Virginia Supportive Housing
P.O. Box 8585
Richmond VA 23226
Mission Statement
The mission of Virginia Supportive Housing is to end homelessness by providing permanent housing and supportive services.
 
Virginia Supportive Housing (VSH) is the largest and oldest provider of permanent supportive housing (PSH) in Virginia. The PSH program model, which combines affordable housing and individualized supportive services, is widely recognized as an evidence-based solution to homelessness
Leadership
CEO/Executive Director Ms. Allison Bogdanovic
Board Chair Mr. James F Banta
Board Chair Company Affiliation Community Volunteer
Contact Information
Address P.O. Box 8585
Richmond, VA 23226
Telephone 804 788-6825
Fax 804 788-6827
E-mail info@virginiasupportivehousing.org
History and Background
Year of Incorporation 1988
Former Names
NameYear
S.R.O. Housing of Richmond1999
Financial Summary
 
 
Projected Revenue $8,693,536.00
Projected Expenses $8,676,048.00
Statements
Mission
The mission of Virginia Supportive Housing is to end homelessness by providing permanent housing and supportive services.
 
Virginia Supportive Housing (VSH) is the largest and oldest provider of permanent supportive housing (PSH) in Virginia. The PSH program model, which combines affordable housing and individualized supportive services, is widely recognized as an evidence-based solution to homelessness
Impact

Accomplishments: 

Strong Outcomes

In 2013, VSH provided permanent housing and supportive services to a total of 672 individuals in Central Virginia, South Hampton Roads and Charlottesville.

An average of 96% of those housed did not return to homelessness; an average of 53% that entered housing with no income secured income through benefits acquisition and/or employment; and, there was an annual average increase in income of almost $4,000.

1,000 Homes Campaign

VSH is a leader of the 1,000 Homes for 1,000 Virginians-Richmond Campaign, an initiative to identify, outreach, and house the most vulnerable homeless individuals living on the streets. The goals of this project are to end homelessness in Richmond one individual at a time, increase housing stability through the delivery of supportive services to clients, reduce clients’ mental health symptoms and increase economic self-sufficiency. VSH continues to be the agency providing the most housing and services to identified vulnerable individuals in Greater Richmond. Since the launch of the 1,000 Homes campaign, VSH has housed 179 (74%) of the total 241 individuals and families that have been housed by the collaborative since August 2011.

Supportive Services for Veteran Families (SSVF)

Since October of 2011 our SSVF program has prevented or ended homelessness for 666 veterans and many members of their families. In addition, our program (originally operating only in Richmond and Petersburg) has been expanded to include Charlottesville. VSH was recently recognized for its exceptional success rate in serving veterans who are homeless or at risk of becoming homeless when we were selected by the federal government to serve as a mentor organization to five other SSVF programs in Virginia and North Carolina.

Reducing Homelessness – Reducing Costs

VSH is making a quantifiable impact in the community by reducing the number of people living on the streets. This is evidenced by Richmond's Point In Time (PIT) count which showed a 21.1% decrease in unsheltered individuals from January 2012 to January 2013. And, since the 1,000 Homes initiative began in 2011, Richmond has seen a 40% decrease in street homelessness.

This reduction comes with significant cost savings for the community. Overall, VSH’s housing costs about $10,000-13,000 per person per year. Without housing, these individuals cost taxpayers an average of between $40,000 and $50,000 annually because of inappropriate use of hospital emergency rooms, and their use of 911 services, temporary shelter programs, meal programs, and other social services.

Goals for 2014:

Renovate 39 units of permanent supportive housing at Studios II in South Richmond.

Update VSH’s strategic plan.

Become a certified Service Enterprise Initiative through training and support provided by the Partnership for Nonprofit Excellence and Capital One’s Service Enterprise Initiative Pilot Program.

Continue to build the Alice Tousignant Endowment Campaign.

Needs

Money:

Need 1: A Place To Start – $329,741

The A Place To Start program serves men and women who are chronically homeless with a severe and persistent mental health disorder in the City of Richmond and Chesterfield and Henrico Counties. A Place To Start provides scattered-site rental housing and intensive support services to help an average of 80 participants per year maintain housing, improve their mental and physical health, and achieve greater independence.

Need 2: Supportive Services- $239,134

VSH has 163 units of permanent supportive housing in Greater Richmond. VSH provides comprehensive, onsite supportive services in each of its supportive apartment buildings, including case management, counseling, skills training, and community building, to help residents improve economic self-sufficiency and housing stability and to promote mental/physical health and substance abuse recovery.

Need 3: General Operating- $246,450

Without fundraising and administrative support, VSH could not continue to provide its permanent housing and support services which are helping to end homelessness for individuals and families in Greater Richmond.

People:

Need 1: Volunteers for client interaction opportunities (meals, game nights, computer classes, etc.)

Need 2: Volunteers for indoor/outdoor property beautification projects (painting, landscaping, planting, community garden development)

Need3: Volunteers for administrative support (create newsletters, write blogs, process donations, help with solicitations, assist with filing, build databases, conduct research)

Stuff: 

Need 1: Additional company cars for staff to transport clients to the pharmacy, to the grocery store, and to medical and other appointments

Need 2: Non-perishable food for new clients who have just moved into their apartment and are not yet receiving benefits

Need 3: Bus tickets for client transportation

Background

Virginia Supportive Housing (VSH) is a non-profit 501(c)3 organization that transforms lives and communities by providing proven, permanent solutions to homelessness. Founded in 1988, VSH was the first non-profit in Virginia with the mission of providing permanent supportive housing (PSH) to homeless single adults.

PSH is a best practice, evidence-based strategy that combines affordable housing, which usually includes rental subsidies, and supportive services with a goal of keeping people stably housed so they do not return to homelessness.

VSH accomplishes its mission by 1) creating new housing, either through new construction or rehabilitation/adaptive re-use, that VSH then owns & operates and 2) by paying rental subsidies in apartments in the community that VSH does not own.

 

In 1992, VSH opened New Clay House, the first permanent supportive apartments in Virginia and home to 47 formerly homeless single adults.VSH owns and manages a total of 163 units of PSH and operates an additional 225 scattered-site PSH units in the Richmond community. 

The homeless individuals and families VSH serves represent the very lowest levels of income in our region (50% or less of area median income). This financial situation is often compounded by other challenges, including substance abuse, mental illness, and physical disabilities. VSH is increasingly targeting its housing and services to those in the community with the greatest level of need, including the chronically homeless and medically vulnerable.

VSH provides comprehensive supportive services to tenants residing in the buildings that VSH owns and operates and in the scattered-site rental housing in the community. Supportive services include case management, counseling, skills building, and financial literacy education to help clients achieve housing and economic stability and substance abuse and mental/physical health recovery.

VSH clients sign leases and pay 30% of their monthly income as rent with a minimum rent of $50. Clients may stay in PSH for their lifetime or may move on to private housing in the community when they no longer need support services. Approximately 80% of the clients VSH houses and serves eventually move after an average stay of 4-5 years, thus freeing up units for other homeless individuals.

 

VSH’s PSH is extremely successful - over 95% of our residents do not return to homelessness.

Areas of Service
Areas Served
Area
In a specific U.S. city, cities, state(s) and/or region.
Metro Richmond
Tri-cities Region
Richmond, City
Ashland
Chesterfield County
Colonial Heights, City
Dinwiddie County
Goochland County
Hanover County
Henrico County
Hopewell, City
Petersburg, City
Charles City County
Charlottesville-Albermarle
Hampton Roads
Board Chair
Board Chair Mr. James F Banta
Company Affiliation Community Volunteer
Term Jan 2015 to Dec 2017
Email jamesbantacorp@gmail.com
Board of Directors
Board Members
NameAffiliation
Mr. James F. Banta Capital One Financial Corp.
Mr. Frederick A. Carleton, Jr. US Trust, Bank of America
Mr. Kevin J. Chase SunTrust Bank
Mr. Keith L. Conley Veteran, US Navy
Ms. Pamela Goggins Microsoft
Mr. Houston Gray The Houston Group, LLC
Mr. Steve E. Heretick Stephen E. Heretick,PC
Delegate Stephen E Heretick Attorney at Law
Mr. Jack Horn Martin Horn, Inc.
Mr. T. Preston Lloyd Jr.Williams Mullen
Mr. Tavis B. Maxwell Capital One Financial Corp.
Mr. John P. McCann McCann Realty Partners
Mr. Christopher J. Moore Self-Employed
Ms. Sharon K. Nusbaum Community Volunteer
Ms. Charmaine Rochester Bon Secours Health Systems, Inc.
Ms. K. Logan Schmidt TowneBank
Ms. Susan H. Siegfried Office of the Attorney General
Ms. Loretta W. Tabb Wells Fargo Advisors, LLC
Ms. Loretta Tabb Wells Fargo Advisors
Ms. Anne Thomas-Hines Thomas-Hines Interiors
Ms. Christina Waller Power Distribution, Inc.
Board Demographics - Ethnicity
African American/Black 3
Asian American/Pacific Islander 0
Caucasian 17
Hispanic/Latino 0
Native American/American Indian 0
Board Demographics - Gender
Male 15
Female 5
Governance
Board Term Lengths 1
Board Term Limits 6
Written Board Selection Criteria? No
Written Conflict of Interest Policy? Yes
Percentage Making Monetary Contributions 100
Percentage Making In-Kind Contributions 100
Number of Full Board Meetings Annually 6
Standing Committees
Program / Program Planning
Development / Fund Development / Fund Raising / Grant Writing / Major Gifts
Finance
Advisory Board / Advisory Council
Housing and Community Development
Board Governance
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
Advisory Board Members
NameAffiliation
Mr. Ed Bain TJACH
Ms. Betsy Bighinatti Dominion Place
Mr. Karl Bren Green Visions Consulting
Ms. Diana Capilli S.L. Nusbaum Realty Co.
Ms. Nancy Carpenter Community Volunteer
Mr. Imad Damaj Virginia Muslim Coalition for Public Affairs
Mr. James Dunn Bon Secours Richmond Health System
Bishop Gerald O. Glenn New Deliverance Evangelistic Church
Councilman C.E. "Cliff" Hayes Jr.City of Chesapeake
Ms. Jane Henderson VA Community Capital
Ms. Daun S. Hester Calvary Christian Elementary School
Ms. Lezlie Hierholzer Raven Wood Farm
Mr. Mike Jakubowski TowneBank Norfolk
Mr. Mark Jansen TJACH
Ms. Laura Lafayette Richmond Association of Realtors
Mr. J. Ryan Lingerfelt Lingerfelt Companies
Ms. Penny Johnson McPherson Wells Fargo
Mr. Dave Norris Charlottesville City Council
Ms. Sharon Payne VA Wesleyan College
Mr. Gilbert M. Rosenthal The Rosenthal Foundation
Mr. Robert C. Sledd Past Chairman/CEO Performance Food Group
Mr. T.K. Somanath Better Housing Coalition
Mr. Wallace Stettinius Retired Chairman, Cadmus Communications
Ms. Nancy B. Stutts Connect Network
Ms. Claire Thompson Consultant
Mr. James Ukrop First Market Bank/Ukrop's
Mr. Neil Walsh Sacred Heart Catholic Church
Mr. Neil Walsh Sacred Heart Catholic Church
Mr. Sean Wetmore Norfolk Academy
Ms. Carrie White Community Volunteer
Comments

Over the last 10 years, VSH has experienced rapid growth and now operates in three regions state-wide. However, infrastructure development did not keep pace with the needs of 120-person organization with 17 properties serving 1,200 clients annually.

As the Executive Director, I am proactively strengthening the leadership team, adopting new systems and developing a more informed and motivated workforce across the organization..

Executive Director
Executive Director Ms. Allison Bogdanovic
Experience

Ms. Bogdanovic has over ten years of experience developing, promoting, and executing strategies for ending homelessness by developing affordable housing and adapting funding and permanent supportive housing models to meet the challenges of different locations and economic environments. Ms. Bogdanovic has demonstrated a proven ability to cultivate community relationships and partnerships and played a critical role in growing the organization’s geographic footprint. She is committed to nurturing a positive working environment where communication is open, professional development encouraged, and crisis situations are avoided.


While in the role of VSH Director of Housing development, Ms. Bogdanovic developed and promoted affordable housing by leading a team of up to five members, raising capital including equity from low income housing tax credits, HUD funds, below-market loans, and grants, and overseeing all aspects of due diligence for real estate projects. She created 279 units in eight buildings in five cities. Total capital raised equaled $38.6 million with $16.2 million in process for projects in the development pipeline. The developer fees generated totaled $3.4 million with $1.7 million expected from pending construction. Two of these developments earned statewide recognition as EarthCraft Virginia Multifamily New Construction Projects of the Year for incorporating sustainable technology.

Former CEOs
NameTerm
Ms. Alice Tousignant Mar 1997 - Dec 2013
Senior Staff
NameTitle
Mr. Kim Fergusson Chief Financial Officer
Ms. Tina Hall Director of Human Resources
Ms. Alison Jones-Nassar Manager of Volunteer Resources
Ms. Sheila Parker Director of Property Manager
Ms. Jennifer Tiller Director of Client Programs
Staff
Full Time Staff 122
Part Time Staff 16
Volunteers 800
Contractors 1
Plans
Organization has a Fundraising Plan? Under Development
Organization has a Strategic Plan? Under Development
Years Strategic Plan Considers 5
Management Succession Plan? No
Organization Policy and Procedures Yes
Nondiscrimination Policy Yes
Whistleblower Policy Yes
Document Destruction Policy Yes
Directors and Officers Insurance Policy Yes
Collaborations

In Richmond, VSH has long-standing relationships with homeless service providers and health providers in the Richmond community including the Richmond Behavioral Health Authority, The Daily Planet, Bon Secours, VCU Health Systems, the Veterans Administration, the Department of Social Services, CARITAS and other homeless service providers. These organizations are partners in providing services to VSH clients.

VSH is a leading partner in a multi-sector collaborative within Richmond’s existing homeless service system – The Richmond Area Collaborative to End Chronic Homelessness (RACECH). Collaborative initiatives include: coordination of outreach and housing access efforts with the homeless population; collaboration with The Daily Planet for the physical/mental health and dental care needs of consumers; collaboration with the state’s SOAR program to educate consumers on SSI/SSDI benefits acquisition; staff participation in Continuum of Care planning; regular meetings with local and state psychiatric hospital discharge planners for referral purposes; and, using state wide peer groups to provide trainings regarding wellness and recovery for clients.

Collaborative members meet regularly to reduce duplication of services, identify and target vulnerable individuals, and monitor progress toward ending street homelessness. These efforts ensure that limited resources are used most effectively to end homelessness for the most vulnerable.

The VSH Housing Development team was the first in the nation to work with governmental entities across jurisdictions to create regionally financed housing developments to meet community needs in the Hampton Roads region. VSH was also the first permanent supportive housing developer utilizing collaborative funding from the counties of Chesterfield and Henrico and the City of Richmond to develop the Studios at South Richmond.

Affiliations
AffiliationYear
HandsOn Greater Richmond2009
Homeward1999
Partnership for Nonprofit Excellence2005
United Way of Greater Richmond & Petersburg Partnership Agency1995
Virginia Sustainable Building Network2007
Awards
Awards
Award/RecognitionOrganizationYear
Housing Achievement Award - New Clay HouseOffice of the Governor1993
Housing Achievement Award - FIND for FamiliesOffice of the Governor2000
Eureka Mentor AwardEureka Communities - Boston2002
Housing Achievement Award - Permanent Supportive HousingOffice of the Governor2004
Success Award for Quality and AccountabilityHomeward2004
Housing Achievement Award - Gosnold Apartments - Hampton RoadsOffice of the Governor2007
Courage Award - Gosnold Regional SRO - Hampton RoadsVolunteers of America2008
Housing Achievement Award - A Place To Start ProgramOffice of the Governor2009
Steve Netherly Award for Overcoming Homelessness - Orvilee Banks, former VSH ClientHomeward2009
Innovation in Homeless Service Provision Award - A Place To StartHomeward2010
Multi-Family New Construction of the Year for Energy and Resource Efficiency - South Bay Apartments - Hampton RoadsEarthcraft Virginia2011
Multi-Family New Construction of the Year for Energy and Resource Efficiency - The Crossings - CharlottesvilleEarthcraft Virginia2012
Best Green Residential Project Award - The Crossings - CharlottesvilleVirginia Sustainable Building Network2012
Innovation in Homeless Service Provision Award - Richmond Area Collaborative to End HomelessnessHomeward2013
Housing Partner Special Projects Award - Heron's Landing - Hampton RoadsHampton Roads Housing Consortium2013
Combatting Homelessness AwardNational Council of State Housing Agencies2013
Programs
Description

A Place to Start (APTS) provides housing and services to single adults in the Greater Richmond area who have a history of chronic homelessness and a severe and persistent mental illness. Most participants in the APTS program have been homeless and on the streets for one to three years. Most enter the program with no income or medical benefits, and 40% do not have a high school degree or GED.


In addition to suffering from the debilitating symptoms of a mental illness, approximately 40% of participants have some type of active addiction. Approximately 90% suffer from a physical health problem, including diabetes, high blood pressure, and cancer. Many have limited or no family support, and it is quite typical of this group to report minimal to no positive supports in the community.

In line with the housing first model, APTS comprehensively links housing services with treatment for co-occurring mental health and substance abuse disorders and primary health care. Services are provided by an Intensive Community Treatment team that is licensed by the Virginia Department of Behavioral Health and Developmental Services and available to clients 24 hours/day, 365 days/year. Services are not time-limited. APTS team members are a licensed mental health clinician, case managers, a psychiatric nurse, psychiatrist, and peer counselor. With regular communication and a low staff-client ratio, the clinical team is able to prevent or respond quickly to client problems and crises. Staff helps clients apply for benefits, schedule and maintain doctor’s appointments, obtain and take medications, and develop social supports. Substance abuse and employment services are also available as needed. The psychiatrist is available to all APTS clients and is a required position for DBHDS licensure.

By helping homeless individuals get off of the streets and into stable housing with the support services they need, VSH's APTS program is improving overall health and safety of the community.

Population Served Homeless
Budget $809,977.00
Short Term Success

 The APTS program exceeded performance targets for all its goals in 2013. 

93% of the clients served by APTS maintained housing stability and did not return to homelessness (this number includes only those who have been in the program for at least one year).

Nine individuals "graduated" and moved on to other permanent housing, enabling VSH to house additional homeless individuals with a severe and persistent mental illness.

APTS was successful at engaging 95% of clients in services and ensuring that 82% are receiving benefits.

APTS clients had a 48% increase in total income.

57% had improved outcomes in two or more domains of mental health functioning such as serious anxiety and manic episodes.

Long Term Success The A Place to Start (APTS) program has four primary objectives: to decrease homelessness among persons who are experiencing chronic homelessness and have a serious mental illness, to decrease the impact of psychiatric symptoms on program participants, to improve or stabilize the physical health of program participants, and to reduce the over utilization of community services and resources by program participants.  
Description
The services described below are offered to the individuals and families living in VSH's permanent supportive housing.
 
CASE MANAGEMENT
  • Supportive services staff assist with accessing community services and resources, monitor the quality and effectiveness of those services, and ensure coordination of care to promote achievement of each individual's personal goals.
 
COUNSELING & SKILLS TRAINING
  • We provide counseling to help individuals resolve life issues, promote recovery, and manage mental health symptoms. Skills training is provided to promote life skills such as budgeting, medication management, and development of positive social supports.
 
COMMUNITY BUILDING
  • We work with individuals to ensure a strong sense of connectedness in each apartment community as well as with the larger communities in which we are located. Individuals participate in community meetings, attend civic association meetings and community events, and plan recreational activities.
Population Served Poor,Economically Disadvantaged,Indigent
Short Term Success
Residents will remain permanently housed.
 
Residents will increase their income.
Long Term Success 95% of those housed by VSH will not return to homelessness.
Description

The housing development team creates new or rehabilitated housing with supportive services for individuals and families who are homeless and/or have disabilities by coordinating the efforts of many allied real estate professionals.  Developments do not happen without financial backing and require the negotiation of multiple complex agreements with federal, state, local, and private funding partners.  Only then can physical construction start, involving the myriad of design and construction experts.   Before, after, and during the process, the housing development team works with public sector officials on approvals, zoning changes, building codes, infrastructure, and with community groups.  Clients and the property management and supportive services staff who will enjoy the intended benefits of the built space provide critical input.   The housing development team must ensure that all these elements are completed on schedule, are properly executed, and are reasonably within budget. 

Population Served Homeless
Short Term Success The short-term success of the Housing Development program involves securing support for supportive housing units in the pre-development phase, including financial support for the capital improvements, financial support of the supportive services, and a long-term commitment of vouchers and rent subsidies.  These supports must be in place for the development to move forward into the construction phase.
Long Term Success Long-term success is measured by the number of supportive housing units produced with a certificate of occupancy for the intended population.  The units are then turned over to Virginia Supportive Housing’s property management and supportive services programs.
Description

VSH’s HomeLink program provides scattered-site rental housing and support services for chronically homeless individuals in Greater Richmond. All participants that have been housed through HomeLink since its launch in 2011 are considered medically vulnerable. This program is taking individuals off of the streets who were at increased risk of death due to chronic health conditions, length of homelessness, and other factors. HomeLink case managers provide a variety of services for participants to help clients maintain housing and achieve recovery including helping clients to apply for benefits, schedule and maintain doctor’s appointments, obtain and take medications, and develop social supports, among other services.

Population Served Homeless
Short Term Success
95% will remain permanently housed
 
50% will increase their income
 
80% will participate in physical healthcare
Long Term Success 95% of those housed and served will not return to homelessness.
Description

VSH's Supportive Services for Veteran Families program is designed to help very low income Veteran families in the Charlottesville, greater Richmond, Tri-cities of Petersburg, Hopewell, Colonial Heights and surrounding areas address challenges in order to secure stable, permanent housing. SSVF provides a short term intense period of case management to link families to benefits and may provide temporary financial assistance to help with the cost of achieving housing stability for Veteran families.

SSVF Supportive Services

SSVF staff provides outreach services, case management and housing location and placement to help families achieve housing stability. SSVF staff also serves as a link for eligible Veterans to VA benefits and other public benefits which may include:

· Vocational and rehabilitation counseling

· Employment and training services

· Educational assistance

· Healthcare services

· Daily living services

· Personal financial planning services

· Income support services

· Legal services

SSVF Temporary Financial Assistance

SSVF provides temporary financial assistance to eligible Veteran families to help them remain in permanent housing or obtain permanent housing. Temporary financial assistance payments on behalf of Veteran families may be made to landlords, utility companies, and moving companies in order to obtain or remain in permanent housing. A participant must be receiving case management services from an SSVF case manager or HUD VASH case manager in order to receive financial assistance. Assistance is time-limited and payments must be made to third parties.

Population Served Homeless
Short Term Success 95% of those served will not return to homelessness.
Long Term Success To prevent and end homelessness for veterans at risk of or experiencing homelessness.
Fiscal Year
Projected Revenue $8,693,536.00
Projected Expenses $8,676,048.00
Endowment Value $70,000.00
Spending Policy Percentage
Percentage (if selected) 5
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
$1,390,230----
Government Contributions$5,580,384$5,369,013$5,419,725
Federal------
State------
Local------
Unspecified$5,580,384$5,369,013$5,419,725
Individual Contributions$311,848$1,489,976$1,323,002
--$55,000$45,372
$1,338,516$753,549$1,697,834
Investment Income, Net of Losses$129,498$161,947$88,913
Membership Dues------
Special Events--$2,364$76,812
Revenue In-Kind------
Other($1,661)--$4,152
Expense Allocation
Fiscal Year201520142013
Program Expense$6,433,356$6,372,163$4,955,225
Administration Expense$1,209,184$973,585$901,366
Fundraising Expense$512,960$486,275$441,918
Payments to Affiliates------
Total Revenue/Total Expenses1.071.001.37
Program Expense/Total Expenses79%81%79%
Fundraising Expense/Contributed Revenue7%7%6%
Assets and Liabilities
Fiscal Year201520142013
Total Assets$21,719,865$20,844,936$20,407,781
Current Assets$1,218,155$1,217,190$1,269,661
Long-Term Liabilities$0----
Current Liabilities$1,383,733$1,102,119$583,444
Total Net Assets$20,336,132$19,742,817$19,824,337
Short Term Solvency
Fiscal Year201520142013
Current Ratio: Current Assets/Current Liabilities0.881.102.18
Long Term Solvency
Fiscal Year201520142013
Long-Term Liabilities/Total Assets0%0%0%
Capital Campaign
Currently in a Capital Campaign? No
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit 5/2017View
Comments
Organization Comments
A new CFO, Kim Fergusson, began in early November 2014 and a 2015 budget was approved by the Board at the February 2015 meeting.
 
Mr. Fergusson is a CPA with a strong record of financial turn-arounds and system integration. He is working to modernize our systems, move from QuickBooks to a more robust accounting system; implement a document management system and an electronic time-keeping system, etc.
 
In February 2015, we hired a senior Government Grants Administrator to focus on relationships, processes, cash flow and compliance. We have already increased the accounts receivables from our 45 federal, state, and local grants for housing and services.
 
Finance is a key driver of our affordable housing development decision-making. We develop pro formas for each project, examine various scenarios regarding tax-credits, and we explore the availability/sustainability of housing subsidy available to our residents. We have low tolerance for risk given that our developments usually have 30-year agreements with use restrictions focused on serving very low-income individuals, and we have little elasticity to raise rents. If a project is not sustainable, we do not build it.

Our budgets are multi-layered. We develop annual regional budgets, program budgets and operating budgets for each property. Our finance committee meets monthly and is very involved in fine-tuning proposed budgets and making recommendations for the Board's approval of the annual budget.

 
Foundation Comments
  • Audited financial statements represent the financial position of Virginia Supportive Housing and their affiliates.
  • Form 990 represents solely the financial position of Virginia Supportive Housing.