2023-11-14T13:55:57-06:00 2022-12-31 381357951 PLANTE & MORAN PLLC 8181 E TUFTS AVE SUITE 600 DENVER CO 80237 990 2022-01-01 850671360 ELEVATION COMMUNITY LAND TRUST ELEV 7208220052 1114 W 7TH AVE SUITE 101 DENVER CO 80404 ROBIN HICKEY CFO 7208220052 2023-11-13 1 ROBIN HICKEY 999009999 1 RYAN C HARRIS P00614618 3037409400 2023-11-13 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z STEFKA FANCHI 1114 W 7TH AVE SUITE 101 DENVER CO 80404 22710113 0 X WWW.ELEVATIONCLT.ORG X 2020 CO PROVIDING AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES USING THE COMMUNITY LAND TRUST MODEL. 10 10 15 10 0 0 10353074 11165121 2243786 2640449 -4475505 -1581597 965 0 8122320 12223973 0 0 0 0 1435125 1764735 0 0 171928 3874468 4158091 5309593 5922826 2812727 6301147 49445560 67907518 27838379 39999190 21607181 27908328 ELEVATION COMMUNITY LAND TRUST PARTNERS WITH COMMUNITIES TO CREATE EQUITABLE OPPORTUNITIES FOR FAMILIES THROUGH PERMANENTLY AFFORDABLE HOMEOWNERSHIP. 0 0 5184481 11515600 ECLT PROVIDES AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES TO ELIGIBLE LOW-TO-MODERATE INCOME COLORADO FAMILIES USING THE COMMUNITY LAND TRUST MODEL, THROUGH WHICH THE IMPROVEMENTS ON A PROPERTY ARE SOLD TO A QUALIFIED HOUSEHOLD AND THE LAND IS HELD IN TRUST AS A COMMUNITY ASSET. ECLT ACQUIRES HOMES, COMPLETES REHABILITATION IF NEEDED, AND SELLS THE HOMES TO LOW-TO-MODERATE INCOME HOUSEHOLDS. SUCH HOMES ARE GENERALLY SOLD AT A LOSS, SINCE THE COST TO ACQUIRE AND REHABILITATE A PROPERTY USUALLY EXCEEDS THE AFFORDABLE SALES PRICE TO A QUALIFIED HOMEBUYER. THIS LOSS ($1,581,597 IN 2022 SHOWN ON PART I LINE 10 ABOVE) REPRESENTS ECLT'S SUBSIDY INVESTMENT TO ENSURE THAT THE HOMES IN ITS PORTFOLIO REMAIN PERMANENTLY AFFORDABLE FOR GENERATIONS TO COME. IN 2022, ECLT SOLD 87 HOMES TO QUALIFIED BUYERS. 5184481 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 40 0 1 15 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X ROBIN HICKEY 7208222168 1114 W 7TH AVE SUITE 101 DENVER CO 80404 JOSE ESPARZA DIRECTOR 0.50 X 0 0 0 KAREN FOX ELWELL SECRETARY 0.50 X X 0 0 0 ANNE GARCIA VICE CHAIR & TREASURER 0.50 X X 0 0 0 SHANNON GIFFORD DIRECTOR 0.50 X 0 0 0 TOM GOUGEON DIRECTOR 0.50 X 0 0 0 SUSAN POWERS DIRECTOR 0.50 X 0 0 0 DAVE YOUNGGREN CHAIR 0.50 X X 0 0 0 KELLY EVANS DIRECTOR 0.50 X 0 0 0 CAMELLIA FLETCHER DIRECTOR 0.50 X 0 0 0 RODNEY MILTON DIRECTOR 0.50 X 0 0 0 STEFKA FANCHI PRESIDENT AND CEO 45.00 X 184993 0 56792 ROBIN HICKEY CHIEF FINANCIAL OFFICER 45.00 X 159226 0 13874 LAUREN DEBELL CHIEF STRATEGY OFFICER 45.00 X 134526 0 22126 BARBARA NAVIN VICE PRESIDENT OF STEWARDSHIP 45.00 X 139423 0 15585 DAVID OGUNSANYA VICE PRESIDENT OF REAL ESTATE 45.00 X 120041 0 32266 TIANA PATTERSON VP SOCIAL IMPACT & WEALTH EQUITY 40.00 X 111148 0 38123 849357 0 178766 6 0 1 0 R & J REAL ESTATE SERVICES LLC 21388 E 50TH AVE DENVER CO 80249 REHABILITATION CONSTRUCTION 262804 AGM LANDSCAPING PO BOX 352074 WESTMINSTER CO 800352074 LANDSCAPING AND SNOW REMOVAL 101104 2 3369552 7795569 5736413 11165121 RENTAL INCOME 532000 1323509 1323509 PROPERTY DEVELOPMENT FEES 900099 1104725 1104725 LAND TRUST INCOME 900099 212215 212215 2640449 29392 29392 8875151 10486140 -1610989 -1610989 -1610989 12223973 1029460 0 29392 X 571536 322322 150572 98642 876201 771074 59320 45807 56013 50078 3310 2625 150121 122865 17965 9291 110864 84886 15496 10482 236277 214755 21522 68126 5373 62753 20000 20000 932837 908871 23966 13174 13170 4 46345 14980 31252 113 81125 38602 40088 2435 486587 421528 64304 755 36518 27631 8489 398 10638 5151 5487 91662 91662 582326 574489 7837 190799 171097 19702 DEVELOPMENT EXPENSE 832368 832368 BAD DEBT EXPENSE 138525 138525 HOA FEES 131612 131612 LANDSCAPING 101834 101834 157338 134778 21184 1376 5922826 5184481 566417 171928 659920 717809 4488904 5192011 1864699 162633 25271 68075 60513824 641784 41704072 59872040 702694 1894950 49445560 67907518 584591 849372 18545418 9775650 8679066 29078110 29304 296058 27838379 39999190 X 21507181 27204803 100000 703525 21607181 27908328 49445560 67907518 6301147 0 X 0 1 X 1 0 X 10353074 11165121 21518195 10353074 11165121 21518195 9388274 12129921 1622 29392 31014 965 965 21550174 29956544 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2021 AMOUNT: $ 965. 2022 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 20000 20000 0 PART II-B, LINE 1: HIRED A LOBBYING CONSULTANT. 34244157 34244157 11369493 12780822 624611 23525704 27798 17173 10625 2091554 2091554 59872040 DEPOSITS 139101 OPERATING LEASE LIABILITY 156957 296058 13533290 296885 1012432 1309317 12223973 0 12223973 7232143 296885 1012432 1309317 5922826 0 5922826 PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST RATE DISCOUNT 1,012,432. PART XII, LINE 2D - OTHER ADJUSTMENTS: INTEREST RATE DISCOUNT 1,012,432. X X X 1 0 0 0 0 0 0 1 0 STEFKA FANCHI PRESIDENT AND CEO 182535 0 0 0 2458 0 13494 0 43298 0 241785 0 0 0 ROBIN HICKEY CHIEF FINANCIAL OFFICER 153768 0 3000 0 2458 0 11338 0 2536 0 173100 0 0 0 LAUREN DEBELL CHIEF STRATEGY OFFICER 133276 0 1250 0 0 0 9511 0 12615 0 156652 0 0 0 BARBARA NAVIN VICE PRESIDENT OF STEWARDSHIP 138256 0 1167 0 0 0 6045 0 9540 0 155008 0 0 0 DAVID OGUNSANYA VICE PRESIDENT OF REAL ESTATE 116586 0 1167 0 2288 0 8764 0 23502 0 152307 0 0 0 PART I, LINE 4A BARBARA NAVIN RECIEVED $55,000 IN SEVERANCE. PART I, LINE 7 THE CEO'S BONUS IS DETERMINED BY THE EXECUTIVE COMMITTEE. THE CEO DETERMINES THE BONUSES OF THE REST OF THE STAFF (INCLUDING SENIOR LEADERSHIP AS OUTLINED IN THE COMPENSATION POLICY), IN CONSULTATION WITH THEIR SUPERVISORS, BASED ON INDIVIDUAL AND OVERALL ORGANIZATIONAL PERFORMANCE AND THE AVAILABILITY OF FUNDS. IN ALL CASES, BONUSES ARE CONSIDERED AS PART OF THE ANNUAL EMPLOYEE EVALUATION PROCESS AND ARE EVALUATED FOR REASONABLENESS USING LOCAL SALARY SURVEYS FOR THE NONPROFIT AND RELATED INDUSTRIES. X 13 5736413 FMV 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PROVIDED TO THE PRESIDENT AND THE FINANCE COMMITTEE FIRST, AND THEN TO THE ENTIRE BOARD FOR REVIEW AND COMMENTS. ELEVATION COMMUNITY LAND TRUST OBTAINS APPROVAL OF THE FORM 990 BY VOTE DURING A BOARD MEETING OR VIA ELECTRONIC MEANS. UPON APPROVAL, THE CHIEF FINANCIAL OFFICER SIGNS THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE ECLT BOARD OF DIRECTORS HAS ADOPTED A CONFLICT OF INTEREST POLICY THAT GOVERNS THE MONITORING AND ENFORCEMENT OF COMPLIANCE. OFFICERS, DIRECTORS AND SENIOR STAFF (VP AND ABOVE) ARE REQUIRED TO ANNUALLY DISCLOSE ANY INTEREST THAT COULD GIVE RISE TO CONFLICTS, INCLUDING COMPLETING AN ANNUAL COI QUESTIONNAIRE. ELEVATION COMMUNITY LAND TRUST REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THE POLICY. BOARD MEMBERS ARE REQUIRED TO RECUSE THEMSELVES FROM THE MEETING AND ANY VOTE WHEN A CONFLICT OF INTEREST EXISTS. THE BOARD CHAIR AND FINANCE COMMITTEE CHAIR MONITOR BOARD MEETINGS AND ENFORCE COMPLIANCE WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE ELEVATION COMMUNITY LAND TRUST BOARD OF DIRECTORS HAS ADOPTED A COMPENSATION POLICY FOR SENIOR MANAGEMENT. UNDER THIS POLICY, THE BOARD CHAIR ANNUALLY REVIEWS THE PERFORMANCE OF THE PRESIDENT & CEO, AND THE COMPENSATION COMMITTEE RECOMMENDS TO THE BOARD THE TOTAL COMPENSATION PACKAGE OF THE CEO. ONCE APPROVED BY THE BOARD, THE PRESIDENT & CEO'S COMPENSATION PACKAGE IS PROVIDED TO THE CFO IN WRITING FOR ANY REQUIRED UPDATES. THE POLICY DELEGATES REVIEW OF SENIOR MANAGEMENT TO THE PRESIDENT & CEO; SENIOR MANAGEMENT MUST RECEIVE PERFORMANCE EVALUATIONS AT LEAST ANNUALLY. SENIOR MANAGEMENT INCLUDES THE CHIEF FINANCIAL OFFICER (CFO) AND THE CHIEF STRATEGY OFFICER (CSO). THE PRESIDENT & CEO, CFO, AND CSO WERE LAST REVIEWED IN JANUARY - FEBRUARY 2023 FOR CALENDAR YEAR 2022 PERFORMANCE. ALL OTHER EMPLOYEES ARE REVIEWED ANNUALLY BY THEIR DIRECT SUPERVISORS. REVIEWS LAST OCCURED IN FEBRUARY 2023 FOR CALENDAR YEAR 2022 PERFORMANCE. FOR ALL POSITIONS, SALARIES ARE BENCHMARKED ANNUALLY FOR REASONABLENESS USING LOCAL SALARY SURVEYS FOR THE NONPROFIT AND RELATED INDUSTRIES. FORM 990, PART VI, SECTION C, LINE 19 ELEVATION COMMUNITY LAND TRUST'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER: PROGRAM SERVICE EXPENSES 6,675. MANAGEMENT AND GENERAL EXPENSES 23,966. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 30,641. REAL ESTATE FEES: PROGRAM SERVICE EXPENSES 383,762. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 383,762. BROKER FEES: PROGRAM SERVICE EXPENSES 340,575. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 340,575. PROPERTY MANAGEMENT FEES: PROGRAM SERVICE EXPENSES 111,225. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 111,225. PROPERTY CONSULTING: PROGRAM SERVICE EXPENSES 66,634. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 66,634. ECLT AURORA COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 2078 629000 ELEVATION COMMUNITY LAND TRUST ECLT BALSAM ST CONDOS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 871351099 HOLD PROPERTY CO 354786 4421812 ELEVATION COMMUNITY LAND TRUST ECLT BLACKHAWK COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 0 937720 ELEVATION COMMUNITY LAND TRUST ECLT BLUE VISTA COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 31200 3360000 ELEVATION COMMUNITY LAND TRUST ECLT BRIGHTON CONDOS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 854107456 HOLD PROPERTY CO 32600 1073072 ELEVATION COMMUNITY LAND TRUST ECLT CHESTNUT CONDOS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 872856848 HOLD PROPERTY CO 0 915000 ELEVATION COMMUNITY LAND TRUST ECLT EMPORIA COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 5931 1509824 ELEVATION COMMUNITY LAND TRUST ECLT GUNBARREL COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 350397 5488767 ELEVATION COMMUNITY LAND TRUST ECLT GVR COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 26124 1525000 ELEVATION COMMUNITY LAND TRUST ECLT ILIFF STATION COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 0 799312 ELEVATION COMMUNITY LAND TRUST ECLT INCA COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 371914161 HOLD PROPERTY CO 2838930 1847094 ELEVATION COMMUNITY LAND TRUST ECLT KECHTER COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 872768155 HOLD PROPERTY CO 0 0 ELEVATION COMMUNITY LAND TRUST ECLT METRO EAST LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 854096859 HOLD PROPERTY CO 1422981 11228769 ELEVATION COMMUNITY LAND TRUST ECLT METRO WEST LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 854217940 HOLD PROPERTY CO 68571 1440564 ELEVATION COMMUNITY LAND TRUST ECLT MONTBELLO COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 844053677 HOLD PROPERTY CO 69188 1452273 ELEVATION COMMUNITY LAND TRUST ECLT MORRISON CONDOS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 880726220 HOLD PROPERTY CO 686767 2023503 ELEVATION COMMUNITY LAND TRUST ECLT NORTH DENVER COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 851563312 HOLD PROPERTY CO 109183 2419134 ELEVATION COMMUNITY LAND TRUST ECLT NORTHERN COLORADO LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 880772530 HOLD PROPERTY CO 4621181 8760981 ELEVATION COMMUNITY LAND TRUST ECLT OGDEN COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 883352350 HOLD PROPERTY CO 70479 1901667 ELEVATION COMMUNITY LAND TRUST ECLT ROSEMARY COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 882936537 HOLD PROPERTY CO 37295 1162518 ELEVATION COMMUNITY LAND TRUST ECLT WELTON COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 HOLD PROPERTY CO 0 0 ELEVATION COMMUNITY LAND TRUST ECLT WESTERN SLOPE LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 873936710 HOLD PROPERTY CO 1953 667726 ELEVATION COMMUNITY LAND TRUST ECLT WESTSIDE COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 880984397 HOLD PROPERTY CO 1201005 5601918 ELEVATION COMMUNITY LAND TRUST ECLT XENIA COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 39174 214300 ELEVATION COMMUNITY LAND TRUST TENNYSON CLT LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 HOLD PROPERTY CO 0 1526146 ELEVATION COMMUNITY LAND TRUST ELEVATION COMMUNITY LAND TRUST LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 COMMUNITY LAND TRUST CO 1563466 7001418 ELEVATION COMMUNITY LAND TRUST