2025-11-04T17:16:47-07:00 2024-12-31 990 2024-01-01 550680725 CADCO FOUNDATION INC CADC 3043404253 1116 Smith Street Charleston WV 25301 Debra James Chief Financial Officer 3043404253 2025-10-28 1 2024 2025-03-06 01:10:19Z Mara C Boggs - President and CEO 1116 Smith Street Charleston WV 25301 239336 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 91617 211238 0 0 -75500 28098 0 0 16117 239336 20000 177188 0 0 0 0 0 0 0 23375 369 43375 177557 -27258 61779 2033993 2070625 317289 292142 1716704 1778483 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 177188 177188 0 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 177188 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 0 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 Debra S James CFO 5 40 X X X 0 138274 24307 Nicole Christian President and CEO- former 5 40 X X X 0 59813 11035 Mara C Boggs President and CEO from 10/01/24 5 40 X X 0 64726 19 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 Kristen Anderson Director 1 1 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 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 John Hebert 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 Jack Rossi Director 1 1 X 0 0 0 Marcus Phillips 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 Aaron Sporck 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 1.00 1.00 X 0 0 0 Mayor Frank A Mullens Ex-Officio Director 1.00 1.00 X 0 0 0 Jack W Nuckols Ex-Officio Director 1.00 1.00 X 0 0 0 Dominique Ranieri Ex-Officio Director 1 1 X 0 0 0 Commissioner Marc Slotnick Ex-Officio Director 1 1 X 0 0 0 0 262813 35361 0 1 1 0 0 0 0 0 200000 0 11238 0 211238 0 28098 28098 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 239336 28098 0 0 177188 177188 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 0 0 0 0 316 0 316 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 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 Bank fees 23 0 23 0 Miscellaneous 30 0 30 0 177557 177188 369 0 64114 96241 1809264 1848094 71617 47855 88998 78435 0 2033993 2070625 25000 24336 0 292953 267142 317289 292142 X 1645087 1730628 71617 47855 1716704 1778483 2033993 2070625 61779 0 0 0 0 0 X 0 1 X 1 1 1 X X 1 Capital Area Development Corporation of West Virginia dba Charleston Area Alliance 556024192 10 1 177188 0 1 177188 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 1809264 13224 25628 0 0 22 1848094 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 1 0 0 0 0 0 Intercompany payable to related organization 267142 267142 X 261861 0 0 0 23763 23763 238098 0 1238 1238 239336 177557 0 0 0 0 0 177557 0 0 0 177557 Schedule D, Part IV, Line 2b CADCO Foundation, Inc. served 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. This arrangement terminated in 2024 after all funds were disbursed. 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." Schedule D, Part XI, Line 2d Net assets released from restrictions Schedule D, Part XI, Line 4b Net assets received with donor restrictions 1 Capital Area Development Corporation of West Virginia dba Charleston Area Alliance 1116 Smith Street Charleston WV 25301 556024192 501c4 177188 0 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 disadvantaged 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- former 0 59813 0 0 0 0 0 5981 0 5054 0 70848 0 Debra S James CFO 0 133274 0 5000 0 0 0 13790 0 10517 0 162581 0 0 Schedule J, Part I, Line 4 Former President and CEO, Nicole Christian, resigned effective 12/31/23 and received severance benefits which were disbursed in January 2024. Schedule J, Part II 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). Compensation paid to Ms. Christian and Ms. James by the related organization was determined and approved by the related organization's Executive Committee. Various Entity 0 There are no reportable transactions > threshold 0 Schedule L, Part IV The following directors of the organization were also officers, directors, trustees, or direct or indirect owners of unrelated entities doing business with or contributing to the organization's affiliate, Capital Area Development Corporation of West Virginia. All transactions between the reporting organization's affiliate and the unrelated entities listed below were conducted in the normal course of business under terms extended to the general business community and the public, and were below applicable Part IV reporting thresholds. John Scalzo (Appalachian Power) - public utility services; Sandy Call (Bridge Road Bistro) - catering services; Robert Burton (West Virginia American Water) - public utility services; Kensie Hamilton Fauber (Executive Ink) - marketing services; Ellen Cappellanti (Jackson Kelly PLLC) - legal services; Martin Roth (University of Charleston) - event catering and venue. Form 990, Header, Line A The extended due date for calendar 2024 is November 15, 2025. 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 and its 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 Kristin Margolin Anderson (WVU Medicine Thomas Hospitals) 4605 MacCorkle Avenue, SW South Charleston WV 25309; Matt Bond (United Bank) P.O. Box 393 Charleston WV 25322-0393; Nancy Bruns (J. Q. Dickinson Salt Works) 4797 Midland Drive Malden WV 25306; Robert Burton (West Virginia American Water) 1600 Pennsylvania Avenue Charleston WV 25302-3932; Ron Butlin (CURA - Charleston Urban Renewal Authority) 815 Quarrier Street, Ste. 244 Charleston WV 25301-2652; Ericke Cage (West Virginia State University) P.O. Box 1000 Institute WV 25112-1000; Sandy Call (The Bridge Road Bistro) 915 Bridge Road Charleston WV 25314-1203; Ellen Cappellanti (Jackson Kelly PLLC) P.O. Box 553 Charleston WV 25322-0553; Steven Collins (Q Labs, Inc.) 312 MacCorkle Avenue, SE Charleston WV 25314; David Ferretti (Spilman Thomas & Battle, PLLC) P.O. Box 273 Charleston WV 25321-0273; Scott Goetz (Charleston Steel) P.O. Box 547 Dunbar WV 25064-0547; Amy Goodwin (City of Charleston) P.O. Box 2749 Charleston WV 25330-2749; Kensie Hamilton Fauber (Executive Ink, LLC) 8 Capitol Street, Ste. 200 Charleston WV 25301-2828; John Hebert (Dow, Inc.) 437 MacCorkle Avenue, SW South Charleston WV 25303-1230; Michael Holtsclaw (Truist) 300 Summers Street Charleston WV 25301-1624; Adam Krason (ZMM Architects & Engineers) 222 Lee Street, W Charleston WV 25302-2225; Mike McCown (Industrial Bolting Technologies, Inc.) P O Box 10068 Charleston WV 25357-0068; Chris Morris (Citynet) 100 Citynet Drive Bridgeport WV 26330-1784; Frank Mullens (City of South Charleston) P.O. Box 8597 South Charleston WV 25303; Jack Nuckols (Kanawha County Commission Designee) 408 Kanawha Avenue Pratt WV 25162; 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 25015-0100; Dominique Ranieri (West Virginia International Yeager Airport) 100 Airport Road, Ste. 175 Charleston WV 25311-1080; Jack Rossi (Burke & Herbert Bank & Trust) 400 Washington Street, East 4th Floor Charleston WV 25301; Martin Roth (University of Charleston) 2300 MacCorkle Avenue, SE Charleston WV 25304-1099; Jeff Sandene (CAMC/Vandalia Health) P.O. Box 1547 Charleston WV 25326-1547; John Scalzo (Appalachian Power/AEP) 500 Lee St., E - Ste. 800 Charleston WV 25301; Marc J Slotnick (Kanawha County Commission) PO Box 3627 Charleston WV 25336; Lyle Smith (Kanawha Roxalana Company) P. O. Box 393 Charleston WV 25322; Patrick Smith (Canary Financial Forensic Solutions) 179 Summers St Charleston WV 25301; Diana Sole (MotionMasters) P.O.Box 711 Dunbar WV 25064; Aaron Sporck (Huntington National Bank) 500 Lee Street, E Charleston WV 25301-1741 ; Diane Strong-Treister (Manpower) 503 Pennsylvania Avenue Charleston WV 25302-2387; Ben Thomas (Bowles Rice LLP) P.O. Box 1386 Charleston WV 25325-1386; Bob Welch (Toyota Motor Manufacturing, West Virginia, Inc.) 1 Sugar Maple Lane Buffalo WV 25033-9430; Tessa White (Tessa M. White, PLLC) 1108 Kanawha Blvd E, Unit 502 Charleston, WV 25301 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 members of the Board 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, Accounting 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. 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 Enterprise Properties Inc 1116 Smith Street Charleston WV 25301 550714069 Economic Development WV 501(c)(6) N/A 0 0 1 1 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 177188 CADCO Foundation granted $177,188 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 11876 CADCO owes a note payable to CADCO Foundation to repay 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. Repayments are made semiannually based on an amortization schedule computed with a competitive fixed rate of interest. At 12/31/24, the balance of the note payable was $78,435. Payments to CADCO Foundation in 2024 totaled $11,876 including interest of $2,470. Capital Area Development Corporation of West Virginia dba Charleston Area Alliance m 0 All administrative and management functions of CADCO Foundation (transaction types m, n, and o) are performed by staff of related organization, CADCO, without charge. Capital Area Development Corporation of West Virginia dba Charleston Area Alliance r 25812 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 (both type r and type s) during the normal course of recordkeeping. The net decrease in the Foundation's payable to CADCO in 2024 was $25,812. Enterprise Properties Inc c 200000 CADCO Foundation received a $200,000 economic development grant from Enterprise Properties. Form 8868 was timely filed with and accepted by the IRS on 04/21/25.