Richmond Automobile Dealer Association
- Assets
- $836.7k
- Revenue
- $89.5k
- Investments
- $684.1k
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 02/1996
- Data as of
- 12/2022
- EIN
- 54-1780220
Organization Overview
Richmond Automobile Dealer Association, operating under the name Rada, is located in Richmond, VA. The organization was established in 1996. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, 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. Rada 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 12/2022, Rada generated $89.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (10.3%) each year. All expenses for the organization totaled $140.1k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (2.2%) per year over the past 8 years. 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
TO SPONSOR EDUCATIONAL CAMPAIGNS FOR ESTABLISHING THE ESSENTIALITY OF MOTOR VEHICLES INCLUDING THE SPONSORSHIP OF PUBLIC EXHIBITIONS OF ALL TYPES OF MOTOR VEHICLES.TO COMPILE AND DISSEMINATE INFORMATION TO THOSE ENGAGED IN THE AUTOMOBILE INDUSTRY, AND THE GENERAL PUBLIC.TO ENGAGE IN AND PROMOTE TRADE AND COMMERCE BY AFFORDING THE OPPORTUNITY TO THE ASSOCIATION MEMBERS OF MEETING AND EXCHANGING VIEWS WITH EACH OTHER.TO TRAIN, EDUCATE, AND IMPROVE ASSOCIATION MEMBER'S KNOWLEDGE IN THE FIELD OF AUTOMOTIVE SALES, SERVICE AND REPAIR, FINANCE, AND LEGAL COMPLIANCETO ACCOMPLISH ALL OTHER THINGS DEEMED LEGALLY DESIRABLE AND APPROPRIATE TO FURTHER THE COMMON BUSINESS INTERESTS OF THE MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRODUCED AUTO SHOW THAT DISPLAYED NEW CARS AND TRUCKS FOR MORE THAN 25 MANUFACTURERS. THE SHOW WAS ATTENDED BY 20,000 LOCAL RESIDENTS.HELPED ORGANIZE DEALERSHIPS IN A FOOD DRIVE FOR THE FOOD BANK.CONDUCTED TOP GUN CHALLENGE- A COMPETITION DESIGNED TO INCREASE TRAINING CERTIFICATION AMONG AUTOMOTIVE TECHNICIANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith Hightower Secretary | OfficerTrustee | 1 | $0 |
Zach Cochran Director | Trustee | 1 | $0 |
Michael Patrick Director | OfficerTrustee | 1 | $0 |
Ross Luck Chairman | OfficerTrustee | 1 | $0 |
Brenton Evans Director | Trustee | 1 | $0 |
Tim Cosgrove Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $12,730 |
| Investment income | $22,756 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $54,029 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $89,515 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $72,000 |
| Fees for services: Legal | $2,000 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| Information technology | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,841 |
| All other expenses | $5,772 |
| Total functional expenses | $140,098 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,848 |
| 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 | $40,353 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $76,438 |
| Investments—other securities | $684,071 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $836,710 |
| Accounts payable and accrued expenses | $46,374 |
| 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 | $46,374 |
| Net assets without donor restrictions | $790,336 |
| 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 | $836,710 |