Virginia Beach Community Development Corporation
Nonprofit profile at a glance
- EIN
- 541378797
- IRS 990 coverage
- 2014–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Virginia Beach, VA, United States
- Phone
- 757.463.9516
- Rating
- 81
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Community, Neighborhood Development
Reported finances
- Revenue
- $8,022,320
- Expenses
- $9,018,222
- Assets
- $32,884,869
- Liabilities
- $19,899,851
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
17 people listed
Executive titles in this filing
- David Crain (President/Chair)
- Dr Audry Douglas-Cook (Vice President)
- Jessica Guglielmo (CEO through December)
- Andrew Friedman (CEO January-May)
- Quincy White (President/CEO as of May)
Highest reported compensation
- Jessica Guglielmo (CEO through December): $176,518 total reported compensation
- Andrew Friedman (CEO January-May): $72,499 total reported compensation
- Mary Leigh Brewer (CFO): $60,500 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Our mission is to assist the City of Virginia Beach in being champions for a supportive community where people can be empowered to live their best lives and thrive.
What it reported doing in 2024
Permanent rental housing funds include income and expenses directly associated with the rental of affordable low-income housing under Noah, Home, Housing First, Biznet, Atlantis Manor, Cape Henry, Ocean Trace, Beach Park and Beach Park West Apartment Projects. In addition, Veterans First Housing Assistance, support services for veterans families (SSVF) grant activity, project development fee income and investment activity are recorded under permanent rental housing funds.
Operating model
- Revenue model
- Other-operating. 68% of the money available for current operations came from other operating revenue.
- 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
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 86
- Transparency & Controls: 70
- Accountability: 95
- Sustainability: 38
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 89.6%; rating input score 90
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- 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: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- 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: -12.4%; rating input score 11; 11th percentile among comparable filings
- Total-asset coverage ratio: 3.65; rating input score 78; 78th percentile among comparable filings
- Liabilities to assets ratio: 0.61; rating input score 16; 16th percentile among comparable filings
- Officer compensation ratio: 3.4%; rating input score 66; 66th percentile among comparable filings
Growth
- Program expense growth: 3.6% per year; rating input score 100; 31st percentile among comparable filings
- Revenue growth: 4.8% per year; rating input score 100; 40th percentile among comparable filings
- Asset growth: 1.3% per year; rating input score 100; 17th percentile among comparable filings
Details
- What they do: 6 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 100% of revenue deployed · 89.6% of spending went to programs
- Governance: 10 of 10 board members independent · 8 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $8.1M in reported program spending
- Leadership: top reported pay $177K · 17 people listed · 1 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $271K reported
- Consistency: 34 of 34 current checks pass
- Schedules: 6 filed schedules · includes major donors and executive pay
- Filing history: 10 filing years from 2014 to 2024
- Contacts: How to reach this organization
- Money network: 3 filed money-flow records
- Related organizations: 6 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.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 11/100.
- Review — Accountability: Governance controls: Other executive compensation review process not reported.
- High — Sustainability: Liabilities to assets ratio scored 16/100.