EIN 54-1442466

Washington Area Community Investment Fund

IRS 501(c) type
501(c)(3)
Num. employees
47
Year formed
1987
Most recent tax filings
2023-12-01
Description
The Washington Area Community Investment Fund enhances equity and economic opportunities in underserved communities within the Washington, DC area. Wacif drives its mission through three strategic pillars and offers flexible financing for small businesses with over $12.4 million assets under management (AUM) through their Access to Capital (ATC) and lending activities. Additionally, Wacif provides varied advisory services to low-to-moderate-income entrepreneurs to boost equitable opportunities in underserved DC Area communities.
Total revenues
$7,616,507
2023
Total expenses
$10,848,582
2023
Total assets
$14,335,295
2023
Num. employees
47
2023

Program areas at Washington Area Community Investment Fund

Small business advisory services - wacif provides a variety of advisory services to low-to-moderate income entrepreneurs to drive equitable and opportunity in underserved dc Area communities. 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, which featured the ascend. Her cohort, with specialized support for a cohort of women entrepreneurs of color. In 2022, wacif more provided more than 1,300 units of technical assistance small business and nonprofit clients; offering specialized financial and advisory services through greater Washington, dc enterprising women of color business center, the greater Washington, dc entrepreneurs of color Fund, the Minnesota avenue main street program.
Lending program - wacif's access to capital (atc) and lending activities, which total over $12.4m 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 entrepreneurs, including established business owners that are unable to access traditional financing from banks - lending over $2m. Wacif's various lending programs bridge the financing gap for underserved communities graduating to traditional lenders, while creating economic opportunity. Wacif's atc Fund 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 51 institutional and individual investors holding over 61 investments, the atc Fund is valued at approximately $3.0m.

Grants made by Washington Area Community Investment Fund

GranteeGrant descriptionAmount
1231-1235 Good Hope RoadOperating Support$3,719,845
Anacostia Entrepreneurship CenterOperating Support$198,158
Rochdale Capital CorporationOperating Support$108,492

Who funds Washington Area Community Investment Fund

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
JP Morgan Chase FoundationGeneral Operating Support$1,000,000
Opportunity Finance Network (OFN)Finance Justice Fund Subgrant$250,000
JP Morgan Chase FoundationIn Support of Underserved Small Business Expansion$150,000
...and 8 more grants received

Personnel at Washington Area Community Investment Fund

NameTitleCompensation
Brendon Miller Chief of StaffUntil 5 and 2023 , Interim Chief Executive Officer Since 5 and 23$169,033
Harold PettigrewChief Executive Officer$61,946
Kevin Fryatt CfooInterim Chief Executive Officer Since 12 and 2023$160,755
Kimberly Gayle Chief ProgramsOfficer Until 12 and 2023 , Interim Chief Executive Officer$147,127
Megan CarrasChief Development Officer$136,693
...and 15 more key personnel

Financials for Washington Area Community Investment Fund

RevenuesFYE 12/2023
Total grants, contributions, etc.$6,816,270
Program services$773,308
Investment income and dividends$126,501
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$-109,919
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$10,347
Total revenues$7,616,507

Form 990s for Washington Area Community Investment Fund

Fiscal year endingDate received by IRSFormPDF link
2023-122024-05-06990View PDF
2022-122023-05-12990View PDF
2021-122022-04-13990View PDF
2020-122021-05-20990View PDF
2019-122021-01-21990View PDF
...and 10 more Form 990s

Organizations like Washington Area Community Investment Fund

OrganizationLocationRevenue
Coastal Enterprises (CEI)Brunswick, ME$22,641,314
Bluehub Loan FundBoston, MA$22,068,331
Cinnaire Lending CorporationLansing, MI$12,692,635
Cincinnati Development Fund (CDF)Cincinnati, OH$10,309,687
Boston Community Capital Venture FundBoston, MA$7,927,140
Ohio Community Development Finance FundColumbus, OH$9,454,085
Mountain AssociationBerea, KY$6,043,653
Midwest Minnesota Community Development CorporationDetroit Lakes, MN$6,318,095
Locus Impact FundChristiansburg, VA$9,556,651
Valley PartnersYoungstown, OH$8,153,238
Data update history
August 12, 2024
Updated personnel
Identified 10 new personnel
July 23, 2024
Posted financials
Added Form 990 for fiscal year 2023
July 16, 2024
Used new vendors
Identified 1 new vendor, including
July 11, 2024
Received grants
Identified 1 new grant, including a grant for $50,000 from Yelp Foundation
May 19, 2024
Received grants
Identified 6 new grant, including a grant for $1,000,000 from JP Morgan Chase Foundation
Nonprofit Types
Grantmaking organizationsBusiness and community development organizationsHeadquarter / parent organizationsCharities
Issues
Human servicesCommunity improvementHousingEconomic development
Characteristics
Provides grantsFundraising eventsState / local levelReceives government fundingTax deductible donationsAccepts online donations
General information
Address
2012 Rhode Island Ave Ne
Washington, DC 20018
Metro area
Washington-Arlington-Alexandria, DC-VA-MD-WV
County
District of Columbia, DC
Website URL
wacif.org/ 
Phone
(202) 529-5505
IRS details
EIN
54-1442466
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1987
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
S31: Urban, Community Economic Development
NAICS code, primary
522120: Savings Institutions
Parent/child status
Central organization
Free account sign-up

Want updates when Washington Area Community Investment Fund has new information, or want to find more organizations like Washington Area Community Investment Fund?

Create free Cause IQ account