Cadco Foundation Inc
- Assets
- $2.2m
- Revenue
- $220.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Charleston, WV
- Founding
- 08/1986
- Data as of
- 12/2021
- EIN
- 55-0680725
Organization Overview
Cadco Foundation Inc is located in Charleston, WV. The organization was established in 1986. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cadco Foundation 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 12/2021, Cadco Foundation Inc generated $220.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $236.4k during the year ending 12/2021. While expenses have increased by 12.0% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CADCO FOUNDATION, INC. PROVIDES SUPPORT TO PROGRAMS THAT STIMULATE ECONOMIC AND COMMUNITY DEVELOPMENT WITH AN EMPHASIS ON JOB CREATION AND BUSINESS RETENTION IN CHARLESTON, WV AND THE SURROUNDING AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CADCO FOUNDATION, INC. SUPPORTS THE OPERATION OF A SMALL BUSINESS INCUBATOR ECONOMIC DEVELOPMENT PROGRAM OF THE CAPITAL AREA DEVELOPMENT CORPORATION OF WEST VIRGINIA, A RELATED NON-PROFIT ORGANIZATION. THE BUSINESS INCUBATOR LIES WITHIN A FEDERALLY DESIGNATED HUBZONE. CADCO FOUNDATION PROVIDES GRANTS TO SUBSIDIZE INCUBATOR COSTS AND RENOVATIONS NOT COVERED BY TENANT RENTS.
THE WOMEN AND MINORITY-OWNED SMALL BUSINESS GRANT PROGRAM PROVIDED SEVEN SMALL BUSINESSES WITH GRANTS OF $5,000 EACH TO ASSIST WITH GROWTH AND EXPANSION.
CADCO FOUNDATION AWARDED PREPAID VISA CARDS FOR ONGOING COLLEGE EXPENSES TO LOW INCOME COLLEGE SCHOLARSHIP RECIPIENTS IN SUPPORT OF ITS ECONOMIC DEVELOPMENT EFFORTS TO CREATE AND RETAIN A TRAINED WORKFORCE IN THE CHARLESTON AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Bond Treasurer | OfficerTrustee | 0 | $0 |
Christy Bly Secretary | OfficerTrustee | 0 | $0 |
Adam R Krason Vice Chairman | OfficerTrustee | 0 | $0 |
Jack Rossi Chairman | OfficerTrustee | 0 | $0 |
Debra S James CFO | Officer | 1 | $0 |
Steven M Rubin Former President/ceo Until May 2021 | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $150,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $61,014 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $211,014 |
| Total Program Service Revenue | $0 |
| Investment income | $9,240 |
| 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 | $220,254 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $232,188 |
| Grants and other assistance to domestic individuals. | $106 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,092 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $500 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $236,396 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $263,453 |
| Savings and temporary cash investments | $1,609,457 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $174,736 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $200,000 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,247,646 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $221,736 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $288,581 |
| Total liabilities | $510,317 |
| Net assets without donor restrictions | $1,737,329 |
| 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 | $2,247,646 |
Grants Awarded
Over the last fiscal year, Cadco Foundation Inc has awarded $232,188 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CAPITAL AREA DEVELOPMENT CORPORATION OF WEST VIRGINIADBA CHARLESTON AREA ALLIANCE Org PageRecipient ProfileCharleston, WV PURPOSE: Business Incubator support | $197,188 |
VARIOUS SMALL BUSINESSES PURPOSE: 7 small business grants of $5,000 each | $35,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Cadco Foundation Inc has recieved totaling $83,500.
| Awarding Organization | Amount |
|---|---|
Greater Kanawha Valley Foundation Charleston, WV PURPOSE: GENERAL SUPPORT | $59,600 |
Bb & T West Virginia Foundation Inc Charleston, WV PURPOSE: GENERAL OPERATING | $23,900 |
Endowment Analysis
| Beg. Balance | $1,580,735 |
| Earnings | $4,981 |
| Admin Expense | $10 |
| Net Contributions | $23,751 |
| Ending Balance | $1,609,457 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northern Kentucky Area Developement District Florence, KY | $12,601,851 | $23,919,138 |
Mid-Atlantic Broadband Communities Corporation South Boston, VA | $87,739,365 | $16,699,414 |
Adams And Brown Counties Economic Opportunities Inc Georgetown, OH | $10,344,175 | $16,374,406 |
Pride Community Services Inc Logan, WV | $3,436,459 | $7,199,401 |
Psats Enola, PA | $11,834,261 | $6,502,359 |
Kentucky River Area Development District Inc Hazard, KY | $5,857,667 | $4,838,342 |
Rural Action Inc The Plains, OH | $1,800,530 | $4,307,921 |
Mountain Association For Community Economic Development Inc Berea, KY | $33,227,736 | $8,576,709 |
West Virginia Community Action Partnerships Inc Charleston, WV | $514,969 | $3,682,058 |
Greater Easton Development Partnership Easton, PA | $6,246,333 | $3,172,729 |
Southeast Kentucky Economic Development Corporation Inc Somerset, KY | $28,123,081 | $3,726,346 |
Virginia Coalfield Coalition Inc Lebanon, VA | $15,855,826 | $1,388,700 |