Retail Advancement Fund
- Assets
- $199.6k
- Revenue
- $328.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Richmond, VA
- Founding
- Data as of
- 12/2022
- EIN
- 84-3933913
Organization Overview
Retail Advancement Fund is located in Richmond, VA. 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. Retail Advancement Fund 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, Retail Advancement Fund generated $328.5k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 60.1% each year . All expenses for the organization totaled $235.4k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Retail Advancement Fund has awarded 21 individual grants totaling $276,684. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT AND EXPAND THE CHARITABLE ACTIVITES OF THE RETAIL MERCHANTS ASSOCIATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO SUPPORT AND EXPAND THE CHARITABLE ACTIVITES OF THE RETAIL MERCHANTS ASSOCIATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy Thomas President/ceo | OfficerTrustee | 1 | $0 |
Dorothye Brodersen Chair | OfficerTrustee | 1 | $0 |
Diana Mcmahon Secretary/treasurer | OfficerTrustee | 1 | $0 |
Scott Aronson Director | Trustee | 0.5 | $0 |
Steve Rosser Director | Trustee | 0.5 | $0 |
Stephen Story Director | Trustee | 0.5 | $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 | $328,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $328,500 |
| 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 | $328,500 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $124,868 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| 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 | $109,897 |
| Advertising and promotion | $0 |
| Office expenses | $615 |
| 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 | $21 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $235,401 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $199,623 |
| 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 | $199,623 |
| Accounts payable and accrued expenses | $40,349 |
| 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 | $40,349 |
| Net assets without donor restrictions | $159,274 |
| 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 | $199,623 |
Grants Awarded
Over the last fiscal year, Retail Advancement Fund has awarded $116,752 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
GLEAN LLC PURPOSE: TO PURCHASE ASSETS INCLUDING SOFTWARE | $16,489 |
LAFOX HAIR DESIGNS PURPOSE: FOR REPAIRS AND PURCHASE ASSETS | $15,465 |
GREEN OLIVE EATERY PURPOSE: TO PURCHASE ASSETS | $14,400 |
URBAN SET BRIDE PURPOSE: FOR REPAIRS AND PURCHASE ASSETS | $14,346 |
JADE SALON PURPOSE: TO PURCHASE ASSETS | $10,838 |
SOUL N VINEGAR PURPOSE: TO PURCHASE EQUIPMENT | $10,045 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Retail Advancement Fund has recieved totaling $125,000.
| Awarding Organization | Amount |
|---|---|
Bon Secours Richmond Health System Richmond, VA PURPOSE: MISSION SUPPORT | $125,000 |
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 |