Virginia Beach Community Development Corporation
- Assets
- $35.3m
- Revenue
- $7.6m
- Investments
- $0.0
- Employees
- 39
- Location
- Virginia Beach, VA
- Founding
- 08/1987
- Data as of
- 06/2022
- EIN
- 54-1378797
Organization Overview
Virginia Beach Community Development Corporation is located in Virginia Beach, VA. The organization was established in 1987. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Virginia Beach Community Development Corporation employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Beach Community Development Corporation 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 06/2022, Virginia Beach Community Development Corporation generated $7.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $7.4m during the year ending 06/2022. While expenses have increased by 1.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING FOR LOW AND MODERATE INCOME FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PERMANENT RENTAL HOUSING FUNDS INCLUDE INCOME AND EXPENSES DIRECTLY ASSOCIATED WITH THE RENTAL OF AFFORDABLE LOW-INCOME HOUSING UNDER NOAH, HOME, HOUSING FIRST, BIZNET, ATLANTIS MANOR, CAPE HENRY, OCEAN TRACE, BEACH PARK AND BEACH PARK WEST APARTMENT PROJECTS. IN ADDITION, VETERANS FIRST HOUSING ASSISTANCE, SUPPORT SERVICES FOR VETERANS FAMILIES (SSVF) GRANT ACTIVITY, PROJECT DEVELOPMENT FEE INCOME AND INVESTMENT ACTIVITY ARE RECORDED UNDER PERMANENT RENTAL HOUSING FUNDS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jessica Guglielmo Chief Executive Officer | Officer | 40 | $145,160 |
Kim Johnson Chief Financial Officer | Officer | 40 | $114,085 |
Worth Remick Secretary/treasurer | OfficerTrustee | 1 | $0 |
Frank Mckinney President/chair | OfficerTrustee | 1 | $0 |
Christopher L Brown Vice President | OfficerTrustee | 1 | $0 |
Dr Audrey B Douglas-Cooke Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Applied Pressure Llc Home Renovations/services | 6/29/22 | $127,986 |
For Kids Inc Ssvf Subcontractor | 6/29/22 | $287,998 |
New Indoor Comfort Llc Maintenance And Repairs | 6/29/22 | $113,515 |
Pr Landscaping Maintenance And Repairs | 6/29/22 | $113,020 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,599,602 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,047 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,612,649 |
| Total Program Service Revenue | $4,979,699 |
| Investment income | $25,850 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$28,610 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,614,457 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,239,042 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $283,232 |
| Compensation of current officers, directors, key employees. | $54,457 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,345,220 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $310,829 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,356 |
| Fees for services: Accounting | $79,510 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $36,453 |
| Advertising and promotion | $21,338 |
| Office expenses | $41,533 |
| Information technology | $125,950 |
| Royalties | $0 |
| Occupancy | $17,289 |
| Travel | $41,501 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $10,755 |
| Conferences, conventions, and meetings | $0 |
| Interest | $821,900 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,252,558 |
| Insurance | $212,924 |
| All other expenses | $95,820 |
| Total functional expenses | $7,404,821 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,012,794 |
| Savings and temporary cash investments | $599,065 |
| Pledges and grants receivable | $286,301 |
| Accounts receivable, net | $292,541 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,497,193 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $800 |
| Net Land, buildings, and equipment | $26,599,249 |
| Investments—publicly traded securities | $133,695 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $924,691 |
| Total assets | $35,346,329 |
| Accounts payable and accrued expenses | $296,626 |
| Grants payable | $0 |
| Deferred revenue | $155,757 |
| 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 | $19,490,937 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $209,311 |
| Total liabilities | $20,152,631 |
| Net assets without donor restrictions | $15,193,698 |
| 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 | $35,346,329 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Virginia Beach Community Development Corporation has recieved totaling $260,847.
| Awarding Organization | Amount |
|---|---|
United Way Of Greater Richmond Richmond, VA PURPOSE: DONOR DIRECTS FUNDS(DESIGNATIONS) FOR ENERGY SHARE | $142,585 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $71,961 |
United Way Of South Hampton Roads Norfolk, VA PURPOSE: GRANTS AWARDED | $39,301 |
Vb Home Now Inc Virginia Beach, VA PURPOSE: To provide utility and transportation assistance for Disabled and/or homeless veterans. | $7,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kentucky River Foothills Development Council Inc Richmond, KY | $12,381,295 | $19,871,173 |
Community Action Of Southern Kentucky Incorporated Bowling Green, KY | $10,381,389 | $18,999,181 |
Northern Kentucky Community Action Commisson Inc Covington, KY | $8,823,439 | $18,121,235 |
Garrett County Maryland Community Action Committee Inc Oakland, MD | $23,823,939 | $14,024,119 |
Strong City Baltimore Baltimore, MD | $3,607,626 | $14,803,870 |
Visit Baltimore Inc Baltimore, MD | $13,591,522 | $23,022,151 |
Mountainheart Community Servces Inc Oceana, WV | $5,735,709 | $13,660,570 |
Allegany County Human Resources Development Commission Inc Cumberland, MD | $11,830,782 | $13,688,639 |
Coastal Community Action Inc Newport, NC | $6,264,251 | $13,623,681 |
Fusion Partnerships Inc Baltimore, MD | $7,468,833 | $16,079,107 |
Neighborhood Preservation Inc Memphis, TN | $5,226,571 | $6,441,182 |
Coalfield Community Action Partnership Inc Williamson, WV | $5,496,204 | $10,777,426 |