Form 990 for tax year 2022
Filed by HAMPTON ROADS ECONOMIC DEVELOPMENT ALLIANCE.
Totals
- Total revenue
- $3,867,938
- Total expenses
- $3,508,588
- Contributions and grants received
- $3,744,908
- Grants paid
- $0
- Program service revenue
- $121,392
- Investment income
- $1,638
- Other revenue
- $0
- Total assets, end of year
- $4,472,009
- Total liabilities, end of year
- $66,883
- Net assets or fund balances, end of year
- $4,405,126
- Program services expenses (Part IX)
- $3,125,198
- Management and general expenses
- $313,115
- Fundraising expenses
- $70,275
- Program service expenses (Part III)
- $3,125,198
Program services were 89.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1e · Government grants (contributions)
$1,893,591
-
1f · All other contributions, gifts and grants
$1,851,317
-
2f · All other program service revenue
total $121,392 · related or exempt $121,392
-
3 · Investment income
total $1,638 · excluded $1,638
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $449,560 · program services $404,952 · management and general $44,608
-
7 · Other salaries and wages
total $1,101,041 · program services $976,761 · management and general $124,280
-
8 · Pension plan contributions
total $57,202 · program services $52,972 · management and general $4,230
-
9 · Other employee benefits
total $77,135 · program services $66,753 · management and general $10,382
-
10 · Payroll taxes
total $97,491 · program services $91,217 · management and general $6,274
-
11b · Fees: legal
total $24,482 · management and general $24,482
-
11c · Fees: accounting
total $13,565 · management and general $13,565
-
11g · Fees: other
total $57,596 · program services $35,996 · management and general $21,600
-
12 · Advertising and promotion
total $1,303 · program services $1,303
-
13 · Office expenses
total $39,134 · program services $29,006 · management and general $10,128
-
16 · Occupancy
total $114,000 · program services $102,144 · management and general $11,856
-
17 · Travel
total $33,444 · program services $30,239 · management and general $3,205
-
19 · Conferences, conventions and meetings
total $22,358 · program services $22,229 · management and general $129
-
22 · Depreciation, depletion and amortization
total $16,394 · program services $14,689 · management and general $1,705
-
23 · Insurance
total $9,322 · program services $2,500 · management and general $6,822
-
24a · Other expenses: PROGRAMS
total $978,077 · program services $978,077
-
24b · Other expenses: MIS SERVICES
total $56,018 · program services $44,704 · management and general $11,314
-
24c · Other expenses: EQUIPMENT SERVICES
total $52,923 · program services $43,645 · management and general $9,278
-
24d · Other expenses: PROFESSIONAL DEVELOPMEN
total $12,616 · program services $12,616
-
24e · All other expenses
total $294,927 · program services $215,395 · management and general $9,257 · fundraising $70,275
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,711,670 · end of year $2,194,728
-
2 · Savings and temporary cash investments
beginning of year $1,764,679 · end of year $1,766,213
-
4 · Accounts receivable
beginning of year $579,702 · end of year $333,956
-
9 · Prepaid expenses and deferred charges
beginning of year $17,387 · end of year $56,202
-
10a · Land, buildings and equipment: cost or other basis
$161,690
-
10b · Land, buildings and equipment: accumulated depreciation
$40,780
-
10c · Land, buildings and equipment, net
beginning of year $48,637 · end of year $120,910
-
17 · Accounts payable and accrued expenses
beginning of year $74,460 · end of year $66,883
-
19 · Deferred revenue
beginning of year $1,840 · end of year $0
-
27 · Net assets without donor restrictions
beginning of year $4,045,775 · end of year $4,405,126
Mission and programs · 2022
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 ORGANIZATION PROMOTES ECONOMIC INVESTMENT AND BUSINESS EXPANSION IN THE HAMPTON ROADS AREA AND FROM THROUGHOUT THE WORLD THROUGH MARKETING.
Expenses $2,261,326 · Revenue $121,392
-
THE ORGANIZATION PROVIDES RESEARCH RESOURCES THAT PROVIDE MATERIAL ABOUT THE HAMPTON ROADS REGION.
Expenses $538,828
-
THE ORGANIZATION IS INVOLVED WITH ATTRACTING AND RETAINING INVESTORS THROUGH INVESTOR RELATIONS INITIATIVES.
Expenses $325,044
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
BILL ERMATINGER
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
KEITH VANDERVENNET
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
HOWARD KERN
PAST CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
JD MYERS II
TREASURER
- Total calculated
- $0
- Hours/week
- 0.3
-
CATHIE J VICK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.3
-
DIANE LEOPOLD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.3
-
DONNIE TUCK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.3
-
BUFFY BAREFOOT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.3
-
MARK DREYFUS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.3
-
RICHARD DICK GRICE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.3
-
KENNETH C ALEXANDER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.3
-
MCKINLEY L PRICE DDS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.3
-
RICHARD W WEST
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.3
-
ROBERT M DYER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.3
-
JARED CHALK
EX-OFFICIO
- Total calculated
- $0
- Hours/week
- 0.3
-
HUGH PATTERSON
EX-OFFICIO
- Total calculated
- $0
- Hours/week
- 0.3
-
JAMES K SPORE
EX-OFFICIO
- Total calculated
- $0
- Hours/week
- 0.3
-
MARY BUNTING
EX-OFFICIO
- Total calculated
- $0
- Hours/week
- 0.3
-
SHAWN AVERY
EX-OFFICIO
- Total calculated
- $0
- Hours/week
- 0.3
-
DOUGLAS L SMITH
PRESIDENT & CEO
- Total calculated
- $449,560
- From this org
- $404,976
- From related orgs
- $0
- Other
- $44,584
- Hours/week
- 37.5
Schedule J breakdown matched by us
- Base
- $346,626
- Bonus
- $46,350
- Other
- $12,000
- Deferred
- $18,760
- Nontaxable benefits
- $25,824
- Filer's total
- $449,560
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 14 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202323199349307047
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.