Virginia Black Chamber of Commerce

Nonprofit profile at a glance

EIN
352816054
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023
Location
Fredericksburg, VA, USA
Phone
5402160021
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$191,600
Expenses
$263,994
Assets
$9,413
Liabilities
$95,058

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

Leadership & pay

5 people listed

Executive titles in this filing

  • ERNISHA HALL (PRESIDENT AND TREASURER)

Highest reported compensation

  • ERNISHA HALL (PRESIDENT AND TREASURER): $60,178 total reported compensation

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

Overview

Mission

Increase small business growth while fostering an inclusive environment for all entrepreneurs to thrive.

What it reported doing in 2024

Vabbd expo and conference a large-scale annual convening that brings together entrepreneurs, corporations, government agencies, and community partners. The event features educational workshops, keynote speakers, vendor exhibitions, and networking opportunities designed to increase visibility for minority-owned businesses, facilitate procurement connections, and provide access to resources that support business growth and sustainability.vabbd expo and conference

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 98% 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. A relatively small share of voting board members are independent and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 93
  • Transparency & Controls: 90
  • Accountability: 31
  • Sustainability: 6
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 91.1%; rating input score 91
  • Fundraising efficiency: $27.27 raised per $1 spent on fundraising; rating input score 65; 65th percentile among comparable filings

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: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -37.8%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 0.04; rating input score 3; 3rd percentile among comparable filings
  • Liabilities to assets ratio: 10.1; rating input score 0; 0th percentile among comparable filings
  • Officer compensation ratio: 22.8%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 151.1% per year; rating input score 100; 100th percentile among comparable filings
  • Asset growth: 83.6% per year; rating input score 100; 98th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 91.1% of spending went to programs
  • Governance: 0 of 5 board members independent · 6 of 8 filing controls reported
  • Programs: 7 filed program accomplishments · $240K in reported program spending
  • Leadership: top reported pay $60K · 5 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 3 filed schedules
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Accountability: Independent voting board scored 0/100.
  • High — Sustainability: Operating margin scored 7/100.
  • High — Sustainability: Total-asset coverage ratio scored 3/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Liabilities to assets ratio scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.