Virginia Association Of Community Banks
- Assets
- $578.8k
- Revenue
- $685.3k
- Investments
- $0.0
- Employees
- 3
- Location
- Richmond, VA
- Founding
- 04/1979
- Data as of
- 12/2021
- EIN
- 54-1094907
Organization Overview
Virginia Association Of Community Banks is located in Richmond, VA. The organization was established in 1979. According to its NTEE Classification (S21) the organization is classified as: Community Coalitions, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Virginia Association Of Community Banks employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Association Of Community Banks 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 Association Of Community Banks generated $685.3k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $660.0k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.2%) per year over the past 7 years. 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
TO PROVIDE UNDILUTED ADVOCACY, TARGETED EDUCATION AND QUALITY COLLABORATION FOR VIRGINIA'S COMMUNITY BANKS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
A. ADVOCACY- 57 BANKS AND 64 AFFILIATED COMPANIES WERE MEMBERS IN 2021. THE PROGRAMS PROMOTE INDEPENDENT COMMUNITY BANKING, HELP MEMBERS COMPETE AND OBTAIN OPERATING EFFICIENCY.
B. EDUCATION AND SEMINARS - PROVIDED 67 SEMINARS, 393 VIRTUAL SEMINARS, AND 442 TELESEMINARS ON AREAS OF BANKING COMPLIANCE, REGULATION AND BANKING OPERATIONS - ATTENDANCE INCLUDED 902 TOTAL REPRESENTATIVES OF MEMBER BANKS.
C. ANNUAL MEETING - PROVIDED FOR MEMBERS AND OTHERS ASSOCIATED WITH COMMUNITY BANKS TO LEARN ABOUT NEW PRODUCTS AND IDEAS THROUGH ACTIVITIES - ATTENDANCE 179.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven C Yeakel President & CEO | OfficerTrustee | 40 | $161,409 |
Mark C Hanna Icba Delegate | OfficerTrustee | 1 | $0 |
Michael J Thomas Past Chairman | OfficerTrustee | 1 | $0 |
Tara Y Harrison Vice Chairman | OfficerTrustee | 1 | $0 |
Dennis A Dysart Chairman | OfficerTrustee | 4 | $0 |
Jay A Stafford Chair Elect | OfficerTrustee | 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 | $539,025 |
| Investment income | $4,300 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $129,895 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $12,076 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $685,296 |
| 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. | $161,409 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $145,636 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $29,425 |
| Payroll taxes | $22,303 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,348 |
| Fees for services: Accounting | $18,364 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $21,288 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $54,555 |
| Travel | $4,151 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $198 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,933 |
| Insurance | $3,843 |
| All other expenses | $3,452 |
| Total functional expenses | $660,046 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $551,376 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,955 |
| 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 | $3,911 |
| Net Land, buildings, and equipment | $11,992 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,608 |
| Total assets | $578,843 |
| Accounts payable and accrued expenses | $32,201 |
| Grants payable | $0 |
| Deferred revenue | $46,037 |
| 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 | $734 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $78,972 |
| Net assets without donor restrictions | $499,871 |
| 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 | $578,843 |
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