Civic Intelligence

Thistle Community Housing

990 • Fiscal year 2021 • EIN 74-2449502

Oct 01, 2020 to Sep 30, 2021 • Filed on Aug 15, 2022

Organization Profilewww.thistle.us

View Organization Page

6000 Spine Road Suite 101Boulder, CO 80302

(303) 443-0007

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

64th percentile

0.38x

Higher debt load relative to assets than 64% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Liabilities / Revenue

89th percentile

2.88x

Higher debt load relative to revenue than 89% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Net Margin

83rd percentile

45%

Higher net margin than 83% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Top Officer Pay

22nd percentile

$194,996

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 2.7% of source-year revenue.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Asset Growth

67th percentile

18%

Faster asset growth than 67% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2020 to 2021

Revenue Growth

5th percentile

-45%

Faster revenue growth than 5% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets64th percentile

Assets

Up

$53,794,788

Up $8,394,000 (+18%) from 2020

Net Assets

Up

$33,274,444

Up $3,237,206 (+11%) from 2020

Liabilities

Up

$20,520,344

Up $5,156,794 (+34%) from 2020

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin83rd percentile

Revenue

Down

$7,131,075

Down $5,844,746 (-45%) from 2020

Expenses

Up

$3,893,869

Up $363,094 (+10%) from 2020

Net Income

Down

$3,237,206

Down $6,207,840 (-66%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth67th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2010: $55,380,486Liabilities 2010: $40,237,937Net Assets 2010: $15,142,5492010Assets 2011: $38,693,320Liabilities 2011: $29,069,701Net Assets 2011: $9,623,6192011Assets 2012: $35,152,610Liabilities 2012: $21,691,844Net Assets 2012: $13,460,7662012Assets 2013: $36,872,079Liabilities 2013: $21,935,094Net Assets 2013: $14,936,9852013Assets 2014: $36,763,623Liabilities 2014: $20,348,263Net Assets 2014: $16,415,3602014Assets 2015: $35,033,390Liabilities 2015: $19,267,336Net Assets 2015: $15,766,0542015Assets 2016: $35,375,816Liabilities 2016: $18,468,726Net Assets 2016: $16,907,0902016Assets 2017: $31,961,116Liabilities 2017: $14,358,806Net Assets 2017: $17,602,3102017Assets 2018: $38,208,148Liabilities 2018: $17,847,375Net Assets 2018: $20,360,7732018Assets 2019: $41,752,478Liabilities 2019: $21,160,286Net Assets 2019: $20,592,1922019Assets 2020: $45,400,788Liabilities 2020: $15,363,550Net Assets 2020: $30,037,2382020Assets 2021: $53,794,788Liabilities 2021: $20,520,344Net Assets 2021: $33,274,4442021Assets 2022: $45,761,609Liabilities 2022: $12,906,788Net Assets 2022: $32,854,8212022Assets 2023: $46,112,930Liabilities 2023: $13,566,122Net Assets 2023: $32,546,8082023Assets 2024: $46,143,693Liabilities 2024: $14,246,616Net Assets 2024: $31,897,0772024

Highlighted filing

2021

Assets$53,794,788
Liabilities$20,520,344
Net Assets$33,274,444
Open 2021 Filing

Operations Trend

Revenue Growth5th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MExpenses 2010: $6,254,2362010Expenses 2011: $10,523,1952011Expenses 2012: $1,335,2582012Expenses 2013: $3,362,5942013Revenue 2014: $6,197,122Expenses 2014: $4,314,790Net Income 2014: $1,882,3322014Revenue 2015: $4,323,183Expenses 2015: $4,953,114Net Income 2015: -$629,9312015Revenue 2016: $5,254,415Expenses 2016: $4,113,330Net Income 2016: $1,141,0852016Revenue 2017: $5,478,046Expenses 2017: $4,782,877Net Income 2017: $695,1692017Revenue 2018: $6,813,173Expenses 2018: $4,054,710Net Income 2018: $2,758,4632018Revenue 2019: $4,947,957Expenses 2019: $4,716,538Net Income 2019: $231,4192019Revenue 2020: $12,975,821Expenses 2020: $3,530,775Net Income 2020: $9,445,0462020Revenue 2021: $7,131,075Expenses 2021: $3,893,869Net Income 2021: $3,237,2062021Revenue 2022: $5,604,064Expenses 2022: $6,023,687Net Income 2022: -$419,6232022Revenue 2023: $4,242,640Expenses 2023: $4,550,653Net Income 2023: -$308,0132023Revenue 2024: $3,969,883Expenses 2024: $4,619,614Net Income 2024: -$649,7312024

Highlighted filing

2021

Revenue$7,131,075
Expenses$3,893,869
Net Income$3,237,206
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2020 to Sep 30, 2021
Signed
Aug 15, 2022
Return Version
2020v4.0
Gross Receipts
$26,306,783
Mission and Program Overview

Mission

The Mission of Thistle Communities is to create and preserve quality, permanently affordable rental and ownership homes for working families, seniors and people with disabilities. Thistles homes allow teachers, health-care workers, and others who are the backbone of our economy to live in the communities they serve.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$20,912,293$27,399,859▲ $6,487,566
Investments Other Securities$17,590,572$23,259,654▲ $5,669,082
Cash and Non-Interest-Bearing Accounts$3,085,264$2,029,220▼ $1,056,044
Pledges and Grants Receivable$513,333$0▼ $513,333
Prepaid Expenses and Deferred Charges$62,127$71,593▲ $9,466
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Accounts Receivable$-25,510$-19,281▲ $6,229
Total Assets$45,400,788$53,794,788▲ $8,394,000
Other Assets Total$3,262,709$1,053,743▼ $2,208,966
Liabilities
Tax Exempt Bond Liabilities$13,658,747$16,937,761▲ $3,279,014
Accounts Payable and Accrued Expenses$767,602$2,657,969▲ $1,890,367
Other Liabilities$937,201$924,614▼ $12,587
Total Liabilities$15,363,550$20,520,344▲ $5,156,794
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$28,583,787$33,274,444▲ $4,690,657
Net Assets With Donor Restrictions$1,453,451--
Total Net Assets Fund Balance$30,037,238$33,274,444▲ $3,237,206
Total Liabilities and Net Assets / Fund Balance$45,400,788$53,794,788▲ $8,394,000

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$12,870,213$5,897,135$18,767,348
Land$13,883,580-$13,883,580
Other Land Buildings$646,066-$646,066
Compensation and Service Providers
Top Officer Pay22nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Mary DuvallCEOFT$194,996$194,996
Christopher GwiazdaCFOFT$144,009$144,009

Board Members and Trustees

NameTitle
Jonah KinchyPresident
Stephen DeNorsciaVice President
Crista de la GarzaDirector
Joe BallestrasseDirector
John ReynoldsDirector
Leigh WiliiamsDirector
Molly TayerDirector
Ron TupaDirector
Megan BruceSecretary & Tre
Revenue and Support

Revenue Composition

Contributions and Grants
$1,862,844
Program Service Revenue
$945,023
Investment Income
$-222,475
Other Revenue
$4,545,683
All Other Contributions
$1,233,844
Change in Net Assets
$3,237,206

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,131,075
Revenue Not Reported on Form 990
$5,483,514
Total Revenue per Audited Statements
$12,614,589
Total Revenue per Form 990
$7,131,075
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,999,279
Other Expenses$1,894,590
Total Fundraising Expense$472
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$324,641$859,764$472$1,184,877
Payroll Taxes$814,402--$814,402
Depreciation Depletion$364,325$44,451-$408,776
Interest$400,976$-2,125-$398,851
All Other Expenses$75,743$106-$75,849
Insurance$46,319$6,345-$52,664
Other Expenses$27,728$24,509-$52,237
Total Functional Expenses$2,731,781$1,161,616$472$3,893,869

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$13,574,856
Expenses Not Reported on Form 990$9,680,987
Expenses per Audited Statements$3,893,869
Total Expenses per Form 990$3,893,869
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
construction escrow$352,672
Accrued Interest Payable$127,142
Notes and accrued interest intercom$119,967
Accrued Expenses$82,745
contingent repayment of grants$70,000
Tenant Security Deposits$47,399
Accrued Property Taxes$46,812
Accrued payroll and payroll taxes$32,398
Prepaid Rent$24,800
Deferred Revenue - Annual Programs$11,524
Accrued Vacation$9,155

Bond Issues

BondIssuerIssuedIssue PricePurpose
BHousing Authority of the2006-12-08$7,000,000FOR INFRASTRUCTURE AND
AHousing Authority of the2004-12-22$3,740,000FOR INFRASTRUCTURE

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A---$167,735
B---$89,924

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

“Some board members have done business together in a banking relationship in the past.”

Form 990, Part VI, Line 8: Explanation of No Contemporaneously Documentation of Meetings

“No committee has authority to act on behalf of the board.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Reviewed by Resource Development Director and Comptroller. Board does not request to see and relies on staff to ensure document is filed correctly.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Conflict of interest policy is regularly signed.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The organization does not make its governing documents, conflict of interest policy, and financial statements available to the public. The organization would consider a request.”

Filing and Contact Details

Filer

Filer Name
Thistle Community Housing
EIN
74-2449502
Phone
3034430007
Address
6000 Spine Road Suite 101, Boulder, CO 80302

Signing Officer

Name
Paul D'Angelo
Title
CEO
Signed
2022-08-15
Discuss with paid preparer
Yes

Organization Details

Formed
1985
Legal Domicile
Co
Voting Board Members
9
Independent Board Members
9
Employees
53
Volunteers
9

Preparer

Firm
Haynie & Company
Address
1785 WEST 2300 SOUTH, SALT LAKE CITY, UT 84119
Preparer
George R Clough CPA
Phone
8019724800
Supplemental Narrative

Financial Statement Notes

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“See attached sch., audit to tax amounts $5483514”

Part XII, Line 2D: Other expenses and losses per audited F/S

“See attached sch., audit to tax amounts $9680987”

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IRS990/MissionDesc0The Mission of Thistle Communities is to create and preserve quality, permanently affordable rental and ownership homes for working families, seniors and people with disabilities. Thistles homes allow teachers, health-care workers, and others who are the backbone of our economy to live in the communities they serve.
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IRS990/OnBehalfOfIssuerInd0false
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IRS990/Organization501c3Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt01053743
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IRS990/OtherExpensesGrp/Desc1MAINTENANCE
IRS990/OtherExpensesGrp/Desc2UTILITIES
IRS990/OtherExpensesGrp/Desc3MARKETING
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0225044
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt12780
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2742
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt324509
IRS990/OtherExpensesGrp/ProgramServicesAmt0472757
IRS990/OtherExpensesGrp/ProgramServicesAmt1134443
IRS990/OtherExpensesGrp/ProgramServicesAmt270447
IRS990/OtherExpensesGrp/ProgramServicesAmt327728
IRS990/OtherExpensesGrp/TotalAmt0697801
IRS990/OtherExpensesGrp/TotalAmt1137223
IRS990/OtherExpensesGrp/TotalAmt271189
IRS990/OtherExpensesGrp/TotalAmt352237
IRS990/OtherLiabilitiesGrp/BOYAmt0937201
IRS990/OtherLiabilitiesGrp/EOYAmt0924614
IRS990/OtherRevenueMiscGrp/BusinessCd0531110
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IRS990/OtherRevenueMiscGrp/BusinessCd2531110
IRS990/OtherRevenueMiscGrp/Desc0Development fee
IRS990/OtherRevenueMiscGrp/Desc1Management fees
IRS990/OtherRevenueMiscGrp/Desc2Tenant charges
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt03760848
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1934744
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt2191974
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt03760848
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1934744
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt2191974
IRS990/OtherRevenueTotalAmt04545683
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt0472
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0859764
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0324641
IRS990/OtherSalariesAndWagesGrp/TotalAmt01184877
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ProgramServicesAmt0814402
IRS990/PayrollTaxesGrp/TotalAmt0814402
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0513333
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt062127
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt071593
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IRS990/ProgramServiceRevenueGrp/Desc0Rental Income
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0945023
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0945023
IRS990/ProgSrvcAccomActy2Grp/Desc0Thistles real estate development program develops and renovates rental and ownership properties to provide affordable homes for low to moderate income residents in Boulder County, Colorado.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0374208
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt04040177
IRS990/ProgSrvcAccomActy3Grp/Desc0Thistles homeownership program provides over 200 permanent affordable ownership homes, home buyer education and home owner support services for low to moderate income persons in Boulder County.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt01864
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt081168
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt01488554
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt07342428
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt01850629
IRS990/PYOtherRevenueAmt02912754
IRS990/PYProgramServiceRevenueAmt01232085
IRS990/PYRevenuesLessExpensesAmt09445046
IRS990/PYSalariesCompEmpBnftPaidAmt01680146
IRS990/PYTotalExpensesAmt03530775
IRS990/PYTotalRevenueAmt012975821
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt03237206
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt01146886
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt01488554
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0441761
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0888222
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt02852123
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt01341953
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$53,794,788
Liabilities
$20,520,344
Net assets
$33,274,444
Revenue
$7,131,075
Expenses
$3,893,869
Net income
$3,237,206
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$46.1$14.2$31.9$3.97$4.62$0.65
2023Summary only. Only limited summary data is available for this year.$46.1$13.6$32.5$4.24$4.55$0.31
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$45.8$12.9$32.9$5.60$6.02$0.42
2021Detailed filing. Detailed filing data is available for this year.$53.8$20.5$33.3$7.13$3.89$3.24
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$45.4$15.4$30.0$13.0$3.53$9.45
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$41.8$21.2$20.6$4.95$4.72$0.23
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$38.2$17.8$20.4$6.81$4.05$2.76
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$32.0$14.4$17.6$5.48$4.78$0.70
2016Detailed filing. Detailed filing data is available for this year.$35.4$18.5$16.9$5.25$4.11$1.14
2015Detailed filing. Detailed filing data is available for this year.$35.0$19.3$15.8$4.32$4.95$0.63
2014Detailed filing. Detailed filing data is available for this year.$36.8$20.3$16.4$6.20$4.31$1.88
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.9$21.9$14.9$3.36
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$35.2$21.7$13.5$1.34
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$38.7$29.1$9.62$10.5
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$55.4$40.2$15.1$6.25