Virginia Community Development Fund Inc
- Assets
- $8.3m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 07/2000
- Data as of
- 12/2021
- EIN
- 54-1914519
Organization Overview
Virginia Community Development Fund Inc is located in Richmond, VA. The organization was established in 2000. According to its NTEE Classification (L11) the organization is classified as: Single Organization Support, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Community Development Fund Inc 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 Fund Inc generated $4.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 47.8% each year . All expenses for the organization totaled $801.9k during the year ending 12/2021. While expenses have increased by 8.3% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE DEVELOPMENT OF AFFORDABLE HOUSING FOR VIRGINIA'S POOREST AND MOST UNDERSERVED RESIDENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
VCDF IS A SUBSIDIARY OF VCDC, WHICH INVESTS EQUITY INTO COMMUNITY DEVELOPMENT PROJECT WITH A FOCUS ON AFFORDABLE HOUSING. VCDF IS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) AND APPLIES ITS FOCUS TO OTHER TOOLS TO ASSIST IN THE DEVELOPMENT OF THESE PROJECTS, PRIMARILY THROUGH AFFORDABLE LOANS TO HOUSING PROJECTS, ESPECIALLY THOSE WITH AN ALLOCATION OF LOW INCOME HOUSING TAX CREDITS. VCDF IS ALSO A CERTIFIED DEVELOPMENT ENTITY (CDE) AND THEREBY, CAN APPLY TO THE US TREASURY'S NEW MARKET TAX CREDIT PROGRAM (NMTC) FOR ALLOCATION OF CREDITS FOR INVESTMENT IN ECONOMIC DEVELOPMENT PROJECTS. IN 2009, VCDF RECEIVED ITS FIRST ALLOCATION OF NMTCS FOR $35,000,000 AND INVESTED THIS RESOURCE INTO FOUR PROJECTS LOCATED IN UNDERSERVED COMMUNITIES IN VIRGINIA: TWO MUSEUMS (ROANOKE AND BRISTOL) AND TWO THEATERS (WAYNESBORO AND CLIFTON FORGE). VCDF HAS SINCE RECEIVED A SECOND ALLOCATION OF NMTCS IN THE 2018 ROUND FOR $35,000,000 WHICH HAVE BEEN INVESTED IN ANOTHER FOUR PROJECTS IN VIRGINIA AND WEST VIRGINIA: THREE COMMUNITY FACILITIES AND ONE COMMERCIAL/MIXED USE PROJECT. ANOTHER TWO PROJECTS HAVE BEEN APPROVED FOR INVESTMENT: ONE IS A BOUTIQUE HOTEL IN WV, THE OTHER IS A SMALL BUSINESS LOAN FUND FOR NMTC-ELIGIBLE PROJECTS IN VA AND WV. VCDF IS APPLYING FOR ANOTHER ROUND OF NMTCS THROUGH THE 2020 ROUND FOR ANOTHER $50,000,000 AND INTENDS TO CONTINUE INVESTING IN COMMUNITY FACILITIES, HOSPITALITY PROJECTS AS WELL AS MIXED-USE PROJECTS (BOTH COMMERCIAL AND RESIDENTIAL). IN 2017 VCDF EXPANDED ITS SERVICE AREA TO INCLUDE COMMUNITIES IN VIRGINIA AND WEST VIRGINIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Psalop President | OfficerTrustee | 1 | $0 |
Karen Wilds Vice President | OfficerTrustee | 1 | $0 |
Robert Newman Treasurer | Officer | 2 | $0 |
Laura Dupuy Secretary | Officer | 38 | $0 |
Neil Amin Board Member | Trustee | 1 | $0 |
Philip Stetson Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,000,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $375,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,375,000 |
| Total Program Service Revenue | $322,939 |
| Investment income | $30,377 |
| 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 | $4,728,316 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $175,000 |
| 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 | $202,972 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| 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 | $0 |
| Office expenses | $65 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,625 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $801,895 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,533,474 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $175,038 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,569,315 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,996 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,280,823 |
| Accounts payable and accrued expenses | $27,172 |
| 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 | $500,000 |
| Other liabilities | $37,517 |
| Total liabilities | $564,689 |
| Net assets without donor restrictions | $2,210,100 |
| Net assets with donor restrictions | $5,506,034 |
| 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 | $8,280,823 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Virginia Community Development Fund Inc has recieved totaling $375,000.
| Awarding Organization | Amount |
|---|---|
Winston-Salem Foundation Winstonsalem, NC PURPOSE: 1 GRANT(S) FOR VARYING PURPOSES | $375,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lutheran Retirement Ministries Of Alamance County North Carolina Burlington, NC | $194,352,583 | $40,219,787 |
Cahec Management Inc Raleigh, NC | $9,947,968 | $10,365,211 |
House Of Freedom Support Corporation Baltimore, MD | $49,667,310 | $5,810,229 |
Richfield Foundation Salem, VA | $0 | $0 |
Aldersgate Life Plan Services Inc Charlotte, NC | $512,670 | $138,330 |
American Village Communities Inc Fairfax, VA | $10,611,697 | $3,645,882 |
Holston United Methodist Home For Children Foundation Inc Greeneville, TN | $46,120,321 | $4,035,558 |
Baptist Retirement Homes Foundation Winston Salem, NC | $47,968,572 | $2,829,285 |
Bhi Properties Llc Louisville, KY | $12,489,972 | $1,658,797 |
Deerfield Charitable Foundation Asheville, NC | $16,996,116 | $890,781 |
Virginia Community Development Fund Inc Richmond, VA | $8,280,823 | $4,728,316 |
One Parent Family Facility Corp Lexington, KY | $2,640,950 | $1,180,160 |