Virginia Minority Supplier Development C

Nonprofit profile at a glance

EIN
510219431
IRS 990 coverage
2010–2013
Forms available
Form 990 2013
Location
Richmond, VA, USA
Phone
8046637782
Rating
40
Verdict
MIXED
Rating confidence
Moderate
Sector
Small Business Development

Reported finances

Revenue
$648,285
Expenses
$526,611
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.

Leadership & pay

25 people listed

Executive titles in this filing

  • Dan Niccolucci (Vice President)
  • Tracey Jeter (President)
  • Thomas Bowles (President & CEO)

Highest reported compensation

  • Tracey Jeter (President): $50,321 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2013. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

It is an organization of major corporations, financial institutions, government agencies, universities and Virginia based companies. The primary purpose ofVMSDC is to promote and facilitate the development of business relationships between its members and certified minority-own enterprises, expand business opportunities for minority own companies and help build a stronger and more equitable society by supporting minority business.

What it reported doing in 2013

Business activities such as the "Virginia Business Opportunity Fair" and other regional events which give participants access to hundreds of buyers and business owners. Match-makers and Corporate Connections are held through out the year engaging our corporate members and MBE's. Corporate and minority business owners are also provided access to directories, profiles, listings, and other publications electronically

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 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 - The filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 28
  • Transparency & Controls: 90
  • Accountability: 0
  • Sustainability: 42
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 28.9%; rating input score 29
  • Program expense ratio: 35.5%; rating input score 36
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 4th 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; 4th percentile among comparable filings
  • Governance controls: 0 of 8 controls in place; rating input score 0
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 18.8%; rating input score 81; 81st percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 9.6%; rating input score 37; 37th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -3.4% per year; rating input score 0; 22nd percentile among comparable filings
  • Asset growth: -55.3% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 28.9% of revenue deployed · 35.5% of spending went to programs
  • Governance: 0 of 25 board members independent · 0 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $187K in reported program spending
  • Leadership: top reported pay $50K · 25 people listed
  • Consistency: 16 of 17 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 4 filing years from 2010 to 2013
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: Mission deployment rate scored 29/100.
  • High — Accountability: Independent voting board scored 0/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 36/100.
  • High — Accountability: Governance controls: 7 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 37/100.