Civic Intelligence

Housing Lopez

990 • Fiscal year 2021 • EIN 83-1734958

Jan 01, 2021 to Dec 31, 2021 • Filed on Aug 31, 2022

Organization Profilehousinglopez.org
PO Box 493Lopez Island, WA 98261

(360) 468-3186

Siviq Scores

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

Liabilities / Assets

73rd percentile

0.26x

Higher debt load relative to assets than 73% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

80th percentile

0.50x

Higher debt load relative to revenue than 80% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

99th percentile

98%

Higher net margin than 99% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

98th percentile

351%

Faster asset growth than 98% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

94th percentile

228%

Faster revenue growth than 94% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets73rd percentile

Assets

Up

$2,287,302

Up $1,779,957 (+351%) from 2020

Net Assets

Up

$1,683,604

Up $1,176,259 (+232%) from 2020

Liabilities

Up

$603,698

Up $603,698 from 2020

Revenue And Expenses
Liabilities / Revenue80th percentileNet Margin99th percentile

Revenue

Up

$1,205,303

Up $837,750 (+228%) from 2020

Expenses

Down

$29,044

Down $118,242 (-80%) from 2020

Net Income

Up

$1,176,259

Up $955,992 (+434%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

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

$10M$5.0M$0Assets 2019: $287,077Liabilities 2019: $0Net Assets 2019: $287,0772019Assets 2020: $507,345Liabilities 2020: $0Net Assets 2020: $507,3452020Assets 2021: $2,287,302Liabilities 2021: $603,698Net Assets 2021: $1,683,6042021Assets 2022: $3,618,127Liabilities 2022: $594,426Net Assets 2022: $3,023,7012022Assets 2023: $4,884,900Liabilities 2023: $583,319Net Assets 2023: $4,301,5812023Assets 2024: $8,955,728Liabilities 2024: $570,706Net Assets 2024: $8,385,0222024

Highlighted filing

2021

Assets$2,287,302
Liabilities$603,698
Net Assets$1,683,604
Open 2021 Filing

Operations Trend

Revenue Growth94th percentile

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

$10M$5.0M$0Revenue 2019: $315,770Expenses 2019: $39,246Net Income 2019: $276,5242019Revenue 2020: $367,553Expenses 2020: $147,286Net Income 2020: $220,2672020Revenue 2021: $1,205,303Expenses 2021: $29,044Net Income 2021: $1,176,2592021Revenue 2022: $1,541,677Expenses 2022: $201,580Net Income 2022: $1,340,0972022Revenue 2023: $1,737,278Expenses 2023: $459,398Net Income 2023: $1,277,8802023Revenue 2024: $9,055,781Expenses 2024: $4,972,340Net Income 2024: $4,083,4412024

Highlighted filing

2021

Revenue$1,205,303
Expenses$29,044
Net Income$1,176,259
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Aug 31, 2022
Return Version
2021v4.2
Gross Receipts
$1,205,303
Mission and Program Overview

Mission

Our mission is to develop, promote and manage alternative housing options on Lopez Island, Washington, with the specific purpose of addressing the need for low cost and moderate cost affordable housing. It is our goal to create rental housing that is affordable to persons and families working on Lopez Island, Washington.

Housing Lopez is a non-profit organization dedicated to solving the rental housing crisis on Lopez Island by developing dedicated, affordable, sustainable rental housing communities.(See Schedule O for the full mission statement.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$60,000$2,095,263▲ $2,035,263
Cash and Non-Interest-Bearing Accounts$447,345$112,465▼ $334,880
Savings and Temporary Cash Investments-$78,099-
Prepaid Expenses and Deferred Charges-$1,475-
Total Assets$507,345$2,287,302▲ $1,779,957
Liabilities
Mortgage Notes Payable Secured by Investment Property-$597,398-
Other Liabilities-$6,300-
Total Liabilities$0$603,698▲ $603,698
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$507,345$1,683,604▲ $1,176,259
Total Net Assets Fund Balance$507,345$1,683,604▲ $1,176,259
Total Liabilities and Net Assets / Fund Balance$507,345$2,287,302▲ $1,779,957

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,893,688-$1,893,688
Other Land Buildings$110,464-$110,464
Land$60,000-$60,000
Equipment$31,111-$31,111
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
John TaylorCo Chair
Melora HillerCo Chair
Bill JohnsonDirector
Jeffrey DaggettDirector
Joan EganDirector
Kay KeckDirector
Richard ManderbachDirector
Steve Van VleetDirector
Barbara SchultheissSecretary
Linda FloodeenTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,199,106
Program Service Revenue
$0
Investment Income
$67
Other Revenue
$6,130
All Other Contributions
$599,106
Change in Net Assets
$1,176,259
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$29,044
Total Fundraising Expense$2,333
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$5,991--$5,991
Office Expenses$417$2,413$350$3,180
Occupancy-$2,722-$2,722
Advertising$32$86$1,983$2,101
Insurance$1,501$370-$1,871
Other Expenses$764$2,620-$764
Information Technology-$274-$274
Fees for Services Other-$240-$240
Total Functional Expenses$17,986$8,725$2,333$29,044
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
Security deposits$6,300
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

“Section B, Line 11b: Form 990 is posted to Housing Lopezs Dropbox account and all board members are notified that it is available for review.”

Governing documents etc available to public Part VI line 19

“Section C, line 19: We have not received any requests from the public for documents; however, if any member of the public were to reguest documents, we would make them available in a timely manner.”

Filing and Contact Details

Filer

Filer Name
Housing Lopez
EIN
83-1734958
Address
PO Box 493, Lopez Island, WA 98261

Signing Officer

Name
Barbara Schultheiss
Title
Treasurer
Phone
3604683186
Signed
2022-08-31
Discuss with paid preparer
No

Organization Details

Formed
2018
Legal Domicile
Wa
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
11

Preparer

Firm
Kingfisher Financial PBC
Address
433 Forest Glen Road, Priest River, ID 83856
Preparer
Fred Peck
Phone
5098794716
Supplemental Narrative

Additional Explanations

General explanation attachment

“Housing Lopez completed the development and construction of its first affordable rental housing community in 2021. Now known as FishBay Cottages, the community is comprised of six modular rental units. Each cottage is 843 square feet, with two bedrooms and one bathroom. Three of the units are low income housing and three of the units are moderate income housing, as defined by San Juan County. All units are occupied. The community is self-sustaining and permanently dedicated to affordable rental housing. Housing Lopez is dedicated to solving the rental housing crisis on Lopez Island and will proceed in 2022 with preliminary work for a second affordable rental housing project. Subsequent to 2021, Housing Lopez closed on the acquisition of another property where we plan to develop more affordable housing. To find out more about this July, 2022 acquisition, contact our organization.”

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IRS990/ProgSrvcAccomActy2Grp/Desc0There has been no change with Project M during 2021 as the owner was not ready to sell yet. Housing Lopez continues to have a Right of First Refusal at the time that the property becomes available. Housing Lopez continues to do outreach to property owners about the potential purchase of other parcels in Lopez Village which allows higher density affordable rental housing.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Kay Keck
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Section B, Line 11b: Form 990 is posted to Housing Lopezs Dropbox account and all board members are notified that it is available for review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Section C, line 19: We have not received any requests from the public for documents; however, if any member of the public were to reguest documents, we would make them available in a timely manner.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Housing Lopez completed the development and construction of its first affordable rental housing community in 2021. Now known as FishBay Cottages, the community is comprised of six modular rental units. Each cottage is 843 square feet, with two bedrooms and one bathroom. Three of the units are low income housing and three of the units are moderate income housing, as defined by San Juan County. All units are occupied. The community is self-sustaining and permanently dedicated to affordable rental housing. Housing Lopez is dedicated to solving the rental housing crisis on Lopez Island and will proceed in 2022 with preliminary work for a second affordable rental housing project. Subsequent to 2021, Housing Lopez closed on the acquisition of another property where we plan to develop more affordable housing. To find out more about this July, 2022 acquisition, contact our organization.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2General explanation attachment
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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
$2,287,302
Liabilities
$603,698
Net assets
$1,683,604
Revenue
$1,205,303
Expenses
$29,044
Net income
$1,176,259
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.96$0.57$8.39$9.06$4.97$4.08
2023Detailed filing. Detailed filing data is available for this year.$4.88$0.58$4.30$1.74$0.46$1.28
2022Detailed filing. Detailed filing data is available for this year.$3.62$0.59$3.02$1.54$0.20$1.34
2021Detailed filing. Detailed filing data is available for this year.$2.29$0.60$1.68$1.21$0.03$1.18
2020Detailed filing. Detailed filing data is available for this year.$0.51$0.00$0.51$0.37$0.15$0.22
2019Detailed filing. Detailed filing data is available for this year.$0.29$0.00$0.29$0.32$0.04$0.28