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Nonprofiteer
← ROCKY MOUNTAIN COMMUNITY REINVESTMENT CORPORATION

Form 990 for tax year 2023

Filed by ROCKY MOUNTAIN COMMUNITY REINVESTMENT CORPORATION.

Totals

Total revenue
$16,862,552
Total expenses
$16,147,329
Contributions and grants received
$12,680
Grants paid
$0
Program service revenue
$16,849,872
Investment income
$0
Other revenue
$0
Total assets, end of year
$409,404,552
Total liabilities, end of year
$397,122,674
Net assets or fund balances, end of year
$12,281,878
Program services expenses (Part IX)
$14,825,378
Management and general expenses
$1,099,419
Fundraising expenses
$222,532
Program service expenses (Part III)
$14,825,378

Program services were 91.8% 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

    $12,680

  • 2a · Program service revenue: INTEREST INCOME FROM LOANS

    total $16,301,634 · related or exempt $16,301,634

  • 2b · Program service revenue: LOAN ADMINISTRATION

    total $482,444 · related or exempt $482,444

  • 2c · Program service revenue: OTHER LOAN REVENUE

    total $65,794 · related or exempt $65,794

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,196,658 · program services $611,455 · management and general $486,693 · fundraising $98,510

  • 7 · Other salaries and wages

    total $272,635 · program services $139,308 · management and general $110,883 · fundraising $22,444

  • 8 · Pension plan contributions

    total $77,423 · program services $39,561 · management and general $31,489 · fundraising $6,373

  • 10 · Payroll taxes

    total $173,695 · program services $88,753 · management and general $70,643 · fundraising $14,299

  • 11g · Fees: other

    total $351,054 · program services $179,378 · management and general $142,777 · fundraising $28,899

  • 12 · Advertising and promotion

    total $78,094 · program services $39,904 · management and general $31,761 · fundraising $6,429

  • 13 · Office expenses

    total $65,918 · program services $33,683 · management and general $26,809 · fundraising $5,426

  • 14 · Information technology

    total $41,071 · program services $20,986 · management and general $16,704 · fundraising $3,381

  • 16 · Occupancy

    total $117,026 · program services $59,796 · management and general $47,596 · fundraising $9,634

  • 17 · Travel

    total $64,303 · program services $32,857 · management and general $26,153 · fundraising $5,293

  • 20 · Interest

    total $12,446,417 · program services $12,446,417

  • 22 · Depreciation, depletion and amortization

    total $52,221 · program services $26,683 · management and general $21,239 · fundraising $4,299

  • 23 · Insurance

    total $97,967 · program services $50,058 · management and general $39,844 · fundraising $8,065

  • 24a · Other expenses: LOAN ADMINISTRATION COS

    total $808,320 · program services $808,320

  • 24b · Other expenses: BAD DEBT

    total $123,471 · program services $123,471

  • 24c · Other expenses: SERVICING/AGENT FEES

    total $65,917 · program services $65,917

  • 24d · Other expenses: BUSINESS DEVELOPMENT

    total $53,752 · program services $27,466 · management and general $21,861 · fundraising $4,425

  • 24e · All other expenses

    total $61,387 · program services $31,365 · management and general $24,967 · fundraising $5,055

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $4,693 · end of year $1,102,366

  • 4 · Accounts receivable

    beginning of year $255,771 · end of year $375,872

  • 7 · Other notes and loans receivable

    beginning of year $315,040,158 · end of year $406,207,180

  • 9 · Prepaid expenses and deferred charges

    beginning of year $60,405 · end of year $169,822

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

    $229,872

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

    $141,447

  • 10c · Land, buildings and equipment, net

    beginning of year $160,576 · end of year $88,425

  • 15 · Other assets

    beginning of year $1,336,825 · end of year $1,460,887

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,080,011 · end of year $3,440,799

  • 23 · Secured mortgages and notes payable

    beginning of year $294,758,469 · end of year $364,798,413

  • 25 · Other liabilities

    beginning of year $6,453,293 · end of year $28,883,462

  • 27 · Net assets without donor restrictions

    beginning of year $11,566,655 · end of year $12,281,878

Mission and programs · 2023

Mission

THE ROCKY MOUNTAIN COMMUNITY REINVESTMENT CORPORATION FACILITATES THE DEVELOPMENT AND PRESERVATION OF AFFORDABLE HOUSING AND COMMUNITY FACILITIES THAT SERVE LOW TO MODERATE INCOME FAMILIES AND UNDERSERVED COMMUNITIES.

Activities or mission (Part I)

ASSISTING ROCKY MOUNTAIN REGION RESIDENTS BY FOSTERING THE AVAILABILITY OF QUALITY HOUSING.

  • ROCKY MOUNTAIN COMMUNITY REINVESTMENT CORPORATION (RMCRC) WAS FORMED ON MARCH 19, 1999, AND BEGAN GRANTING LOANS IN 2000. RMCRC IS A NONPROFIT, COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION WORKING IN COOPERATION WITH ITS MEMBER BANKS (MEMBERS) SERVING AS A CATALYST FOR COMMUNITY DEVELOPMENT BY OFFERING FLEXIBLE FINANCING FOR AFFORDABLE, QUALITY HOUSING TO ASSIST THE ROCKY MOUNTAIN REGION'S LOW AND MODERATE-INCOME RESIDENTS, WORKING WITH GOVERNMENT AGENCIES TO MAXIMIZE LEVERAGE OF PUBLIC AND PRIVATE DOLLARS, AND PROVIDING TECHNICAL ASSISTANCE TO PROJECT SPONSORS. RMCRC USES A POOL OF FUNDS PROVIDED BY ITS MEMBERS UNDER THE INTERCREDITOR AGREEMENT (ICA) ALONG WITH THE SALE OF DIRECT LOAN PARTICIPATIONS TO FUND LOANS TO MORTGAGORS. RMCRC IS A REGISTERED COMMUNITY DEVELOPMENT INSTITUTION FUND (CDFI).

    Expenses $14,825,378 · Revenue $16,849,872

As filed on the 2023 return.

Listed in Part VII

  • Sam Bentley

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Robert Likes

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Michael Palmer

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Stephanie White

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Spencer McAllister

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Sharlene Wilde

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Reed Dixon

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Tony Milner

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Annie Perizzolo

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Greg Rich

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William Whetstone

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Derek Tuckett

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Alysa Peterson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Chris Parker

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dan Simpson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • David Damschen

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • David Snedaker

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jonathan Hanks

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jan Bergeson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • David Rip

    TREASURER & CFO

    Total calculated
    $307,969
    From this org
    $262,825
    From related orgs
    $0
    Other
    $45,144
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $219,427
    Bonus
    $43,200
    Other
    $198
    Deferred
    $20,087
    Nontaxable benefits
    $25,057
    Filer's total
    $307,969

  • Nicholas Berger

    CHIEF LENDING OFFICER

    Total calculated
    $279,916
    From this org
    $236,588
    From related orgs
    $0
    Other
    $43,328
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,388
    Bonus
    $92,684
    Other
    $516
    Deferred
    $18,252
    Nontaxable benefits
    $25,076
    Filer's total
    $279,916

  • John Montgomery

    CHIEF RISK OFFICER

    Total calculated
    $246,078
    From this org
    $209,310
    From related orgs
    $0
    Other
    $36,768
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,302
    Bonus
    $37,900
    Other
    $2,108
    Deferred
    $15,993
    Nontaxable benefits
    $20,775
    Filer's total
    $246,078

  • Steven Nielsen

    PRESIDENT & CEO

    Total calculated
    $341,070
    From this org
    $296,509
    From related orgs
    $0
    Other
    $44,561
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,197
    Bonus
    $28,825
    Other
    $5,487
    Deferred
    $22,084
    Nontaxable benefits
    $22,477
    Filer's total
    $341,070

  • Natasha Pfeiffer

    LOAN OFFICER

    Total calculated
    $189,249
    From this org
    $154,455
    From related orgs
    $0
    Other
    $34,794
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $94,761
    Bonus
    $59,575
    Other
    $119
    Deferred
    $12,316
    Nontaxable benefits
    $22,478
    Filer's total
    $189,249

  • Aaron Haroldsen

    SENOIR CREDIT OFFICER

    Total calculated
    $118,954
    From this org
    $100,901
    From related orgs
    $0
    Other
    $18,053
    Hours/week
    40

  • Mendi Leisure

    SECRETARY

    Total calculated
    $154,219
    From this org
    $144,204
    From related orgs
    $0
    Other
    $10,015
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,024
    Bonus
    $20,010
    Other
    $170
    Deferred
    $10,015
    Nontaxable benefits
    $0
    Filer's total
    $154,219

  • Gary Neibaur

    ACCOUNTANT

    Total calculated
    $112,910
    From this org
    $105,873
    From related orgs
    $0
    Other
    $7,037
    Hours/week
    40

  • Matthew Haynes

    LOAN CLOSING MANAGER

    Total calculated
    $131,705
    From this org
    $120,735
    From related orgs
    $0
    Other
    $10,970
    Hours/week
    40

  • Adam Keene

    CONTROLLER

    Total calculated
    $150,359
    From this org
    $131,775
    From related orgs
    $0
    Other
    $18,584
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,999
    Bonus
    $700
    Other
    $76
    Deferred
    $8,323
    Nontaxable benefits
    $10,261
    Filer's total
    $150,359

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
THE ORGANIZATION ANNUALLY REVIEWS THE PERFORMANCES OF THE EXECUTIVE STAFF AND OTHER STAFF TO DETERMINE IF ADDITIONAL COMPENSATION IN THE FORM OF BONUSES WILL BE PAID. DURING CALENDAR YEAR ENDING DECEMBER 31, 2023, BONUSES WERE AWARDED BASED ON REVIEW OF EACH INDIVIDUAL'S PERFORMANCE AND SERVICES TO THE ORGANIZATION.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
13 August 2024
IRS schema version
2023v5.1
Source object
202402299349301615

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

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