Civic Intelligence

Capitol Area Developments Inc.

990 • Fiscal year 2023 • EIN 58-1888268

Apr 01, 2022 to Mar 31, 2023 • Filed on Jan 08, 2024

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

44th percentile

0.17x

Higher debt load relative to assets than 44% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

77th percentile

1.02x

Higher debt load relative to revenue than 77% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

79th percentile

23%

Higher net margin than 79% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

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.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

35th percentile

2.0%

Faster asset growth than 35% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

44th percentile

2.7%

Faster revenue growth than 44% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets44th percentile

Assets

Up

$28,256,102

Up $544,020 (+2.0%) from 2022

Net Assets

Up

$23,547,290

Up $1,050,075 (+4.7%) from 2022

Liabilities

Down

$4,708,812

Down $506,055 (-9.7%) from 2022

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin79th percentile

Revenue

Up

$4,613,273

Up $122,380 (+2.7%) from 2022

Expenses

Up

$3,563,198

Up $260,424 (+7.9%) from 2022

Net Income

Down

$1,050,075

Down $138,044 (-12%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth35th 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

2023

Assets$28,256,102
Liabilities$4,708,812
Net Assets$23,547,290
Open 2023 Filing

Operations Trend

Revenue Growth44th 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

2023

Revenue$4,613,273
Expenses$3,563,198
Net Income$1,050,075
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Apr 1, 2022 to Mar 31, 2023
Signed
Jan 8, 2024
Return Version
2022v5.0
Gross Receipts
$4,613,273
Mission and Program Overview

Mission

Provides housing to low to moderate income families

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$22,497,215$23,547,290▲ $1,050,075
Land, Buildings, and Equipment, Net$13,730,986$12,950,306▼ $780,680
Savings and Temporary Cash Investments$11,627,162$10,322,671▼ $1,304,491
Cash and Non-Interest-Bearing Accounts$1,972,138$4,542,714▲ $2,570,576
Prepaid Expenses and Deferred Charges$102,875$77,501▼ $25,374
Accounts Receivable$36,524$66,794▲ $30,270
Inventories for Sale or Use$39,722$39,735▲ $13
Investments Program Related$29,912$29,892▼ $20
Total Assets$27,712,082$28,256,102▲ $544,020
Other Assets Total$172,763$226,489▲ $53,726
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,109,528$3,441,375▲ $331,847
Other Liabilities$1,943,137$1,105,683▼ $837,454
Deferred Revenue$76,276$104,991▲ $28,715
Accounts Payable and Accrued Expenses$85,926$56,763▼ $29,163
Total Liabilities$5,214,867$4,708,812▼ $506,055
Net Assets / Fund Balance
Total Net Assets Fund Balance$22,497,215$23,547,290▲ $1,050,075
Total Liabilities and Net Assets / Fund Balance$27,712,082$28,256,102▲ $544,020

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,530,643$18,351,728$29,882,371
Land$1,314,875-$1,314,875
Equipment$104,788$396,326$501,114
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
Jim FarrellAsst. Secret
Elizabeth EdgertonSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,528,092
Investment Income
$85,181
Other Revenue
$0
Change in Net Assets
$1,050,075

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,613,273
Total Revenue per Audited Statements
$4,613,273
Total Revenue per Form 990
$4,613,273
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,563,198
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$1,210,581--$1,210,581
Fees for Services Management$773,378--$773,378
Occupancy$181,491--$181,491
Interest$131,721--$131,721
Insurance$122,909--$122,909
All Other Expenses$15,179--$15,179
Other Expenses$11,058--$11,058
Fees for Services Accounting$8,879--$8,879
Fees for Services Legal$4,794--$4,794
Travel$1,801--$1,801
Advertising$418--$418
Total Functional Expenses$3,563,198$0$0$3,563,198

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,563,198
Total Expenses per Audited Statements$3,563,198
Total Expenses per Form 990$3,563,198
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
Gasb 87 Lease Liability$485,164
Tenant Security Deposits$408,339
Non Current Accrued Expenses$189,594
Deferred Inflows$22,586
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
2024-01-08
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/Desc2NON CURRENT ACCRUED EXPENSES
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IRS990ScheduleD/TotalLiabilityAmt01105683
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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.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
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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
$28,256,102
Liabilities
$4,708,812
Net assets
$23,547,290
Revenue
$4,613,273
Expenses
$3,563,198
Net income
$1,050,075
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