Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 1990.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
70 cents of each dollar spent went to programs.
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
17 people listed on the 990; $651K paid to officers and key staff.
Robert L Newman’s $222K as President & CEO is at the 91st percentile of top reported officer pay among 2036 $1–10M housing nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Robert L Newman | $221,913 | $232,781 | $198,039 | $185,173 | $182,769 |
| Chris Sterling | $170,900 | $163,555 | $153,603 | $139,743 | $125,825 |
| Jeff Meyer | $142,500 | $133,500 | $126,500 | $120,339 | $114,885 |
| Russ Parrish | $142,164 | $139,170 | $131,471 | $99,653 | — |
| Bernard Rogers | $134,924 | $131,356 | — | — | — |
| Steve Bleile | $131,714 | $130,811 | — | — | — |
| Steve Beile | — | — | $123,448 | $103,069 | — |
| Cindy Williams | — | — | — | — | $116,300 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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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 15aYes
Programs and updates
Develops, funds, and manages affordable housing and community revitalization projects to create thriving neighborhoods.
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In 2020 VCDC closed 8 projects across Virginia and adjacent states and raised more than $54,071,000 in new investments. VCDC is active in the underwriting of these investments and in monitoring the performance of a stabilized portfolio of 145 properties through hands-on asset management.
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Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2020 990, line by line.
Download 990
| Line | Start FY20 | End FY20 |
|---|---|---|
| Cash and savingsLn 1–2 | $2.1M | $2.0M |
| Land, buildings, equipmentLn 10c | $57K | $37K |
| Total assetsLn 16 | $5.5M | $6.9M |
| LiabilitiesLn 26 | $73K | $478K |
| Net assetsLn 32 | $5.4M | $6.4M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Other salaries and wagesLn 7 | $1.3M | $1.0M | $255K | $0 |
| Other employee benefitsLn 9 | $210K | $168K | $42K | $0 |
| Advertising and promotionLn 12 | $10K | $10K | $0 | $0 |
| Office expensesLn 13 | $79K | $0 | $79K | $0 |
| OccupancyLn 16 | $92K | $0 | $92K | $0 |
| TravelLn 17 | $9K | $9K | $0 | $0 |
| Conferences, conventions and meetingsLn 19 | $3K | $3K | $0 | $0 |
| Depreciation, depletion and amortizationLn 22 | $25K | $0 | $25K | $0 |
| InsuranceLn 23 | $18K | $0 | $18K | $0 |
| Other expenses (24a–d)Ln 24 | $287K | $220K | $67K | $0 |
| All other expensesLn 24e | $88K | $36K | $52K | $0 |
| Total functional expensesLn 25 | $2.1M | $1.5M | $629K | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest | $2.5M | $2.8M | −$278K | $7.3M | 990 PDF |
| FY2023 | $2.9M | $2.7M | $187K | $7.6M | 990 PDF |
| FY2022 | $2.9M | $2.4M | $484K | $7.4M | 990 PDF |
| FY2021 | $2.9M | $1.9M | $1.0M | $6.9M | 990 PDF |
| FY2020 Viewing | $3.1M | $2.1M | $1.0M | $6.4M | 990 PDF |
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Schedules filed Part IV
See the full FY2020 990 (4 parts)
Part VIII · Statement of revenue $3,108,418 across 5 lines filed
Part IX · Statement of functional expenses $2,093,950 across 11 lines filed
Part X · Balance sheet $6,900,666 assets, 13 lines filed
Part XI · Reconciliation of net assets $6,423,086 net assets at year end
Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File
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