RICHMOND DEVELOPMENT CORPORATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1981

Legal Domicile

Principal Officer

STEVEN NESMITH

Phone

8047805210

Tax Period

2024-07-01 to 2025-06-30

RICHMOND DEVELOPMENT CORPORATION, founded in 1981, is a micro nonprofit in the Housing & Shelter sector that reported $82K in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $816K exceeded revenue, resulting in a 892% operating deficit.

Mission

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.

Program Service Accomplishments

Program 1

Expenses: $111,646

REVITALIZE COMMUNITIES AND GENERATE REVENUES

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $70,812

Other Revenue $11,523

TOTAL REVENUE $82,335

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $111,646

Other Expenses $816,480

TOTAL EXPENSES $816,480

Year-over-Year Comparison

	2024	2023	Change
Revenue	$82,335	$72,063	+0.1%
Expenses	$816,480	$839,494	0.0%
Net Income	$-734,145	$-767,431	0.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$491,737

Total Directors

$717,219

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEVEN NESMITH	CEO	2.00	Officer Director	$0	$17,705	$328,347
MICHAEL KELLY	SECRETARY	2.00	Officer Director	$0	$0	$0
PRECIOUS FAUST END 102025	TREASURER	2.00	Officer Director	$0	$10,267	$163,390
DARRELL DAVIS END 052025	MEMBER	2.00	Director	$0	$0	$0
ALICIA GARCIA END 052025	MEMBER	2.00	Director	$0	$0	$0
SHERRILL HAMPTON	MEMBER	2.00	Director	$0	$4,386	$69,060
DOUGLAS MULKEY	MEMBER	2.00	Director	$0	$4,294	$71,359
KIMBERLEY COLE	MEMBER	2.00	Director	$0	$4,124	$85,063

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$82,335	$816,480	$14,721,498	$-734,145
2024	No data	No data	No data	No data
2023	$6,391,268	$2,313,063	$10,017,865	$4,078,205
2022	$1,093	$7,173	$5,315,138	$-6,080