Form 990 for tax year 2022

Totals

Total revenue

$822,550

Total expenses

$746,787

Contributions and grants received

$822,515

Grants paid

$0

Program service revenue

$0

Investment income

$35

Other revenue

$0

Total assets, end of year

$406,602

Total liabilities, end of year

$20,624

Net assets or fund balances, end of year

$385,978

Program services expenses (Part IX)

$491,397

Management and general expenses

$255,390

Fundraising expenses

$0

Program service expenses (Part III)

$491,397

Program services were 65.8% 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.

Mission and programs · 2022

• VIRGINIA INITIATIVE FOR GROWTH AND OPPORTUNITY: RHR SERVES AS THE SUPPORT ORGANIZATION FOR GO VA REGION 5. THE TIME COMMITTED TO FULFILL THAT ROLE INCLUDES PROCESSING AND MANAGING GRANTS AND PROVIDING STAFF SUPPORT TO THE REGIONAL COUNCIL. ONLY A PORTION OF THE COSTS INCURRED FOR STAFFING AND GRANT MANAGEMENT SUPPORT ARE RECOVERED THROUGH REMITTANCES ISSUED TO THE COMMONWEALTH OF VIRGINIA. ($ 514,842.56 WAS SPENT IN 2022 BY RHR FOR SALARIES/BENEFITS AND SPECIFIC OPERATIONAL COSTS SHARED WITH GO VA. OF THAT AMOUNT RHR WAS REIMBURSED $ 250,000).HAMPTON ROADS ECONOMIC DEVELOPMENT SITES READINESS PHASE II - THE HAMPTON ROADS PLANNING DISTRICT COMMISSION (HRPDC) WAS AWARDED A $ 3,751,545 GO VIRGINIA GRANT TO COMPLETE DUE DILIGENCE WORK FOR THREE SITES IN REGION 5 RECOMMENDED BY EARLIER STUDIES, INCLUDING THE ENHANCED SITE CHARACTERIZATION PROJECT PERFORMED BY THE VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP (VEDP) IN 2019. LEVERAGED WITH LOCAL RESOURCES IN THE AMOUNT OF $ 10,510,326, THESE FUNDS WERE USED TO ELEVATE THREE OAKS INDUSTRIAL PARK (CHESAPEAKE) AND SOUTHAMPTON COMMERCE AND LOGISTICS CENTER (SOUTHAMPTON COUNTY) TO TIER 4, AND BEALE FARM (SOUTHAMPTON COUNTY) TO TIER 2. EACH OF THESE SITES WILL ATTRACT NEW BUSINESS DEVELOPMENT TO THE REGION, RESULTING IN AN ESTIMATED 400 NEW JOBS AND AN ESTIMATED $ 6.1 MILLION IN STATE INCOME AND TAX REVENUE WITHIN 5 YEARS OF DEVELOPMENT. REINVENT HAMPTON ROADS SERVED AS THE GRANT ADMINISTRATOR.757 COLLAB IS A COLLABORATIVE FUNDING VEHICLE THAT PROVIDES COORDINATION SERVICES FOR THREE CRITICAL ENTREPRENEURIAL SUPPORT RESOURCES - 757 ANGELS, 757 ACCELERATE AND 757 STARTUP STUDIOS - ALL OF WHOM HAVE DEMONSTRATIVE IMPACTS IN DIVERSIFYING THE REGIONAL ECONOMY AND CREATING HIGH PAYING JOBS. 757 COLLAB RECEIVED A GO VIRGINIA GRANT IN THE AMOUNT OF $ 2,420,572 WITH MATCHING FUNDS FROM INDUSTRY, LOCALITIES, AND OTHER SOURCES EQUALING $ 1,585,531. THE PROJECT EXCEEDED ALL OUTCOMES IN 2022 TO INCLUDE CREATING 1,064 JOBS, RAISING $ 98.5 MILLION IN CAPITAL, AND DEPLOYING $ 17.1 MILLION IN CAPITAL, SERVING 257 BUSINESSES. REINVENT HAMPTON ROADS SERVED AS THE GRANT ADMINISTRATOR.

  Expenses $491,397

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

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. 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

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.

Provenance

Return type

form_990

Tax year

2022

Filed

14 November 2023

IRS schema version

2022v5.0

Source object

202343189349315869

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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