2024-11-07T13:06:23-07:00 2023-12-31 990 2023-01-01 550680725 CADCO FOUNDATION INC CADC 3043404253 1116 Smith Street Charleston WV 25301 Debra James Chief Financial Officer 3043404253 2024-10-31 1 2023 2024-10-15 13:58:12Z Mara C Boggs 1116 Smith Street Charleston WV 25301 216117 0 X X 1988 WV 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. 37 37 0 0 0 0 173900 91617 0 0 12287 -75500 0 0 186187 16117 177188 20000 0 0 0 0 0 0 0 2366 23375 179554 43375 6633 -27258 2160439 2033993 416477 317289 1743962 1716704 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. 0 0 20000 20000 20000 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. 0 0 0 20000 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 37 37 1 1 0 0 1 1 0 1 1 1 0 1 1 1 1 1 0 1 1 0 WV X Debra S James CFO 3043404253 1116 Smith Street Charleston WV 25301 X Nicole Christian President and CEO 5 40 X X X 0 150138 25443 Debra S James CFO 5 40 X X 0 97797 20187 Adam R Krason Chairman 3 3 X X 0 0 0 Ellen S Cappellanti Vice Chair 1 1 X X 0 0 0 Matthew Bond Treasurer 1 1 X X 0 0 0 Tessa M White Secretary 1 1 X X 0 0 0 Nancy Bruns Director 1 1 X 0 0 0 Robert Burton Director 1 1 X 0 0 0 Ericke Cage Director 1 1 X 0 0 0 Sandy Call Director 1 1 X 0 0 0 Steve Collins Director 1 1 X 0 0 0 Fonda Elliot Director 1 1 X 0 0 0 Kensie Hamilton Fauber Director 1 1 X 0 0 0 David P Ferretti Director 1 1 X 0 0 0 Scott Goetz Director 1 1 X 0 0 0 Dickinson Gould III Director 1 1 X 0 0 0 Mike Holtsclaw Director 1 1 X 0 0 0 Mike McCown Director 1 1 X 0 0 0 Chris Morris Director 1 1 X 0 0 0 Evan Osborn Director 1 1 X 0 0 0 C Anthony Parker Director 1 1 X 0 0 0 Marcus Phillips Director 1 1 X 0 0 0 Greg Rosencrance MD Director 1 1 X 0 0 0 Jack Rossi Director 1 1 X 0 0 0 Martin Roth Director 1 1 X 0 0 0 Jeff Sandene Director 1 1 X 0 0 0 John Scalzo Director 1 1 X 0 0 0 Lyle Smith Director 1 1 X 0 0 0 Patrick Smith Director 1 1 X 0 0 0 Diana Sole Director 1 1 X 0 0 0 Diane Strong-Treister Director 1 1 X 0 0 0 Ben Thomas Director 1 1 X 0 0 0 Bob Welch Director 1 1 X 0 0 0 Ron Butlin Ex-Officio Director 1 1 X 0 0 0 Mayor Amy Goodwin Ex-Officio Director 1 1 X 0 0 0 Mayor Frank A Mullens Ex-Officio Director 1 1 X 0 0 0 Jack W Nuckols Ex-Officio Director 1 1 X 0 0 0 Dominique Ranieri Ex-Officio Director 1 1 X 0 0 0 Commissioner Lance Wheeler Ex-Officio Director 1 1 X 0 0 0 0 247935 45630 0 0 1 0 0 91617 91617 0 24500 24500 0 0 0 0 0 0 0 0 0 0 0 0 100000 0 200000 0 -100000 0 -100000 -100000 0 0 0 16117 -75500 0 0 20000 20000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 21273 0 21273 0 1930 0 1930 0 Bank Fees 90 0 90 0 Miscellaneous 82 0 82 0 43375 20000 23375 0 163965 64114 1645306 1809264 0 71617 0 0 0 151168 88998 0 0 0 0 200000 0 0 0 2160439 2033993 0 0 0 0 125536 24336 0 0 0 290941 292953 416477 317289 X 1743962 1645087 0 71617 1743962 1716704 2160439 2033993 -27258 0 0 0 0 0 X X 0 1 X 1 0 X X 1 Capital Area Development Corporation of West Virginia dba Charleston Area Alliance 556024192 10 1 20000 0 1 20000 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 Schedule A, Part IV, Section A, Line 3b The organization retains on file the IRS determination letter of its supported organization and regularly monitors its operations, financial and compliance reporting. Schedule A, Part IV, Section A, Line 3c The organization provides grants to its supported organization to subsidize operating costs of a small business incubator situated in a federally designated HUBZone, and other economic and community development programs. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 1645305 64970 120351 0 0 21362 1809264 1609457 27797 8059 0 0 8 1645305 1580735 23751 4981 0 0 10 1609457 1550119 23751 15365 8500 0 0 1580735 1557324 23751 18004 48960 0 0 1550119 1 0 0 0 0 0 Intercompany payable to related organization 292953 292953 X 16117 0 0 0 0 0 16117 0 0 0 16117 43375 0 0 0 0 0 43375 0 0 0 43375 Schedule D, Part IV, Line 2b CADCO Foundation, Inc. serves as fiscal agent for Advantage Valley, an unrelated non-profit economic development organization, to receive and disburse as directed by Advantage Valley the proceeds of economic development grants from regional foundations. Schedule D, Part V, Line 4 CADCO Foundation, Inc. maintains part of its liquid assets in a board-designated endowment fund held for future economic development projects which will provide job creation, business expansion, or other such projects the board deems appropriate in satisfying the intent of the trust. These funds are not available for general operating support of CADCO Foundation or its affiliates. Schedule D, Part X, Line 2 The following footnote is included in audited consolidated financial statements of the organization and its affiliates. "The Alliance and its subsidiaries are classified as tax-exempt organizations under Sections 501(c)(3), (4) and (6) of the Internal Revenue Code as described elsewhere in Note 1 to the consolidated financial statements and, therefore, are not subject to taxes on income derived from exempt activities." 1 Capital Area Development Corporation of West Virginia dba Charleston Area Alliance 1116 Smith Street Charleston WV 25301 556024192 501c4 20000 0 Support of Small Business Incubator in a federally designated HUBZone 0 1 Schedule I, Part I, Line 2 CADCO Foundation, Inc. requires written grant proposals and applications from organizations and individuals seeking financial support for their projects and endeavors. Such written requests must document that the financial support will be used for economic development, community revitalization, or workforce development in a depressed, high density urban area, inhabited in large part by low income, minority or other disadvantage groups. The Board of Directors approves grant requests based on criteria such as creation of jobs, inducing industrial expansion or relocation in the area, and creation or maintenance of a skilled workforce. 1 0 0 0 0 0 0 0 0 Nicole Christian President and CEO 0 150138 0 0 0 0 0 15000 0 10443 0 175581 0 0 Schedule J, Part I, Line 4 The CEO of this reporting organization and its affiliate, Capital Area Development Corporation of West Virginia, entered into a mutual agreement with the organization to terminate her employment agreement, effective December 31, 2023. Under the terms of the transition agreement, the organization agreed to provide severance benefits equal to four months salary and health benefits. All such payments were disbursed in early 2024 and, as such, will be reported on Form 990 for 2024. Schedule J, Part II The filing organization has no employees and did not pay any wages. Schedule J is presented, as per instructions, to report compensation paid by related organization, Capital Area Development Corporation of West Virginia (CADCO). Nicole Christian served as President/CEO of both the filing organization and related organization CADCO. Compensation paid to Ms. Christian by the related organization was determined by a compensation committee and approved by the related organization's Executive Committee. David Ferretti Director 21373 Legal fees paid to Spilman Thomas & Battle 0 Schedule L, Part IV The following directors of the organization were also officer, directors, trustees, or direct or indirect owners of unrelated entities doing business with the organization's affiliate, Capital Area Development Corporation of West Virginia. All transactions between the reporting organization's affiliate and the unrelated entities were conducted in the normal course of business under terms extended to the general business community and the public. John Scalzo, officer of Appalachian Power - public utility services; Sandy Call, owner of Bridge Road Bistro - catering services; Ellen Cappellanti, member of Jackson Kelly PLLC - legal services; Robert Burton, officer of West Virginia American Water - public utility services; Evan Osborn, Executive Director of Capitol Market - goods and services; Ben Thomas, member of Bowles Rice LLP - legal services; Kensie Hamilton Fauber, owner of Executive Ink - marketing. Form 990, Header, Line A The extended due date for calendar 2023 is November 15, 2024. Form 990, Part IV, Line 28c Several directors of the organization are affiliated with unrelated entities doing business with and/or contributing to the organization's affiliate, Capital Area Development Corporation of West Virginia. See Schedule L, Part V for a list of those directors. Form 990, Part VI, Section A, Line 2 Director Adam Krason, principal and CEO at ZMM Architects and Engineers, reported that ZMM regularly provides professional architecture and engineering services throughout the community. His firm's clients have included members of the reporting organization's Board of Directors. None of these services have directly or indirectly involved the reporting organization. Form 990, Part VI, Section A, Line 3 Staff of related organization, Capital Area Development Corporation of West Virginia (CADCO), perform all managerial and administrative functions for CADCO Foundation. Directors and officers of CADCO Foundation are also directors and officers of CADCO. Form 990, Part VI, Section A, Line 6 CADCO, identified above and on Schedule R, is the sole member of CADCO Foundation. Form 990, Part VI, Section A, Line 7a See above. Form 990, Part VI, Section A, Line 9 Chair Adam R. Krason ZMM Architects & Engineers 222 Lee Street, West Charleston, WV 25302 Vice Chair Ellen S. Cappellanti Jackson Kelly PLLC 500 Lee Street, Suite 1600 Charleston, WV 25301 Secretary Tessa M. White Tessa M. White, PLLC P.O. Box 18387 South Charleston, WV 25303 Treasurer Matthew Bond United Bank 500 Virginia St., E. Charleston, WV 25301 Directors Steven Collins Q Labs, Inc. 312 MacCorkle Avenue, SE Charleston, WV 25314 Nancy Bruns J.Q. Dickinson Salt Works 4797 Midland Drive Malden, WV 25306 Robert Burton West Virginia American Water 1600 Pennsylvania Avenue Charleston, WV 25302 Ericke Cage West Virginia State University P O Box 1000 Institute, WV 25112 Sandy Call Bridge Road Bistro 915 Bridge Road Charleston, WV 25314 Fonda Elliot AMFM, Inc. 1516 Royal Oaks Road Charleston, WV 25314 David P. Ferretti Spilman Thomas & Battle, PLLC 300 Kanawha Boulevard, East Charleston, WV 25301 Scott Goetz Charleston Steel P.O. Box 547 Dunbar, WV 25064-0547 Dickinson Gould III Buzz Food Service 4818 Kanawha Boulevard, East Charleston, WV 25306 Kensie Hamilton Fauber Executive Ink, LLC 8 Capitol Street, Ste. 200 Charleston, WV 25301-2828 Michael Holtsclaw Truist 300 Summers Street Charleston, WV 25301-1624 Mike McCown Industrial Bolting Technologies, Inc. P.O. Box 10068 Charleston, WV 25357-0068 Chris Morris CityNet 233 Virginia St., E. Charleston, WV 25301 Evan Osborn Capitol Market 800 Smith Street Charleston, WV 25301 C. Anthony Parker Elk City Auto Spa, Inc. 723 Indiana Avenue Charleston, WV 25302 Marcus Phillips Kureha PGA LLC 901 W. DuPont Avenue Belle, WV 25015 Greg Rosencrance, M.D. WVU Medicine Thomas Hospitals 4605 MacCorkle Avenue, SW South Charleston, WV 25309-1311 Jack Rossi Summit Community Bank 2402 Mountaineer Boulevard Charleston, WV 25309 Martin Roth, Ph.D. University of Charleston 2300 MacCorkle Avenue, SE Charleston, WV 25304 Jeff Sandene Charleston Area Medical Center 501 Morris Street Charleston, WV 25301 John Scalzo Appalachian Power Company 500 Lee Street, E.-Suite 800 Charleston, WV 25301 Lyle Smith Merrill Lynch 500 Lee Street, E - Suite 1100 Charleston, WV 25301 Patrick Smith Canary Financial Forensic Solutions 179 Summers St, Suite 612 Charleston, WV 25301 Diana Sole Motion Masters P.O.Box 711 Dunbar, WV 25064 Diane Strong-Treister Manpower 503 Pennsylvania Avenue Charleston, WV 25302 Ben Thomas Bowles Rice, LLP 600 Quarrier Street Charleston, WV 25301 Bob Welch Toyota Motor Manufacturing, WV, Inc. 1 Sugar Maple Lane Buffalo, WV 25033 Ex-Officio Members Ron Butlin Charleston Urban Renewal Authority 815 Quarrier Street, Ste. 244 Charleston, WV 25301-2652 Mayor Amy Goodwin City of Charleston 501 Virginia Street East Charleston, WV 25301 Mayor Frank A. Mullens, Jr. City of South Charleston P. O. Box 8597 South Charleston, WV 25303 Jack W. Nuckols Kanawha County Commission Designee 408 Kanawha Avenue Pratt, WV 25162 Dominique Ranieri WV International Yeager Airport 100 Airport Road, Ste. 175 Charleston, WV 25311 Commissioner Lance Wheeler Kanawha County Commission P. O. Box 3627 Charleston, WV 25336 Form 990, Part VI, Section B, Line 11b The organization's CFO prepared Form 990 and the CEO reviewed it before presentation to the governing board. Authority to review and approve Form 990 is assigned to the Board's Finance Committee, which reviewed and approved the form prior to filing. The organization emailed a link to a complete copy of Form 990 to all board members prior to filing. Form 990, Part VI, Section B, Line 12c Conflicts of interest with respect to officers, directors and employees of the organization and its affiliates is addressed in the organization's Bylaws, Account Manual, and Personnel Policies. The organization's conflict of interest policy is presented to directors and employees at periodic training and orientation sessions. Directors and employees are charged with professional conduct which includes self-monitoring and reporting of potential or perceived conflicts of interest. Management and the Board of Directors advise as to whether or not any perceived conflict is valid. Directors abstain from decisions in matters where there may be conflict of interest. The organization has a Code of Ethics statement which is accepted via signature by directors and employees. Form 990, Part VI, Section B, Line 15 CADCO Foundation, Inc. did not compensate any directors and has no employees. The Executive Committee of affiliated organization, Capital Area Development Corporation of West Virginia, reviews the performance of and determines compensation of the affiliate's President/CEO. The organization may convene a Human Resources Committee or secure services of an independent compensation consultant to perform comparative analysis of executive compensation when necessary. Form 990, Part VI, Section C, Line 19 The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request, either by providing copies or by inspection at its office. Form 990, Part VII, Section A, Line 1a The President/CEO and CFO are employed by related organization CADCO. Amounts reported in Columns E and F were paid by the related organization. Estimated weekly hours devoted by the CEO and CFO in performance of their duties to the related organization approximate 40 each. Members of this organization's Board of Directors also serve as directors of related organizations listed on Schedule R. On average, directors spend approximately one hour weekly on governance matters for all affiliated organizations combined, participating in various meetings occurring monthly, bi-monthly, and as needed. Form 990, Part XII, Line 2c The organization's CFO compiled the financial statements. An independent CPA firm audited the consolidated financial statements of the organization and its affiliates. Finance Committee selects the audit firm and provides audit oversight. Capital Area Development Corporation of West Virginia dba Charleston Area Alliance 1116 Smith Street Charleston WV 25301 556024192 Economic Development WV 501(c)(4) N/A 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1 Capital Area Development Corporation of West Virginia dba Charleston Area Alliance b 20000 CADCO Foundation granted $20,000 to Capital Area Development Corporation of West Virginia (CADCO) for operational support of CADCO's small business incubator. Capital Area Development Corporation of West Virginia dba Charleston Area Alliance d 23751 CADCO owes a note payable to CADCO Foundation for funds borrowed from the Foundation's board-designated endowment for the purpose of improvements to the small business incubator building owned and operated by CADCO. Funds are repaid semi-annually to the Foundation's endowment account based on an amortization schedule computed with a competitive fixed rate of interest. At 12/31/23, the balance of the note payable was $88,998. Payments to CADCO Foundation on this note in 2023 were $23,751 including interest of $3,084. Capital Area Development Corporation of West Virginia dba Charleston Area Alliance m 0 All administrative and managerial functions (types m, n, and o) of CADCO Foundation are performed by CADCO staff without charge to CADCO Foundation. Capital Area Development Corporation of West Virginia dba Charleston Area Alliance r 2012 As is common with related organizations managed by shared staff and utilizing shared resources, CADCO Foundation and its affiliate, CADCO, use an intercompany due to/from account to capture transfers and other transactions (types r and s) during the normal course of recordkeeping. The net increase in the Foundation's payable to CADCO in 2023 was $2,012.