Virginia Local Government Finance Corporation
- Assets
- $1.4m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 01/2006
- Data as of
- 06/2023
- EIN
- 20-1351659
Organization Overview
Virginia Local Government Finance Corporation, operating under the name Vmlvaco Finance, is located in Richmond, VA. The organization was established in 2006. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vmlvaco Finance is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2023, Vmlvaco Finance generated $2.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $2.4m during the year ending 06/2023. While expenses have increased by 3.6% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ADMINISTER A PROGRAM ESTABLISHED AND SPONSORED BY THE VIRGINIA MUNICIPAL LEAGUE AND VIRGINIA ASSOCIATION OF COUNTIES WHICH PROVIDES FINANCIAL SERVICES TO LOCAL GOVERNMENT ENTITIES IN THE COMMONWEALTH OF VIRGINIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS OF JUNE 30, 2023 THE POOLED OPEB TRUST FUND MANAGED INVESTMENTS IN TWO SEPARATE PORTFOLIOS WITH NET ASSETS TOTALING 1.7 BILLION. AS OF JUNE 30, 2023 THE VIRGINIA INVESTMENT POOL MANAGED INVESTMENTS FOR A STABLE VALUE FUND AND A HIGH QUALITY BOND FUND WITH NET ASSETS TOTALING 2.7 BILLION.
OTHER PROGRAM SERVICES INCLUDE PROVIDING EDUCATIONAL AND SUPPORT SERVICES TO LOCAL GOVERNMENT FINANCE OFFICERS AND MANAGERS. VLGFC SERVES AS PROGRAM ADMINISTRATOR FOR THE VIRGINIA GOVERNMENT FINANCE OFFICERS ASSOCIATION AND WAS A CONTRIBUTOR TO THE VIRGINIA LOCAL GOVERNMENT MANAGERS ASSOCIATION AND OTHER LOCAL GOVERNMENT PROFESSIONAL ORGANIZATIONS.
PROVIDE ACCOUNTING STAFF SUPPORT TO LOCAL GOVERNMENTS IN ORDER TO PROMOTE TRANSPARENCY AND CONFORMANCE WITH GOVERNMENTAL ACCOUNTING STANDARDS. VLGFC PROVIDED ACCOUNTING SERVICES TO 15 LOCAL GOVERNMENTS IN FY23.
PROVIDE FINANCING-RELATED MUNICIPAL ADVISORY SERVICES IN ORDER TO PROMOTE LOCAL TRANSPARENCY AND SOUND FINANCIAL MANAGEMENT PRACTICES. FINANCING & MUNICIPAL ADVISORY INCLUDES FACILITATING THE ISSUANCE OF MUNICIPAL NOTES, BANK LOANS, AND EQUIPMENT LEASES FOR PUBLIC PURPOSE EVENTS; AND PROVIDING ADVISORY SERVICES FOR FINANCIAL POLICIES. VLGFC PROVIDED FINANCING & MUNICIPAL ADVISORY SERVICES FOR 18 POLITICAL SUBDIVISIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leslie Beauregard Director | Trustee | 1 | $0 |
Jennifer Bell Director | Trustee | 1 | $0 |
Michelle Gowdy Director | Trustee | 1 | $0 |
Michael G Hamp Director | Trustee | 1 | $0 |
Taylor Harvie Director | Trustee | 1 | $0 |
Deborah Kendall President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,353,258 |
| Investment income | $13,815 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,367,073 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $1,685,950 |
| Fees for services: Legal | $19,790 |
| Fees for services: Accounting | $39,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $185,000 |
| Advertising and promotion | $166,502 |
| Office expenses | $5,569 |
| Information technology | $20,794 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $19,232 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $507 |
| Conferences, conventions, and meetings | $15,808 |
| Interest | $0 |
| Payments to affiliates | $156,806 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,454 |
| All other expenses | $0 |
| Total functional expenses | $2,438,740 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $150,804 |
| Savings and temporary cash investments | $467,377 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $457,250 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,915 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $274,738 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,353,084 |
| Accounts payable and accrued expenses | $557,913 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $557,913 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $795,171 |
| Total liabilities and net assets/fund balances | $1,353,084 |