Virginia Community Capital, Inc.

Transcription

1 Virginia Community Capital, Inc. General Information Contact Information Nonprofit Address Virginia Community Capital, Inc. 100 West Franklin Street Suite 200 Richmond, VA Phone Fax Web Site Facebook facebook.com/ At A Glance Year of Incorporation 1999 Organization's type of tax exempt status Public Supported Charity 1

2 Statements & Search Criteria Mission The mission of Virginia Community Capital is to support housing and community development ventures, increase jobs and build sustainable communities by offering flexible financial products and advisory services. Background Virginia Community Capital (VCC) is a multi-million dollar non-profit, community development financial institution (CDFI) and B-certified banking entity providing innovative loan and investment solutions for affordable housing and economic development projects in the Commonwealth of Virginia. While originally chartered in 1995, VCC was transformed in the fall of 2005 from a small CDFI doing microlending and IDA programs in 3 counties to a larger CDFI with $17 million in equity capital operating throughout the Commonwealth. By year-end 2007, VCC was a viable, statewide CDFI with a loan portfolio of approximately $10 million with 0% delinquencies. VCC completed 23 community development projects; creating or preserving 623 affordable housing units and creating or preserving 83 living-wage, permanent job opportunities. Additionally, the capital base of the organization grew from $15 million at YE 2005 to $19.1 million at YE Assets of the organization grew to $28.3 million. As the organization ended 2007, it had also laid the foundation for the opening of a regulated community development bank and began to focus on new strategic directives to guide its growth for the next 3 years. Impact In the past seven years Virginia Community Capital (VCC) has lent over $138 million towards community development projects and programs throughout the Commonwealth. This lending has helped generate over 4,000 affordable housing units and 928,000 square feet of new and rehabilitated commercial space. VCC has also deployed over 4,700 hours of advisory services and technical assistance to developers, local governments, non-profit organizations and small businesses. All in all, this work has helped lead to the creation of 1,231 new jobs and 320 jobs being retained that otherwise were threatened to loss. In 2011, VCC hit several notable benchmarks. Last year alone, the organization lent almost $52 million dollars towards community development projects. Organizationally VCC received high scores in an independent CDFI Assessment and Ratings System (CARS ) program and became an Certified B Corporation. A collaboration between the Opportunity Finance Network and Starbucks known as Create Jobs for USA selected VCC in its first round of grant funding for an award of $173,500 in lending capital. Additionally, VCC was selected to participate in a program exclusive to CDFI small business lenders and advisors as part of Goldman Sachs 10,000 Small Businesses Initiative. VCC s Strategic Plan includes 3 years of growth and continued service to the Commonwealth. The goals and objectives presented in the plan include: Leverage the success of the organization and the current capital base to grow assets to $70 million while maintaining fiscally-conservative, sustainable governance policies. Create and deliver mission-based products appropriate for both the bank and the CDFI to meet the community development needs of the Commonwealth. Create an operating environment where core costs are fully self-supporting and therefore, grant income is utilized entirely to leverage technical assistance and other non-profit activities. Create a community development organization known for its responsiveness, technical ability, inclusive culture, and creativity; and is viewed as a leader of innovative community development programs utilizing both state and private capital partnerships. 2

3 Needs Virginia Community Capital is always on the look out for new partnerships. If you are a developer or local government, can we help you realize your vision for a new multi-family affordable housing development or a downtown mixed use revitalization project? If you are a private or institutional investor, how would you like to earn a financial return on your investments with added benefit of knowing your funds are serving the local community? Are you local government, non-profit, or small business owner? Can we help you understand project feasibility, operational efficiencies, or financial performance of your organization? If you are a funder, VCC offers a unique opportunity to see your dollars create wide and lasting impact. VCC secures approximately 80% of its operating budget from the earned revenues of banking activities. This means that while every dollar we raise through grants and donations are critical to maintaining and growing our programs, these dollars can be used with significant efficiency relative to many other non-profit organizations. Areas Of Service Areas Served Areas Statewide Service Categories Urban & Community Economic Development Rural Economic Development 3

4 Programs Programs Lending Description In 2011, Virginia Community Capital made nearly $52 million in loans to community development projects and programs throughout the Commonwealth. VCC possesses a full-scale community bank lending department with decades of experience in banking and finance. VCC specializes in complex transactions involving local, state, federal, and private incentives including Low-Income Housing Tax Credits, Historic Tax Credits, Virginia Small Business Financing Authority, USDA programs, New Market Tax Credit allocations. Budget $3,500, Strategy Savings Description VCC offers a variety of savings options and access to financial tools and resources. Budget $0.00 Advisory Services Description VCC offers Advisory services to help small businesses, non-profits and government entities operate more effectively. We focus on organizations that create jobs, develop affordable housing, provide access to critical services such as health care, promote asset building and support economic revitalization. We also work to build the capacity of the industry by facilitating collaboration and promoting professional development. Simply contact us to talk about what you are trying to accomplish with your business, in your community, or for your neighborhood. Budget $0.00 4

5 Board & Governance Board Chair Board Chair Dixon Hanna Company Affiliation Retired, Virginia Polytechnical Institute Term Apr 2008 to Dec Board Members Name Affiliation Status Kenneth Daniels Dixon Hanna Virginia Commonwealth University School of Business Retired Associate Provost, Virginia Tech Voting Voting James W. Harkness Jr. Community Volunteer Voting Jane Henderson Florence Kingston President, Virginia Community Capital Director, Department of Development for the City of Newport News Voting Voting Charlie H. Mills III CEO, Salera Capital Management Voting Mary Dwyer Pembroke Discover Voting Bill Shelton Director, Virginia Department of Housing and Community Development Voting Michael Shewel McGuire Woods LLP Voting Al Smuzynski Community Volunteer Voting Board Demographics - Ethnicity African American/Black 2 Asian American/Pacific Islander 0 Caucasian 8 Hispanic/Latino 0 Native American/American Indian 0 Other 0 0 Board Demographics - Gender Male 7 Female 3 Unspecified 0 Governance Board Term Lengths 5

6 Board Term Limits 0 Board Meeting Attendance % 0 1 Written Board Selection Criteria? Written Conflict of Interest Policy? Percentage Making Monetary Contributions 100 Percentage Making In-Kind Contributions 0 Number of Full Board Meetings Annually 12 Additional Board Members Name David Baldwin Todd Christensen Graham Driver Steve Galyean Ed Gerardo Mike Hawkins Shea Hollifield Kevin Kelly Overton McGehee Penny McPherson Shelley Murphy Nancy O'Brien Carolyn P. Spohrer Kent Ware Kathy Wheeler Affiliation Bristol Redevelopment & Housing Authority Southwest Virginia Cultural Heritage Foundation Virginia Community Development Corporation Virginia Tourism Corporation Bon Secours Health System, Inc. Virginia Housing Development Authority Virginia Department of Housing and Community Development ECOC Enterprise Development Group Habitat for Humanity Wells Fargo Piedmont Housing Alliance Community Volunteer Virginia Community Action Partnership USDA Rural Development Community Business Partnership 6

7 Management Executive Director/CEO Executive Director Term Start Apr Jane N. Henderson Experience Ms. Henderson is the former Community Development Executive for Wachovia Corporation where for ten years she managed all aspects of Community Development Operations, Lending and Compliance (a $2 billion loan portfolio) for the $350 billion Corporation. Her banking career spanned over 24 years, including service as a Senior Product Manager for Consumer Credit and Operations Manager. Ms. Henderson currently serves as Chairman of the Board for Partners for the Common Good, a non-profit community development loan fund promoting community development. She is a member of the Appalachian Regional Commission s Capital Advisory Group, and RUPRI Rural Advisory Group. Ms. Henderson served, for 8 years, as Chairman of the Federal Reserve Bank of Richmond s Community Investment Council. She is the former Chairman of the Board for Community Housing Partners Corporation, a regional affordable housing non-profit corporation. She was a member of the Consumer Bankers Associations CRA Committee and a board member of Community Development Trust. Ms. Henderson is a graduate of the Consumer Bankers Associations Graduate School of Retail Bank Management and holds a Certified Risk Management Certification from the American Bankers Association. She graduated from Gettysburg College in Pennsylvania and holds a Masters in Finance from St. Joseph s University. Senior Staff Name Costa Canavos Clyde Cornett Pat Kietzman Teri Lovelace Esq. Tim Mattox Robb Strader Wayne Waldrop Teresa Walker Title VP Real Estate Lending Chief Financial Officer VP Administration VP Corporate Development Data Manager Chief Risk Officer Small Business Manager VP Savings Manager Staff Full Time Staff 31 Part Time Staff 1 Volunteers 0 Contractors 4 Retention Rate 0 Plans Organization has a Strategic Plan? Years Strategic Plan Considers 3 7

8 Date Strategic Plan Adopted Dec 2010 Organization Policy and Procedures Nondiscrimination Policy Whistleblower Policy Document Destruction Policy 8

9 Financials Fiscal Year Jan Fiscal Year 2015 Projected Revenue $0.00 Projected Expenses $0.00 Endowment Value 0 Percentage (if selected) 0% s Detailed Financials Revenue and Expenses Total Revenue $4,105,086 $3,884,634 $2,733,531 Total Expenses $3,381,987 $2,888,992 $2,147,058 Revenue Sources Foundation and Corporation Contributions Government Contributions $1,234,007 $880,692 $764,508 Federal $1,184, State Local $49, Unspecified -- $880,692 $764,508 Individual Contributions $944,430 $704,582 $226,250 Indirect Public Support Earned Revenue $1,630,080 $1,624,451 $1,742,773 Investment Income, Net of Losses $31,081 $30, Membership Dues Special Events Revenue In-Kind Other $265,488 $644,

10 Expense Allocation Program Expense $2,576,977 $2,137,723 $1,666,124 Administration Expense $805,010 $751,269 $480,934 Fundraising Expense Payments to Affiliates Total Revenue/Total Expenses Program Expense/Total Expenses 76% 74% 78% Fundraising Expense/Contributed Revenue 0% 0% 0% Assets and Liabilities Total Assets $53,478,027 $44,452,524 $43,486,706 Current Assets $39,266,731 $31,492,263 $30,766,468 Long-Term Liabilities $27,361,198 $20,184,998 $20,940,000 Current Liabilities $2,732,554 $741,837 $1,471,818 Total Net Assets $23,384,275 $22,273,939 $21,074,888 Short Term Solvency Current Ratio: Current Assets/Current Liabilities Long Term Solvency Long-Term Liabilities/Total Assets 51% 45% 48% Top Funding Sources Top Funding Source & Dollar Amount Second Highest Funding Source & Dollar Amount Third Highest Funding Source & Dollar Amount Capital Campaign Currently in a Capital Campaign? No Goal 0 State Charitable Solicitaions Permit Permit? May 2014 Registration May 2014 Comments Foundation Comments IRS s represent solely the financial position of Virginia Community Capital, Inc. Audited financial statements represent the combined financial position of Virginia Community Capital, Inc. and its subsidiary, Community Capital Bank of Virginia. Equity in non-controlling interest recorded under "Current Liabilities" for financial charts. 10

11 Created Copyright 2016 The Community Foundation Serving Richmond & Central Virginia 11