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Nonprofiteer
← CAPITAL AREA ASSET BUILDING CORPORATION

Form 990 for tax year 2022

Filed by CAPITAL AREA ASSET BUILDING CORPORATION.

Totals

Total revenue
$3,549,789
Total expenses
$2,597,779
Contributions and grants received
$3,380,282
Grants paid
$1,123,463
Program service revenue
$166,859
Investment income
$2,648
Other revenue
$0
Total assets, end of year
$9,210,791
Total liabilities, end of year
$6,051,285
Net assets or fund balances, end of year
$3,159,506
Program services expenses (Part IX)
$2,197,822
Management and general expenses
$319,862
Fundraising expenses
$80,095
Program service expenses (Part III)
$2,197,822

Program services were 84.6% 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)

    $1,926,774

  • 1f · All other contributions, gifts and grants

    $1,453,508

  • 2a · Program service revenue: FINANCIAL EDUCATION

    total $166,859 · related or exempt $166,859

  • 3 · Investment income

    total $2,648 · excluded $2,648

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $75,000 · program services $75,000

  • 2 · Grants to domestic individuals

    total $1,048,463 · program services $1,048,463

  • 5 · Compensation of officers, directors and key employees

    total $258,900 · program services $166,853 · management and general $60,618 · fundraising $31,429

  • 7 · Other salaries and wages

    total $435,318 · program services $334,534 · management and general $100,784

  • 8 · Pension plan contributions

    total $39,550 · program services $29,782 · management and general $9,768

  • 9 · Other employee benefits

    total $107,022 · program services $84,294 · management and general $22,728

  • 10 · Payroll taxes

    total $49,479 · program services $35,759 · management and general $11,806 · fundraising $1,914

  • 11c · Fees: accounting

    total $104,953 · program services $42,025 · management and general $62,928

  • 11g · Fees: other

    total $151,719 · program services $118,656 · management and general $2,027 · fundraising $31,036

  • 12 · Advertising and promotion

    total $53,784 · program services $48,784 · fundraising $5,000

  • 13 · Office expenses

    total $56,386 · program services $50,555 · management and general $5,022 · fundraising $809

  • 14 · Information technology

    total $37,355 · program services $26,987 · management and general $8,931 · fundraising $1,437

  • 16 · Occupancy

    total $31,627 · program services $21,747 · management and general $8,510 · fundraising $1,370

  • 17 · Travel

    total $29,984 · program services $27,154 · management and general $2,399 · fundraising $431

  • 19 · Conferences, conventions and meetings

    total $19,752 · program services $14,203 · management and general $2,556 · fundraising $2,993

  • 20 · Interest

    total $2,023 · program services $2,023

  • 22 · Depreciation, depletion and amortization

    total $7,235 · program services $4,815 · management and general $2,084 · fundraising $336

  • 23 · Insurance

    total $42,027 · program services $27,968 · management and general $12,110 · fundraising $1,949

  • 24a · Other expenses: DUES AND SUBSCRIPTIONS

    total $23,153 · program services $18,283 · management and general $4,049 · fundraising $821

  • 24b · Other expenses: MISCELLANEOUS

    total $13,568 · program services $9,654 · management and general $3,371 · fundraising $543

  • 24c · Other expenses: BAD DEBT

    total $8,889 · program services $8,721 · management and general $145 · fundraising $23

  • 24d · Other expenses: CREDIT EDUCATION AND CO

    total $1,502 · program services $1,502 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $90 · program services $60 · management and general $26 · fundraising $4

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,810,956 · end of year $1,385,174

  • 2 · Savings and temporary cash investments

    beginning of year $2,442,984 · end of year $6,924,681

  • 3 · Pledges and grants receivable

    beginning of year $1,950,840 · end of year $828,188

  • 9 · Prepaid expenses and deferred charges

    beginning of year $38,849 · end of year $40,108

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

    $49,337

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

    $29,697

  • 10c · Land, buildings and equipment, net

    beginning of year $4,183 · end of year $19,640

  • 15 · Other assets

    beginning of year $7,000 · end of year $13,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $57,598 · end of year $77,472

  • 19 · Deferred revenue

    beginning of year $56,250 · end of year $51,475

  • 24 · Unsecured notes and loans payable

    beginning of year $104,985 · end of year $0

  • 25 · Other liabilities

    beginning of year $3,828,483 · end of year $5,922,338

  • 27 · Net assets without donor restrictions

    beginning of year $1,575,023 · end of year $2,112,689

  • 28 · Net assets with donor restrictions

    beginning of year $632,473 · end of year $1,046,817

Mission and programs · 2022

Mission

TO CREATE OPPORTUNITIES FOR LOW- AND MODERATE-INCOME INDIVIDUALS IN THE GREATER DC REGION TO BUILD FINANCIAL SECURITY, SAVINGS, AND WEALTH FOR THE FUTURE.

Activities or mission (Part I)

EMPOWER LOW TO MODERATE-INCOME INDIVIDUALS IN THE WASHINGTON METRO REGION TO ACHIEVE PROSPERITY.

  • SAVINGS PROGRAMS - CAAB ENCOURAGES PEOPLE TO SAVE MONEY THROUGH ITS SAVINGS PROGRAMS. THESE PROGRAMS ARE OFFERED TO ELIGIBLE PARTICIPANTS WHO MEET PROGRAM GUIDELINES. THE PROGRAM IS A WAY FOR INDIVIDUALS TO SAVE MONEY AND INVEST IN THEIR FUTURE OR THE FUTURE OF THEIR FAMILY AND YOUTH. USE OF FUNDS CAN BE FOR HOME PURCHASE, SMALL BUSINESS, EDUCATION, AND CHILDREN SAVINGS ACCOUNTS AS WELL AS MEDICAL AND BURIAL EXPENSES.

    Expenses $1,735,042 · Grants $1,048,463

  • FINANCIAL EDUCATION - CAAB PROVIDES CREDIT COUNSELING SESSIONS, AND SPONSORS SEMINARS AND WORKSHOPS ON A WIDE RANGE OF FINANCIAL TOPICS SUCH AS: SETTING FINANCIAL GOALS, DEVELOPING AND MANAGING A SPENDING PLAN, CHOOSING FINANCIAL PRODUCTS AND SERVICES, UNDERSTANDING CREDIT, MANAGING DEBT, SAVING FOR COLLEGE, UNDERSTANDING THE BASICS OF INVESTING, AND SAVING FOR RETIREMENT. CAAB REQUIRES THAT IDA ENROLLEES COMPLETE THE MONEY MANAGEMENT 101 CURRICULUM BEFORE MATRICULATING INTO THE MATCHED SAVINGS PROGRAM. CAAB BELIEVES THIS WILL INCREASE SAVINGS PARTICIPATION AND RENTENTION RATES, AS WELL AS BETTER INFORM SAVERS ON THE USAGE OF THEIR ASSETS.

    Expenses $19,298 · Revenue $166,859

  • EITC - THE DC EARNED INCOME TAX CREDIT (EITC) CAMPAIGN RECRUITS AND TRAINS HUNDREDS OF VOLUNTEERS TO PREPARE TAX RETURNS, PROVIDE SAVINGS AND FINANCIAL EDUCATION INFORMATION, AND EDUCATE LOW-WAGE WORKERS DURING THE TAX SEASON. MANY LOW-INCOME FAMILIES RECEIVE FREE TAX FILING ASSISTANCE AT DC CAMPAIGN TAX SITES, ENABLING THEM TO ACCESS TAX REFUNDS RESULTING FROM TAX CREDITS FOR LOWER INCOME WORKERS.

    Expenses $443,482 · Grants $75,000

As filed on the 2022 return.

Listed in Part VII

  • Joseph Vaughan

    PRESIDENT

    Total calculated
    $0
    Hours/week
    4

  • Paul Harris

    SECRETARY

    Total calculated
    $0
    Hours/week
    4

  • William Spinnell

    TREASURER

    Total calculated
    $0
    Hours/week
    4

  • Gabriel Lazarus

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sheida Elmi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Burns

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michelle Levister

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gail Reisman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Kirkland

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rob Tashima

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lee Davenport - Resigned

    FORMER DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Joseph Leitmann-Santa Cruz

    EXECUTIVE DIRECTOR

    Total calculated
    $257,807
    From this org
    $174,647
    From related orgs
    $0
    Other
    $83,160
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,647
    Bonus
    $5,000
    Other
    $0
    Deferred
    $30,500
    Nontaxable benefits
    $52,660
    Filer's total
    $257,807

  • Connie Woodland

    CHIEF OPERATING OFFICER

    Total calculated
    $145,486
    From this org
    $108,925
    From related orgs
    $0
    Other
    $36,561
    Hours/week
    40

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

  • 3 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee
  • 6a · Pay contingent on this organization's net earnings

Answered no

  • 4a · Severance or change-of-control payment
  • 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
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
EXECUTIVE DIRECTOR SALARY IS VOTED ON AND APPROVED BY THE BOARD OF DIRECTORS
PART I, LINE 6
OVERALL BONUS AMOUNT IS LIMITED BUT A PART OF THE EXECUTIVE DIRECTOR'S BONUS IS BASED UPON THE DEGREE NET EARNINGS FOR THE YEAR EXCEED THE BUDGETED AMOUNT.

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

Provenance

Return type
form_990
Tax year
2022
Filed
6 July 2023
IRS schema version
2022v5.0
Source object
202301879349300725

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