Reinvent Hampton Roads
- Assets
- $337.3k
- Revenue
- $739.1k
- Investments
- $0.0
- Employees
- 3
- Location
- Norfolk, VA
- Founding
- 02/2016
- Data as of
- 12/2021
- EIN
- 81-0938538
Organization Overview
Reinvent Hampton Roads 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 12/2021, Reinvent Hampton Roads employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reinvent Hampton Roads 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, Reinvent Hampton Roads generated $739.1k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $717.2k during the year ending 12/2021. While expenses have increased by 12.9% per year over the past 6 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
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
757 RECOVERY & RESILIENCE ACTION FRAMEWORK FORMALLY ROLLED OUT IN MARCH 2021. WITH 30 DIFFERENT PROGRAM AREAS, EACH WITH ITS OWN MICRO PLAN. ACTIVITIES WITHIN THE FRAMEWORK INCLUDE ATTRACTING ADDITIONAL QUALIFIED TALENT TO THE 757, ADVANCING A BUSINESS APPROACH TO EXPANDED MARKET CONNECTIONS, ADVANCING A BUSINESS APPROACH TO THE REGION'S FUTURE ENERGY INFRASTRUCTURE, AND CULTIVATING PROMISING NEW INDUSTRIES SUCH AS UNNAMED SYSTEMS AND WATER TECHNOLOGIES.
A PATHWAY FOR MARITIME INNOVATION IN HAMPTON ROADS: IN NOVEMBER 2021, RHR CONTRACTED WITH TECONOMY PARTNERS LLC TO PERFORM A HIGH-LEVEL SITUATIONAL SCAN OF HAMPTON ROADS' MARITIME INNOVATION OPPORTUNITIES THAT INCLUDED TECHNOLOGIES SUCH AS AUTONOMOUS SYSTEMS; DIGITAL TRANSFORMATION; CYBERSECURITY; AND ADVANCED MANUFACTURING. TWO REGIONAL FUNDING PARTNERS (OLD DOMINION UNIVERSITY AND RHR) PROVIDED ADMINISTRATIVE SUPPORT FOR THE PROJECT.
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.
REGIONAL SITE INVENTORY: A COLLABORATIVE INITIATIVE WAS FORMED BETWEEN THE HAMPTON ROADS PLANNING DISTRICT COMMISSION, THE HAMPTON ROADS ECONOMIC DEVELOPMENT ALLIANCE, AND REINVENT HAMPTON ROADS. A SITE INVENTORY WAS COMPLETED IN COOPERATION WITH THE LOCAL ECONOMIC DEVELOPMENT AGENCIES TO IDENTIFY SITES CONTAINING 100+ ACRES WITH ZONING THAT WOULD ALLOW INDUSTRIAL/COMMERCIAL DEVELOPMENT. THIS COLLABORATIVE APPROACH HAS THE POTENTIAL TO GREATLY ENCOURAGE LOCALITIES TO PARTNER RATHER THAN COMPETE FOR REGIONAL ECONOMIC DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James K Spore President & CEO | OfficerTrustee | 40 | $231,855 |
Donnna S Morris Executive Vice President | Officer | 40 | $126,271 |
John O Wynne Chairman | OfficerTrustee | 2 | $0 |
G Robert Aston Jr Vice Chairman | OfficerTrustee | 2 | $0 |
Deborah M Dicroce 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 | $267,048 |
| All other contributions, gifts, grants, and similar amounts not included above | $472,058 |
| Noncash contributions included in lines 1a–1f | $12,408 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $739,106 |
| Total Program Service Revenue | $0 |
| Investment income | $36 |
| 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 | $739,142 |
| 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. | $358,126 |
| Compensation of current officers, directors, key employees. | $128,209 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $35,822 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $38,060 |
| Payroll taxes | $26,105 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $42 |
| Fees for services: Accounting | $17,350 |
| 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 | $24,121 |
| Information technology | $10,209 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,723 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,189 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,437 |
| Insurance | $4,365 |
| All other expenses | $0 |
| Total functional expenses | $717,238 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $219,489 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $105,805 |
| Accounts receivable, net | $7,226 |
| 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 | $4,778 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $337,298 |
| Accounts payable and accrued expenses | $27,083 |
| 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 | $27,083 |
| Net assets without donor restrictions | $310,215 |
| 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 | $337,298 |
Grants Awarded
Over the last fiscal year, Reinvent Hampton Roads has awarded $50,200 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Norfolk, VA PURPOSE: VIRGINIA CYBER ALLIANCE | $37,700 |
Hampton, VA PURPOSE: HAMPTON ROADS UNMANNED SYSTEMS FACILITY | $12,500 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Reinvent Hampton Roads has recieved totaling $345,000.
| Awarding Organization | Amount |
|---|---|
Hampton Roads Community Foundation Norfolk, VA PURPOSE: REINVENT HAMPTON ROADS 2021 ANNUAL OPERATING SUPPORT | $200,000 |
Hampton Roads Community Foundation Norfolk, VA PURPOSE: HAMPTON ROADS ECONOMIC DEVELOPMENT ALLIANCE (HREDA) | $100,000 |
Hampton Roads Community Foundation Norfolk, VA PURPOSE: FOR THE GREYSKILL CONSULTING PROJECT | $45,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Economic Development Partnership Of North Carolina Inc Raleigh, NC | $8,246,221 | $25,900,688 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |