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Nonprofiteer
← CRAFT3

Form 990 for tax year 2024

Filed by CRAFT3.

Totals

Total revenue
$53,607,388
Total expenses
$38,316,373
Contributions and grants received
$39,532,943
Grants paid
$13,053,784
Program service revenue
$12,269,833
Investment income
$1,804,612
Other revenue
$0
Total assets, end of year
$236,699,828
Total liabilities, end of year
$139,180,680
Net assets or fund balances, end of year
$97,519,148
Program services expenses (Part IX)
$32,038,621
Management and general expenses
$6,101,490
Fundraising expenses
$176,262
Program service expenses (Part III)
$32,038,621

Program services were 83.6% 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.

  • 1e · Government grants (contributions)

    $23,626,983

  • 1f · All other contributions, gifts and grants

    $15,905,960

  • 2a · Program service revenue: LENDING ACTIVITIES

    total $11,757,284 · related or exempt $11,757,284

  • 2b · Program service revenue: PROGRAM CONSULTING

    total $512,549 · related or exempt $512,549

  • 3 · Investment income

    total $1,803,165 · excluded $1,803,165

  • 7a · Gross sales of assets other than inventory

    securities $4,647,023

  • 7b · Less cost or other basis and sales expenses

    securities $4,645,576

  • 7c · Gain or loss

    securities $1,447

  • 7d · Net gain or loss

    total $1,447 · excluded $1,447

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $11,207,828 · program services $11,207,828

  • 2 · Grants to domestic individuals

    total $1,845,956 · program services $1,845,956

  • 5 · Compensation of officers, directors and key employees

    total $1,892,193 · program services $756,877 · management and general $1,135,316

  • 7 · Other salaries and wages

    total $8,803,128 · program services $7,892,983 · management and general $910,145

  • 8 · Pension plan contributions

    total $288,602 · program services $308,174 · management and general -$39,728 · fundraising $20,156

  • 9 · Other employee benefits

    total $1,616,384 · program services $1,090,369 · management and general $508,291 · fundraising $17,724

  • 10 · Payroll taxes

    total $828,414 · program services $691,038 · management and general $106,382 · fundraising $30,994

  • 11b · Fees: legal

    total $80,934 · program services $1,878 · management and general $78,871 · fundraising $185

  • 11c · Fees: accounting

    total $317,922 · program services $54,715 · management and general $263,207

  • 11g · Fees: other

    total $1,073,815 · program services $436,136 · management and general $621,679 · fundraising $16,000

  • 12 · Advertising and promotion

    total $40,621 · program services $1,130 · management and general $39,491

  • 13 · Office expenses

    total $336,451 · program services $86,246 · management and general $244,461 · fundraising $5,744

  • 14 · Information technology

    total $1,008,946 · program services $403,578 · management and general $567,532 · fundraising $37,836

  • 16 · Occupancy

    total $471,004 · program services $188,402 · management and general $264,940 · fundraising $17,662

  • 17 · Travel

    total $296,153 · program services $153,959 · management and general $138,513 · fundraising $3,681

  • 19 · Conferences, conventions and meetings

    total $587,715 · program services $50,190 · management and general $537,525

  • 20 · Interest

    total $3,076,593 · program services $3,076,105 · management and general $488

  • 22 · Depreciation, depletion and amortization

    total $111,871 · program services $44,748 · management and general $62,928 · fundraising $4,195

  • 23 · Insurance

    total $145,785 · program services $58,314 · management and general $82,004 · fundraising $5,467

  • 24a · Other expenses: LOAN LOSS PROVISION

    total $2,892,464 · program services $2,892,464

  • 24b · Other expenses: LOAN COSTS

    total $628,493 · program services $628,493

  • 24c · Other expenses: TAXES AND LICENSES

    total $421,165 · program services $168,466 · management and general $236,905 · fundraising $15,794

  • 24d · Other expenses: MISCELLANEOUS

    total $290,763 · program services $497 · management and general $289,442 · fundraising $824

  • 24e · All other expenses

    total $53,173 · program services $75 · management and general $53,098

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,116,035 · end of year $4,194,378

  • 2 · Savings and temporary cash investments

    beginning of year $34,753,607 · end of year $33,793,178

  • 3 · Pledges and grants receivable

    beginning of year $976,919 · end of year $1,803,253

  • 4 · Accounts receivable

    beginning of year $1,341,421 · end of year $1,509,197

  • 7 · Other notes and loans receivable

    beginning of year $149,807,124 · end of year $155,901,778

  • 9 · Prepaid expenses and deferred charges

    beginning of year $389,541 · end of year $454,398

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

    $1,311,239

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

    $852,779

  • 10c · Land, buildings and equipment, net

    beginning of year $532,431 · end of year $458,460

  • 11 · Investments: publicly traded securities

    beginning of year $23,789,769 · end of year $29,474,203

  • 13 · Investments: program-related

    beginning of year $968,483 · end of year $908,130

  • 15 · Other assets

    beginning of year $7,347,002 · end of year $8,202,853

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,681,550 · end of year $3,902,853

  • 19 · Deferred revenue

    beginning of year $849,091 · end of year $670,855

  • 21 · Escrow or custodial account liability

    beginning of year $149,045 · end of year $252,000

  • 24 · Unsecured notes and loans payable

    beginning of year $134,064,871 · end of year $132,714,146

  • 25 · Other liabilities

    beginning of year $1,471,962 · end of year $1,640,826

  • 27 · Net assets without donor restrictions

    beginning of year $67,131,662 · end of year $83,314,076

  • 28 · Net assets with donor restrictions

    beginning of year $14,674,151 · end of year $14,205,072

Mission and programs · 2024

Mission

TO BUILD A THRIVING, JUST AND EMPOWERED PACIFIC NORTHWEST USING CAPITAL, RELATIONSHIPS AND VOICE.

  • LENDING ACTIVITIES: PROVIDING BUSINESS SUPPORT, MARKETING ASSISTANCE AND HIGH RISK NON-BANK CREDIT TO BUSINESSES AND INDIVIDUALS IN WASHINGTON AND OREGON. IMPROVING THE PHYSICAL AND ECONOMIC ENVIRONMENTS THROUGH REDUCTION OF WASTE, ENERGY AND CHEMICAL USAGE THROUGH MISSION BASED LENDING.

    Expenses $31,084,243 · Grants $13,053,784 · Revenue $11,757,284

  • PROGRAM CONSULTING: PROVIDING EXPERT GUIDANCE IN STRATEGIC PLANNING, ORGANIZATIONAL DEVELOPMENT, ECONOMIC DEVELOPMENT, AND REAL ESTATE DEVELOPMENT. THE SERVICES ARE DESIGNED TO ASSIST BUSINESSES, NON-PROFIT ORGANIZATIONS AND LOCAL GOVERNMENTS IN ACCOMPLISHING THEIR GOALS.

    Expenses $954,378 · Revenue $512,549

As filed on the 2024 return.

Listed in Part VII

  • Paul Benoit

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    3 + 1 related

  • Shivon Brite

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Andrea Caupain Sanderson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Lisa Dow

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Ronald Grzywinski

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Mary Houghton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Jo Ann Kauffman

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Alexia Kelly

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Walt Krumholz

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Linda Nettkoven

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3 + 1 related

  • Alan Okagaki

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Sue Taoka

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Lee Winslett

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3 + 1 related

  • Gregory Bradley

    CHIEF CREDIT OFFICER

    Total calculated
    $178,397
    From this org
    $166,406
    From related orgs
    $0
    Other
    $11,991
    Hours/week
    36 + 4 related

    Schedule J breakdown matched by us

    Base
    $157,397
    Bonus
    $8,529
    Other
    $480
    Deferred
    $8,319
    Nontaxable benefits
    $3,672
    Filer's total
    $178,397

  • Bruce Brooks

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $339,564
    From this org
    $303,154
    From related orgs
    $0
    Other
    $36,410
    Hours/week
    36 + 4 related

    Schedule J breakdown matched by us

    Base
    $286,649
    Bonus
    $16,025
    Other
    $480
    Deferred
    $15,392
    Nontaxable benefits
    $21,018
    Filer's total
    $339,564

  • Christopher Larson

    CHIEFT STRATEGY AND INFO OFFICER

    Total calculated
    $189,722
    From this org
    $152,464
    From related orgs
    $0
    Other
    $37,258
    Hours/week
    36 + 4 related

    Schedule J breakdown matched by us

    Base
    $142,476
    Bonus
    $9,508
    Other
    $480
    Deferred
    $8,560
    Nontaxable benefits
    $28,698
    Filer's total
    $189,722

  • Carl Seip

    CHIEF MARKETING OFFICER

    Total calculated
    $211,279
    From this org
    $191,155
    From related orgs
    $0
    Other
    $20,124
    Hours/week
    36 + 4 related

    Schedule J breakdown matched by us

    Base
    $180,315
    Bonus
    $10,360
    Other
    $480
    Deferred
    $9,671
    Nontaxable benefits
    $10,453
    Filer's total
    $211,279

  • Mark Stevenson

    CHIEF FINANICAL OFFICER

    Total calculated
    $231,980
    From this org
    $199,106
    From related orgs
    $0
    Other
    $32,874
    Hours/week
    36 + 4 related

    Schedule J breakdown matched by us

    Base
    $186,212
    Bonus
    $12,414
    Other
    $480
    Deferred
    $11,908
    Nontaxable benefits
    $20,966
    Filer's total
    $231,980

  • Margaret Weiland

    CHIEF DEVELOP. AND STAFF OFFICER

    Total calculated
    $250,801
    From this org
    $221,298
    From related orgs
    $0
    Other
    $29,503
    Hours/week
    36 + 4 related

    Schedule J breakdown matched by us

    Base
    $209,908
    Bonus
    $10,910
    Other
    $480
    Deferred
    $11,106
    Nontaxable benefits
    $18,397
    Filer's total
    $250,801

  • Turner Waskom

    CHIEF LENDING OFFICER

    Total calculated
    $240,102
    From this org
    $234,591
    From related orgs
    $0
    Other
    $5,511
    Hours/week
    36 + 4 related

    Schedule J breakdown matched by us

    Base
    $222,264
    Bonus
    $11,847
    Other
    $480
    Deferred
    $4,380
    Nontaxable benefits
    $1,131
    Filer's total
    $240,102

  • Adam Zimmerman

    CHIEF EXECUTIVE OFFICER (UNTIL 3/25/24)

    Total calculated
    $285,952
    From this org
    $280,923
    From related orgs
    $0
    Other
    $5,029
    Hours/week
    36 + 4 related

    Schedule J breakdown matched by us

    Base
    $98,334
    Bonus
    $0
    Other
    $182,589
    Deferred
    $2,355
    Nontaxable benefits
    $2,674
    Filer's total
    $285,952

  • Sonya Lynn

    CHIEF OPERATING OFFICER (UNTIL 2/9/24)

    Total calculated
    $320,190
    From this org
    $313,543
    From related orgs
    $0
    Other
    $6,647
    Hours/week
    36 + 4 related

    Schedule J breakdown matched by us

    Base
    $51,291
    Bonus
    $12,132
    Other
    $250,120
    Deferred
    $3,240
    Nontaxable benefits
    $3,407
    Filer's total
    $320,190

  • Jane Repensek

    CHIEF FINANCIAL OFFICER (UNTIL 7/1/2024)

    Total calculated
    $153,775
    From this org
    $142,335
    From related orgs
    $0
    Other
    $11,440
    Hours/week
    36 + 4 related

    Schedule J breakdown matched by us

    Base
    $121,459
    Bonus
    $9,450
    Other
    $11,426
    Deferred
    $10,813
    Nontaxable benefits
    $627
    Filer's total
    $153,775

  • Michael Wu

    IT DIRECTOR

    Total calculated
    $211,441
    From this org
    $179,451
    From related orgs
    $0
    Other
    $31,990
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,222
    Bonus
    $11,249
    Other
    $2,980
    Deferred
    $11,097
    Nontaxable benefits
    $20,893
    Filer's total
    $211,441

  • James Galbraith

    LEGAL COUNSEL VP (UNTIL 11/8/2024)

    Total calculated
    $223,387
    From this org
    $202,134
    From related orgs
    $0
    Other
    $21,253
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,012
    Bonus
    $12,682
    Other
    $440
    Deferred
    $11,596
    Nontaxable benefits
    $9,657
    Filer's total
    $223,387

  • Michael Dickerson

    SENIOR ADVISOR

    Total calculated
    $250,835
    From this org
    $235,770
    From related orgs
    $0
    Other
    $15,065
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,363
    Bonus
    $13,927
    Other
    $480
    Deferred
    $12,924
    Nontaxable benefits
    $2,141
    Filer's total
    $250,835

  • Ronalene Monteith

    SENIOR ADVISOR

    Total calculated
    $278,243
    From this org
    $245,701
    From related orgs
    $0
    Other
    $32,542
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,472
    Bonus
    $13,749
    Other
    $15,480
    Deferred
    $13,459
    Nontaxable benefits
    $19,083
    Filer's total
    $278,243

  • John Hunter

    SENIOR BUSINESS LENDER

    Total calculated
    $170,618
    From this org
    $153,970
    From related orgs
    $0
    Other
    $16,648
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,621
    Bonus
    $9,869
    Other
    $480
    Deferred
    $8,883
    Nontaxable benefits
    $7,765
    Filer's total
    $170,618

  • Tawny Reader

    CONSUMER LENDING DIRECTOR

    Total calculated
    $183,947
    From this org
    $143,982
    From related orgs
    $0
    Other
    $39,965
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,222
    Bonus
    $9,280
    Other
    $480
    Deferred
    $11,210
    Nontaxable benefits
    $28,755
    Filer's total
    $183,947

  • Che Wong

    COMMERCIAL LENDING DIRECTOR

    Total calculated
    $197,880
    From this org
    $158,052
    From related orgs
    $0
    Other
    $39,828
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,595
    Bonus
    $10,477
    Other
    $2,980
    Deferred
    $7,440
    Nontaxable benefits
    $32,388
    Filer's total
    $197,880

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
  • 4a · Severance or change-of-control payment
  • 7 · Other non-fixed payments

Answered no

  • 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 4A
SONYA LYNN (FORMER CHIEF OPERATING OFFICER) LEFT CRAFT3 ON 2/9/2024 AND RECEIVED A SEVERANCE PAYMENT OF $250,000, WHICH IS REPORTED IN PART II, COLUMN B (III).
PART I, LINE 7
THE ORGANIZATION HAS A DISCRETIONARY BONUSING PROGRAM BASED ON THE OVERALL FINANCIAL PERFORMANCE OF THE ORGANIZATION AND INDIVIDUAL PERFORMANCE. THIS BONUSING PROGRAM IS OFFERED TO ALL EMPLOYEES AND OFFICERS EXCEPT THE PRESIDENT AND CEO. THE CEO'S BONUS IS AT THE SOLE DISCRETION OF THE BOARD. THE PRESIDENT'S BONUS IS MANAGED BY THE CEO. BONUSES WERE AWARDED FOR EMPLOYEES, OFFICERS AND THE CEO IN 2024.

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

  • MICRO ENTERPRISE SERVICE OF OREGON

    $9,589,705

    PROGRAM SUPPORT

  • CAIRO

    $1,000,000

    PROGRAM SUPPORT

  • LOW INCOME INVESTMENT FUN

    $507,652

    PROGRAM SUPPORT

  • RICHMOND LEARNING ACADEMY

    $107,225

    PROGRAM SUPPORT

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • CRAFT3 FUTURE FUND

    501(C)(3) · LENDING · WA · controlled entity

    Directly controlled by CRAFT3

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • CRAFT3 OTHER OWNED WA PROPERTIES LLC

    LENDING · WA · income -$1,039 · assets $166

    Directly controlled by CRAFT3

  • CRAFT3 OTHER OWNED OR PROPERTIES LLC

    LENDING · OR · income $0 · assets $0

    Directly controlled by CRAFT3

Related partnerships

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

  • CRAFT3 INVESTMENT II LLC

    RELATED · LENDING · WA · 99.99% owned · general or managing partner

    Directly controlled by CRAFT3

  • CRAFT3 INVESTMENT X LLC

    RELATED · LENDING · WA · 0.01% owned · share of income $18 · share of assets $1,173 · general or managing partner

  • CRAFT3 INVESTMENT XI LLC

    RELATED · LENDING · WA · 0.01% owned · share of income $5 · share of assets $883 · general or managing partner

  • CRAFT3 INVESTMENT XII LLC

    RELATED · LENDING · WA · 0.01% owned · share of income $6 · share of assets $980 · general or managing partner

  • CRAFT3 INVESTMENT XIV LLC

    RELATED · LENDING · WA · 0.01% owned · share of income $10 · share of assets $687 · general or managing partner

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • WINDFARM INVESTMENTS

    C · LENDING · WA · 100% owned · share of assets $632 · controlled entity

    Directly controlled by CRAFT3

  • CRAFT3 INVESTMENT XIII LLC

    C · LENDING · WA · 0.01% owned · share of income $6 · share of assets $1,200

Provenance

Return type
form_990
Tax year
2024
Filed
21 October 2025
IRS schema version
2024v5.2
Source object
202532959349301523

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