Virginia Manufacturers Association Inc
- Assets
- $2.0m
- Revenue
- $3.3m
- Investments
- $307.5k
- Employees
- 16
- Location
- Richmond, VA
- Founding
- 05/1942
- Data as of
- 12/2022
- EIN
- 54-0452521
Organization Overview
Virginia Manufacturers Association Inc is located in Richmond, 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 Manufacturers Association Inc employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Manufacturers Association Inc 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 Manufacturers Association Inc generated $3.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $3.2m during the year ending 12/2022. While expenses have increased by 9.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE ASSOCIATION SHALL BE TO ENCOURAGE AND SUPPORT THE MANUFACTURING INDUSTRIES LOCATED WITHIN THE COMMONWEALTH OF VIRGINIA, TO AFFORD A MEDIUM FOR COOPERATION AMONG THOSE INDUSTRIES AND TO INITIATE, ENCOURAGE, FOSTER, AND PROMOTE CONSTRUCTIVE POLICIES AND ACTVITIES ON BEHALF OF INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION SUPPORTED THE MANUFACTURING INDUSTRIES IN VIRGINIA AND PROVIDED A MEDIUM FOR COOPERATION, POLICIES, AND ACTIVITIES AMONG THOSE INDUSTRIES.
THE ORGANIZATION SUPPORTED THE MANUFACTURING INDUSTRIES IN VIRGINIA AND PROVIDED A MEDIUM FOR COOPERATION, POLICIES, AND ACTIVITIES AMONG THOSE INDUSTRIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett Vassey President/ce | Officer | 40 | $289,438 |
James Baisden Chairman Eme | Officer | 2 | $0 |
Larry Souverielle Past Chairma | Officer | 2 | $0 |
Scott Tilley Director | Trustee | 2 | $0 |
Rob Hogan Board Adviso | Officer | 2 | $0 |
Magnus Akesson Director | Trustee | 2 | $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 | $3,359,569 |
| Investment income | $5,261 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$66,229 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,298,601 |
| 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 | $2,443,718 |
| Pension plan accruals and contributions | $57,453 |
| Other employee benefits | $49,764 |
| Payroll taxes | $59,951 |
| Fees for services: Management | $215,095 |
| Fees for services: Legal | $182,445 |
| Fees for services: Accounting | $17,931 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,036 |
| Fees for services: Other | $5,523 |
| Advertising and promotion | $0 |
| Office expenses | $65,266 |
| Information technology | $12,603 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $14,685 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $58,516 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,317 |
| Insurance | $21,331 |
| All other expenses | $0 |
| Total functional expenses | $3,235,924 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,118,832 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $471,690 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $26,157 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $62,609 |
| Net Land, buildings, and equipment | $10,791 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $307,483 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,615 |
| Total assets | $2,000,177 |
| Accounts payable and accrued expenses | $555,328 |
| Grants payable | $0 |
| Deferred revenue | $167,724 |
| 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 | $1,353,013 |
| Total liabilities | $2,076,065 |
| Net assets without donor restrictions | -$492,079 |
| Net assets with donor restrictions | $416,191 |
| 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 | $2,000,177 |