Village Capital Corporation
- Assets
- $24.0m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Cleveland, OH
- Founding
- 09/1993
- Data as of
- 06/2022
- EIN
- 34-1704488
Organization Overview
Village Capital Corporation is located in Cleveland, OH. The organization was established in 1993. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, 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. Village Capital Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Village Capital Corporation generated $2.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.5% each year . All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 2.5% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
INVESTING IN THE REVITALIZATION OF NORTHEAST OHIO'S UNDERSERVED COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VILLAGE CAPITAL CORPORATION (VCC) BUILDS AND STRENGTHENS UNDERSERVED NEIGHBORHOOD IN NORTHEAST OHIO BY PROVIDING CAPITAL TO STRATEGIC REAL ESTATE DEVELOPMENT PROJECTS THAT SERVE AS A CATALYST FOR REVITALIZATION. OUR LOANS CAPITAL IS DEPLOYED TO PROJECTS THAT: ELIMINATE BLIGHT, PROVIDE QUALITY HOUSING AND COMMERCIAL ASSETS, CREATE JOBS, FOSTER ECONOMIC DIVERSITY AND INCLUSION, AND PROMOTE POSITIVE SOCIAL OUTCOMES FOR RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Warren Director | Trustee | 4 | $0 |
William Dalman Chairman | OfficerTrustee | 1 | $0 |
Tania Menesse Vice Chair | OfficerTrustee | 3 | $0 |
Emanuel Glover Treasurer | OfficerTrustee | 1 | $0 |
Patricia Ramsey Secretary | OfficerTrustee | 1 | $0 |
Nelson Beckford Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $500,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,100,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,600,000 |
| Total Program Service Revenue | $723,620 |
| Investment income | $2,122 |
| 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 | $2,325,742 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $168,800 |
| 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 | $311,210 |
| Pension plan accruals and contributions | $1,083 |
| Other employee benefits | $31,508 |
| Payroll taxes | $4,080 |
| Fees for services: Management | $138,038 |
| Fees for services: Legal | $8,618 |
| Fees for services: Accounting | $24,130 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $40,122 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $23,077 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $304,204 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,272 |
| All other expenses | $13,885 |
| Total functional expenses | $1,080,129 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $475,201 |
| Savings and temporary cash investments | $15,561,214 |
| Pledges and grants receivable | $45,000 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,638,809 |
| Intangible assets | $0 |
| Other assets | $321,993 |
| Total assets | $24,042,217 |
| Accounts payable and accrued expenses | $155,422 |
| 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 | $7,250,000 |
| Unsecured mortgages and notes payable | $9,285,000 |
| Other liabilities | $120,196 |
| Total liabilities | $16,810,618 |
| Net assets without donor restrictions | $7,126,599 |
| Net assets with donor restrictions | $105,000 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $24,042,217 |
Grants Awarded
Over the last fiscal year, Village Capital Corporation has awarded $115,138 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
CITYBREAKS CLE LLC PURPOSE: Chain Reaction Grant recipient | $10,000 |
LAWSON BUSINESS GROUP LTD PURPOSE: US Bank Black Women's Business Accelerator | $12,438 |
MAYSIE LLC PURPOSE: Chain Reaction Grant recipient | $10,000 |
SLAVIC VILLAGE DEVELOPMENT PURPOSE: Chain Reaction Grant recipient, CDC Support Grant | $22,200 |
VITIMAN KANDIE LLC PURPOSE: Chain Reaction Grant recipient | $10,000 |
OLD BROOKLYN COMMUNITY PURPOSE: Chain Reaction Grant recipient | $15,000 |