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Nonprofiteer
← VIRGINIA COMMUNITY DEVELOPMENT FUND INC

Form 990 for tax year 2022

Filed by VIRGINIA COMMUNITY DEVELOPMENT FUND INC.

Totals

Total revenue
$1,320,186
Total expenses
$914,303
Contributions and grants received
$375,000
Grants paid
$0
Program service revenue
$870,724
Investment income
$74,462
Other revenue
$0
Total assets, end of year
$9,002,328
Total liabilities, end of year
$880,311
Net assets or fund balances, end of year
$8,122,017
Program services expenses (Part IX)
$846,371
Management and general expenses
$67,932
Fundraising expenses
$0
Program service expenses (Part III)
$846,371

Program services were 92.6% 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.

  • 1f · All other contributions, gifts and grants

    $375,000

  • 2a · Program service revenue: Asset Management Fees

    total $350,913 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Other Income

    total $32,069 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Exit Fees

    total $88,000 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Syndication Fees

    total $399,742 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $74,462 · unrelated business $0 · excluded $0

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $177,501 · program services $159,751 · management and general $17,750 · fundraising $0

  • 20 · Interest

    total $8,242 · program services $0 · management and general $8,242 · fundraising $0

  • 24a · Other expenses: Professional Fees

    total $357,579 · program services $357,579 · management and general $0 · fundraising $0

  • 24b · Other expenses: Debt Forgivness

    total $75,000 · program services $75,000 · management and general $0 · fundraising $0

  • 24c · Other expenses: Bad Debt

    total $155,556 · program services $155,556 · management and general $0 · fundraising $0

  • 24d · Other expenses: Other

    total $140,425 · program services $98,485 · management and general $41,940 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,533,474 · end of year $4,660,872

  • 4 · Accounts receivable

    beginning of year $175,038 · end of year $21,438

  • 7 · Other notes and loans receivable

    beginning of year $2,569,315 · end of year $4,309,450

  • 13 · Investments: program-related

    beginning of year $2,996 · end of year $3,071

  • 15 · Other assets

    end of year $7,497

  • 17 · Accounts payable and accrued expenses

    beginning of year $27,172 · end of year $76,311

  • 24 · Unsecured notes and loans payable

    beginning of year $500,000 · end of year $804,000

  • 25 · Other liabilities

    beginning of year $37,517 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $2,210,100 · end of year $2,940,983

  • 28 · Net assets with donor restrictions

    beginning of year $5,506,034 · end of year $5,181,034

Mission and programs · 2022

Mission

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

  • VCDF is a subsidiary of VCDC, which invests equity into community development project with a focus on affordable housing. VCDF is a certified Community Development Financial Institution (CDFI) and applies its focus to other tools to assist in the development of these projects, primarily through affordable loans to housing projects, especially those with an allocation of Low Income Housing Tax Credits. VCDF is also a Certified Development Entity (CDE) and thereby, can apply to the US Treasury's New Market Tax Credit program (NMTC) for allocation of credits for investment in economic development projects. In 2009, VCDF received its first allocation of NMTCs for $35,000,000 and invested this resource into four projects located in underserved communities in Virginia: two museums (Roanoke and Bristol) and two theaters (Waynesboro and Clifton Forge). VCDF has since received a second allocation of NMTCs in the 2018 round for $35,000,000 which have been invested in another four projects in Virginia and West Virginia: three community facilities and one commercial/mixed use project. Another two projects were added in 2022 one is a The Tygart boutique hotel in WV, the other is one Small Loan Fund temporary lodging facility to support Dept State training facility in Blackstone, VA. VCDF is applying for another round of NMTCs through the 2020 round for another $50,000,000 and intends to continue investing in community facilities, hospitality projects as well as mixed-use projects (both commercial and residential). VCDF is applying for another round of NMTCs for 2023.

    Expenses $846,371 · Revenue $1,570,724

As filed on the 2022 return.

Listed in Part VII

  • John PSalop

    President

    Total calculated
    $0
    Hours/week
    1

  • Robert Newman

    Treasurer

    Total calculated
    $243,163
    From this org
    $0
    From related orgs
    $198,039
    Other
    $45,124
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $0 + $198,039 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $19,660 related
    Nontaxable benefits
    $0 + $25,372 related
    Filer's total
    $0 + $243,071 related

  • Neil Amin

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Karen Wilds

    Vice President

    Total calculated
    $0
    Hours/week
    1

  • Laura Dupuy

    Secretary

    Total calculated
    $121,072
    From this org
    $0
    From related orgs
    $103,000
    Other
    $18,072
    Hours/week
    38

  • Andy Kegley

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Philip Stetson

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Karen Jacobson

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Philip Brooks

    Board Member

    Total calculated
    $0
    Hours/week
    1

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.

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202323189349313747

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