2025-07-18T18:01:52-05:00 2024-12-31 132781641 MITCHELL & TITUS LLP 80 PINE STREET 32ND FL NEW YORK NY 10005 990 2024-01-01 541442466 WASHINGTON AREA COMMUNITY INVESTMENT FUND INC WASH 2025295505 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 BRIAN NAGENDRA CHIEF EXECUTIVE OFFICER 2025295505 2025-07-18 1 0 QIAN ZHANG P01306575 2127094500 2025-07-16 2024 2025-03-06 01:10:19Z SHANNAN HERBERT 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 4141530 0 X WWW.WACIF.ORG X 1987 VA TO INCREASE EQUITY AND ECONOMIC OPPORTUNITY BY INVESTING KNOWLEDGE, SOCIAL, AND FINANCIAL CAPITAL IN LOW- AND MODERATE-INCOME WASHINGTON AREA ENTREPRENEURS. 18 17 48 18 0 0 6816270 3021151 773308 887456 126501 163216 -99572 69707 7616507 4141530 4492274 719366 0 0 4264479 3806441 20500 23900 1148932 2071329 1836749 10848582 6386456 -3232075 -2244926 14335295 12057310 6391482 6369850 7943813 5687460 X THE WASHINGTON AREA COMMUNITY INVESTMENT FUND (WACIF) IS A NONPROFIT COMMUNITY LOAN FUND FOCUSED ON INCREASING EQUITY AND ECONOMIC OPPORTUNITY IN THE WASHINGTON, DC AREA'S UNDERSERVED COMMUNITIES. WACIF'S MISSION IS DRIVEN IS DRIVEN BY THREE STRATEGIC PILLARS: INCLUSIVE ENTREPRENEURSHIP, COMMUNITY WEALTH BUILDING, AND EQUITABLE ECONOMIC OPPORTUNITY, AND IS FULFILLED BY PROVIDING ACCESS TO CAPITAL PRODUCTS AND SERVICES, AND CAPACITY BUILDING ADVISORY SERVICES TO LOW- AND MODERATE-INCOME ENTREPRENEURS. 0 0 2585145 715366 132249 SMALL BUSINESS ADVISORY SERVICES - WACIF PROVIDES A VARIETY OF ADVISORY OPPORTUNITIES IN UNDERSERVED D.C. AREA COMMUNITIES INCLUDING GROUP CLASSES, ONE-ON-ONE ADVISEMENT ON SPECIFIC CAPACITY BUILDING ISSUES TO IDENTIFY AREAS OF GROWTH, AND INTENSIVE, COHORT-BASED PROGRAMS LIKE OUR ASCEND CAPITAL ACCELERATOR. WACIF'S SMALL BUSINESS ADVISORY EXPERTISE AND OFFERINGS COVER TOPICS INCLUDING BUSINESS PLANNING, MARKETING, FINANCIAL MANAGEMENT, LAW, REAL ESTATE, AND GETTING TRANSACTION-READY.IN 2024, WACIF MADE A POWERFUL DIFFERENCE, DELIVERING A TRANSFORMATIVE YEAR OF IMPACT. WACIF HOSTED 101 EVENTS WITH A COMBINED 4,254 ATTENDEES AND PROVIDED OVER 2,026 HOURS OF TECHNICAL ASSISTANCE, EMPOWERING ENTREPRENEURS AND SMALL BUSINESS OWNERS WITH THE TOOLS THEY NEED TO SUCCEED.THROUGH STRATEGIC COLLABORATION WITH MORE THAN 70 GROWTH PARTNERS, PROFESSIONAL SERVICE PROVIDERS, INSTRUCTORS, ARTISTS, AND CREATIVES, WACIF DELIVERED TOP-TIER SUPPORT THAT STRENGTHENED OUR CLIENTS' PATHWAYS TO GROWTH AND SUSTAINABILITY. ADDITIONALLY, OUR OUTREACH AND ENGAGEMENT EFFORTS EXTENDED TO OVER 20 ORGANIZATIONS ACROSS MARYLAND AND VIRGINIA, WHERE WE LED PANEL DISCUSSIONS, DELIVERED CAPITAL READINESS TRAINING, AND BUILT STRONGER ENTREPRENEURIAL ECOSYSTEMS. THESE ACHIEVEMENTS WERE MADE POSSIBLE BY LEVERAGING 12 GRANTS, WITH FUNDERS INVESTING OVER $6.4 MILLION TO FUEL ADVISORY SERVICES PROGRAMMING. 1529757 4000 824914 LENDING - WACIF'S ACCESS TO CAPITAL AND LENDING ACTIVITIES PROVIDE FLEXIBLE FINANCING FOR SMALL BUSINESSES OWNED BY, OPERATING IN OR SERVING LOW-TO-MODERATE INCOME COMMUNITIES IN THE DC AREA. IN 2024, WACIF DEPLOYED OVER $3.3M IN LOANS TO SMALL BUSINESSES, INCLUDING TERM LOANS AND LINES OF CREDIT, AND GROSS PORTFOLIO OUTSTANDING YEAR-END WAS $4.9M. WACIF HAS SEVERAL LOAN FUNDS TO SUPPORT A CONTINUUM OF ENTREPRENEURS THAT ARE UNABLE TO ACCESS TRADITIONAL FINANCING FROM BANKS, INCLUDING ESTABLISHED BUSINESS OWNERS. WACIF'S VARIOUS LENDING PROGRAMS BRIDGE THE FINANCING GAP FOR UNDERSERVED ENTREPRENEURS GRADUATING TO TRADITIONAL LENDERS, CREATING ECONOMIC OPPORTUNITY IN LOW-TO-MODERATE INCOME COMMUNITIES. WACIF'S ACCESS TO CAPITAL (ATC) FUND IS THE ORGANIZATION'S HISTORICAL AND MOST FLEXIBLE SOURCE FOR SMALL BUSINESS FINANCING. THE ATC FUND REMAINS A COMMUNITY ASSET WHICH BEGAN WITH AND HAS BEEN SUSTAINED FOR OVER 30 YEARS BY INDIVIDUAL AND INSTITUTIONAL, SOCIALLY RESPONSIBLE INVESTORS SEEKING POSITIVE FINANCIAL AND SOCIAL RETURNS FROM THEIR INVESTMENT. 4114902 1 1 0 0 0 0 0 0 1 0 1 0 1 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 76 0 48 1 0 0 0 0 0 0 0 0 0 0 0 0 X 18 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 DC VA MD X JOHN MCLEAN 2025295505 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 NANCY STARK BOARD CHAIR 3.00 0.00 X X 0 0 0 NORA DIAMOND-JONES SECRETARY 2.00 0.00 X X 0 0 0 ROBERT RIORDAN BOARD VICE CHAIR 2.00 0.00 X X 0 0 0 BRIAN NAGENDRA TREASURER 2.00 0.00 X X 0 0 0 COURTNEY R SNOWDEN BOARD MEMBER 1.00 0.00 X 0 0 0 MARISA G FLOWERS BOARD MEMBER 1.00 0.00 X 0 0 0 JESSEL AMIN BOARD MEMBER 1.00 0.00 X 0 0 0 CARYLN MADDEN BOARD MEMBER 1.00 0.00 X 0 0 0 EMEKA MONEME BOARD MEMBER 1.00 0.00 X 0 0 0 KLADE HARE NERSASIAN BOARD MEMBER 1.00 0.00 X 0 0 0 ABIGAIL SUAREZ BOARD MEMBER 1.00 0.00 X 0 0 0 COREY GRIFFIN BOARD MEMBER 1.00 0.00 X 0 0 0 MATTHIAS GLATTING BOARD MEMBER 1.00 0.00 X 0 0 0 AQUIL STINSON BOARD MEMBER 1.00 0.00 X 0 0 0 MACEO CLARK BOARD MEMBER 1.00 0.00 X 0 0 0 ANDREA LONGTON BOARD MEMBER 1.00 0.00 X 0 0 0 MALACHI MCKINNEY BOARD MEMBER 1.00 0.00 X 0 0 0 EVAN PIEKARA BOARD MEMBER 1.00 0.00 X 0 0 0 KEVIN FRYATT CFOO & CO-INTERIM CEO UNTIL 5/3/24 40.00 4.00 X 82837 0 11988 KIMBERLY GAYLE CHIEF PROGRAMS OFFICER 40.00 0.00 X 168027 0 19996 SHANNAN HERBERT CHIEF EXECUTIVE OFFICER 40.00 4.00 X 209947 0 23544 SHAUNA YELDELL CHIEF LENDING OFFICER UNTIL 10/16/24 40.00 0.00 X 152730 0 34648 MEGAN CARRAS CHIEF DEVELOPMENT OFFICER 40.00 0.00 X 181790 0 9462 JUNELL VENORD SENIOR HUMAN CAPITAL DIRECTOR 40.00 0.00 X 143488 0 13399 MESSAY DEREBE AAC GENERAL DIRECTOR 30.00 12.00 X 146736 0 14950 SHERRY GUSTAFSON DIRECTOR OF FINANCE UNTIL 12/06/2024 40.00 0.00 X 142806 0 16677 1228361 0 144664 10 0 1 0 0 1208537 1812614 3021151 INTEREST FROM LOANS 900099 609607 609607 LOAN FEES 900099 215307 215307 FUND MANAGEMENT INCOME 900099 62542 62542 887456 163216 163216 SPONSORSHIP 900099 35000 35000 EVENT INCOME 900099 29479 29479 REBATES 900099 5228 5228 69707 4141530 957163 0 163216 719366 719366 522076 229739 277924 14413 2597791 1508603 422631 666557 91947 58105 16920 16922 367515 243898 58938 64679 227112 128819 48531 49762 21987 12651 6805 2531 95265 49615 31412 14238 23900 23900 418936 255476 83181 80279 114373 18527 2197 93649 101166 57649 30482 13035 290289 152295 83122 54872 214926 171808 27544 15574 100639 67267 15101 18271 23184 12113 5512 5559 91886 90670 857 359 29027 13462 4773 10792 17979 9387 5537 3055 PROVISION FOR LOAN LOSS 317092 315452 1155 485 6386456 4114902 1122622 1148932 1994893 3791288 5208228 1897758 1380261 611822 206698 101493 127950 106118 264097 264097 29027 0 239 239 3615955 4868570 1772044 680022 14335295 12057310 856426 131471 222630 1980042 637593 75933 1000 1000 495447 287315 3952287 3729548 226099 164541 6391482 6369850 X 6879468 4533714 1064345 1153746 7943813 5687460 14335295 12057310 -2244926 -11427 0 X 0 1 X 1 1 1 X 5248394 6647641 6871349 6816270 3021151 28604805 5248394 6647641 6871349 6816270 3021151 28604805 5316273 23288532 5211 4252 2656 126501 163216 301836 3020 10347 69707 83074 28989715 5970130 0.80330 0.81050 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2022 AMOUNT: $ 3,020. 2023 AMOUNT: $ 4,659. 2024 AMOUNT: $ 29,479. REBATES - 2023 AMOUNT: $ 5,688. 2024 AMOUNT: $ 5,228. SPONSORSHIP - 2024 AMOUNT: $ 35,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 106861 106861 0 157236 157236 0 0 LOANS RECEIVABLE 4868570 C 4868570 DEPOSITS 8300 DUE FROM RELATED ENTITIES 513064 RIGHT-OF-USE ASSETS 158658 680022 LEASE LIABILITY 164541 164541 X PART IV, LINE 2B: IN 2024, WACIF ACTED AS AN AGENT AND INTERMEDIARY FOR THE OFFICE OF THE STATE SUPERINTENDENT OF EDUCATION (OSSE) AND THE DC DEPUTY MAYOR FOR PLANNING AND ECONOMIC DEVELOPMENT (DMPED), DISTRIBUTING GRANT FUNDS TO VARIOUS SMALL BUSINESSES IN WASHINGTON, D.C. WACIF HAS BEEN SELECTED TO MANAGE AND SERVICE CERTAIN FUNDS AND PROGRAMS ON BEHALF OF THE FEDERAL GOVERNMENT, DISTRICT OF COLUMBIA, AND OTHER THIRD-PARTY ORGANIZATIONS. SUCH FUNDS AND PROGRAMS INCLUDE THE SMALL BUSINESS ADMINISTRATION (SBA) MICROLOAN PROGRAM, STREETSCAPE LOAN RELIEF FUND, DISTRICT CAPITALIZED LOAN PROGRAM, TENANT SETTLEMENT FUND AND DC DEPARTMENT OF INSURANCE, SECURITIES AND BANKING (DISB) WITH PURPOSES OF PROVIDING LOANS TO SMALL BUSINESSES AND OTHER REIMBURSEMENTS TO TENANTS IN ACCORDANCE WITH SETTLEMENT AGREEMENTS. THESE FUNDS ARE INCLUDED IN RESTRICTED CASH (ASSETS) AND FUNDS HELD ON BEHALF OF OTHERS (LIABILITIES) IN THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION. PART X, LINE 2: WACIF FOLLOWS THE AUTHORITATIVE GUIDANCE RELATING TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES INCLUDED IN FASB ASC TOPIC 740, INCOME TAXES. WACIF PERFORMED AN EVALUATION OF UNCERTAINTY IN INCOME TAXES FOR THE YEAR ENDED DECEMBER 31, 2024, AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE CONSOLIDATED FINANCIAL STATEMENTS OR THAT MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. AS OF DECEMBER 31, 2024, THE STATUTE OF LIMITATIONS FOR TAX YEARS ENDED DECEMBER 31, 2019, THROUGH DECEMBER 31, 2022, REMAINED OPEN WITH THE U.S. FEDERAL JURISDICTION OR VARIOUS STATES AND LOCAL JURISDICTIONS IN WHICH WACIF FILES TAX RETURNS; HOWEVER, THERE ARE CURRENTLY NO EXAMINATIONS IN PROGRESS. IT IS WACIF'S POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO UNCERTAINTY IN INCOME TAXES, IF ANY, IN INCOME TAX OR INTEREST EXPENSE. X X X X X 1 FRIEDMAN ASSOCIATES 1 KNOLLWOOD LANE IOWA CITY IA 52245 GRANT WRITING 0 0 8500 0 BOUNTIFUL LLC 46890 BRYAN RD LEXINGTON MD 20653 GRANT WRITING 0 0 11900 0 20400 DC MD VA 1 YELEEN BEAUTY LLC 2 MASSACHUSETTS AVENUE 1841 WASHINGTON DC 20013 851614780 30000 0 OPERATING SUPPORT ANACOSTIA ENTREPRENEURSHIP CENTER INC 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 873827062 501(C)(3) 621716 0 OPERATING SUPPORT 1 1 PART I, LINE 2: WACIF CURRENTLY ISSUES SUB-GRANTS TO SMALL BUSINESSES AS PART OF MANY OF THE PROGRAMS IT MANAGES. THESE GRANTS ARE MONITORED ACCORDING TO GUIDELINES PROVIDED EITHER BY THE GRANTING AGENCY OR WACIF ITSELF, IN THE EVENT THE GRANTING AGENCY OR DONOR HAS NOT PROVIDED SUCH GUIDANCE. THIS OFTEN INVOLVES JUSTIFICATION OF USE OF FUNDS THROUGH RECEIPTS AND OTHER DOCUMENTATION AS WELL AS NARRATIVE DESCRIPTION. 1 X X X 1 0 0 0 0 0 0 1 0 SHANNAN HERBERT CHIEF EXECUTIVE OFFICER 194947 0 15000 0 0 0 9937 0 13607 0 233491 0 0 0 MEGAN CARRAS CHIEF DEVELOPMENT OFFICER 162222 0 19568 0 0 0 1200 0 8262 0 191252 0 0 0 KIMBERLY GAYLE CHIEF PROGRAMS OFFICER 168027 0 0 0 0 0 8579 0 11417 0 188023 0 0 0 SHAUNA YELDELL CHIEF LENDING OFFICER UNTIL 10/16/24 152730 0 0 0 0 0 6288 0 28360 0 187378 0 0 0 MESSAY DEREBE AAC GENERAL DIRECTOR 146736 0 0 0 0 0 7500 0 7450 0 161686 0 0 0 SHERRY GUSTAFSON DIRECTOR OF FINANCE UNTIL 12/06/2024 142806 0 0 0 0 0 7031 0 9646 0 159483 0 0 0 JUNELL VENORD SENIOR HUMAN CAPITAL DIRECTOR 143488 0 0 0 0 0 6448 0 6951 0 156887 0 0 0 PART I, LINE 4A SHAUNA YELDELL, SEVERANCE PAYMENT $18,457. PART I, LINE 7 ON DECEMBER 31, 2024, WACIF PAID A NON-FIXED DISCRETIONARY BONUS PAYMENT TO ELIGIBLE STAFF BASED ON THE ORGANIZATION'S OVERALL PERFORMANCE. NANCY STARK BOARD CHAIR IMPACT CAPITAL FUND X 1000 1000 0 0 1 1000 FORM 990, PART VI, SECTION B, LINE 11B FIRSTLY, WACIF REVIEWS THE DRAFT FEDERAL FORM 990 AT THE MANAGEMENT LEVEL. SECONDLY, IT IS THEN PRESENTED TO THE BOARD-LEVEL FINANCE & AUDIT COMMITTEE FOR REVIEW. ONCE REVIEWED AND DEEMED READY FOR APPROVAL, THE FINANCE & AUDIT COMMITTEE THEN PROVIDES A RECOMMENDATION TO THE BOARD OF DIRECTORS TO APPROVE THE DOCUMENT. UPON BOARD OF DIRECTORS APPROVAL, THE FEDERAL FORM 990 IS READY FOR FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C WACIF'S CONFLICT OF INTEREST POLICY IS SIGNED BY ALL STAFF AND BOARD MEMBERS UPON COMMENCING THEIR PROFESSIONAL RELATIONSHIP TO WACIF. ON AN ANNUAL BASIS, ALL STAFF AND BOARD MEMBERS RE-SIGN WACIF'S CONFLICT OF INTEREST POLICY, DISCLOSING ANY POTENTIAL CONFLICTS OF INTEREST. ANY CONFLICTS OF INTEREST THAT EXIST ARE DISCUSSED AMONG THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION WAS SET USING EXTERNAL MARKET RATE RESEARCH CONDUCTED BY A THIRD PARTY, AND APPROVED BY THE EXECUTIVE COMMITTEE WITH INPUT FROM THE FULL BOARD OF DIRECTORS. FUTURE ADJUSTMENTS WILL BE DEPENDENT ON MEETING ESTABLISHED PERFORMANCE GOALS. PERFORMANCE EVALUATIONS, SALARY SURVEYS, EXPERT KNOWLEDGE AND EXPERIENCE AND ORGANIZATIONAL BUDGET ARE OFTEN KEY DETERMINANTS OF THE CEO'S SALARY. THE CHIEF FINANCIAL & OPERATIONS OFFICER AND OTHER KEY EMPLOYEES' SALARIES ARE DETERMINED BY THE CEO, IN CONJUNCTION WITH BUDGET AVAILABILITY OVERSEEN BY THE BOARD OF DIRECTORS. ANY SUBSEQUENT ADJUSTMENTS TO SALARY LEVELS OF OFFICERS OR KEY EMPLOYEES ARE DETERMINED THROUGH REVIEW OF JOB PERFORMANCE, GOALS, AND WITHIN INDUSTRY STANDARDS TO ENSURE COMPETITIVENESS. FORM 990, PART VI, SECTION C, LINE 19 WACIF'S GOVERNING DOCUMENTS, INCLUDING ITS ORGANIZATIONAL BYLAWS, AUDITED FINANCIAL STATEMENTS, FEDERAL FORM 990S, AND CONFLICT OF INTEREST POLICY, ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. ANACOSTIA ENTREPRENEURSHIP CENTER INC 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 873827062 PROPERTY/PROGRAM MANAGER DC 501(C)(3) LINE 12A, I WASHINGTON AREA COMMUNITY INVESTMENT FUND INC 1 1231-1235 GOOD HOPE ROAD INC 2012 RHODE ISLAND AVENUE NE WASHINGTON DC 20018 873806971 REAL ESTATE HOLDING ENTITY DC 501(C)(3) LINE 12C, III-FI WASHINGTON AREA COMMUNITY INVESTMENT FUND INC 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 ANACOSTIA ENTREPRENEURSHIP CENTER INC B 621716 BOOK VALUE ANACOSTIA ENTREPRENEURSHIP CENTER INC O 458664 BOOK VALUE 1231-1235 GOOD HOPE ROAD INC B 4650 BOOK VALUE 1231-1235 GOOD HOPE ROAD INC O 106854 BOOK VALUE 1231-1235 GOOD HOPE ROAD INC D 3750000 BOOK VALUE