Hampton Roads Development Corporation

Nonprofit profile at a glance

EIN
541549785
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Chesapeake, VA, USA
Phone
7575492000
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$189,965
Expenses
$291,784
Assets
$1,459,581
Liabilities
$445,729

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

Leadership & pay

4 people listed

Executive titles in this filing

  • Matthew Hardison (President)
  • James Resolute (Vice President)

Highest reported compensation

  • H Scott Hardison (Managing Director): $108,000 total reported compensation

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

Overview

Mission

To provide affordable low income housing to residents of the Hampton Roads area.

What it reported doing in 2024

Provide affordable low income housing

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% 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.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 78
  • Transparency & Controls: 100
  • Accountability: 60
  • Sustainability: 28
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 67.4%; rating input score 67
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 75%; rating input score 75; 20th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -53.6%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 5; rating input score 79; 79th percentile among comparable filings
  • Liabilities to assets ratio: 0.31; rating input score 16; 16th percentile among comparable filings
  • Officer compensation ratio: 37%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: -10.6% per year; rating input score 0; 10th percentile among comparable filings
  • Revenue growth: -11.2% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: -6.6% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 67.4% of spending went to programs
  • Governance: 3 of 4 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $197K in reported program spending
  • Leadership: top reported pay $108K · 4 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Accountability: Governance controls: 4 of 7 not reported.
  • High — Sustainability: Operating margin scored 5/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.
  • High — Sustainability: Liabilities to assets ratio scored 16/100.