WWW.BAGSBUDDIES.ORG
- Return prepared by
- STEWART & COMPANY
What it must file and when
IRS records say it files Form 990-PF. Private foundations file every year. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990-PF on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990-PF on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990-PF on file |
IRS record
- EIN
- 87-2984176
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Private non-operating foundation
- Donations deductible (Pub 78)
- Private foundation, 30% limit
- Exempt since
- 2023
- Accounting year ends
- December
- Files
- Form 990-PF
- Category (NTEE)
- Education (B82)
- Assets (IRS master file)
- $209,178
- Income (IRS master file)
- $105,020
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990-PF | December 2025 | $105,020 | $104,472 | $209,178 | XML |
| 990-PF | December 2024 | $84,822 | $65,281 | $208,704 | XML |
| 990-PF | December 2023 | $106,109 | $61,886 | $189,163 | XML |
| 990-PF | December 2022 | $177,590 | $32,650 | $144,940 | XML |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 87-2984176).
Questions about CAPTAIN JOHN BAG HEFTI MEMORIAL SCHOLARSHIP FUND
- What is the EIN of CAPTAIN JOHN BAG HEFTI MEMORIAL SCHOLARSHIP FUND?
- The employer identification number (EIN) of CAPTAIN JOHN BAG HEFTI MEMORIAL SCHOLARSHIP FUND is 87-2984176.
- Is CAPTAIN JOHN BAG HEFTI MEMORIAL SCHOLARSHIP FUND tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2023.
- Are donations to CAPTAIN JOHN BAG HEFTI MEMORIAL SCHOLARSHIP FUND tax-deductible?
- Yes. It is listed in IRS Publication 78 (Private foundation, 30% limit).
- Which annual return does CAPTAIN JOHN BAG HEFTI MEMORIAL SCHOLARSHIP FUND file?
- Form 990-PF. Private foundations file every year.
- When is the next return of CAPTAIN JOHN BAG HEFTI MEMORIAL SCHOLARSHIP FUND due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did CAPTAIN JOHN BAG HEFTI MEMORIAL SCHOLARSHIP FUND last file with the IRS?
- The latest return in the IRS public files is the 990-PF for the year ended December 2025.
- Who are the officers and directors of CAPTAIN JOHN BAG HEFTI MEMORIAL SCHOLARSHIP FUND?
- The 990-PF for the year ended December 31, 2025 lists 6 people; 0 received compensation from the organization.
- How much revenue does CAPTAIN JOHN BAG HEFTI MEMORIAL SCHOLARSHIP FUND have?
- On its 990-PF for the year ended December 31, 2025 it reported revenue of $105,020, expenses of $104,472 and total assets of $209,178 at year end.
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