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Nonprofiteer
← SOUTHEAST EFFECTIVE DEVELOPMENT

Form 990 for tax year 2023

Filed by SOUTHEAST EFFECTIVE DEVELOPMENT.

Totals

Total revenue
$15,822,678
Total expenses
$15,757,127
Contributions and grants received
$1,974,854
Grants paid
$0
Program service revenue
$8,553,569
Investment income
$1,847,396
Other revenue
$3,446,859
Total assets, end of year
$68,410,013
Total liabilities, end of year
$72,706,087
Net assets or fund balances, end of year
-$4,296,074
Program services expenses (Part IX)
$15,114,274
Management and general expenses
$538,185
Fundraising expenses
$104,668
Program service expenses (Part III)
$15,114,274

Program services were 95.9% 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)

    $407,954

  • 1f · All other contributions, gifts and grants

    $1,566,900

  • 2a · Program service revenue: LOW INCOME HOUSING

    total $8,476,326 · related or exempt $8,476,326

  • 2b · Program service revenue: MANAGEMENT FEE

    total $46,402 · related or exempt $46,402

  • 2c · Program service revenue: ART MEMBERSHIP

    total $25,341 · related or exempt $25,341

  • 2d · Program service revenue: OTHER ART PROGRAM

    total $5,500 · related or exempt $5,500

  • 3 · Investment income

    total $1,826,611 · excluded $1,826,611

  • 7a · Gross sales of assets other than inventory

    securities $1,450,075

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

    securities $1,429,290

  • 7c · Gain or loss

    securities $20,785

  • 7d · Net gain or loss

    total $20,785 · excluded $20,785

  • 10a · Gross sales of inventory

    $91,265

  • 10b · Cost of goods sold

    $55,017

  • 10c · Net income from sales of inventory

    total $36,248 · related or exempt $36,248

  • 11a · Other revenue: DEBT FORGIVENESS

    total $2,468,409 · excluded $2,468,409

  • 11b · Other revenue: DEBT RESTRUCTURING

    total $1,354,910 · excluded $1,354,910

  • 11c · Other revenue: MISCELLANEOUS INCOME

    total $18,560 · related or exempt $18,560

  • 11d · All other revenue

    total -$431,268 · related or exempt -$431,268

  • 11e · Other revenue, total

    $3,410,611

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $285,189 · program services $272,327 · management and general $10,638 · fundraising $2,224

  • 7 · Other salaries and wages

    total $1,739,804 · program services $1,661,339 · management and general $64,895 · fundraising $13,570

  • 8 · Pension plan contributions

    total $1,702 · program services $1,626 · management and general $63 · fundraising $13

  • 9 · Other employee benefits

    total $139,125 · program services $132,851 · management and general $5,189 · fundraising $1,085

  • 10 · Payroll taxes

    total $206,346 · program services $197,040 · management and general $7,697 · fundraising $1,609

  • 11a · Fees: management

    total $450,303 · program services $429,995 · management and general $16,796 · fundraising $3,512

  • 11b · Fees: legal

    total $27,871 · program services $26,614 · management and general $1,040 · fundraising $217

  • 11c · Fees: accounting

    total $121,790 · program services $116,297 · management and general $4,543 · fundraising $950

  • 11f · Fees: investment management

    total $528,372 · program services $504,543 · management and general $19,708 · fundraising $4,121

  • 11g · Fees: other

    total $1,045,576 · program services $998,421 · management and general $39,000 · fundraising $8,155

  • 12 · Advertising and promotion

    total $27,834 · program services $26,579 · management and general $1,038 · fundraising $217

  • 13 · Office expenses

    total $545,026 · program services $520,446 · management and general $20,329 · fundraising $4,251

  • 14 · Information technology

    total $142,753 · program services $136,315 · management and general $5,325 · fundraising $1,113

  • 16 · Occupancy

    total $3,277,229 · program services $3,129,426 · management and general $122,241 · fundraising $25,562

  • 17 · Travel

    total $3,236 · program services $3,090 · management and general $121 · fundraising $25

  • 19 · Conferences, conventions and meetings

    total $22,822 · program services $21,793 · management and general $851 · fundraising $178

  • 20 · Interest

    total $2,455,755 · program services $2,345,000 · management and general $91,600 · fundraising $19,155

  • 22 · Depreciation, depletion and amortization

    total $2,337,575 · program services $2,299,940 · management and general $37,635

  • 23 · Insurance

    total $431,031 · program services $411,592 · management and general $16,077 · fundraising $3,362

  • 24a · Other expenses: MISCELLANEOUS

    total $1,560,501 · program services $1,490,122 · management and general $58,207 · fundraising $12,172

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $304,882 · program services $291,132 · management and general $11,372 · fundraising $2,378

  • 24c · Other expenses: ART EXPENSE

    total $43,602 · program services $41,636 · management and general $1,626 · fundraising $340

  • 24d · Other expenses: FISCAL CONTRACT

    total $33,802 · program services $32,277 · management and general $1,261 · fundraising $264

  • 24e · All other expenses

    total $25,001 · program services $23,873 · management and general $933 · fundraising $195

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,659,480 · end of year $1,829,147

  • 2 · Savings and temporary cash investments

    beginning of year $1,762,326

  • 4 · Accounts receivable

    beginning of year $2,938,144 · end of year $2,912,603

  • 7 · Other notes and loans receivable

    beginning of year $6,534,132 · end of year $3,305,495

  • 9 · Prepaid expenses and deferred charges

    beginning of year $319,763 · end of year $455,835

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

    $87,783,471

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

    $36,395,092

  • 10c · Land, buildings and equipment, net

    beginning of year $36,903,362 · end of year $51,388,379

  • 13 · Investments: program-related

    beginning of year $1,179,741 · end of year $748,473

  • 14 · Intangible assets

    end of year $5,502

  • 15 · Other assets

    beginning of year $5,938,584 · end of year $7,764,579

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,199,932 · end of year $899,819

  • 19 · Deferred revenue

    beginning of year $92,710 · end of year $170,972

  • 21 · Escrow or custodial account liability

    beginning of year $228,738 · end of year $324,717

  • 23 · Secured mortgages and notes payable

    beginning of year $34,113,459 · end of year $52,454,055

  • 24 · Unsecured notes and loans payable

    beginning of year $19,449,916 · end of year $18,856,524

  • 27 · Net assets without donor restrictions

    beginning of year $2,150,777 · end of year -$4,440,347

  • 28 · Net assets with donor restrictions

    end of year $144,273

Mission and programs · 2023

Mission

SOUTHEAST EFFECTIVE DEVELOPMENT ("SEED") IS A NOT-FOR-PROFIT COMMUNITY DEVELOPMENT CORPORATION THAT INVESTS IN THE FUTURE OF SOUTHEAST SEATTLE BY FACILITATING SOCIAL, ECONOMIC, HOUSING AND CULTURAL PROGRAMS WITHIN THE COMMUNITY. FOUNDED IN 1975, SEED WORKS TO STRENGTHEN AND REVITALIZE THE NEIGHBORHOODS AND BUSINESS DISTRICTS OF SOUTHEAST SEATTLE.

  • AFFORDABLE HOUSING: SEED'S AFFORDABLE HOUSING PROGRAM WAS INITIATED IN 1986 AS PART OF A COMPREHENSIVE APPROACH TO COMMUNITY REVITALIZATION IN SOUTH EAST SEATTLE. SINCE THEN, SEED HAS REDEVELOPED AND CONSTRUCTED OVER 1,000 UNITS OF MULTI-FAMILY UTILIZING FEDERAL HOUSING TAX CREDITS. STATE TAX-EXEMPT BONDS AND OTHER PUBLIC/PRIVATE PARTNERSHIPS. SEED HAS INCREASED THE AVAILABILITY OF DECENT AFFORDABLE HOUSING TO SENIORS, PEOPLE WITH DISABILITIES, AND FAMILIES/INDIVIDUALS WITH LIMITED INCOME.

    Expenses $13,637,102 · Revenue $8,045,058

  • ARTS PROGRAM: SEED'S ART PROGRAM WORKS WITH ARTISTS, YOUTH AND COMMUNITY RESIDENTS TO CREATE OPPORTUNITIES FOR PEOPLE TO MAKE A DIFFERENCE IN THEIR NEIGHBORHOODS. WITH BROAD COMMUNITY SUPPORT, SEED HAS DEVELOPED CULTURAL FACILITIES IN THE VISUAL AND PERFORMING ARTS THAT SERVE AS GATHERING SPACES FOR PEOPLE OF ALL CULTURES.SEED PARTNERS WITH SCHOOLS AND COMMUNITY ORGANIZATIONS TO INVOLVE YOUTH AND THEIR FAMILIES IN CREATING PUBLIC AND PERFORMANCE ART FOR THIS COMMUNITY. THE ARTS PROGRAM CREATES OPPORTUNITIES FOR PROFESSIONAL ARTISTS TO CONTRIBUTE TO THEIR OWN NEIGHBORHOODS THROUGH PUBLIC ART CREATION, JAZZ AND WORLD MUSIC PERFORMANCES, AND ARTS PLANNING AND ADVOCACY.

    Expenses $1,477,172 · Revenue $132,051

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Michael Seiwerath

    EXECUTIVE DIRECTOR

    Total calculated
    $165,857
    From this org
    $165,857
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,857
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $165,857

  • Joon Chang

    FINANCE DIRECTOR

    Total calculated
    $119,332
    From this org
    $119,332
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Kent'Ae Van London

    DIRECTOR OF PROPERTY & ASSET MGMT

    Total calculated
    $110,208
    From this org
    $110,208
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Damian Stack

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Susanna Tran

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Mari Tamiyasu

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Ashwin Warrior

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Gautham Acharya

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Evan Cantini MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Krista Holland

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Amber Rose Jiminez

    DIRECTOR (LEFT IN 2023)

    Total calculated
    $0
    Hours/week
    2

  • Jiquanda Nelson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Pearl Nelson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Lacey Warrior

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Karen Wong

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

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 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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.

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.

  • CLAREMONT WALDEN LLC

    LOW INCOME HOUSING · WA · income $0 · assets $0

    Directly controlled by SOUTHEAST EFFECTIVE DEVELOPMENT

  • SEED PROPERTIES LLC

    LOW INCOME HOUSING · WA · income $1,026,918 · assets $4,107,122

    Directly controlled by SOUTHEAST EFFECTIVE DEVELOPMENT

  • LILAC LODGE LLC

    LOW INCOME HOUSING · WA · income $701,405 · assets $6,092,895

    Directly controlled by SOUTHEAST EFFECTIVE DEVELOPMENT

  • SEED-OREGON PLACE LIMITED PARTERSHIP

    LOW INCOME HOUSING · WA · income $0 · assets $0

    Directly controlled by SOUTHEAST EFFECTIVE DEVELOPMENT

  • SEED LW APARTMENTS GP LLC

    LOW INCOME HOUSING · WA · income $0 · assets $0

    Directly controlled by SOUTHEAST EFFECTIVE DEVELOPMENT

  • RAINIER COURT ASSOCIATES 2002-1 LLC

    LOW INCOME HOUSING · WA · income $2,552,318 · assets $16,161,505

    Directly controlled by SOUTHEAST EFFECTIVE DEVELOPMENT

  • RAINIER COURT ASSOCIATES 2003-IIA LLC

    LOW INCOME HOUSING · WA · income $4,477,091 · assets $17,355,304

    Directly controlled by SOUTHEAST EFFECTIVE DEVELOPMENT

Related partnerships

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

  • RAINIER COURT ASSOCIATES 2003-III LLC

    RELATED · LOW INCOME HOUSING · WA · 0.01% owned · general or managing partner

  • LAKE WASHINGTON APARTMENTS GP LLC

    RELATED · LOW INCOME HOUSING · WA · 39.5% owned · general or managing partner

    Directly controlled by SEED LW APARTMENTS GP LLC

  • LAKE WASHINGTON II LTD LLP

    RELATED · LOW INCOME HOUSING · WA · 0.01% owned · general or managing partner

    Directly controlled by LAKE WASHINGTON APARTMENTS GP LLC

Related corporations and trusts

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

  • RAINIER COMMUNITY CAPITAL CORP

    C · ECONOMIC DEVELOPMENT · WA · 100% owned · share of assets $308,466 · controlled entity

    Directly controlled by SOUTHEAST EFFECTIVE DEVELOPMENT

  • RAINIER COURT ASSOCIATES 2015-IV LLC

    C · LOW INCOME HOUSING · WA · 100% owned · share of income $1 · controlled entity

    Directly controlled by SOUTHEAST EFFECTIVE DEVELOPMENT

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202433209349326708

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