Virginia Ready Initiative
- Assets
- $2.7m
- Revenue
- $225.8k
- Investments
- $0.0
- Employees
- 17
- Location
- Alexandria, VA
- Founding
- Data as of
- 06/2024
- 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 06/2024, Virginia Ready Initiative employed 17 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 06/2024, Virginia Ready Initiative generated $225.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (51.1%) each year. All expenses for the organization totaled $2.6m during the year ending 06/2024. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO ENABLE VIRGINIANS TO ACQUIRE THE SKILLS AND RESOURCES THEY NEED TO SUCCEED IN A COMPETITIVE JOB MARKET, WHILE UPLIFTING THE VALUE OF CREDENTIAL-BASED SCHOLARS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VIRGINIA READY INITIATIVE, A STATE-WIDE NONPROFIT, HAS BEEN A CATALYST FOR COMMUNITY CHANGE IN WORKFORCE DEVELOPMENT, INVESTING OVER $6.4M IN FOUR YEARS TO SUPPORT OVER 6,400 CAREER-MINDED SCHOLARS TO RECEIVE AN IN-DEMAND CREDENTIAL, OBTAIN CAREER READINESS SKILLS, AND CONNECT THEM TO FAMILY SUSTAINING CAREER OPPORTUNITIES. TO DATE, 6,344 SCHOLARS HAVE ALREADY RECEIVED THEIR CREDENTIAL VIRGINIANS WERE ABLE TO GAIN REAL-WORLD SKILLS AND ENHANCE THEIR CAREER PROSPECTS THROUGH CREDENTIALING. SINCE INCEPTION, OVER 68% OF VIRGINIA READY SCHOLARS HAVE GAINED EMPLOYMENT.(CONTINUED ON SCEDULE O.)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Natalie Foster Executive Director | Officer | 40 | $163,937 |
Carol Jensen Dir Of Finance & Operations | 40 | $119,269 | |
Taylor Beck Director Of Development | 40 | $100,199 | |
Maria Tamburri Director | Trustee | 1 | $0 |
Glenn Ballard Director | Trustee | 1 | $0 |
Cynthia Lawrence 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 | $90,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $90,500 |
| Total Program Service Revenue | $41,940 |
| Investment income | $110,953 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$17,617 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $225,776 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $783,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $159,196 |
| Compensation of current officers, directors, key employees. | $27,721 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $756,208 |
| Pension plan accruals and contributions | $23,613 |
| Other employee benefits | $37,185 |
| Payroll taxes | $70,268 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,092 |
| Fees for services: Accounting | $44,559 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,167 |
| Fees for services: Other | $75,330 |
| Advertising and promotion | $8,922 |
| Office expenses | $33,504 |
| Information technology | $25,488 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $7,074 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,377 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,877 |
| Insurance | $1,623 |
| All other expenses | $0 |
| Total functional expenses | $2,573,330 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,291,570 |
| 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 | $7,728 |
| Net Land, buildings, and equipment | $24,202 |
| Investments—publicly traded securities | $379,682 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,703,182 |
| Accounts payable and accrued expenses | $342,881 |
| 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 | $342,881 |
| Net assets without donor restrictions | $2,360,301 |
| 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 | $2,703,182 |