2023-11-15T15:05:39-06:00 2022-12-31 930396435 KERNUTT STOKES LLP 1777 SW CHANDLER AVE SUITE 280 BEND OR 97702 990 2022-01-01 471089244 KOR COMMUNITY LAND TRUST DBA ROOTEDHOMES KORC 5412471244 150 NE HAWTHORNE AVENUE STE 110 BEND OR 97701 JACQUELYN KEOGH EXECUTIVE DIRECTOR 5412471244 2023-11-14 1 JACQUELYN KEOGH XXX-XX-XXXX 1 TREVER E CAMPBELL P01643908 5417494020 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X JACQUELYN KEOGH 150 NE HAWTHORNE AVENUE STE 110 BEND OR 97701 855326 0 X ROOTEDHOMES.ORG X 2014 OR TO PROVIDE ENVIRONMENTALLY SUSTAINABLE AND PERMANENTLY AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES FOR THOSE WHO CONTRIBUTE TO THE FABRIC OF THE CENTRAL OREGON ECONOMY AND COMMUNITY. 10 10 5 20 0 0 370207 761936 103504 23383 -6923 502 -9654 57225 457134 843046 0 0 0 0 133734 285927 0 0 39042 64183 123292 197917 409219 259217 433827 1379431 2954365 945206 1660390 434225 1293975 X KOR COMMUNITY LAND TRUST PROVIDES ENVIRONMENTALLY SUSTAINABLE AND PERMANENTLY AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES FOR THOSE WHO CONTRIBUTE TO THE FABRIC OF THE CENTRAL OREGON ECONOMY AND COMMUNITY. 0 0 234333 25928 KOR IS A NONPROFIT THAT CREATES SUSTAINABLE, AFFORDABLE HOMEOWNERSHIP COMMUNITIES FOR CENTRAL OREGON'S WORKFORCE. BASED IN BEND, THE FASTEST GROWING MID-SIZE CITY IN AMERICA, KOR USES THE COMMUNITY LAND TRUST MODEL TO ENSURE THAT THE COMMUNITY WILL HAVE ACCESS TO HEALTHY, AFFORDABLE HOMES FOR GENERATIONS TO COME. IN THE COMMUNITY LAND TRUST MODEL, HOMEOWNERS OWN THEIR HOME OUTRIGHT BY LEVERAGING A TRADITIONAL MORTGAGE, WHILE THE COMMUNITY LAND TRUST OWNS THE LAND UNDER THE HOME AND LEASES IT BACK TO THE HOMEOWNER THROUGH A 99 YEAR RENEWABLE LAND LEASE. THIS ALLOWS THE COMMUNITY LAND TRUST TO ENSURE THAT IF THE HOMEOWNERS SELL, THE HOME RESELLS TO ANOTHER INCOME QUALIFIED HOMEBUYER. THE ORIGINAL HOMEOWNER RECEIVES A FAIR RETURN ON THEIR INITIAL INVESTMENT WHILE HELPING FUTURE GENERATIONS HAVE ACCESS TO AFFORDABLE HOMES, LIKE THEY DID.KOR WAS FOUNDED IN 2015 BY TWO OREGONIANS WHO SAW TOO MANY COMMUNITY MEMBERS DISPLACED BECAUSE OF THE COST OF HOUSING IN THE AREA. AT THE SAME TIME, TYPICAL AFFORDABLE HOUSING LACKED A COMMITMENT TO SUSTAINABILITY AND THE COST SAVINGS AND HEALTH BENEFITS THAT COMES WITH IT FOR THE RESIDENTS. THAT'S WHY, KOR BUILDS ITS HOMES TO NET-ZERO STANDARDS. AS ENERGY EFFICIENT TECHNOLOGIES BECOME MORE COMMONLY USED IN BUILDING STANDARDS, KOR'S HOMES WILL REMAIN THE GOLD STANDARD OF AFFORDABLE HOUSING. KOR'S NET-ZERO ENERGY HOMES COUPLE PASSIVE ENERGY INNOVATIONS AND EFFICIENCIES WITH CLEAN ENERGY PRODUCTION TO ENSURE HOMEOWNERS HAVE A HEALTHY HOME AND THE UTILITY SAVINGS THAT COMES WITH IT.KOR COMMUNITIES PRIMARILY SERVE EXTREMELY-LOW AND LOW-INCOME HOUSEHOLDS, WITH A QUARTER OF ITS HOMES AVAILABLE TO MIDDLE-INCOME HOUSEHOLDS. IN THIS WAY, KOR CREATES MIXED INCOME COMMUNITIES FOR HOUSEHOLDS EARNING BETWEEN 30% AMI TO 120% AMI. IN 2022, KOR EXPERIENCED SIGNIFICANT GROWTH - FROM ADDING 47 WEST-SIDE BEND HOMES TO ITS AFFORDABLE HOUSING PIPELINE TO DOUBLING ITS ORGANIZATIONAL BUDGET AND CAPACITY. IN ADDITION, THE ORGANIZATION SHIFTED THE WAY IN WHICH IT BUILDS AFFORDABLE HOUSING TO BE MORE INNOVATIVE, NIMBLE, AND COMMUNITY-FOCUSED. KOR CREATED LEADERSHIP OPPORTUNITIES FOR HOUSEHOLDS WITH HOUSING INSTABILITY EXPERIENCE TO PROVIDE INPUT ON PROGRAMMATIC DIRECTION AND COMMUNITY DESIGN. WE LISTENED, DYNAMICALLY SHIFTING OUR PIPELINE TO OFFER FAMILY-SIZED HOMES, MORE DOWN-PAYMENT ASSISTANCE, AND PRIORITIZATION OF HOUSEHOLDS WHO HAVE BEEN LOCKED OUT OF HOMEOWNERSHIP FOR TOO LONG. KOR DEVELOPED PREFERENCES THAT GIVE PRIORITY TO OUR LOCAL WORKFORCE, FIRST-GENERATION HOMEBUYERS, AND LOWER-INCOME HOMEBUYERS TO INCREASE THEIR ACCESS TO OUR HOMES. KOR ALSO STEPPED UP OUR ADVOCACY TO SHARE THE FEEDBACK WE RECEIVED TO INFLUENCE POLICIES THAT HAVE THE POWER TO SHIFT THE QUALITY AND INTENTIONALITY OF AFFORDABLE HOMES BEING BUILT IN OUR COMMUNITY. 234333 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 1 1 0 0 1 11 0 5 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 10 10 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 OR X BRIAN DURBIN 5416686137 150 NE HAWTHORNE AVENUE SUITE 110 BEND OR 97701 X LAURA FRITZ PRESIDENT 2.00 X X 0 0 0 BRETT DERY SECRETARY 2.00 X X 0 0 0 BRIAN DURBIN BOARD MEMBER 2.00 X 0 0 0 DULCE PELAYO BOARD MEMBER 1.00 X 0 0 0 RICK HAYES BOARD MEMBER 2.00 X 0 0 0 JENNA CONRAD BOARD MEMBER 1.00 X 0 0 0 JASMINE WILDER BOARD MEMBER 1.00 X 0 0 0 CHRISTOPHER BARRETT TREASURER 2.00 X X 0 0 0 DIANA FISCHETTI BOARD MEMBER 1.00 X 0 0 0 DANA MADISON BOARD MEMBER 1.00 X 0 0 0 0 0 0 0 0 0 0 0 761936 268 761936 DEVELOPER FEE INCOME 230000 18409 18409 LAND LEASE FEE INCOME 531190 3064 3064 STEWARDSHIP FEE INCOME 230000 1560 1560 OTHER PROGRAM INCOME 531390 350 350 23383 502 502 66960 12280 54680 54680 KORHW 8TH STREET, LLC 230000 1653 1653 OTHER INCOME 531390 892 892 2545 843046 25928 0 55182 251207 143016 83000 25191 13503 7350 4720 1433 21217 11549 7417 2251 22954 22649 263 42 28784 6789 21340 655 3039 2425 471 143 2749 1566 68 1115 6797 3237 2652 908 8631 5926 1601 1104 15688 8509 5464 1715 6626 4351 1842 433 3436 3436 274 274 15885 8920 5343 1622 DUES & SUBSCRIPTIONS 3645 1593 787 1265 BANK FEES 3358 1468 725 1165 BOARD EXPENSES 1426 1275 151 409219 234333 135844 39042 44674 199098 179672 100841 122148 364500 214500 810095 0 457090 810095 -5750 -4097 339245 1511780 1379431 2954365 2080 51964 943126 1608426 945206 1660390 X 274925 889559 159300 404416 434225 1293975 1379431 2954365 X 433827 1770 424153 X X 0 1 X 1 0 X 115482 74168 143603 755207 761936 1850396 115482 74168 143603 755207 761936 1850396 260880 1589516 399 885 466 328 502 2580 1852976 1617013 0.85780 0.80840 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 810095 810095 810095 DEVELOPMENT IN PROGRESS 1508808 OREGON EMPLOYMENT DEPOSIT 2247 SECURITY DEPOSIT (RENTAL) 725 1511780 CITY OF BEND AHF LOANS 574216 CITY OF BEND CDBG LOANS 634210 OHCS LIFT LOANS 400000 1608426 864171 8845 12280 21125 843046 0 843046 428574 7075 12280 19355 409219 0 409219 PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES 12,280. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES 12,280. SCHEDULE D, PARTS XI AND XII THE ORGANIZATION IS IN THE PROCESS OF SCHEDULING AN AUDIT FOR THE YEAR ENDED DECEMBER 31, 2022, SO LINE 1 FOR BOTH PARTS XI AND XII ARE NOT FINALIZED AMOUNTS. ANNUAL FUNDRAISER 66960 66960 8542 3738 66960 66960 8542 3738 12280 54680 AMY WARREN - HIVE DEVELOPMENT LLC FORMER FOUNDER 775820 GENERAL CONTRACTOR ON PROJECT 0 FORM 990, PART VI, SECTION A, LINE 4 POLICIES AND BYLAWS WERE UPDATED AND ADOPTED ON JULY 13, 2022. FORM 990, PART VI, SECTION B, LINE 11B THE 990 WILL BE PRESENTED BY STAFF TO THE FINANCE COMMITTEE FOR REVIEW. THE COMMITTEE WILL THEN PRESENT THE 990 FOR APPROVAL AT A BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS ARE REQUIRED TO SIGN AN ACKNOWLEDGEMENT STATING THAT THEY UNDERSTAND AND WILL ABIDE BY THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD REVIEWS THE EXECUTIVE DIRECTOR'S SALARY ON AN ANNUAL BASIS AND APPROVES ADJUSTMENTS AS DEEMED NECESSARY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CASH/ACCRUAL ADJUSTMENT, NET 37,153. PRIOR YEAR RESTRICTED GRANTS RECLASSIFIED AS REVENUE 387,000. FORM 990, PART XII, LINE 1 THE ORGANIZATION CHANGED ITS BOOKS AND RECORDS AND TAX RETURN PREPARATION FROM THE OVERALL CASH METHOD OF ACCOUNTING TO THE OVERALL ACCRUAL METHOD OF ACCOUNTING. FORM 990, PART XII, LINE 2 THE ORGANIZATION IS IN THE PROCESS OF SCHEDULING AN AUDIT FOR THE YEAR ENDED DECEMBER 31, 2022. KORHW 8TH STREET LLC 150 NE HAWTHORNE AVENUE SUITE 110 BEND OR 97701 851398762 AFFORDABLE HOUSING DEVELOPMENT OR KOR COMMUNITY LAND TRUST RELATED 0 1 0.51000 KORHW POPLAR STREET LLC 150 NE HAWTHORNE AVENUE SUITE 110 BEND OR 97701 874814930 AFFORDABLE HOUSING DEVELOPMENT OR KOR COMMUNITY LAND TRUST RELATED 0 1 0.51000 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 KORHW 8TH STREET LLC D 1113602 ACTUAL KORHW POPLAR STREET LLC D 260538 ACTUAL KORHW 8TH STREET LLC Q 10935 ACTUAL