2025-11-04T17:00:58-07:00 2024-12-31 990 2024-01-01 556024192 CAPITAL AREA DEVELOPMENT CORPORATION OF WEST VIRGINIA CAPI 3043404253 1116 Smith Street Charleston WV 25301 Debra James Chief Financial Officer 3043404253 2025-10-28 1 2024 2025-03-06 01:10:19Z Charleston Area Alliance Mara C Boggs - President and CEO 1116 Smith Street Charleston WV 25301 2702121 0 X www.charlestonareaalliance.org X 1963 WV Capital Area Development Corporation of West Virginia dba Charleston Area Alliance serves as a catalyst for change for Charleston, Kanawha County, and the surrounding area, leading with innovative and collaborative approaches to shape a prosperous economy that fosters growth and attracts people and investment. We are a community and economic development organization that connects businesses, entrepreneurs and young talent with the resources needed to succeed. Our strategic plan will stimulate job creation, attract new industries, bolster the region's economic resilience, and support energetic and effective local efforts to renew our capital city as strong and vibrant. 37 37 11 100 0 0 1012883 1403481 1215816 1165331 110608 133309 0 0 2339307 2702121 71798 210800 0 0 807971 743508 0 0 62183 942546 977898 1822315 1932206 516992 769915 9454137 10716902 2069969 2562819 7384168 8154083 Capital Area Development Corporation of West Virginia dba Charleston Area Alliance serves as a catalyst for change for Charleston, Kanawha County, and the surrounding area, leading with innovative and collaborative approaches to shape a prosperous economy that fosters growth and attracts people and investment. We are a community and economic development organization that connects businesses, entrepreneurs and young talent with the resources needed to succeed. Our strategic plan will stimulate job creation, attract new industries, bolster the region's economic resilience, and support energetic and effective local efforts to renew our capital city as strong and vibrant. 0 0 659624 153750 372547 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, providing talent attraction incentives, encouraging public investment in supportive infrastructure, and developing entrepreneurial networks and support systems. In 2023, the organization began a major real estate redevelopment project funded by a federal grant matched with other public and private support. Capitalized redevelopment costs as of 12/31/24 were $1,430,108. 390092 0 206968 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. 276989 57050 196782 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, supporting small businesses with targeted grant opportunities. 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. 141545 0 389034 Other program services include benefits and opportunities provided to member businesses such as: networking, professional development, referrals and communication. 141545 0 389034 1468250 0 1 0 1 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 1 0 0 0 0 0 1 1 1 0 1 36 0 1 11 1 0 0 0 0 1 1 0 0 0 X 37 37 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 Debra S James CFO 40 5 X X X 138274 0 24307 Nicole Christian President and CEO - former 40 5 X X X 59813 0 11035 Mara C Boggs President and CEO from 10/01/24 40 5 X X 64726 0 19 Adam R Krason Chair 3 3 X X 0 0 0 Ellen S Cappellanti Vice Chair 1 1 X X 0 0 0 Tessa M White Secretary 1.00 1.00 X X 0 0 0 Matthew Bond Treasurer 1 1 X X 0 0 0 Kristen Anderson 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 Steven Collins Director 1 1.0 X 0 0 0 Kensie Hamilton Fauber Director 1 1 X 0 0 0 David P Ferretti Director 1 1 X 0 0 0 Scott Geotz Director 1 1 X 0 0 0 John Hebert Director 1 1 X 0 0 0 Michael Holtsclaw Director 1 1 X 0 0 0 Mike McCown Director 1 1 X 0 0 0 Chris Morris Director 1 1 X 0 0 0 Evan Osborn Director 1 1 X 0 0 0 C Anthony Parker Director 1 1 X 0 0 0 Marcus Phillips Director 1 1 X 0 0 0 Jack Rossi 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 Lyle Smith Director 1 1 X 0 0 0 Patrick Smith Director 1.00 1.00 X 0 0 0 Diana Sole Director 1 1 X 0 0 0 Aaron Sporck 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 Bob Welch Director 1 1 X 0 0 0 Ron Butlin Ex-Officio 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 Marc Slotnick Ex-Officio Director 1 1 X 0 0 0 262813 0 35361 1 1 1 0 0 0 0 0 177188 1181668 44625 0 1403481 Membership Dues 813910 356238 356238 0 0 Lease Revenues - Economic Development 531120 453096 453096 0 0 Enterprise Properties Management Fees 561000 60000 60000 0 0 Economic/Community Development Programs 541690 295997 295997 0 0 0 0 0 0 1165331 133309 133309 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2702121 1298640 0 0 X 113300 113300 97500 97500 0 0 0 0 299791 198830 77771 23190 0 0 0 0 316790 220102 72492 24196 23741 17343 4754 1644 51228 35952 11509 3767 51958 35480 12511 3967 0 0 0 0 2234 0 2234 0 19821 0 19821 0 0 0 0 0 0 0 0 0 0 0 175727 0 175727 0 782 633 87 62 18938 14569 3206 1163 34126 31066 1747 1313 0 0 0 0 190126 190126 0 0 0 0 0 0 0 0 0 0 0 0 0 0 72474 72474 0 0 0 0 0 0 247675 246921 449 305 32292 27225 3016 2051 Merchant and Bank Fees 4511 0 4511 0 Employee Dues, Development, Retention 25579 19440 5757 382 Governance and Miscellaneous 6181 0 6181 0 Program Expenses - Econ/Community Dev, Membership 141337 141194 0 143 6095 6095 0 0 1932206 1468250 401773 62183 861730 1218868 3764723 3611171 0 0 447808 366948 0 0 0 0 0 0 0 0 14313 14001 9390321 5324755 4285495 4065566 0 0 0 0 4650 4650 7105 5590 68313 1430108 9454137 10716902 356017 436487 0 0 173388 512794 0 0 9594 13126 0 0 1441972 1511977 0 10000 88998 78435 2069969 2562819 X 4719083 6197198 2665085 1956885 7384168 8154083 9454137 10716902 769915 0 0 0 0 0 X 0 1 X 1 1 1 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 818093 818093 0 8369633 5133323 3236310 0 0 0 0 0 197787 191432 6355 0 4808 0 4808 4065566 Capitalized real estate redevelopment costs 1430108 1430108 0 Note payable to related organization 78435 78435 X 3410321 0 0 0 708200 708200 2702121 0 0 0 2702121 1932206 0 0 0 0 0 1932206 0 0 0 1932206 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 their membership dues received and paying their bills for monthly meeting expenses. The balance held by the reporting organization as fiscal agent as of 12/31/24 was $13,126. 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. 1 TC Energy 1700 Kanawha Blvd Charleston WV 25304 50000 Economic development grant to assist with development of and relocation to new office building in downtown Charleston 0 1 Charleston Roots - workforce relocation incentives 18 97500 Schedule I, Part I, Line 2 The reporting entity dba Charleston Area Alliance operated two separate grant/incentive programs designed to assist women and minority owned small businesses and to recruit talented workforce to Charleston and Kanawha County. The Women and Minority Owned Small Business Grant program awarded 11 grants totaling $52,800 to encourage business growth. All such grants were $5,000 or less and, therefore, are not reportable in Section II above. The Charleston Roots Relocation program provided 18 individuals with monetary incentives totaling $97,500 to assist with moving to and working in the region. Programs are managed by organizational staff supported by selection and review committees. Applicants are carefully screened for eligibility criteria and are required to submit periodic reports regarding use of funds (Women and Minority Owned Business) and continued residency (Charleston Roots). Charleston Area Alliance supported other local economic development initiatives through sponsorships totaling $10,500. Schedule I, Part II, Line 1 Charleston Area Alliance received a $50,000 restricted contribution from the City of Charleston to pass through to TC Energy as a relocation/job retention incentive. Funds were accrued as an economic development program expense, and have not yet been disbursed. X X X 1 0 0 0 0 0 0 0 0 Nicole Christian President and CEO - former 59813 0 0 0 0 0 5981 0 5054 0 70848 0 0 0 Debra S James CFO 133274 0 5000 0 0 0 13790 0 10517 0 162581 0 0 0 Schedule J, Part I, Line 4 Former President and CEO, Nicole Christian, resigned effective 12/31/23 and received severance benefits which were disbursed in January 2024. Various Entity 0 There are no reported 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 or contributing to this organization. All such transactions with the unrelated entities listed below were conducted in the normal course of business under terms extended to the general business community and the public, and were below applicable Part IV reporting thresholds. John Scalzo (Appalachian Power) - public utility services; Sandy Call (Bridge Road Bistro) - catering services; Robert Burton (West Virginia American Water) - public utility services; Kensie Hamilton Fauber (Executive Ink) - marketing services; Ellen Cappellanti (Jackson Kelly PLLC) - legal services; Martin Roth (University of Charleston) - event catering and venue. Form 990, Header, Line A The extended filing date is November 15, 2025. Form 990, Part I, Line 6 Community business and citizen leaders comprise the organization's voluntary Board of Directors, advisory committees, and task forces of economic and community revitalization 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 IV, Line 28a 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. Form 990, Part IV, Line 28c See above. 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 Over 450 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 leaders elected by the organization's membership. Form 990, Part VI, Section A, Line 9 Kristin Margolin Anderson (WVU Medicine Thomas Hospitals) 4605 MacCorkle Avenue, SW South Charleston WV 25309; Matt Bond (United Bank) P.O. Box 393 Charleston WV 25322-0393; Nancy Bruns (J. Q. Dickinson Salt Works) 4797 Midland Drive Malden WV 25306; Robert Burton (West Virginia American Water) 1600 Pennsylvania Avenue Charleston WV 25302-3932; Ron Butlin (CURA - Charleston Urban Renewal Authority) 815 Quarrier Street, Ste. 244 Charleston WV 25301-2652; Ericke Cage (West Virginia State University) P.O. Box 1000 Institute WV 25112-1000; Sandy Call (The Bridge Road Bistro) 915 Bridge Road Charleston WV 25314-1203; Ellen Cappellanti (Jackson Kelly PLLC) P.O. Box 553 Charleston WV 25322-0553; Steven Collins (Q Labs, Inc.) 312 MacCorkle Avenue, SE Charleston WV 25314; David Ferretti (Spilman Thomas & Battle, PLLC) P.O. Box 273 Charleston WV 25321-0273; Scott Goetz (Charleston Steel) P.O. Box 547 Dunbar WV 25064-0547; Amy Goodwin (City of Charleston) P.O. Box 2749 Charleston WV 25330-2749; Kensie Hamilton Fauber (Executive Ink, LLC) 8 Capitol Street, Ste. 200 Charleston WV 25301-2828; John Hebert (Dow, Inc.) 437 MacCorkle Avenue, SW South Charleston WV 25303-1230; Michael Holtsclaw (Truist) 300 Summers Street Charleston WV 25301-1624; Adam Krason (ZMM Architects & Engineers) 222 Lee Street, W Charleston WV 25302-2225; Mike McCown (Industrial Bolting Technologies, Inc.) P O Box 10068 Charleston WV 25357-0068; Chris Morris (Citynet) 100 Citynet Drive Bridgeport WV 26330-1784; Frank Mullens (City of South Charleston) P.O. Box 8597 South Charleston WV 25303; Jack Nuckols (Kanawha County Commission Designee) 408 Kanawha Avenue Pratt WV 25162; Evan Osborn (Capitol Market) 800 Smith Street Charleston WV 25301; C. Anthony Parker (Elk City Auto Spa, Inc.) 723 Indiana Avenue Charleston WV 25302; Marcus Phillips (Kureha PGA, LLC) 901 W DuPont Avenue Belle WV 25015-0100; Dominique Ranieri (West Virginia International Yeager Airport) 100 Airport Road, Ste. 175 Charleston WV 25311-1080; Jack Rossi (Burke & Herbert Bank & Trust) 400 Washington Street, East 4th Floor Charleston WV 25301; Martin Roth (University of Charleston) 2300 MacCorkle Avenue, SE Charleston WV 25304-1099; Jeff Sandene (CAMC/Vandalia Health) P.O. Box 1547 Charleston WV 25326-1547; John Scalzo (Appalachian Power/AEP) 500 Lee St., E - Ste. 800 Charleston WV 25301; Marc J Slotnick (Kanawha County Commission) PO Box 3627 Charleston WV 25336; Lyle Smith (Kanawha Roxalana Company) P. O. Box 393 Charleston WV 25322; Patrick Smith (Canary Financial Forensic Solutions) 179 Summers St Charleston WV 25301; Diana Sole (MotionMasters) P.O.Box 711 Dunbar WV 25064; Aaron Sporck (Huntington National Bank) 500 Lee Street, E Charleston WV 25301-1741 ; Diane Strong-Treister (Manpower) 503 Pennsylvania Avenue Charleston WV 25302-2387; Ben Thomas (Bowles Rice LLP) P.O. Box 1386 Charleston WV 25325-1386; Bob Welch (Toyota Motor Manufacturing, West Virginia, Inc.) 1 Sugar Maple Lane Buffalo WV 25033-9430; Tessa White (Tessa M. White, PLLC) 1108 Kanawha Blvd E, Unit 502 Charleston, WV 25301 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 is 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 abstain from 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 compensation of the 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. The organization posts Form 990 on its website. Form 990, Part VII, Section A, Line 1a 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, participating in various meetings occurring monthly, bi-monthly, and as needed (Board meetings, Executive Committee, Finance Committee, Community Development Committee, Economic Development Committee, Nominating Committee, HR Committee, project task forces). Form 990, Part IX, Line 11g Grant Consultants $22,390; Strategic Planning Consultants $153,337 Form 990, Part IX, Line 24e Estimated Credit Losses 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 a $177,188 grant from CADCO Foundation to support operation of a small business incubator. CADCO Foundation Inc e 11876 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 small business incubator building. Repayments are made semiannually based on an amortization schedule computed with a competitive fixed rate of interest. At 12/31/24, the balance of the note payable was $78,435. Payments to CADCO Foundation in 2024 totaled $11,876 including interest of $2,470. Interregional Chamber of Commerce Inc j 7824 The reporting organization receives monthly rent payments from the Interregional Chamber of Commerce to cover occupancy costs incurred in support of Chamber activities. Total rents received from the Chamber in 2024 were 7,824. 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 16000 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 3604 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 2024 was a decrease of $3,604. CADCO Foundation Inc r 25812 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 decrease in the Foundation's payable to the reporting organization in 2024 was $25,812. Interregional Chamber of Commerce Inc r 33070 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 2024 was an increase of $33,070. Form 8868 was properly filed and accepted by the IRS on 04/21/25. The extended due date is November 15, 2025.