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Nonprofiteer
← VIRGINIA BEACH COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by VIRGINIA BEACH COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$7,136,805
Total expenses
$8,268,321
Contributions and grants received
$2,195,740
Grants paid
$0
Program service revenue
$5,116,034
Investment income
-$190,046
Other revenue
$15,077
Total assets, end of year
$33,954,192
Total liabilities, end of year
$19,973,272
Net assets or fund balances, end of year
$13,980,920
Program services expenses (Part IX)
$7,443,625
Management and general expenses
$824,696
Fundraising expenses
$0
Program service expenses (Part III)
$7,443,625

Program services were 90.0% 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.

  • 1a · Federated campaigns

    $73,643

  • 1e · Government grants (contributions)

    $2,117,999

  • 1f · All other contributions, gifts and grants

    $4,098

  • 2a · Program service revenue: RENTAL INCOME

    total $5,050,682 · related or exempt $5,050,682

  • 2b · Program service revenue: MANAGEMENT FEES

    total $65,352 · related or exempt $65,352

  • 3 · Investment income

    total $78,730 · excluded $78,730

  • 7a · Gross sales of assets other than inventory

    other assets $176,798

  • 7b · Less cost or other basis and sales expenses

    other assets $445,574

  • 7c · Gain or loss

    other assets -$268,776

  • 7d · Net gain or loss

    total -$268,776 · excluded -$268,776

  • 11a · Other revenue: OTHER INCOME

    total $15,077 · related or exempt $15,077

  • 11e · Other revenue, total

    $15,077

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $178,563 · program services $157,136 · management and general $21,427

  • 7 · Other salaries and wages

    total $1,849,872 · program services $1,627,887 · management and general $221,985

  • 9 · Other employee benefits

    total $323,864 · program services $285,000 · management and general $38,864

  • 11b · Fees: legal

    total $52,412 · program services $17,296 · management and general $35,116

  • 11c · Fees: accounting

    total $190,938 · program services $143,203 · management and general $47,735

  • 11g · Fees: other

    total $46,223 · program services $46,223

  • 12 · Advertising and promotion

    total $1,611 · program services $1,611

  • 13 · Office expenses

    total $78,117 · program services $59,187 · management and general $18,930

  • 14 · Information technology

    total $104,976 · program services $78,732 · management and general $26,244

  • 16 · Occupancy

    total $13,130 · management and general $13,130

  • 17 · Travel

    total $45,961 · program services $45,961

  • 19 · Conferences, conventions and meetings

    total $14,815 · program services $6,545 · management and general $8,270

  • 20 · Interest

    total $842,535 · program services $829,138 · management and general $13,397

  • 22 · Depreciation, depletion and amortization

    total $1,220,355 · program services $1,195,948 · management and general $24,407

  • 23 · Insurance

    total $500,157 · program services $154,788 · management and general $345,369

  • 24a · Other expenses: PROPERTY MAINTENANCE

    total $1,203,514 · program services $1,203,514

  • 24b · Other expenses: PROGRAM ASSISTANCE COST

    total $1,141,197 · program services $1,141,197

  • 24c · Other expenses: ASSOCIATION FEES

    total $237,473 · program services $237,473

  • 24d · Other expenses: UTILITIES

    total $125,129 · program services $125,129

  • 24e · All other expenses

    total $97,479 · program services $87,657 · management and general $9,822

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,626,319 · end of year $1,614,222

  • 2 · Savings and temporary cash investments

    beginning of year $601,897 · end of year $231,840

  • 3 · Pledges and grants receivable

    beginning of year $208,671 · end of year $119,119

  • 4 · Accounts receivable

    beginning of year $403,762 · end of year $568,362

  • 7 · Other notes and loans receivable

    beginning of year $4,374,412 · end of year $4,361,939

  • 9 · Prepaid expenses and deferred charges

    beginning of year $30,901 · end of year $35,111

  • 10a · Land, buildings and equipment: cost or other basis

    $46,724,895

  • 10b · Land, buildings and equipment: accumulated depreciation

    $21,916,992

  • 10c · Land, buildings and equipment, net

    beginning of year $25,787,644 · end of year $24,807,903

  • 11 · Investments: publicly traded securities

    beginning of year $146,921 · end of year $158,472

  • 12 · Investments: other securities

    beginning of year $372,237 · end of year $378,684

  • 15 · Other assets

    beginning of year $2,162,754 · end of year $1,678,540

  • 17 · Accounts payable and accrued expenses

    beginning of year $366,305 · end of year $490,746

  • 19 · Deferred revenue

    beginning of year $93,954 · end of year $145,643

  • 23 · Secured mortgages and notes payable

    beginning of year $19,777,064 · end of year $19,093,490

  • 25 · Other liabilities

    beginning of year $234,341 · end of year $243,393

  • 27 · Net assets without donor restrictions

    beginning of year $15,211,507 · end of year $13,980,920

  • 28 · Net assets with donor restrictions

    beginning of year $32,347 · end of year $0

Mission and programs · 2023

Mission

TO ASSIST THE CITY OF VIRGINIA BEACH BY PARTNERING WITH THE PUBLIC AND PRIVATE SECTORS TO PROVIDE QUALITY AFFORDABLE HOUSING OPPORTUNITIES TO LOW AND MODERATE INCOME PEOPLE.

Activities or mission (Part I)

TO PROVIDE HOUSING FOR LOW AND MODERATE INCOME FAMILIES.

  • PERMANENT RENTAL HOUSING FUNDS INCLUDE INCOME AND EXPENSES DIRECTLY ASSOCIATED WITH THE RENTAL OF AFFORDABLE LOW-INCOME HOUSING UNDER NOAH, HOME, HOUSING FIRST, BIZNET, ATLANTIS MANOR, CAPE HENRY, OCEAN TRACE, BEACH PARK AND BEACH PARK WEST APARTMENT PROJECTS. IN ADDITION, VETERANS FIRST HOUSING ASSISTANCE, SUPPORT SERVICES FOR VETERANS FAMILIES (SSVF) GRANT ACTIVITY, PROJECT DEVELOPMENT FEE INCOME AND INVESTMENT ACTIVITY ARE RECORDED UNDER PERMANENT RENTAL HOUSING FUNDS.

    Expenses $7,443,625 · Revenue $5,131,111

As filed on the 2023 return.

Listed in Part VII

  • Frank McKinney

    PRESIDENT/CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Christopher L Brown

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Audrey B Douglas-Cooke

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • J David Crain Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Ewell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Andrew Friedman

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Marshall Brice

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jeremy C Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tim McCarthy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kay Ashby

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gary Sharpe

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kinte Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Courtney Lalonde

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jessica Guglielmo

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $165,533
    From this org
    $148,140
    From related orgs
    $0
    Other
    $17,393
    Hours/week
    40

  • Kristal H Davis

    EMPLOYEE

    Total calculated
    $122,346
    From this org
    $122,294
    From related orgs
    $0
    Other
    $52
    Hours/week
    40

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.

Grants on this return

No itemized grants to organizations on this return.

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.

  • CORNERSTONE PROPERTY VENTURES LLC

    INVESTMENT OF RENTAL PROPERTY · VA · income -$538,745 · assets $5,156,775

    Directly controlled by VBCDC

Related partnerships

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

  • CEDAR GROVE 2011 LP

    RELATED · HOUSING FOR HOMELESS AND DISABLED · VA · 0% owned

  • CYPRESS LANDING LLC

    RELATED · AFFORDABLE HOUSING · VA · 0.01% owned · share of income -$2 · share of assets $1,047

Related corporations and trusts

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

  • VETS' HOUSING INC

    C · HOUSING FOR HOMELESS AND DISABLED VETERANS · VA · 100% owned

    Directly controlled by VBCDC

  • CHESAPEAKE VETS' HOUSING

    C · AFFORDABLE HOUSING · VA · 100% owned · share of income -$2 · share of assets $1,047

    Directly controlled by VBCDC

Provenance

Return type
form_990
Tax year
2023
Filed
4 February 2025
IRS schema version
2023v6.0
Source object
202500369349301550

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