Washington Area Community Investment Fund Inc
- Assets
- $16.5m
- Revenue
- $9.1m
- Investments
- $0.0
- Employees
- 48
- Location
- Washington, DC
- Founding
- 08/1988
- Data as of
- 12/2022
- EIN
- 54-1442466
Organization Overview
Washington Area Community Investment Fund Inc is located in Washington, DC. The organization was established in 1988. According to its NTEE Classification (L12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Washington Area Community Investment Fund Inc employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Washington Area Community Investment Fund Inc 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 12/2022, Washington Area Community Investment Fund Inc generated $9.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 37.7% each year . All expenses for the organization totaled $6.9m during the year ending 12/2022. While expenses have increased by 22.9% per year over the past 7 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 2019, Washington Area Community Investment Fund Inc has awarded 64 individual grants totaling $2,607,518. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO INCREASE EQUITY AND ECONOMIC OPPORTUNITY BY INVESTING KNOWLEDGE, SOCIAL, AND FINANCIAL CAPITAL IN LOW- AND MODERATE-INCOME WASHINGTON AREA ENTREPRENEURS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Harold Pettigrew Chief Executive Officer | Officer | 40 | $187,359 |
Shauna Yeldell Chief Lending Officer | 40 | $145,953 | |
Kevin Fryatt Chief Financial & Operations Officer | Officer | 40 | $153,685 |
Brendon Miller Chief Develop & Communications Officer | Officer | 40 | $153,900 |
Kimberley Gayle Chief Programs Officer | 40 | $140,651 | |
Valerie Kindt Director Of Strategic Initiatives | 40 | $114,170 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,442,429 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,428,920 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,871,349 |
| Total Program Service Revenue | $2,200,959 |
| Investment income | $2,656 |
| 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 | $9,086,978 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,409,322 |
| 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. | $541,269 |
| Compensation of current officers, directors, key employees. | $316,339 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,470,921 |
| Pension plan accruals and contributions | $87,598 |
| Other employee benefits | $246,562 |
| Payroll taxes | $219,345 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,982 |
| Fees for services: Accounting | $26,220 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $29,500 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $409,240 |
| Advertising and promotion | $160,429 |
| Office expenses | $82,050 |
| Information technology | $314,288 |
| Royalties | $0 |
| Occupancy | $161,567 |
| Travel | $41,988 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $93,153 |
| Interest | $85,052 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,337 |
| Insurance | $17,574 |
| All other expenses | $0 |
| Total functional expenses | $6,866,291 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,577,577 |
| Savings and temporary cash investments | $1,546,960 |
| Pledges and grants receivable | $1,295,051 |
| Accounts receivable, net | $163,221 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,297,567 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $164,336 |
| Net Land, buildings, and equipment | $69,474 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $389,783 |
| Total assets | $16,503,969 |
| Accounts payable and accrued expenses | $337,991 |
| Grants payable | $0 |
| Deferred revenue | $1,583,095 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $107,884 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $1,000 |
| Secured mortgages and notes payable | $602,423 |
| Unsecured mortgages and notes payable | $2,460,425 |
| Other liabilities | $278,327 |
| Total liabilities | $5,371,145 |
| Net assets without donor restrictions | $6,434,345 |
| Net assets with donor restrictions | $4,698,479 |
| 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 | $16,503,969 |
Grants Awarded
Over the last fiscal year, Washington Area Community Investment Fund Inc has awarded $1,276,657 in support to 35 organizations.
| Grant Recipient | Amount |
|---|---|
YELEEN BEAUTY LLC PURPOSE: OPERATING SUPPORT | $500,000 |
1231-1235 GOOD HOPE ROAD INC PURPOSE: OPERATING SUPPORT | $188,200 |
NUBIAN HUEMAN PURPOSE: OPERATING SUPPORT | $67,500 |
ANACOSTIA ENTREPRENEURSHIP CENTER INC PURPOSE: OPERATING SUPPORT | $48,173 |
GROWTH SPURTS CHILD LEARNING CENTER PURPOSE: OPERATING SUPPORT | $30,000 |
CHILDREN OF THE FUTURE PURPOSE: OPERATING SUPPORT | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Washington Area Community Investment Fund Inc Washington, DC | $16,503,969 | $9,086,978 |
St Josephs Villa Foundation Richmond, VA | $22,923,124 | $972,717 |
Friends Of The Light House Shelter Inc Annapolis, MD | $159,849 | $372,786 |
Our Heavenly Cause Foundation Inc Frederick, MD | $137,405 | $429,410 |
Faithworks Inc Winchester, VA | $26,763 | $258,053 |
The Donorsee Foundation Fairfax Station, VA | $204,119 | $211,305 |
Danville Lions Foundation Inc Danville, VA | $8,296 | $150,973 |
National Lutheran Home For The Aged Incorporated Frederick, MD | $85,482,639 | $777,806 |
Old Soldiers Home Foundation Inc Washington, DC | $125,574 | $0 |
New Mercy Missions Ashland, VA | $0 | $0 |
Mas Charity Foundation Ashburn, VA | $4,795 | $0 |
Level Foundation Inc Darlington, MD | $7,908 | $13,988 |
Opendoor Housing Fund Potomac, MD | $2,228 | $0 |
Start-A-Home Inc Baltimore, MD | $10,847 | $0 |
Bonnie Lewin Memorial Fund For The Homeless Chevy Chase, MD | $10,218 | $10,218 |