2023-10-03T15:15:29-07:00 2022-12-31 990 2022-01-01 550680725 CADCO FOUNDATION INC CADC 3043404253 1116 Smith Street Charleston WV 25301 Nicole Christian President and CEO 3043404253 2023-10-03 1 1 11 0 AAL2 X 2022 2023-04-26 12:10:37Z Nicole Christian-President and CEO 1116 Smith Street Charleston WV 25301 186187 0 X X 1988 WV CADCO Foundation, Inc. provides support to programs that stimulate economic and community development with an emphasis on job creation and business retention in Charleston, WV and the surrounding area. 35 35 0 0 0 0 211014 173900 0 0 9240 12287 0 0 220254 186187 232294 177188 0 0 0 0 0 0 0 4102 2366 236396 179554 -16142 6633 2247646 2160439 510317 416477 1737329 1743962 CADCO Foundation, Inc. provides support to programs that stimulate economic and community development with an emphasis on job creation and business retention in Charleston, WV and the surrounding area. 0 0 177188 177188 173900 CADCO Foundation, Inc. supports the operation of a small business incubator economic development program of the Capital Area Development Corporation of West Virginia, a related non-profit organization. The business incubator lies within a federally designated HUBZone. CADCO Foundation provides grants to subsidize incubator costs and renovations not covered by tenant rents. 0 0 0 N/A 0 0 0 N/A 0 0 0 177188 1 1 0 0 0 0 0 0 1 1 0 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 35 35 1 1 0 0 1 1 0 1 1 1 0 1 1 1 1 1 0 1 1 0 WV X Debra S James CFO 3043404253 1116 Smith Street Charleston WV 25301 X Nicole Christian President and CEO 1 40 X X X 0 150138 17209 Debra S James CFO 1 40 X X 0 96223 19309 Jack Rossi Chairman 3 3 X X 0 0 0 Adam R Krason Vice Chairman 1 1 X X 0 0 0 Tessa M White Secretary 1 1 X X 0 0 0 Matthew Bond Treasurer 1 1 X X 0 0 0 Christy Bly Director 1 1 X 0 0 0 Kenneth Boggs Director 1 1 X 0 0 0 Nancy Bruns Director 1 1 X 0 0 0 Robert Burton Director 1 1 X 0 0 0 Ericke Cage Director 1 1 X 0 0 0 Sandy Call Director 1 1 X 0 0 0 Ellen S Cappellanti Director 1 1 X 0 0 0 Fonda Elliot Director 1 1 X 0 0 0 David P Ferretti Director 1 1 X 0 0 0 Dickinson Gould III Director 1 1 X 0 0 0 Allan Hathaway Director 1 1 X 0 0 0 Shannon Huber Director 1 1 X 0 0 0 Chris Morris Director 1 1 X 0 0 0 Marcus Phillips Director 1 1 X 0 0 0 Kathy Richards Director 1 1 X 0 0 0 Martin Roth Director 1 1 X 0 0 0 Jeff Sandene Director 1 1 X 0 0 0 John Scalzo Director 1 1 X 0 0 0 George Smith Director 1 1 X 0 0 0 Lyle Smith Director 1 1 X 0 0 0 Patrick Smith Director 1 1 X 0 0 0 Deno Stanley Director 1 1 X 0 0 0 Diane Strong-Treister Director 1 1 X 0 0 0 Ben Thomas Director 1 1 X 0 0 0 William E Turner Jr Director 1 1 X 0 0 0 Bob Welch Director 1 1 X 0 0 0 Mayor Amy Goodwin Ex-Officio Director 1 1 X 0 0 0 Dominique Ranieri Ex-Officio Director 1 1 X 0 0 0 Mayor Frank A Mullens Ex-Officio Director 1 1 X 0 0 0 Jack W Nuckols Ex-Officio Director 1 1 X 0 0 0 Commissioner Lance Wheeler Ex-Officio Director 1 1 X 0 0 0 0 246361 36518 0 0 1 0 0 0 0 0 150000 0 23900 0 173900 0 12287 12287 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 186187 12287 0 0 177188 177188 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 0 0 0 0 0 0 0 0 0 0 2279 0 2279 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 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 0 0 0 0 0 0 0 Bank fees 7 0 7 0 Miscellaneous 80 0 80 0 179554 177188 2366 0 263453 163965 1609457 1645306 0 0 0 0 0 0 0 0 174736 151168 0 0 0 0 0 0 0 0 200000 200000 0 0 0 0 2247646 2160439 0 0 0 0 0 0 0 0 221736 125536 0 0 0 0 0 0 288581 290941 510317 416477 X 1737329 1743962 0 0 1737329 1743962 2247646 2160439 6633 0 0 0 0 0 X X 0 1 X 1 0 X X 1 Capital Area Development Corporation of West Virginia dba Charleston Area Alliance 556024192 10 1 177188 0 1 177188 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 Schedule A, Part IV, Section A, Line 3b The organization retains on file the IRS determination letter of its supported organization and regularly monitors its operations, financial and compliance reporting. Schedule A, Part IV, Section A, Line 3c The organization provides grants to its supported organization to subsidize operating costs of a business incubator situated in a federally designated HUBZone, and other economic and community development programs. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 1609457 27797 8059 0 0 8 1645305 1580735 23751 4981 0 0 10 1609457 1550119 23751 15365 8500 0 0 1580735 1557324 23751 18004 48960 0 0 1550119 1724494 23751 12333 203254 0 0 1557324 1 0 0 0 0 Investment in Mid-Atlantic Holdings 200000 C 200000 0 Intercompany payable to related organization 290941 290941 X 186187 0 0 0 0 0 186187 0 0 0 186187 179554 0 0 0 0 0 179554 0 0 0 179554 Schedule D, Part IV, Line 2b CADCO Foundation, Inc. serves as fiscal agent for Advantage Valley, an unrelated non-profit economic development organization, to receive and disburse as directed by Advantage Valley the proceeds of economic development grants from regional foundations. Schedule D, Part V, Line 4 CADCO Foundation, Inc. maintains part of its liquid assets in a board-designated endowment fund held for future economic development projects which will provide job creation or expansion or other such projects the board deems appropriate in satisfying the intent of the trust. These funds are not available for general operating support of CADCO Foundation or its affiliates. $155,000 of the board-designated endowment fund has been pledged since 2014 as guarantee of a commercial loan owed by an unrelated entity, Crawford Holdings, LLC, in support of their preservation and redevelopment of an historic community building in Charleston. Schedule D, Part X, Line 2 The following footnote is included in audited consolidated financial statements of the organization and its affiliates. "The Alliance and its subsidiaries are classified as tax-exempt organizations under Sections 501(c)(3), (4) and (6) of the Internal Revenue Code as described elsewhere in Note 1 to the consolidated financial statements and, therefore, are not subject to taxes on income derived from their exempt activities." 1 Capital Area Development Corporation of West Virginia dba Charleston Area Alliance 1116 Smith Street Charleston WV 25301 556024192 501c4 177188 0 Support of business incubator 0 1 Schedule I, Part I, Line 2 CADCO Foundation, Inc. requires written grant proposals and applications from organizations and individuals seeking financial support for their projects and endeavors. Such written requests must document that the financial support will be used for economic and community development and/or workforce development in a depressed, high density urban area, inhabited mainly by low income minority or other disadvantaged groups. The Board of Directors approves grant requests based on criteria such as creation of jobs, inducing industrial enterprises to remain or locate in the area, and creation or maintenance of a skilled workforce. 0 0 0 0 0 0 0 0 0 Nicole Christian President and CEO 0 150138 0 0 0 0 0 7500 0 9709 0 167347 0 0 Schedule J, Part II The filing organization has no employees and did not pay any wages. Schedule J is presented, as per instructions, to report compensation paid by related organization, Capital Area Development Corporation of West Virginia (CADCO). Nicole Christian serves as President/CEO of both the filing organization and related organization CADCO. Compensation paid to Ms. Christian by the related organization was determined by a compensation committee and approved by the related organization's Executive Committee. Various Entity 0 There are no reportable transactions > threshold 0 Schedule L, Part IV The following directors of the organization were also officers, directors, trustees, or direct or indirect owners of unrelated entities doing business with this organization's affiliate, Capital Area Development Corporation of West Virgina. No transactions are reported above in Part IV because they do not exceed applicable reporting thresholds. All transactions between the reporting organization's affiliate and such unrelated entities were conducted in the normal course of business under terms extended to the general business community and the public. No transactions resulted in a lack of independence for the directors listed below with respect to this reporting organization or its affiliate. John Scalzo, officer of Appalachian Power - public utility services; Sandy Call, owner of Bridge Road Bistro - catering services; Ellen Cappellanti, member of Jackson Kelly PLLC - legal services; Kathi Richards, owner of Epiphany Consulting - professional development services; Robert Burton, officer of West Virginia American Water - public utility services. Form 990, Header, Line A The extended due date for calendar 2022 is November 15, 2023. Form 990, Part IV, Line 28c Several directors of the organization are affiliated with unrelated entities doing business with and/or contributing to the organization's affiliate, Capital Area Development Corporation of West Virginia. See Schedule L, Part V for a list of those directors. There were no reportable transactions in excess of applicable thresholds, and no impairment of independence with respect to the organization. Form 990, Part VI, Section A, Line 2 Director Adam Krason, principal and CEO at ZMM Architects and Engineers, reported that ZMM regularly provides professional architecture and engineering services throughout the community. His firm's clients have included members of the reporting organization's Board of Directors. None of these services have directly involved the reporting organization. Form 990, Part VI, Section A, Line 3 Staff of related organization, Capital Area Development Corporation of West Virginia (CADCO), perform all managerial and administrative functions for CADCO Foundation. Directors and officers of CADCO Foundation are also directors and officers of CADCO. Form 990, Part VI, Section A, Line 6 CADCO, identified above and on Schedule R, is the sole member of CADCO Foundation. Form 990, Part VI, Section A, Line 7a See above. Form 990, Part VI, Section A, Line 9 Chair Jack Rossi-Summit Community Bank 2402 Mountaineer Boulevard Charleston, WV 25309; Vice Chair Adam R. Krason-ZMM Architects & Engineers 222 Lee Street, West Charleston, WV 25302; Secretary Tessa M. White-Tessa M. White, PLLC P.O. Box 11867 Charleston, WV 25338; Treasurer Matthew Bond-United Bank 500 Virginia St., E. Charleston, WV 25301; Directors Christy Bly-BB&T, now Truist 300 Summers Street Charleston, WV 25301; Kenneth Boggs-N3 2001 Union Carbide Dr., Ste. 1500 South Charleston, WV 25303; Nancy Bruns-J.Q. Dickinson Salt Works 4797 Midland Drive Malden, WV 25306; Robert Burton-West Virginia American Water 1600 Pennsylvania Avenue Charleston, WV 25302; Ericke Cage-West Virginia State University P O Box 1000 Institute, WV 25112; Sandy Call-Bridge Road Bistro 915 Bridge Road Charleston, WV 25314; Ellen S. Cappellanti-Jackson Kelly PLLC 500 Lee Street, Suite 1600 Charleston, WV 25301; Fonda Elliot-AMFM, Inc. 1516 Royal Oaks Road Charleston, WV 25314; David P. Ferretti-Spilman Thomas & Battle, PLLC 300 Kanawha Boulevard, East Charleston, WV 25301; Dickinson Gould III-Buzz Food Service 4818 Kanawha Boulevard, East Charleston, WV 25306; Allan Hathaway-The Purple Onion/WV Marketplace 800 Smith St. Charleston, WV 25301; Shannon Huber-Dow Inc. 437 MacCorkle Avenue, SW South Charleston, WV 25303; Chris-Morris CityNet 233 Virginia St., E. Charleston, WV 25301; Marcus Phillips-Kureha PGA LLC 901 W. DuPont Avenue Belle, WV 25015; Kathi Richards-Epiphany Consulting, LLC P.O. Box 9296 South Charleston, WV 25309; Martin Roth, Ph.D.-University of Charleston 2300 MacCorkle Avenue, SE Charleston, WV 25304 ; Jeff Sandene-Charleston Area Medical Center 501 Morris Street Charleston, WV 25301; John Scalzo-Appalachian Power Company 500 Lee Street, E.-Suite 800 Charleston, WV 25301; George Smith-O.V. Smith & Sons 4510 Pennsylvania Avenue Charleston, WV 25302; Lyle Smith-Merrill Lynch 500 Lee Street, E - Suite 1100 Charleston, WV 25301; Patrick Smith-Baker Tilly 101 Washington Street, E. Charleston, WV 25301; Deno Stanley-Adelphia Sports Bar 218 Capitol Street Charleston, WV 25301; Diane Strong-Treister - Manpower 503 Pennsylvania Avenue Charleston, WV 25302; Ben Thomas-Bowles Rice, LLP 600 Quarrier Street Charleston, WV 25301; William E. Turner, Jr.-Pison Development 717 Brawley Walkway Charleston, WV 25301; Bob Welch-Toyota Motor Manufacturing, WV, Inc. 1 Sugar Maple Lane Buffalo, WV 25033; Ex-Officio Members Mayor Amy Goodwin-City of Charleston 501 Virginia Street East Charleston, WV 25301; Mayor Frank A. Mullens, Jr.-City of South Charleston P. O. Box 8597 South Charleston, WV 25303; Jack W. Nuckols-Kanawha County Commission Designee 408 Kanawha Avenue Pratt, WV 25162; Dominique Ranieri-WV International Yeager Airport 100 Airport Road, Ste. 175 Charleston, WV 25311; Commissioner Lance Wheeler-Kanawha County Commission P. O. Box 3627 Charleston, WV 25336 Form 990, Part VI, Section B, Line 11b The organization's CFO prepared Form 990, and the CEO reviewed it before presentation to the governing board. Authority to review and approve Form 990 has been assigned to the Board's Finance Committee, which reviewed and approved the form prior to filing. The organization emailed a link to a complete copy of Form 990 to all members of the Board prior to filing. Form 990, Part VI, Section B, Line 12c Conflicts of interest with respect to officers, directors and employees of the organization and its affiliates is addressed in the organization's Bylaws, Accounting Manual, and Personnel Policies. The organization's conflict of interest policy is presented to directors and employees at periodic training and orientation sessions. Directors and employees are charged with professional conduct which includes self-monitoring and reporting of potential or perceived conflicts of interest. Management and the Board of Directors advise as to whether or not any perceived conflict is valid. Directors are asked to abstain from discussions or decisions in matters where there may be conflict of interest. The organization has a Code of Ethics statement which is accepted via signature by directors and employees. Form 990, Part VI, Section B, Line 15 CADCO Foundation, Inc. did not compensate any directors and has no employees. The Executive Committee of affiliated organization, Capital Area Development Corporation of West Virginia, reviews the performance of and determines the compensation of the affiliate's President/CEO. The organization may convene a Human Resources Committee or secure services of an independent compensation consultant to perform comparative analysis of executive compensation when necessary. Form 990, Part VI, Section C, Line 19 The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request, either by providing copies or by inspection at its office. Form 990, Part VII, Section A, Line 1a The President/CEO and CFO are employed by related organization CADCO. Amounts reported in Columns E and F were paid by the related organization. Estimated weekly hours devoted by the CEO and CFO in performance of their duties to the related organization approximate 40 each. Members of this organization's Board of Directors also serve as directors of related organizations listed on Schedule R. On average, directors spend approximately one hour weekly on governance matters for all affiliated organizations combined with various meetings occurring monthly, bi-monthly, and as needed. Form 990, Part XII, Line 2c The organization's CFO compiled the financial statements. An independent CPA firm audited the consolidated financial statements of the organization and its affiliates. Finance Committee selects the audit firm and provides audit oversight. Capital Area Development Corporation of West Virginia dba Charleston Area Alliance 1116 Smith Street Charleston WV 25301 556024192 Economic Development WV 501(c)(4) N/A 0 Enterprise Properties Inc 1116 Smith Street Charleston WV 25301 550714069 Economic Development WV 501(c)(6) N/A 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1 Capital Area Development Corporation of West Virginia dba Charleston Area Alliance b 177188 CADCO Foundation granted $177,188 to Capital Area Development Corporation of West Virginia (CADCO) for support of its business incubator. Enterprise Properties Inc c 150000 Enterprise Properties, Inc. granted $150,000 to CADCO Foundation for economic and community development programs. Capital Area Development Corporation of West Virginia dba Charleston Area Alliance d 23751 CADCO owes a note payable to CADCO Foundation to repay funds borrowed from the Foundation's board-designated endowment for the purpose if improvments to the business incubator building owned and operated by CADCO. Funds are repaid semi-annually to the Foundation's endowment account based on an amortization schedule computed with a competitive fixed rate of interest. At 12/31/22, the balance of the note payable was $109,665. Payments to CADCO Foundation on this note in 2022 were $23,751 including interest of $3,680. Capital Area Development Corporation of West Virginia dba Charleston Area Alliance m 0 All administrative and managerial functions (types m, n, and o) of CADCO Foundation are performed by CADCO staff without charge to CADCO Foundation. Capital Area Development Corporation of West Virginia dba Charleston Area Alliance r 2360 As is common with related organizations managed by shared staff and utilizing shared resources, CADCO Foundation and its affiliate, CADCO, use an intercompany due to/from account to capture transfers and other transactions (types r and s) during the normal course of recordkeeping. The net increase in the Foundation's payable to CADCO in 2022 was $2,360.