HAMPTON ROADS DEVELOPMENT CORPORATION

EIN: 541549785 501(c)(3)

Chesapeake, VA

Total Revenue
$134,261
Total Expenses
$264,649
Total Assets
$1,664,703
Net Assets
$1,218,356
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
1988
Legal Domicile
VA
Principal Officer
Matthew Hardison
Phone
7575492000
Tax Period
2023-01-01 to 2023-12-31

HAMPTON ROADS DEVELOPMENT CORPORATION, founded in 1988, is a small nonprofit that reported $168K in total revenue in fiscal year 2018. Revenue decreased 19% compared to the prior year. Expenses of $302K exceeded revenue, resulting in a 80% operating deficit.

Mission

To provide affordable low income housing to residents of the Hampton Roads area.

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Trantor Score

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $75,824
Investment Income $30,498
Other Revenue $27,939
TOTAL REVENUE $134,261

Expense Breakdown

Grants Paid $0
Salaries & Benefits $116,260
Fundraising Expenses $0
Program Expenses $164,227
Other Expenses $148,389
TOTAL EXPENSES $264,649

Year-over-Year Comparison

2023 2022 Change
Revenue $134,261 $110,120 +0.2%
Expenses $264,649 $314,279 -0.2%
Net Income $-130,388 $-204,159 -0.4%
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

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Governance

Voting Members
4
Independent Members
3
Employees
1
Volunteers
N/A

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
0
$0
Total Directors
4
$108,004
Key Employees
1
$108,004
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Matthew Hardison President 2.00
Director
$0 $0 $0
Scott Graves Sec/Treas. 2.00
Director
$0 $0 $0
James Resolute Vice President 1.00
Director
$0 $0 $0
H Scott Hardison Managing Director 40.00
Director Key Emp
$108,004 $0 $108,004
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 $134,261 $264,649 $1,664,703 $-130,388
2022 $110,120 $314,279 $1,688,970 $-204,159
2021 $153,577 $320,658 $1,879,940 $-167,081
2020 $197,616 $315,585 $2,058,026 $-117,969
2019 $151,791 $313,357 $2,185,703 $-161,566
2018 $167,776 $302,013 $2,350,194 $-134,237
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