Civic Intelligence

Hampton Roads Economic Development Allia Development Alliance

990 • Fiscal year 2018 • EIN 54-0600387

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 01, 2019

Organization ProfileWWW.HREDA.COM
500 E Main Street No 1300Norfolk, VA 23510

(757) 627-2315

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

20th percentile

0.01x

Higher debt load relative to assets than 20% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

19th percentile

0.02x

Higher debt load relative to revenue than 19% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Net Margin

11th percentile

-9.8%

Higher net margin than 11% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

98th percentile

$509,389

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 24.2% of source-year revenue.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Asset Growth

15th percentile

-10%

Faster asset growth than 15% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

17th percentile

-7.7%

Faster revenue growth than 17% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets20th percentile

Assets

Down

$2,464,385

Down $277,748 (-10%) from 2017

Net Assets

Down

$2,428,856

Down $206,023 (-7.8%) from 2017

Liabilities

Down

$35,529

Down $71,725 (-67%) from 2017

Revenue And Expenses
Liabilities / Revenue19th percentileNet Margin11th percentile

Revenue

Down

$2,106,622

Down $174,574 (-7.7%) from 2017

Expenses

Down

$2,312,645

Down $291,640 (-11%) from 2017

Net Income

Up

-$206,023

Up $117,066 (+36%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth15th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$6.0M$4.0M$2.0M$0Assets 2010: $2,998,443Liabilities 2010: $166,839Net Assets 2010: $2,831,6042010Assets 2011: $2,846,253Liabilities 2011: $215,456Net Assets 2011: $2,630,7972011Assets 2012: $2,761,589Liabilities 2012: $141,407Net Assets 2012: $2,620,1822012Assets 2013: $3,119,379Liabilities 2013: $297,771Net Assets 2013: $2,821,6082013Assets 2014: $3,175,209Liabilities 2014: $140,642Net Assets 2014: $3,034,5672014Assets 2015: $3,183,132Liabilities 2015: $172,900Net Assets 2015: $3,010,2322015Assets 2016: $3,020,381Liabilities 2016: $62,413Net Assets 2016: $2,957,9682016Assets 2017: $2,742,133Liabilities 2017: $107,254Net Assets 2017: $2,634,8792017Assets 2018: $2,464,385Liabilities 2018: $35,529Net Assets 2018: $2,428,8562018Assets 2019: $2,882,254Liabilities 2019: $115,470Net Assets 2019: $2,766,7842019Assets 2020: $3,666,457Liabilities 2020: $76,562Net Assets 2020: $3,589,8952020Assets 2021: $4,122,075Liabilities 2021: $76,300Net Assets 2021: $4,045,7752021Assets 2022: $4,472,009Liabilities 2022: $66,883Net Assets 2022: $4,405,1262022Assets 2023: $4,121,084Liabilities 2023: $285,202Net Assets 2023: $3,835,8822023Assets 2024: $4,202,961Liabilities 2024: $366,460Net Assets 2024: $3,836,5012024

Highlighted filing

2018

Assets$2,464,385
Liabilities$35,529
Net Assets$2,428,856
Open 2018 Filing

Operations Trend

Revenue Growth17th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $2,558,9512010Expenses 2011: $2,800,9202011Expenses 2012: $2,613,1782012Revenue 2013: $2,584,541Expenses 2013: $2,383,115Net Income 2013: $201,4262013Revenue 2014: $2,538,385Expenses 2014: $2,325,426Net Income 2014: $212,9592014Revenue 2015: $2,287,941Expenses 2015: $2,312,275Net Income 2015: -$24,3342015Revenue 2016: $2,197,361Expenses 2016: $2,249,625Net Income 2016: -$52,2642016Revenue 2017: $2,281,196Expenses 2017: $2,604,285Net Income 2017: -$323,0892017Revenue 2018: $2,106,622Expenses 2018: $2,312,645Net Income 2018: -$206,0232018Revenue 2019: $2,688,093Expenses 2019: $2,350,165Net Income 2019: $337,9282019Revenue 2020: $3,715,361Expenses 2020: $2,892,250Net Income 2020: $823,1112020Revenue 2021: $4,031,039Expenses 2021: $3,575,161Net Income 2021: $455,8782021Revenue 2022: $3,867,938Expenses 2022: $3,508,588Net Income 2022: $359,3502022Revenue 2023: $3,575,930Expenses 2023: $4,145,174Net Income 2023: -$569,2442023Revenue 2024: $4,054,808Expenses 2024: $4,054,189Net Income 2024: $6192024

Highlighted filing

2018

Revenue$2,106,622
Expenses$2,312,645
Net Income-$206,023
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 1, 2019
Return Version
2018v3.1
Gross Receipts
$2,106,622
Mission and Program Overview

Mission

THE MISSION OF THE HAMPTON ROADS ECONOMIC DEVELOPMENT ALLIANCE IS BUSINESS ATTRACTION--MARKETING VIRGINIA'S HAMPTON ROADS REGION AS THE PREFERRED LOCATION FOR BUSINESS INVESTMENT AND EXPANSION. ALL HREDA INITIATIVES ARE DESIGNED TO SECURE VISITS WITH QUALIFIED BUSINESS Prospects.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,144,065$1,848,291▼ $295,774
Cash and Non-Interest-Bearing Accounts$554,244$556,637▲ $2,393
Land, Buildings, and Equipment, Net$35,352$28,714▼ $6,638
Prepaid Expenses and Deferred Charges$7,571$16,909▲ $9,338
Accounts Receivable$901$13,834▲ $12,933
Total Assets$2,742,133$2,464,385▼ $277,748
Liabilities
Accounts Payable and Accrued Expenses$107,254$35,529▼ $71,725
Total Liabilities$107,254$35,529▼ $71,725
Net Assets / Fund Balance
Unrestricted Net Assets$2,634,879$2,428,856▼ $206,023
Total Net Assets Fund Balance$2,634,879$2,428,856▼ $206,023
Total Liabilities and Net Assets / Fund Balance$2,742,133$2,464,385▼ $277,748

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$28,714$225,804$254,518
Other Land Buildings$0$27,872$27,872
Leasehold Improvements$0$21,347$21,347
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ricky L WeddlePresident & CEOFT$402,750$106,639$509,389

Board Members and Trustees

NameTitle
C Grigsby ScifresChair
Brian K SkinnerVice Chair
C Max Bartholomew JrDirector
Charles McphillipsDirector
Cynthia D RohlfDirector
Donnie TuckDirector
Douglas SmithDirector
Frank RabilDirector
George FaatzDirector
Howard KernDirector
John RoweDirector
Kenneth AlexanderDirector
Larry QuierDirector
Linda JohnsonDirector
Mark DreyfusDirector
R Randolph CookDirector
Richard GriceDirector
Richard W WestDirector
Shannon KaneDirector
W Eugene Hunt JrDirector
Hobie RitzelEx-officio
Hugh PattersonEx-officio
Jim SporeEx-officio
John ReinhartEx-officio
Shawn AveryEx-officio
Susan JacobsSecretary
Joseph WittTreasurer
Kevin HughesVP Economic Development
William E KingVP Investor Relations
Revenue and Support

Revenue Composition

Contributions and Grants
$2,096,976
Program Service Revenue
$5,030
Investment Income
$4,616
Other Revenue
$0
All Other Contributions
$685,360
Change in Net Assets
$-206,023

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,106,622
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,106,622
Total Revenue per Form 990
$2,106,622
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,235,006
Other Expenses$1,013,696
Professional Fundraising Fees$63,943
Grants and Similar Amounts Paid$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$568,284
Current Officers, Directors, Trustees, and Key Employees---$509,388
Occupancy---$127,344
Fees for Services Professional Fundraising---$63,943
Payroll Taxes---$61,600
Other Employee Benefits---$60,059
All Other Expenses---$48,465
Other Expenses---$43,904
Pension Plan Contributions---$35,675
Travel---$34,090
Fees for Services Other---$21,600
Depreciation Depletion---$14,530
Office Expenses---$12,353
Insurance---$12,172
Conferences and Meetings---$7,708
Advertising---$7,445
Fees for Services Accounting---$6,400
Fees for Services Legal---$1,649
Total Functional Expenses$0$0$0$2,312,645

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,312,645
Total Expenses per Audited Statements$2,312,645
Total Expenses per Form 990$2,312,645
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$72,997

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
GermanyProgram ServicesInvestment Promotion Support Services in Europe00$70,791
United KingdomProgram ServicesProvides Hreda With Ongoing Representation in the United Kingdom to Include R00$2,206
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$63,943
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The organization has created a committee responsible for reviewing form 990 prior to its filing. The draft form 990 was also uploaded to guidestar and the email was sent notifiying the board members that it was available for review.”

Form 990, Part VI, Section B, Line 15

“Presidents's compensation is approved by the officers committee made up of the chair, chair-elect, secretary & treasurer.”

Form 990, Part VI, Section C, Line 19

“Organization makes governing documents and conflict of interest policy available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Hampton Roads Economic
EIN
54-0600387
Phone
7576272315
Address
500 E MAIN STREET NO 1300, NORFOLK, VA 23510

Signing Officer

Name
Douglas L Smith
Title
President & CEO
Phone
7576272315
Signed
2019-11-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Douglas L Smith
Formed
1997
Legal Domicile
Va
Voting Board Members
29
Independent Board Members
29
Employees
10
Volunteers
95

Preparer

Firm
Cherry Bekaert Llp
Address
222 CENTRAL PARK AVE STE 1400, VIRGINIA BEACH, VA 23462
Preparer
Barbara Smith
Phone
7574562400
Supplemental Narrative

Additional Explanations

FORM 990, PART V, LINE 2B:

“The hampton roads chamber of commerce processes the payroll for this entity and the w-2s and 941s are filed under the chamber of commerce.”

FORM 990, PART XII, LINE 2C:

“The organization's executive committee is responsible for oversight of the audit, review of the financial statements, and selection of the independent auditors. There has been no change in the process from prior year.”

Financial Statement Notes

PART X, LINE 2:

“The alliance is exempt from federal income taxes under section 501(c)(6) of the internal revenue code; accordingly, the financial statements do not reflect a provision or liability for federal and state income taxes. The alliance has determined that it does not have any material unrecognized tax benefits or obligations as of december 31, 2018.”

Raw XML AppendixShowing 400 of 672 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm27HUGH PATTERSON
IRS990/Form990PartVIISectionAGrp/PersonNm28JOHN REINHART
IRS990/Form990PartVIISectionAGrp/PersonNm29RICKY L WEDDLE
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt280
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt290
IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4VP INVESTOR RELATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt5VP ECONOMIC DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24EX-OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt25EX-OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt26EX-OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt27EX-OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt28EX-OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt29PRESIDENT & CEO
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IRS990/Form990TFiledInd01
IRS990/FormationYr01997
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt029
IRS990/GovernmentGrantsAmt01411616
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt02106622
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt029
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartVInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InsuranceGrp/TotalAmt012172
IRS990/InvestmentIncomeGrp/ExclusionAmt04616
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt04616
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IRS990/IRPDocumentCnt04
IRS990/IRPDocumentW2GCnt00
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IRS990/LandBldgEquipCostOrOtherBssAmt0303737
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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE MISSION OF THE HAMPTON ROADS ECONOMIC DEVELOPMENT ALLIANCE IS BUSINESS ATTRACTION--MARKETING VIRGINIA'S HAMPTON ROADS REGION AS THE PREFERRED LOCATION FOR BUSINESS INVESTMENT AND EXPANSION. ALL HREDA INITIATIVES ARE DESIGNED TO SECURE VISITS WITH QUALIFIED BUSINESS PROSPECTS.
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IRS990/OfficeExpensesGrp/TotalAmt012353
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IRS990/OperateHospitalInd00
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IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OtherExpensesGrp/Desc1PROFESSIONAL DEVELOPMEN
IRS990/OtherExpensesGrp/Desc2EQUIPMENT SERVICES
IRS990/OtherExpensesGrp/Desc3TELEPHONE
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IRS990/ProgSrvcAccomActy2Grp/Desc0THE ORGANIZATION PROVIDES RESEARCH RESOURCES THAT PROVIDE MATERIAL ABOUT THE HAMPTON ROADS REGION.
IRS990/ProgSrvcAccomActy3Grp/Desc0THE ORGANIZATION IS INVOLVED WITH ATTRACTING AND RETAINING INVESTORS THROUGH INVESTOR RELATIONS INITIATIVES.
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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,464,385
Liabilities
$35,529
Net assets
$2,428,856
Revenue
$2,106,622
Expenses
$2,312,645
Net income
-$206,023
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.20$0.37$3.84$4.05$4.05$0.00
2023Summary only. Only limited summary data is available for this year.$4.12$0.29$3.84$3.58$4.15$0.57
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.47$0.07$4.41$3.87$3.51$0.36
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.12$0.08$4.05$4.03$3.58$0.46
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.67$0.08$3.59$3.72$2.89$0.82
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.88$0.12$2.77$2.69$2.35$0.34
2018Detailed filing. Detailed filing data is available for this year.$2.46$0.04$2.43$2.11$2.31$0.21
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.74$0.11$2.63$2.28$2.60$0.32
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.02$0.06$2.96$2.20$2.25$0.05
2015Detailed filing. Detailed filing data is available for this year.$3.18$0.17$3.01$2.29$2.31$0.02
2014Detailed filing. Detailed filing data is available for this year.$3.18$0.14$3.03$2.54$2.33$0.21
2013Detailed filing. Detailed filing data is available for this year.$3.12$0.30$2.82$2.58$2.38$0.20
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.76$0.14$2.62$2.61
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.85$0.22$2.63$2.80
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.00$0.17$2.83$2.56