2024-09-26T10:58:43-05:00 2023-12-31 946214841 ARMANINO LLP 999 18TH STREET SUITE 3300 DENVER CO 802022499 990 2023-01-01 841505466 IMPACT DEVELOPMENT FUND IMPA 9704942021 200 E 7TH STREET 412 LOVELAND CO 805374871 MEGAN FERGUSON CEO 9704942021 2024-09-25 1 1 KATY BROWN P00650274 7206171360 2024-09-25 2023 2024-08-08 14:25:15Z MEGAN FERGUSON 200 E 7TH STREET 412 LOVELAND CO 805374871 13003579 0 X WWW.IMPACTDF.ORG X 1999 CO PROVIDES LOANS FOR AFFORDABLE HOUSING AND NONPROFIT FACILITIES. 13 13 50 25 0 0 1063750 6441886 4289498 5816590 601842 745103 0 0 5955090 13003579 140250 0 0 0 1783662 3431926 0 0 146685 2194878 3701150 4118790 7133076 1836300 5870503 115033331 126217919 97469009 103011150 17564322 23206769 CREATES ECONOMIC OPPORTUNITY BY DELIVERING FLEXIBLE CAPITAL TO STRENGTHEN UNDER-SERVED COLORADO COMMUNITIES. 0 0 5560035 5816590 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. 630256 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. 6190291 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 28 0 1 50 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 BECKY CHRISTOFFERSEN PRESIDENT 1.00 X X 0 0 0 JAVONNI BUTLER VICE PRESIDENT 1.00 X X 0 0 0 RANDY ILICH TREASURER 1.00 X X 0 0 0 MICAH HALVERSON SECRETARY 1.00 X X 0 0 0 MARK OCONNOR PAST PRESIDENT 0.50 X 0 0 0 KRISTI BUDISH BOARD MEMBER 0.50 X 0 0 0 KRISTIN CANDELLA BOARD MEMBER 0.50 X 0 0 0 RENEE GALLEGOS BOARD MEMBER 0.50 X 0 0 0 DAN KUSEL BOARD MEMBER 0.50 X 0 0 0 ANNIE PERIZZOLO BOARD MEMBER 0.50 X 0 0 0 JOHN PIKE BOARD MEMBER 0.50 X 0 0 0 BRIAN ROSSBERT BOARD MEMBER 0.50 X 0 0 0 MARY STEGNER BOARD MEMBER 0.50 X 0 0 0 BETH TRUBY BOARD MEMBER LEFT 9/23 0.50 X 0 0 0 STEPHEN WESSLER BOARD MEMBER LEFT 7/23 0.50 X 0 0 0 SEAN DOHERTY CHIEF EXECUTIVE OFFICER 40.00 X 200780 0 26294 MEGAN FERGUSON DEPUTY CHIEF EXECUTIVE OFFICER 40.00 X 181966 0 19706 ERICA MADISON CHIEF LENDING OFFICER 40.00 X 132375 0 15275 CONNIE EALEY CHIEF COMPLIANCE OFFICER 40.00 X 108721 0 3898 RACHEL TWEEDY CHIEF OPERATING OFFICER 40.00 X 101068 0 7637 GINA WINTERHALDER FINANCE MANAGER 40.00 X 130462 0 18279 AARON FERGUSON CONSTRUCTION MANAGER 40.00 X 108130 0 8369 963502 0 99458 7 0 1 0 WARD CONSTRUCTION PO BOX 265 LOVELAND CO 80539 CONSTRUCTION SERVICES FOR IDB 150745 1 6365425 76461 6441886 LOAN FEES/SERVICING IN 522292 2895971 2895971 LOAN INTEREST INCOME 522292 2479437 2479437 CONTRACT REVENUE 900099 422198 422198 LOAN RECOVERY INCOME 522292 18984 18984 5816590 745103 745103 13003579 5816590 0 745103 445186 206570 216356 22260 2409444 2061029 267263 81152 49404 43044 4729 1631 213196 183141 22878 7177 314696 251757 51610 11329 2450 2450 46600 46600 81274 81274 28986 28986 88739 67347 17541 3851 100908 80726 16549 3633 176262 132196 36134 7932 15750 11813 3228 709 5176 3882 1061 233 1071214 1071214 89419 67065 18330 4024 PROVISIONS FOR LOAN LOS 1794405 1794405 CMF ADMIN 129125 129125 MISCELLANEOUS 31567 24749 5591 1227 BANK CHARGES AND FEES 28926 22678 5123 1125 10349 8114 1833 402 7133076 6190291 796100 146685 35733047 27619859 34445300 28966861 2080902 8957555 41196565 57775349 375678 309593 2610218 21516 1201839 2588702 115033331 126217919 326295 738394 1082846 3706152 42876373 26972419 30983495 42644727 22200000 28949458 97469009 103011150 X 17564322 23206769 17564322 23206769 115033331 126217919 5870503 -228056 0 X 0 1 X 1 1 1 X 2055557 2342468 4922799 1066250 6441886 16828960 2055557 2342468 4922799 1066250 6441886 16828960 16828960 193859 63265 65436 257069 745103 1324732 18153692 17173872 0.92700 0.94090 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 2588702 2588702 21516 21516 0 2588702 EQUITY EQUIVALENT INVESTMENTS 11900000 REFUNDABLE ADVANCE 17049458 28949458 X 11209174 -1794405 -1794405 13003579 0 13003579 5338671 0 5338671 1794405 1794405 7133076 PART IV, LINE 2B: THE FUND HAS ENTERED INTO SERVICING AGREEMENTS WITH SEVERAL MUNICIPALITIES IN THE STATE OF COLORADO AND NEBRASKA 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, 2023, $2,115,254 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, 2023, FUNDS HELD TO BE DISBURSED TO OTHERS AMOUNTED TO $26,972,419 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 2023. 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 -1,794,405. PART XII, LINE 4B - OTHER ADJUSTMENTS: PROVISIONS FOR LOAN LOSS 1,794,405. X X 0 0 0 0 0 0 0 1 0 SEAN DOHERTY CHIEF EXECUTIVE OFFICER 185780 0 15000 0 0 0 5573 0 20721 0 227074 0 0 0 MEGAN FERGUSON DEPUTY CHIEF EXECUTIVE OFFICER 163019 0 18947 0 0 0 4891 0 14815 0 201672 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 2588702 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