PLATINUM2023

Capital Area Asset Building Corp

We Believe You Can

aka Capital Area Asset Builders, CAAB   |   Washington, DC   |  http://www.caab.org

Mission

The mission of the Capital Area Asset Builders (CAAB) is to create opportunities for low- and moderate-income individuals in the greater DC region to build financial security, savings, and wealth for the future.

Ruling year info

1997

Executive Director

Mr. Joseph Leitmann-Santa Cruz

Main address

1100 15th St. NW 4th Floor

Washington, DC 20005 USA

Show more contact info

EIN

52-2002672

NTEE code info

Financial Counseling, Money Management (P51)

Community Improvement, Capacity Building N.E.C. (S99)

Economic Development (S30)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

CAAB's advocacy and direct service programs address the District of Columbia's race wealth gap and racial disparity in engagement in the financial mainstream. White families on average have 100 times more liquid assets than Black families. Liquid assets are financial assets that can be easily converted into cash. Liquid assets are critical in order to minimize the disruptive impact of emergencies that come up in day-to-day life. Underserved communities, particularly communities of color are more likely to have debt in collections and to have higher median debt and rates of subprime credit. In Wards Eight and Seven, more than 50% of residents are subprime credit holders (compared to 32% for all DC) and are using more than 50% of their available credit (31% for DC) (Ratcliffe, 2018, Urban Institute).

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Financial Education

Through financial education workshops and one-on-one sessions, CAAB financial coaches assist low- to moderate-income (LMI) individuals to set goals, develop and manage spending plans, choose financial products and services, understand credit, manage debt, and understand the value of saving. Upon course completion, participants understand their credit history, have established accounts with mainstream financial institutions and are keenly aware of the importance of using credit wisely. CAAB measures change in knowledge through pre- and post-assessments.

Population(s) Served
Adults

CAAB’s matched savings programs are designed to encourage and support LMI residents to develop and maintain behaviors that lead to the acquisition and sustenance of lasting assets and/or emergency savings accounts. Individual’s savings are typically matched at a 3:1 ratio and they participate in programming that promotes responsible asset management.

Population(s) Served
Adults
Families

The DC EITC Campaign is a citywide campaign, managed and operated by CAAB, in conjunction with its partner Community Tax Aid, to educate local residents about the Earned Income Tax Credit (EITC) that can boost their annual income. It is the largest free tax preparation Campaign in the Capital Region. The Campaign exists to make sure that people who need the dollars the most acquire every tax credit they are entitled to.
Another goal of the DC EITC Campaign is to connect and educate residents about the savings and financial capability programs available to them. Providing free and affordable tax preparation for DC residents is the first step in the journey of financial stability. This service enables campaign clients to not only learn about the EITC and other tax credits but offers onsite opportunities to enroll in financial education classes, open bank accounts, receive credit counseling and learn about Public Benefit programs they may be eligible for, such as SNAP, the Supplemental Nutrition Assistance Program.

Population(s) Served
Adults

CAAB has been an innovator in the region implementing cash transfer programs through public/private partnerships. Recipients are trusted to determine what the best use of the funds are and participants historically have used the money to pay for rent, utilities, mortgage, medical expenses, food, and other basic needs.

Population(s) Served

CAAB supports LMI residents to improve their understanding of what impacts credit and reviews their current credit histories and scores. The organization connects participants to mainstream credit building tools (like secured credit cards) and has recently launched a new initiative called DC Builds Credit Initiative to develop and offer additional credit-building tools.

Population(s) Served
Adults
Families
Adults
Families

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of tax returns completed by volunteers

This metric is no longer tracked.
Totals By Year
Population(s) Served

Adults, Economically disadvantaged people

Related Program

DC Earned Income Tax Credit (EITC) Campaign

Type of Metric

Output - describing our activities and reach

Direction of Success

Holding steady

Context Notes

Extra effort was made to bring families who would qualify for the child tax credit into the free tax preparation sites.

Number of people within the organization's service area accessing cash transfers

This metric is no longer tracked.
Totals By Year
Population(s) Served

Low-income people

Related Program

Cash Transfer Programs

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Holding steady

Context Notes

In 2022, the organization expects to expand the cash transfer program to serve over 900 low-income households through a combination of public and private funding.

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

Founded in 1996 to administer the newly created American Dream Demonstration Project to deliver matched savings to low income savers, CAAB has since evolved into a multifaceted organization offering effective and relevant services to low and moderate income individuals. CAAB strives to create a community that provides everyone with incentives and opportunities to save for the future.

CAAB address the race-wealth gap through five programs: workshops; financial capability building through individual coaching and group sessions, matched savings, cash transfer, credit building and public information campaigns.

Financial Capacity Building – Through financial workshops and one-on-one sessions CAAB Financial Coaches assist low-income individuals to set goals, develop and manage spending plans, choose financial products and services, understand credit, manage debt, and understand the value of saving. Upon course completion, participants understand their credit history, have established accounts with mainstream financial institutions and are keenly aware of the importance of using credit wisely. As described below, CAAB measures change in knowledge through pre- and post-assessments.

Matched Savings - CAAB’s matched savings programs are designed to encourage and support low-income residents to develop and maintain behaviors that lead to the acquisition and sustenance of lasting assets and/or emergency savings accounts. Individual’s savings are typically matched at a 3:1 ratio and they participate in programming that promotes responsible asset management.

Cash Transfer – CAAB was selected to implement the regions first conditional transfer program call the DC Opportunity Fund. The District government provided matched savings to support low-income individuals to save up to $1,500 and receive $6,000 in match for an approved asset purchase.

Credit Building – As described in detail below, CAAB supports low-income residents to improve their understanding of what impacts credit and reviews their current credit histories and scores. The organization connects participants to mainstream credit building tools (like secure credit cards) and in 2020 is piloting the loan tool described below.

Public Information Campaigns - The Earned Income Tax Credit (EITC) Campaign, Ahorrando y Prosperando en el Condado de Montgomery, DCAhorrando, and DCSaves. These campaigns provide the community with relevant financial information in Spanish, English, and Amharic.

As described above CAAB collaborates with the District of Columbia to provide matched savings and cash transfer programming to low-income households. In 2019 the organization had seven contracts with six agencies in the District. Agency contracts included Child and Family Services Agency (CFSA), Department of Human Services (DHS), Mayors Office on African American Affairs (MOAAA), Mayors Office on Latino Affairs (MOLA), Department of Employment Services (DOES), and Department of Insurance, Securities and Banking (DISB). CAAB has two contracts with DISB, to manage the Earned Income Tax Credit free tax-preparation sites and DC Opportunities Fund.

CAAB’s Executive Director often says the DC Metropolitan Region needs four “CAABs” meaning that based on demand, the community could use more organizations with the skill-sets of CAAB. CAAB develops and implements innovative programs that increase the assets, reduce the debt and/or increase the credit score of low-income individuals in the region. While others may provide financial education or counseling, CAAB is the only organization with the capacity to administer custodial accounts utilized in cash transfer and matched savings programming. Additionally, CAAB’s newest initiative DC Builds Credit will increase access to credit building tools beyond the secured credit cards available at mainstream financial institutions.

In 2021 CAAB addressed the historically-rooted and pervasive race-wealth gap through five primary areas of programming: financial capacity building, individual matched savings accounts, cash transfer programs, credit building initiatives, and public information campaigns. CAAB’s 2021 impacts include:
- Served 891 low- to moderate-income (LMI) individuals
- Provided over $827,918 in direct cash transfers to 234 individuals and families in the DC metropolitan region affected by the pandemic for basic needs;
- 657 LMI individuals and families in DC saved $623,610 and received a total of $1,894,479 in matched savings for a combined $2.5 million to be used for a variety of expenses, including long-term saving, purchase of medical insurance, burial expenses, debt reduction, launching a small business, and other investments.
- Coordinated free tax-preparation services 3408 LMI individuals.
- Created information campaigns in English and Spanish that provided critical information about banking, credit and the Earned Income Tax Credit. Through earned and paid media, the campaigns reached over 10,000 LMI individuals in the region.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • Who are the people you serve with your mission?

    CAAB served low-income households in Washington DC Metropolitan Area. The majority of clients identify as Black or Latinx.

  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To strengthen relationships with the people we serve

  • What significant change resulted from feedback?

    The organization started utilizing text messaging for financial coaching of young people connected to foster care based on their feedback that text was their preferred method of communication.

  • Which of the following feedback practices does your organization routinely carry out?

    We collect feedback from the people we serve at least annually, We take steps to ensure people feel comfortable being honest with us, We act on the feedback we receive

  • What challenges does the organization face when collecting feedback?

    It is difficult to find the ongoing funding to support feedback collection, Staff find it hard to prioritize feedback collection and review due to lack of time

Financials

Capital Area Asset Building Corp
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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lock

Connect with nonprofit leaders

Subscribe

Build relationships with key people who manage and lead nonprofit organizations with GuideStar Pro. Try a low commitment monthly plan today.

  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

Want to see how you can enhance your nonprofit research and unlock more insights? Learn More about GuideStar Pro.

Capital Area Asset Building Corp

Board of directors
as of 02/14/2023
SOURCE: Self-reported by organization
Board chair

Mr. Joseph Vaughan

Invariant

Term: 2022 - 2025

William Spinnell

Bank of America

Robert Burns

Walton Family Foundation

Sheida Elmi

Aspen Institute

PJ Harris

EY

Gabriel Lazarus

Medtronic

Gail Reisman

Marketing / Communications Professional

Michelle Levister

Perceive, LLC

Joseph Leitmann-Santa Cruz

CAAB

Wayne Chopus

Insured Retirement Institute

Shae Harris

JP Morgan Chase

Ryan Palmer

Horning Family Foundation

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? No

Organizational demographics

SOURCE: Self-reported; last updated 2/14/2023

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

Race & ethnicity
Hispanic/Latino/Latina/Latinx
Gender identity
Male, Not transgender (cisgender)
Sexual orientation
Heterosexual or straight
Disability status
Decline to state

Race & ethnicity

Gender identity

 

Sexual orientation

No data

Disability

No data

Equity strategies

Last updated: 11/06/2020

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We review compensation data across the organization (and by staff levels) to identify disparities by race.
  • We analyze disaggregated data and root causes of race disparities that impact the organization's programs, portfolios, and the populations served.
  • We disaggregate data by demographics, including race, in every policy and program measured.
Policies and processes
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We have community representation at the board level, either on the board itself or through a community advisory board.
  • We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.