Civic Intelligence

Thistle Community Housing

990 • Fiscal year 2022 • EIN 74-2449502

Oct 01, 2021 to Sep 30, 2022 • Filed on Jul 17, 2023

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

57th percentile

0.28x

Higher debt load relative to assets than 57% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

87th percentile

2.30x

Higher debt load relative to revenue than 87% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

18th percentile

-7.5%

Higher net margin than 18% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

33rd percentile

$193,325

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 3.4% of source-year revenue.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Asset Growth

10th percentile

-15%

Faster asset growth than 10% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

16th percentile

-21%

Faster revenue growth than 16% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Assets

Down

$45,761,609

Down $8,033,179 (-15%) from 2021

Net Assets

Down

$32,854,821

Down $419,623 (-1.3%) from 2021

Liabilities

Down

$12,906,788

Down $7,613,556 (-37%) from 2021

Revenue

Down

$5,604,064

Down $1,527,011 (-21%) from 2021

Expenses

Up

$6,023,687

Up $2,129,818 (+55%) from 2021

Net Income

Down

-$419,623

Down $3,656,829 (-113%) from 2021

Historical Trend

Balance Sheet Trend

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

2022

Assets$45,761,609
Liabilities$12,906,788
Net Assets$32,854,821

Operations Trend

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

2022

Revenue$5,604,064
Expenses$6,023,687
Net Income-$419,623
Jump To
Filing Snapshot
Filing Period
Oct 1, 2021 to Sep 30, 2022
Signed
Jul 17, 2023
Return Version
2021v4.1
Gross Receipts
$18,416,588
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
Investments Other Securities$23,259,654$22,758,680▼ $500,974
Land, Buildings, and Equipment, Net$27,399,859$17,811,024▼ $9,588,835
Cash and Non-Interest-Bearing Accounts$2,029,220$2,134,982▲ $105,762
Prepaid Expenses and Deferred Charges$71,593$76,949▲ $5,356
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$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-$0-
Accounts Receivable$-19,281$-35,160▼ $15,879
Total Assets$53,794,788$45,761,609▼ $8,033,179
Other Assets Total$1,053,743$3,015,134▲ $1,961,391
Liabilities
Tax Exempt Bond Liabilities$16,937,761$11,387,180▼ $5,550,581
Other Liabilities$924,614$1,244,986▲ $320,372
Accounts Payable and Accrued Expenses$2,657,969$274,622▼ $2,383,347
Total Liabilities$20,520,344$12,906,788▼ $7,613,556
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$33,274,444$32,854,821▼ $419,623
Total Net Assets Fund Balance$33,274,444$32,854,821▼ $419,623
Total Liabilities and Net Assets / Fund Balance$53,794,788$45,761,609▼ $8,033,179

Asset Categories

AssetBook ValueDepreciationBasis
Land$14,006,805-$14,006,805
Buildings$3,687,061$5,525,950$9,213,011
Other Land Buildings$117,158-$117,158
Other Assets Org$70,652--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Mary DuvallCEOFT$193,325$193,325
Christopher GwiazdaCFOFT$164,495$164,495
Paul D'AngeloCEOFT$13,275$13,275

Board Members and Trustees

NameTitle
Leigh WiliiamsPresident
Megan BruceVice President
Joe BallestrasseDirector
John ReynoldsDirector
Ron TupaDirector
Molly TayerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$870,774
Program Service Revenue
$1,038,380
Investment Income
$1,643,245
Other Revenue
$2,051,665
All Other Contributions
$29,274
Change in Net Assets
$-419,623

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,604,064
Revenue Not Reported on Form 990
$6,145,776
Total Revenue per Audited Statements
$11,749,840
Total Revenue per Form 990
$5,604,064
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,744,877
Salaries, Compensation, and Employee Benefits$2,278,810
Total Fundraising Expense$790
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$572,372$926,769$790$1,499,931
Payroll Taxes$778,879--$778,879
Depreciation Depletion$517,693$38,565-$556,258
Interest$478,287--$478,287
All Other Expenses$233,525$47,411-$280,936
Other Expenses$129,105$1,865-$130,970
Insurance$56,991$5,430-$62,421
Total Functional Expenses$4,803,536$1,219,361$790$6,023,687

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$15,537,571
Expenses Not Reported on Form 990$9,513,884
Expenses per Audited Statements$6,023,687
Total Expenses per Form 990$6,023,687
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
Deferred Revenue - Annual Programs$635,705
Accrued Expenses$211,511
Notes and accrued interest intercom$114,509
contingent repayment of grants$70,000
Tenant Security Deposits$69,140
Accrued Property Taxes$67,123
Accrued payroll and payroll taxes$32,049
Accrued Interest Payable$25,008
Prepaid Rent$10,786
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
2023-07-17
Discuss with paid preparer
Yes

Organization Details

Formed
1985
Legal Domicile
Co
Voting Board Members
6
Independent Board Members
6
Employees
55
Volunteers
6

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 $6145776

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

See attached sch., audit to tax amounts $9513884

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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/OtherExpensesGrp/ManagementAndGeneralAmt21865
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IRS990/OtherExpensesGrp/ProgramServicesAmt2202389
IRS990/OtherExpensesGrp/ProgramServicesAmt3129105
IRS990/OtherExpensesGrp/TotalAmt01437459
IRS990/OtherExpensesGrp/TotalAmt1596133
IRS990/OtherExpensesGrp/TotalAmt2202413
IRS990/OtherExpensesGrp/TotalAmt3130970
IRS990/OtherLiabilitiesGrp/BOYAmt0924614
IRS990/OtherLiabilitiesGrp/EOYAmt01244986
IRS990/OtherRevenueMiscGrp/BusinessCd0531110
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IRS990/OtherRevenueMiscGrp/BusinessCd2531110
IRS990/OtherRevenueMiscGrp/Desc0Management fees
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IRS990/OtherSalariesAndWagesGrp/FundraisingAmt0790
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0572372
IRS990/OtherSalariesAndWagesGrp/TotalAmt01499931
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
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IRS990/PayrollTaxesGrp/ProgramServicesAmt0778879
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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/ExpenseAmt0406845
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0152236
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/ExpenseAmt0700
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt079621
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt01862844
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0-222475
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt01894590
IRS990/PYOtherRevenueAmt04545683
IRS990/PYProgramServiceRevenueAmt0945023
IRS990/PYRevenuesLessExpensesAmt03237206
IRS990/PYSalariesCompEmpBnftPaidAmt01999279
IRS990/PYTotalExpensesAmt03893869
IRS990/PYTotalRevenueAmt07131075
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-419623
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt01488554
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0441761
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0888222
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt05552155
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0529260
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt02852123
IRS990ScheduleA/OtherIncome170Grp/TotalAmt020113359
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0888222
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt05552155
IRS990ScheduleA/TotalSupportAmt029155176
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
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IRS990/ScheduleBRequiredInd0true
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt261507
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt32740216
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt464674
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt572943
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Deposits and deferred costs
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Development Funds
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Escrows
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3Internally restricted reserves
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4Other reserve accounts
IRS990ScheduleD/OtherAssetsOrgGrp/Desc5Repairs and cash-out reserves
IRS990ScheduleD/OtherAssetsOrgGrp/Desc6RESERVE FOR REPLACEMENT
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Filings

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
2022Detailed filing. Detailed filing data is available for this year.$45.8$12.9$32.9$5.60$6.02$0.42
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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