2026-08-14T15:50:04-07:00 2025-12-31 990 2025-01-01 550680725 CADCO FOUNDATION INC CADC 3043404253 1116 Smith Street Charleston WV 25301 Debra James Chief Financial Officer 3043404253 2026-08-14 2025 2025-03-06 01:10:19Z Mara C Boggs - President and CEO 1116 Smith Street Charleston WV 25301 5545977 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, Kanawha County, and the surrounding area. 37 37 0 0 0 0 211238 5327090 0 0 28098 218887 0 0 239336 5545977 177188 2260000 0 0 0 0 0 0 0 369 8083 177557 2268083 61779 3277894 2070625 7500178 292142 2443801 1778483 5056377 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, Kanawha County, and the surrounding area. 0 0 2260000 2260000 0 CADCO Foundation, Inc. supports the operation of a small business incubator economic development program of the Capital Area Development Corporation of West Virginia dba Charleston Area Alliance, 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. In 2025, CADCO Foundation received grants from its non-profit affiliate, Enterprise Properties (EPI), upon dissolution of EPI and liquidation of its remaining cash assets. The funds received from EPI were deployed not only in support of the business incubator but also in support of new strategic economic development initiatives of the Charleston Area Alliance. 0 0 0 2260000 1 1 0 0 0 0 0 0 0 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 Mara C Boggs President and CEO 5 40 X X X 0 175138 4113 Debra S James CFO 5 40 X X X 0 124004 24480 Ellen S Cappellanti Chair 3 3 X X 0 0 0 Diane Strong Vice Chair 3 3 X X 0 0 0 Ben Thomas Secretary 1 1 X X 0 0 0 Jack Rossi Treasurer 1 1 X X 0 0 0 Kristen Anderson Director 1 1 X 0 0 0 Bryan Brown Director 1 1 X 0 0 0 Nancy Bruns Director 1 1 X 0 0 0 Ericke Cage Director 1 1.0 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 Jake Glance Director 1 1 X 0 0 0 Scott Goetz Director 1 1 X 0 0 0 Mike Holtsclaw Director 1 1 X 0 0 0 Bethany Kinder Director 1 1 X 0 0 0 Adam R Krason Director 1 1 X 0 0 0 Mike McCown Director 1 1 X 0 0 0 Candace Nelson Director 1 1 X 0 0 0 Dan Owen 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 Martin Roth Director 1 1 X 0 0 0 Andrew Robey Director 1 1 X 0 0 0 Jeff Sandene Director 1 1 X 0 0 0 John Scalzo Director 1.0 1 X 0 0 0 Marc Slotnick Director 1 1 X 0 0 0 PaulSmith Director 1 1 X 0 0 0 Patrick Smith Director 1 1 X 0 0 0 Aaron Sporck Director 1 1 X 0 0 0 Tim Whittaker Director 1.00 1.00 X 0 0 0 Jen Wood Director 1.00 1.00 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 Natalie Tennant Ex-Officio Director 1.0 1 X 0 0 0 0 299142 28593 0 0 1 0 0 0 0 0 5316982 0 10108 0 5327090 0 218887 218887 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5545977 218887 0 0 2260000 2260000 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 7876 0 7876 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 80 0 80 0 Miscellaneous 127 0 127 0 2268083 2260000 8083 0 96241 12741 1848094 7417673 47855 23962 78435 45802 2070625 7500178 0 0 25000 0 0 0 0 0 0 0 267142 2443801 292142 2443801 X 1730628 5032414 47855 23963 1778483 5056377 2070625 7500178 3277894 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 2260000 0 1 2260000 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 it 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 and renovations of a small business incubator situated in a federally designate HUBZone, and other economic and community development programs administered by staff housed in the building. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1848094 5352609 217050 0 0 80 7417673 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 1 0 0 0 0 0 Intercompany payable to related organization 2443801 2443801 X 5569869 0 0 0 25000 25000 5544869 0 1108 1108 5545977 2268083 0 0 0 0 0 2268083 0 0 0 2268083 Schedule D, Part V, Line 4 CADCO Foundation, Inc. maintains part of its liquid assets in a board-designated endowment fund held for the purpose of funding future economic development projects focused on job creation, business retention and expansion, or other such initiatives 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 their 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 501(c)(4) 2260000 0 0 0 Support of small business incubator operated by a non-profit related organization, and funding for other economic development initiatives which will encourage workforce relocation into the community and facilitate community revitalization. 0 1 Schedule I, Part I, Line 2 CADCO Foundation, Inc. requires written grant proposal 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 or retention of jobs, encouraging industrial relocation or expansion in the area, and creation or maintenance of a skilled workforce. 0 0 0 0 0 0 0 0 0 Mara C Boggs President and CEO 0 175138 0 0 0 0 0 4038 0 75 0 179251 0 0 Schedule J, Part II The filing organization has no employees and paid no 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. Boggs by the related organization was determined and approved by the related organization's Executive Committee of the Board of Directors. Various Entity 0 No transactions in excess of reportable thresholds 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 such 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; Paul Smith (1010 Bridge Restaurant and Catering) - catering services; Jake Glance (WV American Water) - public utility services; Ellen Cappellanti (Jackson Kelly PLLC) - legal services; Martin Roth (University of Charleston) - event catering; Candace Nelson (Capitol Market) - goods; Diane Strong (Manpower) - professional background checks; Adam Krason and Jen Wood (ZMM) - professional services. Form 990, Header, Line A The extended due date for calendar 2025 is November 15, 2026. 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, of 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 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; Bryan Brown (Brown Communications LLC) 830 Chestnut Road Charleston West Virginia 25314; Nancy Bruns (J. Q. Dickinson Salt Works) 4797 Midland Drive Malden WV 25306; 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; 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; Jake Glance (West Virginia American Water) 1600 Pennsylvania Avenue Charleston WV 25302-3932; 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; Michael Holtsclaw (Truist) 300 Summers Street Charleston WV 25301-1624; Bethany Kinder (Dow, Inc.) 437 MacCorkle Avenue, SW South Charleston WV 25303-1230; 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; Frank Mullens (City of South Charleston) P.O. Box 8597 South Charleston WV 25303; Candace Nelson (Capitol Market) 800 Smith Street Charleston WV 25301; Jack Nuckols (Kanawha County Commission) 408 Kanawha Avenue Pratt WV 25162; Dan Owen (Goodwill Industries of the Summit) P.O. Box 353 Charleston WV 25322; C. Anthony Parker (Revive B&B LLC) 303 Washington Street E. Suite 302 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; Andrew Robey (Hissam Forman Donovan Ritchie PLLC) 700 Virginia Street, East Suite 210 Charleston, WV 25301; Jack Rossi (Burke & Herbert Bank) 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 Slotnick (Bailey & Wyant, PLLC) 500 Virginia St., E-Ste. 600 Charleston WV 25301-4109; Patrick Smith (Canary Financial Forensic Solutions) 179 Summers St Suite 612 Charleston WV 25301; Paul Smith (1010 Bridge Restaurant & Catering) 1010 Bridge Road Charleston WV 25314; Aaron Sporck (Huntington National Bank) 500 Lee Street, E Suite 1400 Charleston WV 25301-1741; Diane Strong (Manpower) 503 Pennsylvania Avenue Charleston WV 25302-2387; Natalie Tennant (Kanawha County Commission) P.O. Box 3627 Charleston WV 25336-3627; Ben Thomas (Bowles Rice LLP) P.O. Box 1386 Charleston WV 25325-1386; Tim Whittaker (City National Bank) P.O. Box 4168 Charleston WV 25364-4168; Jen Wood (ZMM Architects & Engineers) 222 Lee Street, W Charleston WV 25302-2225 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 period 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 voting on 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 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 it governing documents, conflict of interest policy and financial statements available to the public upon request, either by providing copies or by inspection at tis 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 these individuals 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 2260000 CADCO Foundation granted $2,260,000 to Capital Area Development Corporation of West Virginia (CADCO) to support operation and renovations of a small business incubator, and to fund new strategic economic development initiatives. Capital Area Development Corporation of West Virginia dba Charleston Area Alliance d 35628 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. Repayments are made semiannually based on an amortization schedule computed with a competitive fixed rate of interest. At 12/31/25, the balance of the note payable was $45,802. Payments to CADCO Foundation in 2025 totaled $35,628 including interest of $1,837. 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 2176659 As is common with related organizations managed by shared staff and utilizing shared resources, CADCO Foundation has an intercompany due to/from account with its affiliate, CADCO, to capture transfers and other transactions (both type r and type s) during the normal course of recordkeeping. The net increase in the Foundation's payable to the reporting organization in 2025 was $2,176,659. Enterprise Properties Inc c 5316982 CADCO Foundation received grants totaling $5,316,982 from Enterprise Properties, Inc. upon dissolution of that entity. Form 8868 was timely filed with and accepted by the IRS on 05/18/26.