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Nonprofiteer
← WASHINGTON AREA COMMUNITY INVESTMENT FUND INC

Form 990 for tax year 2024

Filed by WASHINGTON AREA COMMUNITY INVESTMENT FUND INC.

Totals

Total revenue
$4,141,530
Total expenses
$6,386,456
Contributions and grants received
$3,021,151
Grants paid
$719,366
Program service revenue
$887,456
Investment income
$163,216
Other revenue
$69,707
Total assets, end of year
$12,057,310
Total liabilities, end of year
$6,369,850
Net assets or fund balances, end of year
$5,687,460
Program services expenses (Part IX)
$4,114,902
Management and general expenses
$1,122,622
Fundraising expenses
$1,148,932
Program service expenses (Part III)
$4,114,902

Program services were 64.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $1,208,537

  • 1f · All other contributions, gifts and grants

    $1,812,614

  • 2a · Program service revenue: INTEREST FROM LOANS

    total $609,607 · related or exempt $609,607

  • 2b · Program service revenue: LOAN FEES

    total $215,307 · related or exempt $215,307

  • 2c · Program service revenue: FUND MANAGEMENT INCOME

    total $62,542 · related or exempt $62,542

  • 3 · Investment income

    total $163,216 · excluded $163,216

  • 11a · Other revenue: SPONSORSHIP

    total $35,000 · related or exempt $35,000

  • 11b · Other revenue: EVENT INCOME

    total $29,479 · related or exempt $29,479

  • 11c · Other revenue: REBATES

    total $5,228 · related or exempt $5,228

  • 11e · Other revenue, total

    $69,707

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $719,366 · program services $719,366

  • 5 · Compensation of officers, directors and key employees

    total $522,076 · program services $229,739 · management and general $277,924 · fundraising $14,413

  • 7 · Other salaries and wages

    total $2,597,791 · program services $1,508,603 · management and general $422,631 · fundraising $666,557

  • 8 · Pension plan contributions

    total $91,947 · program services $58,105 · management and general $16,920 · fundraising $16,922

  • 9 · Other employee benefits

    total $367,515 · program services $243,898 · management and general $58,938 · fundraising $64,679

  • 10 · Payroll taxes

    total $227,112 · program services $128,819 · management and general $48,531 · fundraising $49,762

  • 11b · Fees: legal

    total $21,987 · program services $12,651 · management and general $6,805 · fundraising $2,531

  • 11c · Fees: accounting

    total $95,265 · program services $49,615 · management and general $31,412 · fundraising $14,238

  • 11e · Fees: professional fundraising services

    total $23,900 · fundraising $23,900

  • 11g · Fees: other

    total $418,936 · program services $255,476 · management and general $83,181 · fundraising $80,279

  • 12 · Advertising and promotion

    total $114,373 · program services $18,527 · management and general $2,197 · fundraising $93,649

  • 13 · Office expenses

    total $101,166 · program services $57,649 · management and general $30,482 · fundraising $13,035

  • 14 · Information technology

    total $290,289 · program services $152,295 · management and general $83,122 · fundraising $54,872

  • 16 · Occupancy

    total $214,926 · program services $171,808 · management and general $27,544 · fundraising $15,574

  • 17 · Travel

    total $100,639 · program services $67,267 · management and general $15,101 · fundraising $18,271

  • 19 · Conferences, conventions and meetings

    total $23,184 · program services $12,113 · management and general $5,512 · fundraising $5,559

  • 20 · Interest

    total $91,886 · program services $90,670 · management and general $857 · fundraising $359

  • 22 · Depreciation, depletion and amortization

    total $29,027 · program services $13,462 · management and general $4,773 · fundraising $10,792

  • 23 · Insurance

    total $17,979 · program services $9,387 · management and general $5,537 · fundraising $3,055

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $317,092 · program services $315,452 · management and general $1,155 · fundraising $485

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,994,893 · end of year $3,791,288

  • 2 · Savings and temporary cash investments

    beginning of year $5,208,228 · end of year $1,897,758

  • 3 · Pledges and grants receivable

    beginning of year $1,380,261 · end of year $611,822

  • 4 · Accounts receivable

    beginning of year $206,698 · end of year $101,493

  • 9 · Prepaid expenses and deferred charges

    beginning of year $127,950 · end of year $106,118

  • 10a · Land, buildings and equipment: cost or other basis

    $264,097

  • 10b · Land, buildings and equipment: accumulated depreciation

    $264,097

  • 10c · Land, buildings and equipment, net

    beginning of year $29,027 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $239 · end of year $239

  • 13 · Investments: program-related

    beginning of year $3,615,955 · end of year $4,868,570

  • 15 · Other assets

    beginning of year $1,772,044 · end of year $680,022

  • 17 · Accounts payable and accrued expenses

    beginning of year $856,426 · end of year $131,471

  • 19 · Deferred revenue

    beginning of year $222,630 · end of year $1,980,042

  • 21 · Escrow or custodial account liability

    beginning of year $637,593 · end of year $75,933

  • 22 · Loans and payables to officers and key people

    beginning of year $1,000 · end of year $1,000

  • 23 · Secured mortgages and notes payable

    beginning of year $495,447 · end of year $287,315

  • 24 · Unsecured notes and loans payable

    beginning of year $3,952,287 · end of year $3,729,548

  • 25 · Other liabilities

    beginning of year $226,099 · end of year $164,541

  • 27 · Net assets without donor restrictions

    beginning of year $6,879,468 · end of year $4,533,714

  • 28 · Net assets with donor restrictions

    beginning of year $1,064,345 · end of year $1,153,746

Mission and programs · 2024

Mission

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.

Activities or mission (Part I)

TO INCREASE EQUITY AND ECONOMIC OPPORTUNITY BY INVESTING KNOWLEDGE, SOCIAL, AND FINANCIAL CAPITAL IN LOW- AND MODERATE-INCOME WASHINGTON AREA ENTREPRENEURS.

  • 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.

    Expenses $2,585,145 · Grants $715,366 · Revenue $132,249

  • 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.

    Expenses $1,529,757 · Grants $4,000 · Revenue $824,914

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Nancy Stark

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Nora Diamond-Jones

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Robert Riordan

    BOARD VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Brian Nagendra

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Courtney R Snowden

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Marisa G Flowers

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jessel Amin

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Caryln Madden

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Emeka Moneme

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Klade Hare Nersasian

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Abigail Suarez

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Corey Griffin

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Matthias Glatting

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Aquil Stinson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Maceo Clark

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Andrea Longton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Malachi McKinney

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Evan Piekara

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kevin Fryatt

    CFOO & CO-INTERIM CEO UNTIL 5/3/24

    Total calculated
    $94,825
    From this org
    $82,837
    From related orgs
    $0
    Other
    $11,988
    Hours/week
    40 + 4 related

  • Kimberly Gayle

    CHIEF PROGRAMS OFFICER

    Total calculated
    $188,023
    From this org
    $168,027
    From related orgs
    $0
    Other
    $19,996
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,027
    Bonus
    $0
    Other
    $0
    Deferred
    $8,579
    Nontaxable benefits
    $11,417
    Filer's total
    $188,023

  • Shannan Herbert

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $233,491
    From this org
    $209,947
    From related orgs
    $0
    Other
    $23,544
    Hours/week
    40 + 4 related

    Schedule J breakdown matched by us

    Base
    $194,947
    Bonus
    $15,000
    Other
    $0
    Deferred
    $9,937
    Nontaxable benefits
    $13,607
    Filer's total
    $233,491

  • Shauna Yeldell

    CHIEF LENDING OFFICER UNTIL 10/16/24

    Total calculated
    $187,378
    From this org
    $152,730
    From related orgs
    $0
    Other
    $34,648
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,730
    Bonus
    $0
    Other
    $0
    Deferred
    $6,288
    Nontaxable benefits
    $28,360
    Filer's total
    $187,378

  • Megan Carras

    CHIEF DEVELOPMENT OFFICER

    Total calculated
    $191,252
    From this org
    $181,790
    From related orgs
    $0
    Other
    $9,462
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,222
    Bonus
    $19,568
    Other
    $0
    Deferred
    $1,200
    Nontaxable benefits
    $8,262
    Filer's total
    $191,252

  • Junell Venord

    SENIOR HUMAN CAPITAL DIRECTOR

    Total calculated
    $156,887
    From this org
    $143,488
    From related orgs
    $0
    Other
    $13,399
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,488
    Bonus
    $0
    Other
    $0
    Deferred
    $6,448
    Nontaxable benefits
    $6,951
    Filer's total
    $156,887

  • Messay Derebe

    AAC GENERAL DIRECTOR

    Total calculated
    $161,686
    From this org
    $146,736
    From related orgs
    $0
    Other
    $14,950
    Hours/week
    30 + 12 related

    Schedule J breakdown matched by us

    Base
    $146,736
    Bonus
    $0
    Other
    $0
    Deferred
    $7,500
    Nontaxable benefits
    $7,450
    Filer's total
    $161,686

  • Sherry Gustafson

    DIRECTOR OF FINANCE UNTIL 12/06/2024

    Total calculated
    $159,483
    From this org
    $142,806
    From related orgs
    $0
    Other
    $16,677
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,806
    Bonus
    $0
    Other
    $0
    Deferred
    $7,031
    Nontaxable benefits
    $9,646
    Filer's total
    $159,483

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 7 · Other non-fixed payments

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

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.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
18 July 2025
IRS schema version
2024v5.2
Source object
202521999349301707

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