Venture Richmond Inc
- Assets
- $7.0m
- Revenue
- $5.6m
- Investments
- $0.0
- Employees
- 30
- Location
- Richmond, VA
- Founding
- 08/1982
- Data as of
- 12/2021
- 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 12/2021, Venture Richmond Inc employed 30 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 12/2021, Venture Richmond Inc generated $5.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $5.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.3%) per year over the past 7 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
2021
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. THE REVENUE INCLUDES SUPPORT FROM THE SERVICE DISTRICTS ($200,000). IN ADDITION TO THE $1,124,794 IN REVENUE, THE RICHMOND FOLK FESTIVAL RECEIVED A GRANT FROM THE CITY ARTS & CULTURE ($95,000) AND IN-KIND CONTRIBUTIONS ($90,575); THE TOTAL SUPPORT AND REVENUE FOR THE FESTIVAL IS $1,310,369
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. TOTAL REVENUE FOR RIVERFRONT MANAGEMENT INCLUDES 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 INCLUDES A $700,000 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 |
|---|---|---|---|
Lisa Sims CEO | Officer | 40 | $204,217 |
Anedra Bourne Deputy Executive Director | 40 | $151,203 | |
Lucy Meade Director Of Economic Development | 40 | $139,097 | |
Max Hepp-Buchanan Director Of Riverfront & Downtown Eve | 40 | $110,828 | |
Stephen R Lecky Director Of Events | 40 | $110,449 | |
Levar M Stoney President | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Community Business Group Sidewalk/cleaning/ambassadors | 12/30/21 | $914,182 |
National Council For The Traditional Art Event Planning And Coordination | 12/30/21 | $237,599 |
Herb's Janitorial & Lawncare Services Clean, Safe And Green Program | 12/30/21 | $125,007 |
Brightview Landscape Services Inc Landscaping, Irrigation, Maintenance | 12/30/21 | $118,453 |
Bws Landscaping Landscaping | 12/30/21 | $115,149 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,293,085 |
| All other contributions, gifts, grants, and similar amounts not included above | $567,981 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,861,066 |
| Total Program Service Revenue | $3,713,711 |
| Investment income | $226 |
| 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 | $5,575,003 |
| 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. | $798,767 |
| Compensation of current officers, directors, key employees. | $87,864 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $417,564 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $82,974 |
| Payroll taxes | $92,793 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $197,019 |
| Advertising and promotion | $427,771 |
| Office expenses | $50,677 |
| Information technology | $34,463 |
| Royalties | $0 |
| Occupancy | $65,736 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,099 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $123,794 |
| Insurance | $118,794 |
| All other expenses | $1,036,164 |
| Total functional expenses | $5,375,797 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,535,494 |
| 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 | $48,766 |
| Net Land, buildings, and equipment | $3,170,693 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $270,632 |
| Total assets | $7,025,585 |
| Accounts payable and accrued expenses | $115,891 |
| 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 | $115,891 |
| Net assets without donor restrictions | $5,513,540 |
| Net assets with donor restrictions | $1,396,154 |
| 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 | $7,025,585 |
Grants Awarded
Over the last fiscal year, Venture Richmond Inc has awarded $11,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
REAL RICHMOND LLC PURPOSE: SPONSORSHIP OF FIRE, FLOUR, FORK 2019 | $6,000 |
AYANA OBIKA-CLAYBORNE DBA RVA IN WHITE LLC PURPOSE: SPRONSORSHIP OF DINER EN BLANC | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 11 grants that Venture Richmond Inc has recieved totaling $234,000.
| Awarding Organization | Amount |
|---|---|
Dominion Energy Charitable Foundation Richmond, VA PURPOSE: RICHMOND FOLK FESTIVAL | $100,000 |
Dominion Energy Charitable Foundation Richmond, VA PURPOSE: 2021 VENTURE RICHMOND ANNUAL MEMBERSHIP CONTRIBUTION | $25,000 |
Bon Secours Richmond Health System Richmond, VA PURPOSE: MISSION SUPPORT | $25,000 |
Aarp Washington, DC PURPOSE: Grant to support AARP's livable community initiative | $20,000 |
E Rhodes And Leona B Carpenter Foundation Radnor, PA PURPOSE: SUPPORT ITS 33RD ANNUAL 2ND STREET FESTIVAL | $20,000 |
Wilbur Moreland Havens Charitable Foundation Richmond, VA PURPOSE: GENERAL | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Prosperity Now Washington, DC | $29,090,376 | $24,644,874 |
Community Action Of South Eastern West Virginia Bluefield, WV | $9,324,400 | $12,779,130 |
Carter Street Corporation Chattanooga, TN | $16,714,346 | $6,596,539 |
Charlotte Center City Partners Charlotte, NC | $3,090,178 | $6,164,890 |
Venture Richmond Inc Richmond, VA | $7,025,585 | $5,575,003 |
Maryland Manufacturing Service Inc Salisbury, MD | $279,305 | $5,207,545 |
Enterprise Center Inc Chattanooga, TN | $3,677,488 | $5,998,300 |
Historic East Baltimore Community Action Coalition Inc Baltimore, MD | $9,898,806 | $3,562,151 |
Prince Georges County Economic Development Corporation Largo, MD | $6,056,042 | $4,300,935 |
Southwest Business Improvement District Washington, DC | $5,791,931 | $4,241,632 |
Common Ground Alliance Alexandria, VA | $4,149,136 | $2,873,132 |
Baltimore Community Lending Inc Baltimore, MD | $32,545,900 | $4,977,119 |