Hampton Roads Economic Development Alliance
- Assets
- $4.1m
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 15
- Location
- Norfolk, VA
- Founding
- 08/1957
- Data as of
- 12/2021
- EIN
- 54-0600387
Organization Overview
Hampton Roads Economic Development Alliance is located in Norfolk, VA. The organization was established in 1957. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Hampton Roads Economic Development Alliance employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hampton Roads Economic Development Alliance 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, Hampton Roads Economic Development Alliance generated $4.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $3.6m during the year ending 12/2021. While expenses have increased by 6.4% 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
THE MISSION OF THE HAMPTON ROADS ECONOMIC DEVELOPMENT ALLIANCE IS BUSINESS ATTRACTION--MARKETING VIRGINIA'S HAMPTON ROADS REGION AS THE PREFERRED LOCATION FOR BUSINESS INVESTMENT AND EXPANSION. ALL HREDA INITIATIVES ARE DESIGNED TO SECURE VISITS WITH QUALIFIED BUSINESS PROSPECTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROMOTES ECONOMIC INVESTMENT AND BUSINESS EXPANSION IN THE HAMPTON ROADS AREA AND THROUGHOUT THE WORLD THROUGH MARKETING.
THE ORGANIZATION PROVIDES RESEARCH RESOURCES THAT PROVIDE MATERIAL ABOUT THE HAMPTON ROADS REGION.
THE ORGANIZATION IS INVOLVED WITH ATTRACTING AND RETAINING INVESTORS THROUGH INVESTOR RELATIONS INITIATIVES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Douglas L Smith President & CEO | Officer | 37.5 | $407,898 |
Howard Kern Chair | OfficerTrustee | 1 | $0 |
Bill Ermatinger Vice Chair | OfficerTrustee | 1 | $0 |
Brian Skinner Past Chair | OfficerTrustee | 1 | $0 |
Mark B Dreyfus Treasurer | Trustee | 0.3 | $0 |
Cathie J Vick Director | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,765,042 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,057,742 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,822,784 |
| Total Program Service Revenue | $209,151 |
| Investment income | $2,012 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,908 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,031,039 |
| 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. | $448,918 |
| Compensation of current officers, directors, key employees. | $44,544 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,042,575 |
| Pension plan accruals and contributions | $47,583 |
| Other employee benefits | $79,819 |
| Payroll taxes | $92,976 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,800 |
| Fees for services: Accounting | $9,240 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $170,183 |
| Advertising and promotion | $0 |
| Office expenses | $44,736 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $124,400 |
| Travel | $24,139 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,150 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,593 |
| Insurance | $10,170 |
| All other expenses | $19,799 |
| Total functional expenses | $3,575,161 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,711,670 |
| Savings and temporary cash investments | $1,764,679 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $579,702 |
| 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 | $17,387 |
| Net Land, buildings, and equipment | $48,637 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,122,075 |
| Accounts payable and accrued expenses | $74,460 |
| Grants payable | $0 |
| Deferred revenue | $1,840 |
| 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 | $76,300 |
| Net assets without donor restrictions | $4,045,775 |
| 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 | $4,122,075 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Hampton Roads Economic Development Alliance has recieved totaling $200,000.
| Awarding Organization | Amount |
|---|---|
The Landmark Foundation Norfolk, VA PURPOSE: HUMAN SERVICES | $100,000 |
Sentara Healthcare Norfolk, VA PURPOSE: ECONOMIC DEVELOPMENT | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |
The Center For Kentucky Rural Economic Development Inc Somerset, KY | $52,726,644 | $7,680,890 |
Kentucky Highlands Investment Corporation London, KY | $130,461,604 | $9,285,837 |
National Skills Coalition Washington, DC | $13,426,049 | $8,828,304 |