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← HOUSING CAPITAL CORPORATION OF VIRGINIA

Form 990 for tax year 2022

Filed by HOUSING CAPITAL CORPORATION OF VIRGINIA.

Totals

Total revenue
$1,157,278
Total expenses
$1,183,061
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,155,704
Investment income
$1,574
Other revenue
$0
Total assets, end of year
$1,774,842
Total liabilities, end of year
$55,523
Net assets or fund balances, end of year
$1,719,319
Program services expenses (Part IX)
$1,100,649
Management and general expenses
$82,412
Fundraising expenses
$0
Program service expenses (Part III)
$1,100,649

Program services were 93.0% 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.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Asset Management

    total $1,155,712 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Other

    total -$8 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,574 · unrelated business $0 · excluded $0

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $415,313 · program services $415,313 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $87,357 · program services $87,357 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $17,669 · program services $25 · management and general $17,644 · fundraising $0

  • 16 · Occupancy

    total $39,893 · program services $0 · management and general $39,893 · fundraising $0

  • 17 · Travel

    total $21,274 · program services $21,274 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $7,964 · program services $7,964 · management and general $0 · fundraising $0

  • 20 · Interest

    total $4,444 · program services $0 · management and general $4,444 · fundraising $0

  • 23 · Insurance

    total $16,931 · program services $0 · management and general $16,931 · fundraising $0

  • 24a · Other expenses: Project Expense

    total $75,657 · program services $75,657 · management and general $0 · fundraising $0

  • 24b · Other expenses: Professional Fees

    total $476,054 · program services $472,554 · management and general $3,500 · fundraising $0

  • 24c · Other expenses: Bad Debt

    total $20,505 · program services $20,505 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $150,773 · end of year $281,321

  • 2 · Savings and temporary cash investments

    beginning of year $992,883 · end of year $994,367

  • 3 · Pledges and grants receivable

    beginning of year $606,763 · end of year $449,220

  • 15 · Other assets

    end of year $49,934

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,500 · end of year $5,000

  • 25 · Other liabilities

    end of year $50,523

  • 27 · Net assets without donor restrictions

    beginning of year $1,744,919 · end of year $1,719,319

Mission and programs · 2022

Mission

Affordable Housing

  • To provide funding for the development and management of affordable housing throughout the Commonwealth of Virginia

    Expenses $1,100,649 · Revenue $1,155,887

As filed on the 2022 return.

Listed in Part VII

  • Robert L Newman

    President

    Total calculated
    $243,163
    From this org
    $0
    From related orgs
    $198,039
    Other
    $45,124
    Hours/week
    4

    Schedule J breakdown matched by us

    Base
    $0 + $198,039 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $19,660 related
    Nontaxable benefits
    $0 + $25,464 related
    Filer's total
    $0 + $243,163 related

  • Chris Sterling

    Vice-President

    Total calculated
    $189,569
    From this org
    $0
    From related orgs
    $153,603
    Other
    $35,966
    Hours/week
    4

    Schedule J breakdown matched by us

    Base
    $0 + $153,603 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $16,000 related
    Nontaxable benefits
    $0 + $19,966 related
    Filer's total
    $0 + $189,569 related

  • Bernard Rogers

    Secretary

    Total calculated
    $0
    Hours/week
    0

  • Russell V Parrish

    Treasurer

    Total calculated
    $172,592
    From this org
    $0
    From related orgs
    $131,471
    Other
    $41,121
    Hours/week
    4

    Schedule J breakdown matched by us

    Base
    $0 + $131,471 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,883 related
    Nontaxable benefits
    $0 + $28,238 related
    Filer's total
    $0 + $172,592 related

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

None.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • Olde Town Housing LLC

    Affordable Housing · VA · 0% owned

  • Fairfield Lynn LLC

    Affordable Housing · VA · 0% owned

  • Cascade LP

    0% owned

  • Glen Mountain LP

    0% owned

  • Berkley Court Apartments LP

    0% owned

  • Pretlow-Old Town Apartments LP

    0% owned

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Woodrum Westview Pearisburg Management LLC

    C · Affordable Housing · VA · 50% owned

    Directly controlled by HCC

  • VAHM Franklin Berkley GP LLC

    C · Affordable Housing · VA · 100% owned · controlled entity

    Directly controlled by HCC

  • VAHM Franklin Pretlow GP LLC

    C · Affordable Housing · VA · 100% owned · controlled entity

    Directly controlled by HCC

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202323189349312982

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