Form 990 for tax year 2023

Totals

Total revenue

$478,304

Total expenses

$423,601

Contributions and grants received

$474,426

Grants paid

$40,000

Program service revenue

$3,878

Investment income

$0

Other revenue

$0

Total assets, end of year

$168,658

Total liabilities, end of year

$70,573

Net assets or fund balances, end of year

$98,085

Program services expenses (Part IX)

$418,820

Management and general expenses

$4,781

Fundraising expenses

$0

Program service expenses (Part III)

$418,820

Program services were 98.9% 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.

Mission and programs · 2023

• 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 and 2023, 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. Venture Central also pursued multiple grants, and was awarded the U.S. Economic Development Administration Build to Scale Capital Connection grant for $300,000 with a $300,000 local match. This was the first known U.S. EDA grant received in the Central Virginia region.

  Expenses $172,404 · Revenue $235,801

• GoVA REI (Regional Entrepreneurship Initiative) for Region 9: Counties of Albemarle, Culpeper, Fauquier, Fluvanna, Louisa, Madison, Nelson and Orange, the city of Charlottesville and the town of Culpeper. Overview: The Community Investment Collaborative (CIC), in partnership with Venture Central was to develop a regional strategy to strengthen and grow the GO Virginia Region 9 entrepreneurial ecosystem. The project would engage a broad range of stakeholders in the region, inventory available resources and small business funding sources, and develop actionable strategies to increase the rate of new business formation and improve survival rates for early-stage businesses in urban and rural areas. 2023 saw the kickoff of the Go Virginia REI grant. Venture Central and CIC hired a consultant (The Good People Research Company) and a Program Manager to facilitate the grant work. Work completed included planning the project, setting objectives, defining communities, identifying stakeholders, researching best practices, and started community conversations with entrepreneurs, ESOs, Chambers of Commerce, and local government representatives. The grant work will continue through late 2024.

  Expenses $35,649 · Revenue $37,234

• U.S. Economic Development Administration Build to Scale Capital Connection grant: In 2023 Venture Central advanced the work under the U.S. EDA grant titled Diversify-Connect-Fund (DCF). The project was designed to support the Central Virginia entrepreneurial ecosystem in three ways: (1) establishing a series of angel investor training programs to encourage new investors to participate in funding local startups, (2) building connections between local startups who need venture capital funding and the sources of such funding, and (3) explorating an investment fund strategy to assist startups in raising funds. 2023 deliverables for the program were on track. Events were conducted to drive investor engagement and education, startups were connected to funders, local startups recorded over $112,000,000 in funding and fund strategies got underway. Events attracted nearly 200 participants and included Angel Academy (accredited investor training), Women On The Rise (investor & founder programming), and Getting Deals Done (due diligence training for deal leads and startups). The activities under the grant, which run through September of 2024 engaged more and more diverse participants to support regional businesses - from businesses operating locally to those scaling internationally.

  Expenses $116,567 · Revenue $67,769

• 434 Accelerator: Venture Central became host of the 434 Accelerator, a startup accelerator program that works with entrepreneurs in the Central Virginia area. 434 Accelerator is a member of the Virginia Accelerator Network, which is supported, in part, by the Virginia Innovation Partnership Corporation. Venture Central's role was to facilitate resources for accelerator leadership to include funding, meetings, expertise and more. In 2023, the accelerator provided six newly formed, technology-driven companies based in the Charlottesville area with bespoke guidance, connections to a network of industry experts, eligibility to apply for up to $20,000 in grant support, dedicated workspace and access to a portfolio of additional resources. The program also hosted over twelve events connecting entrepreneurs with stakeholders, supported three interns, and provided guidance to teams in the region preparing for or operating outside of the accelerator program.

  Expenses $94,200 · Grants $40,000 · Revenue $137,500

As filed on the 2023 return.

Listed in Part VII

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

• Utrain Inc

  $20,000

  Grant award to support business development and growth as a local, organically-grown startup benefiting the Central Virginia community.

• Vistaly Inc

  $10,000

  Grant award to support business development and growth as a local, organically-grown startup benefiting the Central Virginia community.

• CargoLabs Inc

  $10,000

  Grant award to support business development and growth as a local, organically-grown startup benefiting the Central Virginia community.

Provenance

Return type

form_990

Tax year

2023

Filed

14 May 2024

IRS schema version

2023v5.0

Source object

202431359349303148

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