2026-08-14T16:17:41-07:00 2025-12-31 990 2025-01-01 556024192 CAPITAL AREA DEVELOPMENT CORPORATION OF WEST VIRGINIA CAPI 3043404253 1116 Smith Street Charleston WV 25301 Debra James Chief Financial Officer 3043404253 2026-08-14 2025 2025-03-06 01:10:19Z Charleston Area Alliance Mara C Boggs - President and CEO 1116 Smith Street Charleston WV 25301 5538147 0 X www.charlestonareaalliance.org X 1963 WV Capital Area Development Corporation of West Virginia dba Charleston Area Alliance serves as a catalyst for change for Charleston, Kanawha County, and the surrounding area, leading with innovative and collaborative approaches to shape a prosperous economy that fosters growth and attracts people and investment. We are a community and economic development organization that connects businesses, entrepreneurs and young talent with the resources needed to succeed. Our strategic initiatives stimulate job creation, attract new industries, bolster the region's economic resilience, and support energetic and effective local efforts to renew our capital city as strong and vibrant. 37 37 29 100 0 0 1403481 4389883 1165331 1063598 133309 84666 0 0 2702121 5538147 210800 4063097 0 0 743508 1029074 0 0 92492 977898 850823 1932206 5942994 769915 -404847 10716902 14464811 2562819 6715575 8154083 7749236 X Capital Area Development Corporation of West Virginia dba Charleston Area Alliance serves as a catalyst for change for Charleston, Kanawha County, and the surrounding area, leading with innovative and collaborative approaches to shape a prosperous economy that fosters growth and attracts people and investment. We are a community and economic development organization that connects businesses, entrepreneurs and young talent with the resources needed to succeed. Our strategic initiatives stimulate job creation, attract new industries, bolster the region's economic resilience, and support energetic and effective local efforts to renew our capital city as strong and vibrant. 1 0 4532206 3891847 342201 Economic Development - We drive sustainable growth in target industries by advancing innovation, fostering strategic partnerships, and increasing visibility. 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; talent attraction and retention through promoting workforce development opportunities, providing talent attraction incentives to increase population, hosting an internship program; encouraging public investment in supportive infrastructure, and developing entrepreneurial networks and support systems. In 2023, the organization began a major real estate redevelopment project, the Charleston Lift Center, funded by a federal grant matched with other public and private support. Capitalized redevelopment costs as of 12/31/25 were $2,778,640. In support of the Ascend West Virginia Charleston Area Remote Work Location, the Alliance pledged the sum of $3 million over five years, recorded at net present value in financial statements and in this return. The Alliance contributed $1 million to the West Virginia Department of Tourism in support of their Air Services Agreement. 449489 0 220056 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. The Alliance began an Incubator Modernization project in 2025 which resulted in capitalized upgrades of $365,252 as of year end. 405928 158000 119672 Community Development - We work diligently to increase our natural and built assets through sustainable redevelopment initiatives as we continue to support the transformation of our County's downtowns into vibrant hubs for community engagement and economic activity. Programs include: stimulating new housing growth in downtown Charleston; providing advisory and resource development services to the City Center Business Improvement District; supporting arts and culture throughout Kanawha County; elevating small businesses with targeted grant opportunities; inspiring young professionals to become more impactful community, business and political leaders in our community through Leadership Kanawha Valley; collaborating with Kanawha County and other partners to develop the Upper Kanawha Valley, enhancing infrastructure, promoting local businesses, and leveraging tourism efforts to advance the outdoor economy. 212250 0 381670 Member and investor services foster strong relationships, provide valuable resources, and attract the investment needed to sustain and grow the organization's operations. Benefits and opportunities provided to member businesses include networking, professional development, referrals and communication. 212250 0 381670 5599873 0 1 0 1 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 1 1 0 1 0 0 0 0 0 1 1 1 0 1 X 63 0 1 29 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 Mara C Boggs President and CEO 40 5 X X X 175138 0 4113 Debra S James CFO 40 5 X X X 124004 0 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 X 0 0 0 Steven Collins Director 1 1 X 0 0 0 Kensie Hamilton Fauber Director 1 1 X 0 0 0 Jake Glance Director 1 1 X 0 0 0 David P Ferretti Director 1 1 X 0 0 0 Scott Geotz Director 1.00 1.00 X 0 0 0 Michael 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 1 X 0 0 0 Marc Slotnick Director 1 1 X 0 0 0 Paul Smith 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 1 X 0 0 0 Jen Wood 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 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 1 X 0 0 0 299142 0 28593 2 0 1 0 Prizm Painting LLC 1022 State Route 34 Hurricane WV 25526 Exterior painting of commercial building 186525 Reclaim Company 200 8th Street Fairmont WV 26554 Demolition of industrial structure 180550 Robert L Grishaber and Sons Inc P O Box 8716 South Charleston WV 25309 Masonry repairs 117550 The Thrasher Group Inc 600 White Oaks Blvd Bridgeport WV 26330 Architecture and engineering for industrial redevelopment project 233418 Swope Construction Co 1325 Bluefield Avenue Bluefield WV 24701 Construction - industrial redevelopment project 894479 5 0 0 0 2260000 1900883 229000 0 4389883 Membership Dues 813910 362761 362761 0 0 Lease Revenues-Economic Development 531120 459654 459654 0 0 Economic/Community Development Programs 541690 241183 241183 0 0 0 0 0 0 1063598 84666 84666 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5538147 1148264 0 0 X 4000597 4000597 62500 62500 0 0 0 0 330312 190686 106594 33032 0 0 0 0 532046 460800 31507 39739 38811 32896 2928 2987 58795 47940 6167 4688 69110 52722 10597 5791 0 0 0 0 13839 0 13839 0 28151 0 28151 0 0 0 0 0 0 0 0 0 0 0 15057 13557 1500 0 17394 2383 14937 74 24844 19626 3701 1517 35846 31911 2403 1532 0 0 0 0 201389 201389 0 0 204 0 204 0 0 0 0 0 0 0 0 0 73630 73529 101 0 0 0 0 0 246297 245097 734 466 27284 22151 3142 1991 Merchant and Bank Fees 4900 0 4900 0 Employee Dues, Development, Retention 22156 15394 6369 393 Governance and Miscellaneous 12855 0 12855 0 Economic and Community Dev, Membership Programs 100052 99770 0 282 26925 26925 0 0 5942994 5599873 250629 92492 1218868 463342 3611171 3546752 0 0 366948 3260166 0 0 0 0 0 0 0 0 14001 5926 9967297 5568379 4065566 4398918 0 0 0 0 4650 4650 5590 6417 1430108 2778640 10716902 14464811 436487 1252264 0 2879347 512794 1059515 0 0 13126 13987 0 0 1511977 1464660 10000 0 78435 45802 2562819 6715575 X 6197198 5651435 1956885 2097801 8154083 7749236 10716902 14464811 -404847 0 0 0 0 0 X 0 1 X 1 1 1 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 1023989 1023989 0 8710886 5370561 3340325 0 0 0 0 0 227614 197818 29796 0 4808 0 4808 4398918 Capitalized real estate redevelopment costs 2778640 2778640 0 Note payable to related organization 45802 45802 X 5397231 0 0 0 259084 259084 5138147 0 400000 400000 5538147 5942994 0 0 0 0 0 5942994 0 0 0 5942994 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 membership dues and paying their bills for monthly meeting expenses. The balance held by the reporting organization as fiscal agent as of 12/31/25 was $13,987. 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 purpose 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 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 The City of Charleston WV P O Box 2749 Charleston WV 25330 556000160 25000 0 BID contribution Hearts of Our Neighborhood Trash Bin Project West Virginia Department of Tourism 1900 Kanawha Blvd East Capitol Complex Bldg 3 Ste 100 Charleston WV 25305 550654487 1000000 0 Contribution to Air Services Agreement West Virginia University Foundation P O Box 1650 Morgantown WV 26507 556017181 501(c)(3) 2829347 Net present value of 5 year pledge of support for Ascend West Virginia Charleston Area Remote Work Location 3 0 Charleston Roots - Workforce Relocation Incentives 16 62500 0 Schedule I, Part I, Line 2 The reporting entity operated two separate grant/incentive programs designed to assist small businesses and to recruit talented workforce to Charleston and Kanawha County. The Optimum Small Business Grant program awarded 25 grants totaling $125,000 to encourage local business growth and innovation. All such grants were $5,000 or less and, therefore, are not reportable in Section II above. The Charleston Roots Relocation Incentive program provided 16 individuals with monetary incentives totaling $62,500 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 deployment of awarded funds (Small Business Grant program) and continued residency and employment (Charleston Roots). Charleston Area Alliance also supported other local economic development initiatives through selected sponsorships totaling $13,250. X 1 1 X X X 0 0 0 0 0 0 0 0 0 Mara C Boggs President and CEO 175138 0 0 0 0 0 4038 0 75 0 179251 0 0 0 Schedule J, Part I, Line 1a President and CEO is entitled to reimbursement of substantiated country club membership dues and fees and expenses incurred with respect to business conducted at said country club. 1010 Bridge Restaurant and Catering Owed by Paul Smith - Director of CADCO 5000 Small Business Grant Business growth JQ Dickinson Saltworks LLC Owned by Nancy Bruns - Director of CADCO 5000 Small Business Grant Business Growth Various Entity 0 No transactions in excess of reporting 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 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 (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 filing date is November 15, 2026. 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 and initiatives. No compensation is paid to any volunteers. Approximate numbers of volunteers are: Economic Development (20), Community Development (20), Member Services (20), Governance (40) for a total of 100. Form 990, Part III, Line 2 Three new economic development initiatives were launched in 2025. First, the Charleston Area Alliance, in support of the Brad and Alys Smith Outdoor Economic Development Collaborative at the West Virginia University, was chosen to host the Ascend West Virginia Charleston Area Remote Work Location. Second, the Charleston Area Alliance entered into a memorandum of understanding with the West Virginia Department of Tourism to invest in an Air Services Agreement designed to expand air travel options into our community. Third, the Charleston Area Alliance launched its Business Hub Internship experiential learning program to develop young student leaders as they prepare to enter the workforce. Form 990, Part IV, Line 28a Several directors of the organization are affiliated with unrelated entities doing business with and/or contributing to the organization. See Schedule L, Part V for a list of those directors. Form 990, Part IV, Line 28c See above Form 990, Part V, Line 2a The Charleston Area Alliance launched an internship program in 2025 which resulted in 19 seasonal part-time employees for short term employment throughout the year. The Alliance is regularly staffed with 10 employees. 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 6 Over 570 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 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 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 Scheule 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 IX, Line 24e Estimated Credit Losses CADCO Foundation Inc 1116 Smith Street Charleston WV 25301 550680725 Economic Development WV 501(c)(3) 12a Type 1 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 2260000 The reporting organization received grants totaling $2,260,000 from CADCO Foundation to support operation and renovations of a small business incubator, and to fund two new strategic economic development initiatives identified in Form 990 Part III. CADCO Foundation Inc e 35628 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 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. Interregional Chamber of Commerce Inc j 7824 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 2025 were $7,824 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 16000 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). CADCO Foundation Inc 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 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 2025 was $2,176,659. Interregional Chamber of Commerce Inc r 25233 As is common with related organizations managed by shared staff and utilizing shared resources, the Chamber has an intercompany due to/from account 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 2025 was an increase of $25,233. Form 8868 was properly filed and accepted by the IRS on 05/18/26. The extended due date is November 15, 2026.