2025-09-05T15:05:08-05:00 2024-12-31 540504608 BROWN EDWARDS & COMPANY LLP 4951 LAKE BROOK DRIVE SUITE 375 GLEN ALLEN VA 23060 990 2024-01-01 540647947 VIRGINIA PENINSULA ASSOCIATION OF REALTORS INC VIRG 7575995222 1001 N CAMPUS PARKWAY HAMPTON VA 23666 JAMES M WETZEL CHIEF EXECUTIVE OFFICER 7575995222 2025-09-05 1 1 MELISSA A SIKES P01261580 8042826000 2025-08-28 2024 2025-03-06 01:10:19Z JAMES M WETZEL 1001 N CAMPUS PARKWAY HAMPTON VA 23666 1178211 0 X VPAR.REALTOR X 1968 VA PROVIDE INFORMATION/EDUCATION SERVICES TO MEMBERS AND PROMOTE HIGH PROFESSIONAL STANDARDS. 11 11 3 95 -20196 0 0 0 933116 782119 10100 41627 -9590 14824 933626 838570 0 0 0 0 265613 275225 0 0 0 710773 662240 976386 937465 -42760 -98895 3436703 3267381 2656738 2596805 779965 670576 TO PROVIDE INFORMATION, EDUCATION AND OTHER SERVICES TO MEMBER REAL ESTATE FIRMS AND INDIVIDUAL REALTORS ON THE VIRGINIA PENINSULA AND SURROUNDING COMMUNITIES. 0 0 PROVIDE VARIOUS MEMBER INFORMATION SERVICES ENHANCE MEMBER PROFESSIONAL STANDARDS PROVIDE HIGH QUALITY TRAINING AND EDUCATION TO REALTORS 0 0 0 1 0 0 0 0 0 1 0 0 0 1 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 0 0 0 0 1 6 0 1 3 1 1 1 0 0 0 1 1 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 0 0 1 0 1 0 0 X THE ORGANIZATION 7575995222 1001 N CAMPUS PARKWAY HAMPTON VA 23666 PEGGY TODD PRESIDENT 1.00 X X 0 0 0 DAVID MOHAJERIN PRESIDENT ELECT 1.00 X X 0 0 0 AL PATEL TREASURER 1.00 X X 0 0 0 TERESA CLINE IMMEDIATE PAST PRESIDENT 1.00 X X 0 0 0 KEISHA DEERING BOARD MEMBER 1.00 X 0 0 0 CHARLES DUNLAP BOARD MEMBER 1.00 X 0 0 0 SHAVONNE MILES BOARD MEMBER 1.00 X 0 0 0 SALLY SHEARD BOARD MEMBER 1.00 X 0 0 0 PJ PARKER JR BOARD MEMBER 1.00 X 0 0 0 AMANDA WALSH BOARD MEMBER 1.00 X 0 0 0 KIMBERLY WOOD BOARD MEMBER 1.00 X 0 0 0 JAMES WETZEL CEO 40.00 X 96988 0 7924 96988 0 7924 0 0 0 0 0 MEMBERSHIP DUES 900099 451308 451308 INFORMATION SERVICES 900099 214900 214900 MEMBERSHIP SERVICES 900099 90725 90725 OTHER REVENUE 900099 14150 14150 EDUCATION 611710 11036 11036 782119 10314 10314 221780 207734 14046 14046 -20196 34242 160883 129570 31313 31313 31313 3115 2337 778 778 838570 778 -20196 857988 104912 125591 3495 24427 16800 3172 40628 42500 2938 24876 141395 191774 24999 47564 MEMBERSHIP 58924 REPAIRS AND MAINTENANCE 32615 COMMUNICATIONS 25200 BANK CHARGES 19646 6009 937465 148710 139716 223016 224373 22351 16867 14291 13850 4561415 2006074 2665956 2555341 300934 227750 61445 89484 3436703 3267381 40348 76660 446977 446955 2123166 2028159 46247 45031 2656738 2596805 X 0 0 0 0 779965 670576 779965 670576 3436703 3267381 -98895 -10494 0 X X 1 X 0 1 0 0 0 1 451308 42500 42500 46786 -4286 326046 326046 3690457 1656976 2033481 332659 141241 191418 199753 196190 3563 12500 11667 833 2555341 ACCRUED PAYROLL AND TAXES 23762 ACCRUED FEES 8200 OPERATING LEASE LIABILITY 13069 45031 X PART X, LINE 2: THE ASSOCIATION IS A NOT-FOR-PROFIT ORGANIZATION THAT IS GENERALLY EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE. SUCH TAX STATUS WAS GRANTED BY THE INTERNAL REVENUE SERVICE EFFECTIVE AUGUST 1, 1997. IN 2007, THE ASSOCIATION BEGAN RENTING OUT A PORTION OF ITS BUILDING, WHICH IS DEBT-FINANCED. INCOME FROM DEBT-FINANCED ASSETS IS CONSIDERED UNRELATED BUSINESS TAXABLE INCOME BY THE INTERNAL REVENUE SERVICE. HOWEVER, FOR 2024 AND 2023, THIS ACTIVITY RESULTED IN A NET LOSS. AT DECEMBER 31, 2024, THE ASSOCIATION HAS NET OPERATING LOSSES OF APPROXIMATELY $568,000 TO OFFSET FUTURE DEBT-FINANCED INCOME. THE ASSOCIATION HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF DECEMBER 31, 2024 AND 2023. FORM 990, PART VI, SECTION A, LINE 6 ALL NEW MEMBERS MUST APPLY FOR MEMBERSHIP AND PAY A FEE EACH YEAR TO MAINTAIN MEMBERSHIP. VPAR HAS REALTORS AND REAL ESTATE AGENCIES FROM THE VIRGINIA PENINSULA AND SURROUNDING COMMUNITIES AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ALL MEMBERS MAY ELECT BOARD OF DIRECTORS ON AN ANNUAL BASIS USING AN ONLINE ELECTION SOFTWARE. FORM 990, PART VI, SECTION A, LINE 7B VPAR IS A MEMBERSHIP ORGANIZATION AND, WHILE THE BOARD OF DIRECTORS IS AUTHORIZED TO MANAGE THE AFFAIRS OF THE ORGANIZATION, CERTAIN DECISIONS OF THE BOARD REQUIRE FULL MEMBERSHIP APPROVAL (E.G. - AMENDMENT OF THE ARTICLES OF INCORPORATION OR BY-LAWS). FORM 990, PART VI, SECTION B, LINE 11B VPAR'S FORM 990 IS REVIEWED BY THE CHIEF EXECUTIVE OFFICER AND THE BOARD TREASURER AND A COPY PROVIDED TO EVERY MEMBER OF THE BOARD BEFORE IT IS SIGNED AND FILED. FORM 990, PART VI, SECTION B, LINE 15A VPAR'S BOARD OF DIRECTORS ESTABLISH THE SALARY OF THE CHIEF EXECUTIVE OFFICER BASED ON SALARY DATA OF OTHER ORGANIZATIONS LIKE VPAR ACROSS THE COUNTRY. THE CHIEF EXECUTIVE OFFICER ESTABLISHES ALL OTHER SALARIES WITHIN THE PARAMETERS OF THE ANNUAL BUDGET APPROVED BY THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 VPAR MAKES THEIR GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO ALL MEMBERS AND, UPON REQUEST AND ESTABLISHING A REASONABLE NEED, TO ANYONE ELSE WHO MAY REQUEST THEM. FORM 990, PART XII, LINE 2C: THERE HAVE BEEN NO CHANGES FROM THE PRIOR YEAR.