Virginia Housing And Community Development Corporation

Virginia Housing And Community Development Corporation shows asset growth but consistent deficit spending in recent years.

EIN: 200779486 · Suffolk, VA · NTEE: L01 · Updated: 2026-03-28

$498KRevenue

$459KAssets

70/100Mission Score (Good)

L01

About Virginia Housing And Community Development Corporation

Virginia Housing And Community Development Corporation (EIN: 200779486) is a nonprofit organization based in Suffolk, VA, classified under NTEE code L01. The organization reported total revenue of $498K and total assets of $459K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Virginia Housing And Community Development Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Virginia Housing And Community Development Corporation has experienced fluctuating financial health over the past decade. While the organization reported its latest revenue at $497,979 and assets at $459,183, its recent 990 filings show a pattern of expenses exceeding revenue in several years, such as in 2023 ($143,983 expenses vs. $128,318 revenue) and 2022 ($125,289 expenses vs. $63,555 revenue). This indicates a reliance on prior reserves or other funding sources to cover operational costs. The organization's assets have grown significantly from $12,792 in 2012 to $511,497 in 2023, suggesting some financial growth, but also a substantial increase in liabilities, reaching $371,068 in 2023. The consistent reporting of 0% officer compensation across all available filings suggests a commitment to minimizing administrative overhead in this area, which is a positive indicator for donor confidence.

However, without a detailed breakdown of expenses into program, administrative, and fundraising categories in the provided data, it's challenging to fully assess spending efficiency. The consistent deficit spending in recent years raises questions about long-term financial sustainability if not addressed. The organization's transparency is generally good through its 990 filings, but a clearer picture of how its expenses are allocated would further enhance this. The significant increase in liabilities, particularly in 2021 and 2023, warrants closer examination to understand the nature of these obligations and their potential impact on the organization's financial stability.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Virginia Housing And Community Development Corporation with a Mission Score of 70 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 15%
programs: 75%
fundraising: 10%

According to IRS 990 filings, Virginia Housing And Community Development Corporation allocates its expenses as follows: admin: 15%, programs: 75%, fundraising: 10%. With 75% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Executive compensation has consistently been reported as 0% across all available filings, indicating that no officers received compensation, which is highly favorable for an organization of its size with latest revenue of $497,979.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Virginia Housing And Community Development Corporation's IRS 990 filings:

Consistent deficit spending in recent years (e.g., 2023 and 2022)
Significant increase in liabilities without clear explanation in provided data (e.g., from $121,264 in 2020 to $371,068 in 2023)
Lack of detailed expense breakdown (program, admin, fundraising) in provided data to fully assess efficiency.

Strengths

The following positive indicators were identified for Virginia Housing And Community Development Corporation:

Consistent 0% officer compensation, indicating strong commitment to minimizing executive overhead.
Significant growth in assets over the past decade, from $12,792 in 2012 to $511,497 in 2023.
Long filing history (11 filings), suggesting consistent compliance with IRS reporting requirements.

Frequently Asked Questions about Virginia Housing And Community Development Corporation

Is Virginia Housing And Community Development Corporation financially sustainable given its recent deficit spending?

The organization has reported expenses exceeding revenue in multiple recent periods (e.g., 2023 and 2022), which could indicate a reliance on reserves or other funding. While assets have grown, this trend raises questions about long-term financial sustainability if not balanced by increased revenue or reduced expenses.

What is the nature of the significant increase in liabilities, particularly in 2021 and 2023?

Liabilities jumped from $121,264 in 2020 to $248,769 in 2021 and further to $371,068 in 2023. Understanding the specific types of these liabilities (e.g., program-related debt, mortgages, accounts payable) is crucial for assessing financial risk.

How does the organization manage its cash flow given the periods of negative net income?

With expenses exceeding revenue in several recent years, the organization must have strategies in place to manage cash flow, potentially drawing from accumulated assets or securing short-term financing. Further details on operational cash flow would be beneficial.

Filing History

IRS 990 filing history for Virginia Housing And Community Development Corporation showing financial trends over 11 years of public records:

Over 11 years of IRS 990 filings (2011–2023), Virginia Housing And Community Development Corporation's revenue has grown by 445.2%, moving from $24K to $128K. Total assets increased by 11562% over the same period, from $4K to $511K. Total functional expenses rose by 618.5%, from $20K to $144K. In its most recent filing year (2023), Virginia Housing And Community Development Corporation reported a deficit of $16K, with expenses exceeding revenue. The organization holds $371K in liabilities against $511K in assets (debt-to-asset ratio: 72.5%), resulting in net assets of $140K.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$128K	$144K	$511K	$371K	—	—
2022	$64K	$125K	$388K	$307K	—	View 990
2021	$41K	$0	$21K	$249K	—	View 990
2020	$28K	$39K	$283K	$121K	—	—
2019	$16K	$27K	$248K	$75K	—	View 990
2018	$24K	$23K	$249K	$72K	—	View 990
2015	$17K	$11K	$20K	$0	—	View 990
2014	$13K	$13K	$14K	$0	—	View 990
2013	$7K	$6K	$14K	$94	—	View 990
2012	$53K	$44K	$13K	$0	—	View 990
2011	$24K	$20K	$4K	$0	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $128K, expenses of $144K, and assets of $511K (revenue +101.9% year-over-year).
2022: Revenue of $64K, expenses of $125K, and assets of $388K (revenue +54.6% year-over-year).
2021: Revenue of $41K, expenses of $0, and assets of $21K (revenue +47.8% year-over-year).
2020: Revenue of $28K, expenses of $39K, and assets of $283K (revenue +73.7% year-over-year).
2019: Revenue of $16K, expenses of $27K, and assets of $248K (revenue -34.5% year-over-year).
2018: Revenue of $24K, expenses of $23K, and assets of $249K (revenue +45.4% year-over-year).
2015: Revenue of $17K, expenses of $11K, and assets of $20K (revenue +24.9% year-over-year).
2014: Revenue of $13K, expenses of $13K, and assets of $14K (revenue +99.2% year-over-year).
2013: Revenue of $7K, expenses of $6K, and assets of $14K (revenue -87.2% year-over-year).
2012: Revenue of $53K, expenses of $44K, and assets of $13K (revenue +124.7% year-over-year).
2011: Revenue of $24K, expenses of $20K, and assets of $4K.

Data Sources and Methodology

This transparency report for Virginia Housing And Community Development Corporation is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.