Virginia Ready Initiative
- Assets
- $7.8m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 14
- Location
- Alexandria, VA
- Founding
- Data as of
- 06/2022
- EIN
- 85-1103573
Organization Overview
Virginia Ready Initiative is located in Alexandria, VA. According to its NTEE Classification (J20) the organization is classified as: Employment Preparation & Procurement, under the broad grouping of Employment and related organizations. As of 06/2022, Virginia Ready Initiative employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Ready Initiative 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 06/2022, Virginia Ready Initiative generated $1.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (39.1%) each year. All expenses for the organization totaled $3.2m during the year ending 06/2022. 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
THE MISSION OF VIRGINIA READY IS TO RAPIDLY RESKILL VIRGINIANS FOR IN-DEMAND JOBS BY SUPPORTING CREDENTIALS IN HIGH-GROWTH INDUSTRIES WHERE SCHOLARS HAVE A BETTER CHANCE OF FINDING CAREER PATHWAYS THAT ARE FAMILY-SUSTAINING AND FULFILLING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS VIRGINIA READY (VA READY) CONCLUDES OUR SECOND FISCAL YEAR, WERE PLEASED TO CELEBRATE WITH ALL OF THOSE WHO HAVE PARTNERED WITH US AND SUPPORTED OUR MISSION SINCE OUR 2020 BEGINNINGS. WE HAVE MADE A TREMENDOUS IMPACT IN A SHORT PERIOD OF TIME AND THE COMING MONTHS HOLD A WEALTH OF OPPORTUNITY.VA READY MAY HAVE BEGUN AS A QUICK FIX TO SUPPORT VIRGINIANS IN RETURNING TO THE WORKFORCE FOLLOWING UNPRECEDENTED JOB LOSSES AT THE START OF THE PANDEMIC. BUT WE WERENT CONTENT TO STOP THERE AND WE CONTINUE CREATING NEEDED CHANGE IN VIRGINIA FOR THE BETTER(CONTINUED ON SCHEDULE O.)
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Caren Merrick Chief Executive Officer Left | Officer | 40 | $124,049 |
Suzanne S Youngkin Secretary-Treasurer Left 12 | OfficerTrustee | 2 | $0 |
Loretta A Penn Chair Of The Board | OfficerTrustee | 15 | $0 |
Natalie Foster Executive Director Eff 113 | Officer | 40 | $0 |
Cynthia Lawrence Director | Trustee | 1 | $0 |
Becky Sawyer 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 | $1,370,901 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,370,901 |
| Total Program Service Revenue | $0 |
| Investment income | $74,958 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $23,522 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,469,381 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,868,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $151,731 |
| Compensation of current officers, directors, key employees. | $30,341 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $612,205 |
| Pension plan accruals and contributions | $25,869 |
| Other employee benefits | $46,305 |
| Payroll taxes | $57,293 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,906 |
| Fees for services: Accounting | $38,369 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,391 |
| Fees for services: Other | $186,053 |
| Advertising and promotion | $7,011 |
| Office expenses | $4,743 |
| Information technology | $50,274 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $20,684 |
| 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 | $3,332 |
| Insurance | $1,855 |
| All other expenses | $0 |
| Total functional expenses | $3,233,232 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,779,964 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,050,000 |
| 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 | $18,166 |
| Net Land, buildings, and equipment | $12,392 |
| Investments—publicly traded securities | $4,965,511 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,826,033 |
| Accounts payable and accrued expenses | $248,040 |
| 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 | $248,040 |
| Net assets without donor restrictions | $6,527,993 |
| Net assets with donor restrictions | $1,050,000 |
| 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 | $7,826,033 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Virginia Ready Initiative has recieved totaling $1,300,000.
| Awarding Organization | Amount |
|---|---|
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $250,000 |
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $250,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $150,000 |
Sentara Healthcare Norfolk, VA PURPOSE: RETRAINING VIRGINIA'S UNEMPLOYED TO GET BACK TO WORK | $150,000 |
Dominion Energy Charitable Foundation Richmond, VA PURPOSE: VIRGINIA READY INITIATIVE | $125,000 |
Dominion Energy Charitable Foundation Richmond, VA PURPOSE: VIRGINIA READY INITIATIVE | $125,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Generation Usa Washington, DC | $17,938,466 | $7,677,123 |
Change Incorporated Weirton, WV | $10,912,278 | $21,367,906 |
Opportunities Industrialization Center Inc Rocky Mount, NC | $10,127,019 | $21,768,634 |
Skills Usa Inc Leesburg, VA | $8,575,895 | $14,271,991 |
Opportunity At Work Inc Washington, DC | $8,759,075 | $9,572,974 |
Southeast Community Capital Corporation Nashville, TN | $264,396,878 | $22,555,455 |
Second Chance Inc Baltimore, MD | $22,971,247 | $13,264,528 |
Northern Middle Tennessee Local Workforce Development Board Inc Clarksville, TN | $2,905,431 | $10,764,896 |
Anne Arundel Workforce Development Corporation Inc Millersville, MD | $2,854,225 | $10,470,291 |
Workforce Essentials Inc Clarksville, TN | $30,139,027 | $9,106,360 |
Experience Works Inc Severna Park, MD | $76,388 | $8,997,468 |
Urban Alliance Foundation Inc Washington, DC | $17,000,062 | $13,601,733 |