Richmond Community ToolBank
1407 Cummings Drive
Richmond VA 23220
Mission Statement The Richmond Community ToolBank stewards an inventory of tools for lending to charitable organizations to increase the impact of their mission-related efforts in the community.
Leadership
CEO/Executive Director Trey Bearden
Board Chair Jay Smith
Board Chair Company Affiliation Capital Results
Contact Information
Address 1407 Cummings Drive
Richmond, VA 23220
Telephone 804 219-0606
Fax 678 974-8615
E-mail trey.bearden@toolbank.org
History and Background
Year of Incorporation 2008
Financial Summary
 
 
Projected Revenue $185,000.00
Projected Expenses $175,000.00
Additional Documents
RVA ToolBank HandsOn Grtr Richmond letter of support2013View
Statements
Mission The Richmond Community ToolBank stewards an inventory of tools for lending to charitable organizations to increase the impact of their mission-related efforts in the community.
Impact The Richmond ToolBank will become a vital resource for civic engagement in the Greater Richmond community, by managing unfettered access to tools for the area’s nonprofit service. The benefit will be proven by the number of agencies accessing tools, the number of volunteers equipped with tools to complete community projects and the value of tools donated that would otherwise have had to be purchased.  ToolBank tools impact many different causes, but the organization excels in servicing the following charitable sectors:  Community Revitalization; Health & Human Services (repairing and improving food banks, shelters, and transitional homes for families and veterans); Environmental Sustainability; Arts & Culture (historic sites, community theaters, artist’s guilds, and other agencies borrow tools to maintain their facilities and grounds; and Education & Youth (schools, PTAs/PTOs, and other charitable groups increase recreational capacity to keep campus grounds safe and clean).
Needs
The Richmond ToolBank is currently raising the necessary funds to increase our tool inventory, outfit the warehouse and build brand awareness.  We are also working on developing partnerships that will make the Richmond Community ToolBank vision a reality.  As with every nonprofit organization, we needs to raise funds in order to be sustainable and successful.
 
Because we are a new organization within the ToolBank network, we need the exposure to become the premier tool lending source in Richmond and surrounding communities.  We must market ourselves to the nonprofit community.  Our greatest asset is tools, and so we will have an ongoing need for new and gently-used tools that fit our inventory requirements.
 
Finally, the Richmond ToolBank is a very lean organization, with one full-time staff person.  We have a huge need for volunteers to support our work in making Richmond home.  That includes helping us load into our facility (once it is secured), and ongoing warehouse help with charitable organization tool borrowing, tool maintenance and customer service.
Background

The Richmond ToolBank incorporated in February of 2013, and is an affiliate of the national parent organization, ToolBank USA (www.toolbank.org).  We opened our doors on January 19th, 2015.  Richmond is the seventh of eight incorporated ToolBanks in the United States.  ToolBanks in Atlanta, Baltimore, Charlotte and Cincinnati will loan over 5 million in tools in 2014, equipping over 80,000 volunteers with tools to increase their impact and unlock greater potential for service.

ToolBanks in Houston TX, Phoenix AZ, Richmond VA, and Portland OR are now fully operational and soon will be operating in Chicago.  Additionally, several national nonprofit organizations with local chapters report vastly greater impact from those chapters who have access to a ToolBank.  Among them are HandsOn Network, Habitat for Humanity, Rebuilding Together, Keep America Beautiful, KaBOOM, Cities of Service, and others.  The Richmond ToolBank is building partnerships with these specific nonprofits in our community, in addition to others, such as Backyard Farmer.  We have established a memorandum of understanding with HandsOn Greater Richmond, highlighting our commitment to working together.

CEO Statement Imagine a warehouse with hundreds of hammers, thousands of gloves, scores of ladders and dozens of other types of tools for lending to nonprofit organizations for use in community revitalization projects. The Richmond Community ToolBank will guarantee that every volunteer is equipped with the tools they need to get the job done! ToolBank tools encourage nonprofits to think big, perform larger and more ambitious projects and fully engage more skillful volunteers.

The Richmond ToolBank will immediately provide quick and reliable access to an abundance of high-quality tools to volunteers for use in service projects. As a member of the growing network of ToolBanks, Richmond will enjoy the scalability of core business systems leveraged by ToolBank USA. This unique collaboration empowers the Richmond ToolBank to focus on providing a superior customer service experience with every tool-lending transaction. ToolBank USA also provides ongoing training opportunities, inventory expansion resources and key funding introductions.

The board of directors of the Richmond Community ToolBank are working to develop partnerships that demonstrate strong local support for this effort. We have opened our doors in January, 2015,  thanks to support from national and local support.  We are excited about the impact the ToolBank will have on our community in 2016!  
Board Chair Statement


Areas of Service
Areas Served
Area
Metro Richmond
Richmond, City
Amelia County
Ashland
Chester
Chesterfield County
Dinwiddie County
Essex County
Goochland County
Henrico County
Hopewell, City
Petersburg, City
Powhatan County
Prince George County
Richmond County
Sussex County
Charles City County
King and Queen County
New Kent County
The Richmond Community ToolBank will serve up to a 100-mile radius outside of the city of Richmond.
Board Chair
Board Chair Jay Smith
Company Affiliation Capital Results
Term Jan 2016 to Dec 2016
Email jay@capresults.net
Board of Directors
Board Members
NameAffiliation
Richard Bishop BRS Sales & Marketing Group
Jim Blanchard Capital One
Ginnie Bondurant McGuireWoods
Allen Broaddus Union First Market Bank
Laura Lee Garrett Hirschler Fleischer
Patty Gill, Secretary Patty Gill PLC
Rick Gonzales Wells Fargo
Clay Hilbert Davenport & Company
Curtis Hinton Altria
Snead Luck TRENT Corporation
Greg Mathe, Vice President Dominion
Rich Montgomery UPS
Bill Moore Executive Benefits Strategies/Northwestern Mutual
Connie Jordan Neilsen Thalhimer (Cushman & Wakefield)
Phil Riggan Media General/Richmond.com
Brian Ronnau CapTech Consulting
David Swartz, Treasurer WellsColeman
Board Demographics - Ethnicity
African American/Black 0
Asian American/Pacific Islander 0
Caucasian 12
Hispanic/Latino 6
Native American/American Indian 0
Other 0 0
Board Demographics - Gender
Male 14
Female 4
Governance
Board Term Lengths 3
Board Term Limits 2
Board Meeting Attendance % 66
Written Board Selection Criteria? Yes
Written Conflict of Interest Policy? Yes
Percentage Making Monetary Contributions 100
Percentage Making In-Kind Contributions 4
Number of Full Board Meetings Annually 8
Standing Committees
Executive
Finance
Personnel
Community Outreach / Community Relations
Development / Fund Development / Fund Raising / Grant Writing / Major Gifts
Operations
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
Comments
n/a
Executive Director
Executive Director Trey Bearden
Experience Executive Director, Trey Bearden, has been working in the nonprofit sector for over 10 years. He has organized projects that provide volunteers opportunities to use their gifts and passion to make a difference in communities around the world.
Staff
Full Time Staff 1
Part Time Staff 0
Volunteers 19
Contractors 0
Retention Rate 0
Plans
Organization has a Fundraising Plan? Yes
Organization has a Strategic Plan? Under Development
Management Succession Plan? Under Development
Organization Policy and Procedures Yes
Nondiscrimination Policy Under Development
Whistleblower Policy Yes
Document Destruction Policy Yes
Directors and Officers Insurance Policy Yes
Programs
Description The Richmond Community ToolBank is a nonprofit tool lending program that serves charitable organizations in our community by putting high-quality tools in the hands of the volunteers who are painting schools, landscaping public spaces, repairing seniors' roofs and more.

The purpose of a ToolBank is to make tools available in large volumes to charitable organizations to increase the impact of their projects and volunteers.  Cities with ToolBanks equip more volunteers, increase their impact and improve volunteer retention.  Each ToolBank is home to a massive inventory of hammers, gloves, ladders, power drills, wheelbarrows, shovels and dozens of other types of tools for organizations to use in community revitalization and volunteer service projects.
Population Served General/Unspecified
Budget $150,000.00
Short Term Success

Our goals are to increase program impact, including number of projects completed, volunteers equipped and money saved by our member agencies. Since our goals are clear and measurable, measurement of our plan’s success will be uncomplicated and definite. In the ToolBank’s first year, 10,000 Richmond area volunteers will be equipped with tools to complete projects.  Richmond nonprofits will save more than $194,000 by borrowing (instead of purchasing) $200,000 worth of tools in the first year of the ToolBank’s operation.  In addition, Richmond area nonprofits will complete 500 service projects in our first year.

Long Term Success ToolBanks exist to eradicate the condition of ‘tool scarcity,’ where nonprofits have inadequate access to tools, resulting in decreased volunteer impact, decreased project impact and decreased volunteer retention.
CEO/ED/Board Comments There is a great opportunity to impact community and neighborhood service and outreach in Richmond.  A 2011 survey performed in Richmond by ToolBank USA found that over 60% of respondents from the city’s charitable sector did not have adequate access to the tools needed to conduct their current service projects.  Further, 90% of respondents reported that they would be likely to do more service projects if they had access to ToolBank tools, and 89% said they would perform larger projects.

These service projects often involve the creation, restoration and repair of structures, or working with land. In many instances, volunteers have been asked to bring their own tools to these projects, or charitable organizations have been stretched to find resources to purchase tools. If tools are purchased, storage and maintenance of these tools can become an additional burden. The Richmond Community ToolBank will alter the way these projects are completed, making charitable organizations more effective in completing their own missions and increasing the capacity and impact of their work.
Fiscal Year
Projected Revenue $185,000.00
Projected Expenses $175,000.00
Spending Policy N/A
Form 990s
IRS Letter of Exemption
Detailed Financials
Expense Allocation
Fiscal Year201420132012
Program Expense$48,166--$643,102
Administration Expense$468$135$83,806
Fundraising Expense$1,763--$50,088
Payments to Affiliates------
Total Revenue/Total Expenses3.611229.070.85
Program Expense/Total Expenses96%0%83%
Fundraising Expense/Contributed Revenue2%0%12%
Assets and Liabilities
Fiscal Year201420132012
Total Assets$297,563$165,789$1,103,449
Current Assets$170,416$161,883$764,593
Long-Term Liabilities$0----
Current Liabilities$0--$5,388
Total Net Assets$297,563$165,789$1,098,061
Short Term Solvency
Fiscal Year201420132012
Current Ratio: Current Assets/Current Liabilities----141.91
Long Term Solvency
Fiscal Year201420132012
Long-Term Liabilities/Total Assets0%0%0%
Capital Campaign
Currently in a Capital Campaign? No
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit 5/2014View
Comments
Organization Comments The Richmond Community ToolBank will be required to complete a full financial review and 990, for January 1, 2016-December 31, 2016.  
Foundation Comments
  • New local chapter of ToolBank USA.
  • The financial information on the portrait prior to 2013 is representative of the national organization.
  • Form 990s after FY 2013 are for the Richmond Community ToolBank.
  • Audited financial statements are for the national organization, inclusive of the local chapter.