2024-11-07T12:49:50-07:00 2023-12-31 990 2023-01-01 556024192 CAPITAL AREA DEVELOPMENT CORPORATION OF WEST VIRGINIA CAPI 3043404253 1116 Smith Street Charleston WV 25301 Debra James Chief Financial Officer 3043404253 2024-10-31 1 2023 2024-10-15 13:58:12Z Charleston Area Alliance Mara C Boggs 1116 Smith Street Charleston WV 25301 2339307 0 X www.charlestonareaalliance.org X 1963 WV 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. 37 37 12 100 0 0 2553464 1012883 930789 1215816 24964 110608 0 0 3509217 2339307 29500 71798 0 0 770266 807971 0 0 87540 681402 942546 1481168 1822315 2028049 516992 7363815 9454137 496640 2069969 6867175 7384168 X Capital Area Development Corporation of West Virginia, dba Charleston Area Alliance, 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. 1 0 600324 23500 451933 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. 380234 0 180764 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. 388009 48298 215789 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. 186874 0 367331 Other program services include benefits and opportunities provided to member businesses such as: networking, professional development, referrals and communication. 186874 0 367331 1555441 0 1 0 1 0 0 0 1 1 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 1 1 0 0 0 0 1 1 1 0 1 22 0 1 12 1 0 0 0 0 1 1 0 0 0 X 37 37 1 0 0 0 1 1 0 1 1 1 0 1 1 1 1 1 0 1 1 0 WV X X Debra S James CFO 3043404253 1116 Smith Street Charleston WV 25301 X Nicole Christian President & CEO 40 5 X X X 150138 0 25443 Debra S James CFO 40 5 X X 97797 0 20187 Adam R Krason Chair 3 3 X X 0 0 0 Ellen S Cappellanti Vice Chair 1 1 X X 0 0 0 Tessa M White Secretary 1 1 X X 0 0 0 Matthew Bond Treasurer 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 Steven 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 Geotz Director 1 1 X 0 0 0 Dickinson Gould III Director 1 1 X 0 0 0 Michael 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 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 Dominique Ranieri Ex-Officio Director 1 1 X 0 0 0 Jack W Nuckols Ex-Officio Director 1 1 X 0 0 0 Greg Rosencrance MD Director 1 1 X 0 0 0 Commissioner Lance Wheeler Ex-Officio Director 1 1 X 0 0 0 247935 0 45630 1 0 1 1 0 0 0 20000 931756 61127 749029 1012883 Membership Dues 813910 332803 332803 0 0 Rents - Economic Development Properties 531120 508905 508905 0 0 Enterprise Properties Mgmt Fees 561000 60000 60000 0 0 Economic/Community Development Programs 541690 314108 314108 0 0 0 0 0 0 1215816 110608 110608 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2339307 1326424 0 0 49298 49298 22500 22500 0 0 0 0 295683 201017 56274 38392 0 0 0 0 379176 309821 38599 30756 30725 25489 2883 2353 54047 43271 5895 4881 48340 36883 6596 4861 0 0 0 0 3353 0 3353 0 18926 0 18926 0 0 0 0 0 0 0 0 0 0 0 22373 0 22373 0 450 450 0 0 21116 16512 2983 1621 36087 32079 2325 1683 0 0 0 0 178726 178726 0 0 200 2 198 0 0 0 0 0 0 0 0 0 51932 51932 0 0 0 0 0 0 261184 260273 543 368 49229 43440 3452 2337 Merchant and bank fees 3908 0 3908 0 Employee dues, development and retention 28127 21824 6055 248 Governance and miscellaneous 4971 0 4971 0 Economic, Community and Member Programs 245104 245064 0 40 16860 16860 0 0 1822315 1555441 179334 87540 1007120 861730 3705039 3764723 0 0 343887 447808 0 0 0 0 0 0 0 0 22002 14313 9367590 5082095 2242936 4285495 0 0 0 0 4650 4650 13371 7105 24810 68313 7363815 9454137 234581 356017 0 0 145080 173388 0 0 7314 9594 0 0 0 1441972 0 0 109665 88998 496640 2069969 X 4704208 4719083 2162967 2665085 6867175 7384168 7363815 9454137 X 516992 0 0 0 0 1 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 1 X 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 1 0 0 0 1 1 0 818093 818093 0 8355058 4894698 3460360 0 0 0 0 0 194439 187397 7042 0 0 0 0 4285495 Capitalized Real Estate Redevelopment Costs 68313 68313 0 Note payable to related organization 88998 88998 X 1837189 0 0 0 246911 246911 1590278 0 749029 749029 2339307 1822314 0 0 0 0 0 1822314 0 1 1 1822315 Schedule D, Part IV, Line 2b Capital Area Development Corporation of West Virginia serves as fiscal agent for the Kanawha Valley Business Forum (KVBF), collecting their dues payments and paying their bills for monthly meeting expenses. The balance held by the reporting organization as fiscal agent as of 12/31/23 was $9,594. Schedule D, Part V, Line 4 CADCO Foundation, Inc., a related 501(c)(3) organization, created as a supporting organization for Capital Area Development Corporation of West Virginia (CADCO) dba Charleston Area Alliance, maintains a board-designated endowment fund held for the purposed of funding future economic development projects focused on job creation and retention in CADCO's service area. The value of the endowment fund is reported on Form 990 for CADCO Foundation. Schedule D, Part X, Line 2 The following footnote is included in audited financial statements of the reporting organization. "The Alliance and its subsidiaries are classified at 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. Schedule D, Part XII, Line 4b Rounding 1 Charleston Roots - workforce relocation incentives 7 22500 0 Schedule I, Part I, Line 2 The reporting entity dba Charleston Area Alliance operated two separate grant/incentive programs designed to assist women and minority owned small businesses and to recruit talented workforce to Charleston and Kanawha County. The Women and Minority Owned Small Business Grant program awarded 10 grants totaling $47,298 to encourage business growth. All such grants were $5,000 or less and, therefore, are not reportable in Section II above. The Charleston Roots Relocation program provided 7 individuals with monetary incentives totaling $22,500 to assist with moving to and working in the region. Programs are managed by organizational staff supported by selection and review committees. Applicants are carefully screened for eligibility criteria, and are required to submit periodic reports regarding use of funds (Women and Minority Owned Business) and continued residency. X X X 1 0 0 0 0 0 0 0 0 Nicole Christian President & CEO 150138 0 0 0 0 0 15000 0 10443 0 175581 0 0 0 Schedule J, Part I, Line 4 On October 24, 2023, the organization and Nicole Christian, President & CEO, entered into a mutual agreement to terminate Ms. Christian's 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 will be reported on Form 990 for 2024. Jackson Kelly PLLC Ellen Cappellanti - Director 82350 Legal fees and costs commercial real estate acquisition 0 Bowles Rice LLP Ben Thomas - Director 28500 Lender's legal fees commercial real estate acquisition 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 this organization. All such transactions with 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 officer of Appalachian Power - public utility services; Sandy Call, owner of Bridge Road Bistro - catering services; Robert Burton, officer of West Virginia American Water - public utility services; Evan Osborn, Executive Director of Capitol Market - goods and services; Kensie Hamilton Fauber, owner of Executive Ink - marketing services. X Imputed interest on 0% loan 1 749029 FMV 0 0 1 0 Form 990, Header, Line A The extended filing date is November 15, 2024. Form 990, Part I, Line 6 Community business and citizen leaders comprise the organization's voluntary Board of Directors, advisory committees, and task forces of economic and community revitalization programs. Volunteers assist with planning, organizing and implementing projects. No compensation is paid to any volunteers. Approximate numbers of volunteers are: Economic Development: 25; Community Development: 25: Administrative/Member Services: 50; Total - 100. Form 990, Part III, Line 2 In March 2023, the organization purchased a manufacturing plant to be redeveloped into the Charleston Learning, Innovation, Food & Technology (LIFT) Center. Acquisition funding of $2,142,153 was provided by the WV Infrastructure and Jobs Development Council with a 15-year, 0% loan. Imputed interest at FMV is reported as a $749,029 non-cash restricted contribution in this Form 990. As reported on the prior Form 990, construction of the LIFT Center will be funded by a USEDA $13 million grant, matched by more than $3.25 million from collaborative partners. Construction will begin mid-2024. Capitalized redevelopment costs at 12/31/23, reported on Schedule D, include legal, architectural and engineering fees of $68,313. The former owner of the site leased the property back from this organization for the remainder of 2023 while they concluded business. Lease revenues and related operating expenses are included in Economic Development Program Services in Part III, Line 4a. Form 990, Part IV, Line 28a Several directors of the organization are affiliated with unrelated entities doing business with and/or contributing to the organziation. See Schedule L, Parts IV and V for a list of those directors. Form 990, Part IV, Line 28c See above. 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 involved the reporting organization. Form 990, Part VI, Section A, Line 6 Over 400 area businesses are members of the reporting organization. Form 990, Part VI, Section A, Line 7a The voluntary Board of Directors of the organization is comprised of business leaders elected by the organization's membership. 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 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, 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 The organization's Executive Committee reviews the performance of and determines compensation of the 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. The organization posts Form 990 on its website. Form 990, Part VII, Section A, Line 1a 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 (Board meetings, Executive Committee, Finance Committee, Community Development Committee, Economic Development Committee, Nominating Committee, HR Committee, project task forces). Form 990, Part XI, Line 9 Rounding 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. CADCO Foundation Inc 1116 Smith Street Charleston WV 25301 550680725 Economic Development WV 501(c)(3) 12a Type 1 N/A 1 Enterprise Properties Inc 1116 Smith Street Charleston WV 25301 550714069 Economic Development WV 501(c)(6) N/A 1 Interregional Chamber of Commerce Inc 1116 Smith Street Charleston WV 25301 237061206 Business League WV 501(c)(6) N/A 1 0 0 1 0 1 0 0 0 0 1 0 1 0 1 1 0 0 1 1 CADCO Foundation Inc c 20000 The reporting organization received a $20,000 grant from CADCO Foundation to support operation of a small business incubator. CADCO Foundation Inc e 23751 The reporting organization 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 semi-annually 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 in 2023 totaled $23,751 including interest of $3,084. Interregional Chamber of Commerce Inc j 7548 The reporting organization receives monthly rent payments from the Interregional Chamber of Commerce to cover occupancy costs incurred in support of Chamber activities. Total rents received from the Chamber in 2023 were 7,548. Enterprise Properties Inc l 60400 Enterprise Properties paid the reporting organization $60,000 for management and administration and $400 for membership dues. The management fee covers assistance described in transaction types l, n, and o. CADCO Foundation Inc l 0 All administrative and management functions of CADCO Foundation (transaction types l, n, and o) are performed by staff of the reporting organization without charge. Interregional Chamber of Commerce Inc l 12000 The reporting organization charges the Chamber of Commerce for staff time spent managing the Chamber's activities (transaction types l, n, and o are covered). Enterprise Properties Inc r 3377 As is common with related organizations managed by shared staff and utilizing shared resources, CADCO Foundation, Enterprise Properties, and the Chamber use intercompany due to/from accounts with the reporting organization to capture transfers and other transactions (both type r and type s) during the normal course of recordkeeping. The net change in Enterprise Properties' payable to the reporting organization in 2023 was an increase of $3,377. CADCO Foundation Inc r 2012 As is common with related organizations managed by shared staff and utilizing shared resources, CADCO Foundation, Enterprise Properties, and the Chamber use intercompany due to/from accounts with the reporting organization 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 2023 was $2,012. Interregional Chamber of Commerce Inc r 32610 As is common with related organizations managed by shared staff and utilizing shared resources, CADCO Foundation, Enterprise Properties, and the Chamber use intercompany due to/from accounts with the reporting organization to capture transfers and other transactions (both type r and type s) during the normal course of recordkeeping. The net change in the Chamber's receivable from the reporting organization in 2023 was an increase of $32,610.