Altcap
- Assets
- $30.3m
- Revenue
- $6.8m
- Investments
- $0.0
- Employees
- 31
- Location
- Kansas City, MO
- Founding
- 01/2014
- Data as of
- 12/2022
- EIN
- 41-2183377
Organization Overview
Altcap is located in Kansas City, MO. The organization was established in 2014. 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 12/2022, Altcap employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Altcap 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 12/2022, Altcap generated $6.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.2% each year . All expenses for the organization totaled $5.2m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE DESCRIPTION ON PAGE 2, PART III, LINE 1
Describe the Organization's Program Activity:
Part 3 - Line 4a
LENDING IN 2022, THE ORGANIZATION CONTINUED TO DEPLOY NEEDED FINANCING TO UNDERSERVED AND OVERLOOKED ENTREPRENEURS. THE ORGANIZATION WAS ABLE EXPAND ITS REACH TO MORE COMMUNITIES AND SERVE MORE ENTREPRENEURS, PROVIDING ACCESS TO CAPITAL TO SUPPORT NEW, SMALL BUSINESS CREATION AS WELL AS SUPPORT THE GROWTH OF EXISTING SMALL BUSINESSES. IN ADDITION TO SMALL BUSINESS AND MICRO LOANS, THE ORGANIZATION INCREASED THE AVAILABILITY, ACCESSIBILITY AND FLEXIBILITY OF ITS CAPITAL BY OFFERING REVENUE-BASED FINANCING LOANS TO ENTREPRENEURS.
SMALL BUSINESS DEVELOPMENT THE ORGANIZATION PROVIDES IN-KIND SERVICE/RESOURCES TO AN AFFILIATE ORGANIZATION THAT INVEST IN INNOVATIVE AND MEASURABLE COMMUNITY DEVELOPMENT THAT ALIGNS WITH AND STRENGTHENS THE FINANCIAL, HUMAN, AND SOCIAL CAPITAL OF UNDER-RESOURCED NEIGHBORHOODS IN THE KANSAS CITY METROPOLITAN REGION. IN 2022, OUR AFFILIATE ORGANIZATION DEPLOYED MORE THAN 3 MILLION TO NEIGHBORHOOD SMALL BUSINESSES TO ASSIST WITH THEIR RECOVERY EFFORTS AFTER THE ECONOMIC IMPACT OF COVID-19. THE ORGANIZATIONS CONTINUED TO OFFER SMALL BUSINESSES TECHNICAL ASSISTANCE DIRECTLY AS WELL AS INDIRECTLY THROUGH PARTNER ENTREPRENEURSHIP SUPPORT ORGANIZATIONS.
NEW MARKET TAX CREDITS SINCE 2008, THE ORGANIZATION HAS PARTICIPATED IN A FEDERAL TAX CREDIT PROGRAM THAT IS USED TO STIMULATE INVESTMENT IN ECONOMICALLY DISTRESSED COMMUNITIES. THE ORGANIZATION CUMULATIVELY HAS DEPLOYED 213 MILLION IN NEW MARKET TAX CREDITS ALLOCATION WHICH WERE USED TO FINANCE JOB CREATING BUSINESSES AND AS A CATALYST FOR REAL ESTATE DEVELOPMENT PROJECTS IN KANSAS CITY METRO AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Desai-Ramirez Market President | Officer | 5 | $194,587 |
Ruben Alonso III President | Officer | 40 | $187,928 |
Anthony Williams Market President | Officer | 5 | $148,103 |
Carmen Lopez Murgia VP Of Lending And Client Services | 40 | $108,609 | |
Megan Crook Dir. Of Advancement And External Affairs | 40 | $94,101 | |
Richard Vohs VP Of Finance And Accounting | Officer | 40 | $81,725 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,214,502 |
| All other contributions, gifts, grants, and similar amounts not included above | $541,293 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,755,795 |
| Total Program Service Revenue | $1,950,803 |
| Investment income | $36,813 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,756,411 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,576,467 |
| 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. | $358,694 |
| Compensation of current officers, directors, key employees. | $179,346 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,087,735 |
| Pension plan accruals and contributions | $13,132 |
| Other employee benefits | $103,262 |
| Payroll taxes | $113,215 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $192,612 |
| Fees for services: Accounting | $114,719 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $316,770 |
| Advertising and promotion | $13,874 |
| Office expenses | $32,114 |
| Information technology | $81,369 |
| Royalties | $0 |
| Occupancy | $47,717 |
| Travel | $64,178 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $32,631 |
| Interest | $294,550 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,415 |
| Insurance | $23,526 |
| All other expenses | $40,363 |
| Total functional expenses | $5,241,269 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,178,660 |
| Savings and temporary cash investments | $4,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $589,160 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $16,139,785 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $46,029 |
| Net Land, buildings, and equipment | $544 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $272,300 |
| Intangible assets | $29,876 |
| Other assets | $0 |
| Total assets | $30,256,354 |
| Accounts payable and accrued expenses | $352,058 |
| Grants payable | $0 |
| Deferred revenue | $431,882 |
| 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 | $11,806,771 |
| Other liabilities | $255,072 |
| Total liabilities | $12,845,783 |
| Net assets without donor restrictions | $12,945,655 |
| Net assets with donor restrictions | $4,464,916 |
| 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 | $30,256,354 |
Grants Awarded
Over the last fiscal year, Altcap has awarded $1,538,900 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
EQUITY 2 LLC PURPOSE: working capital | $83,969 |
COMMUNITY CAPITAL FUND PURPOSE: working capital | $50,457 |
ALTCAP CALIFORNIA PURPOSE: workiing capital | $1,369,474 |
DIVERSITY TELEHEALTH LLC PURPOSE: working capital | $25,000 |
SWEET PEACHES COBBLERS LLC PURPOSE: working capital | $10,000 |