Cascade Capital Corporation

Nonprofit profile at a glance

EIN
341423558
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Akron, OH, USA
Phone
3303793160
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$933,888
Expenses
$802,682
Assets
$3,031,080
Liabilities
$144,770

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

18 people listed

Highest reported compensation

  • ROBERT FILIPIAK (EXECUTIVE DI): $294,763 total reported compensation
  • DAN RIFFLE (SENIOR LOAN): $180,735 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Cascade capital corporation's primary operating goal is to provide financing assistance to area companies (predominantly in northeast Ohio) poised to grow through investment in new operating facilities, equipment and employees.

What it reported doing in 2024

Cascade capital corporation is a certified development company (by the u.s. Small business administration), which delivers the sba 504 loan program throughout Ohio. It is also an agency of the Ohio 166 regional loan program. During the fiscal year, cascade capital corporation closed nine sba 504 loans totaling 9,987,000 and nine Ohio 166 loans totaling 5,693,692. Cascade capital corporation currently manages 118 sba 504 loans and 40 Ohio 166 loans totaling 71,549,299.

Operating model

Revenue model
Earned-program. 80% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 72
  • Accountability: 83
  • Sustainability: 62
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 65.3%; rating input score 65
  • Program expense ratio: 90.1%; rating input score 90
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 94.1%; rating input score 94; 25th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 14%; rating input score 68; 68th percentile among comparable filings
  • Total-asset coverage ratio: 3.78; rating input score 80; 80th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 53; 53rd percentile among comparable filings
  • Officer compensation ratio: 59.2%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: 7.3% per year; rating input score 100; 53rd percentile among comparable filings
  • Revenue growth: 4.7% per year; rating input score 100; 42nd percentile among comparable filings
  • Asset growth: 1.8% per year; rating input score 100; 24th percentile among comparable filings

Details

  • Where the money goes: 65.3% of revenue deployed · 90.1% of spending went to programs
  • Governance: 16 of 17 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $723K in reported program spending
  • Leadership: top reported pay $295K · 18 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 1/100.
  • Review — Sustainability: Liabilities to assets ratio scored 53/100.