Overview
What is Reinvent Hampton Roads?
Reinvent Hampton Roads is a community leadership initiative, based in Norfolk, Virginia, with a focus on fostering a robust economy. They serve as the supporting organization for GO VA Region 5, managing grants and providing staff support. In 2022, they spent $514,842.56 on salaries, benefits, and operational costs, receiving a reimbursement of $250,000 from the Commonwealth of Virginia. Reinvent Hampton Roads also acted as the grant administrator for various projects, such as the Hampton Roads Economic Development Sites Readiness Phase II and the 757 Collab initiative. The latter project, funded through a GO Virginia grant and matching funds, successfully created over 1,000 jobs, raised $98.5 million in capital, and deployed $17.1 million in capital, serving 257 businesses.
Official website here: www.reinventhr.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88% (Three-Star out of Four Stars)
Reinvent Hampton Roads has received a Three-Star rating from Charity Navigator, reflecting a strong commitment to accountability and finance. The organization scored 88% in its overall assessment, which is derived solely from its accountability and finance metrics. This indicates effective financial management and transparency, essential for building trust with stakeholders.
The nonprofit's strengths lie in its governance and financial practices. It boasts an independent board composed entirely of 20 members, alongside a perfect score for its financial statements being audited. Additionally, the organization demonstrates responsible use of its assets, evident from a low liabilities-to-assets ratio of 5.07% and a robust program expense ratio of 70.51%, indicating a majority of funds are directed towards its programs.
However, there are areas for improvement, particularly concerning governance policies. The absence of a whistleblower policy and document retention and destruction policy are noted limitations that could affect organizational integrity and transparency. Addressing these gaps may enhance Reinvent Hampton Roads' accountability further and provide added assurance to its supporters.
This AI summary has been generated from information found on Charity Navigator.
Is Reinvent Hampton Roads legitimate?
Reinvent Hampton Roads is a legitimate nonprofit organization registered as a 501(c)(3) entity. Reinvent Hampton Roads 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: $471,505
For more financial information, click here
Official website here: www.reinventhr.org
What is the mission statement of Reinvent Hampton Roads?
Reinvent Hampton Roads is a community leadership initiative with a mission to foster a vibrant economy by encouraging collaboration among local municipalities, educational institutions, and businesses. Their goal is to generate high-paying, satisfying jobs, thereby underpinning an economically prosperous region. They accomplish this by supporting various projects and initiatives, such as grant administration and site readiness programs, which ultimately attract new businesses and create job opportunities. Their efforts have resulted in the development of several industrial parks and commercial centers, leading to an estimated increase in employment and revenue for the region.
Official website here: www.reinventhr.org
Who is the CEO of Reinvent Hampton Roads?
Nancy Grden is the President & Ceo of Reinvent Hampton Roads. The CEO's salary of Reinvent Hampton Roads is $135,417 and their total compensation is $135,417.
Official website here: www.reinventhr.org
What is the revenue of Reinvent Hampton Roads?
Reinvent Hampton Roads's revenue in 2022 was $822,550.
Official website here: www.reinventhr.org
Who are the executives of Reinvent Hampton Roads and what are their salaries?
The average compensation at Reinvent Hampton Roads during 2022 was $117,876. There are 4 employees and 20 volunteers at Reinvent Hampton Roads.
Here are 23 key members and their salaries (Reinvent Hampton Roads's CEO's salary is $135,417 and their total compensation is $135,417):
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- Compensation: $130,072
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- Other: $16,500
- Compensation: $153,850
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Official website here: www.reinventhr.org
Where can I find the form 990 for Reinvent Hampton Roads?
Reinvent Hampton Roads's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.reinventhr.org
Learn more at the official website: www.reinventhr.org
Mission Statement of Reinvent Hampton Roads
Reinvent Hampton Roads is a community leadership initiative with a mission to drive the generation of high-paying, satisfying jobs to bolster a robust economy. By fostering collaboration among municipalities, educational institutions, and businesses, this organization aims to create an environment that attracts and sustains lucrative employment opportunities. This initiative serves as the support organization for GO VA Region 5, managing grants and offering staff support to the regional council, although only a portion of the associated costs are recovered through remittances.
Additionally, Reinvent Hampton Roads plays a vital role in economic development projects. For instance, it served as the grant administrator for a GO Virginia grant awarded to the Hampton Roads Planning District Commission, which was used to elevate several industrial parks and commercial centers to Tier 4 or Tier 2 status. These upgrades are expected to attract new businesses, resulting in an estimated 400 new jobs and generating an estimated $6.1 million in state income and tax revenue within five years.
In summary, Reinvent Hampton Roads is committed to improving the regional economy by encouraging collaboration among key stakeholders and driving the creation of high-paying, satisfying jobs. Through its grant management and project administration roles, the organization helps transform and develop industrial sites, ultimately attracting new businesses and driving economic growth.
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Impact
July, 2024
Reinvent Hampton Roads plays a vital role in driving economic growth and job creation in the region. Through various initiatives and projects, it has successfully attracted new businesses, expanded economic development sites, and facilitated the creation of high-paying jobs. Its efforts have resulted in the generation of significant income and tax revenue for the state, with estimates pointing towards the creation of hundreds of new jobs within a five-year span. Additionally, by serving as a grant administrator for key programs like 757 Collab, Reinvent Hampton Roads has furthered the diversification of the regional economy and fostered entrepreneurial growth, leading to substantial job creation and capital infusion.
This information is meant to be a general summary of Reinvent Hampton Roads. 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: $35
- Gross Receipts: $822,550
Assets and Liabilities:
- Total Assets: $406,602
- Total Liabilities: $20,624
- Net Assets: $385,978
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Organization Details
Founding Year
2015
Phone
(757) 961-8181Principal Officer
Nancy Grden
Main Address
101 W MAIN STREET 1000, NORFOLK, VA, 23510
Website
www.reinventhr.orgNTEE Category
Code: S30 - Community improvement
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