2024-11-15T13:33:00-06:00 2023-12-31 461498870 BMSS LLC 400 MERIDIAN STREET N 201 HUNTSVILLE AL 35801 990 2023-01-01 832134053 OPPORTUNITY ALABAMA INC OPPO 3344254166 1914 THIRD AVE N C-1 BIRMINGHAM AL 35203 ALEXANDER FLACHSBART FOUNDER & CEO 3344254166 2024-11-14 1 0 AMY STAPLER CPA P01264068 2059825500 2024-11-14 2023 2024-10-15 13:58:12Z X ALEXANDER FLACHSBART 1914 THIRD AVE N C-1 BIRMINGHAM AL 35203 2446603 0 X WWW.OPPORTUNITYALABAMA.COM X 2018 AL FOUNDED IN 2018, OPPORTUNITY ALABAMA (OPAL) IS AN ECONOMIC DEVELOPMENT ORGANIZATION COMMITTED TO CREATING A NATIONAL MODEL OF SUSTAINABLE ECONOMIC DEVELOPMENT THROUGH COMMUNITY-LED, PLACE-BASED INVESTMENTS. WE HELP UNDERSERVED COMMUNITIES LEVERAGE DIVERSE FUNDING SOURCES FOR PROJECTS AND INITIATIVES THAT IMPROVE QUALITY OF PLACE AND/OR ENHANCE THE BUILT ENVIRONMENT. MOST OF THAT WORK INVOLVES CLOSING ACCESS TO CAPITAL GAPS IN LOW-INCOME COMMUNITIES, IN ECONOMICALLY DISTRESSED COMMUNITIES, AND/OR WITHIN DISADVANTAGED POPULATIONS (INCLUDING, BUT NOT LIMITED TO, MINORITY- AND WOMEN-OWNED BUSINESSES, RESIDENTS OF LOW-INCOME AREAS, ETC.). THROUGH THAT WORK, WE REMEDIATE BLIGHT, IMPROVE GENERAL ECONOMIC AND SOCIETAL CONDITIONS, COMBAT COMMUNITY DETERIORATION, AND/OR PRESERVE THE TRADITIONS, ARCHITECTURE, AND APPEARANCE OF THE COMMUNITIES WE SERVE. 6 6 0 7 0 0 1234598 2402165 0 0 0 44438 0 0 1234598 2446603 160133 269719 0 0 579080 663756 0 0 0 432543 438821 1171756 1372296 62842 1074307 635418 2297424 290623 878322 344795 1419102 X FOUNDED IN 2018, OPPORTUNITY ALABAMA (OPAL) IS AN ECONOMIC DEVELOPMENT ORGANIZATION COMMITTED TO CREATING A NATIONAL MODEL OF SUSTAINABLE ECONOMIC DEVELOPMENT THROUGH COMMUNITY-LED, PLACE-BASED INVESTMENTS. WE HELP UNDERSERVED COMMUNITIES LEVERAGE DIVERSE FUNDING SOURCES FOR PROJECTS AND INITIATIVES THAT IMPROVE QUALITY OF PLACE AND/OR ENHANCE THE BUILT ENVIRONMENT. MOST OF THAT WORK INVOLVES CLOSING ACCESS TO CAPITAL GAPS IN LOW-INCOME COMMUNITIES, IN ECONOMICALLY DISTRESSED COMMUNITIES, AND/OR WITHIN DISADVANTAGED POPULATIONS (INCLUDING, BUT NOT LIMITED TO, MINORITY- AND WOMEN-OWNED BUSINESSES, RESIDENTS OF LOW-INCOME AREAS, ETC.). THROUGH THAT WORK, WE REMEDIATE BLIGHT, IMPROVE GENERAL ECONOMIC AND SOCIETAL CONDITIONS, COMBAT COMMUNITY DETERIORATION, AND/OR PRESERVE THE TRADITIONS, ARCHITECTURE, AND APPEARANCE OF THE COMMUNITIES WE SERVE. 1 0 258951 89906 OPAL PROVIDES TECHNICAL ASSISTANCE PROGRAMMING TO THREE MAJOR STAKEHOLDER GROUPS - COMMUNITIES, PROPERTY OWNERS OR DEVELOPERS, AND INVESTORS - WHO WANT TO DO SOMETHING CATALYTIC AND LOCALLY MEANINGFUL WITHIN THE CONTEXT OF THE BUILT ENVIRONMENT.COMMUNITIES: THROUGH OUR COMMUNITY GROWTH ACCELERATOR PROGRAM, WE WORK WITH A TEAM OF LOCAL LEADERS (MAIN STREET DIRECTORS, CHAMBERS OF COMMERCE, ECONOMIC DEVELOPERS, ETC.) TO IDENTIFY A CATALYTIC REAL ESTATE PROJECT OR ECONOMIC DEVELOPMENT INITIATIVE THAT CAN DELIVER RESULTS FOR THE COMMUNITY BASED ON THE THREE METRICS OF SPEED TO MARKET, COST, AND COMMUNITY IMPACT. THEN, WE WORK WITH LOCAL STAKEHOLDERS TO ACCELERATE THE EXECUTION PROCESS. OUR FOCUS IS LOCAL AND PLACE-BASED, SO EACH COMMUNITY'S RESULTS ARE UNIQUE TO THEIR NEEDS AND OPPORTUNITIES AT THE TIME OF THE ENGAGEMENT. WE HAVE HELPED MULTIPLE PLACE-BASED PROJECTS IN UNDERSERVED COMMUNITIES BREAK GROUND. WE HAVE ALSO HELPED PLAN AND SECURE GRANT FUNDING FOR LMI HOUSING, HISTORIC REVITALIZATION, AND ECONOMIC DEVELOPMENT INITIATIVES. 517902 89906 PROPERTY OWNERS AND DEVELOPERS: OUR PROPERTY DEVELOPMENT ASSISTANCE PROGRAM (PDAP) HELPS PROPERTY OWNERS AND EMERGING DEVELOPERS IN UNDERSERVED MARKETS TAKE A COMMUNITY-SUPPORTED PROJECT FROM CONCEPT TO CONSTRUCTION. WE HELP PROJECT TEAMS NAVIGATE PRE-DEVELOPMENT PLANNING, BUDGETING, MARKET ANALYSIS, PRO FORMA CREATION. WE THEN HELP PROJECTS SECURE ALL THE INCENTIVES POSSIBLE TO ENHANCE THEIR ABILITY TO RECEIVE INVESTMENT AND BREAK GROUND. THROUGH PDAP, WE ARE BUILDING A PIPELINE OF PROJECTS THAT ARE BRINGING VACANT BUILDINGS BACK INTO SERVICE AND SUPPORTING MEANINGFUL NEW CONSTRUCTION WHILE SUPPORTING LOCAL BUSINESSES, CREATING AND IMPROVING HOUSING, SUPPORTING REUSE AND/OR REDIRECTION OF DOWNTOWN AREAS AND CENTRAL BUSINESS DISTRICTS, AND MORE. OPAL ACCEPTS APPLICATIONS TO PDAP TWICE PER YEAR AND PREFERENCE IS GIVEN TO APPLICATIONS LED BY MINORITY AND/OR WOMAN-OWNED DEVELOPMENT TEAMS AND NON-PROFIT OR COMMUNITY DEVELOPMENT ORGANIZATIONS. 517901 89907 LENDING & INVESTMENT: OPAL HAS BUILT AN INFRASTRUCTURE TO RAISE AND INVEST PRIVATE FUNDS INTO THE PIPELINE OF INVESTMENT OPPORTUNITIES WE IDENTIFY. A SUBSTANTIAL AMOUNT OF THIS WORK IS UNDERTAKEN BY OUR WHOLLY-OWNED SUBSIDIARY, OPAL INVESTMENTS (AN ALABAMA BENEFIT CORPORATION). THE REST IS UNDERTAKEN BY OPAL COMMUNITY CAPITAL, A FLEXIBLE SOURCE OF CAPITAL CRITICAL TO ENSURING THAT THE DEALS THAT COME THROUGH PDAP ULTIMATELY HAVE A COMPLETE CAPITAL STACK. WE ENVISION OCC TO BE A CRITICAL SOURCE OF FOLLOW-ON FUNDING FOR PROJECTS AND BUSINESSES THAT RECEIVED TECHNICAL ASSISTANCE THROUGH OUR CGA AND PDAP PROGRAMS. OCC'S PRIMARY MISSION IS TO PROVIDE LOAN AND OTHER INVESTMENT PRODUCTS FOR REAL ESTATE AND BUSINESSES IN ORDER TO PROMOTE ECONOMIC DEVELOPMENT AND CLOSE ACCESS TO CAPITAL GAPS IN LOW-INCOME COMMUNITIES, IN ECONOMICALLY DISTRESSED COMMUNITIES, AND/OR WITHIN DISADVANTAGED POPULATIONS (INCLUDING, BUT NOT LIMITED TO, MINORITY- AND WOMEN-OWNED BUSINESSES, RESIDENTS OF LOW-INCOME AREAS, ETC.). WE HAVE APPLIED TO HAVE OCC RECOGNIZED AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION BY THE US DEPT OF TREASURY. OVER TIME, WE MAY ULTIMATELY CREATE ADDITIONAL DIRECT INVESTMENT SUBSIDIARIES OF OPAL AS OUR PIPELINE OF SUCH OPPORTUNITIES EXPANDS. 1294754 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 4 0 1 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X ALEX FLACHSBART 3344254166 1914 THIRD AVE N UNIT C-1 BIRMINGHAM AL 35203 X X MYLA CALHOUN DIRECTOR 1.00 X 0 0 0 ANOOP MISHRA DIRECTOR 1.00 X 0 0 0 GREG BARKER CHAIR 3.00 X X 0 0 0 JAMES OUTLAND DIRECTOR 1.00 X 0 0 0 TONY SMOKE DIRECTOR 1.00 X 0 0 0 WENDI BOYEN DIRECTOR 1.00 X 0 0 0 ALEXANDER FLACHSBART PRESIDENT 50.00 X 0 0 0 DAN RUTH SECRETARY 3.00 X 0 0 0 0 0 0 0 0 0 0 CHESAPEAKE CAPITAL CORPORATION 100 SOUTH ASHLEY DRIVE SUITE 1140 TAMPA FL 33602 UNDERWRITING 156000 1 1352794 1049371 2402165 44438 44438 2446603 0 0 44438 X 269719 269719 587044 587044 32733 32733 43979 43979 1799 1799 45290 45290 338882 331069 7813 1854 1854 30210 30210 7552 7552 2345 2345 LOAN LOSS EXPENSE 9000 9000 ATM AND DEBIT CARD FEES 1710 1710 TAXES AND LICENSES 179 179 1372296 1294754 77542 0 12494 1339612 495319 318691 441000 127605 127605 0 70516 635418 2297424 91206 78322 800000 199417 0 290623 878322 X 344795 1419102 344795 1419102 635418 2297424 1074307 0 X X 0 1 X 1 1 1 X 325000 736921 802781 1234598 2402165 5501465 325000 736921 802781 1234598 2402165 5501465 5501465 202 39 3 44438 44682 5546147 0.99190 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 INVESTMENT IN OPAL INVESTMENTS, INC. 127605 C 127605 X 2498068 51465 51465 2446603 0 2446603 1485250 51465 61489 112954 1372296 0 1372296 PART X, LINE 2: TAX POSITIONS ARE INITIALLY RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. OPPORTUNITY ALABAMA HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023, BASED ON AN ASSESSMENT OF MANY FACTORS INCLUDING EXPERIENCE AND INTERPRETATIONS OF TAX LAWS APPLIED TO THE FACTS OF EACH MATTER FOR ALL OPEN TAX YEARS. PART XII, LINE 2D - OTHER ADJUSTMENTS: RELATED PARTY EXPENSES 61,489. 0 MAIN STREET ALABAMA 880 MONTCLAIR ROAD NO 245 BIRMINGHAM AL 35213 271847357 501(C)(3) 269719 0 TO ASSIST IN THE EFFORTS TO EDUCATE CITIZENS ABOUT WAYS TO REVITALIZE AND PRESERVE THEIR SMALL TOWN DOWNTOWNS AND URBAN NEIGHBORHOOD COMMERCIAL CENTERS FORM 990, PART III, LINE 2 OUR BIGGEST PROGRAMMATIC SHIFT IN 2023 WAS THE EXPANSION OF OPAL COMMUNITY CAPITAL (OCC), WHICH IS NOW REFLECTED AS ONE OF OUR TOP 3 ACTIVITIES UNDER LENDING AND INVESTMENT. OCC IS A WHOLLY-OWNED SUBSIDIARY OF OPAL THAT CLOSES ACCESS TO CAPITAL GAPS IN LOW-INCOME COMMUNITIES, IN ECONOMICALLY DISTRESSED COMMUNITIES, AND WITHIN DISADVANTAGED POPULATIONS (INCLUDING, BUT NOT LIMITED TO, MINORITY- AND WOMEN-OWNED BUSINESSES, RESIDENTS OF LOW-INCOME AREAS, ETC.). IT MAKES DIRECT LOANS, OFTENTIMES IN FLEXIBLE FORMATS, TO DEVELOPERS, PROPERTY OWNERS, AND COMPANIES THAT ARE FACILITATING CATALYTIC PLACE-BASED DEVELOPMENT ACROSS ALABAMA. WE MADE MULTIPLE LOANS IN 2023 AND INTEND TO QUALIFY OCC AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION IN 2024. FORM 990, PART VI, SECTION B, LINE 11B UPON COMPLETION OF THE ORGANIZATION'S FORM 990, THE RETURN IS PRESENTED TO THE BOARD. THE BOARD MEMBERS REVIEW THE TAX RETURN AND ARE FREE TO ASK ANY QUESTIONS OR ENGAGE IN DISCUSSION REGARDING ANY TOPIC COVERED ON THE RETURN. ONCE THE GOVERNING BODY HAS REVIEWED AND APPROVED THE FORM 990, THE RETURN IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION MONITORS THE CONFLICT OF INTEREST POLICY BY ANNUAL REVIEW WITH THE BOARD. THE BOARD THEN SIGNS CONFLICT OF INTEREST STATEMENTS ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES AVAILABLE ITS FINANCIAL STATEMENTS AND OTHER GOVERNING DOCUMENTS UPON REQUEST. FORM 990, PART VII, SECTION A COMPENSATION TO OFFICERS FROM RELATED ORGANIZATIONS IS AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER FEES-MNGMNT-990: PROGRAM SERVICE EXPENSES 279,569. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 279,569. CONSULTING : PROGRAM SERVICE EXPENSES 51,500. MANAGEMENT AND GENERAL EXPENSES 7,813. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 59,313. FORM 990, PART XII, LINE 2C THE PROCESS FOR SELECTING AN INDEPENDENT ACCOUNTANT TO AUDIT THE ORGANIZATION'S FINANCIAL STATEMENTS HAS NOT CHANGED. SECTION 1.263(A)-1(F) DE MINIMIS SAFE HARBOR ELECTION OPPORTUNITY ALABAMA, INC. 1320 FIRST AVENUE SOUTH BIRMINGHAM, AL 35233 EMPLOYER IDENTIFICATION NUMBER: 83-2134053 FOR THE YEAR ENDING DECEMBER 31, 2023 OPPORTUNITY ALABAMA, INC. IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER REG. SEC. 1.263(A)-1(F). OPAL COMMUNITY CAPITAL 1320 1ST AVENUE SOUTH BIRMINGHAM AL 35233 882621997 INVESTENTS AL 44438 824512 OPPORTUNITY ALABAMA INC OPAL INVESTMENTS INC 700 18TH STREET N BIRMINGHAM AL 35203 841946385 OPPORTUNITY ZONE ACTIVITY AL OPPORTUNITY ALABAMA INC C 1571901 519491 1.00000 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OPAL INVESTMENTS INC B 24760 BOOK VALUE