Overview
What is Hampton Roads Economic Development Alliance?
The Hampton Roads Economic Development Alliance is a nonprofit organization situated in Norfolk, Virginia. Its primary mission is to attract businesses and stimulate investment in the Hampton Roads area, both locally and internationally, through marketing efforts. With a team of 16 dedicated individuals, the alliance works tirelessly to showcase Virginia's Hampton Roads region as an ideal location for business expansion. Their initiatives aim to engage with qualified business prospects, ultimately securing visits and potentially fostering growth in the region.
Official website here: www.hamptonroadsalliance.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97% (Four-Star out of Four Star Rating)
The Hampton Roads Economic Development Alliance has received a high rating of 97%, reflecting its strong performance in accountability and finance. This impressive score indicates that the organization is well-managed with a comprehensive approach to financial oversight, ensuring transparency and effective use of its resources.
One of the organization's key strengths is its governance structure, with a fully independent board comprising 19 members. Additionally, the Alliance excels in financial reporting, having no material diversion of assets and maintaining a high program expense ratio, which demonstrates its commitment to directing funds toward its mission rather than administrative costs.
However, the organization has room for improvement in its fundraising efficiency. With a metric of $0.01 in fundraising costs per dollar raised, this may indicate potential challenges in generating revenue. Overall, the Hampton Roads Economic Development Alliance showcases robust accountability practices, but enhancing fundraising strategies could further support its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Hampton Roads Economic Development Alliance legitimate?
Hampton Roads Economic Development Alliance is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hampton Roads Economic Development Alliance 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $449,560
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,101,041
For more financial information, click here
Official website here: www.hamptonroadsalliance.com
What is the mission statement of Hampton Roads Economic Development Alliance?
The Hampton Roads Economic Development Alliance's mission is centered around business attraction. They aim to position Virginia's Hampton Roads region as an favored destination for business investment and expansion. All their initiatives are strategically designed to facilitate meetings with potential qualified businesses. The organization actively promotes economic investment and business expansion in the Hampton Roads area, drawing interest from both local and international sources, through marketing efforts.
Official website here: www.hamptonroadsalliance.com
Who is the CEO of Hampton Roads Economic Development Alliance?
Douglas L Smith is the Chair of Hampton Roads Economic Development Alliance. The CEO's salary of Hampton Roads Economic Development Alliance is $404,976 and their total compensation is $449,560.
Official website here: www.hamptonroadsalliance.com
What is the revenue of Hampton Roads Economic Development Alliance?
Hampton Roads Economic Development Alliance's revenue in 2022 was $3,867,938.
Official website here: www.hamptonroadsalliance.com
Who are the executives of Hampton Roads Economic Development Alliance and what are their salaries?
The average compensation at Hampton Roads Economic Development Alliance during 2022 was $96,913. There are 16 employees and 35 volunteers at Hampton Roads Economic Development Alliance.
Here are 20 key members and their salaries (Hampton Roads Economic Development Alliance's CEO's salary is $404,976 and their total compensation is $449,560):
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- Compensation: $404,976
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Official website here: www.hamptonroadsalliance.com
Where can I find the form 990 for Hampton Roads Economic Development Alliance?
Hampton Roads Economic Development Alliance's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.hamptonroadsalliance.com
Learn more at the official website: www.hamptonroadsalliance.com
Mission Statement of Hampton Roads Economic Development Alliance
The Hampton Roads Economic Development Alliance, abbreviated as HREDA, is committed to attracting businesses for investment and expansion in the Hampton Roads region. This nonprofit organization's mission is to position Virginia's Hampton Roads as a preferred location for businesses, both locally and internationally. To achieve this objective, HREDA designs various initiatives, all aimed at securing visits with potential qualified business prospects. Through its marketing efforts, HREDA promotes economic investment and business expansion in the Hampton Roads area, ultimately contributing to the region's overall growth and development.
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Impact
July, 2024
The Hampton Roads Economic Development Alliance plays a crucial role in promoting economic investment and business expansion in the Hampton Roads area. By marketing the region as the preferred location for business investment and expansion, the alliance works to attract businesses from both local and international markets. Through targeted initiatives, the alliance aims to secure visits with qualified business prospects, ultimately contributing to the growth and development of the Hampton Roads economy.
This information is meant to be a general summary of Hampton Roads Economic Development Alliance. 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: $1,638
- Program Service Revenue: $121,392
- Gross Receipts: $3,867,938
Assets and Liabilities:
- Total Assets: $4,472,009
- Total Liabilities: $66,883
- Net Assets: $4,405,126
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Organization Details
Founding Year
1997
Phone
(757) 622-2312Principal Officer
Douglas L Smith
Main Address
3 COMMERCIAL PLACE 1320, NORFOLK, VA, 23510
Website
www.hamptonroadsalliance.comNTEE Category
Code: S30 - Community improvement
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