COALFIELD DEVELOPMENT CORPORATION

EIN: 263836207 501(c)(3) Housing & Shelter

WAYNE, WV

Total Revenue
$23,383,753
Total Expenses
$16,197,276
Total Assets
$35,301,312
Net Assets
$23,328,212
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2008
Legal Domicile
WV
Principal Officer
JACOB I HANNAH
Phone
3045014755
Tax Period
2024-01-01 to 2024-12-31

COALFIELD DEVELOPMENT CORPORATION, founded in 2008, is a mid-sized nonprofit in the Housing & Shelter sector that reported $23.4M in total revenue in fiscal year 2024. Revenue surged 101% from the prior year, signaling strong growth momentum. The organization ran a surplus of $7.2M, a strong 31% operating margin.

Mission

TO SOLVE THE PROBLEM OF GENERATIONAL POVERTY IN RURAL COMMUNITIES CAUSED BY EXTRACTIVE MONO-ECONOMIES THROUGH FOUR CORE CAPABILITIES: INCUBATION AND INVESTING IN EMPLOYMENT-BASED SOCIAL ENTERPRISE, FACILITATING PROFESSIONAL, PERSONAL, AND ACADEMIC DEBELOPMENT FOR PEOPLE FACING BARRIERS TO EMPLOYMENT,

Program Service Accomplishments

Program 1
Expenses: $5,312,859 Revenue: $1,106,964

WORKFORCE DEVELOPMENT: WE WHOLLY OR PARTIALLY OWN A FAMILY OF EMPLOYMENT- BASED SOCIAL ENTERPRISES DESIGNED TO DIVERSIFY THE REGIONAL ECONOMY TO BE LESS DEPENDENT ON COAL. BY "EMPLOYMENT-BASED" WE...

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WORKFORCE DEVELOPMENT: WE WHOLLY OR PARTIALLY OWN A FAMILY OF EMPLOYMENT- BASED SOCIAL ENTERPRISES DESIGNED TO DIVERSIFY THE REGIONAL ECONOMY TO BE LESS DEPENDENT ON COAL. BY "EMPLOYMENT-BASED" WE MEAN ENTERPRISES THAT EXIST FOR THE PURPOSE OF ADVANCING THE WELL-BEING OF ITS EMPLYEES, WHICH WE DO PRIMARILY THROUGH OUR PERSONAL AND ACADEMIC DEVELOPMENT PROGRAMMING. OUR ENTERPRISES' SUCCESSES ARE MEASURED ACCORDING TO A TRIPLE BOTTOM LINE: PEOPLE, PLANET, PROFIT. REVENUE FROM OUR SOCIAL ENTERPRISES ENABLES OUR ORGANIZATION TO CREATE HUNDREDS OF JOBS AND TO BE LESS GRANT-DEPENDENT AND MORE FINANCIALLY SUSTAINABLE. OUR COMMUNITITES ARE SEVERELY ECONOMICALLY DISTRESSED AS A RESULT OF OVER-RELIANCE ON THE COAL INDUSTRY. THEREFORE, CREATING NEW BUSINESSES IS CRITICAL TO REALIZING OUR VISION; OTHERWISE, OUR TRAINEES AND GRADUATES WOULD OFTEN HAVE NOWHERE TO PUT THEIR NEW TRAINING AND CREDENTIALS TO USE. AS A LICENSED GENERAL CONTRACTOR, COALFIELD DEVELOPMENT CAN ADVANCE BOLD,CREATIVE PROJECTS IN DEEP COLLABORATION WITH THE COMMUNITITES WE SERVE.OUR PROJECTS ARE DESIGNED AND ULTIMATELY OWNED BY THE COMMUNITY. WE KEEPA PROJECT PIPELINE FULL AND ADVANCE PROJECTS THROUGH THIS PIPELINE BEGINNING WITH PREDEVELOPMENT AND FINANCING, ENTERING INTO CONSTRUCTION,AND THEN INTO OPERATION AS COMMINITY ASSETS. OUR PROJECTS ARE MIXED-USE,MIXED INCOME, MEANING THEY BLEND RESIDENTIAL AND COMMERCIAL PURPOSES FOR A VARIETY OF DIFFERENT INCOME DEMOGRAPHICS, THUS ALSO CONTRIBUTING TO ECONOMIC DIVERSIFICATION AND OPPORTUNITY CULTIVATION. OUR CONSTRUCTION CREW IS ALSO A SOCIAL ENTERPRISE, HAVING 33-6-3 CREW MEMBERS AS CARPENTERS,REJUVENATING EMPTY BUILDINGS OR FORMER MINE-LANDS CAN BE A MAJOR STRATEGY FOR BREATHING NEW LIFE INTO OUR COMMUNITIES, PRESERVING CULTURAL TREASURERS, ATTRACTING FRESH INVESTMENT, PROVIDING OPPORTUNITIES FOR ENTREPRENEURSHIP AND CREATING QUALITY, AFFORDABLE HOUSING.

Program 2
Expenses: $7,005,743 Revenue: $84,789

COMMUNITY AND ECONOMIC DEVELOPMENT: COALFIELD DEVELOPMENT TRAINS UNEMPLOYED PEOPLE IN MODERN WORKFORCE SKILLS. THROUGHOUT THE YEAR, WE FACILITATE DOZENS OF LEARNING OPPORTUNITITES FOR COMMUNITY...

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COMMUNITY AND ECONOMIC DEVELOPMENT: COALFIELD DEVELOPMENT TRAINS UNEMPLOYED PEOPLE IN MODERN WORKFORCE SKILLS. THROUGHOUT THE YEAR, WE FACILITATE DOZENS OF LEARNING OPPORTUNITITES FOR COMMUNITY MEMBERS. OUR NETWORK OF EMPLOYERS ENSURES OUR TRAINING IS RELEVANT TO THEIR NEEDS. THIS WAYM GRADUATES OF OUR TRAINING CAN QUICKLY FIND GAINFUL EMPLOYMENT AND OUR LOCAL BUSINESSES CAN HAVE AN EFFECTIVE WORKFORCE WITH WHICH TO GROW. OUR MOST IN-DEPTH OPPORTUNITY IS FOR THE PERSONAL AND ACADEMIC DEVELOPMENT OF OUR CREW MEMBERS WHO STAFF OUR SOCIAL ENTERPRISES. CREW MEMBERS WORK OUR 33-6 -3 MODEL WHERE EACH WEEK THEY COMPLETE 33 HOURS OF PAID WORK, 6 CREDIT HOURS OF HIGHER EDUCATION, AND 3 HOURS OF PERSONAL DEVELOPMENT MENTORSHIP. WE MAKE UP TO A THREE-YEAR EMPLOYMENT COMMITMENTTO CREW MEMBERS AS THEY EARN AN ASSOCIATE DEGREE OR TRADE CERTIFICATION AND GAIN TRACTION ON LIFE GOALS. PRIOR TO BECOMING A CREW MEMBER, PEOPLE MUST COMPLETE A SIX-MONTH COURSE CALLED WORKFORCE READINESS AND PROFESSIONAL SUCCESS (WRAPS). WRAPS TRAINEES ARE PAID FOR 33 HOURS OF WORK AND THREE HOURS OF PROFESSIONAL DEVELOPMENT EACH WEEK. INSTEAD OF PURSING HIGHER EDUCATION AT THIS STAGE, TRAINEES IDENTIFY BARRIES TO LONG-TERM EMPLOYMENT SUCCESS AN DCAN SPEND UP TO FOUR HOURS OF THEIR PAID TIME EACH WEEK WORKING WITH OUR HUMAN DEVELOPMENT STAFF TO ADDRESS THESE ISSUES. AFTER SIX MONTHS, WRAPS TRAINEES AREBETTER PREPARED TO ENTER THE WORKFORCES AS A 33-6-3 CREW MEMBER OR TO BE A SUCCESSFUL EMPLOYEE OUTSIDE OF COALFIELD DEVELOPMENT. IT IS IMPORTANT TO HELP PEOPLE IMAGINE WHAT A SUSTAINABLE, DIVERSIFIED ECONOMY CAN LOOK LIKE AND HOW IT CAN FUNCTION. THROUGH OUR PROGRAM AND SECTOR DEVELOPMENT TEAM WE ARE DESIGNING AND SCALING PROGRAMS THAT CAN TANGIBLY DEMONSTRATE WHAT A BETTER ECONOMY LOOKS LIKE. CURRENTLY, WE ARE INCUBATING PROGRAMS IN SUSTAINABLE AND REGENERATIVE AGRICULTURE, CLEAN ENERGY, DECONSTRUCTION AND RE-USE AND MINE LAND RECLAMATION. WE ARE ALSO WORKING WITH NONPROFIT PARTNERS TO HELP BUILD THEIR CAPACITY AND EXPAND THEIR PLACE-BASED WORKFORCE TRAINING PROGRAMS. AT THE SAME TIME, WE ARE DEVELOPING A NETWORK OF EMPLOYERS WHO ARE EAGER TO HIRE OUR EMERGING WORKFORCE PARTICIPANTS AND CHANGE THEIR OWN EMPLOYMENT BEHAVIORS TO BE MORE SUPPORTIVE AND ENGAGED IN REBUILDING THE APPALACHIAN ECONOMY FROM THE GROUND UP.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $22,021,084
Program Service Revenue $1,191,753
Investment Income $170,916
Other Revenue $0
TOTAL REVENUE $23,383,753

Expense Breakdown

Grants Paid $1,026,468
Salaries & Benefits $7,281,684
Fundraising Expenses $272,252
Program Expenses $12,318,602
Other Expenses $7,889,124
TOTAL EXPENSES $16,197,276

Year-over-Year Comparison

2024 2023 Change
Revenue $23,383,753 $11,631,513 +1.0%
Expenses $16,197,276 $13,129,703 +0.2%
Net Income $7,186,477 $-1,498,190 -5.8%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
12
Independent Members
12
Employees
184
Volunteers
100

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
9
$465,036
Total Directors
12
$89,008
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KENZIE NEW-WALKER CHAIR 1.00
Officer Director
$0 $0 $0
JOETTA HATFIELD VICE CHAIR 1.00
Officer Director
$0 $0 $0
CHASE THOMAS SECRETARY 1.00
Officer Director
$0 $0 $0
RIC MACDOWELL TREASURER 1.00
Officer Director
$0 $0 $0
PHIL GRANCHI MEMBER 1.00
Director
$0 $0 $0
ANDREW DAWSON MEMBER 1.00
Director
$0 $0 $0
TOMMY ADKINS MEMBER 1.00
Director
$0 $0 $0
MARILYN MCCLURE-DEMERS MEMBER 1.00
Director
$0 $0 $0
CLIFTON MOORE MEMBER 1.00
Director
$0 $0 $0
ASHLEY PACK MEMBER 1.00
Director
$0 $0 $0
LARRY CASTLE PRESIDENT EM 1.00
Director
$0 $0 $0
BRANDON M DENNISON EXECUTIVE DI 40.00
Officer Director
$86,413 $2,595 $89,008
RYAN C STONER CHIEF OPERAT 40.00
Officer
$69,351 $10,887 $80,238
SAM SARCONE CFO 40.00
Officer
$86,037 $10,167 $96,204
MARILYN WRENN CHIEF DEVELO 40.00
Officer
$85,123 $9,731 $94,854
JACOB I HANNAH CEO 40.00
Officer
$100,921 $3,811 $104,732
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $23,383,753 $16,197,276 $35,301,312 $7,186,477
2023 $11,631,513 $13,129,703 $25,191,570 $-1,498,190
2022 $14,692,090 $7,254,683 $24,532,193 $7,437,407
2021 $7,130,153 $5,379,122 $14,261,514 $1,751,031
2020 $6,316,554 $4,068,527 $11,386,447 $2,248,027
2019 $5,702,926 $4,336,026 $9,315,107 $1,366,900
2018 $7,030,686 $5,068,607 $8,788,390 $1,962,079
2018 $5,728,158 $5,072,452 $7,883,463 $655,706
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