Hampton Roads Chamber Foundation
- Assets
- $164.3k
- Revenue
- $4.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Norfolk, VA
- Founding
- 07/1985
- Data as of
- 12/2022
- EIN
- 51-0284315
Organization Overview
Hampton Roads Chamber Foundation is located in Norfolk, VA. The organization was established in 1985. According to its NTEE Classification (S30) the organization is classified as: Economic 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. Hampton Roads 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 12/2022, Hampton Roads Chamber Foundation generated $4.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (53.1%) each year. All expenses for the organization totaled $7.2k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (50.4%) per year over the past 8 years. 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
THE PURPOSES FOR WHICH THE CORPORATION IS ORGANIZED ARE TO SOLICIT, RECEIVE, MANAGE AND DISTRIBUTE ASSETS AND FUNDS TO FURTHER THE WELFARE AND DEVELOPMENT OF THE HAMPTON ROADS VIRGINIA COMMUNITIES THROUGH PROGRAMS AND ACTIVITIES WHICH ARE EXCLUSIVELY CHARITABLE, SCIENTIFIC AND EDUCATIONAL IN PURPOSE, INCLUDING THE MAKING OF DISTRIBUTIONS TO ORGANIZATIONS WHICH QUALIFY AS EXEMPT ORGANIZATIONS UNDER SECTION 501(C)(3) OF THE IRS CODE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FIFTEEN JURISDICTIONS IN SOUTHEASTERN VIRGINIA TO MARKET THE REGION NATIONALLY AND INTERNATIONALLY IN CONJUNCTION WITH THE RESOURCES ANDINVESTMENT OF THE BUSINESS COMMUNITY. THE MISSION OF THE HAMPTON ROADSECONOMIC DEVELOPMENT ALLIANCE IS BUSINESS ATTRACTION - MARKETINGVIRGINIA'S HAMPTON ROADS REGION AS THE PREFERRED LOCATION FOR BUSINESS INVESTMENT AND EXPANSION.
LEAD HAMPTON ROADS -THE MISSION OF LEAD HAMPTON ROADS (LHR) IS TO BUILD AND STRENGTHEN REGIONAL LEADERSHIP THROUGH EDUCATION, PARTNERSHIPS AND NETWORKING ACROSS TRADITIONAL BOUNDARIES FOR THE PURPOSE OF IMPROVING THE QUALITY OF LIFE IN GREATER HAMPTON ROADS. LHR TAKES AN HONEST LOOK AT THE SOCIAL, ECONOMIC, POLITICAL AND EDUCATIONAL NEEDS WITHIN THE COMMUNITY AND THEN PUTS OUR LEADERS TO WORK. OUR PARTICIPANTS ARE PROVIDED THE OPPORTUNITY TO GAIN HANDS ON COMMUNITY DEVELOPMENT EXPERIENCE AND ARE ENCOURAGED TO TAKE CONSTRUCTIVE ACTION WHERE IT IS NEEDED MOST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bryan K Stephens President | OfficerTrustee | 1 | $0 |
Sylvia M Haines Secretary | OfficerTrustee | 1 | $0 |
Stephen R Romine Chairman | OfficerTrustee | 1 | $0 |
Jim Bibbs Treasurer | OfficerTrustee | 1 | $0 |
Christopher M Stone Director | Trustee | 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 | $3,003 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,003 |
| Total Program Service Revenue | $1,600 |
| Investment income | $27 |
| 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 | $4,630 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,935 |
| 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 | $60 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $7,223 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $61,552 |
| Savings and temporary cash investments | $102,768 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $164,320 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $26,880 |
| 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 | $26,880 |
| Net assets without donor restrictions | $123,790 |
| Net assets with donor restrictions | $13,650 |
| 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 | $164,320 |
Grants Awarded
Over the last fiscal year, Hampton Roads Chamber Foundation has awarded $90,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
HAMPTON ROADS ECONOMIC DEVELOPMENT ALLIANCE PURPOSE: TO FURTHER THE WELFARE AND DEVELOPMENT OF THE HAMPTON ROADS VIRGINIA COMMUNITIES. | $50,000 |
SMALL BUSINESS DEVELOPMENT CENTER OF HAMPTON ROADS PURPOSE: TO FOSTER SMALL BUSINESS SUCCESS AND GROW THE REGION'S ECONOMY. | $40,000 |