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Richmond Development Corporation FY2023 filing

Tax-deductible

Richmond, VA501(c)(3)Since 1981Housing EIN 52-1226795Revenue $6.4M in FY2023

On file with the IRS600 E Broad Street, 23219-1832 · Richmond, VATax-exempt since Feb 2017Publicly supported charity — 170(b)(1)(A)(vi)

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The Richmond redevelopment and housing authority (rrha) helps individuals and families transform their lives by providing quality housing and opportunities to develop self-sufficiency. This commitment to richmond's low income, senior, and disabled residents encompasses community revitalization and Development that ultimately benefits all residents of the city.

501(c)(3) charity; gifts are tax-deductible.
68¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 4
filings with a surplus
Average surplus $643K a year · 39% of revenue · last 4 filings
Worth a look: a surplus in 1 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
68%
of spending
Fine: 68% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
24 mo
of spending, in cash
Looks good: 24.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $500
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$5.3M
53% of total assets
Fine: liabilities are 53% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$6.4M
×5847 vs prior year
Spent
$2.3M
To programs
68%
Net assets
$4.7M
By yearFY2022–FY2025
Revenue
$6.4M
FY2023▲ ×5847
Tap a bar for its year
Revenue by fiscal year
FY2022$1K
FY2023$6.4M
FY2024$72K
FY2025$82K
Expenses
$2.3M
FY2023▲ ×322
Tap a bar for its year
Expenses by fiscal year
FY2022$7K
FY2023$2.3M
FY2024$839K
FY2025$816K
Net assets
$4.7M
FY2023▲ +678%
Tap a bar for its year
Net assets by fiscal year
FY2022$601K
FY2023$4.7M
FY2024$3.9M
FY2025$2.6M

From the FY2023 Form 990 (year ending June 2023) · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Exemption reinstated (2012-11-15). Per the IRS revocation list. Latest filing on record: FY2025. IRS ruling in Feb 2017.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

68 cents of each dollar spent went to programs.

Program services 68% · $1.6M Management & general 32% · $749K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Desi Wynter
President
$0Pt VII · Sec A
Stacey Daniels-Fayson
Interim CEO (end April 2022)
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Sheila Hill-Christian
Member, Interim CEO (beg April 2022)
$0Pt VII · Sec A
$0Pt VII · Sec A
See Richmond Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides quality housing and self-sufficiency opportunities for low-income, senior, and disabled residents.

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Provided by the organization

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1 program · $1.6M · in their own filed words · FY2022
01

Revitalize communities and generate revenues

$1.6Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2020
Bank of America Charitable Foundation INCFY2020$500
Total grants receivedfrom 1 funder$500

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$6.4M
Ln 12
Gifts and grantsLn 1h$6.3M
Investment incomeLn 3$44K
Money outPt IX
$2.3M
Ln 25
Programscol B$1.6M
Managementcol C$749K
Owns and owesPt X
$4.7M
net assets · Ln 32
Cash and savingsLn 1–2$4.7M
Total assetsLn 16$10.0M
LiabilitiesLn 26$5.3M
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$6.3M
Investment incomeLn 3$44K
Total revenueLn 12$6.4M
Assets in detailPt X, end of year
CashLn 1$4.7M
Cash and savings togetherLn 1–2$4.7M
Land, buildings, equipmentLn 10c$575K
Total assetsLn 16$10.0M
LiabilitiesLn 26$5.3M
Net assetsLn 32$4.7M
OperationsPt I, VI
EmployeesI 50
VolunteersI 68
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$602K$4.7M
Land, buildings, equipmentLn 10c$0$575K
Total assetsLn 16$5.3M$10.0M
LiabilitiesLn 26$4.7M$5.3M
Net assetsLn 32$601K$4.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$52K$52K
Accounting feesLn 11c$3K$3K
Other fees for servicesLn 11g$277K$277K
Advertising and promotionLn 12$9K$9K
Office expensesLn 13$84K$605$83K
OccupancyLn 16$358K$34K$323K
TravelLn 17$978$978
Conferences, conventions and meetingsLn 19$7K$7K
Other expenses (24a–d)Ln 24$1.5M$1.5M
Total functional expensesLn 25$2.3M$1.6M$749K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $82K$816K−$734K$2.6M 990 PDF
FY2024 $72K$839K−$767K$3.9M 990 PDF
FY2023 Viewing $6.4M$2.3M$4.1M$4.7M 990 PDF
FY2022 $1K$7K−$6K$601K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $6,391,268 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$6,347,469
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $1,093$43,799
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $1,093$6,391,268
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $7,173$2,313,063
I-18 Total expensesPrior year $7,173$2,313,063
I-19 Revenue less expensesPrior year −$6,080$4,078,205
Part VI · Governance 5 of 5 board members independent, 4 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $6,391,268 across 4 lines filed
VIII-1d Related organizations$6,347,469
VIII-1h Total contributions, gifts and grants$6,347,469
VIII-3 Investment incomeExcluded from tax $43,799$43,799
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $43,799$6,391,268
Part IX · Statement of functional expenses $2,313,063 across 9 lines filed
IX-11b Legal feesManagement $52,497$52,497
IX-11c Accounting feesManagement $3,453$3,453
IX-11g Other fees for servicesManagement $276,520$276,520
IX-12 Advertising and promotionManagement $9,405$9,405
IX-13 Office expensesPrograms $605 · Management $83,084$83,689
IX-16 OccupancyPrograms $34,446 · Management $323,091$357,537
IX-17 TravelManagement $978$978
IX-19 Conferences, conventions and meetingsPrograms $6,581$6,581
IX-24 Other expenses (24a–d)Programs $1,522,403$1,522,403
IX-25 Total functional expensesPrograms $1,564,035 · Management $749,028 · Fundraising $0$2,313,063
Part X · Balance sheet $10,017,865 assets, 9 lines filed
Asset lines not itemized here account for $4,712,861; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $602,277$4,730,004
X-10c Land, buildings and equipment, netStart of year $0$575,000
X-16 Total assetsStart of year $5,315,138$10,017,865
X-17 Accounts payable and accrued expensesStart of year $1,094$614,093
X-25 Other liabilitiesStart of year $0$11,523
X-26 Total liabilitiesStart of year $4,713,955$5,338,477
X-27 Net assets without donor restrictionsStart of year $601,183$4,679,388
X-32 Total net assets or fund balancesStart of year $601,183$4,679,388
X-33 Total liabilities and net assetsStart of year $5,315,138$10,017,865
Part XI · Reconciliation of net assets $4,679,388 net assets at year end
XI-1 Total revenue$6,391,268
XI-2 Total expenses$2,313,063
XI-3 Revenue less expenses$4,078,205
XI-4 Net assets at start of year$601,183
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$4,679,388

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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