Form 990 for tax year 2024

Totals

Total revenue

$797,425

Total expenses

$615,712

Contributions and grants received

$797,400

Grants paid

$0

Program service revenue

$0

Investment income

$0

Other revenue

$25

Total assets, end of year

$318,140

Total liabilities, end of year

$38,342

Net assets or fund balances, end of year

$279,798

Program services expenses (Part IX)

$591,321

Management and general expenses

$24,391

Fundraising expenses

$0

Program service expenses (Part III)

$591,321

Program services were 96.0% 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.

Mission and programs · 2024

• U.S. Economic Development Administration Build to Scale Capital Connection grant: In 2024 Venture Central advanced the work under the U.S. EDA grant titled Diversify-Connect-Fund (DCF). The project was designed to support the Central Virginia entrepreneurial ecosystem in three ways: (1) establishing a series of angel investor training programs to encourage new investors to participate in funding local startups, (2) building connections between local startups who need venture capital funding and the sources of such funding, and (3) exploring an investment fund strategy to assist startups in raising funds. 2024 deliverables for the program were met with the grant ending October 31, 2024. Events were conducted to drive investor engagement and education, startups were connected to funders, local startups recorded over $112,000,000 in funding, and fund strategies were evaluated. Ten investor education events and twelve networking events were held, resulting in greater participation in local angel networks and access to capital by startups. The activities under the grant engaged more and more diverse participants to support regional businesses - from businesses operating locally to those scaling internationally.

  Expenses $231,284 · Revenue $232,102

• Venture Central is host to the 434 Accelerator, which partners with and contributes to the Charlottesville community's unique network of resources to not only accelerate a select set of high-potential, technology-driven startups, but also to catalyze a more resilient, mindful, inclusive, and kinetic entrepreneurial ecosystem. 434 served 6 companies through its accelerator programs in 2024 and hosted 5 more in its co-working space. 434 hosted 21 Fellows (interns) in its accelerator companies in 2024, held an 8-week educational session on scaling a tech company, and hosted two startup showcase events, in addition to its weekly founder sessions and monthly programming.

  Expenses $244,638 · Revenue $300,000

• GoVA REI (Regional Entrepreneurship Initiative) for Region 9: Counties of Albemarle, Culpeper, Fauquier, Fluvanna, Louisa, Madison, Nelson and Orange, the city of Charlottesville and the town of Culpeper. The Community Investment Collaborative (CIC), in partnership with Venture Central developed a regional strategy to strengthen and grow the GO Virginia Region 9 entrepreneurial ecosystem. The project engaged a broad range of stakeholders in the region, inventoried available resources and small business funding sources, and developed actionable strategies to increase the rate of new business formation and improve survival rates for early-stage businesses in urban and rural areas. 2023 saw the kickoff of the Go Virginia REI grant. Venture Central and CIC hired a consultant (The Good People Research Company) and a Program Manager to facilitate the grant work. Work completed included planning the project, setting objectives, defining communities, identifying stakeholders, researching best practices, and started community conversations with entrepreneurs, ESOs, Chambers of Commerce, and local government representatives. The REI Report "Thrive In Place" was finalized in October of 2024. Work continues into 2025 to develop an action plan and subsequent implementation project proposal.

  Expenses $115,298 · Revenue $115,298

• Other Programs

  Expenses $101

As filed on the 2024 return.

Listed in Part VII

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

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

2024

Filed

14 May 2025

IRS schema version

2024v5.0

Source object

202521329349303287

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