2024-05-08T11:13:14-05:00 2023-06-30 541517420 WALL EINHORN & CHERNITZER PC 150 W MAIN ST SUITE 1200 NORFOLK VA 23510 990 2022-07-01 541378797 VIRGINIA BEACH COMMUNITY DEVELOPMENT CORPORATION VIRG 7574639516 2400 POTTERS RD VIRGINIA BEACH VA 23454 JESSICA GUGLIELMO CEO 7574639516 2024-05-07 1 JESSICA GUGLIELMO XXX-XX-XXXX 0 JOHN M WATERS P01334859 7576254700 2024-05-07 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JESSICA GUGLIELMO 2400 POTTERS ROAD VIRGINIA BEACH VA 23454 8253487 0 X WWW.VBCDC.ORG X 1985 VA TO PROVIDE HOUSING FOR LOW AND MODERATE INCOME FAMILIES. 11 11 41 13 0 0 2612649 2598459 4979699 5184474 -2760 142531 24869 11259 7614457 7936723 1239042 0 0 0 1939281 2157273 0 0 0 4226498 5652351 7404821 7809624 209636 127099 35346329 35715518 20152631 20471664 15193698 15243854 TO ASSIST THE CITY OF VIRGINIA BEACH BY PARTNERING WITH THE PUBLIC AND PRIVATE SECTORS TO PROVIDE QUALITY AFFORABLE HOUSING OPPORTUNITIES TO LOW AND MODERATE INCOME PEOPLE. 0 0 7282347 5195733 PERMANENT RENTAL HOUSING FUNDS INCLUDE INCOME AND EXPENSES DIRECTLY ASSOCIATED WITH THE RENTAL OF AFFORDABLE LOW-INCOME HOUSING UNDER NOAH, HOME, HOUSING FIRST, BIZNET, ATLANTIS MANOR, CAPE HENRY, OCEAN TRACE, BEACH PARK AND BEACH PARK WEST APARTMENT PROJECTS. IN ADDITION, VETERANS FIRST HOUSING ASSISTANCE, SUPPORT SERVICES FOR VETERANS FAMILIES (SSVF) GRANT ACTIVITY, PROJECT DEVELOPMENT FEE INCOME AND INVESTMENT ACTIVITY ARE RECORDED UNDER PERMANENT RENTAL HOUSING FUNDS. 7282347 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 61 0 1 41 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 VA X X JESSICA GUGLIELMO 7574639516 2400 POTTERS ROAD VIRGINIA BEACH VA 23454 FRANK MCKINNEY PRESIDENT/CHAIR 1.00 X X 0 0 0 CHRISTOPHER L BROWN DIRECTOR 1.00 X 0 0 0 DR AUDREY B DOUGLAS-COOKE VICE PRESIDENT 1.00 X X 0 0 0 J DAVID CRAIN JR DIRECTOR 1.00 X 0 0 0 ROBERT EWELL DIRECTOR 1.00 X 0 0 0 ANDREW FRIEDMAN SECRETARY/TREASURER 1.00 X X 0 0 0 MARSHALL BRICE DIRECTOR 1.00 X 0 0 0 JEREMY C JOHNNSON DIRECTOR 1.00 X 0 0 0 TIM MCCARTHY PROJECT DEVELOPMENT COMMIT 1.00 X 0 0 0 BRANDON HUTCHINS DIRECTOR 1.00 X 0 0 0 COURTNEY LALONDE DIRECTOR 1.00 X 0 0 0 JESSICA GUGLIELMO CHIEF EXECUTIVE OFFICER 40.00 X 145898 0 0 145898 0 0 1 0 0 0 PR LANDSCAPING 979 BELLS MILL RD CHESAPEAKE VA 23322 MAINTENANCE AND REPAIRS 170360 1 92561 2421001 84897 2598459 RENTAL INCOME 531110 5123955 5123955 MANAGEMENT FEES 531110 60519 60519 5184474 49295 49295 410000 316764 93236 93236 93236 OTHER INCOME 531110 11259 11259 11259 7936723 5195733 0 142531 167281 147207 20074 1625594 1430523 195071 364398 320670 43728 45930 15157 30773 79142 59356 19786 24229 20352 3877 14426 14426 44465 32140 12325 118666 88999 29667 7909 7909 39144 39144 7462 5373 2089 836141 747395 88746 1258352 1233185 25167 297728 275829 21899 PROGRAM ASSISTANCE COST 1353357 1353357 PROPERTY MAINTENANCE 1020541 1020541 ASSOCIATION FEES 275977 275977 UTILITIES 96001 96001 132881 106715 26166 7809624 7282347 527277 0 2012794 1626319 599065 601897 286301 208671 292541 403762 4497193 4374412 800 30901 46656604 20868960 26599249 25787644 133695 146921 372237 924691 2162754 35346329 35715518 296626 366305 155757 93954 19490937 19777064 209311 234341 20152631 20471664 X 15193698 15211507 32347 15193698 15243854 35346329 35715518 X 127099 -4179 -72764 X X 0 1 X 1 1 1 X 1254084 1370179 3994083 2612649 2598459 11829454 1254084 1370179 3994083 2612649 2598459 11829454 11829454 126139 132356 26670 25850 49295 360310 58352 28748 54983 24869 11259 178211 12367975 22468746 0.95650 0.97430 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2018 AMOUNT: $ 58,352. 2019 AMOUNT: $ 28,748. 2020 AMOUNT: $ 54,983. 2021 AMOUNT: $ 24,869. 2022 AMOUNT: $ 11,259. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9592967 9592967 36228245 20696256 15531989 438910 104591 334319 396482 68113 328369 25787644 REPLACEMENTS RESERVE AND ESCROWS 1638906 SECURITY DEPOSITS 308256 CONSTRUCTION IN PROGRESS 215592 2162754 SECURITY DEPOSITS 234341 234341 X PART X, LINE 2: VBCDC IS A NONPROFIT ORGANIZATION EXEMPT FROM FEDERAL AND STATE INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND TAX STATUTES OF THE COMMONWEALTH OF VIRGINIA; ACCORDINGLY, THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION OR LIABILITY FOR FEDERAL AND STATE INCOME TAXES. X 0 0 0 0 0 0 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE ANNUAL FORM 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER AND CHIEF EXECUTIVE OFFICER. THE FORM 990 IS ALSO SUBMITTED TO THE ORGANIZATION'S INDEPENDENT AUDITORS AND IS PRESENTED TO THE BOARD OF DIRECTORS FOR APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS AND DIRECTORS ARE REQUIRED ANNUALLY TO DISCLOSE ALL REAL ESTATE HOLDINGS AND DEALINGS TO THE CITY OF VIRGINIA BEACH CITY COUNCIL. IN ADDITION, EACH BOARD MEMBER MUST READ AND SIGN THE VBCDC CODE OF CONDUCT. THE CODE OF CONDUCT DELINEATES THE RESPONSIBILITIES OF BOARD MEMBERS WHILE IN AND OUT OF SESSIONS AND INCLUDES REQUIREMENTS TO DECLARE ANY CONFLICTS OF INTEREST THAT MAY ARISE. ENFORCEMENT OF THE CODE OF CONDUCT IS CLEARLY SPELLED OUT IN THE DOCUMENT AND INCLUDES STEPS TO BE TAKEN IF ANY BOARD MEMBER APPEARS TO BE IN VIOLATION OF THE CODE. FORM 990, PART VI, SECTION B, LINE 15A THE PERSONNEL COMMITTEE OF THE VBCDC BOARD OF DIRECTORS ANNUALLY REVIEWS THE COMPENSATION FOR THE CHIEF EXECUTIVE OFFICER AND MAKES RECOMMENDATIONS TO THE BOARD REGARDING RETENTION AND COMPENSATION. FACTORS SUCH AS PERFORMANCE, BUDGET, AND COMPARABLE SALARIES ARE USED TO MAKE A DECISION. ALL DECISIONS ARE SUBSTANTIATED BY MEETING MINUTES. FORM 990, PART VI, SECTION C, LINE 18 UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MADE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC USING A "PUBLIC FILE" ESTABLISHED FOR INSPECTION AT THE OFFICE UPON REQUEST. FORM 990, PART XI, LINE 9: BAD DEBT EXPENSE -72,764. FORM 990, PART XII, LINE 2C: NO CHANGES HAVE BEEN MADE TO THE ORGANIZATION'S OVERSIGHT PROCESS. CORNERSTONE PROPERTY VENTURES LLC 2400 POTTERS RD VIRGINIA BEACH VA 23451 371838408 INVESTMENT OF RENTAL PROPERTY VA 799349 5717782 VBCDC CEDAR GROVE 2011 LP 2400 POTTERS RD VIRGINIA BEACH VA 23454 452451480 HOUSING FOR HOMELESS AND DISABLED VA N/A RELATED 1 0 0 0.00000 CYPRESS LANDING LLC 2400 POTTERS RD VIRGINIA BEACH VA 23454 AFFORDABLE HOUSING VA N/A RELATED 45 1039 0 0 0.00010 VETS' HOUSING INC 2400 POTTERS ROAD VIRGINIA BEACH VA 23454 453571156 HOUSING FOR HOMELESS AND DISABLED VETERANS VA VBCDC C 1 1.00000 0 CHESAPEAKE VETS' HOUSING 2400 POTTERS ROAD VIRGINIA BEACH VA 23454 352554308 AFFORDABLE HOUSING VA VBCDC C 45 1039 1.00000 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1