Skip to content
Nonprofiteer
← KOR COMMUNITY LAND TRUST

Form 990 for tax year 2022

Filed by KOR COMMUNITY LAND TRUST.

Totals

Total revenue
$843,046
Total expenses
$409,219
Contributions and grants received
$761,936
Grants paid
$0
Program service revenue
$23,383
Investment income
$502
Other revenue
$57,225
Total assets, end of year
$2,954,365
Total liabilities, end of year
$1,660,390
Net assets or fund balances, end of year
$1,293,975
Program services expenses (Part IX)
$234,333
Management and general expenses
$135,844
Fundraising expenses
$39,042
Program service expenses (Part III)
$234,333

Program services were 57.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $761,936

  • 1g · Noncash contributions included above

    $268

  • 2a · Program service revenue: DEVELOPER FEE INCOME

    total $18,409 · related or exempt $18,409

  • 2b · Program service revenue: LAND LEASE FEE INCOME

    total $3,064 · related or exempt $3,064

  • 2c · Program service revenue: STEWARDSHIP FEE INCOME

    total $1,560 · related or exempt $1,560

  • 2d · Program service revenue: OTHER PROGRAM INCOME

    total $350 · related or exempt $350

  • 3 · Investment income

    total $502 · excluded $502

  • 8a · Fundraising events: gross income

    $66,960

  • 8b · Fundraising events: direct expenses

    $12,280

  • 8c · Net income from fundraising events

    total $54,680 · excluded $54,680

  • 11a · Other revenue: KORHW 8TH STREET, LLC

    total $1,653 · related or exempt $1,653

  • 11b · Other revenue: OTHER INCOME

    total $892 · related or exempt $892

  • 11e · Other revenue, total

    $2,545

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $251,207 · program services $143,016 · management and general $83,000 · fundraising $25,191

  • 9 · Other employee benefits

    total $13,503 · program services $7,350 · management and general $4,720 · fundraising $1,433

  • 10 · Payroll taxes

    total $21,217 · program services $11,549 · management and general $7,417 · fundraising $2,251

  • 11b · Fees: legal

    total $22,954 · program services $22,649 · management and general $263 · fundraising $42

  • 11c · Fees: accounting

    total $28,784 · program services $6,789 · management and general $21,340 · fundraising $655

  • 11g · Fees: other

    total $3,039 · program services $2,425 · management and general $471 · fundraising $143

  • 12 · Advertising and promotion

    total $2,749 · program services $1,566 · management and general $68 · fundraising $1,115

  • 13 · Office expenses

    total $6,797 · program services $3,237 · management and general $2,652 · fundraising $908

  • 14 · Information technology

    total $8,631 · program services $5,926 · management and general $1,601 · fundraising $1,104

  • 16 · Occupancy

    total $15,688 · program services $8,509 · management and general $5,464 · fundraising $1,715

  • 17 · Travel

    total $6,626 · program services $4,351 · management and general $1,842 · fundraising $433

  • 19 · Conferences, conventions and meetings

    total $3,436 · program services $3,436

  • 22 · Depreciation, depletion and amortization

    total $274 · program services $274

  • 23 · Insurance

    total $15,885 · program services $8,920 · management and general $5,343 · fundraising $1,622

  • 24a · Other expenses: DUES & SUBSCRIPTIONS

    total $3,645 · program services $1,593 · management and general $787 · fundraising $1,265

  • 24b · Other expenses: BANK FEES

    total $3,358 · program services $1,468 · management and general $725 · fundraising $1,165

  • 24c · Other expenses: BOARD EXPENSES

    total $1,426 · program services $1,275 · management and general $151

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $44,674 · end of year $199,098

  • 2 · Savings and temporary cash investments

    beginning of year $179,672 · end of year $100,841

  • 4 · Accounts receivable

    end of year $122,148

  • 7 · Other notes and loans receivable

    beginning of year $364,500 · end of year $214,500

  • 10a · Land, buildings and equipment: cost or other basis

    $810,095

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $457,090 · end of year $810,095

  • 13 · Investments: program-related

    beginning of year -$5,750 · end of year -$4,097

  • 15 · Other assets

    beginning of year $339,245 · end of year $1,511,780

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,080 · end of year $51,964

  • 25 · Other liabilities

    beginning of year $943,126 · end of year $1,608,426

  • 27 · Net assets without donor restrictions

    beginning of year $274,925 · end of year $889,559

  • 28 · Net assets with donor restrictions

    beginning of year $159,300 · end of year $404,416

Mission and programs · 2022

Mission

KOR COMMUNITY LAND TRUST PROVIDES ENVIRONMENTALLY SUSTAINABLE AND PERMANENTLY AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES FOR THOSE WHO CONTRIBUTE TO THE FABRIC OF THE CENTRAL OREGON ECONOMY AND COMMUNITY.

Activities or mission (Part I)

TO PROVIDE ENVIRONMENTALLY SUSTAINABLE AND PERMANENTLY AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES FOR THOSE WHO CONTRIBUTE TO THE FABRIC OF THE CENTRAL OREGON ECONOMY AND COMMUNITY.

  • KOR IS A NONPROFIT THAT CREATES SUSTAINABLE, AFFORDABLE HOMEOWNERSHIP COMMUNITIES FOR CENTRAL OREGON'S WORKFORCE. BASED IN BEND, THE FASTEST GROWING MID-SIZE CITY IN AMERICA, KOR USES THE COMMUNITY LAND TRUST MODEL TO ENSURE THAT THE COMMUNITY WILL HAVE ACCESS TO HEALTHY, AFFORDABLE HOMES FOR GENERATIONS TO COME. IN THE COMMUNITY LAND TRUST MODEL, HOMEOWNERS OWN THEIR HOME OUTRIGHT BY LEVERAGING A TRADITIONAL MORTGAGE, WHILE THE COMMUNITY LAND TRUST OWNS THE LAND UNDER THE HOME AND LEASES IT BACK TO THE HOMEOWNER THROUGH A 99 YEAR RENEWABLE LAND LEASE. THIS ALLOWS THE COMMUNITY LAND TRUST TO ENSURE THAT IF THE HOMEOWNERS SELL, THE HOME RESELLS TO ANOTHER INCOME QUALIFIED HOMEBUYER. THE ORIGINAL HOMEOWNER RECEIVES A FAIR RETURN ON THEIR INITIAL INVESTMENT WHILE HELPING FUTURE GENERATIONS HAVE ACCESS TO AFFORDABLE HOMES, LIKE THEY DID.KOR WAS FOUNDED IN 2015 BY TWO OREGONIANS WHO SAW TOO MANY COMMUNITY MEMBERS DISPLACED BECAUSE OF THE COST OF HOUSING IN THE AREA. AT THE SAME TIME, TYPICAL AFFORDABLE HOUSING LACKED A COMMITMENT TO SUSTAINABILITY AND THE COST SAVINGS AND HEALTH BENEFITS THAT COMES WITH IT FOR THE RESIDENTS. THAT'S WHY, KOR BUILDS ITS HOMES TO NET-ZERO STANDARDS. AS ENERGY EFFICIENT TECHNOLOGIES BECOME MORE COMMONLY USED IN BUILDING STANDARDS, KOR'S HOMES WILL REMAIN THE GOLD STANDARD OF AFFORDABLE HOUSING. KOR'S NET-ZERO ENERGY HOMES COUPLE PASSIVE ENERGY INNOVATIONS AND EFFICIENCIES WITH CLEAN ENERGY PRODUCTION TO ENSURE HOMEOWNERS HAVE A HEALTHY HOME AND THE UTILITY SAVINGS THAT COMES WITH IT.KOR COMMUNITIES PRIMARILY SERVE EXTREMELY-LOW AND LOW-INCOME HOUSEHOLDS, WITH A QUARTER OF ITS HOMES AVAILABLE TO MIDDLE-INCOME HOUSEHOLDS. IN THIS WAY, KOR CREATES MIXED INCOME COMMUNITIES FOR HOUSEHOLDS EARNING BETWEEN 30% AMI TO 120% AMI. IN 2022, KOR EXPERIENCED SIGNIFICANT GROWTH - FROM ADDING 47 WEST-SIDE BEND HOMES TO ITS AFFORDABLE HOUSING PIPELINE TO DOUBLING ITS ORGANIZATIONAL BUDGET AND CAPACITY. IN ADDITION, THE ORGANIZATION SHIFTED THE WAY IN WHICH IT BUILDS AFFORDABLE HOUSING TO BE MORE INNOVATIVE, NIMBLE, AND COMMUNITY-FOCUSED. KOR CREATED LEADERSHIP OPPORTUNITIES FOR HOUSEHOLDS WITH HOUSING INSTABILITY EXPERIENCE TO PROVIDE INPUT ON PROGRAMMATIC DIRECTION AND COMMUNITY DESIGN. WE LISTENED, DYNAMICALLY SHIFTING OUR PIPELINE TO OFFER FAMILY-SIZED HOMES, MORE DOWN-PAYMENT ASSISTANCE, AND PRIORITIZATION OF HOUSEHOLDS WHO HAVE BEEN LOCKED OUT OF HOMEOWNERSHIP FOR TOO LONG. KOR DEVELOPED PREFERENCES THAT GIVE PRIORITY TO OUR LOCAL WORKFORCE, FIRST-GENERATION HOMEBUYERS, AND LOWER-INCOME HOMEBUYERS TO INCREASE THEIR ACCESS TO OUR HOMES. KOR ALSO STEPPED UP OUR ADVOCACY TO SHARE THE FEEDBACK WE RECEIVED TO INFLUENCE POLICIES THAT HAVE THE POWER TO SHIFT THE QUALITY AND INTENTIONALITY OF AFFORDABLE HOMES BEING BUILT IN OUR COMMUNITY.

    Expenses $234,333 · Revenue $25,928

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Laura Fritz

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Brett Dery

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Brian Durbin

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Dulce Pelayo

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rick Hayes

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Jenna Conrad

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jasmine Wilder

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Christopher Barrett

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Diana Fischetti

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dana Madison

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • KORHW 8TH STREET LLC

    RELATED · AFFORDABLE HOUSING DEVELOPMENT · OR · 51% owned · general or managing partner

    Directly controlled by KOR COMMUNITY LAND TRUST

  • KORHW POPLAR STREET LLC

    RELATED · AFFORDABLE HOUSING DEVELOPMENT · OR · 51% owned · general or managing partner

    Directly controlled by KOR COMMUNITY LAND TRUST

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202313199349319766

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.