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Nonprofiteer
← VENTURE CENTRAL INC

Form 990 for tax year 2022

Filed by VENTURE CENTRAL INC.

Totals

Total revenue
$212,093
Total expenses
$186,650
Contributions and grants received
$212,093
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$100,443
Total liabilities, end of year
$75,000
Net assets or fund balances, end of year
$25,443
Program services expenses (Part IX)
$171,306
Management and general expenses
$15,344
Fundraising expenses
$0
Program service expenses (Part III)
$171,306

Program services were 91.8% 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)

    $174,038

  • 1f · All other contributions, gifts and grants

    $38,055

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $105,288 · program services $94,759 · management and general $10,529

  • 11a · Fees: management

    total $45,500 · program services $41,600 · management and general $3,900

  • 11b · Fees: legal

    total $5,513 · program services $4,962 · management and general $551

  • 11c · Fees: accounting

    total $400 · program services $400

  • 11g · Fees: other

    total $2,750 · program services $2,475 · management and general $275

  • 13 · Office expenses

    total $789 · program services $710 · management and general $79

  • 14 · Information technology

    total $60 · program services $50 · management and general $10

  • 19 · Conferences, conventions and meetings

    total $1,769 · program services $1,769

  • 24a · Other expenses: DIRECT ECOSYSTEM SUPPORT

    total $20,000 · program services $20,000

  • 24b · Other expenses: DIRECT & INDIRECT ECO SUP

    total $4,581 · program services $4,581

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $100,443

  • 19 · Deferred revenue

    end of year $75,000

  • 31 · Retained earnings, endowment or other funds

    end of year $25,443

Mission and programs · 2022

Mission

VENTURE CENTRAL'S MISSION IS TO SERVE AND STRENGTHEN THE CENTRAL VIRGINIA ENTREPRENEURIAL COMMUNITY BY BUILDING AND BRIDGING CONNECTIONS, PROGRAMS, FUNDING, AND SPACES. THE VISION OF VENTURE CENTRAL IS TO MAKE CENTRAL VIRGINIA AN INTERNATIONALLY RESPECTED ENTREPRENEURIAL COMMUNITY.

  • VENTURE CENTRAL RECEIVED A GO VIRGINIA GRANT FROM THE COMMONWEALTH OF VIRGINIA'S DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT TO (1) CREATE A SINGULAR FOCAL POINT FOR ENTREPRENEURSHIP AND INNOVATION IN CENTRAL VIRGINIA, (2) ESTABLISH A GOVERNANCE BOARD AND ADVISORY COMMITTEE, (3) HIRE A DIRECTOR, AND (4) DEVELOP A FUNDRAISING PLAN. THROUGHOUT 2022, VENTURE CENTRAL WORKED TO ACHIEVE THOSE GOALS BY HIRING AN EXECUTIVE DIRECTOR, ORGANIZING AND SPONSORING LOCAL EVENTS, AND ENGAGING WITH AND GUIDING LOCAL STARTUPS AND FOUNDERS.

    Expenses $140,618

  • THROUGHOUT 2022, VENTURE CENTRAL WORKED TO SUBMIT AND GAIN APPROVAL FOR A BUILD TO SCALE GRANT FROM THE US ECONOMIC DEVELOPMENT ADMINISTRATION. THE GRANT WAS AWARDED AND ACCEPTED IN NOVEMBER 2022 FOR VENTURE CENTRAL'S DIVERSIFY-CONNECT-FUND (DCF) PROJECT THAT WILL SUPPORT THE CENTRAL VIRGINIA ENTREPRENEURIAL ECOSYSTEM IN THREE WAYS: (1) ESTABLISHING A SERIES OF ANGEL ACADEMY TRAINING PROGRAMS TO ENCOURAGE NEW INVESTORS TO PARTICIPATE IN FUNDING LOCAL STARTUPS, (2) FORMING A CAPITAL CONNECTIONS ROUNDTABLE TO INCREASE THE AWARENESS AND COMMUNICATION BETWEEN LOCAL STARTUPS WHO NEED VENTURE CAPITAL FUNDING AND THE SOURCES OF SUCH FUNDING BASED IN OTHER AREAS, AND (3) EXPLORATION OF AN INVESTMENT FUND STRATEGY TO ASSIST STARTUPS IN RAISING FUNDS AND SUPPORTING VENTURE CENTRAL IN ITS FINANCIAL SELF-SUSTAINABILITY.

    Expenses $10,688

  • VENTURE CENTRAL SERVED AND SUPPORTED THE 434 ACCELERATOR, A STARTUP ACCELERATOR THAT WORKS WITH ENTREPRENEURS IN THE CENTRAL VIRGINIA AREA. VENTURE CENTRAL'S ROLE WAS TO FACILITATE RESOURCES FOR ACCELERATOR LEADERSHIP, INCLUDING FUNDING, MEETINGS, EXPERTISE AND MORE.

    Expenses $20,000

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Rahul Keshap

    EXECUTIVE DI

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Alex Andrew

    EXECUTIVE DI

    Total calculated
    $102,288
    From this org
    $102,288
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Sarah Rumbaugh

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Charlie Rogers

    BOARD VICE C

    Total calculated
    $0
    Hours/week
    1

  • Roger Johnson

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Chris Engel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim Atkinson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Peter Caramanis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Denise Herndon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Payam Pourtaheri

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kyle Redinger

    DIRECTOR

    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.

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
202323189349300322

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