2023-10-02T12:46:14-05:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 10700 NORTHUP WAY SUITE 200 BELLEVUE WA 98004 990 2022-01-01 910947619 SOUTHEAST EFFECTIVE DEVELOPMENT SOUT 2067237333 5117 RAINIER AVE S SEATTLE WA 98118 MICHAEL SEIWERATH EXECUTIVE DIRECTOR 2067237333 2023-09-29 1 MICHAEL SEIWERATH XXX-XX-XXXX 1 KURT BENNION CPA P01469618 4252506100 2023-09-29 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MICHAEL SEIWERATH 5117 RAINIER AVE S SEATTLE WA 98118 7935985 0 X WWW.SEEDSEATTLE.ORG X 1975 WA SOUTHEAST EFFECTIVE DEVELOPMENT ("SEED") IS A NOT-FOR-PROFIT COMMUNITY DEVELOPMENT CORPORATION THAT INVESTS IN THE FUTURE OF SOUTHEAST SEATTLE BY FACILITATING SOCIAL, ECONOMIC, HOUSING AND CULTURAL PROGRAMS WITHIN THE COMMUNITY. FOUNDED IN 1975, SEED WORKS TO STRENGTHEN AND REVITALIZE THE NEIGHBORHOODS AND BUSINESS DISTRICTS OF SOUTHEAST SEATTLE. 10 10 18 14 0 0 545043 798835 3498568 5773355 149807 668827 397190 104484 4590608 7345501 0 0 0 0 1229045 1440047 0 0 50373 4069179 7921753 5298224 9361800 -707616 -2016299 44851964 58235532 40045875 56084755 4806089 2150777 X SOUTHEAST EFFECTIVE DEVELOPMENT ("SEED") IS A NOT-FOR-PROFIT COMMUNITY DEVELOPMENT CORPORATION THAT INVESTS IN THE FUTURE OF SOUTHEAST SEATTLE BY FACILITATING SOCIAL, ECONOMIC, HOUSING AND CULTURAL PROGRAMS WITHIN THE COMMUNITY. FOUNDED IN 1975, SEED WORKS TO STRENGTHEN AND REVITALIZE THE NEIGHBORHOODS AND BUSINESS DISTRICTS OF SOUTHEAST SEATTLE. 0 0 8050243 0 5636356 AFFORDABLE HOUSING: SEED'S AFFORDABLE HOUSING PROGRAM WAS INITIATED IN 1986 AS PART OF A COMPREHENSIVE APPROACH TO COMMUNITY REVITALIZATION IN SOUTH EAST SEATTLE. SINCE THEN, SEED HAS REDEVELOPED AND CONSTRUCTED OVER 1,000 UNITS OF MULTI-FAMILY UTILIZING FEDERAL HOUSING TAX CREDITS. STATE TAX-EXEMPT BONDS AND OTHER PUBLIC/PRIVATE PARTNERSHIPS. SEED HAS INCREASED THE AVAILABILITY OF DECENT AFFORDABLE HOUSING TO SENIORS, PEOPLE WITH DISABILITIES, AND FAMILIES/INDIVIDUALS WITH LIMITED INCOME. 872033 0 241483 ARTS PROGRAM: SEED'S ART PROGRAM WORKS WITH ARTISTS, YOUTH AND COMMUNITY RESIDENTS TO CREATE OPPORTUNITIES FOR PEOPLE TO MAKE A DIFFERENCE IN THEIR NEIGHBORHOODS. WITH BROAD COMMUNITY SUPPORT, SEED HAS DEVELOPED CULTURAL FACILITIES IN THE VISUAL AND PERFORMING ARTS THAT SERVE AS GATHERING SPACES FOR PEOPLE OF ALL CULTURES.SEED PARTNERS WITH SCHOOLS AND COMMUNITY ORGANIZATIONS TO INVOLVE YOUTH AND THEIR FAMILIES IN CREATING PUBLIC AND PERFORMANCE ART FOR THIS COMMUNITY. THE ARTS PROGRAM CREATES OPPORTUNITIES FOR PROFESSIONAL ARTISTS TO CONTRIBUTE TO THEIR OWN NEIGHBORHOODS THROUGH PUBLIC ART CREATION, JAZZ AND WORLD MUSIC PERFORMANCES, AND ARTS PLANNING AND ADVOCACY. 8922276 1 1 0 0 0 0 0 0 1 0 1 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 93 0 1 18 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1 1 1 1 1 0 X JOON CHANG 2067237333 5117 RAINIER AVE S SEATTLE WA 98118 MICHAEL SEIWERATH EXECUTIVE DIRECTOR 40.00 X 155543 0 9318 JOON CHANG FINANCE DIRECTOR 40.00 X 111465 0 9318 TONITA WEBB PRESIDENT & IMMEDIATE PAST PRESIDENT 2.00 X X 0 0 0 DAMIAN STACK VICE PRESIDENT & PRESIDENT 2.00 X X 0 0 0 SUSANNA TRAN DIRECTOR & VICE PRESIDENT 2.00 X X 0 0 0 NEAL LUNA JD SECRETARY TREASURER (THROUGH MARCH 2022) 2.00 X X 0 0 0 CARLOS RUIZ DIRECTOR & SECRETARY/TREASURER 2.00 X X 0 0 0 GAUTHAM ACHARYA DIRECTOR 2.00 X 0 0 0 EVAN CANTINI MD DIRECTOR 2.00 X 0 0 0 JOSEPH DIEHL DIRECTOR (THROUGH JANUARY 2022) 2.00 X 0 0 0 DANIEL GANDARA JD DIRECTOR (THROUGH JULY 2022) 2.00 X 0 0 0 KRISTA HOLLAND IMMEDIATE PAST PRESIDENT & DIRECTOR 2.00 X 0 0 0 SULTAN MOHAMED DIRECTOR (THROUGH FEBRUARY 2022) 2.00 X 0 0 0 PEARL NELSON DIRECTOR 2.00 X 0 0 0 ASHWIN WARRIOR DIRECTOR 2.00 X 0 0 0 KAREN WONG DIRECTOR 2.00 X 0 0 0 267008 0 18636 2 0 1 0 0 576416 222419 798835 LOW INCOME HOUSING 531390 5666392 5666392 OTHER ART PROGRAM 713990 43243 43243 MANAGEMENT FEE 531390 36885 36885 ART MEMBERSHIP 713990 26835 26835 5773355 559907 559907 617876 508956 108920 108920 108920 130699 81528 49171 49171 MISCELLANEOUS INCOME 900099 55313 55313 55313 7345501 5877839 0 668827 285644 271219 12711 1714 920316 873840 40954 5522 499 474 22 3 111883 106233 4979 671 121705 115559 5416 730 182271 173066 8111 1094 6382 6060 284 38 100300 95235 4463 602 291017 276321 12950 1746 24021 22808 1069 144 261661 248447 11644 1570 99321 94305 4420 596 1230070 1167952 54738 7380 3939 3740 175 24 10363 9840 461 62 634422 602383 28232 3807 966479 950919 15560 133808 127051 5954 803 FISCAL CONTRACT 3319113 3151497 147701 19915 SWAP 300406 285236 13368 1802 BAD DEBT EXPENSE 239145 227068 10642 1435 MISCELLANEOUS 91615 86988 4077 550 27420 26035 1220 165 9361800 8922276 389151 50373 1496975 2659480 1762326 3037719 2938144 9502513 6534132 115316 319763 59392069 22488707 22762719 36903362 1180703 1179741 6756019 5938584 44851964 58235532 2030849 2199932 74267 92710 219256 228738 37721503 34113459 19449916 40045875 56084755 X 4806089 2150777 4806089 2150777 44851964 58235532 X -2016299 -639013 X X 0 1 X 1 1 1 X 1547042 722821 983855 545043 798835 4597596 2814881 2891203 3565023 3938851 5959367 19169325 4361923 3614024 4548878 4483894 6758202 23766921 0 0 0 23766921 242067 233318 116384 144505 559907 1296181 242067 233318 116384 144505 559907 1296181 4603990 3847342 4665262 4628399 7318109 25063102 0.94830 0.96360 0.05170 0.03640 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 131556 621408 658584 94380 1 X 8637419 8637419 42632742 21306483 21326259 6501258 799925 5701333 1620650 382299 1238351 36903362 SECURITY DEPOSITS 685269 RESERVES 3335159 PROJECT DEVELOPMENT COSTS 1918156 5938584 X PART IV, LINE 1B: THE ORGANIZATION ACTS AS FISCAL AGENT FOR SMALL NONPROFITS THAT HAVE NOT OBTAINED THEIR OWN 501(C)(3) STATUS. PART IV, LINE 2B: THE ORGANIZATION HOLDS TENANT SECURITY DEPOSITS, WHICH ARE MAINTAINED SEPARATELY FROM GENERAL OPERATING FUNDS. EACH SECURITY DEPOSIT IS RETURNED TO THE TENANT, LESS ANY COSTS, UPON TERMINATION OF THE LEASE. PART X, LINE 2: SOUTHEAST EFFECTIVE DEVELOPMENT IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). INCOME FROM COMMERCIAL LEASING ACTIVITIES NOT DIRECTLY RELATED TO SEED'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. NO TAXES WERE PAID ON UNRELATED BUSINESS INCOME DURING 2021 DUE TO RELATED LOSSES ON THOSE ACTIVITIES. MANAGEMENT HAS DETERMINED THE DEFERRED TAX BENEFIT RELATED TO NET OPERATING LOSS CARRYFORWARDS TO BE INCONSEQUENTIAL AND, THEREFORE, HAS NOT RECORDED AN ESTIMATE FOR THE BENEFIT IN SEED'S CONSOLIDATED FINANCIAL STATEMENTS. RAINIER COURT I, RAINIER COURT II, RAINIER COURT III, AND RAINIER COURT IV HAVE NO PROVISION OR BENEFIT FOR INCOME TAXES INCLUDED IN THESE FINANCIAL STATEMENTS SINCE TAXABLE INCOME OR LOSS PASSES THROUGH TO, AND IS REPORTABLE BY, EACH PARTNER OR MEMBER INDIVIDUALLY. SEED PROPERTIES LLC, LILAC LODGE LLC, OREGON PLACE AND CLAREMONT ARE WHOLLY OWNED BY SEED AND REPORT THEIR INCOME AND EXPENSES FOR FEDERAL TAX REPORTING PURPOSES AS A PART OF SEED. X X X 0 0 0 0 0 0 0 0 0 MICHAEL SEIWERATH EXECUTIVE DIRECTOR 155543 0 0 0 0 0 0 0 9318 0 164861 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE CONSISTS OF THE ELECTED OFFICERS OF SEED AND THE EXECUTIVE DIRECTOR AS EX-OFFICIO MEMBER. THE EXECUTIVE COMMITTEE IS THE OPERATIONS COMMITTEE OF THE ORGANIZATION. THE COMMITTEE MEETS ON A REGULAR BASIS AT AN ESTABLISHED TIME AND PLACE TO: A) DISCUSS POLICY ISSUES AND MAKE RECOMMENDATIONS TO THE BOARD OF DIRECTORS AS APPROPRIATE. B) PREPARE A WRITTEN EVALUATION OF THE EXECUTIVE DIRECTOR IN OCTOBER OF EACH YEAR. C) SUBMIT POLICY RECOMMENDATIONS IN WRITING TO THE BOARD, AT LEAST ONE WEEK PRIOR TO THE NEXT SCHEDULED BOARD OF DIRECTORS MEETING. D) CONDUCT BUSINESS IN ACCORDANCE WITH THE POLICIES OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO MANAGE THE ORGANIZATION IN THOSE MATTERS THAT THE BOARD OF DIRECTORS HAS DESIGNATED BY RESOLUTION ADOPTED BY A MAJORITY OF THE DIRECTORS THEN IN OFFICE, EXCEPT THAT THE EXECUTIVE COMMITTEE MAY NOT: 1. AMEND, ALTER, OR REPEAL THE BYLAWS; 2. ELECT, APPOINT OR REMOVE ANY COMMITTEE MEMBER OR BOARD MEMBER; 3. AMEND THE ARTICLES OF INCORPORATION; 4. ADOPT A PLAN OF MERGER OR A PLAN OF CONSOLIDATION; 5. AUTHORIZE THE SALE, LEASE OR EXCHANGE OF ALL OR SUBSTANTIALLY ALL OF THE ORGANIZATION'S PROPERTY AND ASSETS OTHER THAN IN THE ORDINARY COURSE OF BUSINESS; 6. AUTHORIZE THE VOLUNTARY DISSOLUTION OF THE ORGANIZATION; 7. ADOPT A PLAN FOR THE DISTRIBUTION OF THE ORGANIZATION'S ASSETS; OR 8. AMEND, ALTER OR REPEAL ANY RESOLUTION OF THE BOARD THAT BY ITS TERMS PROVIDES THAT IT CANNOT BE AMENDED, ALTERED OR REPEALED BY A COMMITTEE. FORM 990, PART VI, SECTION A, LINE 8B WHILE COMMITTEES HAVE WRITTEN AGENDAS, THEY MAY NOT REGULARLY KEEP MEETING MINUTES. COMMITTEES MAKE REGULAR REPORTS TO THE BOARD THROUGH THE BOARD MEETING PACKET AND VERBAL DISCUSSIONS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY THE ORGANIZATION'S INDEPENDENT CPA WITH INFORMATION PROVIDED BY MANAGEMENT. THE EXECUTIVE DIRECTOR AND DIRECTOR OF FINANCE REVIEW FORM 990 BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C SEED HAS A CONFLICT OF INTEREST POLICY WHICH APPLIES TO ALL EMPLOYEES, DIRECTORS AND OFFICERS. EMPLOYEES ARE PERSONS ARE REQUIRED TO REVIEW THE POLICY IN THE EMPLOYEE HANDBOOK AND SELF IDENTIFY ANY CONFLICTS AS THEY EMERGE. DIRECTORS AND OFFICERS ARE GIVEN THE POLICY UPON JOINING THE BOARD AND SELF IDENTIFY ANY CONFLICTS AS THEY EMERGE. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE PREPARES A WRITTEN EVALUATION USING MARKET DATA AS BASIS FOR COMPARISON FOR THE EXECUTIVE DIRECTOR AND OTHER DIRECTORS DURING OCTOBER EVERY YEAR AND THE EVALUATION IS RECORDED IN BOARD MINUTES. THE LAST YEAR THIS PROCESS OCCURRED WAS 2022. FORM 990, PART VI, SECTION C, LINE 19 ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: LOSS ON ACQUISITION OF RAINIER COURT ASSOC. (COURTLAND) OWNERSHIP INTERESTS -639,013. FORM 990, PART XII, LINE 2C THE PROCESS FOR OVERSIGHT AND SELECTION OF THE INDEPENDENT ACCOUNTANT HAS NOT CHANGE FROM THE PRIOR YEAR. 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