Richmond Development Corporation

Nonprofit profile at a glance

EIN
521226795
IRS 990 coverage
2021–2024
Forms available
Form 990 2024, Form 990-N 2021
Location
Richmond, VA, USA
Phone
8047805210
Rating
49
Verdict
MIXED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$82,335
Expenses
$816,480
Assets
$14,721,498
Liabilities
$12,136,591

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

Leadership & pay

8 people listed

Executive titles in this filing

  • STEVEN NESMITH (CEO)

Highest reported compensation

  • STEVEN NESMITH (CEO): $328,347 total reported compensation
  • PRECIOUS FAUST END 102025 (TREASURER): $163,390 total reported compensation
  • KIMBERLEY COLE (MEMBER): $85,063 total reported compensation

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

Overview

Mission

The richmond redevelopment and housing authority (rrha) helps individuals and families transform their lives by providing quality housing and opportunities to develop self-sufficiency. This commitment to richmond's low income, senior, and disabled residents encompasses community revitalization and development that ultimately benefits all residents of the city.

What it reported doing in 2024

Revitalize communities and generate revenues

Operating model

Revenue model
Investment-supported. 86% of the money available for current operations came from recurring investment income.
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

MIXED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of total spending goes to programs and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 60
  • Transparency & Controls: 60
  • Accountability: 21
  • Sustainability: 28
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 13.7%; rating input score 14
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 20%; rating input score 20; 18th percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • 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: -891.7%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 18.03; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.82; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 5%; rating input score 18; 18th percentile among comparable filings

Growth

  • Program expense growth: -23.8% per year; rating input score 0; 15th percentile among comparable filings
  • Revenue growth: -37.1% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: 30% per year; rating input score 100; 95th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 13.7% of spending went to programs
  • Governance: 1 of 5 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $112K in reported program spending
  • Leadership: top reported pay $328K · 8 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 4 filing years from 2021 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 4 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.

  • High — Financial Efficiency: Program expense ratio scored 14/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Independent voting board scored 20/100.
  • High — Accountability: Governance controls: 6 of 8 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 — Sustainability: Liabilities to assets ratio scored 8/100.
  • High — Sustainability: Officer compensation ratio scored 18/100.