Virginia Community Development Corp
Nonprofit profile at a glance
- EIN
- 541533426
- IRS 990 coverage
- 2013–2024
- Forms available
- Form 990 2024
- Location
- Richmond, VA, USA
- Phone
- 8043431200
- Rating
- 69
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Housing Support
Reported finances
- Revenue
- $2,520,531
- Expenses
- $2,798,582
- Assets
- $7,911,037
- Liabilities
- $580,414
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
19 people listed
Executive titles in this filing
- Robert L Newman (President & CEO)
- Chris Sterling (Vice President and COO)
Highest reported compensation
- Robert L Newman (President & CEO): $263,092 total reported compensation
- Chris Sterling (Vice President and COO): $214,127 total reported compensation
- Bernard Rogers (Director of Equity Funds & Investor Relations): $177,125 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
VCDC delivers vital financial resources and support while collaborating with local organizations dedicated to social impact, ensuring the creation of affordable homes in vibrant neighborhoods where everyone can thrive.
What it reported doing in 2024
VCDC serves communities by adding value through the development, funding and management of affordable housing and community revitalization projects. VCDC has worked with Low Income Housing Tax Credit projects since that programs inception and was the first manager of tax credit equity funds in Virginia. We connect developers, investors, and communities with the mission to build affordable housing and revitalize historic properties in order to create thriving neighborhoods that benefit all residents. We envision a future where everyone succeeds in communities anchored by affordable homes, healthy neighborhoods, and economic security.
Operating model
- Revenue model
- Earned-program. 92% of the money available for current operations came from fees and other program 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
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 67
- Transparency & Controls: 69
- Accountability: 95
- Sustainability: 35
- Growth: 20
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 77.1%; rating input score 77
- Program expense ratio: 71.9%; rating input score 72
- 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: 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: Pass
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -11%; rating input score 12; 12th percentile among comparable filings
- Total-asset coverage ratio: 2.83; rating input score 72; 72nd percentile among comparable filings
- Liabilities to assets ratio: 0.07; rating input score 64; 64th percentile among comparable filings
- Officer compensation ratio: 40.9%; rating input score 2; 2nd percentile among comparable filings
Growth
- Program expense growth: -1.8% per year; rating input score 0; 9th percentile among comparable filings
- Revenue growth: -1.4% per year; rating input score 0; 8th percentile among comparable filings
- Asset growth: 7.2% per year; rating input score 100; 46th percentile among comparable filings
Details
- Where the money goes: 77.1% of revenue deployed · 71.9% of spending went to programs
- Governance: 13 of 13 board members independent · 8 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $2M in reported program spending
- Leadership: top reported pay $263K · 19 people listed · 0 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $511K reported
- Consistency: 24 of 24 current checks pass
- Schedules: 6 filed schedules · includes major donors and executive pay
- Filing history: 11 filing years from 2013 to 2024
- Contacts: How to reach this organization
- Money network: 6 filed money-flow records
- Related organizations: 38 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 — Transparency & Controls: Pay-setting controls scored 0/100.
- High — Sustainability: Operating margin scored 12/100.
- High — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- Review — Accountability: Governance controls: Form 990 shared with the board not reported.
- High — Sustainability: Officer compensation ratio scored 2/100.