Bellwether Housing

“Process to Review Form 990 Bellwether Housing shares the Form 990 with the Finance and Audit committee as well as the full Board of Directors prior to filing with the IRS. The Controller, CFO and COO along with Board and Board committee members, have the opportunity to review and provide input prior to filing with the IRS.”

“Conflict of Interest Policy Annual Conflict of Interest questionnaires are completed by all covered persons, which are defined in the bylaws as any of the Organization's directors, officers, members of any committee of the Board or staff employees that have authority to act on behalf of the board. Board questionnaires are reviewed by the Governance Committee and situations that may lead to potential conflicts of interest are reviewed by the committee. Executive management and staff questionnaires are reviewed by the COO, who determines if further review on specific situations may be warranted. As described on Schedule L, Part V several board members, former board members and former key executives ("Interested persons") have made loans to Bellwether pursuant to the organization's Impact Investor Notes program. Under the program, note holders receive interest at a rate of 2.5%. Interested persons hold $434,000 of Impact Investor notes out of the $3.75 million issued. None of the outstanding notes outstanding are in default. All Impact Investor notes issued to interested persons have been approved by the Board and are documented in writing.”

“Compensation of Key Employees Bellwether Housing reviews salaries at least annually. Periodic salary surveys, market studies and the labor index for cost of living are key data points used to inform salary actions. The Board of Directors sets the Chief Executive Officer's salary annually based on job performance and the market driven factors referenced above. Compensation for senior leadership team members is set by the CEO and COO using the same market-based data.”

“Public Availability of Form 990 Bellwether Housing provides copies of its Form 990 in response to direct requests to the agency. In addition, the public disclosure of Form 990 is posted to the National Clearinghouse and Guidestar.org. Audited financial statements are available upon request.”

“Bellwether Housing develops and manages affordable housing for people of diverse backgrounds. With a current portfolio of 32 buildings providing affordable homes to over 3,000 people, Bellwether is Seattle's largest non-profit provider of affordable housing. Our residents include families exiting homelessness, independent seniors, immigrants seeking opportunity, workers earning modest wages, and young people just starting out. For residents in need of support for stable, healthy, and independent living, Bellwether's Resident Services Coordinators connect these residents to local services and benefits that can support them in achieving these goals. Bellwether is working to build more affordable homes with ambition and a sense of urgency that matches our region's housing crisis. Over the next five years, we plan to create 1,200 new affordable apartments located near jobs, schools, transit, and services. In addition to developing new units for our portfolio, Bellwether's real estate development team helps other non-profits build housing and community spaces, amplifying our impact and sharing our expertise regionally. Furthermore, we advocate for policies and resources that will increase access to affordable housing statewide.”

“As part of its real estate portfolio Bellwether has sole ownership of seventeen buildings in the Puget Sound area providing 1,126 affordable housing units. We create and maintain outstanding homes and connect residents in need of support to organizations that can help them lead healthy and independent lives.”

“Bellwether Housing, through partnerships with several Low-Income Housing Tax Credit (LIHTC) partners also shares ownership of ten buildings that provide an additional 728 affordable housing units. On these jointly owned buildings, Bellwether is responsible for refurbishment of units, construction of new units and management of all buildings.”

“Bellwether receives a draft of the audit report. The draft is reviewed by the Controller, CFO and COO and feedback and suggested edits are provided back to the auditor. After incorporating suggested edits, a new draft is prepared and presented to the Finance and Audit Committee for review and approval. After approval by the Finance and Audit Committee the audit report is presented to the full board for review and approval. The Finance and Audit committee annually discusses the performance of the accounting firm engaged to complete the organization's audit and tax returns. Every 5-7 years, Bellwether Housing intends to undergo a formal request for proposal (RFP) process to solicit bids from other accounting firms to assume the responsibilities for completing the audit and related tax returns. The committee considers several factors in selection of the accounting firm including overall cost, non-profit client base, community presence, firm reputation, affordable housing expertise and quality and thoroughness of the RFP response.”

“On December 31, 2017, the limited partnership interest of Eighth & Stewart, LP, owned by a third-party investor, was assigned to HRG Development, LLC ("HRG".) HRG is wholly owned by Bellwether Housing. The related equity of Eighth & Stewart is included in this return.”