Overview
What is Virginia Community Development Corp?
Virginia Community Development Corp is a nonprofit organization dedicated to facilitating affordable housing in Virginia and neighboring states. In 2019, they successfully closed 15 housing projects, securing over $51 million in investments. The corporation continues to be actively involved in the underwriting of these investments and oversees the performance of a well-established portfolio of 145 properties. By focusing on affordable housing, Virginia Community Development Corp plays a crucial role in providing suitable living spaces for individuals and families in need.
Official website here: www.vibrantcommunities.us
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Star Rating)
Virginia Community Development Corp has achieved an impressive 96% rating from Charity Navigator, indicating a high level of accountability and financial health. The rating reflects a strong commitment to transparency and governance, with a fully independent board and comprehensive policies in place for conflict of interest and whistleblower protections.
The organization demonstrates effective financial management, with a program expense ratio of 70.48%, ensuring that the majority of its expenditures are directed towards its mission. Furthermore, it has no reported material diversion of assets, showcasing its integrity and proper stewardship of resources.
While the rating is exceptionally high, it is important for potential donors and stakeholders to continue monitoring the organization's performance and ensure that it maintains these standards over time. Overall, Virginia Community Development Corp stands out as a responsible and trustworthy nonprofit organization.
This AI summary has been generated from information found on Charity Navigator.
Is Virginia Community Development Corp legitimate?
Virginia Community Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Virginia Community Development Corp 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,364,248
For more financial information, click here
Official website here: www.vibrantcommunities.us
What is the mission statement of Virginia Community Development Corp?
Virginia Community Development Corp's mission involves facilitating the development of affordable housing. In 2019, the organization successfully closed 15 such projects in Virginia and neighboring states, securing over $51 million in new investments. The corporation continues to actively participate in underwriting these investments and oversees the performance of a well-established portfolio of 145 stabilized properties. Their primary focus remains on making housing accessible and affordable for various communities.
Official website here: www.vibrantcommunities.us
Who is the CEO of Virginia Community Development Corp?
Robert L Newman is the Board Chair of Virginia Community Development Corp. The CEO's salary of Virginia Community Development Corp is $198,039 and their total compensation is $243,163.
Official website here: www.vibrantcommunities.us
What is the revenue of Virginia Community Development Corp?
Virginia Community Development Corp's revenue in 2022 was $2,908,414.
Official website here: www.vibrantcommunities.us
Who are the executives of Virginia Community Development Corp and what are their salaries?
The average compensation at Virginia Community Development Corp during 2022 was $59,315. There are 23 employees at Virginia Community Development Corp.
Here are 18 key members and their salaries (Virginia Community Development Corp's CEO's salary is $198,039 and their total compensation is $243,163):
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- Compensation: $198,039
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- Other: $45,124
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- Compensation: $123,448
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- Other: $25,501
Official website here: www.vibrantcommunities.us
Where can I find the form 990 for Virginia Community Development Corp?
Virginia Community Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.vibrantcommunities.us
Learn more at the official website: www.vibrantcommunities.us
Mission Statement of Virginia Community Development Corp
Virginia Community Development Corp plays a vital role in promoting affordable housing. In 2019 alone, the organization successfully closed 15 affordable housing projects across Virginia and adjacent states, securing over $51 million in new investments. Beyond just closing these projects, Virginia Community Development Corp remains actively involved in underwriting these investments and monitoring the performance of a portfolio of 145 stabilized properties. This ongoing involvement ensures the sustainability and success of these affordable housing initiatives.
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Impact
July, 2024
Virginia Community Development Corp's impact includes closing 15 affordable housing projects across Virginia and adjacent states in 2019, raising over $51,268,000 in new investments. The organization remains active in underwriting these investments and monitoring the performance of a stabilized portfolio of 145 properties. This has significantly contributed to addressing the need for affordable housing in the community and providing opportunities for individuals and families to access safe and stable living spaces.
This information is meant to be a general summary of Virginia Community Development Corp. 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: -$9,115
- Program Service Revenue: $2,803,034
- Gross Receipts: $2,908,414
Assets and Liabilities:
- Total Assets: $7,623,657
- Total Liabilities: $201,501
- Net Assets: $7,422,156
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Program Service Fees
Revenue
$2,708,396
Other Income
Revenue
$94,638
Organization Details
Founding Year
1990
Phone
(804) 343-1200Principal Officer
Robert L Newman
Main Address
1840 W Broad Street, Richmond, VA, 23220
Website
www.vibrantcommunities.usNTEE Category
Code: L80Z - Housing
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