Venture Richmond Inc
- Assets
- $8.2m
- Revenue
- $8.1m
- Investments
- $0.0
- Employees
- 39
- Location
- Richmond, VA
- Founding
- 08/1982
- Data as of
- 12/2023
- EIN
- 52-1256458
Organization Overview
Venture Richmond Inc is located in Richmond, VA. The organization was established in 1982. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Venture Richmond Inc employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Venture Richmond Inc 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 12/2023, Venture Richmond Inc generated $8.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $7.1m during the year ending 12/2023. While expenses have increased by 3.5% per year over the past 8 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.
Since 2016, Venture Richmond Inc has awarded 19 individual grants totaling $165,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE RESOURCES TO PROMOTE DOWNTOWN RICHMOND, VIRGINIA
Describe the Organization's Program Activity:
Part 3 - Line 4a
RICHMOND FOLK FESTIVAL - OVERSEE, PLAN, PRODUCE, MARKET & SPONSORSHIP OF RICHMOND FOLK FESTIVAL EVENT IN DOWNTOWN RICHMOND. INCLUDED IN REVENUE IS SUPPORT FROM THE SERVICE DISTRICTS OF $200,000. IN ADDITION TO THE ABOVE REVENUE, THE PROGRAM RECEIVED A GRANT FROM THE CITY ARTS & CULTURE OF $167,000 AND CONTRIBUTIONS OF $17,030.
VENTURE RICHMOND MANAGES AND MAINTAINS THE RIVERFRONT IN ACCORDANCE WITH CONTRACTS WITH THE CITY OF RICHMOND; OPERATING RIVERFRONT CANAL CRUISES AND MAINTAINING THE CANAL WALK, BROWN'S ISLAND, AND BELLE ISLE PARKING LOT. MANAGES PROGRAMS AND PROJECTS FOR THE RIVERFRONT SPECIAL SERVICE AND ASSESSMENT DISTRICTS IN ACCORDANCE WITH CONTRACTS WITH THE CITY OF RICHMOND. IN ADDITION TO THE REVENUE ABOVE, THE PROGRAM RECEIVED A $200,000 MUNICIPAL GRANT PROVIDED BY THE CITY OF RICHMOND.
VENTURE RICHMOND MANAGES PROGRAMS AND PROJECTS FOR THE DOWNTOWN SPECIAL SERVICE AND ASSESSMENT DISTRICTS IN ACCORDANCE WITH CONTRACTS WITH THE CITY OF RICHMOND. TOTAL REVENUE FOR THE GENERAL SERVICE DISTRICT OF $1,374,469 REPRESENTS SUPPORT FROM THE SERVICE DISTRICTS. THE PROGRAM ALSO RECEIVED A $1,237,500 CLEAN, SAFE, AND GREEN MUNICIPAL GRANT PROVIDED BY THE CITY OF RICHMOND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darius Johnson Chairman | OfficerTrustee | 5 | $0 |
Farhad Aghdami Vice Chairman | OfficerTrustee | 5 | $0 |
Levar M Stoney President | OfficerTrustee | 5 | $0 |
Devon Henry Secretary | OfficerTrustee | 5 | $0 |
Paula Pando Treasurer | OfficerTrustee | 5 | $0 |
Adam Harrell Past Chairman | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Community Business Group Sidewalk/cleaning/ambassadors | 12/30/23 | $1,227,077 |
National Council For The Traditional Art Event Planning And Coordination | 12/30/23 | $314,482 |
Rmc Events Inc Event Security | 12/30/23 | $188,738 |
Bws Landscaping Landscaping | 12/30/23 | $136,829 |
Herb's Janitorial & Lawncare Services Brown's Island & Festival Maintenance An | 12/30/23 | $180,715 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,065,941 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,163,273 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,229,214 |
| Total Program Service Revenue | $4,853,734 |
| Investment income | $263 |
| 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 | $8,083,211 |
| 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. | $1,050,207 |
| Compensation of current officers, directors, key employees. | $104,880 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $220,531 |
| Pension plan accruals and contributions | $245,970 |
| Other employee benefits | $0 |
| Payroll taxes | $109,614 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,262 |
| Fees for services: Accounting | $39,921 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $404,333 |
| Advertising and promotion | $480,935 |
| Office expenses | $101,515 |
| Information technology | $51,200 |
| Royalties | $0 |
| Occupancy | $68,507 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $34,557 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $99,700 |
| Insurance | $239,044 |
| All other expenses | $1,586,547 |
| Total functional expenses | $7,129,387 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,908,492 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,346 |
| 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 | $93,756 |
| Net Land, buildings, and equipment | $3,085,124 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $108,522 |
| Total assets | $8,212,240 |
| Accounts payable and accrued expenses | $174,973 |
| Grants payable | $0 |
| Deferred revenue | $2,400 |
| 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 | $111,267 |
| Total liabilities | $288,640 |
| Net assets without donor restrictions | $7,894,225 |
| Net assets with donor restrictions | $29,375 |
| 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 | $8,212,240 |
Grants Awarded
Over the last fiscal year, Venture Richmond Inc has awarded $100,000 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
CHARGED UP ENTERTAINMENT PURPOSE: TO RECRUIT NEW TENANTS TO BROAD STREET IN THE DOWNTOWN RICHMOND ARTS DISTRICT. | $10,000 |
BIRTH IN COLOR RVA PURPOSE: TO RECRUIT NEW TENANTS TO BROAD STREET IN THE DOWNTOWN RICHMOND ARTS DISTRICT. | $10,000 |
JOLENE RVA PURPOSE: TO RECRUIT NEW TENANTS TO BROAD STREET IN THE DOWNTOWN RICHMOND ARTS DISTRICT. | $10,000 |
MYSELFIESRVA PURPOSE: TO RECRUIT NEW TENANTS TO BROAD STREET IN THE DOWNTOWN RICHMOND ARTS DISTRICT. | $10,000 |
LAVENDER SOCIAL CLUB PURPOSE: TO RECRUIT NEW TENANTS TO BROAD STREET IN THE DOWNTOWN RICHMOND ARTS DISTRICT. | $10,000 |
NURTURING MINDS INC PURPOSE: TO RECRUIT NEW TENANTS TO BROAD STREET IN THE DOWNTOWN RICHMOND ARTS DISTRICT. | $10,000 |