Virginia Bankers Association
- Assets
- $12.5m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 30
- Location
- Glen Allen, VA
- Founding
- 10/1942
- Data as of
- 12/2021
- 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 12/2021, Virginia Bankers Association employed 30 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 12/2021, Virginia Bankers Association generated $2.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 1.6% 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
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 |
|---|---|---|---|
Bruce Whitehurst President & CEO | Officer | 16 | $252,431 |
Matthew J Bruning Svp, Government Relations | Officer | 28 | $136,917 |
Demarion Johnston General Counsel & Secretar | Officer | 20 | $78,336 |
Chandler Owdom Vice President | Officer | 20 | $39,461 |
Courtney M Fleming Svp, Education & Training | Officer | 10 | $34,266 |
Stacy Puckett Chief Financial Officer | Officer | 6 | $13,920 |
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 | $1,125,018 |
| Investment income | $15,048 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $22,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,240,117 |
| 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 | $906,169 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $108,993 |
| Fees for services: Accounting | $14,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,171 |
| Advertising and promotion | $0 |
| Office expenses | $37,256 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $20,260 |
| Travel | $17,405 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,946 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,428 |
| Insurance | $11,467 |
| All other expenses | $101 |
| Total functional expenses | $1,198,150 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $517,738 |
| Savings and temporary cash investments | $327,008 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,946 |
| 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 | $39,043 |
| Net Land, buildings, and equipment | $56,504 |
| Investments—publicly traded securities | $51,764 |
| Investments—other securities | $0 |
| Investments—program-related | $10,287,758 |
| Intangible assets | $0 |
| Other assets | $1,144,976 |
| Total assets | $12,456,737 |
| Accounts payable and accrued expenses | $60,380 |
| Grants payable | $0 |
| Deferred revenue | $558,802 |
| 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 | $1,200,852 |
| Total liabilities | $1,820,034 |
| Net assets without donor restrictions | $10,636,703 |
| 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 | $12,456,737 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Virginia Bankers Association has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $3,000 |
Southern Bank Foundation Mount Olive, NC PURPOSE: DONATION | $2,000 |
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 |