Virginia Bankers Association
- Assets
- $13.7m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 35
- Location
- Glen Allen, VA
- Founding
- 10/1942
- Data as of
- 12/2022
- EIN
- 54-0417722
Organization Overview
Virginia Bankers Association is located in Glen Allen, VA. The organization was established in 1942. 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 12/2022, Virginia Bankers Association employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Bankers Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Virginia Bankers Association generated $2.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $1.0m during the year ending 12/2022. 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
REPRESENT THE BANKING INDUSTRY AND PROVIDE SERVICES TO MEMBER BANKS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROTECTING THE INTERESTS OF COMMERCIAL AND SAVINGS BANKS IN VIRGINIA AND PROVIDING CONTINUING EDUCATION FOR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher W Bergstrom Chairman | OfficerTrustee | 1 | $0 |
Litz H Vandyke Chairman Elect | OfficerTrustee | 1 | $0 |
Leton Harding Immediate Past Chairman | OfficerTrustee | 1 | $0 |
Victor K Branch Board Member | Trustee | 1 | $0 |
David P Boyle Board Member | Trustee | 1 | $0 |
Steven A Deluca Board Member | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,168,054 |
| Investment income | $10,255 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $165,339 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20,806 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,496,169 |
| 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 | $746,443 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $43,962 |
| Fees for services: Accounting | $14,011 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $174 |
| Fees for services: Other | $21,945 |
| Advertising and promotion | $0 |
| Office expenses | $41,753 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $21,334 |
| Travel | $33,735 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $29,975 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $33,508 |
| Insurance | $11,940 |
| All other expenses | $0 |
| Total functional expenses | $1,038,922 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $627,081 |
| Savings and temporary cash investments | $327,803 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $200,485 |
| 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 | $31,545 |
| Net Land, buildings, and equipment | $84,922 |
| Investments—publicly traded securities | $43,441 |
| Investments—other securities | $0 |
| Investments—program-related | $11,419,473 |
| Intangible assets | $0 |
| Other assets | $1,002,845 |
| Total assets | $13,737,595 |
| Accounts payable and accrued expenses | $72,208 |
| Grants payable | $0 |
| Deferred revenue | $592,196 |
| 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 | $1,033,279 |
| Total liabilities | $1,697,683 |
| Net assets without donor restrictions | $12,039,912 |
| Net assets with donor restrictions | $0 |
| 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 | $13,737,595 |