Form 990 for tax year 2023

Filed by VIRGINIA COMMUNITY DEVELOPMENT CORP.

Totals

Total revenue: $2,904,468
Total expenses: $2,717,950
Contributions and grants received: $106,111
Grants paid: $0
Program service revenue: $2,755,244
Investment income: $43,113
Other revenue: $0
Total assets, end of year: $7,756,782
Total liabilities, end of year: $148,108
Net assets or fund balances, end of year: $7,608,674
Program services expenses (Part IX): $1,898,536
Management and general expenses: $819,414
Fundraising expenses: $0
Program service expenses (Part III): $1,898,536

Program services were 69.9% 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

$106,111
2a · Program service revenue: Program Service Fees

total $2,706,846 · unrelated business $0 · excluded $0
2b · Program service revenue: Other Income

total $48,398 · unrelated business $0 · excluded $0
3 · Investment income

total $43,113 · unrelated business $0 · excluded $0

Functional expenses

Part IX, the statement of functional expenses.

7 · Other salaries and wages

total $1,514,471 · program services $1,211,577 · management and general $302,894 · fundraising $0
9 · Other employee benefits

total $319,951 · program services $255,961 · management and general $63,990 · fundraising $0
12 · Advertising and promotion

total $4,027 · program services $4,027 · management and general $0 · fundraising $0
13 · Office expenses

total $256,260 · program services $0 · management and general $256,260 · fundraising $0
16 · Occupancy

total $75,708 · program services $0 · management and general $75,708 · fundraising $0
17 · Travel

total $50,269 · program services $50,269 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $7,294 · program services $7,294 · management and general $0 · fundraising $0
20 · Interest

total $2,771 · program services $0 · management and general $2,771 · fundraising $0
22 · Depreciation, depletion and amortization

total $30,756 · program services $0 · management and general $30,756 · fundraising $0
23 · Insurance

total $21,930 · program services $0 · management and general $21,930 · fundraising $0
24a · Other expenses: Professional Fees

total $93,145 · program services $74,516 · management and general $18,629 · fundraising $0
24b · Other expenses: Sustainability Challenge

total $144,112 · program services $144,112 · management and general $0 · fundraising $0
24c · Other expenses: Utilities

total $26,021 · program services $0 · management and general $26,021 · fundraising $0
24d · Other expenses: Special Initatives

total $6,954 · program services $6,954 · management and general $0 · fundraising $0
24e · All other expenses

total $164,281 · program services $143,826 · management and general $20,455 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $246,272 · end of year $432,374
2 · Savings and temporary cash investments

beginning of year $1,405,633 · end of year $1,418,976
4 · Accounts receivable

beginning of year $4,974,065 · end of year $5,041,843
7 · Other notes and loans receivable

beginning of year $52,162
10a · Land, buildings and equipment: cost or other basis

$399,219
10b · Land, buildings and equipment: accumulated depreciation

$368,782
10c · Land, buildings and equipment, net

beginning of year $61,193 · end of year $30,437
15 · Other assets

beginning of year $884,332 · end of year $833,152
17 · Accounts payable and accrued expenses

beginning of year $122,559 · end of year $136,462
25 · Other liabilities

beginning of year $78,942 · end of year $11,646
27 · Net assets without donor restrictions

beginning of year $7,252,674 · end of year $7,449,696
28 · Net assets with donor restrictions

beginning of year $169,482 · end of year $158,978

Mission and programs · 2023

Mission

Affordable Housing

n 2023, VCDC raised $45MM in Low Income Housing Tax Credit equity and $2.5MM in historic equity and closed 10 projects in Virginia and West Virginia and had an active portfolio of 140 properties. VCDC is active in the underwriting of these investments and in monitoring the performance of a stabilized portfolio of 138 properties through hands-on asset management. VCDC assists developers with predevelopment planning, arranging financing, construction management, and compliance. VCDC also assists community-based nonprofits develop capacity through various technical assistance activities and organizational development programs.

Expenses $1,898,536 · Revenue $2,977,970

As filed on the 2023 return.

Listed in Part VII

Philip Brooks

Board Chair

Total calculated

$0

Hours/week

1
Monica Jefferson

Board Vice Chair

Total calculated

$0

Hours/week

1
Karen R Wilds

Board Member

Total calculated

$0

Hours/week

1
Robert J Adams

Board Member

Total calculated

$0

Hours/week

1
Neil Amin

Board Member

Total calculated

$0

Hours/week

1
Mike Chiappa

Board Member

Total calculated

$0

Hours/week

1
Susan Dewey

Board Member

Total calculated

$0

Hours/week

1
Karen Klick

Board Member

Total calculated

$0

Hours/week

1
Tyrone E Sessoms

Board Member

Total calculated

$0

Hours/week

1
Earlene Powell

Board Member

Total calculated

$0

Hours/week

1
Manju Ganeriwala

Board Member

Total calculated

$0

Hours/week

1
Jonathan Knopf

Board Member

Total calculated

$0

Hours/week

1
Jason Long

Board Member

Total calculated

$0

Hours/week

1
Robert L Newman

President & CEO

Total calculated

$284,972

From this org

$232,781

From related orgs

$0

Other

$52,191

Hours/week

30

Schedule J breakdown matched by us

Base

$232,781

Bonus

$0

Other

$0

Deferred

$24,000

Nontaxable benefits

$28,191

Filer's total

$284,972
Chris Sterling

Vice President and COO

Total calculated

$204,167

From this org

$163,555

From related orgs

$0

Other

$40,612

Hours/week

34

Schedule J breakdown matched by us

Base

$163,555

Bonus

$0

Other

$0

Deferred

$17,200

Nontaxable benefits

$23,412

Filer's total

$204,167
Jeff Meyer

Director of Project Development

Total calculated

$147,303

From this org

$133,500

From related orgs

$0

Other

$13,803

Hours/week

40
Russ Parrish

Treasurer/Chief Financial Officer

Total calculated

$184,707

From this org

$139,170

From related orgs

$0

Other

$45,537

Hours/week

32

Schedule J breakdown matched by us

Base

$139,170

Bonus

$0

Other

$0

Deferred

$14,900

Nontaxable benefits

$30,637

Filer's total

$184,707
Bernard Rogers

Director of Equity Funds & Investor Relations

Total calculated

$170,847

From this org

$131,356

From related orgs

$0

Other

$39,491

Hours/week

40

Schedule J breakdown matched by us

Base

$131,356

Bonus

$0

Other

$0

Deferred

$13,319

Nontaxable benefits

$26,172

Filer's total

$170,847
Steve Bleile

Director of Project Development

Total calculated

$157,951

From this org

$130,811

From related orgs

$0

Other

$27,140

Hours/week

40

Schedule J breakdown matched by us

Base

$130,811

Bonus

$0

Other

$0

Deferred

$13,400

Nontaxable benefits

$13,740

Filer's total

$157,951

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.

Virginia Community Development Fund Inc

501 (c)3 · Affordable Housing · VA

Directly controlled by NA
Housing Capital Corporation of Virginia

501 (c)3 · Affordable Housing · VA

Directly controlled by NA

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.

Virginia Community Development Advisory Services

Advisory · VA

Directly controlled by NA

Related partnerships

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

Housing Equity Fund of Virginia X LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XI LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Kentucky I LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund Of Kentucky II LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XII LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XIV LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XV LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XVI LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XVII LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XVIII LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XIX LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Kentucky III LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XX LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XXI LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XXIII LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XXII LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
West Virginia Impact Fund I LLC

Affordable Housing · WV · 0% owned

Directly controlled by NA
Housing Equity Fund of Virginia XXIV LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
Downtown Pearisburg LP

Affordable Housing · VA · 0% owned

Directly controlled by Shelton Place Management LLC
Alleghany Building LP

Affordable Housing · VA · 0% owned

Directly controlled by Virginia Affordable Housing Management Inc
Olde Towne Housing LLC

Affordable Housing · VA · 0% owned

Directly controlled by Woodrum Westview Pearisburg Management LLC
VCDC Equity Fund 25 LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
West Virginia Impact Fund II LLC

Affordable Housing · WV · 0% owned

Directly controlled by NA
Fairfield Lynn LP

Affordable Housing · VA · 0% owned

Directly controlled by Virginia Affordable Housing Management Inc
Glen Mountain LP

Affordable Housing · VA · 0% owned

Directly controlled by Virginia Affordable Housing Management Inc
Berkley Court Apartments LP

Affordable Housing · VA · 0% owned

Directly controlled by Virginia Affordable Housing Management Inc
Pretlow-Old Town Apartments LP

Affordable Housing · VA · 0% owned

Directly controlled by Virginia Affordable Housing Management Inc
Wolf Creek Housing LP

Affordable Housing · VA · 0% owned

Directly controlled by Virginia Affordable Housing Management Inc
Cascade LP

Affordable Housing · VA · 0% owned

Directly controlled by Virginia Affordable Housing Management Inc
VCDC Equity Fund 26 LLC

Affordable Housing · VA · 0% owned

Directly controlled by NA
West Virginia Impact Fund III LLC

Affordable Housing · WV · 0% owned

Directly controlled by NA
VCDC Equity Fund 27 LLC

Affordable Housing · 0% owned

Related corporations and trusts

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

Virginia Affordable Housing Management Inc

C · Affordable Housing · VA · 100% owned

Directly controlled by VCDC
Virginia Housing Capital Corporation

C · Affordable Housing · VA · 100% owned

Directly controlled by VCDC
Scenic States Capital Corporation

C · Affordable Housing · VA · 100% owned

Directly controlled by VCDC
Woodrum Westview Pearisburg Management LLC

C · 50% owned

Directly controlled by VCDC

Provenance

Return type: form_990
Tax year: 2023
Filed: 14 November 2024
IRS schema version: 2023v5.1
Source object: 202423199349305412

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