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Nonprofiteer
← VILLAGE CAPITAL CORPORATION

Form 990 for tax year 2022

Filed by VILLAGE CAPITAL CORPORATION.

Totals

Total revenue
$1,484,314
Total expenses
$1,101,536
Contributions and grants received
$920,000
Grants paid
$24,000
Program service revenue
$522,351
Investment income
$41,963
Other revenue
$0
Total assets, end of year
$24,649,319
Total liabilities, end of year
$16,849,274
Net assets or fund balances, end of year
$7,800,045
Program services expenses (Part IX)
$928,282
Management and general expenses
$160,742
Fundraising expenses
$12,512
Program service expenses (Part III)
$928,282

Program services were 84.3% 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)

    $750,000

  • 1f · All other contributions, gifts and grants

    $170,000

  • 2a · Program service revenue: FEES - PROGRAM SERVICE

    total $386,882 · related or exempt $386,882

  • 2b · Program service revenue: INTEREST - PROGRAM SER

    total $135,469 · related or exempt $135,469

  • 3 · Investment income

    total $41,963 · excluded $41,963

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $24,000 · program services $24,000

  • 7 · Other salaries and wages

    total $415,859 · program services $320,647 · management and general $88,335 · fundraising $6,877

  • 8 · Pension plan contributions

    total $1,652 · program services $1,274 · management and general $351 · fundraising $27

  • 9 · Other employee benefits

    total $44,435 · program services $34,259 · management and general $9,438 · fundraising $738

  • 10 · Payroll taxes

    total $6,142 · program services $4,736 · management and general $1,305 · fundraising $101

  • 11a · Fees: management

    total $131,339 · program services $101,270 · management and general $27,899 · fundraising $2,170

  • 11b · Fees: legal

    total $37,538 · program services $28,944 · management and general $7,974 · fundraising $620

  • 11c · Fees: accounting

    total $38,195 · program services $29,450 · management and general $8,113 · fundraising $632

  • 12 · Advertising and promotion

    total $1,798 · program services $1,384 · management and general $381 · fundraising $33

  • 13 · Office expenses

    total $8,109 · program services $6,258 · management and general $1,723 · fundraising $128

  • 14 · Information technology

    total $16,732 · program services $12,913 · management and general $3,558 · fundraising $261

  • 16 · Occupancy

    total $26,699 · program services $20,589 · management and general $5,672 · fundraising $438

  • 19 · Conferences, conventions and meetings

    total $9,672 · program services $7,454 · management and general $2,053 · fundraising $165

  • 20 · Interest

    total $320,804 · program services $320,804

  • 23 · Insurance

    total $4,479 · program services $3,446 · management and general $949 · fundraising $84

  • 24a · Other expenses: DUES AND SUBSCRIPTIONS

    total $9,872 · program services $7,605 · management and general $2,095 · fundraising $172

  • 24b · Other expenses: MISCELLANEOUS

    total $4,211 · program services $3,249 · management and general $896 · fundraising $66

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $475,201 · end of year $560,847

  • 2 · Savings and temporary cash investments

    beginning of year $15,561,214 · end of year $14,974,547

  • 3 · Pledges and grants receivable

    beginning of year $45,000

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

    $14,400

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

    $14,400

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $7,638,809 · end of year $8,908,073

  • 15 · Other assets

    beginning of year $321,993 · end of year $205,852

  • 17 · Accounts payable and accrued expenses

    beginning of year $155,422 · end of year $251,279

  • 23 · Secured mortgages and notes payable

    beginning of year $7,250,000 · end of year $7,250,000

  • 24 · Unsecured notes and loans payable

    beginning of year $9,285,000 · end of year $9,285,000

  • 25 · Other liabilities

    beginning of year $120,196 · end of year $62,995

  • 27 · Net assets without donor restrictions

    beginning of year $7,126,599 · end of year $7,752,214

  • 28 · Net assets with donor restrictions

    beginning of year $105,000 · end of year $47,831

Mission and programs · 2022

Mission

INVESTING IN THE REVITALIZATION OF NORTHEAST OHIO'S UNDERSERVED COMMUNITIES THROUGH COMMERCIAL LENDING MAINLY IN THE CITY OF CLEVELAND AND THE DEVELOPMENT OF MINORITY CONTRACTORS.

Activities or mission (Part I)

INVESTING IN THE REVITALIZATION OF NORTHEAST OHIO'S UNDERSERVED COMMUNITIES.

  • VILLAGE CAPITAL CORPORATION (VCC) BUILDS AND STRENGTHENS UNDERSERVED NEIGHBORHOOD IN NORTHEAST OHIO BY PROVIDING CAPITAL TO STRATEGIC REAL ESTATE DEVELOPMENT PROJECTS THAT SERVE AS A CATALYST FOR REVITALIZATION. OUR LOANS CAPITAL IS DEPLOYED TO PROJECTS THAT: ELIMINATE BLIGHT, PROVIDE QUALITY HOUSING AND COMMERCIAL ASSETS, CREATE JOBS, FOSTER ECONOMIC DIVERSITY AND INCLUSION, AND PROMOTE POSITIVE SOCIAL OUTCOMES FOR RESIDENTS.

    Expenses $928,282 · Grants $24,000 · Revenue $522,351

As filed on the 2022 return.

Listed in Part VII

  • DAVID EDDY

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • TANIA MENESSE

    VICE CHAIRMAN

    Total calculated
    $230,431
    From this org
    $0
    From related orgs
    $218,502
    Other
    $11,929
    Hours/week
    3 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $218,502 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $4,370 related
    Nontaxable benefits
    $0 + $7,559 related
    Filer's total
    $0 + $230,431 related

  • EMANUEL GLOVER

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • LINDA WARREN

    SECRETARY

    Total calculated
    $133,338
    From this org
    $0
    From related orgs
    $127,645
    Other
    $5,693
    Hours/week
    1 + 1 related

  • SEAN APICELLA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TERRY COYNE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DOROTHY CURTIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KEISHA GONZALEZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JOHN HAIRSTON III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • YVETTE ITTU

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KAYLEIGH MUSIL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KYLE KOLESAR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PETER SNAVELY JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MORTON D STANFIELD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DEEPA VEDAVYAS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • GORDON WEAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KANDIS WILLIAMS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DIONE ALEXANDER

    PRESIDENT

    Total calculated
    $150,428
    From this org
    $0
    From related orgs
    $138,315
    Other
    $12,113
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $138,315 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $2,766 related
    Nontaxable benefits
    $0 + $9,347 related
    Filer's total
    $0 + $150,428 related

  • MELODIE SANDERS

    SVP OF FINANCE

    Total calculated
    $7,359
    From this org
    $0
    From related orgs
    $7,197
    Other
    $162
    Hours/week
    4 + 36 related

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

The filer's explanations (Part III)

PART I, LINE 3
COMPENSATION IS DETERMINED BY A RELATED ORGANIZATION. THE FOLLOWING METHODS WERE USED: (1) COMPENSATION COMMITTEE; (2) APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

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

  • DNA RISING

    $10,000

    US BANK BLACK WOMEN'S BUSINESS ACCELERATOR

  • MIGLAM

    $10,000

    US BANK BLACK WOMEN'S BUSINESS ACCELERATOR

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.

Related partnerships

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

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
29 April 2024
IRS schema version
2022v5.0
Source object
202441249349301754

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