Diversity Richmond Inc

Nonprofit profile at a glance

EIN
311669279
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Richmond, VA, USA
Phone
8043538890
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Educational Services and Schools - Other

Official website

Reported finances

Revenue
$2,127,799
Expenses
$2,208,529
Assets
$2,697,416
Liabilities
$409,355

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

13 people listed

Highest reported compensation

  • LACETTE CROSS (EXECUTIVE DI): $113,400 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Diversity richmond is the hub of the lgbtq+ community of greater richmond connecting people, partners and programs in our work as a catalyst, a voice, a place and a resource. We envision a welcoming, inclusive and safe region for lgbtq+ people, families, and allies to live, work, play, and visit. Our work is guided by the values of accountability, belonging, community, future generations and making a difference. In 2025 over 35,000 people attended events produced or promoted by diversity richmond. Specifically, the organization provides: 1. Meeting space to four (4) twelve-step recovery programs (e.g., alcoholics anonymous) and three (3) support groups in addition to other local non- profit organizations. Diversity richmond occupies a 47,000 square foot facility in richmond, Virginia that provides flexible meeting and programming space for lgbtq+ people, for the groups that provide services to them, and for people and groups in central Virginia that support the organization's mission.

What it reported doing in 2024

Diversity richmond operates a retail store that receives publicly donated items of clothing, household items, books and furniture. These items are then prepared for sale to the public through the organization's retail store branded as diversity thrift. A significant number of volunteer services are provided in the thrift shop in sorting, organizing and preparing donated items for sale. Revenues produced by diversity thrift are used to fund (a) the operations of diversity richmond, (b) the design and provision of educational, civic and cultural programming, and (c) the provision of direct cash support for agencies and groups that provide services to lesbian, gay, bisexual, transgender and questioning (lgbtq+) people in central Virginia. Diversity richmond, through its program, diversity thrift, partners with approximately 27 social service and recovery programs by donating clothing to their clients in-need. For many of these agencies, diversity thrift is the only source of clothing available to their clients. Each participant is gifted a 25 clothing voucher which will purchase severalarticles of clothing. Diversity thrift also contributes approximately 200 items of clothing monthly to those in economic need. Utilizing net revenues from its diversity thrift and from rental income, diversity richmond provided direct cash support to non-profits, agencies and groups serving the lgbtq+ community in central Virginia. In 2024 diversity richmond distributed 26,050 to non profit organizations and 81,603 to individuals in econmoic need.

Operating model

Revenue model
Earned-program. 69% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 96% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 88
  • Accountability: 95
  • Sustainability: 35
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.8%; rating input score 92
  • Program expense ratio: 88.4%; rating input score 88
  • Fundraising efficiency: $12.09 raised per $1 spent on fundraising; rating input score 44; 44th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 20th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 92.4%; rating input score 92; 27th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -3.8%; rating input score 22; 22nd percentile among comparable filings
  • Total-asset coverage ratio: 1.22; rating input score 44; 44th percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: 5.1%; rating input score 52; 52nd percentile among comparable filings

Growth

  • Program expense growth: 11.2% per year; rating input score 100; 68th percentile among comparable filings
  • Revenue growth: 6.7% per year; rating input score 100; 52nd percentile among comparable filings
  • Asset growth: 1.9% per year; rating input score 100; 19th percentile among comparable filings

Details

  • Where the money goes: 91.8% of revenue deployed · 88.4% of spending went to programs
  • Governance: 12 of 12 board members independent · 7 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $2M in reported program spending
  • Leadership: top reported pay $113K · 13 people listed
  • Consistency: 31 of 32 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 44/100.
  • High — Sustainability: Operating margin scored 22/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 44/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.
  • Review — Sustainability: Officer compensation ratio scored 52/100.