Capital Area Development Corporation Of West Virginia
- Assets
- $7.4m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 11
- Location
- Charleston, WV
- Founding
- 10/1963
- Data as of
- 12/2022
- EIN
- 55-6024192
Organization Overview
Capital Area Development Corporation Of West Virginia, operating under the name Charleston Area Alliance, is located in Charleston, WV. The organization was established in 1963. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Charleston Area Alliance employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Charleston Area Alliance 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, Charleston Area Alliance generated $3.5m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 23.6% each year . All expenses for the organization totaled $1.5m 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
CAPITAL AREA DEVELOPMENT CORPORATION OF WEST VIRGINIA PROVIDES A WIDE RANGE OF ECONOMIC AND COMMUNITY DEVELOPMENT, AND MEMBER SUPPORT INITIATIVES TO ENCOURAGE LOCAL BUSINESS GROWTH, JOBS CREATION, INDUSTRY RECRUITMENT AND RETENTION. WE WORK TO CREATE A MORE VIBRANT COMMUNITY AND PROSPEROUS ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT - PROGRAMS AND PROJECTS FOCUS ON BUSINESS RECRUITMENT, EXPANSION AND RETENTION BY PROVIDING SITE SELECTION ASSISTANCE, FACILITATING FOREIGN DIRECT INVESTMENT, ASSISTING WITH IMPORT/EXPORT NEEDS, SUPPORTING INNOVATION, RESEARCH AND DEVELOPMENT, LINKING SUPPLIERS AND CUSTOMERS TO PROMOTE LOCAL ECONOMIC GROWTH, PROMOTING WORKFORCE DEVELOPMENT OPPORTUNITIES, ENCOURAGING PUBLIC INVESTMENT IN SUPPORTIVE INFRASTRUCTURE, AND DEVELOPING ENTREPRENEURIAL NETWORKS AND SUPPORT SYSTEMS.
OTHER PROGRAM SERVICES INCLUDE BENEFITS AND OPPORTUNITIES PROVIDED TO MEMBER BUSINESSES SUCH AS: NETWORKING, PROFESSIONAL DEVELOPMENT, REFERRALS AND COMMUNICATION.
OPERATION OF BUSINESS INCUBATOR - PROGRAM SUPPORTS ENTREPRENEURIAL AND SMALL BUSINESS DEVELOPMENT. GOALS INCLUDE: INCREASING AWARENESS OF THE INCUBATOR AS AN AVAILABLE RESOURCE FOR ENTREPRENEURS IN THE LOCAL AREA; PROVIDING LOW COST OFFICE SPACE FOR ENTREPRENEURS AND START-UPS; LINKING TENANT ENTREPRENEURS TO AVAILABLE CONSULTING SERVICES; PROVIDING CENTRAL LOCATION FOR SMALL BUSINESS REFERRALS TO PARTNERS AND SUPPORT SYSTEMS; INCREASED VISIBILITY FOR ENTREPRENEURS THROUGH NETWORKING AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES.
COMMUNITY DEVELOPMENT - WE WORK DILIGENTLY TO INCREASE OUR NATURAL AND BUILT ASSETS THROUGH SUSTAINABLE REDEVELOPMENT INITIATIVES. GOALS INCLUDE: STIMULATING NEW HOUSING GROWTH IN DOWNTOWN CHARLESTON, DEVELOPING A FORMAL STRUCTURE FOR DOWNTOWN MANAGEMENT AND MARKETING, ENHANCING OUR DOWNTOWN PROMOTIONAL EFFORTS, CREATING COMMUNITY ANCHORS IN THE URBAN CORE, SUPPORTING ARTS AND CULTURE THROUGHOUT KANAWHA COUNTY. OUR COLLABORATIVE PROGRAMS ASSIST WITH THE REVITALIZATION OF SMALL RURAL COMMUNITIES, BUILD STRONG COMMUNITIES AND ENHANCE THE QUALITY OF LIFE IN THE GREATER CHARLESTON AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicole Christian President & CEO | Officer | 40 | $150,138 |
Debra S James CFO | Officer | 40 | $96,223 |
Jack Rossi Chair | OfficerTrustee | 3 | $0 |
Adam R Krason Vice Chair | OfficerTrustee | 1 | $0 |
Tessa M White Secretary | OfficerTrustee | 1 | $0 |
Matthew Bond Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $177,188 |
| Government grants | $2,334,727 |
| All other contributions, gifts, grants, and similar amounts not included above | $41,549 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,553,464 |
| Total Program Service Revenue | $930,789 |
| Investment income | $2,873 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $22,091 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,509,217 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,000 |
| Grants and other assistance to domestic individuals. | $27,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $284,705 |
| Compensation of current officers, directors, key employees. | $54,362 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $353,682 |
| Pension plan accruals and contributions | $19,605 |
| Other employee benefits | $61,885 |
| Payroll taxes | $50,389 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,851 |
| Fees for services: Accounting | $16,647 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,121 |
| Advertising and promotion | $733 |
| Office expenses | $20,720 |
| Information technology | $43,624 |
| Royalties | $0 |
| Occupancy | $176,249 |
| Travel | $323 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,680 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $230,611 |
| Insurance | $26,012 |
| All other expenses | $0 |
| Total functional expenses | $1,481,168 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,007,120 |
| Savings and temporary cash investments | $3,705,039 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $343,887 |
| 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 | $22,002 |
| Net Land, buildings, and equipment | $2,242,936 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $4,650 |
| Intangible assets | $13,371 |
| Other assets | $24,810 |
| Total assets | $7,363,815 |
| Accounts payable and accrued expenses | $234,581 |
| Grants payable | $0 |
| Deferred revenue | $145,080 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $7,314 |
| 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 | $109,665 |
| Total liabilities | $496,640 |
| Net assets without donor restrictions | $4,704,208 |
| Net assets with donor restrictions | $2,162,967 |
| 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 | $7,363,815 |