Civic Intelligence

Hampton Roads Economic Development Allia Development Alliance

990 • Fiscal year 2023 • EIN 54-0600387

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 30, 2024

Organization ProfileHAMPTONROADSALLIANCE.COM
3 Commerical Place Suite 1320Norfolk, VA 23510-1670

(757) 627-2315

Siviq Scores

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

Liabilities / Assets

35th percentile

0.07x

Higher debt load relative to assets than 35% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

34th percentile

0.08x

Higher debt load relative to revenue than 34% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Net Margin

9th percentile

-16%

Higher net margin than 9% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

97th percentile

$487,638

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 13.6% of source-year revenue.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Asset Growth

15th percentile

-7.8%

Faster asset growth than 15% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

16th percentile

-7.5%

Faster revenue growth than 16% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets35th percentile

Assets

Flat

$4,121,084

Flat from 2023

Net Assets

Flat

$3,835,882

Flat from 2023

Liabilities

Flat

$285,202

Flat from 2023

Revenue And Expenses
Liabilities / Revenue34th percentileNet Margin9th percentile

Revenue

Flat

$3,575,930

Flat from 2023

Expenses

Flat

$4,145,174

Flat from 2023

Net Income

Flat

-$569,244

Flat from 2023

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 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

2023

Assets$4,121,084
Liabilities$285,202
Net Assets$3,835,882
Open 2023 Filing

Operations Trend

Revenue Growth16th 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 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

2023

Revenue$3,575,930
Expenses$4,145,174
Net Income-$569,244
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 30, 2024
Return Version
2023v5.0
Gross Receipts
$3,575,930
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.

The mission of the hampton roads econcomic 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
Cash and Non-Interest-Bearing Accounts$2,194,728$2,139,098▼ $55,630
Savings and Temporary Cash Investments$1,766,213$1,790,921▲ $24,708
Land, Buildings, and Equipment, Net$120,910$125,191▲ $4,281
Prepaid Expenses and Deferred Charges$56,202$48,270▼ $7,932
Accounts Receivable$333,956$17,604▼ $316,352
Total Assets$4,472,009$4,121,084▼ $350,925
Liabilities
Accounts Payable and Accrued Expenses$66,883$277,702▲ $210,819
Deferred Revenue-$7,500-
Total Liabilities$66,883$285,202▲ $218,319
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,405,126$3,835,882▼ $569,244
Total Net Assets Fund Balance$4,405,126$3,835,882▼ $569,244
Total Liabilities and Net Assets / Fund Balance$4,472,009$4,121,084▼ $350,925

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$69,221$59,680$128,901
Other Land Buildings$55,970$15,483$71,453
Compensation and Service Providers
Top Officer Pay97th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Douglas L SmithPresident &FT$403,171$84,467$487,638
Douglas L SmithPresident & CEO-$326,767$160,871$487,638
Jared ChalkChief Bus. DFT$187,182$17,686$204,868
Jared ChalkChief Bus. Develop.-$182,957$21,911$204,868
Steve HarrisonCOOFT$153,023$13,895$166,918

Board Members and Trustees

NameTitle
Keith VandervennetChair
Bill ErmatingerPast Chair
Aubrey LayneDirector
Buffy BarefootDirector
Darrell WilliamsDirector
Donnie TuckDirector
Douglas PonsDirector
Kenneth C AlexanderDirector
Phillip JonesDirector
Richard Dick GriceDirector
Richard W WestDirector
Robert DuvallDirector
Robert M DyerDirector
Mary BuntingEx-officio
Shawn AveryEx-officio
Florence KingstonEx-offico
James WoodEx-offico
Nancy GrdenEx-offico
Diane LeopoldTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,515,397
Program Service Revenue
$35,552
Investment Income
$24,981
Other Revenue
$0
All Other Contributions
$1,702,200
Change in Net Assets
$-569,244

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,575,930
Total Revenue per Audited Statements
$3,575,930
Total Revenue per Form 990
$3,575,930
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,128,652
Other Expenses$1,772,798
Professional Fundraising Fees$243,724
Total Fundraising Expense$243,724
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$933,886$92,261-$1,026,147
Current Officers, Directors, Trustees, and Key Employees$743,376$116,048-$859,424
Fees for Services Professional Fundraising--$243,724$243,724
Occupancy$153,299$18,647-$171,946
Other Employee Benefits$88,527$38,960-$127,487
Payroll Taxes$102,939$12,655-$115,594
All Other Expenses$47,916$16,947-$64,863
Travel$43,465$4,830-$48,295
Fees for Services Management-$45,600-$45,600
Conferences and Meetings$35,799$123-$35,922
Depreciation Depletion$30,803$3,576-$34,379
Other Expenses$33,363$10,911-$33,363
Office Expenses$16,813$5,547-$22,360
Fees for Services Accounting-$17,255-$17,255
Fees for Services Legal-$14,952-$14,952
Insurance$3,186$8,713-$11,899
Total Functional Expenses$3,494,425$407,025$243,724$4,145,174

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,145,174
Total Expenses per Audited Statements$4,145,174
Total Expenses per Form 990$4,145,174
International Activity

International Summary

Spending
$328,598

International Compliance

Foreign grant records maintained
No
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--$286,723
CanadaProgram ServicesInvestment Promotion--$41,875
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$243,724
Political and Lobbying Activity
Political campaign activity
No
Lobbying 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 35% controlled entity
No
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, Page 6, Part VI, Line 11B

“A draft copy of the form 990 is sent to the board for review prior to filing.”

Form 990, Page 6, Part VI, Line 15A

“The president's compensation is approved by the officers committee made up of the chair, chair-elect, and treasurer.”

Form 990, Page 6, Part VI, Line 15B

“Compensation of other key employees is approved by the board.”

Form 990, Page 6, Part VI, Line 19

“The 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 Development
EIN
54-0600387
Phone
7576272315
Address
3 COMMERICAL PLACE SUITE 1320, NORFOLK, VA 23510-1670

Signing Officer

Name
Douglas L Smith
Title
President & CEO
Phone
7576272315
Signed
2024-10-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Douglas L Smith
Formed
1997
Legal Domicile
Va
Voting Board Members
19
Independent Board Members
19
Employees
16
Volunteers
31

Preparer

Firm
Jones CPA Group Pc
Address
120 ATLANTIC STREET SUITE 300, NORFOLK, VA 23510-1729
Preparer
Kathleen Davanzo CPA
Phone
7576277672
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The mission of the hampton roads econcomic 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.”

Form 990, Part V

“Line 2b hampton roads workforce council processes the payroll for this entity and the w-2s and 941s are filed under the workforce council.”

Financial Statement Notes

Schedule D, Page 3, Part X

“The alliance was exempt from income taxes under section 501(c)(6) of the irc through march 24, 2019. As of march 25, 2019, the alliance obtained the exempt status under section 501(c)(3) of the irc. Accordingly, the accompanying finanical statements do not reflect a provision or liability for federal and state income taxes. The allilance has determined that it does not have any material unrecognized tax benefits or obligations as of december 31, 2023.”

Schedule D, Page 4, Part XIII

“The alliance was exempt from income taxes under section 501(c)(6) of the irc through march 24, 2019. As of march 25, 2019, the alliance obtained exempt status under section 501(c)(3) of the irc. Accordingly, the accompanying financial statements do not reflect a provision of 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, 2023.”

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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,121,084
Liabilities
$285,202
Net assets
$3,835,882
Revenue
$3,575,930
Expenses
$4,145,174
Net income
-$569,244
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
2023Detailed filing. Detailed filing data is available for this year.$4.12$0.29$3.84$3.58$4.15$0.57
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
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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