Cascade Capital Corporation
- Assets
- $2.4m
- Revenue
- $754.7k
- Investments
- $0.0
- Employees
- 3
- Location
- Akron, OH
- Founding
- 05/1987
- Data as of
- 09/2023
- EIN
- 34-1423558
Organization Overview
Cascade Capital Corporation is located in Akron, OH. The organization was established in 1987. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Cascade Capital Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cascade Capital Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2023, Cascade Capital Corporation generated $754.7k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $761.2k during the year ending 09/2023. While expenses have increased by 4.0% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDES ECONOMIC DEVELOPMENT/FIXED ASSET FINANCING, PRIMARILY IN NORTHEAST OHIO, THROUGH ITS SBA 504 AND OHIO 166 LOAN PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CASCADE CAPITAL CORPORATION IS A CERTIFIED DEVELOPMENT COMPANY (BY THE U.S. SMALL BUSINESS ADMINISTRATION), WHICH DELIVERS THE SBA 504 LOAN PROGRAM THROUGHOUT OHIO. IT IS ALSO AN ADMINISTRATOR OF THE OHIO 166 REGIONAL LOAN PROGRAM. DURING THE FISCAL YEAR CASCADE CAPITAL CORPORATION CLOSED 12 SBA 504 LOANS TOTALING 8,382,000 AND 4 OHIO 166 LOANS TOTALLY 1,706,000. CASCADE CAPITAL CORPORATION CURRENTLY MANAGES 125 SBA 504 AND 32 OHIO 166 LOANS TOTALING 56,419,971.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Filipiak Executive Di | OfficerTrustee | 40 | $208,600 |
Dan Riffle Senior Loan | 40 | $146,175 | |
Romona Davis Trustee | Trustee | 1 | $0 |
Bethany Dentler Trustee | Trustee | 1 | $0 |
Scott Dodds Trustee | Trustee | 1 | $0 |
Roz Edwards Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $519,675 |
| Investment income | $147,783 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $79,987 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $754,678 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $241,675 |
| Compensation of current officers, directors, key employees. | $15,839 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $246,436 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $32,989 |
| Payroll taxes | $33,675 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,829 |
| Fees for services: Accounting | $24,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,921 |
| Office expenses | $12,383 |
| Information technology | $15,993 |
| Royalties | $0 |
| Occupancy | $27,338 |
| Travel | $3,854 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,856 |
| Insurance | $12,040 |
| All other expenses | $11,321 |
| Total functional expenses | $761,182 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,694 |
| Savings and temporary cash investments | $72,886 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,369 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,193 |
| Net Land, buildings, and equipment | $75,548 |
| Investments—publicly traded securities | $1,817,747 |
| Investments—other securities | $0 |
| Investments—program-related | $362,718 |
| Intangible assets | $0 |
| Other assets | $46,759 |
| Total assets | $2,439,914 |
| Accounts payable and accrued expenses | $34,479 |
| Grants payable | $0 |
| Deferred revenue | $39,796 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $62,008 |
| Other liabilities | $0 |
| Total liabilities | $136,283 |
| Net assets without donor restrictions | $2,303,631 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,439,914 |
Grants Awarded
Over the last fiscal year, Cascade Capital Corporation has awarded $12,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
GREATER AKRON CHAMBER OF COMMERCE PURPOSE: AKRON INITIATIVE | $10,000 |
PORTAGE COUNTY DEVELOPMENT BOARD PURPOSE: CREATE AND RETAIN JOB GROWTH | $2,000 |