Virginia Mortgage Bankers Assoc
- Assets
- $251.7k
- Revenue
- $178.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Glen Allen, VA
- Founding
- 05/1964
- Data as of
- 12/2021
- EIN
- 54-0755922
Organization Overview
Virginia Mortgage Bankers Assoc is located in Glen Allen, VA. The organization was established in 1964. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Mortgage Bankers Assoc 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 Mortgage Bankers Assoc generated $178.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $157.8k 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 MORTGAGE INDUSTRY AND PROVIDE SERVICES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REPRESENT THE MORTGAGE INDUSTRY AND PROVIDE SERVICES TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Darcey President | OfficerTrustee | 1 | $0 |
Kevin A Russell Vice President | OfficerTrustee | 1 | $0 |
Linda E Pond President Elect | OfficerTrustee | 1 | $0 |
Nathaniel Smith Immediate Past President | OfficerTrustee | 1 | $0 |
Boyd Allison Treasurer | OfficerTrustee | 1 | $0 |
Walt Lyons Executive Director | OfficerTrustee | 28 | $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 | $62,526 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $62,526 |
| Total Program Service Revenue | $115,893 |
| Investment income | $64 |
| 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 | $178,483 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $46,800 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,900 |
| Fees for services: Lobbying | $16,250 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,151 |
| Office expenses | $3,303 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $284 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,005 |
| All other expenses | $65 |
| Total functional expenses | $157,790 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $110,887 |
| Savings and temporary cash investments | $134,148 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,690 |
| 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 | $2,988 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $251,713 |
| Accounts payable and accrued expenses | $15,134 |
| Grants payable | $0 |
| Deferred revenue | $47,125 |
| 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 | $62,259 |
| Net assets without donor restrictions | $189,454 |
| 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 | $251,713 |
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|---|---|---|
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C S B S Education Foundation Washington, DC | $4,204,118 | $2,363,709 |
West Liberty University Foundation Inc West Liberty, WV | $23,210,678 | $4,184,811 |
Credit Research Foundation Inc Westminster, MD | $1,367,248 | $1,087,744 |
Greater Kingsport Alliance For Development Inc Kingsport, TN | $2,425,970 | $1,438,393 |
National Bankers Association Inc Washington, DC | $841,485 | $627,511 |
Tennessee Medical Education Fund Inc Nashville, TN | $3,892,726 | $343,365 |
Maryland Mortgage Bankers Edgewater, MD | $437,404 | $208,857 |
Virginia Mortgage Bankers Assoc Glen Allen, VA | $251,713 | $178,483 |
Second Look Capital Inc Richmond, VA | $83,074 | $0 |