Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $91,617

• 3 · Investment income

  total $24,500 · related or exempt $24,500 · unrelated business $0 · excluded $0

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $100,000 · other assets $0

• 7b · Less cost or other basis and sales expenses

  securities $200,000 · other assets $0

• 7c · Gain or loss

  securities -$100,000 · other assets $0

• 7d · Net gain or loss

  total -$100,000 · related or exempt -$100,000 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $20,000 · program services $20,000

• 2 · Grants to domestic individuals

  total $0 · program services $0

• 3 · Grants to foreign organizations and individuals

  total $0 · program services $0

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $0 · program services $0 · management and general $0 · fundraising $0

• 6 · Compensation of disqualified persons

  total $0 · program services $0 · management and general $0 · fundraising $0

• 7 · Other salaries and wages

  total $0 · program services $0 · management and general $0 · fundraising $0

• 8 · Pension plan contributions

  total $0 · program services $0 · management and general $0 · fundraising $0

• 9 · Other employee benefits

  total $0 · program services $0 · management and general $0 · fundraising $0

• 10 · Payroll taxes

  total $0 · program services $0 · management and general $0 · fundraising $0

• 11a · Fees: management

  total $0 · program services $0 · management and general $0 · fundraising $0

• 11b · Fees: legal

  total $21,273 · program services $0 · management and general $21,273 · fundraising $0

• 11c · Fees: accounting

  total $1,930 · program services $0 · management and general $1,930 · fundraising $0

• 24a · Other expenses: Bank Fees

  total $90 · program services $0 · management and general $90 · fundraising $0

• 24b · Other expenses: Miscellaneous

  total $82 · program services $0 · management and general $82 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $163,965 · end of year $64,114

• 2 · Savings and temporary cash investments

  beginning of year $1,645,306 · end of year $1,809,264

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $71,617

• 4 · Accounts receivable

  beginning of year $0

• 5 · Loans and receivables from officers and key people

  beginning of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0

• 7 · Other notes and loans receivable

  beginning of year $151,168 · end of year $88,998

• 8 · Inventories for sale or use

  beginning of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $0

• 11 · Investments: publicly traded securities

  beginning of year $0

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $200,000 · end of year $0

• 14 · Intangible assets

  beginning of year $0

• 15 · Other assets

  beginning of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $0

• 18 · Grants payable

  beginning of year $0

• 19 · Deferred revenue

  beginning of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $0

• 21 · Escrow or custodial account liability

  beginning of year $125,536 · end of year $24,336

• 22 · Loans and payables to officers and key people

  beginning of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0

• 25 · Other liabilities

  beginning of year $290,941 · end of year $292,953

• 27 · Net assets without donor restrictions

  beginning of year $1,743,962 · end of year $1,645,087

• 28 · Net assets with donor restrictions

  beginning of year $0 · end of year $71,617

The filer's explanations (Part III)

Schedule J, Part I, Line 4

The CEO of this reporting organization and its affiliate, Capital Area Development Corporation of West Virginia, entered into a mutual agreement with the organization to terminate her 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, as such, will be reported on Form 990 for 2024.

Schedule J, Part II

The 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). Nicole Christian served as President/CEO of both the filing organization and related organization CADCO. Compensation paid to Ms. Christian by the related organization was determined by a compensation committee and approved by the related organization's Executive Committee.