2024-05-06T20:06:21-05:00 2023-12-31 132781641 MITCHELL & TITUS LLP 80 PINE STREET NEW YORK NY 10005 990 2023-01-01 541442466 WASHINGTON AREA COMMUNITY INVESTMENT FUND INC WASH 2025295505 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 BRIAN NAGENDRA TREASURER 2025295505 2024-05-06 1 BRIAN NAGENDRA 999009999 0 FREDERICK E DAVIS JR P00446023 2127094500 2024-04-30 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z BRIAN NAGENDRA 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 7846034 0 X WWW.WACIF.ORG X 1987 VA TO INCREASE EQUITY AND ECONOMIC OPPORTUNITY BY INVESTING KNOWLEDGE, SOCIAL, AND FINANCIAL CAPITAL IN LOW- AND MODERATE-INCOME WASHINGTON AREA ENTREPRENEURS. 15 14 47 16 0 0 6871349 6816270 2200959 773308 2656 126501 12014 -99572 9086978 7616507 1409322 4492274 0 0 3565695 4264479 29500 20500 1481076 1861774 2071329 6866291 10848582 2220687 -3232075 16503969 14335295 5371145 6391482 11132824 7943813 X THE WASHINGTON AREA COMMUNITY INVESTMENT FUND (WACIF) IS A NONPROFIT COMMUNITY LOAN FUND FOCUSED ON INCREASING EQUITY AND ECONOMIC OPPORTUNITY IN THE WASHINGTON, DC AREA'S UNDERSERVED COMMUNITIES. WACIF'S MISSION IS DRIVEN IS DRIVEN BY THREE STRATEGIC PILLARS: INCLUSIVE ENTREPRENEURSHIP, COMMUNITY WEALTH BUILDING, AND EQUITABLE ECONOMIC OPPORTUNITY, AND IS FULFILLED BY PROVIDING ACCESS TO CAPITAL PRODUCTS AND SERVICES, AND CAPACITY BUILDING ADVISORY SERVICES TO LOW- AND MODERATE-INCOME ENTREPRENEURS. 0 0 6549535 4484524 180408 SMALL BUSINESS ADVISORY SERVICES - WACIF PROVIDES A VARIETY OF ADVISORY SERVICES TO LOW-TO-MODERATE INCOME ENTREPRENEURS TO DRIVE EQUITABLE AND OPPORTUNITY IN UNDERSERVED DC AREA COMMUNITIES. WACIF'S SMALL BUSINESS ADVISORY EXPERTISE AND OFFERINGS COVER TOPICS INCLUDING BUSINESS PLANNING, MARKETING, FINANCIAL STATEMENTS, LAW, REAL ESTATE AND GETTING TRANSACTION-READY. OUR OFFERINGS INCLUDE GROUP CLASSES, ONE-ON-ONE ADVISEMENT ON SPECIFIC CAPACITY BUILDING ISSUES TO IDENTIFY AREAS OF GROWTH, AND INTENSIVE, COHORT-BASED PROGRAMS LIKE OUR ASCEND CAPITAL ACCELERATOR, WHICH FEATURED THE ASCEND. HER COHORT, WITH SPECIALIZED SUPPORT FOR A COHORT OF WOMEN ENTREPRENEURS OF COLOR. IN 2022, WACIF MORE PROVIDED MORE THAN 1,300 UNITS OF TECHNICAL ASSISTANCE SMALL BUSINESS AND NONPROFIT CLIENTS; OFFERING SPECIALIZED FINANCIAL AND ADVISORY SERVICES THROUGH GREATER WASHINGTON, DC ENTERPRISING WOMEN OF COLOR BUSINESS CENTER, THE GREATER WASHINGTON, DC ENTREPRENEURS OF COLOR FUND, THE MINNESOTA AVENUE MAIN STREET PROGRAM. 1218531 7750 603247 LENDING PROGRAM - WACIF'S ACCESS TO CAPITAL (ATC) AND LENDING ACTIVITIES, WHICH TOTAL OVER $12.4M ASSETS UNDER MANAGEMENT (AUM), PROVIDE FLEXIBLE FINANCING FOR SMALL BUSINESSES OWNED BY, OPERATING IN OR SERVING LOW-TO-MODERATE INCOME COMMUNITIES. WACIF HAS SEVERAL LOAN FUNDS TO SUPPORT A CONTINUUM OF ENTREPRENEURS, INCLUDING ESTABLISHED BUSINESS OWNERS THAT ARE UNABLE TO ACCESS TRADITIONAL FINANCING FROM BANKS - LENDING OVER $2M. WACIF'S VARIOUS LENDING PROGRAMS BRIDGE THE FINANCING GAP FOR UNDERSERVED COMMUNITIES GRADUATING TO TRADITIONAL LENDERS, WHILE CREATING ECONOMIC OPPORTUNITY. WACIF'S ATC FUND IS THE ORGANIZATION'S HISTORICAL SOURCE FOR COMMUNITY DEVELOPMENT FINANCING AND IT'S MOST FLEXIBLE. THE ATC FUND REMAINS A COMMUNITY ASSET WHICH BEGAN WITH AND HAS BEEN SUSTAINED FOR OVER 30 YEARS BY INDIVIDUAL AND INSTRUCTIONAL, SOCIALLY RESPONSIBLE INVESTORS SEEKING POSITIVE FINANCIAL AND SOCIAL RETURNS FROM THEIR INVESTMENT. CURRENTLY COMPRISED OF OVER 51 INSTITUTIONAL AND INDIVIDUAL INVESTORS HOLDING OVER 61 INVESTMENTS, THE ATC FUND IS VALUED AT APPROXIMATELY $3.0M. 7768066 1 1 0 0 0 0 0 0 1 0 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 76 0 47 1 0 0 0 0 0 0 0 0 0 0 X 15 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 MD VA X KEVIN FRYATT 2025295505 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 NANCY STARK BOARD CHAIR 3.00 0.00 X X 0 0 0 NORA DIAMOND-JONES SECRETARY 2.00 0.00 X X 0 0 0 ROBERT RIORDAN BOARD VICE CHAIR 2.00 0.00 X X 0 0 0 BRIAN NAGENDRA TREASURER 2.00 0.00 X X 0 0 0 BRIAN LEWALD BOARD MEMBER - UNTIL 11/2023 1.00 0.00 X 0 0 0 COURTNEY R SNOWDEN BOARD MEMBER 1.00 0.00 X 0 0 0 MARISA G FLOWERS BOARD MEMBER 1.00 0.00 X 0 0 0 JESSEL AMIN BOARD MEMBER 1.00 0.00 X 0 0 0 CARYLN MADDEN BOARD MEMBER 1.00 0.00 X 0 0 0 EMEKA MONEME BOARD MEMBER 1.00 0.00 X 0 0 0 KLADE HARE NERSASIAN BOARD MEMBER 1.00 0.00 X 0 0 0 ABIGAIL SUAREZ BOARD MEMBER 1.00 0.00 X 0 0 0 COREY GRIFFIN BOARD MEMBER 1.00 0.00 X 0 0 0 MATTHIAS GLATTING BOARD MEMBER 1.00 0.00 X 0 0 0 AQUIL STINSON BOARD MEMBER 1.00 0.00 X 0 0 0 KEVIN FRYATT CFOO UNTIL 122023 CO-INTERIM CEO SINCE 12/2023 40.00 4.00 X 160755 0 30593 BRENDON MILLER CHIEF OF STAFF UNTIL 5/2023,INTERIM CEO SINCE 5/23 40.00 0.00 X 169033 0 8601 KIMBERLY GAYLE CHIEF PROGRAMS OFFICER UNTIL 12/2023,CO-INTERIM CEO FROM 12/23 40.00 0.00 X 147127 0 16482 HAROLD PETTIGREW CHIEF EXECUTIVE OFFICER-UNTIL 5/2023 40.00 2.00 X 61946 0 8975 SHAUNA YELDELL CHIEF LENDING OFFICER 40.00 0.00 X 147146 0 34208 MEGAN CARRAS CHIEF DEVELOPMENT OFFICER 40.00 0.00 X 136693 0 8748 SOWMYA PELLURU CHIEF COMMUNICATIONS & BRANDING OFFICER 40.00 0.00 X 133545 0 11801 JUNELL VENORD HUMAN CAPITAL DIRECTOR 40.00 0.00 X 122657 0 12109 KARA ULMER OPERATIONS DIRECTOR 40.00 0.00 X 117074 0 7043 1195976 0 138560 10 0 1 0 0 5303218 1513052 6816270 LOAN FEES 900099 341671 341671 INTEREST FROM LOANS 900099 261574 261574 FUND MANAGEMENT INCOME 900099 170063 170063 773308 126501 126501 119608 229527 -109919 -109919 REBATES 900099 5688 5688 EVENT INCOME 900099 4659 4659 10347 7616507 783655 0 16582 4492274 4492274 1462303 556225 519812 386266 2189122 1213477 487494 488151 87482 48137 20863 18482 358140 197695 78300 82145 167432 91182 36792 39458 69319 62172 2304 4843 175811 77985 66738 31088 20500 20500 411111 251960 78838 80313 110783 5453 10472 94858 292647 95765 137326 59556 291259 140515 67298 83446 116763 66929 31453 18381 61023 39887 4960 16176 311019 238645 46335 26039 72088 72088 40447 8287 4339 27821 17661 8632 5680 3349 LOAN FUND FEES 101398 100758 436 204 10848582 7768066 1599440 1481076 11577577 1994893 1546960 5208228 1295051 1380261 163221 206698 1297567 3615955 164336 127950 264097 235070 69474 29027 0 239 389783 1772044 16503969 14335295 337991 856426 1583095 222630 107884 637593 1000 1000 602423 495447 2460425 3952287 278327 226099 5371145 6391482 X 6434345 6879468 4698479 1064345 11132824 7943813 16503969 14335295 -3232075 27763 15301 0 X 0 1 X 1 1 1 X 2640490 5248394 6647641 6871349 6816270 28224144 2640490 5248394 6647641 6871349 6816270 28224144 5221550 23002594 6095 5211 4252 2656 126501 144715 3020 10347 13367 28382226 6337781 0.81050 0.75000 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2022 AMOUNT: $ 3,020. 2023 AMOUNT: $ 4,659. REBATES - 2023 AMOUNT: $ 5,688. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 106861 88222 18639 157236 146848 10388 29027 DEPOSITS 8300 DUE FROM RELATED ENTITIES 1545017 RIGHT-OF-USE ASSETS 218727 1772044 LEASE LIABILITY 226099 226099 X PART IV, LINE 2B: IN 2023, WACIF ACTED AS AN AGENT AND INTERMEDIARY FOR THE OFFICE OF THE STATE SUPERINTENDENT OF EDUCATION (OSSE) AND THE DC DEPUTY MAYOR FOR PLANNING AND ECONOMIC DEVELOPMENT (DMPED), DISTRIBUTING GRANT FUNDS TO VARIOUS SMALL BUSINESSES IN WASHINGTON, D.C. WACIF HAS BEEN SELECTED TO MANAGE AND SERVICE CERTAIN FUNDS AND PROGRAMS ON BEHALF OF THE FEDERAL GOVERNMENT, DISTRICT OF COLUMBIA, AND OTHER THIRD-PARTY ORGANIZATIONS. SUCH FUNDS AND PROGRAMS INCLUDE THE SMALL BUSINESS ADMINISTRATION (SBA) MICROLOAN PROGRAM, STREETSCAPE LOAN RELIEF FUND, DISTRICT CAPITALIZED LOAN PROGRAM, TENANT SETTLEMENT FUND AND DC DEPARTMENT OF INSURANCE, SECURITIES AND BANKING (DISB) WITH PURPOSES OF PROVIDING LOANS TO SMALL BUSINESSES AND OTHER REIMBURSEMENTS TO TENANTS IN ACCORDANCE WITH SETTLEMENT AGREEMENTS. THESE FUNDS ARE INCLUDED IN RESTRICTED CASH (ASSETS) AND FUNDS HELD ON BEHALF OF OTHERS (LIABILITIES) IN THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION. PART X, LINE 2: WACIF PERFORMED AN EVALUATION OF UNCERTAINTY IN INCOME TAXES FOR THE YEAR ENDED DECEMBER 31, 2023, AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR THAT MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. X X X X X 1 HEART FOR THE COMMUNITY CONSULTING LLC 303 42ND STREET NE WASHINGTON DC 20019 GRANT WRITING 0 0 13000 0 FRIEDMAN ASSOCIATES 1 KNOLLWOOD LANE IOWA CITY IA 52245 GRANT WRITING 0 0 7500 0 20500 DC MD VA 35TH ANNIVERSARY EVENT 119608 0 119608 39246 62552 127729 119608 119608 39246 62552 127729 229527 -109919 1 1231-1235 GOOD HOPE ROAD INC 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 873806971 501(C)(3) 3719845 0 OPERATING SUPPORT ANACOSTIA ENTREPRENEURSHIP CENTER INC 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 873827062 501(C)(3) 198158 0 OPERATING SUPPORT THE FRESH FOOD FACTORY MARKET 1231 GOOD HOPE RD SE WASHINGTON DC 20020 833882447 N/A 110000 0 OPERATING SUPPORT ROCHDALE CAPITAL CORPORATION 2011 CRYSTAL DRIVE SUITE 800 ARLINGTON VA 22202 873807038 501(C)(3) 108492 0 OPERATING SUPPORT THE MAHOGANY BUSINESS GROUP DBA MAHOGANYBOOKS 1231 GOOD HOPE ROAD SE WASHINGTON DC 20020 870803330 N/A 80000 0 OPERATING SUPPORT NUBIAN HUEMAN 1231 GOOD HOPE ROAD SE WASHINGTON DC 20020 461174487 N/A 80000 0 OPERATING SUPPORT THE CHILD CENTER INC 202 RIGGS ROAD NE WASHINGTON DC 20010 521977939 N/A 25855 0 OPERATING SUPPORT THE CHILD CENTER BA SCHOOL PROGRAM 801 DIVISION AVE NE WASHINGTON DC 20019 521977939 N/A 15182 0 OPERATING SUPPORT MARKET SEVEN LLC 4020 MINNESOTA AVENUE NE 382 WASHINGTON DC 20019 831546362 N/A 10000 0 OPERATING SUPPORT BROWN GAINES LLC 800 ADMIRALS WAY NATIONAL HARBOR MD 20745 453959944 N/A 10000 0 OPERATING SUPPORT THE T10 GROUP LLC 20066 DOOLITTLE STREET GAITHERSBURG MD 20886 824653174 N/A 10000 0 OPERATING SUPPORT MANE RHODES 2300 GOOD HOPE RD SE UNIT 508 WASHINGTON DC 20020 851627713 N/A 6500 0 OPERATING SUPPORT DC PLANNER JOURNAL CON 412 COLESVILLE MANOR DRIVE SILVER SPRING MD 20904 923218128 N/A 6000 0 OPERATING SUPPORT 3 10 PART I, LINE 2: WACIF CURRENTLY ISSUES SUB-GRANTS TO SMALL BUSINESSES AS PART OF MANY OF THE PROGRAMS IT MANAGES. THESE GRANTS ARE MONITORED ACCORDING TO GUIDELINES PROVIDED EITHER BY THE GRANTING AGENCY OR WACIF ITSELF, IN THE EVENT THE GRANTING AGENCY OR DONOR HAS NOT PROVIDED SUCH GUIDANCE. THIS OFTEN INVOLVES JUSTIFICATION OF USE OF FUNDS THROUGH RECEIPTS AND OTHER DOCUMENTATION AS WELL AS NARRATIVE DESCRIPTION. 1 X X 0 0 0 0 0 0 0 1 0 KEVIN FRYATT CFOO UNTIL 122023 CO-INTERIM CEO SINCE 12/2023 155999 0 4756 0 0 0 7654 0 22939 0 191348 0 0 0 SHAUNA YELDELL CHIEF LENDING OFFICER 142787 0 4359 0 0 0 7764 0 26444 0 181354 0 0 0 BRENDON MILLER CHIEF OF STAFF UNTIL 5/2023,INTERIM CEO SINCE 5/23 164337 0 4696 0 0 0 7811 0 790 0 177634 0 0 0 KIMBERLY GAYLE CHIEF PROGRAMS OFFICER UNTIL 12/2023,CO-INTERIM CEO 142752 0 4375 0 0 0 7292 0 9190 0 163609 0 0 0 PART I, LINE 7 ON NOVEMBER 30, 2023, WACIF PAID A NON-FIXED DISCRETIONARY BONUS PAYMENT TO ELIGIBLE STAFF BASED ON THE ORGANIZATION'S OVERALL PERFORMANCE. NANCY STARK BOARD CHAIR IMPACT CAPITAL FUND X 1000 1000 0 0 1 1000 FORM 990, PART VI, SECTION B, LINE 11B FIRSTLY, WACIF REVIEWS THE DRAFT FEDERAL FORM 990 AT THE MANAGEMENT LEVEL. SECONDLY, IT IS THEN PRESENTED TO THE BOARD-LEVEL FINANCE & AUDIT COMMITTEE FOR REVIEW. ONCE REVIEWED AND DEEMED READY FOR APPROVAL, THE FINANCE & AUDIT COMMITTEE THEN PROVIDES A RECOMMENDATION TO THE BOARD OF DIRECTORS TO APPROVE THE DOCUMENT. UPON BOARD OF DIRECTORS APPROVAL, THE FEDERAL FORM 990 IS READY FOR FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C WACIF'S CONFLICT OF INTEREST POLICY IS SIGNED BY ALL STAFF AND BOARD MEMBERS UPON COMMENCING THEIR PROFESSIONAL RELATIONSHIP TO WACIF. ON AN ANNUAL BASIS, ALL STAFF AND BOARD MEMBERS RE-SIGN WACIF'S CONFLICT OF INTEREST POLICY, DISCLOSING ANY POTENTIAL CONFLICTS OF INTEREST. ANY CONFLICTS OF INTEREST THAT EXIST ARE DISCUSSED AMONG THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION WAS SET USING EXTERNAL MARKET RATE RESEARCH CONDUCTED BY A THIRD PARTY, AND APPROVED BY THE EXECUTIVE COMMITTEE WITH INPUT FROM THE FULL BOARD OF DIRECTORS. FUTURE ADJUSTMENTS WILL BE DEPENDENT ON MEETING ESTABLISHED PERFORMANCE GOALS. PERFORMANCE EVALUATIONS, SALARY SURVEYS, EXPERT KNOWLEDGE AND EXPERIENCE AND ORGANIZATIONAL BUDGET ARE OFTEN KEY DETERMINANTS OF THE CEO'S SALARY. THE CHIEF FINANCIAL & OPERATIONS OFFICER AND OTHER KEY EMPLOYEES' SALARIES ARE DETERMINED BY THE CEO, IN CONJUNCTION WITH BUDGET AVAILABILITY OVERSEEN BY THE BOARD OF DIRECTORS. ANY SUBSEQUENT ADJUSTMENTS TO SALARY LEVELS OF OFFICERS OR KEY EMPLOYEES ARE DETERMINED THROUGH REVIEW OF JOB PERFORMANCE, GOALS, AND WITHIN INDUSTRY STANDARDS TO ENSURE COMPETITIVENESS. FORM 990, PART VI, SECTION C, LINE 19 WACIF'S GOVERNING DOCUMENTS, INCLUDING ITS ORGANIZATIONAL BYLAWS, AUDITED FINANCIAL STATEMENTS, FEDERAL FORM 990S, AND CONFLICT OF INTEREST POLICY, ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. ANACOSTIA ENTREPRENEURSHIP CENTER INC 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 873827062 PROPERTY/PROGRAM MANAGER DC 501(C)(3) LINE 12A, I WASHINGTON AREA COMMUNITY INVESTMENT FUND INC 1 1231-1235 GOOD HOPE ROAD INC 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 873806971 REAL ESTATE HOLDING ENTITY DC 501(C)(3) LINE 12C, III-FI WASHINGTON AREA COMMUNITY INVESTMENT FUND INC 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 ANACOSTIA ENTREPRENEURSHIP CENTER INC B 198158 BOOK VALUE ANACOSTIA ENTREPRENEURSHIP CENTER INC O 283957 BOOK VALUE 1231-1235 GOOD HOPE ROAD INC B 3719845 BOOK VALUE 1231-1235 GOOD HOPE ROAD INC O 110450 BOOK VALUE