2024-11-08T12:43:07-06:00 2023-12-31 381357951 PLANTE & MORAN PLLC 8181 E TUFTS AVE SUITE 600 DENVER CO 80237 990 2023-01-01 850671360 ELEVATION COMMUNITY LAND TRUST ELEV 7208220052 1114 W 7TH AVE SUITE 101 DENVER CO 80404 ROBIN HICKEY CFO 7208220052 2024-11-06 1 1 RYAN C HARRIS P00614618 3037409400 2024-11-06 2023 2024-10-15 13:58:12Z STEFKA FANCHI 1114 W 7TH AVE SUITE 101 DENVER CO 80404 18688043 0 X WWW.ELEVATIONCLT.ORG X 2020 CO PROVIDING AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES USING THE COMMUNITY LAND TRUST MODEL. 11 11 14 11 0 0 11165121 11736084 2640449 2171381 -1581597 -111414 0 0 12223973 13796051 0 90000 0 0 1764735 1989937 0 0 234783 4158091 4809382 5922826 6889319 6301147 6906732 67907518 82848781 39999190 48033721 27908328 34815060 ELEVATION COMMUNITY LAND TRUST PARTNERS WITH COMMUNITIES TO CREATE EQUITABLE OPPORTUNITIES FOR FAMILIES THROUGH PERMANENTLY AFFORDABLE HOMEOWNERSHIP. 0 0 6022141 90000 6821831 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 AND REHABILITATE A PROPERTY USUALLY EXCEEDS THE AFFORDABLE SALES PRICE TO A QUALIFIED HOMEBUYER. THIS LOSS ($241,542 IN 2023 SHOWN ON PART VIII, LINE 7) REPRESENTS ECLT'S SUBSIDY INVESTMENT TO ENSURE THAT THE HOMES IN ITS PORTFOLIO REMAIN PERMANENTLY AFFORDABLE FOR GENERATIONS TO COME. IN 2023, ECLT SOLD 23 HOMES TO QUALIFIED BUYERS. 6022141 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 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 43 0 1 14 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 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 ALEJANDRA CHAVEZ DIRECTOR 0.50 X 0 0 0 CARMEN MAYTA DIRECTOR 0.50 X 0 0 0 JEANNIE NEWELL DIRECTOR 0.50 X 0 0 0 STEFKA FANCHI PRESIDENT AND CEO 45.00 X 207680 0 50717 ROBIN HICKEY CHIEF FINANCIAL OFFICER 45.00 X 170201 0 37376 LAUREN DEBELL CHIEF STRATEGY OFFICER 45.00 X 144007 0 23473 DAVID OGUNSANYA VICE PRESIDENT OF REAL EST 45.00 X 124548 0 40120 TIANA PATTERSON VP SOCIAL IMPACT & WEALTH 40.00 X 122662 0 33701 JUDITH GOMEZ CONTROLLER DIRECTOR OF ACCOUNTING 40.00 X 102204 0 31837 SHANNON MCGINTY REAL ESTATE PROJECT MANAGER 40.00 X 100817 0 20955 972119 0 238179 7 0 1 0 J AND R HANDYMAN AND REMODELING LLC 18129 E PEAKVIEW AVE AURORA CO 80016 REHABILITATION CONSTRUCTION 171535 ABD EMPORIA COMMONS LLC 60 DAHLIA STREET DENVER CO 80246 REHABILITATION CONSTRUCTION 120000 AGM LANDSCAPING PO BOX 352074 WESTMINSTER CO 80246 LAWN MAINTENANCE, SNOW REMOVAL, AND LAND 110571 3 1559174 10176910 4308912 11736084 RENTAL INCOME 532000 1621566 1621566 PROPERTY DEVELOPMENT FEES 900099 278695 278695 LAND TRUST INCOME 900099 271120 271120 2171381 130128 130128 4650450 4891992 -241542 -241542 -241542 13796051 1929839 0 130128 90000 90000 633454 351295 172216 109943 939997 783248 77961 78788 61054 51555 4609 4890 242672 193160 26425 23087 112760 82851 16892 13017 164118 160732 3386 92820 27296 65524 30500 30500 621423 595097 26326 51746 51746 37647 20821 16705 121 99071 53049 43787 2235 626730 562819 63041 870 40141 29255 10176 710 12804 6588 6216 1588168 1588168 502151 495997 6154 214345 198458 15887 DEVELOPMENT EXPENSE 212836 212836 REPAIRS & MAINTENANCE 162690 162690 LANDSCAPING 142482 142332 150 HOA FEES 111511 111511 98199 71883 25194 1122 6889319 6022141 632395 234783 717809 1908791 5192011 5732378 2293010 162633 128359 68075 103813 72380021 943509 59872040 71436512 1894950 1245918 67907518 82848781 849372 1082193 1000000 30556606 33855843 8297154 11779253 296058 316432 39999190 48033721 X 27204803 31774317 703525 3040743 27908328 34815060 67907518 82848781 6906732 0 X 0 1 X 1 0 X 10353074 11165121 12008168 33526363 10353074 11165121 12008168 33526363 9639444 23886919 1622 29392 130128 161142 965 965 33688470 36778375 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2021 AMOUNT: $ 965. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 30500 30500 6624036 6654536 482727 120682 0 0 482727 482727 724091 30500 30500 120682 120682 181023 41142514 41142514 13740576 14220711 920182 27041105 27798 23327 4471 3248422 3248422 71436512 DEPOSITS 83463 OPERATING LEASE LIABILITY 82969 REFUNDABLE ADVANCE 150000 316432 14234313 166178 272084 438262 13796051 0 13796051 7327581 166178 272084 438262 6889319 0 6889319 PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST RATE DISCOUNT 272,084. PART XII, LINE 2D - OTHER ADJUSTMENTS: INTEREST RATE DISCOUNT 272,084. 1 DOWNPAYMENT ASSISTANCE 7 90000 SCHEDULE I, PART III WITH FUNDING FROM THE FEDERAL HOME LOAN BANK (FHLB) TOPEKA'S AFFORDABLE HOUSING PROGRAM AND HOMEOWNERSHIP SET-ASIDE PROGRAM, ECLT PROVIDES DOWN PAYMENT ASSISTANCE GRANTS TO INDIVIDUAL HOMEBUYERS. PRIOR TO CLOSING, THE DOWNPAYMENT ASSISTANCE FUNDS ARE ADDED TO THE HOMEBUYERS' SETTLEMENT STATEMENTS BY THE TITLE COMPANY AT ECLT'S DIRECTION. UPON RECEIPT OF THE DRAFT SETTLEMENT STATEMENT AND A COMPLETED REAL ESTATE RETENTION AGREEMENT, THE ECLT FINANCE TEAM THEN WIRES THESE FUNDS TO THE TITLE COMPANY IN ADVANCE OF THE HOMEBUYERS' CLOSING ON THEIR ECLT HOMES. THE HOMEBUYERS DO NOT EVER HAVE CONTROL OVER THE FUNDS. SUBSEQUENT TO CLOSING, FHLB TOPEKA REIMBURSES ECLT FOR THE OUTLAY OF THESE DOWN PAYMENT ASSISTANCE GRANTS. X X X 0 0 0 0 0 0 0 1 0 STEFKA FANCHI PRESIDENT AND CEO 205118 0 0 0 2562 0 15148 0 35569 0 258397 0 0 0 ROBIN HICKEY CHIEF FINANCIAL OFFICER 165739 0 3500 0 962 0 12234 0 25142 0 207577 0 0 0 LAUREN DEBELL CHIEF STRATEGY OFFICER 141307 0 2700 0 0 0 10184 0 13289 0 167480 0 0 0 DAVID OGUNSANYA VICE PRESIDENT OF REAL EST 121147 0 2439 0 962 0 9272 0 30848 0 164668 0 0 0 TIANA PATTERSON VP SOCIAL IMPACT & WEALTH 117660 0 2440 0 2562 0 9079 0 24622 0 156363 0 0 0 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 8 4308912 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 DISCLOSE ANNUALLY 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 2024 FOR CALENDAR YEAR 2023 PERFORMANCE. ALL OTHER EMPLOYEES ARE REVIEWED ANNUALLY BY THEIR DIRECT SUPERVISORS. REVIEWS LAST OCCURED IN FEBRUARY 2024 FOR CALENDAR YEAR 2023 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. ECLT AURORA COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 8110 629000 ELEVATION COMMUNITY LAND TRUST ECLT BALSAM ST CONDOS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 871351099 HOLD PROPERTY CO 272353 4402237 ELEVATION COMMUNITY LAND TRUST ECLT BLACKHAWK COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 0 1714875 ELEVATION COMMUNITY LAND TRUST ECLT BLUE VISTA COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 31235 3360000 ELEVATION COMMUNITY LAND TRUST ECLT BRIGHTON CONDOS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 854107456 HOLD PROPERTY CO 28200 1067376 ELEVATION COMMUNITY LAND TRUST ECLT CHESTNUT CONDOS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 872856848 HOLD PROPERTY CO 8942 921900 ELEVATION COMMUNITY LAND TRUST ECLT EMPORIA COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 187899 1120092 ELEVATION COMMUNITY LAND TRUST ECLT GUNBARREL COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 14532 4893248 ELEVATION COMMUNITY LAND TRUST ECLT GVR COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 34473 1525000 ELEVATION COMMUNITY LAND TRUST ECLT ILIFF STATION COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 0 801813 ELEVATION COMMUNITY LAND TRUST ECLT INCA COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 371914161 HOLD PROPERTY CO 276330 1804198 ELEVATION COMMUNITY LAND TRUST ECLT KECHTER COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 872768155 HOLD PROPERTY CO 0 210800 ELEVATION COMMUNITY LAND TRUST ECLT METRO EAST LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 854096859 HOLD PROPERTY CO 1263994 13042691 ELEVATION COMMUNITY LAND TRUST ECLT METRO WEST LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 854217940 HOLD PROPERTY CO 159966 1589115 ELEVATION COMMUNITY LAND TRUST ECLT MONTBELLO COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 844053677 HOLD PROPERTY CO 71836 1205859 ELEVATION COMMUNITY LAND TRUST ECLT MORRISON CONDOS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 880726220 HOLD PROPERTY CO 87737 1999563 ELEVATION COMMUNITY LAND TRUST ECLT NORTH DENVER COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 851563312 HOLD PROPERTY CO 176254 2025000 ELEVATION COMMUNITY LAND TRUST ECLT NORTHERN COLORADO LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 880772530 HOLD PROPERTY CO 4191130 16699054 ELEVATION COMMUNITY LAND TRUST ECLT OGDEN COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 883352350 HOLD PROPERTY CO 417290 1879011 ELEVATION COMMUNITY LAND TRUST ECLT ROSEMARY COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 882936537 HOLD PROPERTY CO 63434 1147273 ELEVATION COMMUNITY LAND TRUST ECLT TENNYSON LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 920883265 HOLD PROPERTY CO 0 1526146 ELEVATION COMMUNITY LAND TRUST ECLT TRAILHEAD TOWNHOMES LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 933714833 HOLD PROPERTY CO 15500 874866 ELEVATION COMMUNITY LAND TRUST ECLT VERBENA COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 934277092 HOLD PROPERTY CO 47928 1611016 ELEVATION COMMUNITY LAND TRUST ECLT WELTON COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 932558502 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 0 754454 ELEVATION COMMUNITY LAND TRUST ECLT WESTSIDE COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 880984397 HOLD PROPERTY CO 409507 5593731 ELEVATION COMMUNITY LAND TRUST ECLT XENIA COMMONS LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 HOLD PROPERTY CO 4075 214300 ELEVATION COMMUNITY LAND TRUST ELEVATION COMMUNITY LAND TRUST LLC 1114 W 7TH AVE STE 101 DENVER CO 80204 611862429 COMMUNITY LAND TRUST CO 6463588 10236163 ELEVATION COMMUNITY LAND TRUST