Virginia Local Government Finance Corporation

Nonprofit profile at a glance

EIN
201351659
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-N 2007
Location
Richmond, VA, USA
Phone
8046480635
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Alliance/Advocacy

Reported finances

Revenue
$3,007,612
Expenses
$3,045,190
Assets
$1,442,506
Liabilities
$749,045

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

Leadership & pay

14 people listed

Executive titles in this filing

  • DEBORAH C STURM (PRESIDENT)

People named in this filing

  • GARY G ADKINS (DIRECTOR)
  • LESLIE BEAUREGARD (DIRECTOR)
  • JENNIFER BELL (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To administer a program established and sponsored by the Virginia municipal league and Virginia association of counties which provides financial services to local governmental entities in the commonwealth of Virginia. Vlgfc offers financial-related services on a pooled basis and also where opportunities exist to achieve economies of scale, thereby enabling local governments to obtain high quality services at relatively low cost.

What it reported doing in 2024

Provide financing-related municipal advisory services in order to promote local transparency and sound financial management practices. Financing & municipal advisory includes facilitating the issuance of municipal notes, bank loans, and equipment leases for public purpose events; and providing advisory services for financial policies. Vlgfc provided financing & municipal advisory services for 11 political subdivisions.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The program-spending lines do not add up, so the filing cannot show reliably whether the nonprofit works directly or through others.

The verdict

STRONG - 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: 81
  • Transparency & Controls: 90
  • Accountability: 88
  • Sustainability: 31
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.5%; rating input score 92
  • Program expense ratio: 91%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -1.2%; rating input score 29; 29th percentile among comparable filings
  • Total-asset coverage ratio: 0.47; rating input score 16; 16th percentile among comparable filings
  • Liabilities to assets ratio: 0.52; rating input score 20; 20th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: 5.3% per year; rating input score 100; 41st percentile among comparable filings
  • Revenue growth: 5.2% per year; rating input score 100; 43rd percentile among comparable filings
  • Asset growth: 3.2% per year; rating input score 100; 25th percentile among comparable filings

Details

  • Where the money goes: 91.5% of revenue deployed · 91% of spending went to programs
  • Governance: 11 of 11 board members independent · 5 of 7 filing controls reported
  • Programs: 4 filed program accomplishments · $2.8M in reported program spending
  • Leadership: top reported pay $0 · 14 people listed
  • Highest-paid contractors: 1 contractor listed · $2.2M reported
  • Consistency: 23 of 23 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 7 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • 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.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Operating margin scored 29/100.
  • High — Sustainability: Total-asset coverage ratio scored 16/100.
  • High — Sustainability: Liabilities to assets ratio scored 20/100.