Totals
- Total revenue
- $1,236,112
- Total expenses
- $928,242
- Contributions and grants received
- $11,376
- Grants paid
- $0
- Program service revenue
- $1,170,057
- Investment income
- $54,518
- Other revenue
- $161
- Total assets, end of year
- $19,594,341
- Total liabilities, end of year
- $14,174,131
- Net assets or fund balances, end of year
- $5,420,210
- Program services expenses (Part IX)
- $635,847
- Management and general expenses
- $163,643
- Fundraising expenses
- $128,752
- Program service expenses (Part III)
- $635,847
Program services were 68.5% 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
$11,376
-
2a · Program service revenue: LOAN INTEREST
total $997,212 · related or exempt $997,212
-
2b · Program service revenue: LOAN FEES
total $172,845 · related or exempt $172,845
-
3 · Investment income
total $54,518 · excluded $54,518
-
11a · Other revenue: MISCELLANEOUS INCOME
total $161 · excluded $161
-
11e · Other revenue, total
$161
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $460,339 · program services $293,057 · management and general $86,341 · fundraising $80,941
-
7 · Other salaries and wages
total $51 · management and general $25 · fundraising $26
-
9 · Other employee benefits
total $22,656 · program services $13,096 · management and general $4,934 · fundraising $4,626
-
10 · Payroll taxes
total $42,733 · program services $27,084 · management and general $8,077 · fundraising $7,572
-
11b · Fees: legal
total $52,539 · program services $34,277 · management and general $18,262
-
11c · Fees: accounting
total $42,200 · program services $27,532 · management and general $14,668
-
11g · Fees: other
total $64,494 · program services $31,007 · management and general $11,862 · fundraising $21,625
-
12 · Advertising and promotion
total $31,772 · program services $31,719 · management and general $53
-
13 · Office expenses
total $2,253 · program services $796 · management and general $140 · fundraising $1,317
-
14 · Information technology
total $16,573 · program services $5,853 · management and general $1,032 · fundraising $9,688
-
16 · Occupancy
total $16,523 · program services $10,986 · management and general $2,858 · fundraising $2,679
-
17 · Travel
total $4,436 · program services $4,218 · management and general $126 · fundraising $92
-
20 · Interest
total $123,326 · program services $123,326
-
22 · Depreciation, depletion and amortization
total $2,454 · management and general $2,454
-
23 · Insurance
total $11,989 · management and general $11,989
-
24a · Other expenses: TAXES
total $25,626 · program services $25,013 · management and general $613
-
24b · Other expenses: DUES & SUBSCRIPTIONS
total $7,311 · program services $7,136 · management and general $175
-
24c · Other expenses: LICENSES & FEES
total $649 · program services $633 · management and general $16
-
24d · Other expenses: OTHER EXPENSES
total $318 · program services $114 · management and general $18 · fundraising $186
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $268,985 · end of year $156,516
-
2 · Savings and temporary cash investments
beginning of year $6,127,554 · end of year $6,201,225
-
4 · Accounts receivable
beginning of year $43,218 · end of year $38,682
-
7 · Other notes and loans receivable
beginning of year $16,236,505 · end of year $13,164,405
-
9 · Prepaid expenses and deferred charges
beginning of year $6,579 · end of year $21,564
-
10a · Land, buildings and equipment: cost or other basis
$40,482
-
10b · Land, buildings and equipment: accumulated depreciation
$40,482
-
10c · Land, buildings and equipment, net
beginning of year $2,454 · end of year $0
-
15 · Other assets
beginning of year $79,089 · end of year $11,949
-
17 · Accounts payable and accrued expenses
beginning of year $83,747 · end of year $61,736
-
24 · Unsecured notes and loans payable
beginning of year $17,478,061 · end of year $13,978,061
-
25 · Other liabilities
beginning of year $90,236 · end of year $134,334
-
27 · Net assets without donor restrictions
beginning of year $1,994,814 · end of year $2,297,684
-
28 · Net assets with donor restrictions
beginning of year $3,117,526 · end of year $3,122,526
Mission and programs · 2023
Mission
IMPACT CAPITAL IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION THAT MAKES STRATEGIC LOANS IN ORGANIZATIONS, TRIBAL ENTITIES, AND HOUSING AUTHORITIES TO SPUR COMMUNITY DEVELOPMENT, INCLUDING AFFORDABLE HOUSING, ART AND CULTURAL CENTERS, COMMUNITY FACILITIES, AND VIBRANT COMMERCIAL DISTRICTS. OUR WORK TRANSFORMS DISTRESSED COMMUNITIES AND NEIGHBORHOODS INTO HEALTHY ONES - GOOD PLACES TO LIVE, WORK, DO BUSINESS, AND RAISE FAMILIES.
Activities or mission (Part I)
IMPACT CAPITAL IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION THAT MAKES STRATEGIC LOANS TO ORGANIZATIONS, TRIBAL ENTITIES, AND HOUSING AUTHORITIES TO SPUR COMMUNITY DEVELOPMENT INCLUDING AFFORDABLE HOUSING, ART AND CULTURAL CENTERS, COMMUNITY FACILITIES, AND VIBRANT COMMERCIAL DISTRICTS. OUR WORK TRANSFORMS DISTRESSED COMMUNITIES AND NEIGHBORHOODS INTO HEALTHY ONES - GOOD PLACES TO LIVE, WORK, DO BUSINESS, AND RAISE FAMILIES.
-
IMPACT CAPITAL MANAGES TWO LOAN POOLS THAT PROVIDE LOANS TO ORGANIZATIONS, HOUSING AUTHORITIES, AND TRIBAL ENTITIES, FOR THE CREATION OF AFFORDABLE HOUSING AND COMMUNITY FACILITIES. AFFORDABLE HOUSING FINANCED BY IMPACT CAPITAL SERVICES PEOPLE TYPICALLY AT OR BELOW 80% OF AREA MEDIAN INCOME. COMMUNITY FACILITIES PROVIDE ACCESS TO SERVICES FOR LOW AND MODERATE INCOME PEOPLE. LOANS ARE USED TO FUND PROPERTY CONSTRUCTION, PROPERTY ACQUISITION, PREDEVELOPMENT EXPENSES, OR TO BRIDGE PERMANENT CAPITAL. THESE ARE OFTEN TRANSACTIONS THAT DO NOT MEET THE RISK PROFILES OF TRADITIONAL BANK LENDERS. IMPACT CAPITAL WAS CREATED TO PROVIDE ACCESS TO CAPITAL AND OTHER RESOURCES FOR UNDERSERVED COMMUNITIES. OUR LENDING PROVIDES A FOUNDATION FOR NEW DEVELOPMENT THAT ATTRACTS PUBLIC AND PRIVATE PERMANENT FINANCING AND SERVES AS A NEEDED CATALYST FOR DEVELOPMENT. WE HELP BUILD EQUITABLE COMMUNITIES WITH CLEAN, SAFE AFFORDABLE HOUSING, AND ACCESS TO SERVICES INCLUDING PARKS, SCHOOLS, AND VIBRANT COMMERCIAL CORRIDORS.
Expenses $635,847 · Revenue $1,170,057
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Joel MillarJOEL MILLAR
EXECUTIVE DIRECTOR
- Total calculated
- $174,614
- From this org
- $161,442
- From related orgs
- $0
- Other
- $13,172
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $158,042
- Bonus
- $3,400
- Other
- $0
- Deferred
- $4,707
- Nontaxable benefits
- $8,465
- Filer's total
- $174,614
-
Lora BourelleLORA BOURELLE
COO/CFO
- Total calculated
- $146,198
- From this org
- $133,607
- From related orgs
- $0
- Other
- $12,591
- Hours/week
- 40
-
Marcel NeffMARCEL NEFF
VP OF LENDING (THROUGH DEC 2023)
- Total calculated
- $122,608
- From this org
- $110,907
- From related orgs
- $0
- Other
- $11,701
- Hours/week
- 40
-
Kerri StonemanKERRI STONEMAN
VP OF LENDING (AS OF OCT 2023)
- Total calculated
- $16,926
- From this org
- $16,926
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Bryan KetchamBRYAN KETCHAM
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Leanne AntonioLEANNE ANTONIO
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Susan DurenSUSAN DUREN
SECRETARY/TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Kim EthertonKIM ETHERTON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
David ForemanDAVID FOREMAN
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Lowel KruegerLOWEL KRUEGER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Aditya KurellaADITYA KURELLA
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Doug PrinceDOUG PRINCE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Kevin RufKEVIN RUF
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Steve WalkerSTEVE WALKER
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. 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
- 1a · Tax indemnification and gross-up payments
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 6a · Pay contingent on this organization's net earnings
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
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- PART I, LINE 1A
- AT THE END OF 2023, ALL EMPLOYEES RECEIVED AN ANNUAL BONUS, APPROVED BY THE BOARD, THAT WAS GROSSED UP FOR TAX PURPOSES. THE BONUSES WERE LIMITED TO A MAXIMUM OF 2% OF ANNUAL COMPENSATION. THE GROSS-UP AMOUNTS WERE INCLUDED IN TAXABLE COMPENSATION.
- PART I, LINE 6
- ANNUAL YEAR-END BONUSES ARE ONLY GIVEN TO EMPLOYEES IF THE ORGANIZATION HAD POSITIVE FINANCIAL RESULTS FOR THE YEAR.
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
- 12 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202403189349305305
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