Virginia Apartment Management Association
- Assets
- $2.3m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 9
- Location
- Richmond, VA
- Founding
- 02/1988
- Data as of
- 12/2021
- EIN
- 54-1407434
Organization Overview
Virginia Apartment Management Association is located in Richmond, VA. The organization was established in 1988. According to its NTEE Classification (L02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Virginia Apartment Management Association employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Apartment Management Association 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 Apartment Management Association generated $1.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 1.2% 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
TO IMPROVE REQUIREMENTS AND STANDARDS OF THE MULTI-FAMILY APARTMENT INDUSTRY
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL CONFERENCES FOR MEMBERS.
STANDARDIZED LEASE CONTRACTS OFFERED TO MEMBERS TO ENCOURAGE FAIR AND UNIFORM PRACTICES WITHIN THE INDUSTRY.
VIRGINIA REDBOOK IS A LEGAL GUIDE DESIGNED EXCLUSIVELY FOR MULTIFAMILY RENTAL HOUSING OWNERS AND OPERATORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Mccloud CEO | Officer | 40 | $98,000 |
Lindsey Pease President | OfficerTrustee | 1 | $0 |
Deidre Brown Treasurer | OfficerTrustee | 1 | $0 |
Matt Spencer Vice-President | OfficerTrustee | 1 | $0 |
Ashley Bowman Secretary | OfficerTrustee | 1 | $0 |
Rebecca Bryan Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $622,310 |
| 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 | $622,310 |
| Total Program Service Revenue | $873,127 |
| Investment income | $26,497 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $7,174 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,192 |
| Net Income from Fundraising Events | $7,602 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,543,902 |
| 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. | $98,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $365,513 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $48,028 |
| Payroll taxes | $34,641 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,182 |
| Fees for services: Accounting | $8,455 |
| Fees for services: Lobbying | $74,273 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,610 |
| Fees for services: Other | $7,843 |
| Advertising and promotion | $471 |
| Office expenses | $83,145 |
| Information technology | $30,829 |
| Royalties | $0 |
| Occupancy | $58,120 |
| Travel | $15,053 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,747 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,922 |
| Insurance | $2,750 |
| All other expenses | $12,987 |
| Total functional expenses | $1,220,930 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $341,420 |
| Savings and temporary cash investments | $788,307 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $41,458 |
| 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 | $34,225 |
| Net Land, buildings, and equipment | $11,787 |
| Investments—publicly traded securities | $1,033,083 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,294 |
| Total assets | $2,254,574 |
| Accounts payable and accrued expenses | $141,788 |
| Grants payable | $0 |
| Deferred revenue | $231 |
| 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 | $142,019 |
| Net assets without donor restrictions | $1,951,421 |
| Net assets with donor restrictions | $161,134 |
| 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 | $2,254,574 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Federation Of Applachian Housing Inc Berea, KY | $96,510,437 | $12,528,691 |
Virginia Mennonite Retirement Community Harrisonburg, VA | $42,827,951 | $8,073,755 |
North Carolina Housing Services And Management Corporation Winstonsalem, NC | $840,720 | $4,697,596 |
Mosaic Development Group Inc Charlotte, NC | $17,779,352 | $3,061,867 |
Nho Management Inc Memphis, TN | $6,297,226 | $909,535 |
Virginia Apartment Management Association Richmond, VA | $2,254,574 | $1,543,902 |
Engineer Center Inc Upper Marlboro, MD | $3,730,343 | $468,403 |
Consortium For Housing And Asset Management Inc Baltimore, MD | $291,820 | $332,451 |
Vance Housing Inc Beckley, WV | $629,884 | $114,093 |
Mobility Works Inc Baltimore, MD | $265,879 | $366,320 |
Loving Hearts & Caring Hands Inc Madisonville, TN | $1,718 | $0 |
Melkie Jones Homeownership Inc Murfreesboro, TN | $3,680 | $0 |