Virginia's Gateway Region T/a Virginia's Gateway Region

Nonprofit profile at a glance

EIN
200434079
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Colonial Heights, VA, USA
Phone
8047328971
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$918,090
Expenses
$1,162,594
Assets
$2,188,928
Liabilities
$167,111

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

Leadership & pay

22 people listed

Executive titles in this filing

  • KEITH BOSWELL (PRESIDENT AND CEO)

People named in this filing

  • TAVORISE MARKS (DIRECTOR)
  • HAMPTON GORDON JR (DIRECTOR)
  • FLOYD BROWN (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

The organization exists to enhance the economic development opportunities for the cities of colonial heights, hopewell and petersburg, and the counties of dinwiddie, prince george, surry and sussex.

What it reported doing in 2024

The organization facilitates new business opportunities, works with existing business, advances resources that will enhance the economic viability of the region and fosters regional cooperation among the public and private entities that are involved in economic development activities. The organization's mission is to foster regional prosperity through business growth, powerful partnerships and delivering innovative resources to its communities.

Operating model

Revenue model
Grant-funded. 63% of the money available for current operations came from government grants.
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. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 92
  • Accountability: 100
  • Sustainability: 37
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 97%; rating input score 97
  • Program expense ratio: 76.4%; rating input score 76
  • Fundraising efficiency: $4.27 raised per $1 spent on fundraising; rating input score 14; 14th percentile among comparable filings

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: 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: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -26.6%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 1.88; rating input score 63; 63rd percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 8.6% per year; rating input score 100; 58th percentile among comparable filings
  • Revenue growth: 3% per year; rating input score 100; 31st percentile among comparable filings
  • Asset growth: -0% per year; rating input score 0; 18th percentile among comparable filings

Details

  • Where the money goes: 97% of revenue deployed · 76.4% of spending went to programs
  • Governance: 21 of 21 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $889K in reported program spending
  • Leadership: top reported pay $0 · 22 people listed
  • Highest-paid contractors: 2 contractors listed · $865K reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: 1 filed related-organization link
  • 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: Fundraising efficiency scored 14/100.
  • High — Sustainability: Operating margin scored 7/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.