Hampton Roads Executive Roundtable
- Assets
- $406.6k
- Revenue
- $822.6k
- Investments
- $0.0
- Employees
- 4
- Location
- Norfolk, VA
- Founding
- 02/2016
- Data as of
- 12/2022
- EIN
- 81-0938538
Organization Overview
Hampton Roads Executive Roundtable is located in Norfolk, VA. The organization was established in 2016. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Hampton Roads Executive Roundtable employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hampton Roads Executive Roundtable 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 12/2022, Hampton Roads Executive Roundtable generated $822.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $746.8k during the year ending 12/2022. While expenses have increased by 11.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
A COMMUNITY LEADERSHIP INITIATIVE FOCUSED ON GENERATING HIGH-PAYING, SATISFYING JOBS TO UNDERPIN A VIBRANT ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VIRGINIA INITIATIVE FOR GROWTH AND OPPORTUNITY: RHR SERVES AS THE SUPPORT ORGANIZATION FOR GO VA REGION 5. THE TIME COMMITTED TO FULFILL THAT ROLE INCLUDES PROCESSING AND MANAGING GRANTS AND PROVIDING STAFF SUPPORT TO THE REGIONAL COUNCIL. ONLY A PORTION OF THE COSTS INCURRED FOR STAFFING AND GRANT MANAGEMENT SUPPORT ARE RECOVERED THROUGH REMITTANCES ISSUED TO THE COMMONWEALTH OF VIRGINIA. ($ 514,842.56 WAS SPENT IN 2022 BY RHR FOR SALARIES/BENEFITS AND SPECIFIC OPERATIONAL COSTS SHARED WITH GO VA. OF THAT AMOUNT RHR WAS REIMBURSED $ 250,000).HAMPTON ROADS ECONOMIC DEVELOPMENT SITES READINESS PHASE II - THE HAMPTON ROADS PLANNING DISTRICT COMMISSION (HRPDC) WAS AWARDED A $ 3,751,545 GO VIRGINIA GRANT TO COMPLETE DUE DILIGENCE WORK FOR THREE SITES IN REGION 5 RECOMMENDED BY EARLIER STUDIES, INCLUDING THE ENHANCED SITE CHARACTERIZATION PROJECT PERFORMED BY THE VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP (VEDP) IN 2019. LEVERAGED WITH LOCAL RESOURCES IN THE AMOUNT OF $ 10,510,326, THESE FUNDS WERE USED TO ELEVATE THREE OAKS INDUSTRIAL PARK (CHESAPEAKE) AND SOUTHAMPTON COMMERCE AND LOGISTICS CENTER (SOUTHAMPTON COUNTY) TO TIER 4, AND BEALE FARM (SOUTHAMPTON COUNTY) TO TIER 2. EACH OF THESE SITES WILL ATTRACT NEW BUSINESS DEVELOPMENT TO THE REGION, RESULTING IN AN ESTIMATED 400 NEW JOBS AND AN ESTIMATED $ 6.1 MILLION IN STATE INCOME AND TAX REVENUE WITHIN 5 YEARS OF DEVELOPMENT. REINVENT HAMPTON ROADS SERVED AS THE GRANT ADMINISTRATOR.757 COLLAB IS A COLLABORATIVE FUNDING VEHICLE THAT PROVIDES COORDINATION SERVICES FOR THREE CRITICAL ENTREPRENEURIAL SUPPORT RESOURCES - 757 ANGELS, 757 ACCELERATE AND 757 STARTUP STUDIOS - ALL OF WHOM HAVE DEMONSTRATIVE IMPACTS IN DIVERSIFYING THE REGIONAL ECONOMY AND CREATING HIGH PAYING JOBS. 757 COLLAB RECEIVED A GO VIRGINIA GRANT IN THE AMOUNT OF $ 2,420,572 WITH MATCHING FUNDS FROM INDUSTRY, LOCALITIES, AND OTHER SOURCES EQUALING $ 1,585,531. THE PROJECT EXCEEDED ALL OUTCOMES IN 2022 TO INCLUDE CREATING 1,064 JOBS, RAISING $ 98.5 MILLION IN CAPITAL, AND DEPLOYING $ 17.1 MILLION IN CAPITAL, SERVING 257 BUSINESSES. REINVENT HAMPTON ROADS SERVED AS THE GRANT ADMINISTRATOR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy Grden President & CEO | OfficerTrustee | 40 | $135,417 |
John O Wynne Chairman | OfficerTrustee | 2 | $0 |
Deborah M Dicroce Director | Trustee | 2 | $0 |
G Robert Aston Jr Vice Chairman | OfficerTrustee | 2 | $0 |
Thomas Frantz Director | Trustee | 2 | $0 |
Rony Thomas Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $250,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $572,515 |
| Noncash contributions included in lines 1a–1f | $12,350 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $822,515 |
| Total Program Service Revenue | $0 |
| Investment income | $35 |
| 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 | $822,550 |
| 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 | $471,505 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $31,352 |
| Payroll taxes | $35,868 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $43 |
| Fees for services: Accounting | $19,105 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $22,546 |
| Advertising and promotion | $0 |
| Office expenses | $10,367 |
| Information technology | $1,336 |
| Royalties | $0 |
| Occupancy | $12,350 |
| Travel | $2,376 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,561 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,438 |
| Insurance | $3,271 |
| All other expenses | $0 |
| Total functional expenses | $746,787 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $349,323 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $54,939 |
| 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 | $0 |
| Net Land, buildings, and equipment | $2,340 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $406,602 |
| Accounts payable and accrued expenses | $20,624 |
| 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 | $20,624 |
| Net assets without donor restrictions | $385,978 |
| 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 | $406,602 |
Grants Awarded
Over the last fiscal year, Hampton Roads Executive Roundtable has awarded $50,200 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
OLD DOMINION RESEARCH FOUNDATION (VMASC) PURPOSE: VIRGINIA CYBER ALLIANCE | $37,700 |
VIRGINIA PENINSULA CHAMBER FOUNDATION PURPOSE: HAMPTON ROADS UNMANNED SYSTEMS FACILITY | $12,500 |