2023-10-03T14:59:29-07:00 2022-12-31 990 2022-01-01 556024192 CAPITAL AREA DEVELOPMENT CORPORATION OF WEST VIRGINIA CAPI 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 Charleston Area Alliance Nicole Christian-President and CEO 1116 Smith Street Charleston WV 25301 3865014 0 X www.charlestonareaalliance.org X 1963 WV Capital Area Development Corporation of West Virginia provides a wide range of economic and community development, and member support initiatives to encourage local business growth, jobs creation, industry recruitment and retention. We work to create a more vibrant community and prosperous economy. 35 35 11 100 0 0 532382 2553464 899248 930789 397 24964 36401 0 1468428 3509217 15500 29500 0 0 610118 770266 0 0 89073 726739 681402 1352357 1481168 116071 2028049 5342160 7363815 503034 496640 4839126 6867175 X Capital Area Development Corporation of West Virginia provides a wide range of economic and community development, and member support initiatives to encourage local business growth, jobs creation, industry recruitment and retention. We work to create a more vibrant community and prosperous economy. 1 0 433680 28500 322772 Economic Development - Programs and projects focus on business recruitment, expansion and retention by providing site selection assistance, facilitating foreign direct investment, assisting with import/export needs, supporting innovation, research and development, linking suppliers and customers to promote local economic growth, promoting workforce development opportunities, encouraging public investment in supportive infrastructure, and developing entrepreneurial networks and support systems. 397758 0 187737 Operation of Business Incubator - Program supports entrepreneurial and small business development. Goals include: increasing awareness of the incubator as an available resource for entrepreneurs in the local area; providing low cost office space for entrepreneurs and start-ups; linking tenant entrepreneurs to available consulting services; providing central location for small business referrals to partners and support systems; increased visibility for entrepreneurs through networking and professional development opportunities. 239510 1000 81680 Community Development - We work diligently to increase our natural and built assets through sustainable redevelopment initiatives. Goals include: stimulating new housing growth in downtown Charleston, developing a formal structure for downtown management and marketing, enhancing our downtown promotional efforts, creating community anchors in the urban core, supporting arts and culture throughout Kanawha County. Our collaborative programs assist with the revitalization of small rural communities, build strong communities and enhance the quality of life in the greater Charleston area. 166570 0 338600 Other program services include benefits and opportunities provided to member businesses such as: networking, professional development, referrals and communication. 166570 0 338600 1237518 0 1 0 1 0 0 0 1 1 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 1 19 0 1 11 1 0 0 0 0 1 1 0 0 0 X 35 35 1 0 0 0 1 1 0 1 1 1 0 1 1 1 1 1 0 1 1 0 WV X X Debra S James CFO 3043404253 1116 Smith Street Charleston WV 25301 X Nicole Christian President & CEO 40 3 X X X 150138 0 17209 Debra S James CFO 40 3 X X 96223 0 19309 Jack Rossi Chair 3 3 X X 0 0 0 Adam R Krason Vice Chair 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 Mayor Frank A Mullens Ex-Officio Director 1 1 X 0 0 0 Dominique Ranieri 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 246361 0 36518 1 0 1 0 0 0 0 177188 2334727 41549 0 2553464 Membership Dues 900099 310001 310001 0 0 Rents-Business Incubator 531120 187707 187707 0 0 Rents-Motion Industries 531120 213970 213970 0 0 Enterprise Properties Management Fee 561000 60000 60000 0 0 Economic/Community Development Programs 900099 159111 159111 0 0 0 0 0 0 930789 2873 2873 0 0 0 0 0 0 0 0 0 0 0 0 0 377888 0 355797 0 22091 22091 22091 0 0 0 0 3509217 955753 0 0 2000 2000 27500 27500 0 0 0 0 284705 193465 54362 36878 0 0 0 0 353682 284477 38726 30479 19605 16188 1668 1749 61885 48352 7500 6033 50389 37997 7129 5263 0 0 0 0 4851 0 4851 0 16647 0 16647 0 0 0 0 0 0 0 0 0 0 0 4121 4121 0 0 733 556 97 80 20720 15823 3074 1823 43624 36897 3697 3030 0 0 0 0 176249 176249 0 0 323 0 312 11 0 0 0 0 0 0 0 0 3680 3680 0 0 0 0 0 0 230611 229147 806 658 26012 19710 3469 2833 Merchant and bank fees 3736 0 3736 0 Employee dues, development, retention 20279 15312 4731 236 Governance and miscellaneous 3772 0 3772 0 ED, CD, MS Program Expenses 126044 126044 0 0 1481168 1237518 154577 89073 838407 1007120 1292560 3705039 0 0 379391 343887 0 0 0 0 0 0 0 0 13747 22002 7070114 4827178 2790019 2242936 0 0 0 0 4650 4650 23386 13371 0 24810 5342160 7363815 224512 234581 0 0 141960 145080 0 0 6825 7314 0 0 0 0 0 0 129737 109665 503034 496640 X 4780786 4704208 58340 2162967 4839126 6867175 5342160 7363815 2028049 0 0 0 0 0 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 1 X 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 1 0 0 0 1 1 0 382446 382446 0 6493228 4643961 1849267 0 0 0 0 0 194440 183217 11223 0 0 0 0 2242936 Investment in closely held member organization-traded in years past for membership 4650 C 4650 Capitalized Real Estate Acquisition Costs-Charleston LIFT 24810 24810 0 Note payable to related organization 109665 109665 X 1404590 0 0 0 21373 21373 1383217 0 2126000 2126000 3509217 1481168 0 0 0 0 0 1481168 0 0 0 1481168 Schedule D, Part IV, Line 2b Capital Area Development Corporation of West Virginia serves as fiscal agent for the Kanawha Valley Business Forum (KVBF), collecting dues payments from their members and remitting payments to their vendors for monthly meeting expenses. The balance held by the reporting organization as fiscal agent for KVBF as of 12/31/22 was $7,314. Schedule D, Part V, Line 4 CADCO Foundation, Inc., a related 501(c)(3) organization, created as a supporting organization for Capital Area Development Corporation of West Virginia (CADCO) dba Charleston Area Alliance, maintains a board-designated endowment fund held for the purpose of funding future economic development projects focused on job creation and retention in CADCO's service area. The value of the endowment fund is reported on Form 990 for CADCO Foundation. Schedule D, Part X, Line 2 The following footnote is included in audited financial statements of the reporting organization. "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." Schedule D, Part XI, Line 2d Net assets released from restrictions. Schedule D, Part XI, Line 4b Net assets received with donor restrictions. 1 Charleston Roots - workforce relocation incentives 11 27500 0 Cash Relocation and referral incentives Schedule I, Part I, Line 2 The reporting entity dba Charleston Area Alliance recruited people to relocate to Charleston, WV through a relocation incentive program designed to attract workforce with skills to fill career opportunities within Charleston's key industries. Monetary awards of up to $5,000 were awarded to successful applicants to assist with moving and other initial expenses. Applications were received to a dedicated Charleston Roots website and were reviewed by a committee to ensure applicants met requirements of the program. X X X 0 0 0 0 0 0 0 0 0 Nicole Christian President & CEO 150138 0 0 0 0 0 7500 0 9709 0 167347 0 0 0 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. No transactions are reported above in Part IV because they do not exceed applicable reporting thresholds. All transactions between the reporting organization 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. 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 service Form 990, Header, Line A Filing date for calendar 2022 was extended until November 15, 2023. Form 990, Part I, Line 6 Community Leaders and citizens comprise the organization's voluntary Board of Directors, advisory committees and task forces of economic and community development programs. Volunteers assist with planning, organizing and implementing projects. No compensation is paid to any volunteers. Approximate numbers of volunteers are: Economic Development - 25; Community Development - 25-; Administrative/Member services 50; Total - 100 Form 990, Part III, Line 2 In September 2022, the organization was awarded a grant from the United States Department of Commerce Economic Development Administration (USEDA) in the amount of $13,000,000 with a required match of $3,250,000 for the Charleston Learning, Innovation, Food & Technology Center (LIFT Center). The LIFT Center, which is to be located at property known as the Kanawha Manufacturing Plant, on the East End of Charleston, WV, will rehabilitate up to 55,000 square feet of existing building for multi-tenant use in accordance with the LIFT Center's program guidelines. In December 2022, the organization received $2 million in funding from the State of West Virginia to be used as matching fund contributions for the program. This contribution is recognized in 2022 financial statements as public contributions with donor restrictions. There were no program expenses in 2022. Capitalized expenditures included initial costs of property acquisition (security deposit and prepaid legal costs). 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. 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 6 Approximately 400 area businesses are members of the reporting organization. Form 990, Part VI, Section A, Line 7a The voluntary Board of Directors of the organization is comprised of business and community leaders elected by the organization's membership. 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 LeeStreet, 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 The organization's Executive Committee reviews the performance of and determines the compensation of the organization'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. Beginning in 2023, the organization will post its Form 990 on its website. Form 990, Part VII, Section A, Line 1a The 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. Meetings include: Board meeting (bi-monthly), Executive Committee (monthly), Finance Committee (bi-monthly), Community Development Committee (monthly), Economic Development Committee (bi-monthly), Nominating and HR Committees (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. CADCO Foundation Inc 1116 Smith Street Charleston WV 25301 550680725 Economic Development WV 501(c)(3) 12a Type 1 N/A 1 Enterprise Properties Inc 1116 Smith Street Charleston WV 25301 550714069 Economic Development WV 501(c)(6) N/A 1 Interregional Chamber of Commerce Inc 1116 Smith Street Charleston WV 25301 237061206 Business League WV 501(c)(6) N/A 1 0 0 1 0 1 0 0 0 0 1 0 1 0 1 1 0 0 1 1 CADCO Foundation Inc c 177188 The reporting organization received grants from CADCO Foundation to support the operation of its business incubator building. Total grants received in 2022 were $177,188. CADCO Foundation Inc e 23751 The reporting organization owes a note payable to CADCO Foundation to repay funds borrowed from the Foundation's board-designated endowment for the purpose of improvements to the business incubator building owned ad operated by the reporting organization. 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. Interregional Chamber of Commerce Inc j 7296 The reporting organization receives monthly lease payments from the Interregional Chamber of Commerce to cover occupancy costs incurred in support of Chamber activities. Total lease payments received from the Chamber in 2022 were $7,296. Enterprise Properties Inc l 60400 Enterprise Properties paid the reporting organization $60,000 for management and administration, and $400 for membership dues. The management fee covers assistance described in transaction types l, n, and o. CADCO Foundation Inc l 0 All administrative and management functions of CADCO Foundation (transaction types l, n, and o) are performed by staff of the reporting organization without charge. Interregional Chamber of Commerce Inc l 12000 The reporting organization charges the Chamber of Commerce for staff time spent managing the Chamber's activities (transaction types l, n, and o are covered). Enterprise Properties Inc r 126 As is common with related organizations managed by shared staff and utilizing shared resources, CADCO Foundation, Enterprise Properties, and the Chamber use intercompany due to/from accounts with the reporting organization to capture transfers and other transactions (both type r and type s) during the normal course of recordkeeping. The net change in Enterprise Properties' payable to the reporting organization in 2022 was an increase of $126. CADCO Foundation Inc r 2360 As is common with related organizations managed by shared staff and utilizing shared resources, CADCO Foundation, Enterprise Properties, and the Chamber use intercompany due to/from accounts with the reporting organization to capture transfers and other transactions (both type r and type s) during the normal course of recordkeeping. The net increase in the Foundation's payable to the reporting organization in 2022 was $2,360. Interregional Chamber of Commerce Inc r 40999 As is common with related organizations managed by shared staff and utilizing shared resources, CADCO Foundation, Enterprise Properties, and the Chamber use intercompany due to/from accounts with the reporting organization to capture transfers and other transactions (both type r and type s) during the normal course of recordkeeping. The net change in the Chamber's receivable from the reporting organization in 2022 was an increase of $40,999.