2023-11-03T17:23:17-05:00 2022-12-31 946214841 ARMANINO LLP 999 18TH STREET SUITE 3300 DENVER CO 802022499 990 2022-01-01 841505466 IMPACT DEVELOPMENT FUND IMPA 9704942021 200 E 7TH STREET 412 LOVELAND CO 805374871 SEAN DOHERTY EXECUTIVE DIRECTOR 9704942021 2023-11-02 1 SEAN DOHERTY 999009999 0 KATY BROWN P00650274 7206171360 2023-11-02 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z SEAN DOHERTY 200 E 7TH STREET 412 LOVELAND CO 805374871 6619022 0 X WWW.IMPACTDF.ORG X 1999 CO PROVIDES LOANS FOR AFFORDABLE HOUSING AND NONPROFIT FACILITIES. 13 13 31 20 0 0 4922799 1063750 2984419 4289498 65436 601842 0 0 7972654 5955090 644750 140250 0 0 1101698 1783662 0 0 96339 2274077 2194878 4020525 4118790 3952129 1836300 94189803 115033331 78461781 97469009 15728022 17564322 CREATES ECONOMIC OPPORTUNITY BY DELIVERING FLEXIBLE CAPITAL TO STRENGTHEN UNDER-SERVED COLORADO COMMUNITIES. 0 0 3146174 140250 4289498 IMPACT DEVELOPMENT FUND PROVIDES EARLY STAGE, SHORT-TERM LOANS TO AFFORDABLE HOUSING, NON-PROFIT COMMUNITY FACILITIES, AND NEIGHBORHOOD REVITALIZATION PROJECT DEVELOPERS THROUGHOUT THE STATE OF COLORADO. 322268 IMPACT DEVELOPMENT FUND PROVIDES TECHNICAL ASSISTANCE TO NON-PROFIT AFFORDABLE HOUSING AND COMMUNITY SERVICE ORGANIZATIONS PLANNING TO RENOVATE, ACQUIRE, BUILD AND/OR EXPAND REAL ESTATE. THE TECHNICAL ASSISTANCE IS PROVIDED THROUGH WORKSHOPS AND ONE-ON-ONE CONSULTATION. 3468442 1 1 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 19 0 1 31 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CO X GINA WINTERHALDER 9704942021 200 E 7TH STREET 412 LOVELAND CO 805374871 MARK O'CONNOR PRESIDENT 1.00 X X 0 0 0 BECKY CHRISTOFFERSEN VICE PRESIDENT 1.00 X X 0 0 0 MICAH HALVERSON SECRETARY 1.00 X X 0 0 0 RANDY ILICH TREASURER 1.00 X X 0 0 0 KHANH NGUYEN BOARD MEMBER 0.50 X 0 0 0 KRISTIN CANDELLA BOARD MEMBER 0.50 X 0 0 0 JOHN PIKE BOARD MEMBER 0.50 X 0 0 0 BETH TRUBY BOARD MEMBER 0.50 X 0 0 0 STEPHEN WESSLER BOARD MEMBER 0.50 X 0 0 0 MARY STEGNER BOARD MEMBER 0.50 X 0 0 0 ANNIE PERIZZOLO BOARD MEMBER 0.50 X 0 0 0 RENEE GALLEGOS BOARD MEMBER 0.50 X 0 0 0 BRIAN ROSSBERT BOARD MEMBER 0.50 X 0 0 0 SEAN DOHERTY EXECUTIVE DIRECTOR 40.00 X 160385 0 23635 MEGAN FERGUSON DEPUTY EXECUTIVE DIRECTOR 40.00 X 133861 0 18511 294246 0 42146 3 0 1 0 0 668484 395266 1063750 LOAN INTEREST INCOME 522292 2148803 2148803 LOAN FEES/SERVICING IN 522292 1984407 1984407 CONTRACT REVENUE 900099 126041 126041 LOAN RECOVERY INCOME 522292 30247 30247 4289498 257069 257069 1008705 663932 344773 344773 344773 5955090 4289498 0 601842 140250 140250 192838 57851 125345 9642 1316160 1063262 194517 58381 28065 23012 3812 1241 101331 84672 12196 4463 145268 108951 29780 6537 2635 2635 50000 50000 65120 65120 6693 6693 95631 74095 17660 3876 82367 61776 16885 3706 105183 78888 21562 4733 8403 6303 1722 378 5467 4101 1120 246 1039955 1039955 69708 52282 14290 3136 PROVISIONS FOR LOAN LOS 658118 658118 BAD DEBT 5598 5598 4118790 3468442 554009 96339 34793421 35733047 16227316 34445300 830024 2080902 40561201 41196565 381050 375678 1223355 21516 1396791 1201839 94189803 115033331 598558 326295 949015 1082846 35361214 42876373 27498823 30983495 14054171 22200000 78461781 97469009 X 15662772 17564322 65250 0 15728022 17564322 94189803 115033331 1836300 0 X 0 1 X 1 1 1 X 132641 2055557 2342468 4922799 1066250 10519715 132641 2055557 2342468 4922799 1066250 10519715 10519715 80616 193859 63265 65436 257069 660245 11179960 12556341 0.94090 0.95660 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 1201839 1201839 21516 21516 0 1201839 EQUITY EQUIVALENT INVESTMENTS 12200000 REFUNDABLE ADVANCE 10000000 22200000 X 5341813 -613277 -613277 5955090 0 5955090 3623172 162500 162500 3460672 658118 658118 4118790 PART IV, LINE 2B: THE FUND HAS ENTERED INTO SERVICING AGREEMENTS WITH SEVERAL MUNICIPALITIES IN THE STATE OF COLORADO TO PROVIDE RESIDENTIAL PURCHASE ASSISTANCE LOANS TO INDIVIDUALS IN THOSE SPECIFIC MUNICIPALITIES. THE MUNICIPALITIES FORWARD CASH TO THE FUND TO ESTABLISH LOAN FUNDS FOR WHICH THE FUND ADMINISTERS AND MANAGES THE LOANS UNDER THE LOAN AGREEMENTS. THE FUND ACCOUNTS FOR THE FUNDS AS AGENCY LIABILITIES AND AT DECEMBER 31, 2022, $1,495,564 IS AVAILABLE FOR LOAN CAPITAL UNDER THESE PROGRAMS. IN JULY 2021, THE FUND ENTERED INTO AN AGREEMENT WITH THE COLORADO OFFICE OF ECONOMIC DEVELOPMENT AND INTERNATIONAL TRADE ("OEDIT") FOR THE ADMINISTRATION OF PAYMENTS AND APPLICATION REVIEW AND GRANT UNDERWRITING FOR THE COMMUNITY REVITALIZATION COLORADO ("CRC") GRANT PROGRAM. PURSUANT TO THE AGREEMENT, OEDIT DETERMINES THE AWARDED ORGANIZATIONS PER AN APPLICATION PROCESS IMPLEMENTED BY OEDIT AND PROVIDES THE GRANT FUNDS AND THE FUND IS RESPONSIBLE FOR PAYING OUT THE GRANT FUNDS TO THE AWARDED ORGANIZATIONS. THE FUND EARNS AN ADMINISTRATIVE FEE FOR ADMINISTERING THE CRC PROGRAM. IN 2022, THE FUND ENTERED INTO THREE ADDITIONAL AGREEMENTS WHEREBY THE RESOURCE PROVIDER INDICATES THE RECIPIENTS OF THE FUNDS AND THE FUND ACTS AS A PASS-THROUGH ENTITY BY RECEIVING THE FUNDS AND THEN DISBURSING THE FUNDS TO THE SPECIFIED PARTIES. THE FUND EARNS AN ADMINISTRATIVE FEE FIR THE ADMINISTRATION OF THE AGREEMENTS. AT DECEMBER 31, 2022, FUNDS HELD TO BE DISBURSED TO OTHERS AMOUNTED TO $42,876,373 AND IS INCLUDED AS PART OF CASH AND CASH EQUIVALENTS, FUNDS HELD FOR OTHERS AND AGENCY LIABILITIES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION. PART X, LINE 2: THE FUND IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION. HOWEVER, INCOME FROM ACTIVITIES NOT DIRECTLY RELATED TO ITS TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. THE FUND DID NOT INCUR TAXES FOR UNRELATED TRADE OR BUSINESS INCOME DURING 2022. MANAGEMENT IS REQUIRED TO EVALUATE TAX POSITIONS TAKEN BY THE FUND AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE ORGANIZATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS AND DETERMINED THERE ARE NONE. THE FUND IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE PREVIOUS THREE TAX YEARS REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. PART XI, LINE 2D - OTHER ADJUSTMENTS: PROVISIONS FOR LOAN LOSS -658,118. INTERCOMPANY TRANSACTION 42,341. ADJUSTMENT OF GRANT EXPENSES 2,500. PART XII, LINE 2D - OTHER ADJUSTMENTS: INTERCOMPANY TRANSACTIONS 160,000. ADJUSTMENT OF GRANT EXPENSES 2,500. PART XII, LINE 4B - OTHER ADJUSTMENTS: PROVISIONS FOR LOAN LOSS 658,118. 1 PROJECT MOXIE 10 TOWN PLAZA 161 DURANGO CO 81301 140250 0 TO PROVIDE AFFORDABLE HOUSING SERVICES 0 1 PART I, LINE 2: GRANT FUND ELIGIBILITY IS DETERMINED PRIOR TO DISTRIBUTION AS ALL COMPLIANCE AND DUE DILIGENCE IS COMPLETED PRIOR TO THE AWARD. X X 0 0 0 0 0 0 0 1 0 SEAN DOHERTY EXECUTIVE DIRECTOR 145385 0 15000 0 0 0 4362 0 19273 0 184020 0 0 0 MEGAN FERGUSON DEPUTY EXECUTIVE DIRECTOR 123861 0 10000 0 0 0 3696 0 14815 0 152372 0 0 0 PART I, LINE 7 THE ORGANIZATION PROVIDES A DISCRETIONARY BONUS TO MANAGEMENT UP TO A CAP BASED ON NET INCOME. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PRESENTED TO THE BOARD MEMBERS THROUGH A SECURED WEBSITE PRIOR TO FILING. BEFORE PRESENTED TO THE BOARD, EXECUTIVE MANAGEMENT REVIEWS WITH THE FINANCE COMMITTEE AND THE FINANCE COMMITTEE THEN RECOMMENDS FOR ACCEPTANCE BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY (CIP) APPLIES TO ALL MEMBERS AND KEY EMPLOYEES (I.E. EXECUTIVE DIRECTOR). THE CIP IS DISCUSSED ANNUALLY AT A BOARD OF DIRECTORS MEETING AND BOARD MEMBERS SIGN ANNUALLY TO ATTEST TO THEIR REVIEW AND AGREEMENT TO ABIDE BY THE POLICY. THE POLICY DISCUSSES IN DEPTH THAT BOARD MEMBERS AND RELATED PARTIES MAY NOT OBTAIN MATERIAL GAIN, EXPECTATIONS OF BOARD MEMBERS IF/WHEN THEIR EMPLOYER IS AN APPLICANT FOR A LOAN, WHAT CONSTITUTES A CONFLICT OF INTEREST, DISCLOSURE REQUIREMENTS, EXPECTATIONS OF BOARD MEMBERS, AND PENALTIES. THE EXECUTIVE COMMITTEE OF THE BOARD, WITH INPUT FROM THE EXECUTIVE DIRECTOR, MONITORS FOR POTENTIAL OR ACTUAL CONFLICTS OF INTERESTS. THE VOLUME OF VENDOR TRANSACTIONS IS SMALL AND ON SIZEABLE PURCHASES, MULTIPLE BIDS (EITHER VERBAL OR WRITTEN) ARE OBTAINED. ON LOAN REQUESTS, STAFF DISCLOSE ANY POTENTIAL CONFLICTS TO THE LOAN COMMITTEE AS PART OF THE LOAN COMMITTEE PRESENTATION. THE CIP DISCUSSES THE CIRCUMSTANCES AND PROCESS FOR A BOARD MEMBER TO DISCLOSE AND NOT PARTICIPATE IN OR INFLUENCE A DECISION. IF THERE ARE ANY QUESTIONS, DISPUTES, OR ISSUES RELATED TO A CONFLICT OF INTEREST MATTER, THE EXECUTIVE DIRECTOR, IN CONSULTATION WITH THE EXECUTIVE COMMITTEE, WOULD MAKE A FINAL DETERMINATION (LEGAL COUNSEL IS ALSO AVAILABLE IF NEEDED). RESTRICTIONS ON A BOARD MEMBER'S PARTICIPATION ARE OUTLINED IN THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING THE EXECUTIVE DIRECTOR'S SALARY INCLUDES A REVIEW OF AN INDUSTRY GROUP SURVEY, THE OPPORTUNITY FINANCE NETWORK SURVEY, AND THE COLORADO NONPROFIT ASSOCIATION'S ANNUAL SURVEY. THE PROCESS WAS LAST UNDERTAKEN FOR THE EXECUTIVE DIRECTOR POSITION IN 2021 AND IS PERFORMED BIENNIALLY. ANNUAL PERFORMANCE INCREASES ARE REVIEWED AND COMPARED WITH THE TWO RESOURCES MENTIONED ABOVE. FORM 990, PART VI, SECTION C, LINE 19 IMPACT DEVELOPMENT FUND'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. IDF - E ANDREWS DRIVE LLC 200 E 7TH STREET 412 LOVELAND CO 80537 HOLD AND SELL REAL PROPERTY CO 0 0 IMPACT DEVELOPMENT FUND IMPACT DEVELOPMENT BUILDERS LLC 200 E 7TH STREET 412 LOVELAND CO 80537 PROVIDE CONSTRUCTION, REPAIR, MAINTENACE CONSTRUCTION SERVICES CO 0 1201839 IMPACT DEVELOPMENT FUND IDB - 1331 E 4TH STREET LOVELAND LLC 200 E 7TH STREET 412 LOVELAND CO 80537 DEVELOP REAL PROPERTY AND SELL SUCH PROPERTY CO 0 0 IMPACT DEVELOPMENT BUILDERS LLC