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Nonprofiteer
← CRAFT3

Form 990 for tax year 2022

Filed by CRAFT3.

Totals

Total revenue
$19,219,259
Total expenses
$15,992,790
Contributions and grants received
$6,269,398
Grants paid
$248,949
Program service revenue
$12,060,240
Investment income
$889,621
Other revenue
$0
Total assets, end of year
$182,110,281
Total liabilities, end of year
$111,734,376
Net assets or fund balances, end of year
$70,375,905
Program services expenses (Part IX)
$12,537,190
Management and general expenses
$2,945,630
Fundraising expenses
$509,970
Program service expenses (Part III)
$12,537,190

Program services were 78.4% 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)

    $4,596,139

  • 1f · All other contributions, gifts and grants

    $1,673,259

  • 2a · Program service revenue: LENDING ACTIVITIES

    total $11,366,088 · related or exempt $11,366,088

  • 2b · Program service revenue: PROGRAM CONSULTING

    total $694,152 · related or exempt $694,152

  • 3 · Investment income

    total $561,076 · excluded $561,076

  • 7a · Gross sales of assets other than inventory

    securities $328,545

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

    securities $0

  • 7c · Gain or loss

    securities $328,545

  • 7d · Net gain or loss

    total $328,545 · excluded $328,545

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $220,000 · program services $220,000

  • 2 · Grants to domestic individuals

    total $28,949 · program services $28,949

  • 5 · Compensation of officers, directors and key employees

    total $1,884,194 · program services $960,722 · management and general $923,472

  • 7 · Other salaries and wages

    total $6,047,467 · program services $5,627,088 · management and general $143,887 · fundraising $276,492

  • 8 · Pension plan contributions

    total $2,481,495 · program services $2,101,627 · management and general $293,396 · fundraising $86,472

  • 11a · Fees: management

    total $3,750 · program services $3,750

  • 11b · Fees: legal

    total $48,523 · program services $13,571 · management and general $885 · fundraising $34,067

  • 11c · Fees: accounting

    total $227,222 · program services $149,402 · management and general $77,820

  • 13 · Office expenses

    total $107,549 · program services $71,699 · management and general $31,548 · fundraising $4,302

  • 14 · Information technology

    total $713,130 · program services $475,420 · management and general $209,185 · fundraising $28,525

  • 16 · Occupancy

    total $695,079 · program services $463,386 · management and general $203,890 · fundraising $27,803

  • 17 · Travel

    total $162,302 · program services $94,795 · management and general $58,854 · fundraising $8,653

  • 20 · Interest

    total $1,874,547 · program services $1,873,939 · management and general $608

  • 22 · Depreciation, depletion and amortization

    total $80,320 · program services $53,547 · management and general $23,560 · fundraising $3,213

  • 23 · Insurance

    total $125,570 · program services $83,713 · management and general $36,834 · fundraising $5,023

  • 24a · Other expenses: MISCELLANEOUS

    total $677,340 · program services $224,659 · management and general $427,730 · fundraising $24,951

  • 24b · Other expenses: TAXES AND LICENSES

    total $250,739 · program services $167,159 · management and general $73,550 · fundraising $10,030

  • 24c · Other expenses: LOAN COSTS

    total -$132,373 · program services -$132,373

  • 24e · All other expenses

    total $496,987 · program services $56,137 · management and general $440,411 · fundraising $439

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,746,521 · end of year $2,654,762

  • 2 · Savings and temporary cash investments

    beginning of year $10,861,940 · end of year $10,010,298

  • 3 · Pledges and grants receivable

    beginning of year $879,600 · end of year $1,078,178

  • 4 · Accounts receivable

    beginning of year $1,154,635 · end of year $1,149,037

  • 7 · Other notes and loans receivable

    beginning of year $118,019,959 · end of year $130,127,521

  • 9 · Prepaid expenses and deferred charges

    beginning of year $278,352 · end of year $385,872

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

    $2,632,888

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

    $1,536,380

  • 10c · Land, buildings and equipment, net

    beginning of year $434,256 · end of year $1,096,508

  • 11 · Investments: publicly traded securities

    beginning of year $26,740,801 · end of year $29,094,146

  • 13 · Investments: program-related

    beginning of year $1,176,557 · end of year $967,853

  • 15 · Other assets

    beginning of year $4,273,304 · end of year $5,546,106

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,292,496 · end of year $1,759,630

  • 19 · Deferred revenue

    beginning of year $1,267,662 · end of year $1,053,377

  • 21 · Escrow or custodial account liability

    beginning of year $146,514 · end of year $157,404

  • 24 · Unsecured notes and loans payable

    beginning of year $107,228,486 · end of year $107,811,568

  • 25 · Other liabilities

    beginning of year $0 · end of year $952,397

  • 27 · Net assets without donor restrictions

    beginning of year $63,945,469 · end of year $67,086,212

  • 28 · Net assets with donor restrictions

    beginning of year $4,685,298 · end of year $3,289,693

Mission and programs · 2022

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 $11,482,249 · Grants $248,949 · Revenue $11,366,088

  • 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 $1,054,941 · Revenue $694,152

As filed on the 2022 return.

Listed in Part VII

  • PAUL BENOIT

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • JO ANN KAUFFMAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • RONALD GRZYWINSKI

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • ALAN OKAGAKI

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • STAN AMY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • WALT KRUMBHOLZ

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • CHAD OLNEY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • MUTHU MUTHIAH

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • MARY HOUGHTON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • LINDA NETTEKOVEN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • LEE WINSLETT

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • ANDREA SANDERSON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • ADAM ZIMMERMAN

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $291,676
    From this org
    $284,338
    From related orgs
    $0
    Other
    $7,338
    Hours/week
    40 + 4 related

    Schedule J breakdown matched by us

    Base
    $273,025
    Bonus
    $10,603
    Other
    $710
    Deferred
    $5,666
    Nontaxable benefits
    $1,672
    Filer's total
    $291,676

  • BRUCE BROOKS

    PRESIDENT

    Total calculated
    $249,662
    From this org
    $227,227
    From related orgs
    $0
    Other
    $22,435
    Hours/week
    40 + 4 related

    Schedule J breakdown matched by us

    Base
    $226,600
    Bonus
    $0
    Other
    $627
    Deferred
    $13,634
    Nontaxable benefits
    $8,801
    Filer's total
    $249,662

  • MICHAEL DICKERSON

    INNOVATION AND EVALUATION DIRECTOR

    Total calculated
    $225,859
    From this org
    $211,793
    From related orgs
    $0
    Other
    $14,066
    Hours/week
    40 + 4 related

    Schedule J breakdown matched by us

    Base
    $202,893
    Bonus
    $8,273
    Other
    $627
    Deferred
    $12,211
    Nontaxable benefits
    $1,855
    Filer's total
    $225,859

  • MARK STEVENSON

    CHIEF FINANCIAL OFFICER, EVP

    Total calculated
    $207,081
    From this org
    $178,703
    From related orgs
    $0
    Other
    $28,378
    Hours/week
    40 + 4 related

    Schedule J breakdown matched by us

    Base
    $172,998
    Bonus
    $5,039
    Other
    $666
    Deferred
    $10,722
    Nontaxable benefits
    $17,656
    Filer's total
    $207,081

  • RONALENE MONTEITH

    CHIEF CREDIT OFFICER, EVP

    Total calculated
    $204,026
    From this org
    $191,112
    From related orgs
    $0
    Other
    $12,914
    Hours/week
    40 + 4 related

    Schedule J breakdown matched by us

    Base
    $183,613
    Bonus
    $6,952
    Other
    $547
    Deferred
    $11,467
    Nontaxable benefits
    $1,447
    Filer's total
    $204,026

  • SONYA LYNN

    CHIEF OPERATING OFFICER, EVP

    Total calculated
    $175,054
    From this org
    $156,113
    From related orgs
    $0
    Other
    $18,941
    Hours/week
    40 + 4 related

    Schedule J breakdown matched by us

    Base
    $148,979
    Bonus
    $6,509
    Other
    $625
    Deferred
    $6,751
    Nontaxable benefits
    $12,190
    Filer's total
    $175,054

  • JAMES GALBRAITH

    LEGAL COUNSEL, VP

    Total calculated
    $189,659
    From this org
    $181,161
    From related orgs
    $0
    Other
    $8,498
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,556
    Bonus
    $0
    Other
    $605
    Deferred
    $4,569
    Nontaxable benefits
    $3,929
    Filer's total
    $189,659

  • MICHAEL WU

    IT DIRECTOR, VP

    Total calculated
    $179,605
    From this org
    $158,204
    From related orgs
    $0
    Other
    $21,401
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,164
    Bonus
    $5,423
    Other
    $5,617
    Deferred
    $9,167
    Nontaxable benefits
    $12,234
    Filer's total
    $179,605

  • TURNER WASKOM

    COMMERCIAL LENDING DIRECTOR, SVP

    Total calculated
    $161,573
    From this org
    $156,698
    From related orgs
    $0
    Other
    $4,875
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,677
    Bonus
    $5,120
    Other
    $901
    Deferred
    $3,600
    Nontaxable benefits
    $1,275
    Filer's total
    $161,573

  • JOHN HUNTER

    SR. BUSINESS LENDER, VP

    Total calculated
    $162,597
    From this org
    $134,655
    From related orgs
    $0
    Other
    $27,942
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,986
    Bonus
    $4,165
    Other
    $504
    Deferred
    $8,079
    Nontaxable benefits
    $19,863
    Filer's total
    $162,597

  • MARGARET WEILAND

    DEVELOPMENT DIRECTOR, SVP

    Total calculated
    $160,891
    From this org
    $134,311
    From related orgs
    $0
    Other
    $26,580
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,042
    Bonus
    $5,347
    Other
    $922
    Deferred
    $7,738
    Nontaxable benefits
    $18,842
    Filer's total
    $160,891

  • TERESA PARRIETT

    CONTROLLER, VP

    Total calculated
    $152,310
    From this org
    $141,650
    From related orgs
    $0
    Other
    $10,660
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,916
    Bonus
    $4,165
    Other
    $5,569
    Deferred
    $4,962
    Nontaxable benefits
    $5,698
    Filer's total
    $152,310

  • DESIREE MICHIELS

    CONSUMER LENDING DIRECTOR, SVP

    Total calculated
    $150,004
    From this org
    $145,217
    From related orgs
    $0
    Other
    $4,787
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,010
    Bonus
    $4,720
    Other
    $487
    Deferred
    $3,600
    Nontaxable benefits
    $1,187
    Filer's total
    $150,004

  • SAIF HAKIM

    COMMERCIAL LENDING TEAM MANAGER, VP

    Total calculated
    $144,289
    From this org
    $140,787
    From related orgs
    $0
    Other
    $3,502
    Hours/week
    40

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
  • 5a · Pay contingent on this organization's revenues
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 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 5
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 2022.
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 2022.

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.

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.

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.

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 · share of income -$9,532 · share of assets -$629 · 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 $1,183 · general or managing partner

  • CRAFT3 INVESTMENT XI LLC

    RELATED · LENDING · WA · 0.01% owned · share of income $5 · share of assets $891 · general or managing partner

  • CRAFT3 INVESTMENT XII LLC

    RELATED · LENDING · WA · 0.01% owned · share of income $6 · share of assets $988 · general or managing partner

  • CRAFT3 INVESTMENT XIV LLC

    RELATED · LENDING · WA · 0.01% owned · share of income $10 · share of assets $693 · 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 income -$1 · 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
2022
Filed
11 August 2023
IRS schema version
2022v5.0
Source object
202312239349302566

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