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Nonprofiteer
← CAPITAL AREA ASSET BUILDING CORPORATION

Form 990 for tax year 2024

Filed by CAPITAL AREA ASSET BUILDING CORPORATION.

Totals

Total revenue
$2,179,542
Total expenses
$3,444,356
Contributions and grants received
$1,967,144
Grants paid
$458,202
Program service revenue
$145,492
Investment income
$66,906
Other revenue
$0
Total assets, end of year
$3,474,274
Total liabilities, end of year
$2,392,224
Net assets or fund balances, end of year
$1,082,050
Program services expenses (Part IX)
$1,983,096
Management and general expenses
$1,440,693
Fundraising expenses
$20,567
Program service expenses (Part III)
$1,983,096

Program services were 57.6% 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)

    $768,669

  • 1f · All other contributions, gifts and grants

    $1,198,475

  • 2a · Program service revenue: FINANCIAL EDUCATION

    total $145,492 · related or exempt $145,492

  • 3 · Investment income

    total $66,906 · excluded $66,906

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $25,000 · program services $25,000

  • 2 · Grants to domestic individuals

    total $433,202 · program services $433,202

  • 5 · Compensation of officers, directors and key employees

    total $273,202 · program services $120,218 · management and general $136,612 · fundraising $16,372

  • 7 · Other salaries and wages

    total $912,070 · program services $672,055 · management and general $240,015

  • 8 · Pension plan contributions

    total $27,198 · program services $18,669 · management and general $8,529

  • 9 · Other employee benefits

    total $241,189 · program services $175,632 · management and general $65,557

  • 10 · Payroll taxes

    total $106,761 · program services $72,457 · management and general $33,102 · fundraising $1,202

  • 11b · Fees: legal

    total $67,657 · management and general $67,657

  • 11c · Fees: accounting

    total $252,101 · program services $2,235 · management and general $249,866

  • 11g · Fees: other

    total $233,678 · program services $132,322 · management and general $100,460 · fundraising $896

  • 12 · Advertising and promotion

    total $22,243 · program services $21,108 · management and general $1,051 · fundraising $84

  • 13 · Office expenses

    total $57,207 · program services $45,688 · management and general $11,420 · fundraising $99

  • 14 · Information technology

    total $40,068 · program services $32,388 · management and general $7,614 · fundraising $66

  • 16 · Occupancy

    total $242,849 · program services $110,259 · management and general $131,448 · fundraising $1,142

  • 17 · Travel

    total $25,445 · program services $21,910 · management and general $3,414 · fundraising $121

  • 19 · Conferences, conventions and meetings

    total $10,036 · program services $7,856 · management and general $2,161 · fundraising $19

  • 20 · Interest

    total $1,024 · program services $465 · management and general $554 · fundraising $5

  • 22 · Depreciation, depletion and amortization

    total $15,885 · program services $7,212 · management and general $8,598 · fundraising $75

  • 23 · Insurance

    total $37,690 · program services $17,112 · management and general $20,401 · fundraising $177

  • 24a · Other expenses: SETTLEMENT

    total $293,526 · management and general $293,526

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $52,045 · program services $41,782 · management and general $10,119 · fundraising $144

  • 24c · Other expenses: MISCELLANEOUS

    total $37,484 · program services $21,413 · management and general $15,936 · fundraising $135

  • 24d · Other expenses: LOSS ON DISPOSAL OF FIX

    total $29,239 · management and general $29,239

  • 24e · All other expenses

    total $7,557 · program services $4,113 · management and general $3,414 · fundraising $30

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,881,447 · end of year $408,251

  • 2 · Savings and temporary cash investments

    beginning of year $17,253,168 · end of year $2,741,828

  • 3 · Pledges and grants receivable

    beginning of year $77,546 · end of year $94,165

  • 4 · Accounts receivable

    beginning of year $49,016 · end of year $200,069

  • 5 · Loans and receivables from officers and key people

    beginning of year $5,000 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $29,741 · end of year $27,809

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

    $3,038

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

    $886

  • 10c · Land, buildings and equipment, net

    beginning of year $31,980 · end of year $2,152

  • 15 · Other assets

    beginning of year $22,500 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $191,069 · end of year $198,880

  • 19 · Deferred revenue

    beginning of year $677,414 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $37,206 · end of year $0

  • 25 · Other liabilities

    beginning of year $16,097,845 · end of year $2,193,344

  • 27 · Net assets without donor restrictions

    beginning of year $2,008,354 · end of year $948,420

  • 28 · Net assets with donor restrictions

    beginning of year $338,510 · end of year $133,630

Mission and programs · 2024

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 $1,697,434 · Grants $433,202

  • 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 $4,957 · Revenue $145,492

  • 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 $280,705 · Grants $25,000

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

Listed in Part VII

  • JOSEPH LEITMANN-SANTA CRUZ

    EXECUTIVE DIRECTOR THROUGH JUNE 2024

    Total calculated
    $180,723
    From this org
    $131,627
    From related orgs
    $0
    Other
    $49,096
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $104,556
    Bonus
    $27,071
    Other
    $0
    Deferred
    $23,000
    Nontaxable benefits
    $26,096
    Filer's total
    $180,723

  • KATHRYN STEPHENS

    INTERIM EXECUTIVE DIRECTOR FROM JULY 2024

    Total calculated
    $92,500
    From this org
    $92,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • NICOLE JONES

    DIRECTOR OF MATCH SAVINGS

    Total calculated
    $111,110
    From this org
    $108,762
    From related orgs
    $0
    Other
    $2,348
    Hours/week
    40

  • JOSEPH VAUGHAN

    PRESIDENT

    Total calculated
    $0
    Hours/week
    4

  • GAIL REISMAN

    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

  • MICHELLE LEVISTER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SHAE HARRIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PAUL HARRIS JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • RYAN PALMER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WAYNE CHOPUS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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

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
  • 6a · Pay contingent on this organization's net earnings
  • 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'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
2024
Filed
2 July 2025
IRS schema version
2024v5.2
Source object
202521849349300912

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