Virginias New River Valley Economic Development Alliance
- Assets
- $545.0k
- Revenue
- $566.2k
- Investments
- $0.0
- Employees
- 5
- Location
- Blacksburg, VA
- Founding
- 09/1990
- Data as of
- 06/2022
- EIN
- 54-1545804
Organization Overview
Virginias New River Valley Economic Development Alliance, operating under the name Onward New River Valley, is located in Blacksburg, VA. The organization was established in 1990. 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. As of 06/2022, Onward New River Valley employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Onward New River Valley is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, Onward New River Valley generated $566.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $452.9k during the year ending 06/2022. While expenses have increased by 5.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
THE ORGANIZATION'S MISSION IS TO ATTRACT AND RETAIN WORLD CLASS JOBS, INVESTMENT AND TALENT IN VIRGINIAS NEW RIVER VALLEY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPMENT OF THE LOCAL ECONOMY THROUGH MARKETING AND REGIONAL OUTREACH STRATEGIES.
DEVELOPMENT OF THE LOCAL ECONOMY THROUGH INVESTOR RELATION PROGRAMS AND EVENTS.
DEVELOPMENT OF THE LOCAL ECONOMY THROUGH THE VIRGINIA TRADEPORT PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathleen Boswell Executive Di | Officer | 40 | $45,750 |
Scott Blankenship Chair | OfficerTrustee | $0 | |
April Demotts Treasurer | OfficerTrustee | $0 | |
Mark Woolwine Vice-Chair | OfficerTrustee | $0 | |
Cora Gnegy Secretary | OfficerTrustee | $0 | |
David Bennett Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $228,279 |
| All other contributions, gifts, grants, and similar amounts not included above | $300,355 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $528,634 |
| Total Program Service Revenue | $37,507 |
| Investment income | $15 |
| 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 | $566,156 |
| 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. | $45,750 |
| Compensation of current officers, directors, key employees. | $6,519 |
| Compensation to disqualified persons | $14,744 |
| Other salaries and wages | $125,160 |
| Pension plan accruals and contributions | $23,714 |
| Other employee benefits | $0 |
| Payroll taxes | $14,545 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $35,821 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $4,379 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,546 |
| Travel | $1,914 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,508 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,446 |
| All other expenses | $2,310 |
| Total functional expenses | $452,933 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $380,101 |
| Savings and temporary cash investments | $151,864 |
| 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 | $1,443 |
| Net Land, buildings, and equipment | $11,571 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $544,979 |
| Accounts payable and accrued expenses | $5,474 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $5,474 |
| Net assets without donor restrictions | $539,505 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $544,979 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Virginias New River Valley Economic Development Alliance has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Carilion New River Valley Medical Center Roanoke, VA PURPOSE: Economic development | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Economic Development Partnership Of North Carolina Inc Raleigh, NC | $8,246,221 | $25,900,688 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |