Venture Central Inc
- Assets
- $100.4k
- Revenue
- $212.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Charlottesville, VA
- Founding
- 02/1999
- Data as of
- 12/2022
- EIN
- 51-0252306
Organization Overview
Venture Central Inc is located in Charlottesville, VA. The organization was established in 1999. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Venture Central Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Venture Central Inc generated $212.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.4%) each year. All expenses for the organization totaled $186.7k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
VENTURE CENTRAL'S MISSION IS TO SERVE AND STRENGTHEN THE CENTRAL VIRGINIA ENTREPRENEURIAL COMMUNITY BY BUILDING AND BRIDGING CONNECTIONS, PROGRAMS, FUNDING, AND SPACES. THE VISION OF VENTURE CENTRAL IS TO MAKE CENTRAL VIRGINIA AN INTERNATIONALLY RESPECTED ENTREPRENEURIAL COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VENTURE CENTRAL RECEIVED A GO VIRGINIA GRANT FROM THE COMMONWEALTH OF VIRGINIA'S DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT TO (1) CREATE A SINGULAR FOCAL POINT FOR ENTREPRENEURSHIP AND INNOVATION IN CENTRAL VIRGINIA, (2) ESTABLISH A GOVERNANCE BOARD AND ADVISORY COMMITTEE, (3) HIRE A DIRECTOR, AND (4) DEVELOP A FUNDRAISING PLAN. THROUGHOUT 2022, VENTURE CENTRAL WORKED TO ACHIEVE THOSE GOALS BY HIRING AN EXECUTIVE DIRECTOR, ORGANIZING AND SPONSORING LOCAL EVENTS, AND ENGAGING WITH AND GUIDING LOCAL STARTUPS AND FOUNDERS.
THROUGHOUT 2022, VENTURE CENTRAL WORKED TO SUBMIT AND GAIN APPROVAL FOR A BUILD TO SCALE GRANT FROM THE US ECONOMIC DEVELOPMENT ADMINISTRATION. THE GRANT WAS AWARDED AND ACCEPTED IN NOVEMBER 2022 FOR VENTURE CENTRAL'S DIVERSIFY-CONNECT-FUND (DCF) PROJECT THAT WILL SUPPORT THE CENTRAL VIRGINIA ENTREPRENEURIAL ECOSYSTEM IN THREE WAYS: (1) ESTABLISHING A SERIES OF ANGEL ACADEMY TRAINING PROGRAMS TO ENCOURAGE NEW INVESTORS TO PARTICIPATE IN FUNDING LOCAL STARTUPS, (2) FORMING A CAPITAL CONNECTIONS ROUNDTABLE TO INCREASE THE AWARENESS AND COMMUNICATION BETWEEN LOCAL STARTUPS WHO NEED VENTURE CAPITAL FUNDING AND THE SOURCES OF SUCH FUNDING BASED IN OTHER AREAS, AND (3) EXPLORATION OF AN INVESTMENT FUND STRATEGY TO ASSIST STARTUPS IN RAISING FUNDS AND SUPPORTING VENTURE CENTRAL IN ITS FINANCIAL SELF-SUSTAINABILITY.
VENTURE CENTRAL SERVED AND SUPPORTED THE 434 ACCELERATOR, A STARTUP ACCELERATOR THAT WORKS WITH ENTREPRENEURS IN THE CENTRAL VIRGINIA AREA. VENTURE CENTRAL'S ROLE WAS TO FACILITATE RESOURCES FOR ACCELERATOR LEADERSHIP, INCLUDING FUNDING, MEETINGS, EXPERTISE AND MORE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rahul Keshap Executive Di | OfficerTrustee | 10 | $3,000 |
Alex Andrew Executive Di | OfficerTrustee | 40 | $102,288 |
Sarah Rumbaugh Board Chair | OfficerTrustee | 1 | $0 |
Charlie Rogers Board Vice C | OfficerTrustee | 1 | $0 |
Roger Johnson Treasurer | OfficerTrustee | 1 | $0 |
Chris Engel Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $174,038 |
| All other contributions, gifts, grants, and similar amounts not included above | $38,055 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $212,093 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $212,093 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $105,288 |
| Compensation of current officers, directors, key employees. | $10,529 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $45,500 |
| Fees for services: Legal | $5,513 |
| Fees for services: Accounting | $400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,750 |
| Advertising and promotion | $0 |
| Office expenses | $789 |
| Information technology | $60 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,769 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $186,650 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100,443 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $100,443 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $75,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $75,000 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $25,443 |
| Total liabilities and net assets/fund balances | $100,443 |