Greater Richmond Partnership, Inc.
901 E Byrd Street
Suite 801
Richmond VA 23219-4079
Mission Statement
To globally market the Greater Richmond region as a preferred business location, generate domestic and international prospects, and support the localities’ business retention efforts.
 
 
Web and Social Media
Leadership
CEO/Executive Director Mr. Barry Matherly
Board Chair Mr. Bobby Ukrop
Board Chair Company Affiliation Ukrop's Homestyle Food
Contact Information
Address 901 E Byrd Street
Suite 801
Richmond, VA 232194079
Telephone 804 643-3227
Fax 804 343-7167
E-mail kla@grpva.com
History and Background
Year of Incorporation 1994
Financial Summary
Revenue vs Expense Bar Graph - All Years
Expense Breakdown Bar Chart - All Years
 
 
Projected Revenue $2,440,000.00
Projected Expenses $2,440,359.00
Statements
Mission
To globally market the Greater Richmond region as a preferred business location, generate domestic and international prospects, and support the localities’ business retention efforts.
 
 
Impact

Over the past 20 years, GRP and its partners have assisted more than 470 companies who invested $10.5 billion in capital investment to the Richmond Region.

In order to continue this success, GRP will work to: 

  • Attract $334 million in capital investment
  • Stimulate the creation of 1,667 direct jobs from new and expanding companies
  • Identify 167 national and international companies seeking to locate in the region
  • Cultivate the existing business community ecosystem through the strategic efforts of the Business First Program
  • Build a global marketing program that raises the awareness of the Richmond Region as preferred business location
  • Recruit one Fortune 1000 headquarters

 

Needs

To meet the continuing and growing demands to develop the region’s economy, GRP will raise funds annually for its three-year economic plan spanning 2014 to 2017. Funding will support the marketing and outreach activities to attract new businesses to the region, retaining existing companies and supporting their expansions.

2016-2017 Budget Summary

We are seeking the financial support of the private sector in addition to funding from the local jurisdictions:
  • Private Sector Contributions: $1,000,000
  • Public Sector Contributions: $1,540,000
  • Total Contributions: $2,540,000
Background

Launched in 1994, the Greater Richmond Partnership, Inc. (GRP) serves as the lead economic development organization for the Richmond Region, which includes the City of Richmond and the counties of Chesterfield, Hanover and Henrico. The mission of GRP is to globally market the Richmond Region as a preferred business location, generate domestic and international prospects, and support the localities’ business retention efforts.

GRP is organized as a public-private, not-for-profit corporation funded jointly by the four local governments and over 140 area businesses. The GRP staff has more than 150 years of economic and community development experience, which ensures that inquiries are handled in a professional and timely manner.

GRP offers site location assistance and other services to domestic and foreign companies planning new or expanded facilities. It is a single point of contact to the network of private sector and state and local government professionals that supports a company’s facility location decision. Since 1994, GRP has assisted more than 470 companies who brought $10.5 billion in capital investment to the Richmond Region.
 
 
CEO Statement

For over 20 years, the Richmond Region has benefited from the private-public investment in economic development.

Without this co-operation between four communities and more than 140 businesses, the region wouldn’t have increased its tax base to $10.5 billion. That amount of capital investment from attracted, expanded and retained businesses has helped pay for public services and infrastructure upgrades.

Regional economic development has lifted every segment of the region’s economy, providing business opportunities for firms large and small, new and established. Community development, quality of life and the arts have all benefited, along with the quality of jobs and employment opportunities. In only three years after the Partnership’s formation, Greater Richmond was named as one of the nation’s Top 10 “Most Improved” communities in Fortune magazine’s annual “Best Cities for Business” survey.

The value of the Partnership continues to be one of the highest for regional programs. For every dollar invested in our organization, $175 is returned in the form of capital investment from expanding and retained businesses.

Subtle changes add up over 22 years – from not having an identity to being the home of 11 Fortune 1000 companies. We cannot continue our award-winning success without your support.

Board Chair Statement

The nation’s economic landscapes has changed dramatically since serving as Partnership Chair in 2003. But during that time one thing has remained constant, and that’s the importance of a regional economic development organization spearheading the business attraction efforts of Greater Richmond. The public sector can’t do it alone and neither can the private sector. That’s why it’s so important to fund the Greater Richmond Partnership and its vision.

Areas of Service
Areas Served
Area
Richmond, City
Chesterfield County
Hanover County
Henrico County
Board Chair
Board Chair Mr. Bobby Ukrop
Company Affiliation Ukrop's Homestyle Food
Term July 2016 to June 2017
Email bobby.ukrop@ukrops.com
Board of Directors
Board Members
NameAffiliation
Mr. William G. Beale Union Bank & Trust
Mr. Joseph P. Casey Chesterfield County
Ms. Selena Cuffee-Glenn City of Richmond
Mr. William F. Gifford Jr.Altria Group, Inc.
Ms. Leslie T. Haley Chesterfield County
Mr. Cecil R. Harris Hanover County
Ms. Angela Kelly-Wiecek Hanover County
Mr. Barry Matherly Greater Richmond Partnership
Ms. Michelle Mosby City of Richmond
Ms. Patricia S. O'Bannon Henrico County
Mr. John D. O'Neill Jr.Hunton & Williams, LLP
Ms. Anita C. Saunders Greater Richmond Partnership
Mr. Buck Stinson Capital One Financial Corp.
Mr. Bobby Ukrop Ukrop's Homestyle Food
Mr. John Vithoulkas Henrico County
Mr. Daniel Weekley Dominion Resources
Board Demographics - Ethnicity
African American/Black 3
Asian American/Pacific Islander 0
Caucasian 12
Hispanic/Latino 0
Native American/American Indian 0
Other 0 0
Board Demographics - Gender
Male 9
Female 6
Governance
Board Term Lengths 1
Board Meeting Attendance % 0
Written Board Selection Criteria? Yes
Written Conflict of Interest Policy? Yes
Percentage Making Monetary Contributions 0
Percentage Making In-Kind Contributions 11
Number of Full Board Meetings Annually 5
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
Executive Director
Executive Director Mr. Barry Matherly
Experience

Whether traveling around the world, working with a prospect or hosting international delegations, Barry is the head recruiter for the region.

He is a certified economic developer with over 20 years of leadership experience at the city, county, regional and university levels.

Previously, Barry served as Senior Vice President of Business Development of the Partnership for three years. He was hired from the Lincoln Economic Development Association in North Carolina where he served as the executive director. He also spent time as the Director of Economic Development for the communities of Goochland and Pulaski, Virginia, and the Special Projects Manager at the Economic Development Assistance Center at Virginia Tech University. He also interned 3 years for the United States Department of Commerce. Before a career in economic development, Barry sent six years as a manager for JC Penney.

Barry has a bachelor’s degree from James Madison University and a master’s degree from Virginia Tech University. He is also a graduate of the Economic Development Institute at the University of Oklahoma and a recipient of the Robert B. Cassell Leadership Award.

Always a servant leader, Barry serves as the Chair of the International Economic Development Council (IEDC) Board and is on the Governance Committee. Barry also serves of the Executive Board of the Economic Development Institute at the University of Oklahoma and is chair of the Alumni/Scholarship Committee.

Locally, Barry is a member of the Virginia Economic Developers Association and the Greater Richmond Association for Commercial Real Estate (GRACRE). A foodie, he loves the restaurant scene in the region and frequents them often.

Barry was awarded Fellow Member status by the IEDC, named one of the 40 Leaders Under 40 (2002) by the Charlotte Business Journal, recognized as a North Carolina Main Street Champion and is a Senior Fellow of the American Leadership Forum.

Staff
Full Time Staff 11
Plans
Organization has a Fundraising Plan? Yes
Organization has a Strategic Plan? Yes
Years Strategic Plan Considers 3
Date Strategic Plan Adopted July 2014
Programs
Description

Business location assistance is focused on domestic and international companies planning to relocate or expand facilities. Business services are provided to small and large companies that require office, manufacturing, research and distribution buildings and/or sites. The Partnership serves as a single point of contact to the network of private sector and state and local government professionals serving Central Virginia.

Population Served General/Unspecified
Budget $1,487,057.00
Short Term Success

Annual Work Plan 

  • Attract $334 million in capital investment
  • Stimulate the creation of 1,667 direct jobs from new and expanding companies
  • Identify 167 national and international companies seeking to locate in the region
  • Build a global marketing program that raises the awareness of the Richmond Region as a preferred business location

 

Long Term Success Three Year External Goals
Attract $1 billion in capital investment, stimulate the creation of 5,000 direct jobs from new and expanding companies, and recruit one Fortune 1000 headquarters.
Description

BusinessFirst Greater Richmond is a collaborative effort between the Partnership and our four local government partners that focuses resources, services and support on companies that call Greater Richmond home. Professional development staff and trained volunteers from the business community interview CEOs and other top company officials to fully understand the company and the factors critical to its long-term success.

Population Served General/Unspecified
Budget $50,530.00
Short Term Success

The upcoming Business First year promises to bring some exciting new changes.

 

  • New Data: The Business First team will continue to adjust the survey tool to ensure it provides the best opportunity to discover needs and deploy resources, while respecting the time of our local business leaders.
  • New Staff: Several new economic development professionals will join the Business First time over the coming year. We look forward to the new ideas, new perspectives, and new energy which these individuals will bring to the program
  • New Heights: Work will continue on the High Growth Initiative, as we make progress identifying available resources and work with partners to catalogue available services.
  • New Markets: The Business First team will continue to work toward identifying export-ready businesses and connecting them to the region’s impressive network of comprehensive export assistance.

 

Long Term Success

Three Year Goals

 

  • Support local Business First partners in their outreach to at least 1,000 firms
  • Grow existing business initiatives to support growth companies through new partner networks, enhanced funding sources, and collaborative offerings
  • Leverage resource partner network to enhance services available through Business First program
  • Engage more than 125 existing foreign-affiliated firms at least four times annually by involving them in international itinerary planning
  • Launch export initiative to increase the value of regional exports by roughly $1billion over three years, increasing Richmond’s Metro Export GDP to the national average
  • Measure business community trends and develop agile responses to areas of challenge or need within the region

 

Fiscal Year
Projected Revenue $2,440,000.00
Projected Expenses $2,440,359.00
Form 990s
IRS Letter of Exemption
Detailed Financials
Revenue SourcesHelpThe financial analysis involves a comparison of the IRS Form 990 and the audit report (when available) and revenue sources may not sum to total based on reconciliation differences. Revenue from foundations and corporations may include individual contributions when not itemized separately.
Fiscal Year201520142013
Foundation and
Corporation Contributions
$737,500$1,004,442$1,105,005
Government Contributions$1,480,000$1,280,000$1,280,000
Federal------
State------
Local$1,480,000$1,280,000$1,280,000
Unspecified------
Individual Contributions$207,948----
------
------
Investment Income, Net of Losses$32,818$108,668$141,261
Membership Dues------
Special Events------
Revenue In-Kind------
Other$2,536$18,527--
Expense Allocation
Fiscal Year201520142013
Program Expense$694,215$1,203,465$1,196,576
Administration Expense$1,626,249$1,586,518$1,506,158
Fundraising Expense$0----
Payments to Affiliates------
Total Revenue/Total Expenses1.060.860.93
Program Expense/Total Expenses30%43%44%
Fundraising Expense/Contributed Revenue0%0%0%
Assets and Liabilities
Fiscal Year201520142013
Total Assets$1,698,314$1,305,889$1,621,692
Current Assets$1,043,912$737,934$895,022
Long-Term Liabilities$0----
Current Liabilities$566,558$314,471$251,928
Total Net Assets$1,131,756$991,418$1,369,764
Short Term Solvency
Fiscal Year201520142013
Current Ratio: Current Assets/Current Liabilities1.842.353.55
Long Term Solvency
Fiscal Year201520142013
Long-Term Liabilities/Total Assets0%0%0%
Capital Campaign
Currently in a Capital Campaign? No
Capital Campaign Anticipated in Next 5 Years? No
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit 11/2016View
Comments
Foundation Comments
  • Form 990 and audit prepared by L.P. Martin & Company, P.C.
  • Financial information provided by audit.
  • Received 501(c)(3) status in 2014.  Previously, the Greater Richmond Chamber Foundation was the fiscal agent for the organization.