UnboundRVA
2920 W. Broad Street
Suite 224
Richmond VA 23230
Mission Statement
UnBoundRVA impacts all of Richmond by empowering talented individuals from low-income communities with a path to entrepreneurship.
 
 
Web and Social Media
UnBound's first class!
Leadership
CEO/Executive Director Lucas Michael Buckovich
Board Chair Sarah Williams
Board Chair Company Affiliation Village Bank
Contact Information
Address 2920 W. Broad Street
Suite 224
Richmond, VA 23230
Telephone 804 332-6892
E-mail info@unboundrva.org
History and Background
Year of Incorporation 2014
Financial Summary
Revenue vs Expense Bar Graph - All Years
Expense Breakdown Bar Chart - All Years
 
 
Projected Revenue $340,000.00
Projected Expenses $275,000.00
Statements
Mission
UnBoundRVA impacts all of Richmond by empowering talented individuals from low-income communities with a path to entrepreneurship.
 
 
Impact
In the past three years, we have:
  • Started or are in the process of starting 12 businesses alongside individuals living at or below the poverty line. Five of these businesses will employ our entrepreneurs full-time.
  •  Taken 52 individuals through the Personal Brand Workshop. In the words of one of our participants from this year's class: "This workshop by itself is life changing for anyone who participates. I have been transformed!"
  • Provided over $100,000 in low-interest loans to allow our individuals to purchase the equipment they need to start their small business.
  • Built an innovative, online curriculum to increase the efficacy of our business planning education
  • Implemented an Alumni Support Programming, harnessing the compassion and experience of Richmond business professionals who serve on volunteer Advisory Boards for our entrepreneurs for 12 months following graduation from our program. 

In the next year, we will:
  • Start an additional 5-7 businesses alongside individuals living in poverty in the Richmond community. 
  • Start a perpetual loan fund that will provide low-interest loans to every participant in our program.
  • Identify a community outside of Richmond to launch our pilot expansion program.
Needs
In order to continue this work, we need:
  • Scholarship sponsors - 5 opportunities at $10,000 each: This year, we have created the opportunity to sponsor one of our entrepreneurs. With this donation, we would love for our donors to wrap their arms around the individual they're sponsoring - providing mentorship and additional resources that will ensure the success of the small business and the entrepreneur.
  • Vision Donors: We are looking for 3-5 donors that can support UnBoundRVA at $25,000/year for 3 years as we expand UnBoundRVA to communities outside of Richmond, Virginia and create exponential change.
  • Volunteers with business skills who are interested in long-term volunteer opportunities to provide support to our alumni and new businesses.
  • Loan fund donors - we are trying to change the way our low-income participants can access capital in this city. $250,000 would allow us to start 5-6 businesses each year in perpetuity, assuming an 85% repayment rate (we've got 100% so far!)
  • UnBoundRVA strategy support: we have gotten a lot of traction over the past two years, and we would love a great strategist to walk us through mobilizing this traction to create meaningful results for the future participants of our program!
Background
UnBoundRVA was started by Richard Luck and Sarah Mullens in 2013 after they met doing Teach for America in Charlotte, NC. While they were teaching, they saw the enormous amount of talent going underutilized due to the restrictions of poverty. After they left Charlotte, they moved to Richmond to start a program that would disrupt the poverty cycle for individuals who were willing to do the work. 
 
The experience in Charlotte was the inspiration for the "why" of UnBound, but the "what" and the "how" were born in RVA. Before putting any programs to work, Richard and Sarah met with over 140 leaders in many sectors in the Richmond community and compiled that wisdom into what is now the UnBound way. It's truly a Richmond-built model.
 
Business ownership is not for everyone, so finding the right people, who are at the right stage of their life, is crucial for success. In order to do this, we first partner with community organizations serving low-income individuals. These community organizations leverage their relationships within our low-income communities in order to refer our region's most talented and motivated individuals living in low-income situations.
 
After referral, these individuals undergo a rigorous application process, and the best are invited to attend our Personal Brand Workshop. This class is an extremely powerful class that challenges our participants to look inward at their own values, purpose and life story. This workshop allows us to form deep relationships with our participants and to assess which of them are right to continue on with our program.
 
After the workshop, we help our individuals build business models through our innovative online curriculum. From there, we are able to assess which business models are ready to be funded.
 
Once the business is ready to launch, our Business Development Partners step in with pro bono legal (LeClairRyan), accounting (Cherry Bekaert) and marketing (Big River Advertising) services to give the business a solid back office and brand. Through our partnership with Village Bank, we are able to provide low-interest loans for start up capital.  
 
From here, the real work begins. UnBoundRVA provides 6-9 months of support on the backend - connecting to customers, assessing risk, managing crises and building the capacity of our entrepreneurs along the way.
CEO Statement
I am so honored to be part of an organization that is truly transforming lives of individuals each day. The uniqueness of our program starts with our definition of success: we are successful when and only when we have walked with our participants, through all the barriers, to business success.
 
We believe in doing whatever it takes. The program was founded on the principal of transformational partnership: we do whatever it takes to create transformational life outcomes. Poverty creates an unbelievable amount of barriers, and we believe it is our responsibility to walk with our participants through all of these barriers. Their failure is our failure. And that's how it has to be.

We believe in the power of business.
Small business ownership puts the ball in the court of our entrepreneurs. We provide resources, training and support, but it's still up to our entrepreneurs to create opportunity for themselves. This is the most sustainable form of change within our communities.

We believe in generational outcomes.
The power of business ownership does not stop with the individuals that come through our program. The children of our participants now have positive examples of hard work, breaking through hardship and creating opportunity.

We believe in first chances.
In Richmond, we have some families that have experienced five generations of poverty. And for adults in these families, UnBoundRVA is not a second chance - it's a first chance, and it might be an only chance. We believe that we must invest in these adults, not only because it is the morally right thing to do, but because their human capital is our nation's greatest asset.
 
 
Board Chair Statement UnBoundRVA is creating multigenerational change through our work with high potential individuals.  The Board recognizes the need for a governance culture that meets that long-term commitment.

Our approach has been to structure a board of experienced professionals in nonprofit work, legal and accounting as well as in regional program experience. The Board expects and requires excellence from the team that surrounds the individual, as well as for the funders who make the work possible.

Many of our RVA neighborhoods suffer from five or more generations of poverty in our families.  The skills of success through creating a business and surrounding the owner with people to support and help move out of the cycle of poverty means true long-term success for that family, for the neighborhood and for our community.

That is what UnBoundRVA is doing for our community.  As a board, we are committed to long-term impact, financial responsibility, collaborative work and ensuring we are acting in the best interests of the families we impact.

As I listened to the the comments of our first graduating class held at New Market Corporation, I remembered the case history I studied in graduate school of of how Mr. F. D. Gottwald changed the history of RVA when he envisioned and then built what is now New Market Corporation - a corporation whose local philanthropy is legendary.

I can envision how UnBoundRVA is supporting those who will create the next economic powerhouse for our region and know its leaders will remember to give back because of the work of Sarah and Richard and the commitment of the UnBoundRVA Board to long term change.
 
 
Areas of Service
Areas Served
Area
Metro Richmond
Board Chair
Board Chair Sarah Williams
Company Affiliation Village Bank
Term May 2015 to June 2018
Email swilliams@villagebank.com
Board of Directors
Board Members
NameAffiliation
Adrienne Cole Peter Paul Development Center
Zaheer Ladak Capital One
Richard Luck Luck Companies
Fredrick Moore Big River Advertising
Sarah Mullens Pathgather
Wanda Ortwine Luck Companies
Brad Swortzel BWS Landscaping
James Walker Cherry Bekaert
Andrew White LeClairRyan
Board Demographics - Ethnicity
African American/Black 1
Asian American/Pacific Islander 0
Caucasian 6
Hispanic/Latino 0
Native American/American Indian 0
Other 1 Indian
Board Demographics - Gender
Male 6
Female 3
Governance
Board Term Lengths 2
Board Term Limits 2
Written Board Selection Criteria? Under Development
Written Conflict of Interest Policy? Yes
Percentage Making Monetary Contributions 100
Percentage Making In-Kind Contributions 100
Number of Full Board Meetings Annually 4
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
Executive Director
Executive Director Lucas Michael Buckovich
Experience
Luke spent seven years working for the Woodfin Oil family of businesses after graduating from VCU with a BS in Business Administration and Management.  During those years, he had the opportunity to work in many facets of business including accounting, management and sales. These experiences provided a fantastic foundation of experience that he brought with him to UnBoundRVA in July 2015, as the Director of Business Advancement.  In this role, he created and implemented programs and support systems to assure the success of the business owners we launch with.  He took over the role of Executive Director in May 2016.
 
 
Senior Staff
NameTitle
Melody Joy Short Small Business Director
Staff
Full Time Staff 5
Part Time Staff 0
Volunteers 10
Contractors 0
Retention Rate 100
Plans
Organization has a Fundraising Plan? Under Development
Organization has a Strategic Plan? Under Development
Management Succession Plan? Under Development
Organization Policy and Procedures Under Development
Nondiscrimination Policy Yes
Whistleblower Policy Yes
Document Destruction Policy Yes
Directors and Officers Insurance Policy Yes
Programs
Description
Fiscal Year
Projected Revenue $340,000.00
Projected Expenses $275,000.00
Spending Policy N/A
Form 990s
IRS Letter of Exemption
Detailed Financials
Expense Allocation
Fiscal Year201620152014
Program Expense$192,203$108,878$8,922
Administration Expense$28,652$12,574$6,861
Fundraising Expense$12,196$13,993$1,480
Payments to Affiliates------
Total Revenue/Total Expenses1.261.516.32
Program Expense/Total Expenses82%80%52%
Fundraising Expense/Contributed Revenue4%7%1%
Assets and Liabilities
Fiscal Year201620152014
Total Assets$221,256$160,641$91,857
Current Assets$221,256$160,641$91,857
Long-Term Liabilities$0$0--
Current Liabilities$0$0--
Total Net Assets$221,256$160,641$91,857
Short Term Solvency
Fiscal Year201620152014
Current Ratio: Current Assets/Current Liabilities------
Long Term Solvency
Fiscal Year201620152014
Long-Term Liabilities/Total Assets0%0%0%
Capital Campaign
Currently in a Capital Campaign? No
Capital Campaign Anticipated in Next 5 Years? Yes
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit Application 2/2017View