Civic Intelligence

Northwest Real Estate Capital

EIN 82-0508784 • 501(c)3 • Boise, ID

Profile

Low income housing pursuant to irs rev. Proc. 96-32acquisition, management and preservation of low income housing for the relief of the poor and distressed primarily hud, usda and irs section 42 low income multifamily housing

210 W Mallard DriveBoise, ID 83706

nwrecc.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

68th percentile

0.47x

Higher debt load relative to assets than 68% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

82nd percentile

1.84x

Higher debt load relative to revenue than 82% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2024

Net Margin

89th percentile

42%

Higher net margin than 89% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

5th percentile

$0

Higher top officer pay than 5% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $100M-$250M nonprofits • Source year 2024

Asset Growth

94th percentile

39%

Faster asset growth than 94% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

89th percentile

57%

Faster revenue growth than 89% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Assets

Up

$111,621,180

Up $31,066,922 (+39%) from 2023

Liabilities

Up

$52,860,491

Up $18,840,255 (+55%) from 2023

Net Assets

Up

$58,760,689

Up $12,226,667 (+26%) from 2023

Revenue

Up

$28,689,446

Up $10,417,438 (+57%) from 2023

Expenses

Down

$16,523,955

Down $630,080 (-3.7%) from 2023

Net Income

Up

$12,165,491

Up $11,047,518 (+988%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0Assets 2011: $22,247,859Liabilities 2011: $11,176,664Net Assets 2011: $11,071,1952011Assets 2012: $21,555,498Liabilities 2012: $6,675,776Net Assets 2012: $14,879,7222012Assets 2013: $28,208,400Liabilities 2013: $11,841,357Net Assets 2013: $16,367,0432013Assets 2014: $28,119,781Liabilities 2014: $10,981,989Net Assets 2014: $17,137,7922014Assets 2015: $29,450,516Liabilities 2015: $11,319,175Net Assets 2015: $18,131,3412015Assets 2016: $29,106,642Liabilities 2016: $10,583,047Net Assets 2016: $18,523,5952016Assets 2017: $31,325,161Liabilities 2017: $10,315,376Net Assets 2017: $21,009,7852017Assets 2018: $41,451,610Liabilities 2018: $19,284,239Net Assets 2018: $22,167,3712018Assets 2019: $40,260,941Liabilities 2019: $17,518,585Net Assets 2019: $22,742,3562019Assets 2020: $42,438,639Liabilities 2020: $19,246,271Net Assets 2020: $23,192,3682020Assets 2021: $59,062,910Liabilities 2021: $24,370,045Net Assets 2021: $34,692,8652021Assets 2022: $64,500,382Liabilities 2022: $24,204,052Net Assets 2022: $40,296,3302022Assets 2023: $80,554,258Liabilities 2023: $34,020,236Net Assets 2023: $46,534,0222023Assets 2024: $111,621,180Liabilities 2024: $52,860,491Net Assets 2024: $58,760,6892024

Highlighted filing

2024

Assets$111,621,180
Liabilities$52,860,491
Net Assets$58,760,689

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$30M$20M$10M$0Revenue 2011: $6,494,794Expenses 2011: $4,592,203Net Income 2011: $1,902,5912011Expenses 2012: $4,440,8822012Revenue 2013: $6,378,594Expenses 2013: $5,239,569Net Income 2013: $1,139,0252013Revenue 2014: $6,440,694Expenses 2014: $5,669,945Net Income 2014: $770,7492014Revenue 2015: $7,356,311Expenses 2015: $6,362,762Net Income 2015: $993,5492015Revenue 2016: $6,675,464Expenses 2016: $6,283,210Net Income 2016: $392,2542016Revenue 2017: $9,569,338Expenses 2017: $6,650,389Net Income 2017: $2,918,9492017Revenue 2018: $9,683,887Expenses 2018: $8,694,342Net Income 2018: $989,5452018Revenue 2019: $10,245,152Expenses 2019: $9,667,057Net Income 2019: $578,0952019Revenue 2020: $10,028,848Expenses 2020: $9,578,836Net Income 2020: $450,0122020Revenue 2021: $25,878,739Expenses 2021: $14,370,792Net Income 2021: $11,507,9472021Revenue 2022: $18,979,105Expenses 2022: $14,291,140Net Income 2022: $4,687,9652022Revenue 2023: $18,272,008Expenses 2023: $17,154,035Net Income 2023: $1,117,9732023Revenue 2024: $28,689,446Expenses 2024: $16,523,955Net Income 2024: $12,165,4912024

Highlighted filing

2024

Revenue$28,689,446
Expenses$16,523,955
Net Income$12,165,491

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$112$52.9$58.8$28.7$16.5$12.2
2023Detailed filing. Detailed filing data is available for this year.$80.6$34.0$46.5$18.3$17.2$1.12
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$64.5$24.2$40.3$19.0$14.3$4.69
2021Detailed filing. Detailed filing data is available for this year.$59.1$24.4$34.7$25.9$14.4$11.5
2020Detailed filing. Detailed filing data is available for this year.$42.4$19.2$23.2$10.0$9.58$0.45
2019Detailed filing. Detailed filing data is available for this year.$40.3$17.5$22.7$10.2$9.67$0.58
2018Detailed filing. Detailed filing data is available for this year.$41.5$19.3$22.2$9.68$8.69$0.99
2017Summary only. Only limited summary data is available for this year.$31.3$10.3$21.0$9.57$6.65$2.92
2016Summary only. Only limited summary data is available for this year.$29.1$10.6$18.5$6.68$6.28$0.39
2015Detailed filing. Detailed filing data is available for this year.$29.5$11.3$18.1$7.36$6.36$0.99
2014Detailed filing. Detailed filing data is available for this year.$28.1$11.0$17.1$6.44$5.67$0.77
2013Detailed filing. Detailed filing data is available for this year.$28.2$11.8$16.4$6.38$5.24$1.14
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.6$6.68$14.9$4.44
2011Summary only. Only limited summary data is available for this year.$22.2$11.2$11.1$6.49$4.59$1.90
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 6, 2025
Return Version
2024v5.2
Gross Receipts
$28,895,412
Mission and Program Overview

Mission

Northwest real estate capital corporation was formed for the purpose of acquiring, preserving, owning, and managing affordable housing for qualified low-income families.

Low income housing per irs rev. Proc. 96-32the company acquires, manages and preserves low income multifamily housing, primarily hud section 8, usda section 515 and irs section 42 low income multifamily housing for extremely low income and very low and low income populations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$34,956,947$73,893,622▲ $38,936,675
Cash and Non-Interest-Bearing Accounts$19,074,508$21,015,161▲ $1,940,653
Other Notes and Loans Receivable, Net$12,459,429$6,881,031▼ $5,578,398
Accounts Receivable$2,138,585$1,911,445▼ $227,140
Intangible Assets$1,040,862$1,277,848▲ $236,986
Prepaid Expenses and Deferred Charges$473,376$944,229▲ $470,853
Total Assets$80,554,258$111,621,180▲ $31,066,922
Other Assets Total$10,410,551$5,697,844▼ $4,712,707
Liabilities
Mortgage Notes Payable Secured by Investment Property$30,950,378$49,592,137▲ $18,641,759
Accounts Payable and Accrued Expenses$2,159,039$1,634,474▼ $524,565
Other Liabilities$568,116$1,082,910▲ $514,794
Escrow Account Liability$342,703$550,970▲ $208,267
Total Liabilities$34,020,236$52,860,491▲ $18,840,255
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$46,534,022$58,760,689▲ $12,226,667
Total Net Assets Fund Balance$46,534,022$58,760,689▲ $12,226,667
Total Liabilities and Net Assets / Fund Balance$80,554,258$111,621,180▲ $31,066,922

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$64,077,177$53,867,763$117,944,940
Land$9,816,445-$9,816,445
Other Assets Org$1,077,045--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Brad ElgBoard Member
Eric SteigersBoard Member
James G Martin JrBoard Member
William J RussellBoard Member
See Schedule ODisclosure

Highest Paid Contractors

ContractorServicesLocationCompensation
Yeti ServicesHome Maintenance Service137 N BENJAMIN LN, Boise, ID 83704$606,403
Sasquatch ContractingContracting Services137 N BENJAMIN LN, Boise, ID 83704$534,560
Yardi SystemsSoftware Provider430 S FAIRVIEW AVENUE, Santa Barbara, CA 93117$322,307
Wcf National Insurance CompanyInsurance Provider1144 S SILVERSTONE WAY SUITE 400, Meridian, ID 83642$316,962
Ventive LLCSoftware Developer121 N 9TH STREET SUITE 101, Boise, ID 83702$128,015
Revenue and Support

Revenue Composition

Contributions and Grants
$4,538,440
Program Service Revenue
$9,800,633
Investment Income
$14,062,505
Other Revenue
$287,868
All Other Contributions
$6,150
Change in Net Assets
$12,165,491

Audited Revenue Reconciliation

Revenue per Audited Statements
$15,545,730
Revenue Not Reported on Financial Statements
$13,143,716
Revenue Not Reported on Form 990
$61,176
Other Revenue Adjustments
$13,143,716
Total Revenue per Audited Statements
$15,606,906
Total Revenue per Form 990
$28,689,446
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$9,237,342
Salaries, Compensation, and Employee Benefits$7,286,613
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,039,576--$5,039,576
Depreciation Depletion$1,911,397$27,741-$1,939,138
Interest$1,451,814$67,126-$1,518,940
Current Officers, Directors, Trustees, and Key Employees$84,215$1,066,315-$1,150,530
Office Expenses$486,554$609,691-$1,096,245
Payroll Taxes$652,470--$652,470
Other Expenses$450,184$11,151-$450,184
Other Employee Benefits$328,321--$328,321
All Other Expenses$314,868--$314,868
Fees for Services Accounting$28,128$128,680-$156,808
Fees for Services Legal$156,166--$156,166
Fees for Services Other$122,730--$122,730
Pension Plan Contributions$115,716--$115,716
Advertising$4,811--$4,811
Total Functional Expenses$14,477,949$2,046,006$0$16,523,955

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$29,667,671
Expenses per Audited Statements$16,523,955
Total Expenses per Form 990$16,523,955
Expenses Not Reported on Form 990$13,143,716
Expenses Not Reported on Financial Statements$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Prepaid Rents$640,266
Line of Credit$276,376
Interest Payable$161,515
Lease Liability$4,753
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
Yes
Other officer compensation reviewed
Yes
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, Section B, Line 11B

A copy of the draft 990 is reviewed and approved by the board president, brad elg, prior to signing and submitting the tax return. Mr. Elg is a cpa. The return is reviewed by the board following the submission of the 990.

Form 990, Part VI, Section B, Line 12C

The board recognized the issue of conflicts of interest by addressing the topic in the employee handbook. Management scrutinizes and approves all new vendor relationships and requires tax identification numbers to be submitted where required. The board also seeks competitive bids where applicable.

Form 990, Part VI, Section B, Line 15

Officers and executives' compensation is based primarily on comparable data.

Form 990, Part VI, Section C, Line 19

The 990 as well as other documents and information are available to the public upon request and can be obtained by contacting the corporation.

FORM 990, PART VII, SECTION A:

There are five officer/employees that, collectively, were paid approximately $625,000 in wages and benefits during calendar year 2024. Only two employees exceed the $100,000 threshold for disclosure of a highly compensated employee. One of the employees is also an officer. Taxpayer has not disclosed detailed compensation information for the remaining three individual officer/employees due to the need for compensation information to be confidential within the organization. These three officer/employees do not exceed the threshold of a highly compensated employee. Disclosure is required merely because the employees are also officers. Detailed compensation information for each employee will be made available if an examination by the internal revenue service is commenced.

Filing and Contact Details

Filer

Filer Name
Northwest Real Estate Capital
EIN
82-0508784
Phone
2089477050
Address
210 W MALLARD DRIVE, BOISE, ID 83706

Signing Officer

Name
Brad Elg
Title
CEO
Phone
2089477050
Signed
2025-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brad Elg
Formed
1999
Legal Domicile
Id
Voting Board Members
4
Independent Board Members
4
Employees
472
Volunteers
0

Preparer

Firm
DAUBY O'CONNOR & ZALESKI LLC
Address
501 CONGRESSIONAL BLVD 300, CARMEL, IN 46032
Preparer
Jessica Cooper
Phone
3178485700
Supplemental Narrative

Financial Statement Notes

PART IV, LINE 2B:

Tenant security deposits of $550,970. Tenant security deposits are deposited into a separate bank account and held in trust for the tenants until they vacate the property. Repayment of the security deposits is to occur within 30 days of vacancy. Any amounts forfeited by tenants due to lease violations are transferred to the corporation's operating account.

PART X, LINE 2:

The corporation is exempt from federal income tax under section 501(c)(3) of the internal revenue code and state income tax, and has been classified as other than a private foundation. Accordingly, no provision for federal and state taxes on revenue and income has been recognized in the accompanying consolidated financial statements. Generally, the federal and state tax returns were subject to examinations from the three years after the later of the original or extended due date or the date filed with the applicable tax authority.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Unrealized gain on investments 61,176.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Interest, loan forgiveness, and operating expenses for book 437,272. Gain on purchase of partnership interests 12,706,444.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Interest, loan forgiveness, and operating revenues for tax 437,272. Gain on purchase of partnership interests 12,706,444.

Raw XML AppendixShowing 400 of 1,300 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0LOW INCOME HOUSING PER IRS REV. PROC. 96-32THE COMPANY ACQUIRES, MANAGES AND PRESERVES LOW INCOME MULTIFAMILY HOUSING, PRIMARILY HUD SECTION 8, USDA SECTION 515 AND IRS SECTION 42 LOW INCOME MULTIFAMILY HOUSING FOR EXTREMELY LOW INCOME AND VERY LOW AND LOW INCOME POPULATIONS.
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