Virginia Community Development Corp
- Assets
- $7.1m
- Revenue
- $2.9m
- Investments
- $0.0
- Employees
- 19
- Location
- Richmond, VA
- Founding
- 05/1990
- Data as of
- 12/2021
- EIN
- 54-1533426
Organization Overview
Virginia Community Development Corp is located in Richmond, VA. The organization was established in 1990. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Virginia Community Development Corp employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Community Development Corp 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, Virginia Community Development Corp generated $2.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.1%) each year. All expenses for the organization totaled $1.9m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.4%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Virginia Community Development Corp has awarded 11 individual grants totaling $108,900. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
AFFORDABLE HOUSING
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2021, VCDC RAISED $62,127,260 IN EQUITY, CLOSED 5 HOUSING PROJECTS ACROSS VIRGINIA AND ADJACENT STATES AND HAD AN ACTIVE PORTFOLIO OF 144 PROPERTIES. VCDC IS ACTIVE IN THE UNDERWRITING OF THESE INVESTMENTS AND IN MONITORING THE PERFORMANCE OF A STABILIZED PORTFOLIO OF 144 PROPERTIES THROUGH HANDS-ON ASSET MANAGEMENT. VCDC ASSISTS DEVELOPERS WITH PREDEVELOPMENT PLANNING, ARRANGING FINANCING, CONSTRUCTION MANAGEMENT, AND COMPLIANCE. VCDC ALSO ASSISTS COMMUNITY-BASED NONPROFITS DEVELOP CAPACITY THROUGH VARIOUS TECHNICAL ASSISTANCE ACTIVITIES AND ORGANIZATIONAL DEVELOPMENT PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert L Newman President & CEO | Officer | 30 | $185,173 |
Chris Sterling Vice President And COO | Officer | 34 | $139,743 |
Jeff Meyer Director Of Project Development | 40 | $120,339 | |
Steve Beile Director Of Project Development | Officer | 40 | $103,069 |
Russ Parrish Treasurer/chief Financial Officer | 32 | $99,653 | |
Karen R Wilds Board Chair | 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 | $404,194 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $404,194 |
| Total Program Service Revenue | $2,520,390 |
| Investment income | $3,246 |
| 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 | $2,927,830 |
| 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. | $462,804 |
| Compensation of current officers, directors, key employees. | $92,561 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $579,600 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $201,432 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,815 |
| Office expenses | $108,653 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $65,623 |
| Travel | $7,960 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,456 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,752 |
| Insurance | $18,250 |
| All other expenses | $119,042 |
| Total functional expenses | $1,920,619 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $323,001 |
| Savings and temporary cash investments | $1,407,117 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,437,905 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $104,319 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $86,513 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $726,587 |
| Total assets | $7,085,442 |
| Accounts payable and accrued expenses | $147,500 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $147,500 |
| Net assets without donor restrictions | $6,735,787 |
| Net assets with donor restrictions | $202,155 |
| 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 | $7,085,442 |
Grants Awarded
Over the last fiscal year, Virginia Community Development Corp has awarded $23,300 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Alexandria, VA PURPOSE: Housing Stability Initiative Program | $8,000 |
Richmond, VA PURPOSE: Community Educational Programming | $8,000 |
Christiansburg, VA PURPOSE: Playground Improvement Project | $7,300 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Virginia Community Development Corp has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Virginia Nonproit Housing Coalition Richmond, VA PURPOSE: NONPROFIT SUSTAINABILITY PROGRAM | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Housing Counseling Services Inc Washington, DC | $4,430,833 | $16,498,572 |
People Incorporated Housing Group Abingdon, VA | $23,796,045 | $13,192,041 |
New Directions Housing Corporation Louisville, KY | $27,737,851 | $9,868,214 |
Manna Inc Washington, DC | $18,457,194 | $8,787,591 |
Habitat For Humanity International Inc Charlottesville, VA | $30,158,834 | $8,198,441 |
Housing Assistance Council Washington, DC | $50,242,099 | $11,554,116 |
Cedar Lake Residences Inc Louisville, KY | $2,301,086 | $7,918,008 |
Echelon Housing Inc North Bethesda, MD | $23,861,150 | $4,416,757 |
Comprehensive Housing Assistance Inc Baltimore, MD | $35,424,449 | $4,587,920 |
Appalachian Foothills Housing Agency Incorporated Wurtland, KY | $1,707,535 | $4,881,556 |
Neighborhood Capital Corporation Silver Spring, MD | $106,804,353 | $10,287,510 |
Ngena Foundation Washington, DC | $0 | $167 |