2024-11-13T17:18:52-06:00 2023-12-31 420714325 RSM US LLP 227 WEST FIRST STREET SUITE 700 DULUTH MN 55802 990 2023-01-01 412004557 FIRST HOMES PROPERTIES FIRS 5072820203 12 ELTON HILLS DRIVE NW ROCHESTER MN 55901 JENNIFER WOODFORD PRESIDENT 5072820203 2024-11-13 1 0 JULIE BOYER P01278549 2187275025 2024-11-13 2023 2024-10-15 13:58:12Z JENNIFER WOODFORD 12 ELTON HILLS DRIVE NW ROCHESTER MN 55901 1865211 0 X WWW.FIRSTHOMES.ORG X 2001 MN TO PROVIDE OPPORTUNITIES FOR LOW AND MODERATE INCOME HOUSEHOLDS IN SOUTHEASTERN MINNESOTA COUNTIES TO SECURE HOUSING THAT IS DECENT AND AFFORDABLE. 12 12 0 12 0 0 662923 1326799 669456 518789 29492 19623 0 0 1361871 1865211 0 0 0 0 313444 348524 0 0 26710 758819 643795 1072263 992319 289608 872892 17370195 20946653 3661788 5965354 13708407 14981299 TO PROVIDE OPPORTUNITIES FOR LOW AND MODERATE INCOME HOUSEHOLDS IN SOUTHEASTERN MINNESOTA COUNTIES TO SECURE HOUSING THAT IS DECENT AND AFFORDABLE. 0 0 728147 518789 FIRST HOMES HAS BEEN A LEADER IN AFFORDABLE HOUSING DEVELOPMENT AND ASSOCIATED LENDING IN SOUTHEAST MINNESOTA SINCE 2000. FIRST HOMES HAS HELPED TO PRODUCE AND FINANCE MORE THAN 1,100 UNITS OF WORKFORCE HOUSING INCLUDING SINGLE FAMILY NEW CONSTRUCTION AND PURCHASE REHAB, COMMUNITY LAND TRUST, AND MULTI-FAMILY RENTAL PROJECTS. 728147 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 53 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 MN X JENNIFER WOODFORD 5072820203 12 ELTON HILLS DRIVE NW ROCHESTER MN 55901 X MIKE BECKER CHAIR 0.50 X X 0 0 0 KIM WOODRUFF VICE CHAIR 0.50 X X 0 0 0 TAMSEN LEIMER TREASURER 1.00 X X 0 0 0 LISA LUNDQUIST SECRETARY 0.50 X X 0 0 0 MELISSA DICKISON DIRECTOR 0.50 X 0 0 0 WAFA ELKHALIFA DIRECTOR 0.50 X 0 0 0 ALYSSA FORDHAM VAGT DIRECTOR 0.50 X 0 0 0 MIKE PARADISE DIRECTOR 0.50 3.00 X 0 0 0 LAUREL PODULKE-SMITH DIRECTOR 0.50 X 0 0 0 CHRIS STROUD DIRECTOR 0.50 X 0 0 0 SARA TEKLE DIRECTOR 0.50 X 0 0 0 MARK THEIN DIRECTOR 0.50 X 0 0 0 JENNIFER WOODFORD PRESIDENT 11.00 33.50 X 38450 115350 8348 38450 115350 8348 0 0 1 0 0 1121522 205277 1326799 CENTER STREET PROPERTI 531390 408743 408743 COMMISSION REVENUE 531390 244742 244742 COMMUNITY LAND TRUST L 531390 101070 101070 OTHER INCOME 531390 38391 38391 LOAN DISCOUNT ACCRETIO 531390 21799 21799 -295956 -295956 518789 19623 19623 1865211 518789 0 19623 40537 26349 12161 2027 249136 161938 74741 12457 11972 7782 3591 599 25161 16355 7548 1258 21718 14117 6515 1086 25537 19153 6384 255 121 121 13 20161 15121 5040 1784 1338 446 3085 463 2622 99438 47233 47233 4972 79140 37591 37592 3957 5323 2529 2528 266 REHAB HOUSE PROGRAM EXP 178089 178089 REPAIRS AND MAINTENANCE 116624 87468 29156 VALUATION ADJUSTMENT 80383 80383 REAL ESTATE TAXES 28224 28224 5752 3893 1784 75 992319 728147 237462 26710 649982 1793199 160731 168066 37676 21663 159500 159500 1219039 1240674 8599 10234 6920624 236793 5554541 6683831 9580127 10869486 17370195 20946653 46300 184418 4000 104000 3234394 2225604 377094 3451332 3661788 5965354 X 175354 1692153 13533053 13289146 13708407 14981299 17370195 20946653 872892 400000 0 X X 0 1 X 1 0 X X 1 ROCHESTER AREA FOUNDATION 416017740 7 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 913360 913360 5970441 199970 5770471 36823 36823 0 6683831 LAND HELD IN COMMUNITY LAND TRUST 10498227 GRANTS RECEIVABLE FROM AFFILIATES 371259 10869486 DUE TO ROCHESTER AREA FOUNDATION 378696 INTERCOMPANY NOTES PAYABLES 3072636 3451332 X PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION BELIEVES THAT NO SIGNIFICANT UNCERTAIN TAX POSITIONS HAVE BEEN TAKEN IN ITS TAX RETURNS. AT DECEMBER 31, 2023, GENERALLY, THE FEDERAL AND MINNESOTA TAX RETURNS FOR THE ORGANIZATION ARE OPEN FOR EXAMINATION BY TAXING AUTHORITIES FOR THE YEARS 2020 TO 2023. AT DECEMBER 31, 2023 AND 2022, THE ORGANIZATION DID NOT RECORD ANY LIABILITIES FOR UNCERTAIN TAX POSITIONS. 0 0 0 0 0 0 0 0 0 JENNIFER WOODFORD PRESIDENT 38450 115350 0 0 0 0 1938 5813 149 448 40537 121611 0 0 PART I, LINE 3 ROCHESTER AREA FOUNDATION, A RELATED ORGANIZATION, DETERMINES COMPENSATION OF RAF PROPERTIES' TOP MANAGEMENT OFFICIAL. ROCHESTER AREA FOUNDATION UTILIZES A COMPENSATION COMMITTEE, COMPENSATION SURVEY OR STUDY, FORM 990 OF OTHER ORGANIZATIONS, AND APPROVAL BY THE BOARD TO DETERMINE SUCH COMPENSATION. JOSE RIVAS FORMER BOARD DIRECTOR PURCHASE PROPERTY X 159500 159500 0 1 1 159500 SCHEDULE L, PART II - LOANS TO AND FROM INTERESTED PERSONS: THE LOAN BALANCE REMAINED UNCHANGED FOR THE TAX PERIOD BASED ON THE LOAN TERMS, WHICH IS A 10YR BALLOON WITH INTEREST ONLY PAYMENTS. FORM 990, PART VI, SECTION A, LINE 6 ROCHESTER AREA FOUNDATION, A RELATED ORGANIZATION, IS THE SOLE MEMBER OF FIRST HOMES PROPERTIES. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS SHALL BE APPOINTED BY THE SOLE MEMBER, ROCHESTER AREA FOUNDATION. FORM 990, PART VI, SECTION A, LINE 7B ROCHESTER AREA FOUNDATION, AS THE SOLE MEMBER, HAS THE RIGHT TO APPROVE CERTAIN ACTIONS OF THE BOARD, AS OUTLINED IN THE GOVERNING DOCUMENTS. FORM 990, PART VI, SECTION B, LINE 11B RSM PROVIDES A DRAFT OF THE FORM 990 TO THE FINANCE OFFICER. THE FINANCE OFFICER, PRESIDENT AND TREASURER REVIEW THE DRAFTS AND MAKE ANY NECESSARY CHANGES. REVISED COPIES ARE THEN PRESENTED TO THE FULL BOARD OF TRUSTEES FOR REVIEW, AND A VOTE TO APPROVE IS TAKEN AFTER THE TRUSTEES HAVE REVIEWED THE RETURNS. THE REVIEW AND APPROVAL TAKE PLACE PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ROCHESTER AREA FOUNDATION'S, A RELATED ORGANIZATION, CONFLICT OF INTEREST POLICY APPLIES TO ALL PERSONS HOLDING POSITIONS OF RESPONSIBILITY AND TRUST ON BEHALF OF THE FOUNDATION, INCLUDING BUT NOT LIMITED TO MEMBERS OF THE BOARD OF TRUSTEES, MEMBERS OF BOARD COMMITTEES WHO ARE NOT MEMBERS OF THE BOARD, VOLUNTEER COMMITTEE MEMBERS, MEMBERS OF THE BOARDS OF SUPPORTING ORGANIZATIONS TO THE FOUNDATION, REPRESENTATIVES OF FISCALLY SPONSORED PROJECTS, AND MEMBERS OF THE FOUNDATION STAFF (HEREINAFTER "MEMBERS"). THIS POLICY SHALL BE PROVIDED TO EACH MEMBER AT THE TIME THAT HE OR SHE IS ASKED TO SERVE THE FOUNDATION. IN CONDUCTING THE AFFAIRS OF THE FOUNDATION, DUALITY OR CONFLICT OF INTEREST SHALL BE PRESUMED WHEN A PERSON TO WHOM THIS POLICY APPLIES OR A MEMBER OF HIS/HER IMMEDIATE FAMILY SERVES AS A TRUSTEE, OFFICER, STAFF MEMBER OR HOLDER OF MORE THAN 10% OF CORPORATE STOCK OF AN AFFECTED ORGANIZATION OR FIRM; HAS A FORMAL AFFILIATION OR INTEREST IN AN AFFECTED ORGANIZATION OR FIRM; OR COULD EXPECT FINANCIAL GAIN OR LOSS FROM A PARTICULAR DECISION. BEFORE A STAFF, BOARD OR VOLUNTEER COMMITTEE MEMBER BEGINS HIS OR HER SERVICE WITH THE FOUNDATION, HE OR SHE SHALL FILE WITH THE PRESIDENT OF THE FOUNDATION A LIST OF HIS OR HER PRINCIPAL BUSINESS ACTIVITIES, AS WELL AS INVOLVEMENT WITH OTHER CHARITABLE AND BUSINESS ORGANIZATIONS, VENDORS OR BUSINESS INTERESTS, OR WITH ANY OTHER ASSOCIATIONS THAT MIGHT PRODUCE A CONFLICT OF INTEREST. ALL MEMBERS WILL BE REQUIRED TO SUBMIT THE DISCLOSURE STATEMENT ON AN ANNUAL BASIS. IN ADDITION TO THE DISCLOSURE REQUIRED BY THE PREVIOUS PARAGRAPH, EACH MEMBER IS UNDER AN OBLIGATION TO THE FOUNDATION, TO HIS OR HER FELLOW STAFF OR VOLUNTEERS, AND TO THE COMMUNITY SERVED BY THE FOUNDATION TO INFORM THE FOUNDATION OF ANY POSITION HE OR SHE HOLDS OR OF ANY BUSINESS OR VOCATIONAL ACTIVITY THAT MAY RESULT IN A POSSIBLE CONFLICT OF INTEREST OR BIAS FOR OR AGAINST A PARTICULAR GRANTEE, ACTION, OR POLICY, AT THE TIME SUCH GRANT, ACTION, OR POLICY IS UNDER CONSIDERATION BY THE BOARD OR ANY VOLUNTEER COMMITTEE OF THE FOUNDATION. ANY DUALITY OR POSSIBLE CONFLICT OF INTEREST ON THE PART OF ANY MEMBER SHALL BE DISCLOSED TO THE CHAIR OF THE BOARD (IN THE CASE OF VOLUNTEERS) OR THE PRESIDENT (IN THE CASE OF STAFF MEMBERS) AND MADE A MATTER OF RECORD AS SOON AS THE ISSUE IN QUESTION IS RAISED AND A POSSIBLE CONFLICT IS KNOWN. WHEN THE BOARD, COMMITTEE, OR STAFF IS TO DECIDE UPON AN ISSUE ABOUT WHICH A MEMBER HAS AN UNAVOIDABLE CONFLICT OF INTEREST, THAT MEMBER SHALL PHYSICALLY ABSENT HERSELF OR HIMSELF WITHOUT COMMENT FROM NOT ONLY THE VOTE, BUT ALSO FROM THE DELIBERATION, UNLESS DIRECTLY REQUESTED BY THE CHAIR OF THE BOARD OR RELEVANT COMMITTEE TO PROVIDE FACTUAL INFORMATION OR ANSWER FACTUAL QUESTIONS THAT MAY ASSIST THE BOARD OR COMMITTEE IN MAKING A WISE DECISION. IN NO CASE SHALL THAT MEMBER VOTE ON SUCH MATTER OR ATTEMPT TO EXERT PERSONAL INFLUENCE IN CONNECTION THEREWITH. DISCLOSURE AND ABSTENTION SHALL BE RECORDED IN THE MINUTES OF THE MEETING(S) AT WHICH THE ISSUE IS DISCUSSED AND DECIDED. IN ANY SITUATION NOT SPECIFICALLY COVERED BY THE PREVIOUS SECTIONS OF THIS POLICY, MEMBERS SHALL CONSIDER CAREFULLY ANY POTENTIAL CONFLICT OF THEIR PERSONAL INTERESTS WITH THE INTERESTS OF THE FOUNDATION AND REFRAIN FROM ANY ACTION THAT MIGHT BE PERCEIVED AS AN ACTUAL OR APPARENT CONFLICT OF INTEREST. THE CHAIR OF THE BOARD SHALL BE RESPONSIBLE FOR THE APPLICATION AND INTERPRETATION OF THESE POLICIES AS THEY RELATE TO BOARD MEMBERS, VOLUNTEER COMMITTEE MEMBERS, OR THE PRESIDENT. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE EXECUTIVE DIRECTOR OF THE ROCHESTER AREA FOUNDATION IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS USING COMPARABILITY DATA FROM THE COUNCIL OF FOUNDATIONS. THE EXECUTIVE COMMITTEE SURVEYS TRUSTEES AND STAFF EACH YEAR AND COMBINES THAT WITH ORGANIZATIONAL PERFORMANCE TO COMPLETE A PERFORMANCE EVALUATION OF THE EXECUTIVE DIRECTOR. THE RESULTS OF THE PERFORMANCE EVALUATION ARE USED TO DETERMINE ANY COMPENSATION ADJUSTMENT THAT IS RECOMMENDED BY THE EXECUTIVE COMMITTEE AND REVIEWED AND APPROVED BY THE FULL BOARD OF TRUSTEES. THE COMPENSATION OF THE ORGANIZATION'S OFFICERS AND KEY EMPLOYEES IS DETERMINED BY THE EXECUTIVE DIRECTOR OF THE ROCHESTER AREA FOUNDATION USING COMPARABILITY DATA FROM THE COUNCIL OF FOUNDATIONS AND INCREASES ARE BASED ON MERIT. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND/OR FINANCIAL STATEMENTS MAY BE OBTAINED BY THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART VII: ALL PAYROLL IS PROCESSED, AND EMPLOYMENT TAXES ARE REPORTED BY ROCHESTER AREA FOUNDATION, A RELATED ORGANIZATION. A PORTION OF COMPENSATION IS CHARGED TO FIRST HOMES PROPERTIES AND IS REPORTED AS PAID BY FIRST HOMES PROPERTIES ON FORM 990, PART VII. FORM 990, PART XI, LINE 2C: THE FINANCE COMMITTEE HAS THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. CENTER STREET PROPERTIES LLC 12 ELTON HILLS DR NW ROCHESTER MN 55901 PROVIDE AFFORDABLE HOUSING TO GREATER ROCHESTER AREA MN 422373 3029608 FIRST HOMES PROPERTIES ROCHESTER AREA FOUNDATION 12 ELTON HILLS DRIVE NW ROCHESTER MN 55901 416017740 STRENGTHEN COMMUNITY PHILANTHROPY MN 501(C)(3) LINE 7 N/A 0 RAF PROPERTIES 12 ELTON HILLS DRIVE NW ROCHESTER MN 55901 411891463 TO RECEIVE, HOLD & DISBURSE ANY REAL PROPERTY FOR ROCHESTER AREA FDN. MN 501(C)(3) LINE 12A, I ROCHESTER AREA FOUNDATION 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 1