Civic Intelligence

Virginia Community Development Fund Inc.

990 • Fiscal year 2018 • EIN 54-1914519

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 15, 2019

Organization ProfileN/A
1840 West Broad StRichmond, VA 23220

(804) 343-1200

Siviq Scores

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

Liabilities / Assets

55th percentile

0.12x

Higher debt load relative to assets than 55% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

86th percentile

1.08x

Higher debt load relative to revenue than 86% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

15th percentile

-18%

Higher net margin than 15% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

91st percentile

$222,870

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 61.0% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

58th percentile

3.4%

Faster asset growth than 58% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

9th percentile

-34%

Faster revenue growth than 9% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets55th percentile

Assets

Up

$3,179,662

Up $104,806 (+3.4%) from 2017

Net Assets

Down

$2,785,720

Down $64,085 (-2.2%) from 2017

Liabilities

Up

$393,942

Up $168,891 (+75%) from 2017

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin15th percentile

Revenue

Down

$365,173

Down $186,347 (-34%) from 2017

Expenses

Up

$429,621

Up $139,809 (+48%) from 2017

Net Income

Down

-$64,448

Down $326,156 (-125%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth58th percentile

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

$20M$15M$10M$5.0M$0Assets 2011: $1,449,584Liabilities 2011: $310,000Net Assets 2011: $1,139,5842011Assets 2012: $1,982,255Liabilities 2012: $461,295Net Assets 2012: $1,520,9602012Assets 2013: $2,416,314Liabilities 2013: $252,865Net Assets 2013: $2,163,4492013Assets 2014: $2,302,855Liabilities 2014: $213,122Net Assets 2014: $2,089,7332014Assets 2015: $2,329,064Liabilities 2015: $390,142Net Assets 2015: $1,938,9222015Assets 2016: $2,972,915Liabilities 2016: $384,818Net Assets 2016: $2,588,0972016Assets 2017: $3,074,856Liabilities 2017: $225,051Net Assets 2017: $2,849,8052017Assets 2018: $3,179,662Liabilities 2018: $393,942Net Assets 2018: $2,785,7202018Assets 2019: $3,517,521Liabilities 2019: $301,733Net Assets 2019: $3,215,7882019Assets 2020: $4,208,744Liabilities 2020: $419,031Net Assets 2020: $3,789,7132020Assets 2021: $8,280,823Liabilities 2021: $564,689Net Assets 2021: $7,716,1342021Assets 2022: $9,002,328Liabilities 2022: $880,311Net Assets 2022: $8,122,0172022Assets 2023: $13,782,493Liabilities 2023: $1,191,372Net Assets 2023: $12,591,1212023Assets 2024: $15,822,893Liabilities 2024: $2,329,763Net Assets 2024: $13,493,1302024

Highlighted filing

2018

Assets$3,179,662
Liabilities$393,942
Net Assets$2,785,720
Open 2018 Filing

Operations Trend

Revenue Growth9th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $421,084Expenses 2011: $416,409Net Income 2011: $4,6752011Revenue 2012: $410,176Expenses 2012: $328,800Net Income 2012: $81,3762012Revenue 2013: $814,977Expenses 2013: $172,388Net Income 2013: $642,5892013Revenue 2014: $420,103Expenses 2014: $493,819Net Income 2014: -$73,7162014Revenue 2015: $307,457Expenses 2015: $458,268Net Income 2015: -$150,8112015Revenue 2016: $898,645Expenses 2016: $249,367Net Income 2016: $649,2782016Revenue 2017: $551,520Expenses 2017: $289,812Net Income 2017: $261,7082017Revenue 2018: $365,173Expenses 2018: $429,621Net Income 2018: -$64,4482018Revenue 2019: $808,015Expenses 2019: $377,947Net Income 2019: $430,0682019Revenue 2020: $1,183,825Expenses 2020: $609,900Net Income 2020: $573,9252020Revenue 2021: $4,728,316Expenses 2021: $801,895Net Income 2021: $3,926,4212021Revenue 2022: $1,320,186Expenses 2022: $914,303Net Income 2022: $405,8832022Revenue 2023: $5,575,731Expenses 2023: $1,106,627Net Income 2023: $4,469,1042023Revenue 2024: $2,374,234Expenses 2024: $1,472,214Net Income 2024: $902,0202024

Highlighted filing

2018

Revenue$365,173
Expenses$429,621
Net Income-$64,448
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 15, 2019
Return Version
2018v3.1
Gross Receipts
$365,173
Mission and Program Overview

Mission

To Promote the development of affordable housing for Virginia's poorest and most underserved residents

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,411,363$2,517,426▲ $106,063
Other Notes and Loans Receivable, Net$531,811$601,942▲ $70,131
Accounts Receivable$109,348$58,300▼ $51,048
Investments Program Related$3,367$1,994▼ $1,373
Total Assets$3,074,856$3,179,662▲ $104,806
Other Assets Total$18,967$0▼ $18,967
Liabilities
Mortgage Notes Payable Secured by Investment Property$50,000$152,846▲ $102,846
Accounts Payable and Accrued Expenses$35,938$127,379▲ $91,441
Other Liabilities$139,113$113,717▼ $25,396
Total Liabilities$225,051$393,942▲ $168,891
Net Assets / Fund Balance
Unrestricted Net Assets$730,234$1,412,715▲ $682,481
Temporarily Rstr Net Assets$1,619,571$1,373,005▼ $246,566
Permanently Rstr Net Assets$500,000--
Total Net Assets Fund Balance$2,849,805$2,785,720▼ $64,085
Total Liabilities and Net Assets / Fund Balance$3,074,856$3,179,662▲ $104,806

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$0--
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert NewmanTreasurer--$222,870$222,870
Robert Newman--$166,860$56,010$222,870
Laura DupuySecretaryPT-$104,422$104,422

Board Members and Trustees

NameTitle
John PSalopPresident
Karen WildsVice President
Andy KegleyBoard Member
Barry M KornblauBoard Member
David ClarkBoard Member
Kathy TalleyBoard Member
Neil AmimBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$355,288
Investment Income
$9,885
Other Revenue
$0
Change in Net Assets
$-64,448

Audited Revenue Reconciliation

Revenue per Audited Statements
$365,173
Total Revenue per Audited Statements
$365,173
Total Revenue per Form 990
$365,173
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$417,121
Grants and Similar Amounts Paid$12,500
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$129,936$0$0$129,936
Other Expenses$44,928$0$0$44,928
Grants to Domestic Orgs$12,500--$12,500
Interest$0$3,507$0$3,507
Total Functional Expenses$421,868$7,753$0$429,621

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$429,621
Total Expenses per Audited Statements$429,621
Total Expenses per Form 990$429,621
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Asset Management Fee$62,884
Deferred Operating Reimbursement Fee$50,833
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Virginia Community Development Fund Inc
EIN
54-1914519
Phone
8043431200
Address
1840 West Broad St, Richmond, VA 23220

Signing Officer

Name
Robert Newman
Title
Treasurer
Phone
8043431200
Signed
2019-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bob Newman
Formed
1996
Legal Domicile
Va
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
0

Preparer

Firm
Dooley & Vicars
Address
21 S SHEPPARD ST, RICHMOND, VA 23221
Preparer
Michael H Vicars
Phone
8043552808
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“The President and Treasurer approve the 990 before it”

Pt VI, Line 11B

“is submitted.”

Pt VI, Line 12C

“The parent corporation (VCDC) has a conflict of interest and whistle-blower policy, which also applies to VCDF.”

Pt VI, Line 15A

“The Secretary and Treasurer of VCDF were full-time staff of an affiliate, Virginia Community Development Corporation (VCDC). VCDC commissioned a comprehensive compensation (salary and benefits) survey in 2016 to assess the market for comparable compensation for all staff. In addition, VCDC obtains salary and broad benefit comparables through its membership in the National Association of State and Local Equity Funds. The VCDC CEO determines compensation for these positions using this information as reference.”

Pt VI, Line 15B

“The Secretary and Treasurer of VCDF were full-time staff of VCDC that were shared with VCDF and other affiliates. The compensation reported in this return is for the full-time salary and benefits, not for the portion of compensation allocated to VCDF.”

Pt VI, Line 7A

“VCDC appoints the Board Members.”

Pt VI, Line 7B

“VCDC can direct governance decisions.”

Form 990, Part IX, Line 24E

“Bad Debt Forgivness 129936. 129936. 0. 0.”

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Other Income Part II, Line 10 Description: Program Service 2014: 399188. 2015: 290626. 2016: 182483. 2017: 219433. 2018: 355288.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Robert Newman
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The President and Treasurer approve the 990 before it
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1is submitted.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The parent corporation (VCDC) has a conflict of interest and whistle-blower policy, which also applies to VCDF.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Secretary and Treasurer of VCDF were full-time staff of an affiliate, Virginia Community Development Corporation (VCDC). VCDC commissioned a comprehensive compensation (salary and benefits) survey in 2016 to assess the market for comparable compensation for all staff. In addition, VCDC obtains salary and broad benefit comparables through its membership in the National Association of State and Local Equity Funds. The VCDC CEO determines compensation for these positions using this information as reference.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Secretary and Treasurer of VCDF were full-time staff of VCDC that were shared with VCDF and other affiliates. The compensation reported in this return is for the full-time salary and benefits, not for the portion of compensation allocated to VCDF.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5VCDC appoints the Board Members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6VCDC can direct governance decisions.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Bad Debt Forgivness 129936. 129936. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt VI, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Pt VI, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Pt VI, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Pt VI, Line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part IX, Line 24e
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IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0VCDF Manager Inc
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0271408838
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0Support Related Organizations
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt01840 W Broad Street
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/LegalDomicileStateCd2VA
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/LegalDomicileStateCd3VA
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/OwnershipPct10.00000
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/OwnershipPct20.00000
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/OwnershipPct30.00000
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PredominantIncomeTypeTxt0REL
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PredominantIncomeTypeTxt1REL
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PredominantIncomeTypeTxt2REL
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PredominantIncomeTypeTxt3REL
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt0Community Development
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt1Community Development
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt2Community Development
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt3Community Development
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt0VCDF Community Development 1 LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt1VCDF Community Development 2 LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt2VCDF Community Development 3 LLC

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$3,179,662
Liabilities
$393,942
Net assets
$2,785,720
Revenue
$365,173
Expenses
$429,621
Net income
-$64,448
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.8$2.33$13.5$2.37$1.47$0.90
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.8$1.19$12.6$5.58$1.11$4.47
2022Detailed filing. Detailed filing data is available for this year.$9.00$0.88$8.12$1.32$0.91$0.41
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.28$0.56$7.72$4.73$0.80$3.93
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.21$0.42$3.79$1.18$0.61$0.57
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.52$0.30$3.22$0.81$0.38$0.43
2018Detailed filing. Detailed filing data is available for this year.$3.18$0.39$2.79$0.37$0.43$0.06
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.07$0.23$2.85$0.55$0.29$0.26
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.97$0.38$2.59$0.90$0.25$0.65
2015Detailed filing. Detailed filing data is available for this year.$2.33$0.39$1.94$0.31$0.46$0.15
2014Detailed filing. Detailed filing data is available for this year.$2.30$0.21$2.09$0.42$0.49$0.07
2013Detailed filing. Detailed filing data is available for this year.$2.42$0.25$2.16$0.81$0.17$0.64
2012Summary only. Only limited summary data is available for this year.$1.98$0.46$1.52$0.41$0.33$0.08
2011Summary only. Only limited summary data is available for this year.$1.45$0.31$1.14$0.42$0.42$0.00