Overview
What is Washington Area Community Investment Fund Inc?
Washington Area Community Investment Fund Inc, based in Washington D.C., is a nonprofit organization committed to boosting equity and economic opportunities in underprivileged communities. They achieve this by investing knowledge, social, and financial capital in low- and moderate-income entrepreneurs in the Washington area. Their mission is centered around three strategic pillars: inclusive entrepreneurship, community wealth building, and equitable economic opportunity. They accomplish this through providing access to capital products and services, as well as capacity building advisory services. Their offerings include group classes, one-on-one advice, and intensive programs to help entrepreneurs develop their businesses, such as their ASCEND Capital Accelerator specifically tailored for women entrepreneurs of color. In 2022, they offered over 1,300 units of technical assistance to small business and nonprofit clients.
Official website here: www.wacif.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 90% (Four-Star out of Four Star rating)
The Washington Area Community Investment Fund Inc has achieved an impressive Four-Star rating from Charity Navigator, reflective of its strong accountability and financial practices. A perfect score in several categories, including independent board members and financial oversight, underscores the organization’s commitment to integrity. However, the absence of a whistleblower policy and failure to post its tax form on its website may indicate areas for improvement in transparency.
The organization boasts a solid program expense ratio of 68.11%, which suggests that a significant portion of its resources is allocated towards its mission-driven initiatives rather than administrative costs. Their financial health shows a manageable liabilities to assets ratio, which is a positive indicator of financial stability and operational effectiveness. Overall, the evaluation indicates that they are well-managed, although better adherence to transparency practices would enhance their credibility further.
Not Available
This AI summary has been generated from information found on Charity Navigator.
Is Washington Area Community Investment Fund Inc legitimate?
Washington Area Community Investment Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Washington Area Community Investment Fund Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $541,269
Professional Fundraising Fees: $29,500
Other Salaries and Wages: $2,470,921
For more financial information, click here
Official website here: www.wacif.org
What is the mission statement of Washington Area Community Investment Fund Inc?
The Washington Area Community Investment Fund Inc is a nonprofit organization dedicated to increasing equity and economic opportunities. Their mission is achieved by investing knowledge, social, and financial capital in low- and moderate-income entrepreneurs in their local community. They prioritize three strategic pillars: inclusive entrepreneurship, community wealth building, and equitable economic opportunity. To fulfill this mission, they provide access to capital products and services, as well as capacity building advisory services to these entrepreneurs.
Official website here: www.wacif.org
Who is the CEO of Washington Area Community Investment Fund Inc?
Brendon Miller is the Chief Executive Officer of Washington Area Community Investment Fund Inc. The CEO's salary of Washington Area Community Investment Fund Inc is $187,359 and their total compensation is $201,414.
Official website here: www.wacif.org
What is the revenue of Washington Area Community Investment Fund Inc?
Washington Area Community Investment Fund Inc's revenue in 2022 was $9,086,978.
Official website here: www.wacif.org
Who are the executives of Washington Area Community Investment Fund Inc and what are their salaries?
The average compensation at Washington Area Community Investment Fund Inc during 2022 was $62,754. There are 48 employees and 12 volunteers at Washington Area Community Investment Fund Inc.
Here are 23 key members and their salaries (Washington Area Community Investment Fund Inc's CEO's salary is $187,359 and their total compensation is $201,414):
- Compensation: $187,359
- Related: $0
- Other: $14,055
- Compensation: $145,953
- Related: $0
- Other: $34,901
- Compensation: $153,685
- Related: $0
- Other: $23,668
- Compensation: $153,900
- Related: $0
- Other: $8,602
- Compensation: $140,651
- Related: $0
- Other: $15,600
- Compensation: $114,170
- Related: $0
- Other: $26,409
- Compensation: $126,660
- Related: $0
- Other: $11,925
- Compensation: $117,284
- Related: $0
- Other: $11,667
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Official website here: www.wacif.org
Where can I find the form 990 for Washington Area Community Investment Fund Inc?
Washington Area Community Investment Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.wacif.org
Learn more at the official website: www.wacif.org
Mission Statement of Washington Area Community Investment Fund Inc
The Washington Area Community Investment Fund Inc, a nonprofit community loan fund, is committed to fostering equality and economic opportunities in underserved communities within the Washington, D.C. area. Their mission is driven by three strategic pillars: inclusive entrepreneurship, community wealth building, and equitable economic opportunity. To achieve this, the organization provides access to capital products and services, as well as capacity building advisory services, to low- and moderate-income entrepreneurs. By doing so, WACIF aims to empower these entrepreneurs, thereby promoting economic growth and social development in the targeted communities.
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Impact
July, 2024
Washington Area Community Investment Fund Inc's impact is significant in increasing equity and economic opportunity in underserved communities in the Washington, DC area. Through its small business advisory services, WACIF provides crucial knowledge, social, and financial capital to low- and moderate-income entrepreneurs. By offering tailored advisory services, including business planning, marketing, financial statements, legal guidance, and real estate support, WACIF empowers entrepreneurs to succeed and thrive. Additionally, WACIF's specialized programs like the Ascend Capital Accelerator, which supports women entrepreneurs of color, further contribute to creating a more equitable and inclusive business environment. In 2022 alone, WACIF provided over 1,300 units of technical assistance to small businesses, demonstrating the tangible and positive impact it has on the community. Through its commitment to inclusive entrepreneurship, community wealth building, and equitable economic opportunities, Washington Area Community Investment Fund Inc is actively driving positive change and fostering sustainable growth in the region.
This information is meant to be a general summary of Washington Area Community Investment Fund Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $2,656
- Program Service Revenue: $2,200,959
- Gross Receipts: $9,086,978
Assets and Liabilities:
- Total Assets: $16,503,969
- Total Liabilities: $5,371,145
- Net Assets: $11,132,824
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FUND MANAGEMENT INCOME
Revenue
$1,864,295
LOAN FEES
Revenue
$160,257
INTEREST FROM LOANS
Revenue
$158,907
CONTRACTS
Revenue
$17,500
Organization Details
Founding Year
1987
Phone
(202) 529-5505Principal Officer
Brendon Miller
Main Address
2012 RHODE ISLAND AVENUE NE, WASHINGTON, DC, 20018
Website
www.wacif.orgNTEE Category
Code: S31 - Community improvement
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