Capital Area Asset Building Corporation
- Assets
- $19.3m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 14
- Location
- Washington, DC
- Founding
- 06/1997
- Data as of
- 12/2023
- EIN
- 52-2002672
Organization Overview
Capital Area Asset Building Corporation, operating under the name Caab, is located in Washington, DC. The organization was established in 1997. 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 12/2023, Caab employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Caab is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Caab generated $3.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $3.8m during the year ending 12/2023. While expenses have increased by 10.4% per year over the past 9 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.
Since 2014, Caab has awarded 21 individual grants totaling $970,780. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
EMPOWER LOW TO MODERATE-INCOME INDIVIDUALS IN THE WASHINGTON METRO REGION TO ACHIEVE PROSPERITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAVINGS PROGRAMS - CAAB ENCOURAGES PEOPLE TO SAVE MONEY THROUGH ITS SAVINGS PROGRAMS. THESE PROGRAMS ARE OFFERED TO ELIGIBLE PARTICIPANTS WHO MEET PROGRAM GUIDELINES. THE PROGRAM IS A WAY FOR INDIVIDUALS TO SAVE MONEY AND INVEST IN THEIR FUTURE OR THE FUTURE OF THEIR FAMILY AND YOUTH. USE OF FUNDS CAN BE FOR HOME PURCHASE, SMALL BUSINESS, EDUCATION, AND CHILDREN SAVINGS ACCOUNTS AS WELL AS MEDICAL AND BURIAL EXPENSES.
FINANCIAL EDUCATION - CAAB PROVIDES CREDIT COUNSELING SESSIONS, AND SPONSORS SEMINARS AND WORKSHOPS ON A WIDE RANGE OF FINANCIAL TOPICS SUCH AS: SETTING FINANCIAL GOALS, DEVELOPING AND MANAGING A SPENDING PLAN, CHOOSING FINANCIAL PRODUCTS AND SERVICES, UNDERSTANDING CREDIT, MANAGING DEBT, SAVING FOR COLLEGE, UNDERSTANDING THE BASICS OF INVESTING, AND SAVING FOR RETIREMENT. CAAB REQUIRES THAT IDA ENROLLEES COMPLETE THE MONEY MANAGEMENT 101 CURRICULUM BEFORE MATRICULATING INTO THE MATCHED SAVINGS PROGRAM. CAAB BELIEVES THIS WILL INCREASE SAVINGS PARTICIPATION AND RENTENTION RATES, AS WELL AS BETTER INFORM SAVERS ON THE USAGE OF THEIR ASSETS.
EITC - THE DC EARNED INCOME TAX CREDIT (EITC) CAMPAIGN RECRUITS AND TRAINS HUNDREDS OF VOLUNTEERS TO PREPARE TAX RETURNS, PROVIDE SAVINGS AND FINANCIAL EDUCATION INFORMATION, AND EDUCATE LOW-WAGE WORKERS DURING THE TAX SEASON. MANY LOW-INCOME FAMILIES RECEIVE FREE TAX FILING ASSISTANCE AT DC CAMPAIGN TAX SITES, ENABLING THEM TO ACCESS TAX REFUNDS RESULTING FROM TAX CREDITS FOR LOWER INCOME WORKERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Vaughan President | OfficerTrustee | 4 | $0 |
Gail Reisman Secretary | OfficerTrustee | 4 | $0 |
William Spinnell Treasurer | OfficerTrustee | 4 | $0 |
Gabriel Lazarus Director | Trustee | 1 | $0 |
Sheida Elmi Director | Trustee | 1 | $0 |
Michelle Levister Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $939,871 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,817,092 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,756,963 |
| Total Program Service Revenue | $203,641 |
| Investment income | $39,978 |
| 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 | $3,000,582 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $68,500 |
| Grants and other assistance to domestic individuals. | $1,227,426 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $288,673 |
| Compensation of current officers, directors, key employees. | $93,111 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $848,410 |
| Pension plan accruals and contributions | $131,099 |
| Other employee benefits | $233,423 |
| Payroll taxes | $88,221 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $130,548 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $116,480 |
| Advertising and promotion | $44,659 |
| Office expenses | $73,633 |
| Information technology | $38,750 |
| Royalties | $0 |
| Occupancy | $106,389 |
| Travel | $97,614 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $85,023 |
| Interest | $1,650 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,474 |
| Insurance | $52,946 |
| All other expenses | $420 |
| Total functional expenses | $3,764,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,881,447 |
| Savings and temporary cash investments | $17,157,127 |
| Pledges and grants receivable | $77,546 |
| Accounts receivable, net | $49,016 |
| Loans from Officers, Directors, or Controlling Persons | $5,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $29,741 |
| Net Land, buildings, and equipment | $31,980 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $22,500 |
| Total assets | $19,254,357 |
| Accounts payable and accrued expenses | $138,069 |
| Grants payable | $0 |
| Deferred revenue | $677,414 |
| 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 | $37,206 |
| Other liabilities | $16,006,235 |
| Total liabilities | $16,858,924 |
| Net assets without donor restrictions | $2,056,923 |
| Net assets with donor restrictions | $338,510 |
| 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 | $19,254,357 |
Grants Awarded
Over the last fiscal year, Capital Area Asset Building Corporation has awarded $65,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CATHOLIC CHARITIES PURPOSE: DC EITC PROGRAM | $15,000 |
COMMUNITY TAX AID PURPOSE: DC EITC PROGRAM | $50,000 |