Civic Intelligence

Altcap

990 • Fiscal year 2023 • EIN 41-2183377

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

Organization ProfileWWW.ALT-CAP.ORG

View Organization Page

300 East 39th Street Suite 3GKansas City, MO 64111

(816) 216-1851

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

72nd percentile

0.37x

Higher debt load relative to assets than 72% of similar nonprofits.

2023 filings • 501(c)4 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

82nd percentile

1.42x

Higher debt load relative to revenue than 82% of similar nonprofits.

2023 filings • 501(c)4 • $25M-$50M nonprofits • Source year 2023

Net Margin

80th percentile

47%

Higher net margin than 80% of similar nonprofits.

2023 filings • 501(c)4 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

58th percentile

$221,049

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2023 filings • 501(c)4 • $25M-$50M nonprofits • Source year 2023

Asset Growth

13th percentile

-5.5%

Faster asset growth than 13% of similar nonprofits.

2023 filings • 501(c)4 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

54th percentile

12%

Faster revenue growth than 54% of similar nonprofits.

2023 filings • 501(c)4 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets72nd percentile

Assets

Down

$28,600,219

Down $1,656,135 (-5.5%) from 2022

Net Assets

Up

$17,899,331

Up $488,760 (+2.8%) from 2022

Liabilities

Down

$10,700,888

Down $2,144,895 (-17%) from 2022

Revenue And Expenses
Liabilities / Revenue82nd percentileNet Margin80th percentile

Revenue

Up

$7,554,160

Up $797,749 (+12%) from 2022

Expenses

Down

$4,008,494

Down $1,232,775 (-24%) from 2022

Net Income

Up

$3,545,666

Up $2,030,524 (+134%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0Assets 2014: $2,282,442Liabilities 2014: $315,011Net Assets 2014: $1,967,4312014Assets 2015: $3,404,876Liabilities 2015: $356,658Net Assets 2015: $3,048,2182015Assets 2016: $5,153,440Liabilities 2016: $310,260Net Assets 2016: $4,843,1802016Assets 2017: $5,803,505Liabilities 2017: $400,731Net Assets 2017: $5,402,7742017Assets 2018: $7,572,841Liabilities 2018: $442,206Net Assets 2018: $7,130,6352018Assets 2019: $9,766,911Liabilities 2019: $857,387Net Assets 2019: $8,909,5242019Assets 2020: $20,323,056Liabilities 2020: $7,935,866Net Assets 2020: $12,387,1902020Assets 2021: $30,252,059Liabilities 2021: $14,356,630Net Assets 2021: $15,895,4292021Assets 2022: $30,256,354Liabilities 2022: $12,845,783Net Assets 2022: $17,410,5712022Assets 2023: $28,600,219Liabilities 2023: $10,700,888Net Assets 2023: $17,899,3312023Assets 2024: $29,347,578Liabilities 2024: $17,000,787Net Assets 2024: $12,346,7912024

Highlighted filing

2023

Assets$28,600,219
Liabilities$10,700,888
Net Assets$17,899,331
Open 2023 Filing

Operations Trend

Revenue Growth54th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0M-$10MRevenue 2014: $811,281Expenses 2014: $527,948Net Income 2014: $283,3332014Revenue 2015: $1,728,069Expenses 2015: $647,282Net Income 2015: $1,080,7872015Revenue 2016: $2,508,113Expenses 2016: $713,151Net Income 2016: $1,794,9622016Revenue 2017: $1,385,879Expenses 2017: $826,285Net Income 2017: $559,5942017Revenue 2018: $2,492,335Expenses 2018: $764,474Net Income 2018: $1,727,8612018Revenue 2019: $2,873,960Expenses 2019: $1,095,071Net Income 2019: $1,778,8892019Revenue 2020: $4,586,904Expenses 2020: $2,551,292Net Income 2020: $2,035,6122020Revenue 2021: $6,210,127Expenses 2021: $2,701,888Net Income 2021: $3,508,2392021Revenue 2022: $6,756,411Expenses 2022: $5,241,269Net Income 2022: $1,515,1422022Revenue 2023: $7,554,160Expenses 2023: $4,008,494Net Income 2023: $3,545,6662023Revenue 2024: $3,800,161Expenses 2024: $9,352,701Net Income 2024: -$5,552,5402024

Highlighted filing

2023

Revenue$7,554,160
Expenses$4,008,494
Net Income$3,545,666
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$7,554,160
Mission and Program Overview

Mission

To be a catalyst for investment in kansas city, missouris low-income communities through innovative financial products, targeted economic and community development programming, and the development of strategic partnerships that promote community collaboration and capacity building.

See description on Page 2, Part III, Line 1

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$16,412,085$17,918,187▲ $1,506,102
Savings and Temporary Cash Investments$4,000,000--
Cash and Non-Interest-Bearing Accounts$9,178,660$3,592,664▼ $5,585,996
Accounts Receivable$589,160$193,665▼ $395,495
Prepaid Expenses and Deferred Charges$46,029--
Intangible Assets$29,876$14,775▼ $15,101
Land, Buildings, and Equipment, Net$544$389▼ $155
Total Assets$30,256,354$28,600,219▼ $1,656,135
Other Assets Total-$6,880,539-
Liabilities
Unsecured Notes Loans Payable$11,806,771$10,151,126▼ $1,655,645
Accounts Payable and Accrued Expenses$352,058$494,753▲ $142,695
Deferred Revenue$431,882--
Other Liabilities$255,072$55,009▼ $200,063
Total Liabilities$12,845,783$10,700,888▼ $2,144,895
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$12,945,655$11,044,373▼ $1,901,282
Net Assets With Donor Restrictions$4,464,916$6,854,958▲ $2,390,042
Total Net Assets Fund Balance$17,410,571$17,899,331▲ $488,760
Total Liabilities and Net Assets / Fund Balance$30,256,354$28,600,219▼ $1,656,135

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$340$12,163$12,503
Other Land Buildings$49$9,708$9,757
Investment Program Related Org$4,998,765--
Other Assets Org$-25,702--
Compensation and Service Providers
Top Officer Pay58th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
David RamirezMarket PresidentFT$191,049$25,966$222,015
Ruben Alonso IiiPresidentFT$174,148$36,050$210,198
Richard VohsVP of Finance and AccountingFT$144,596$19,535$166,631
Carmen LopezVP of Lending and Client ServicesFT$147,979$23,109$163,588
Anthony WilliamsMarket PresidentFT$116,154$12,000$128,154
Patrice BeckerVP of Finance and AccountingFT$109,900$9,000$118,900
Dawn KennedyDirector of LendingFT$100,137$10,000$110,137

Board Members and Trustees

NameTitle
David BrainBoard Chair
Robert GivensVice Chair/treasurer
Bianca Tillard-gatesDirector
Carrece ScottDirector
Donald HawkingsDirector
Katie Kwo GersonDirector
Martha SalinasDirector
Ed Honesty JrSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$4,907,831
Program Service Revenue
$2,646,329
Investment Income
$0
Other Revenue
$0
All Other Contributions
$2,322,650
Change in Net Assets
$3,545,666

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,554,160
Revenue Not Reported on Form 990
$-384,939
Total Revenue per Audited Statements
$7,169,221
Total Revenue per Form 990
$7,554,160
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,068,028
Salaries, Compensation, and Employee Benefits$1,897,966
Total Fundraising Expense$305,154
Grants and Similar Amounts Paid$42,500
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$639,329$295,075$49,179$983,583
Current Officers, Directors, Trustees, and Key Employees$194,864$447,938$86,443$729,245
Interest$359,855--$359,855
Fees for Services Other$210,610$13,015$128,938$352,563
Fees for Services Legal$239,499--$239,499
Information Technology$206,544$11,500$11,500$229,544
Payroll Taxes$81,653$37,686$6,281$125,620
Fees for Services Accounting-$96,515-$96,515
Travel-$65,571-$65,571
All Other Expenses$26,683$31,702-$58,385
Occupancy$25,837$12,919$4,306$43,062
Grants to Domestic Orgs$42,500--$42,500
Other Employee Benefits$20,428$9,428$1,571$31,427
Pension Plan Contributions$18,259$8,427$1,405$28,091
Office Expenses$4,327$10,161$12,148$26,636
Other Expenses$22,812--$22,812
Depreciation Depletion$7,307$4,566$3,383$15,256
Total Functional Expenses$2,658,837$1,044,503$305,154$4,008,494

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,008,494
Total Expenses per Audited Statements$4,008,494
Total Expenses per Form 990$4,008,494
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The Next PaigeKansas City, MO-working capital$25,000
Vine Street Brewing LLCKansas City, MO-working capital$10,000
Civic Saint LLCKansas City, MO-working capital$2,500
CodeAlgo LLCLiberty, MO-working capital$2,500
H3 Enterprise LLCKansas City, MO-working capital$2,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes$55,009
Contingent liability-
Interest rate subsidy-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

“This question is not applicable because committees cannot bind the Organization without board approval. However, the question must be answered to electronically file. Accordingly, we checked no to signify that the question is not applicable.”

Form 990, Part VI, Section B, Line 11B

“The tax return is prepared by an external accountant and reviewed by management. After review by management the return is provided to the full board for review prior to being filed with the IRS.”

Form 990, Part VI, Section B, Line 12C

“The Organizations management level employees and its Board of Directors annually review the Standards of Conduct policy.”

Form 990, Part VI, Section B, Line 15A

“Compensation was set by the Board of Directors and was based upon a comprehensive review of comparables of peer organizations with similar roles and responsibilities for the President.”

Form 990, Part VI, Section C, Line 19

“The governing documents, conflict of interest policy, financial statements, and Form 990 tax returns are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Altcap
EIN
41-2183377
Phone
8162161851
Address
300 EAST 39TH STREET SUITE 3G, KANSAS CITY, MO 64111

Signing Officer

Name
Richard Vohs
Title
VP Finance
Phone
8162161851
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ruben Alonso Iii
Formed
2005
Legal Domicile
Mo
Voting Board Members
8
Independent Board Members
8
Employees
23

Preparer

Firm
Welch & Associates LLC
Address
2405 GRAND BOULEVARD SUITE 1040, KANSAS CITY, MO 64108
Preparer
Brian D Welch
Phone
8167562620
Supplemental Narrative

Additional Explanations

Form 990, Part V, Section B, Line 15B

“Compensation was set by the Board of Directors and was based upon a comprehensive review of comparables of peer organizations with similar roles and responsibilities for the VP of Finance..”

Financial Statement Notes

X 2

“The Corporation accounts for tax positions in accordance with guidance on accounting for uncertaintax positions. Tax positions taken may include positions that the Corporation is exempt from incometaxes or be related to how the Corporation determines its unrelated business income. TheCorporation recognizes the financial statement effects of a tax position only when it believes it canmore likely than not sustain the position upon an examination by the relevant tax authority.”

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IRS990/Desc0Lending In 2022, the Organization continued to deploy needed financing to underserved and overlooked entrepreneurs. The Organization was able expand its reach to more communities and serve more entrepreneurs, providing access to capital to support new, small business creation as well as support the growth of existing small businesses. In addition to small business and micro loans, the Organization increased the availability, accessibility and flexibility of its capital by offering revenue-based financing loans to entrepreneurs.
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IRS990/MissionDesc0To be a catalyst for investment in Kansas City metropolitan communities throught innovative financial products, targeted economic and community development programming, and the development of strategic partnerships that promote community collaboration and capacity building.
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IRS990/PrincipalOfficerNm0RUBEN ALONSO III
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IRS990/ProgSrvcAccomActy2Grp/Desc0Small Business Development The Organization provides in-kind service/resources to an affiliate organization that invest in innovative and measurable community development that aligns with and strengthens the financial, human, and social capital of under-resourced neighborhoods in the Kansas City metropolitan region. In 2022, our affiliate organization deployed more than 3 million to neighborhood small businesses to assist with their recovery efforts after the economic impact of COVID-19. The Organizations continued to offer small businesses technical assistance directly as well as indirectly through partner entrepreneurship support organizations.
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IRS990/ProgSrvcAccomActy3Grp/Desc0New Market Tax Credits Since 2008, the Organization has participated in a federal tax credit program that is used to stimulate investment in economically distressed communities. The Organization cumulatively has deployed 213 million in New Market Tax Credits allocation which were used to finance job creating businesses and as a catalyst for real estate development projects in Kansas City metro area.
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Corporation accounts for tax positions in accordance with guidance on accounting for uncertaintax positions. Tax positions taken may include positions that the Corporation is exempt from incometaxes or be related to how the Corporation determines its unrelated business income. TheCorporation recognizes the financial statement effects of a tax position only when it believes it canmore likely than not sustain the position upon an examination by the relevant tax authority.
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$28,600,219
Liabilities
$10,700,888
Net assets
$17,899,331
Revenue
$7,554,160
Expenses
$4,008,494
Net income
$3,545,666
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.3$17.0$12.3$3.80$9.35$5.55
2023Detailed filing. Detailed filing data is available for this year.$28.6$10.7$17.9$7.55$4.01$3.55
2022Detailed filing. Detailed filing data is available for this year.$30.3$12.8$17.4$6.76$5.24$1.52
2021Detailed filing. Detailed filing data is available for this year.$30.3$14.4$15.9$6.21$2.70$3.51
2020Detailed filing. Detailed filing data is available for this year.$20.3$7.94$12.4$4.59$2.55$2.04
2019Detailed filing. Detailed filing data is available for this year.$9.77$0.86$8.91$2.87$1.10$1.78
2018Detailed filing. Detailed filing data is available for this year.$7.57$0.44$7.13$2.49$0.76$1.73
2017Detailed filing. Detailed filing data is available for this year.$5.80$0.40$5.40$1.39$0.83$0.56
2016Detailed filing. Detailed filing data is available for this year.$5.15$0.31$4.84$2.51$0.71$1.79
2015Summary only. Only limited summary data is available for this year.$3.40$0.36$3.05$1.73$0.65$1.08
2014Detailed filing. Detailed filing data is available for this year.$2.28$0.32$1.97$0.81$0.53$0.28