Overview
What is Virginia Local Government Finance Corporation?
Virginia Local Government Finance Corporation, also known as VLGFC, is a financial services provider established and sponsored by the Virginia Municipal League and Virginia Association of Counties. Based in Richmond, Virginia, VLGFC offers financial aid to local government entities across the Commonwealth of Virginia. Through a pooled basis, VLGFC aims to achieve economies of scale, allowing local governments to access high-quality services at a reasonable cost. The corporation manages two investment portfolios, with a combined net asset value of 3.8 billion dollars as of June 30, 2022. The portfolios include a Stable Value Fund and a High-Quality Bond Fund, which are managed by the Virginia Investment Pool.
Official website here: www.valocalfinance.org
Is Virginia Local Government Finance Corporation legitimate?
Virginia Local Government Finance Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. Virginia Local Government Finance Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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Official website here: www.valocalfinance.org
What is the mission statement of Virginia Local Government Finance Corporation?
The Virginia Local Government Finance Corporation's mission is to manage a program, sponsored by the Virginia Municipal League and Virginia Association of Counties. This program offers financial services to local government entities within Virginia. The corporation administers these services on a pooled basis, leveraging opportunities for economies of scale. By doing so, it enables local governments to access high-quality financial services at a relatively lower cost.
Official website here: www.valocalfinance.org
Who is the CEO of Virginia Local Government Finance Corporation?
Robert W Lauterberg is the Managing Dir of Virginia Local Government Finance Corporation.
Official website here: www.valocalfinance.org
What is the revenue of Virginia Local Government Finance Corporation?
Virginia Local Government Finance Corporation's revenue in 2022 was $2,466,374.
Official website here: www.valocalfinance.org
Who are the executives of Virginia Local Government Finance Corporation and what are their salaries?
Here are 14 key members and their salaries:
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Official website here: www.valocalfinance.org
Where can I find the form 990 for Virginia Local Government Finance Corporation?
Virginia Local Government Finance Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.valocalfinance.org
Learn more at the official website: www.valocalfinance.org
Mission Statement of Virginia Local Government Finance Corporation
The Virginia Local Government Finance Corporation (VLGFC) is dedicated to administering a program established and sponsored by the Virginia Municipal League and Virginia Association of Counties. This program provides financial services to local government entities within the Commonwealth of Virginia. The corporation's mission is to offer financial-related services on a pooled basis and seize opportunities for economic scale. By doing so, VLGFC enables local governments to acquire high-quality services at relatively low costs. This approach allows these entities to manage their financial resources more efficiently, ultimately benefiting the communities they serve.
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Impact
October, 2024
The Virginia Local Government Finance Corporation significantly enhances the financial stability and efficiency of local government entities across the Commonwealth of Virginia. By administering financial services sponsored by the Virginia Municipal League and Virginia Association of Counties, it provides critical resources that enable these entities to manage their finances effectively.
A key aspect of its impact lies in its management of substantial investment pools. As of June 30, 2022, the Pooled OPEB Trust Fund managed investments totaling $1.6 billion, while the Virginia Investment Pool oversaw assets of $2.2 billion across a Stable Value Fund and a High-Quality Bond Fund. These large-scale investment pools allow local governments to access high-quality financial products that might otherwise be beyond their reach, ultimately fostering economic resilience and facilitating better fiscal management.
Moreover, by pooling resources, the corporation helps local governments achieve economies of scale, enabling them to secure high-quality financial services at lower costs. This approach not only reduces administrative burdens but also promotes community improvement initiatives, thus enhancing the overall quality of life for residents throughout Virginia.
This information is meant to be a general summary of Virginia Local Government Finance Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $4,007
- Program Service Revenue: $2,462,367
- Gross Receipts: $2,466,374
Assets and Liabilities:
- Total Assets: $1,419,903
- Total Liabilities: $553,589
- Net Assets: $866,314
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
GOVERNMENTAL TRUST FUND ADMIN
Revenue
$1,711,753
GOV'T ADVISORY SERVICES
Revenue
$436,507
GOV'T FINANCE PROF SUPPORT
Revenue
$264,532
FINANCIAL PROF SUPPORT
Revenue
$49,575
Organization Details
Founding Year
2003
Phone
(804) 648-0635Principal Officer
Robert W Lauterberg
Main Address
8 E CANAL STREET, RICHMOND, VA, 23219
Website
www.valocalfinance.orgNTEE Category
Code: S01 - Community improvement
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