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Nonprofiteer
← ROCKY MOUNTAIN COMMUNITY REINVESTMENT CORPORATION

Form 990 for tax year 2022

Filed by ROCKY MOUNTAIN COMMUNITY REINVESTMENT CORPORATION.

Totals

Total revenue
$14,309,085
Total expenses
$13,554,340
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$14,309,085
Investment income
$0
Other revenue
$0
Total assets, end of year
$316,858,428
Total liabilities, end of year
$305,291,773
Net assets or fund balances, end of year
$11,566,655
Program services expenses (Part IX)
$12,398,859
Management and general expenses
$1,077,796
Fundraising expenses
$77,685
Program service expenses (Part III)
$12,398,859

Program services were 91.5% 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.

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

    total $13,154,734 · related or exempt $13,154,734

  • 2b · Program service revenue: OTHER LOAN REVENUE

    total $782,631 · related or exempt $782,631

  • 2c · Program service revenue: LOAN ADMINISTRATION

    total $371,720 · related or exempt $371,720

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $568,603 · program services $299,709 · management and general $268,894

  • 7 · Other salaries and wages

    total $861,937 · program services $454,325 · management and general $407,612

  • 8 · Pension plan contributions

    total $111,224 · program services $58,626 · management and general $52,598

  • 9 · Other employee benefits

    total $56,447 · program services $29,753 · management and general $26,694

  • 10 · Payroll taxes

    total $129,148 · program services $68,074 · management and general $61,074

  • 11g · Fees: other

    total $120,089 · program services $63,298 · management and general $30,639 · fundraising $26,152

  • 12 · Advertising and promotion

    total $139,424 · program services $73,490 · management and general $35,572 · fundraising $30,362

  • 13 · Office expenses

    total $102,826 · program services $54,197 · management and general $43,724 · fundraising $4,905

  • 14 · Information technology

    total $37,655 · program services $19,848 · management and general $17,807

  • 16 · Occupancy

    total $113,544 · program services $59,848 · management and general $53,696

  • 17 · Travel

    total $50,318 · program services $26,522 · management and general $12,838 · fundraising $10,958

  • 20 · Interest

    total $10,607,560 · program services $10,607,560

  • 22 · Depreciation, depletion and amortization

    total $63,428 · program services $33,433 · management and general $29,995

  • 23 · Insurance

    total $64,358 · program services $33,923 · management and general $30,435

  • 24a · Other expenses: LOAN ADMINISTRATION COS

    total $444,064 · program services $444,064

  • 24b · Other expenses: SERVICING/AGENT FEES

    total $59,339 · program services $59,339

  • 24c · Other expenses: BANK FEES

    total $19,551 · program services $10,307 · management and general $4,987 · fundraising $4,257

  • 24d · Other expenses: TRAINING

    total $4,825 · program services $2,543 · management and general $1,231 · fundraising $1,051

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,203 · end of year $4,693

  • 4 · Accounts receivable

    beginning of year $174,496 · end of year $255,771

  • 7 · Other notes and loans receivable

    beginning of year $239,523,744 · end of year $315,040,158

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,243 · end of year $60,405

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

    $280,692

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

    $120,116

  • 10c · Land, buildings and equipment, net

    beginning of year $210,527 · end of year $160,576

  • 15 · Other assets

    beginning of year $1,250,747 · end of year $1,336,825

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,532,215 · end of year $4,080,011

  • 23 · Secured mortgages and notes payable

    beginning of year $223,195,039 · end of year $294,758,469

  • 25 · Other liabilities

    beginning of year $3,627,796 · end of year $6,453,293

  • 27 · Net assets without donor restrictions

    beginning of year $10,811,910 · end of year $11,566,655

Mission and programs · 2022

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 $12,398,859 · Revenue $14,309,085

As filed on the 2022 return.

Listed in Part VII

  • Michael Palmer

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Sam Bentley

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Mendi Leisure

    SECRETARY

    Total calculated
    $136,035
    From this org
    $95,208
    From related orgs
    $0
    Other
    $40,827
    Hours/week
    40

  • Stephanie White

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Chris Parker

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Greg Rich

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jonathan Hanks

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Derek Tuckett

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Reed Dixon

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Robert Likes

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Sharlene Wilde

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Spencer McAllister

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William Whetstone

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • David Rip

    TREASURER & CFO

    Total calculated
    $217,066
    From this org
    $143,128
    From related orgs
    $0
    Other
    $73,938
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,878
    Bonus
    $21,250
    Other
    $0
    Deferred
    $18,373
    Nontaxable benefits
    $55,565
    Filer's total
    $217,066

  • Alysa Peterson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Annie Perizzolo

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dan Simpson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jan Bergeson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Tony Milner

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Steven Nielsen

    PRESIDENT & CEO

    Total calculated
    $341,381
    From this org
    $243,140
    From related orgs
    $0
    Other
    $98,241
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,770
    Bonus
    $61,370
    Other
    $0
    Deferred
    $30,442
    Nontaxable benefits
    $67,799
    Filer's total
    $341,381

  • John Montgomery

    CHIEF RISK OFFICER

    Total calculated
    $231,919
    From this org
    $157,881
    From related orgs
    $0
    Other
    $74,038
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,405
    Bonus
    $38,476
    Other
    $0
    Deferred
    $21,013
    Nontaxable benefits
    $53,025
    Filer's total
    $231,919

  • Nicholas Berger

    CHIEF LENDING OFFICER

    Total calculated
    $304,649
    From this org
    $235,614
    From related orgs
    $0
    Other
    $69,035
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $107,105
    Bonus
    $128,509
    Other
    $0
    Deferred
    $25,665
    Nontaxable benefits
    $43,370
    Filer's total
    $304,649

  • Natasha Pfeiffer

    LOAN OFFICER

    Total calculated
    $221,723
    From this org
    $170,820
    From related orgs
    $0
    Other
    $50,903
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $72,320
    Bonus
    $98,500
    Other
    $0
    Deferred
    $18,004
    Nontaxable benefits
    $32,899
    Filer's total
    $221,723

  • David Watkins

    FORMER TREASURER & CFO

    Total calculated
    $221,332
    From this org
    $183,267
    From related orgs
    $0
    Other
    $38,065
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $106,538
    Bonus
    $76,729
    Other
    $0
    Deferred
    $16,431
    Nontaxable benefits
    $21,634
    Filer's total
    $221,332

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

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

The filer's explanations (Part III)

PART I, LINE 4A
FORMER CFO, DAVID WATKINS RECEIVED A SEVERANCE AGREEMENT WHICH INCLUDED THE FOLLOWING; 1. $46,900 SEVERENCE PAID IN 2022 2. $3,865 PTO PAYOUT PAID IN 2022 3. $23,450 FOR HELPING WITH YEAR-END CLOSE (PAID IN 2023) 4. $23,450 FOR ASSISTING WITH YEAR-END AUDIT (PAID IN 2023) 5. $30,150 2022 BONUS PAY OUT (PAID IN 2023)

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
2022
Filed
27 September 2023
IRS schema version
2022v5.0
Source object
202342719349301824

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