The Greater Richmond Chamber Foundation
- Assets
- $1.2m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 8
- Location
- Richmond, VA
- Founding
- 10/1980
- Data as of
- 12/2021
- EIN
- 51-0252958
Organization Overview
The Greater Richmond Chamber Foundation is located in Richmond, VA. The organization was established in 1980. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Greater Richmond Chamber Foundation employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Richmond Chamber Foundation 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 12/2021, Greater Richmond Chamber Foundation generated $3.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.2% each year . All expenses for the organization totaled $2.9m during the year ending 12/2021. While expenses have increased by 24.7% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE THE GREATER RICHMOND CHAMBER'S ABILITY TO IMPROVE THE BUSINESS ENVIRONMENT AND QUALITY OF LIFE BY SUPPORTING ECONOMIC DEVELOPMENT, REGIONAL COOPERATION, EDUCATION AND LEADERSHIP DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUNDING FOR SMART BEGINNINGS FOR THE PURPOSE OF IMPROVING EARLY CHILDHOOD DEVELOPMENT AND SCHOOL READINESS IN THE GREATER RICHMOND AREA.
FUNDING FOR WORKFORCE DEVELOPMENT FOR THE PURPOSE OF BUILDING A STRONGER WORKFORCE IN THE GREATER RICHMOND AREA THROUGH PARTNERSHIPS WITH CITIES, SCHOOL SYSTEMS, CORPORATIONS, CHAMBERS OF COMMERCE, TRADE ASSOCIATIONS, AND OTHERS, ASSISTING THEM IN DESIGING EFFECTIVE BUSINESS-EDUCATION PARTNERSHIPS, EMPLOYEE RECRUITMENT AND MENTORING PROGRAMS, WORKPLACE FLEXIBILITY POLICIES, AND MORE.
OTHER PROGRAMS DESIGNED TO PROMOTE CIVIC PROJECTS AND PROGRAMS TO IMPROVE ECONOMIC DEVELOPMENT, REGIONAL COOPERATION AND LEADERSHIP POTENTIAL WITHIN THE GREATER RICHMOND AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Schultz President Smart Beginnings | 40 | $101,955 | |
Ned Massee Chair | OfficerTrustee | 2 | $0 |
Rob Anderson Ed,treasurer | OfficerTrustee | 5 | $0 |
Christy Mccurdy Secretary | OfficerTrustee | 5 | $0 |
Katherine Busser Director | Trustee | 1 | $0 |
Leigh Sewell Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $61,400 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,938,194 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,999,594 |
| Total Program Service Revenue | $0 |
| Investment income | $84 |
| 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 | $2,999,678 |
| 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 | $555,049 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $61,617 |
| Payroll taxes | $39,147 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,171,450 |
| Advertising and promotion | $0 |
| Office expenses | $7,209 |
| Information technology | $19,975 |
| Royalties | $0 |
| Occupancy | $30,600 |
| Travel | $1,178 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,367 |
| Insurance | $0 |
| All other expenses | $7,206 |
| Total functional expenses | $2,911,798 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $208,825 |
| Savings and temporary cash investments | $943,759 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,731 |
| 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 | $6,275 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,183,590 |
| Accounts payable and accrued expenses | $41,450 |
| 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 | $41,450 |
| Net assets without donor restrictions | $86,878 |
| Net assets with donor restrictions | $1,055,262 |
| 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 | $1,183,590 |
Grants Awarded
Over the last fiscal year, The Greater Richmond Chamber Foundation has awarded $16,250 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
RICHMOND REGION PLANNING DISTRICT COMM PURPOSE: COMMUNITY INDICATORS PROJECT | $16,250 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that The Greater Richmond Chamber Foundation has recieved totaling $408,000.
| Awarding Organization | Amount |
|---|---|
The Community Foundation Inc Richmond, VA PURPOSE: GENERAL PURPOSES | $110,500 |
The Community Foundation Inc Richmond, VA PURPOSE: GENERAL PURPOSES | $110,000 |
Robins Foundation Richmond, VA PURPOSE: TO SUPPORT THE CHARITABLE MISSION OF THE RECIPIENT ORGANIZATION | $95,000 |
Dominion Energy Charitable Foundation Richmond, VA PURPOSE: WORKFORCE PROGRAMMING 2021 CHAMBERRVA | $40,000 |
The Pauley Family Foundation Richmond, VA PURPOSE: ANNUAL SUPPORT | $25,000 |
United Way Of Greater Richmond Richmond, VA PURPOSE: DONOR DIRECT FUNDS (DESIGNATIONS) FOR GENERAL PURPOSES | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Amt-The Association For Manufacturing Technology Mclean, VA | $46,538,427 | $7,983,774 |
Personal Care Products Council Washington, DC | $26,566,920 | $19,071,135 |
American Hotel & Lodging Association Directory Corporation Washington, DC | $39,158,961 | $23,973,024 |
Nashville Convention & Visitors Bureau Nashville, TN | $15,667,602 | $21,623,147 |
Responsible Business Alliance Inc Alexandria, VA | $17,217,182 | $20,384,843 |
Asis International Inc Alexandria, VA | $27,323,586 | $13,144,142 |
National Institute For Automotive Service Exellence Leesburg, VA | $25,163,895 | $18,755,834 |
International Masonry Institute Bowie, MD | $25,662,049 | $19,254,775 |
Association For Financial Professionals Inc Bethesda, MD | $30,134,135 | $15,069,162 |
Portland Cement Association Alexandria, VA | $21,852,055 | $18,216,465 |
American College Of Radiology Association Reston, VA | $28,168,186 | $16,951,008 |
Plastics Industry Association Inc Washington, DC | $19,265,703 | $12,261,158 |