VIRGINIA NUTRIENT CREDIT EXCHANGE ASSOCIATION INC: Form 990, tax year 2021

View the entire original 990 at ProPublica ↗

Organization: VIRGINIA NUTRIENT CREDIT EXCHANGE ASSOCIATION INC (EIN 84-1703144)
Tax period: 2021-07-01 to 2022-06-30
Filed: 2022-11-03
IRS object ID: 202243079349302514
Schema version: 2021v4.0
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2022-11-03T15:05:20-04:00	ReturnTs
Tax Period End	2022-06-30	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	208934673	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	CLARKSON DAVID CPA PC	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	11541 NUCKOLS RD STE A	AddressLine1Txt
City	GLEN ALLEN	CityNm
State Abbreviation	VA	StateAbbreviationCd
ZIP	23059	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2021-07-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	841703144	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	VIRGINIA NUTRIENT CREDIT	BusinessNameLine1Txt
Business Name Line2	EXCHANGE ASSOCIATION INC	BusinessNameLine2Txt

Field	Value	IRS element (for citing)
Business Name Control	VIRG	BusinessNameControlTxt
Phone	8047169021	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	C/O AQUALAW PLC 6 SOUTH 5TH ST	AddressLine1Txt
City	RICHMOND	CityNm
State Abbreviation	VA	StateAbbreviationCd
ZIP	232193824	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	STEVEN HERZOG	PersonNm
Person Title	TREASURER	PersonTitleTxt
Phone	8047169021	PhoneNum
Signature	2022-11-03	SignatureDt
Discuss With Paid Preparer	Yes (true)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	STEVEN	PersonFirstNm
Person Last	HERZOG	PersonLastNm

Field	Value	IRS element (for citing)
SSN	999009999	SSN

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	STEVEN P WALLS	PreparerPersonNm
PTIN	P00609162	PTIN
Phone	8042700784	PhoneNum
Preparation	2022-11-03	PreparationDt
Self Employed	Yes (X)	SelfEmployedInd

Field	Value	IRS element (for citing)
Tax	2021	TaxYr
Build TS	2022-09-23 18:48:47Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	JAMES C GRANDSTAFF	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	C/O AQUALAW PLC 6 S 5TH STREET	AddressLine1Txt
City	RICHMOND	CityNm
State Abbreviation	VA	StateAbbreviationCd
ZIP	23219	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$1,346,416	GrossReceiptsAmt
Group Return For Affiliates	false	GroupReturnForAffiliatesInd
Organization501c	Yes (X)	Organization501cInd
Website Address	WWW.THEEXCHANGEASSOCIATION.ORG	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	2005	FormationYr
Legal Domicile State	VA	LegalDomicileStateCd
Activity Or Mission	TO COORDINATE AND FACILITATE PARTICIPATION OF ITS MEMBERS IN VIRGINIA'S CHESAPEAKE BAY WATERSHED NUTRIENT CREDIT EXCHANGE PROGRAM.	ActivityOrMissionDesc
Voting Members Governing Body	9	VotingMembersGoverningBodyCnt
Voting Members Independent	9	VotingMembersIndependentCnt
Total Employee	0	TotalEmployeeCnt
Total Volunteers	9	TotalVolunteersCnt
Total Gross UBI	$0	TotalGrossUBIAmt
CY Contributions Grants	$0	CYContributionsGrantsAmt
PY Program Service Revenue	$1,477,376	PYProgramServiceRevenueAmt
CY Program Service Revenue	$1,346,283	CYProgramServiceRevenueAmt
PY Investment Income	$251	PYInvestmentIncomeAmt
CY Investment Income	$133	CYInvestmentIncomeAmt
CY Other Revenue	$0	CYOtherRevenueAmt
PY Total Revenue	$1,477,627	PYTotalRevenueAmt
CY Total Revenue	$1,346,416	CYTotalRevenueAmt
CY Grants And Similar Paid	$0	CYGrantsAndSimilarPaidAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
CY Salaries Comp Emp Bnft Paid	$0	CYSalariesCompEmpBnftPaidAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$1,707,347	PYOtherExpensesAmt
CY Other Expenses	$1,492,401	CYOtherExpensesAmt
PY Total Expenses	$1,707,347	PYTotalExpensesAmt
CY Total Expenses	$1,492,401	CYTotalExpensesAmt
PY Revenues Less Expenses	-$229,720	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	-$145,985	CYRevenuesLessExpensesAmt
Total Assets BOY	$1,528,211	TotalAssetsBOYAmt
Total Assets EOY	$1,382,226	TotalAssetsEOYAmt
Total Liabilities EOY	$0	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$1,528,211	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$1,382,226	NetAssetsOrFundBalancesEOYAmt
Mission	TO COORDINATE AND FACILITATE PARTICIPATION OF ITS MEMBERS IN VIRGINIA'S CHESAPEAKE BAY WATERSHED NUTRIENT CREDIT EXCHANGE PROGRAM.	MissionDesc
Significant New Program Srvc	false	SignificantNewProgramSrvcInd
Significant Change	false	SignificantChangeInd
Desc	THE ASSOCIATION COORDINATES AND FACILITATES ITS MEMBER PARTICIPATION IN VIRGINIA'S CHESAPEAKE BAY WATERSHED NUTRIENT CREDIT EXCHANGE PROGRAM, ENACTED INTO VIRGINIA LAW IN 2005. THE PURPOSE OF THE PROGRAM IS TO ENABLE VIRGINIA TO MEET CHESAPEAKE BAY WASTE LOAD ALLOCATIONS COST-EFFECTIVELY AND AS SOON AS POSSIBLE, WHILE ACCOMODATING CONTINUED GROWTH AND DEVELOPMENT UNDER NUTRIENT CAP ALLOCATIONS. DURING THE YEAR, THE ASSOCIATION COMPLETED THE ANNUAL UPDATE OF COMPLIANCE PLAN REQUIRED BY VIRGINIA STATE WATER CONTROL BOARD. ALSO, THE ASSOCIATION RECEIVED AND MADE PAYMENTS FOR NUTRIENT CREDITS THAT WERE PURCHASED AND SOLD DURING THE YEAR.	Desc
Described In Section501c3	false	DescribedInSection501c3Ind
Schedule B Required	false	ScheduleBRequiredInd
Political Campaign Acty	false	PoliticalCampaignActyInd
Subject To Proxy Tax	false	SubjectToProxyTaxInd
Donor Advised Fund	false	DonorAdvisedFundInd
Conservation Easements	false	ConservationEasementsInd
Collections Of Art	false	CollectionsOfArtInd
Credit Counseling	false	CreditCounselingInd
Donor Rstr Or Quasi Endowments	false	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	false	ReportLandBuildingEquipmentInd
Report Investments Other Sec	false	ReportInvestmentsOtherSecInd
Report Program Related Invst	false	ReportProgramRelatedInvstInd
Report Other Assets	false	ReportOtherAssetsInd
Report Other Liabilities	false	ReportOtherLiabilitiesInd
Include FIN48 Footnote	false	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	false	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	false	ConsolidatedAuditFinclStmtInd
School Operating	false	SchoolOperatingInd
Foreign Office	false	ForeignOfficeInd
Foreign Activities	false	ForeignActivitiesInd
More Than5000 K To Org	false	MoreThan5000KToOrgInd
More Than5000 K To Individuals	false	MoreThan5000KToIndividualsInd
Professional Fundraising	false	ProfessionalFundraisingInd
Fundraising Activities	false	FundraisingActivitiesInd
Gaming Activities	false	GamingActivitiesInd
Operate Hospital	false	OperateHospitalInd
Grants To Organizations	false	GrantsToOrganizationsInd
Grants To Individuals	false	GrantsToIndividualsInd
Schedule J Required	false	ScheduleJRequiredInd
Tax Exempt Bonds	false	TaxExemptBondsInd
Loan Outstanding	false	LoanOutstandingInd
Grant To Related Person	false	GrantToRelatedPersonInd
Business Rln With Org Mem	false	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	false	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	false	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	false	DeductibleNonCashContriInd
Deductible Art Contribution	false	DeductibleArtContributionInd
Terminate Operations	false	TerminateOperationsInd
Partial Liquidation	false	PartialLiquidationInd
Disregarded Entity	false	DisregardedEntityInd
Related Entity	false	RelatedEntityInd
Related Organization Ctrl Ent	false	RelatedOrganizationCtrlEntInd
Activities Conducted Prtshp	false	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (true)	ScheduleORequiredInd
IRP Document	2	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Employee	0	EmployeeCnt
Unrelated Bus Incm Over Limit	false	UnrelatedBusIncmOverLimitInd
Foreign Financial Account	false	ForeignFinancialAccountInd
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTransInd
Taxable Party Notification	false	TaxablePartyNotificationInd
Nondeductible Contributions	false	NondeductibleContributionsInd
Indoor Tanning Services	false	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	false	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	false	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	9	GoverningBodyVotingMembersCnt
Independent Voting Member	9	IndependentVotingMemberCnt
Family Or Business Rln	false	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	Yes (true)	DelegationOfMgmtDutiesInd
Change To Org Documents	false	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	false	MaterialDiversionOrMisuseInd
Members Or Stockholders	Yes (true)	MembersOrStockholdersInd
Election Of Board Members	Yes (true)	ElectionOfBoardMembersInd
Decisions Subject To Approva	false	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (true)	MinutesOfGoverningBodyInd
Minutes Of Committees	false	MinutesOfCommitteesInd
Officer Mailing Address	false	OfficerMailingAddressInd
Local Chapters	false	LocalChaptersInd
Form990 Provided To Gvrn Body	false	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (true)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (true)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (true)	RegularMonitoringEnfrcInd
Whistleblower Policy	false	WhistleblowerPolicyInd
Document Retention Policy	false	DocumentRetentionPolicyInd
Compensation Process CEO	false	CompensationProcessCEOInd
Compensation Process Other	false	CompensationProcessOtherInd
Investment In Joint Venture	false	InvestmentInJointVentureInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Field	Value	IRS element (for citing)
Person	STEVEN HERZOG	PersonNm
Phone	8043656022	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	P O BOX 470	AddressLine1Txt
City	HANOVER	CityNm
State Abbreviation	VA	StateAbbreviationCd
ZIP	23069	ZIPCd

Field	Value	IRS element (for citing)
Info In Schedule O Part VII	Yes (X)	InfoInScheduleOPartVIIInd
No Listed Persons Compensated	Yes (X)	NoListedPersonsCompensatedInd

Form990 Part VII Section A Form990PartVIISectionAGrp (9 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt
JAMES C GRANDSTAFF
PRESIDENT	2.50	Yes (X)	Yes (X)	$0	$0	$0
STEVEN HERZOG
TREASURER	2.50	Yes (X)	Yes (X)	$0	$0	$0
JOHN DANO
DIRECTOR	1.00	Yes (X)		$0	$0	$0
MICHAEL MCGRATH
DIRECTOR	1.00	Yes (X)		$0	$0	$0
TIM MITCHELL
DIRECTOR	1.00	Yes (X)		$0	$0	$0
ANDREW PARKER
DIRECTOR	1.00	Yes (X)		$0	$0	$0
ED PETROVITCH
DIRECTOR	1.00	Yes (X)		$0	$0	$0
JAMES TAYLOR
DIRECTOR	1.00	Yes (X)		$0	$0	$0
ROBERT WILSON
DIECTOR	1.00	Yes (X)		$0	$0	$0

Field	Value	IRS element (for citing)
Former Ofcr Employees Listed	false	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	false	TotalCompGreaterThan150KInd
Compensation From Other Srcs	false	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (2 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt
STANGER CONSULTING LLC
14127 S VERANDA COURT	HERRIMAN	UT	84096	CONSULTING	$112,360
AQUALAW PLC
6 SOUTH 5TH ST	RICHMOND	VA	23219	MANAGEMENT	$106,001

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	2	CntrctRcvdGreaterThan100KCnt

Program Service Revenue ProgramServiceRevenueGrp (2 entries)

DescDesc	Total Revenue ColumnTotalRevenueColumnAmt	ExclusionExclusionAmt
NUTRIENT CREDIT PURCHASES	$1,164,517	$1,164,517
MEMBERSHIP DUES	$181,766	$181,766

Field	Value	IRS element (for citing)
Total Program Service Revenue	$1,346,283	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$133	TotalRevenueColumnAmt
Related Or Exempt Func Income	$133	RelatedOrExemptFuncIncomeAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$1,346,416	TotalRevenueColumnAmt
Related Or Exempt Func Income	$133	RelatedOrExemptFuncIncomeAmt
Exclusion	$1,346,283	ExclusionAmt

Field	Value	IRS element (for citing)
Info In Schedule O Part IX	Yes (X)	InfoInScheduleOPartIXInd

Fees For Services Management FeesForServicesManagementGrp

Field	Value	IRS element (for citing)
Total	$212,733	TotalAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$1,277,780	TotalAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$1,888	TotalAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$1,492,401	TotalAmt
Program Services	$0	ProgramServicesAmt
Management And General	$0	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$72,653	BOYAmt
EOY	$61,896	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$1,455,558	BOYAmt
EOY	$1,320,330	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$1,528,211	BOYAmt
EOY	$1,382,226	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Field	Value	IRS element (for citing)
Org Does Not Follow FASB117	Yes (X)	OrgDoesNotFollowFASB117Ind

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

Field	Value	IRS element (for citing)
BOY	$1,528,211	BOYAmt
EOY	$1,382,226	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,528,211	BOYAmt
EOY	$1,382,226	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,528,211	BOYAmt
EOY	$1,382,226	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	-$145,985	ReconcilationRevenueExpnssAmt
Method Of Accounting Cash	Yes (X)	MethodOfAccountingCashInd
Accountant Compile Or Review	false	AccountantCompileOrReviewInd
FS Audited	false	FSAuditedInd
Federal Grant Audit Required	false	FederalGrantAuditRequiredInd

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (10 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
FORM 990, PAGE 1, PART I, LINE 6	MEMBERS OF THE BOARD OF GOVERNORS VOLUNTEER THEIR TIME AND SERVICES TO THE ASSOCIATION.
FORM 990, PAGE 6, PART VI, LINE 3	MANAGEMENT RESPONSIBILITIES HAVE BEEN CONTRACTED TO AN INDEPENDENT THIRD PARTY - AQUALAW, PLC. DURING THE FISCAL YEAR, AQUALAW WAS COMPENSATED 117,512 FOR THEIR SERVICES. NO TRUSTEES, DIRECTORS, OFFICERS OR KEY EMPLOYEES OF THE ASSOCIATION WERE EMPLOYED BY AQUALAW.
FORM 990, PAGE 6, PART VI, LINE 6	THE ASSOCIATION IS COMPRISED OF PUBLIC FACILITY MEMBERS AND PRIVATE FACILITY MEMBERS. IN ADDITION, THERE ARE TWO CLASSES OF AFFILIATION KNOWN AS FACILITY AFFILIATES AND CONSULTANT AFFILIATES.
FORM 990, PAGE 6, PART VI, LINE 7A	PUBLIC FACILITY MEMBERS AND PRIVATE FACILITY MEMBERS HAVE THE RIGHT TO VOTE FOR THE ELECTION OF THE MEMBERS OF THE GOVERNING BODY AND ON EACH ADDITIONAL MATTER PRESENTED FOR SUCH MEMBERS FOR THEIR CONSIDERATION.
FORM 990, PAGE 6, PART VI, LINE 8B	THE ASSOCIATION DOES NOT HAVE ANY COMMITTEE WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
FORM 990, PAGE 6, PART VI, LINE 11B	THE ASSOCIATION'S TREASURER REVIEWS FORM 990 BEFORE IT IS FILED WITH IRS.
FORM 990, PAGE 6, PART VI, LINE 12C	THE ASSOCIATION FOLLOWS THE CONFLICT OF INTEREST POLICY IN SECTION 13.1-871 OF THE VIRGINIA CODE, WHICH IS PART OF THE VIRGINIA NON- STOCK CORPORATION LAW. THE DIRECTORS OF THE ASSOCIATION REGULARLY AND CONSISTENTLY MONITOR AND ENFORCE COMPLIANCE WITH SECTION 13.1-871 OF THE VIRGINIA CODE BY HAVING THE DIRECTORS DISCLOSE ANY FINANCIAL INTEREST IN NEW VENDORS/COMPANIES BEFORE SUCH PARTIES ARE HIRED TO WORK FOR THE ASSOCIATION.
FORM 990, PAGE 6, PART VI, LINE 19	THE ASSOCIATION DISCLOSES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS TO THE PUBLIC UPON REQUEST.
FORM 990, PART VII	LIST OF OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES, COLUMN (B) "AVERAGE HOURS PER WEEK DEVOTED TO POSITION". FOR THIS QUESTION, THE ORGANIZATION HAS REPORTED THE AVERAGE HOURS PER YEAR DEVOTED TO POSITION.
FORM 990, PART IX, LINE 11G	DISBURSE NUTRIENT CREDITS 1,277,780 0 0