Civic Intelligence

Capitol Area Developments Inc.

990 • Fiscal year 2022 • EIN 58-1888268

Apr 01, 2021 to Mar 31, 2022 • Filed on Jul 20, 2022

Organization ProfileN/A
900 Haynes StreetRaleigh, NC 27604

(919) 831-8300

Siviq Scores

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

Liabilities / Assets

46th percentile

0.19x

Higher debt load relative to assets than 46% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

80th percentile

1.16x

Higher debt load relative to revenue than 80% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

78th percentile

26%

Higher net margin than 78% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Asset Growth

48th percentile

-0.2%

Faster asset growth than 48% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

42nd percentile

0.4%

Faster revenue growth than 42% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets46th percentile

Assets

Down

$27,712,082

Down $59,852 (-0.2%) from 2021

Net Assets

Up

$22,497,215

Up $1,188,119 (+5.6%) from 2021

Liabilities

Down

$5,214,867

Down $1,247,971 (-19%) from 2021

Revenue And Expenses
Liabilities / Revenue80th percentileNet Margin78th percentile

Revenue

Up

$4,490,893

Up $17,766 (+0.4%) from 2021

Expenses

Up

$3,302,774

Up $150,556 (+4.8%) from 2021

Net Income

Down

$1,188,119

Down $132,790 (-10%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth48th percentile

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

$40M$30M$20M$10M$0Assets 2011: $10,789,438Liabilities 2011: $3,669,599Net Assets 2011: $7,119,8392011Assets 2012: $11,625,144Liabilities 2012: $3,181,360Net Assets 2012: $8,443,7842012Assets 2013: $11,944,265Liabilities 2013: $2,232,382Net Assets 2013: $9,711,8832013Assets 2014: $15,059,846Liabilities 2014: $4,235,838Net Assets 2014: $10,824,0082014Assets 2015: $20,632,613Liabilities 2015: $9,390,462Net Assets 2015: $11,242,1512015Assets 2016: $20,665,258Liabilities 2016: $8,838,377Net Assets 2016: $11,826,8812016Assets 2017: $26,826,159Liabilities 2017: $10,258,142Net Assets 2017: $16,568,0172017Assets 2018: $27,082,693Liabilities 2018: $9,509,201Net Assets 2018: $17,573,4922018Assets 2019: $27,406,617Liabilities 2019: $8,576,931Net Assets 2019: $18,829,6862019Assets 2020: $27,544,848Liabilities 2020: $7,556,661Net Assets 2020: $19,988,1872020Assets 2021: $27,771,934Liabilities 2021: $6,462,838Net Assets 2021: $21,309,0962021Assets 2022: $27,712,082Liabilities 2022: $5,214,867Net Assets 2022: $22,497,2152022Assets 2023: $28,256,102Liabilities 2023: $4,708,812Net Assets 2023: $23,547,2902023Assets 2024: $31,890,993Liabilities 2024: $3,112,838Net Assets 2024: $28,778,1552024Assets 2025: $34,459,533Liabilities 2025: $4,449,992Net Assets 2025: $30,009,5412025

Highlighted filing

2022

Assets$27,712,082
Liabilities$5,214,867
Net Assets$22,497,215
Open 2022 Filing

Operations Trend

Revenue Growth42nd percentile

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

$8.0M$6.0M$4.0M$2.0M$0Expenses 2011: $1,660,6502011Expenses 2012: $1,808,5692012Expenses 2013: $1,604,7832013Revenue 2014: $2,891,758Expenses 2014: $1,779,633Net Income 2014: $1,112,1252014Revenue 2015: $2,487,872Expenses 2015: $2,069,729Net Income 2015: $418,1432015Revenue 2016: $3,284,022Expenses 2016: $2,678,707Net Income 2016: $605,3152016Revenue 2017: $7,846,978Expenses 2017: $3,105,842Net Income 2017: $4,741,1362017Revenue 2018: $4,381,640Expenses 2018: $3,369,843Net Income 2018: $1,011,7972018Revenue 2019: $4,525,945Expenses 2019: $3,330,989Net Income 2019: $1,194,9562019Revenue 2020: $4,604,663Expenses 2020: $3,446,162Net Income 2020: $1,158,5012020Revenue 2021: $4,473,127Expenses 2021: $3,152,218Net Income 2021: $1,320,9092021Revenue 2022: $4,490,893Expenses 2022: $3,302,774Net Income 2022: $1,188,1192022Revenue 2023: $4,613,273Expenses 2023: $3,563,198Net Income 2023: $1,050,0752023Revenue 2024: $5,422,494Expenses 2024: $4,255,775Net Income 2024: $1,166,7192024Revenue 2025: $5,831,627Expenses 2025: $4,600,241Net Income 2025: $1,231,3862025

Highlighted filing

2022

Revenue$4,490,893
Expenses$3,302,774
Net Income$1,188,119
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Apr 1, 2021 to Mar 31, 2022
Signed
Jul 20, 2022
Return Version
2021v4.0
Gross Receipts
$4,490,893
Mission and Program Overview

Mission

Provides housing to low to moderate income families

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$21,309,096$22,497,215▲ $1,188,119
Land, Buildings, and Equipment, Net$14,932,077$13,730,986▼ $1,201,091
Savings and Temporary Cash Investments$10,415,579$11,627,162▲ $1,211,583
Cash and Non-Interest-Bearing Accounts$2,060,366$1,972,138▼ $88,228
Prepaid Expenses and Deferred Charges$99,040$102,875▲ $3,835
Inventories for Sale or Use$36,479$39,722▲ $3,243
Accounts Receivable$46,308$36,524▼ $9,784
Investments Program Related$29,933$29,912▼ $21
Total Assets$27,771,934$27,712,082▼ $59,852
Other Assets Total$152,152$172,763▲ $20,611
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,074,213$3,109,528▼ $964,685
Other Liabilities$2,249,838$1,943,137▼ $306,701
Accounts Payable and Accrued Expenses$58,936$85,926▲ $26,990
Deferred Revenue$79,851$76,276▼ $3,575
Total Liabilities$6,462,838$5,214,867▼ $1,247,971
Net Assets / Fund Balance
Total Net Assets Fund Balance$21,309,096$22,497,215▲ $1,188,119
Total Liabilities and Net Assets / Fund Balance$27,771,934$27,712,082▼ $59,852

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$12,363,571$17,168,576$29,532,147
Land$1,314,875-$1,314,875
Equipment$52,540$387,518$440,058
Compensation and Service Providers
Top Officer Pay9th percentile

Board Members and Trustees

NameTitle
Joel WhitleyBoard Chair
Arne MorrisBoard Direct
Tj BarringerBoard Direct
Hilda HoldsclawBoard Vice C
Suzy BryanAsst. Secret
Elizabeth EdgertonSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,487,633
Investment Income
$3,281
Other Revenue
$-21
Change in Net Assets
$1,188,119

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,490,893
Total Revenue per Audited Statements
$4,490,893
Total Revenue per Form 990
$4,490,893
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,302,774
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$1,221,573--$1,221,573
Fees for Services Management$463,451--$463,451
Occupancy$175,243--$175,243
Insurance$129,251--$129,251
Interest$74,398--$74,398
Other Expenses$13,079--$13,079
All Other Expenses$9,379--$9,379
Fees for Services Accounting$8,879--$8,879
Fees for Services Legal$2,637--$2,637
Travel$527--$527
Advertising$319--$319
Total Functional Expenses$3,302,774$0$0$3,302,774

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,302,774
Total Expenses per Audited Statements$3,302,774
Total Expenses per Form 990$3,302,774
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Note Payable$1,403,991
Tenant Security Deposits$389,177
Deferred Inflows$85,858
Non Current Accrued Expenses$64,111
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
No
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Copies of the return are provided to the board prior to filing. Tax return is reviewed and approved for filing by the ceo.”

Form 990, Page 6, Part VI, Line 12C

“The policy is monitored by the ceo.”

Form 990, Page 6, Part VI, Line 15A

“Organization has no employees; however, certain individuals employed through raleigh housing authority have their salary or a portion of their salary expensed to the organization.”

Form 990, Page 6, Part VI, Line 15B

“Organization has no employees; however, certain individuals employed through raleigh housing authority have their salary or a portion of their salary expensed to the organization.”

Form 990, Page 6, Part VI, Line 19

“The documents are made available upon request and/or form 4506-a through www.irs.gov.”

Filing and Contact Details

Filer

Filer Name
Capitol Area Developments Inc
EIN
58-1888268
Phone
9198318300
Address
900 HAYNES STREET, RALEIGH, NC 27604

Signing Officer

Name
Elizabeth Edgerton
Title
Secretary
Phone
9198318300
Signed
2022-07-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Elizabeth Edgerton
Formed
1984
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Rector Reeder & Lofton Pc
Address
623 TOM BREWER ROAD, LOGANVILLE, GA 30052-4042
Preparer
Michael K Ozment CPA
Phone
7708798411
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2DEFERRED INFLOWS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3NON CURRENT ACCRUED EXPENSES
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt013730986
IRS990ScheduleD/TotalExpensesPerForm990Amt03302774
IRS990ScheduleD/TotalLiabilityAmt01943137
IRS990ScheduleD/TotalRevenuePerForm990Amt04490893
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0COPIES OF THE RETURN ARE PROVIDED TO THE BOARD PRIOR TO FILING. TAX RETURN IS REVIEWED AND APPROVED FOR FILING BY THE CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE POLICY IS MONITORED BY THE CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ORGANIZATION HAS NO EMPLOYEES; HOWEVER, CERTAIN INDIVIDUALS EMPLOYED THROUGH RALEIGH HOUSING AUTHORITY HAVE THEIR SALARY OR A PORTION OF THEIR SALARY EXPENSED TO THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ORGANIZATION HAS NO EMPLOYEES; HOWEVER, CERTAIN INDIVIDUALS EMPLOYED THROUGH RALEIGH HOUSING AUTHORITY HAVE THEIR SALARY OR A PORTION OF THEIR SALARY EXPENSED TO THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE DOCUMENTS ARE MADE AVAILABLE UPON REQUEST AND/OR FORM 4506-A THROUGH WWW.IRS.GOV.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
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IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0HALIFAX SENIOR HOUSING LLC
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IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt05358313
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0AFFORD HSG
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0ELIZABETH EDGERTON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0SECRETARY

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$27,712,082
Liabilities
$5,214,867
Net assets
$22,497,215
Revenue
$4,490,893
Expenses
$3,302,774
Net income
$1,188,119
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$34.5$4.45$30.0$5.83$4.60$1.23
2024Detailed filing. Detailed filing data is available for this year.$31.9$3.11$28.8$5.42$4.26$1.17
2023Detailed filing. Detailed filing data is available for this year.$28.3$4.71$23.5$4.61$3.56$1.05
2022Detailed filing. Detailed filing data is available for this year.$27.7$5.21$22.5$4.49$3.30$1.19
2021Detailed filing. Detailed filing data is available for this year.$27.8$6.46$21.3$4.47$3.15$1.32
2020Detailed filing. Detailed filing data is available for this year.$27.5$7.56$20.0$4.60$3.45$1.16
2019Detailed filing. Detailed filing data is available for this year.$27.4$8.58$18.8$4.53$3.33$1.19
2018Detailed filing. Detailed filing data is available for this year.$27.1$9.51$17.6$4.38$3.37$1.01
2017Detailed filing. Detailed filing data is available for this year.$26.8$10.3$16.6$7.85$3.11$4.74
2016Detailed filing. Detailed filing data is available for this year.$20.7$8.84$11.8$3.28$2.68$0.61
2015Detailed filing. Detailed filing data is available for this year.$20.6$9.39$11.2$2.49$2.07$0.42
2014Detailed filing. Detailed filing data is available for this year.$15.1$4.24$10.8$2.89$1.78$1.11
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.9$2.23$9.71$1.60
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.6$3.18$8.44$1.81
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.8$3.67$7.12$1.66