Civic Intelligence

Washington Area Community Investment Fund Inc.

990 • Fiscal year 2019 • EIN 54-1442466

Jan 01, 2019 to Dec 31, 2019 • Filed on Apr 30, 2020

Organization Profilewww.wacif.org

View Organization Page

2012 Rhode Island Avenue NEWashington, DC 20018

(202) 529-5505

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.65x

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

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

83rd percentile

1.09x

Higher debt load relative to revenue than 83% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

90th percentile

47%

Higher net margin than 90% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

59th percentile

$142,542

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 3.7% of source-year revenue.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

90th percentile

37%

Faster asset growth than 90% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

80th percentile

23%

Faster revenue growth than 80% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Up

$6,557,543

Up $1,763,110 (+37%) from 2018

Net Assets

Up

$2,308,493

Up $1,504,318 (+187%) from 2018

Liabilities

Up

$4,249,050

Up $258,792 (+6.5%) from 2018

Revenue And Expenses
Liabilities / Revenue83rd percentileNet Margin90th percentile

Revenue

Up

$3,904,649

Up $734,488 (+23%) from 2018

Expenses

Up

$2,050,331

Up $5,424 (+0.3%) from 2018

Net Income

Up

$1,854,318

Up $729,064 (+65%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth90th percentile

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

$20M$15M$10M$5.0M$0-$5.0MAssets 2010: $4,183,020Liabilities 2010: $3,965,401Net Assets 2010: $217,6192010Assets 2011: $2,654,975Liabilities 2011: $2,461,018Net Assets 2011: $193,9572011Assets 2012: $4,068,202Liabilities 2012: $3,983,644Net Assets 2012: $84,5582012Assets 2013: $4,270,210Liabilities 2013: $4,073,372Net Assets 2013: $196,8382013Assets 2014: $5,332,810Liabilities 2014: $5,101,889Net Assets 2014: $230,9212014Assets 2015: $4,590,411Liabilities 2015: $4,342,173Net Assets 2015: $248,2382015Assets 2016: $4,106,767Liabilities 2016: $4,512,842Net Assets 2016: -$406,0752016Assets 2017: $4,205,842Liabilities 2017: $4,526,921Net Assets 2017: -$321,0792017Assets 2018: $4,794,433Liabilities 2018: $3,990,258Net Assets 2018: $804,1752018Assets 2019: $6,557,543Liabilities 2019: $4,249,050Net Assets 2019: $2,308,4932019Assets 2020: $11,726,882Liabilities 2020: $5,756,862Net Assets 2020: $5,970,0202020Assets 2021: $14,906,500Liabilities 2021: $5,994,483Net Assets 2021: $8,912,0172021Assets 2022: $16,503,969Liabilities 2022: $5,371,145Net Assets 2022: $11,132,8242022Assets 2023: $14,335,295Liabilities 2023: $6,391,482Net Assets 2023: $7,943,8132023Assets 2024: $12,057,310Liabilities 2024: $6,369,850Net Assets 2024: $5,687,4602024

Highlighted filing

2019

Assets$6,557,543
Liabilities$4,249,050
Net Assets$2,308,493
Open 2019 Filing

Operations Trend

Revenue Growth80th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2010: $911,656Expenses 2010: $568,991Net Income 2010: $342,6652010Revenue 2011: $836,261Expenses 2011: $859,067Net Income 2011: -$22,8062011Revenue 2012: $785,410Expenses 2012: $895,138Net Income 2012: -$109,7282012Revenue 2013: $1,359,614Expenses 2013: $1,240,558Net Income 2013: $119,0562013Revenue 2014: $1,378,846Expenses 2014: $1,344,763Net Income 2014: $34,0832014Revenue 2015: $1,106,683Expenses 2015: $1,089,366Net Income 2015: $17,3172015Revenue 2016: $967,314Expenses 2016: $1,621,627Net Income 2016: -$654,3132016Revenue 2017: $1,328,274Expenses 2017: $1,243,278Net Income 2017: $84,9962017Revenue 2018: $3,170,161Expenses 2018: $2,044,907Net Income 2018: $1,125,2542018Revenue 2019: $3,904,649Expenses 2019: $2,050,331Net Income 2019: $1,854,3182019Revenue 2020: $6,397,191Expenses 2020: $2,735,664Net Income 2020: $3,661,5272020Revenue 2021: $7,620,930Expenses 2021: $4,660,784Net Income 2021: $2,960,1462021Revenue 2022: $9,086,978Expenses 2022: $6,866,291Net Income 2022: $2,220,6872022Revenue 2023: $7,616,507Expenses 2023: $10,848,582Net Income 2023: -$3,232,0752023Revenue 2024: $4,141,530Expenses 2024: $6,386,456Net Income 2024: -$2,244,9262024

Highlighted filing

2019

Revenue$3,904,649
Expenses$2,050,331
Net Income$1,854,318
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Apr 30, 2020
Return Version
2019v5.1
Gross Receipts
$3,904,649
Mission and Program Overview

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.

To increase equity and economic opportunity by investing knowledge, social, and financial capital in low- and moderate-income Washington area entrepreneurs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,312,384$1,784,645▲ $472,261
Savings and Temporary Cash Investments$1,208,381$1,605,785▲ $397,404
Pledges and Grants Receivable$726,616$1,587,646▲ $861,030
Other Notes and Loans Receivable, Net$1,491,531$1,520,342▲ $28,811
Prepaid Expenses and Deferred Charges$13,004$24,494▲ $11,490
Land, Buildings, and Equipment, Net$26,451$19,660▼ $6,791
Loans From Officers Directors$0$7,000▲ $7,000
Accounts Receivable$4,369$4,370▲ $1
Total Assets$4,794,433$6,557,543▲ $1,763,110
Other Assets Total$11,697$10,601▼ $1,096
Liabilities
Unsecured Notes Loans Payable$3,858,396$4,094,241▲ $235,845
Escrow Account Liability$62,861$71,751▲ $8,890
Accounts Payable and Accrued Expenses$45,505$59,794▲ $14,289
Other Liabilities$23,496$16,264▼ $7,232
Total Liabilities$3,990,258$4,249,050▲ $258,792
Net Assets / Fund Balance
Net Assets With Donor Restrictions$770,191$1,597,789▲ $827,598
Net Assets Without Donor Restrictions$33,984$710,704▲ $676,720
Total Net Assets Fund Balance$804,175$2,308,493▲ $1,504,318
Total Liabilities and Net Assets / Fund Balance$4,794,433$6,557,543▲ $1,763,110

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$16,790$41,207$57,997
Equipment$2,870$44,608$47,478
Compensation and Service Providers
Top Officer Pay59th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Harold PettigrewExecutive DirectorFT$125,000$17,542$142,542
Brendon MillerDirector of Development & Comm.FT$120,000$16,765$136,765
Kevin FryattDirector of Finance & AdministrationFT$100,000$25,546$125,546

Board Members and Trustees

NameTitle
Dawnn LearyBoard Chair
Alejandro GoldingBoard Member
Anne MorrisonBoard Member
Aquil StinsonBoard Member
Brian LewaldBoard Member
Devin Leary-HanebrinkBoard Member
Erin CrossettBoard Member
Matt GlattingBoard Member
Nancy StarkBoard Member
Rob RiordanBoard Member
Ronald KellyBoard Member
Jamila BraithwaiteBoard Member - until 01/2019
Nora Diamond-JonesSecretary
Brian NagendraTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,640,490
Program Service Revenue
$1,255,107
Investment Income
$6,095
Other Revenue
$2,957
All Other Contributions
$1,579,819
Change in Net Assets
$1,854,318

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,904,649
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$66,769
Total Revenue per Audited Statements
$3,971,418
Total Revenue per Form 990
$3,904,649
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,033,822
Other Expenses$949,009
Total Fundraising Expense$159,318
Grants and Similar Amounts Paid$67,500
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$551,407$35,411$47,438$634,256
Current Officers, Directors, Trustees, and Key Employees$202,897$33,256$31,935$268,088
Occupancy$121,396$13,009$6,404$140,809
Fees for Services Other$126,662$8,123$5,960$140,745
Fees for Services Accounting$84,423$18,388$8,765$111,576
Interest$89,176--$89,176
Payroll Taxes$58,177$6,323$5,692$70,192
Grants to Domestic Orgs$67,500--$67,500
Office Expenses$43,676$4,567$10,705$58,948
Information Technology$40,434$6,091$3,674$50,199
Other Employee Benefits$30,412$834$2,738$33,984
Advertising$7,305-$24,552$31,857
Pension Plan Contributions$23,633$1,644$2,025$27,302
Conferences and Meetings$17,495$4,227$4,737$26,459
Travel$11,194$5,852$3,803$20,849
Insurance$7,503$1,081$638$9,222
Depreciation Depletion$7,659$414$252$8,325
Other Expenses$3,782--$3,782
Total Functional Expenses$1,751,793$139,220$159,318$2,050,331

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,117,100
Expenses per Audited Statements$2,050,331
Total Expenses per Form 990$2,050,331
Expenses Not Reported on Form 990$66,769
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
East River Bagel IncWashington, DC-General operating support$20,000
Justina's Hair Gallery LLCWashington, DC-General operating support$20,000
American Tax LLCWashington, DC-General operating support$10,000
Therapeutic Sessions CorporationWashington, DC-General operating support$7,500
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$7,000▲ $7,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred rent$15,227
Interest payable$1,037
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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 B, line 11B

“Firstly, Wacif reviews the draft federal Form 990 at the management level. Secondly, it is then presented to the board-level Finance & Audit Committee for review. Once reviewed and deemed ready for approval, the Finance & Audit Committee then provides a recommendation to the Board of Directors to approve the document. Upon Board of Directors approval, the federal Form 990 is ready for filing with the Internal Revenue Service.”

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

“Wacif's Conflict of Interest policy is signed by all staff and Board Members upon commencing their professional relationship to Wacif. On an annual basis, all staff and Board Members re-sign Wacif's Conflict of Interest policy, disclosing any potential conflicts of interest. Any conflicts of interest that exist are discussed among the Board of Directors.”

Form 990, Part VI, Section B, line 15

“Determining compensation for the Executive Director is determined by the Executive Committee with approval from the full board of directors. Performance evaluations, Salary surveys, expert knowledge and experience and organizational budget are key determinants of the Executive Director's salary. The Director of Finance & Administration and other key employees' salaries are determined by the Executive Director, in conjunction with the Board of Directors. Any subsequent adjustments to salary levels of officers or key employees are determined through review of job performance, goals, and within industry standards.”

Form 990, Part VI, Section C, line 19

“Wacif's governing documents, including its organizational Bylaws, Financial Statements, federal Forms 990, and Conflict of Interest Policy, are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Washington Area Community Investment
EIN
54-1442466
Phone
2025295505
Address
2012 Rhode Island Avenue NE, Washington, DC 20018

Signing Officer

Name
Harold Pettigrew
Title
Executive Director
Phone
2025295505
Signed
2020-04-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Harold Pettigrew
Formed
1987
Legal Domicile
Va
Voting Board Members
13
Independent Board Members
13
Employees
17
Volunteers
28

Preparer

Firm
Marcum LLP
Address
1899 L Street NW Suite 850, Washington, DC 20036
Preparer
Frank H Smith
Phone
2022274000
Supplemental Narrative

Financial Statement Notes

Part IV, Line 2B:

“Wacif has been selected to manage and service certain funds and programs on behalf of the Federal Government, District of Columbia, and other third party organizations. Such funds and programs include the Small Business Administration (SBA) Microloan Program, Streetscape Loan Relief Fund, District Capitalized Loan Program, Tenant Settlement Fund and Cooperative Assistance Fund with purposes of providing loans to small businesses and other reimbursements to tenants in accordance with settlement agreements. These funds are included in cash-restricted and Funds Held on Behalf of Others in the accompanying statement of financial position.”

Part X, Line 2:

“Wacif performed an evaluation of uncertainty in income taxes for the year ended December 31, 2019, and determined that there were no matters that would require recognition in the financial statements or that may have any effect on its tax-exempt status.”

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IRS990/Desc0Small business advisory services - Wacif provides a variety of advisory program for low- to-moderate income entrepreneurs and small business owners to spur equitable economic growth and community wealth building. Wacif's small business advisory expertise and offerings cover topics including business planning, marketing, financial statements, law, real estate and getting transaction-ready. Our offerings include 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. In 2019, Wacif more provided assistance to 554 small business and nonprofit clients, offered specialized services through the DC Employee Ownership Fund, and graduated two cohorts from its award-winning Ascend Capital Accelerator program. In recognition of its community impact, through advisory services and lending, Wacif was named 2019 Nonprofit Organization of the Year by the DC Chamber of Commerce and the DC Department of Small and Local Business Development.
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IRS990/Form990PartVIISectionAGrp/PersonNm13Aquil Stinson
IRS990/Form990PartVIISectionAGrp/PersonNm14Harold Pettigrew
IRS990/Form990PartVIISectionAGrp/PersonNm15Kevin Fryatt
IRS990/Form990PartVIISectionAGrp/PersonNm16Brendon Miller
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt120
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Board Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt1Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Board Member - until 01/2019
IRS990/Form990PartVIISectionAGrp/TitleTxt4Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt5Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt6Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt7Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt8Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt9Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt10Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt11Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt12Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt13Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt14Executive Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director of Finance & Administration
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director of Development & Comm.
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IRS990/MissionDesc0The 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.
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IRS990/PrincipalOfficerNm0Harold Pettigrew
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt316487
IRS990/ProgSrvcAccomActy2Grp/Desc0Lending program - Wacif's Access to Capital and Lending activities, which total over $6.20M assets under management (AUM), provide flexible financing for small businesses owned by, operating in or serving low-to-moderate income communities. Wacif has several loan funds to support a continuum of financing from start-up entrepreneurs to established business owners that are unable to access traditional financing from banks - lending up to $250K. Wacif's various lending programs bridge the financing gap for underserved communities graduating to traditional lenders, while creating economic opportunity. In 2019, Wacif increased the dollar volume of its lending by approximately 20% (relative to 2018) closing 29 loans totaling approximately $1.46M to local small businesses. Through its work, Wacif created or retained more than 240 jobs in the communities it serves. Wacif's Access to Capital Fund (ATC) is the organization's historical source for community development financing and it's most flexible. The ATC Fund remains a community asset which began with and has been sustained for over 30 years by individual and instructional, socially-responsible investors seeking positive financial and social returns from their investment. Currently comprised of over 45 institutional and individual investors holding over 85 investments, the ATC is valued at approximately $1.73M. Investor relations relates directly to our Impact Capital Fund that raises funds through the Impact Capital Note - a community investment promissory note.
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,557,543
Liabilities
$4,249,050
Net assets
$2,308,493
Revenue
$3,904,649
Expenses
$2,050,331
Net income
$1,854,318
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$12.1$6.37$5.69$4.14$6.39$2.24
2023Detailed filing. Detailed filing data is available for this year.$14.3$6.39$7.94$7.62$10.8$3.23
2022Detailed filing. Detailed filing data is available for this year.$16.5$5.37$11.1$9.09$6.87$2.22
2021Detailed filing. Detailed filing data is available for this year.$14.9$5.99$8.91$7.62$4.66$2.96
2020Detailed filing. Detailed filing data is available for this year.$11.7$5.76$5.97$6.40$2.74$3.66
2019Detailed filing. Detailed filing data is available for this year.$6.56$4.25$2.31$3.90$2.05$1.85
2018Detailed filing. Detailed filing data is available for this year.$4.79$3.99$0.80$3.17$2.04$1.13
2017Detailed filing. Detailed filing data is available for this year.$4.21$4.53$0.32$1.33$1.24$0.08
2016Detailed filing. Detailed filing data is available for this year.$4.11$4.51$0.41$0.97$1.62$0.65
2015Detailed filing. Detailed filing data is available for this year.$4.59$4.34$0.25$1.11$1.09$0.02
2014Detailed filing. Detailed filing data is available for this year.$5.33$5.10$0.23$1.38$1.34$0.03
2013Detailed filing. Detailed filing data is available for this year.$4.27$4.07$0.20$1.36$1.24$0.12
2012Summary only. Only limited summary data is available for this year.$4.07$3.98$0.08$0.79$0.90$0.11
2011Summary only. Only limited summary data is available for this year.$2.65$2.46$0.19$0.84$0.86$0.02
2010Summary only. Only limited summary data is available for this year.$4.18$3.97$0.22$0.91$0.57$0.34
Peer Organizations

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