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Nonprofiteer
← VIRGINIA COMMUNITY DEVELOPMENT FUND INC

Form 990 for tax year 2024

Filed by VIRGINIA COMMUNITY DEVELOPMENT FUND INC.

Totals

Total revenue
$2,374,234
Total expenses
$1,472,214
Contributions and grants received
$1,131,675
Grants paid
$0
Program service revenue
$826,957
Investment income
$415,602
Other revenue
$0
Total assets, end of year
$15,822,893
Total liabilities, end of year
$2,329,763
Net assets or fund balances, end of year
$13,493,130
Program services expenses (Part IX)
$1,319,095
Management and general expenses
$153,119
Fundraising expenses
$0
Program service expenses (Part III)
$1,319,095

Program services were 89.6% 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

    $1,131,675

  • 2a · Program service revenue: Asset Management Fees

    total $372,424 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Other Income

    total $338,959 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: NMTC Fee Revenue

    total $75,774 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Loan Fees

    total $39,800 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $415,602 · unrelated business $0 · excluded $0

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $261,367 · program services $235,230 · management and general $26,137 · fundraising $0

  • 13 · Office expenses

    total $217 · program services $0 · management and general $217 · fundraising $0

  • 20 · Interest

    total $33,295 · program services $0 · management and general $33,295 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $185,948 · program services $185,948 · management and general $0 · fundraising $0

  • 24a · Other expenses: Professional Fees

    total $738,200 · program services $738,200 · management and general $0 · fundraising $0

  • 24b · Other expenses: Debt Forgivness

    total $75,000 · program services $75,000 · management and general $0 · fundraising $0

  • 24c · Other expenses: Bad Debt

    total $84,717 · program services $84,717 · management and general $0 · fundraising $0

  • 24d · Other expenses: Other

    total $93,470 · program services $0 · management and general $93,470 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,156,058 · end of year $4,350,772

  • 4 · Accounts receivable

    beginning of year $55,182 · end of year $810,479

  • 7 · Other notes and loans receivable

    beginning of year $6,556,889 · end of year $10,656,879

  • 13 · Investments: program-related

    beginning of year $3,236

  • 15 · Other assets

    beginning of year $11,128 · end of year $4,763

  • 17 · Accounts payable and accrued expenses

    beginning of year $87,785 · end of year $76,176

  • 24 · Unsecured notes and loans payable

    beginning of year $1,103,587 · end of year $2,253,587

  • 27 · Net assets without donor restrictions

    beginning of year $2,840,227 · end of year $3,313,184

  • 28 · Net assets with donor restrictions

    beginning of year $9,750,894 · end of year $10,179,946

Mission and programs · 2024

Mission

VCDF provides alternative financing and technical assistance to real estate developers engaged in the creation or preservation of affordable housing, community development, and economic development projects throughout our service areas of Virginia and West Virginia.

  • VCDF is a subsidiary of VCDC, which invests equity into community development project with a focus on affordable housing. VCDF is a certified Community Development Financial Institution (CDFI) and applies its focus to other tools to assist in the development of these projects, primarily through affordable loans to Low Income Housing Tax Credit projects and through economic development loans in low income communities. In addition, VCDF offers a technical assistance program to its partners and borrowers. VCDF is also a Certified Development Entity (CDE) and thereby can apply to the US Treasurys New Market Tax Credit program (NMTC) for allocation of credits for investment in economic development projects. VCDF received its second allocation of NMTCs in the 2018 2018 round for $35,000,000 , and those NMTCs have been fully deployed. VCDF will continue to apply for new rounds of NMTCs and intends to continue to invest in community facilities as well as mixed-use projects.

    Expenses $1,319,095 · Revenue $826,957

As filed on the 2024 return.

Listed in Part VII

  • John PSalop

    President

    Total calculated
    $0
    Hours/week
    1

  • Robert Newman

    Treasurer

    Total calculated
    $263,092
    From this org
    $0
    From related orgs
    $221,913
    Other
    $41,179
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $0 + $221,913 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $22,400 related
    Nontaxable benefits
    $0 + $18,779 related
    Filer's total
    $0 + $263,092 related

  • Neil Amin

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Karen Wilds

    Vice President

    Total calculated
    $0
    Hours/week
    1

  • Laura Dupuy

    Secretary

    Total calculated
    $134,224
    From this org
    $0
    From related orgs
    $115,000
    Other
    $19,224
    Hours/week
    38

  • Andy Kegley

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Philip Stetson

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Karen Jacobson

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Philip Brooks

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Junior Burr

    Board Member

    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. 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.

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.

  • VCDF Manager Inc

    Support Related Organizations

Related partnerships

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

  • VCDF Community Development 4 LLC

    REL · Community Development · VA · 0% owned

    Directly controlled by NA

  • VCDF Community Development 5 LLC

    REL · Community Development · VA · 0% owned

    Directly controlled by NA

  • VCDF Community Development 6 LLC

    REL · Community Development · VA · 0% owned

    Directly controlled by NA

  • VCDF Community Development 7 LLC

    REL · Community Development · VA · 0% owned

    Directly controlled by NA

  • VCDF Community Development 8 LLC

    REL · Community Development · VA · 0% owned

    Directly controlled by NA

  • VCDF Community Development 9 LLC

    REL · Community Development · VA · 0% owned

    Directly controlled by NA

  • VCDF Community Development 10 LLC

    REL · Community Development · VA · 0% owned

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202533219349319058

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