HAMPTON ROADS ECONOMIC DEVELOPMENT… - Form 990 Financial Data

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1997

Legal Domicile

Principal Officer

DOUGLAS L SMITH

Phone

7576272315

Tax Period

2023-01-01 to 2023-12-31

HAMPTON ROADS ECONOMIC DEVELOPMENT ALLIANCE, founded in 1997, is a community nonprofit in the Community Improvement sector that reported $3.6M in total revenue in fiscal year 2023. Revenue decreased 8% compared to the prior year. Expenses of $4.1M exceeded revenue, resulting in a 16% operating deficit.

Mission

THE MISSION OF THE HAMPTON ROADS ECONCOMIC DEVELOPMENT ALLIANCE IS BUSINESS ATTRACTION--MARKETING VIRGINIA'S HAMPTON ROADS REGION AS THE PREFERRED LOCATION FOR BUSINESS INVESTMENT AND EXPANSION. ALL HREDA INITIATIVES ARE DESIGNED TO SECURE VISITS WITH QUALIFIED BUSINESS PROSPECTS.

Program Service Accomplishments

Program 1

Expenses: $2,485,939 Revenue: $35,552

THE ORGANIZATION PROMOTES ECONOMIC INVESTMENT AND BUSINESS EXPANSION IN THE HAMPTON ROADS AREA AND FROM THROUGHOUT THE WORLD THROUGH MARKETING.

Program 2

Expenses: $577,029

THE ORGANIZATION PROVIDES RESEARCH RESOURCES THAT PROVIDE MATERIAL ABOUT THE HAMPTON ROADS REGION.

Program 3

Expenses: $431,457

THE ORGANIZATION IS INVOLVED WITH ATTRACTING AND RETAINING INVESTORS THROUGH INVESTOR RELATIONS INITIATIVES.

🔒

Trantor Score

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

Sign in to view Trantor Score and financial metrics

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

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $3,515,397

Program Service Revenue $35,552

Investment Income $24,981

Other Revenue $0

TOTAL REVENUE $3,575,930

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,128,652

Fundraising Expenses $243,724

Program Expenses $3,494,425

Other Expenses $1,772,798

TOTAL EXPENSES $4,145,174

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,575,930	$3,867,938	-0.1%
Expenses	$4,145,174	$3,508,588	+0.2%
Net Income	$-569,244	$359,350	-2.6%

Key Indicators

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

🔒

Financial Health Indicators

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

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

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

Governance

Voting Members

Independent Members

Employees

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

$859,424

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DOUGLAS L SMITH	PRESIDENT &	37.50	Officer	$403,171	$84,467	$487,638
JARED CHALK	CHIEF BUS. D	37.50	Officer	$187,182	$17,686	$204,868
STEVE HARRISON	COO	37.50	Officer	$153,023	$13,895	$166,918
KEITH VANDERVENNET	CHAIR	1.00	Officer Director	$0	$0	$0
BILL ERMATINGER	PAST CHAIR	1.00	Officer Director	$0	$0	$0
DIANE LEOPOLD	TREASURER	0.30	Officer Director	$0	$0	$0
KENNETH C ALEXANDER	DIRECTOR	0.30	Director	$0	$0	$0
SHAWN AVERY	EX-OFFICIO	0.30	Director	$0	$0	$0
BUFFY BAREFOOT	DIRECTOR	0.30	Director	$0	$0	$0
MARY BUNTING	EX-OFFICIO	0.30	Director	$0	$0	$0
ROBERT DUVALL	DIRECTOR	0.30	Director	$0	$0	$0
ROBERT M DYER	DIRECTOR	0.30	Director	$0	$0	$0
NANCY GRDEN	EX-OFFICO	0.30	Director	$0	$0	$0
RICHARD DICK GRICE	DIRECTOR	0.30	Director	$0	$0	$0
PHILLIP JONES	DIRECTOR	0.30	Director	$0	$0	$0
FLORENCE KINGSTON	EX-OFFICO	0.30	Director	$0	$0	$0
AUBREY LAYNE	DIRECTOR	0.30	Director	$0	$0	$0
DOUGLAS PONS	DIRECTOR	0.30	Director	$0	$0	$0
DONNIE TUCK	DIRECTOR	0.30	Director	$0	$0	$0
RICHARD W WEST	DIRECTOR	0.30	Director	$0	$0	$0
DARRELL WILLIAMS	DIRECTOR	0.30	Director	$0	$0	$0
JAMES WOOD	EX-OFFICO	0.30	Director	$0	$0	$0

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
2024	No data	No data	No data	No data
2023	$3,575,930	$4,145,174	$4,121,084	$-569,244
2022	$3,867,938	$3,508,588	$4,472,009	$359,350
2021	$4,031,039	$3,575,161	$4,122,075	$455,878
2020	$3,715,361	$2,892,250	$3,666,457	$823,111
2019	$2,688,093	$2,350,165	$2,882,254	$337,928
2018	$2,106,622	$2,312,645	$2,464,385	$-206,023

HAMPTON ROADS ECONOMIC DEVELOPMENT ALLIANCE