Virginia Biotechnology Association
- Assets
- $591.9k
- Revenue
- $728.4k
- Investments
- $432.9k
- Employees
- 4
- Location
- Richmond, VA
- Founding
- 08/1999
- Data as of
- 06/2022
- EIN
- 54-1644709
Organization Overview
Virginia Biotechnology Association is located in Richmond, VA. The organization was established in 1999. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Virginia Biotechnology Association employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Biotechnology 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 06/2022, Virginia Biotechnology Association generated $728.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $948.4k during the year ending 06/2022. While expenses have increased by 6.3% 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 PROMOTE INNOVATION AND GROWTH THROUGH STRENGTHENED NETWORKS; ADVOCACY; CAPITAL INVESTMENT; TALENT ATTRACTION, DEVELOPMENT AND RETENTION; AND ADVANCING THE NEXT GENERATION OF LEADERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN SEPTEMBER 2021, VIRGINIA BIO HOSTED THE 6TH ANNUAL WOMEN BUILDING BIO CONFERENCE VIRTUALLY AND AT 5 DIFFERENT IN PERSON LOCATIONS THROUGHOUT THE STATE. OVER 170 PEOPLE ATTENDED THIS HALF DAY EVENT, LED BY VIRGINIA WOMEN DESIGNED TO CREATE NEW AND PRODUCTIVE COLLABORATIONS AMONG LEADING WOMEN AND MEN IN RESEARCH AND INDUSTRY IN VIRGINIA AND THE REGION.
IN APRIL 2022, VIRGINIA BIO HOSTED THE BI-ANNUAL THRIVE CONFERENCE AT THE HOTEL ROANOKE, IN ROANOKE, VA. OVER 200 PEOPLE ATTENDED THE DAYLONG EVENT, THAT BROUGHT TOGETHER THE LEADING RESEARCHERS FROM BIOMEDICAL RESEARCH UNIVERSITIES AND HEALTH SYSTEMS, ENTREPRENEURS, STARTUPS AND EMERGING BIOSCIENCE COMPANIES FROM THE STATE. THIS CONFERENCE HIGHLIGHTED THE MANY ACCOMPLISHMENTS AND THE SIGNIFICANT PLAYERS OF THE LAST THREE YEARS AND WAS ORGANIZED IN PARTNERSHIP WITH ROANOKE-BLACKSBURG TECHNOLOGY COUNCIL (RBTC), REGIONAL ACCELERATOR AND MENTORING PROGRAM (RAMP) AND VALLEYS INNOVATION COUNCIL (VIC), AS WELL AS FRALIN BIOMEDICAL RESEARCH INSTITUTE, CARILION CLINIC, AND VTC VENTURES.
THE ASSOCIATION CONTINUES TO SPONSOR FREQUENT NETWORKING PROGRAMS FOR LIFE SCIENCE PROFESSIONALS. THESE EVENTS INCLUDED A MONTHLY VIRTUAL LECTURE SERIES AND REGULAR NETWORKING EVENTS HELD ACROSS THE COMMONWEALTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Newby Chief Executive Officer | Officer | 40 | $201,554 |
Alan Connor Chairman | OfficerTrustee | 1.25 | $0 |
Carrie Roth Treasurer | OfficerTrustee | 1.25 | $0 |
Ross Dunlap Vice Chair | OfficerTrustee | 1.25 | $0 |
Jeff Pompeo Secretary | OfficerTrustee | 1.25 | $0 |
Denise Toney Director | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $119,165 |
| All other contributions, gifts, grants, and similar amounts not included above | $40,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $159,165 |
| Total Program Service Revenue | $620,150 |
| Investment income | $52,981 |
| 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 | $728,390 |
| 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 | $409,811 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $65,141 |
| Payroll taxes | $27,815 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,296 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $53,437 |
| Office expenses | $61,340 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $19,196 |
| Travel | $12,507 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,568 |
| All other expenses | $18,177 |
| Total functional expenses | $948,407 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50,604 |
| Savings and temporary cash investments | $104,958 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $2,464 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $432,854 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,000 |
| Total assets | $591,880 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $33,645 |
| 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 | $140,940 |
| Total liabilities | $174,585 |
| Net assets without donor restrictions | $0 |
| 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 | $417,295 |
| Total liabilities and net assets/fund balances | $591,880 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Virginia Biotechnology Association has recieved totaling $30,000.
| Awarding Organization | Amount |
|---|---|
Grow Capital Jobs Foundation Richmond, VA PURPOSE: PROVIDE RESEARCH | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Restaurant Association Washington, DC | $192,667,812 | $96,146,955 |
American Association Of State Highway & Transportation Officials Washington, DC | $177,160,624 | $97,013,353 |
National Federation Of Independent Business Inc Nashville, TN | $77,203,691 | $109,079,617 |
American Beverage Association Washington, DC | $114,967,236 | $101,585,081 |
Credit Union National Association Inc Washington, DC | $67,388,582 | $69,543,852 |
Edison Electric Institute Washington, DC | $198,917,565 | $81,084,181 |
Investment Company Institute Washington, DC | $76,230,571 | $72,478,404 |
Packaging Machinery Manufacturers Institute Inc Herndon, VA | $71,869,344 | $62,733,082 |
Consumer Technology Association Arlington, VA | $357,760,838 | $25,474,279 |
National Retail Federation Inc Washington, DC | $44,909,805 | $48,694,616 |
American Psychiatric Association Washington, DC | $179,554,491 | $53,525,834 |
Srcco Inc Durham, NC | $42,497,453 | $49,465,239 |