Civic Intelligence

Impact Capital

990 • Fiscal year 2013 • EIN 94-3196958

Jan 01, 2013 to Dec 31, 2013 • Filed on Aug 08, 2014

Organization Profilewww.ImpactCapital.org

View Organization Page

401 2nd Avenue South No 30198104

(206) 587-3200

Siviq Scores

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

Liabilities / Assets

88th percentile

0.85x

Higher debt load relative to assets than 88% of similar nonprofits.

2013 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2013

Liabilities / Revenue

97th percentile

9.71x

Higher debt load relative to revenue than 97% of similar nonprofits.

2013 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2013

Net Margin

87th percentile

38%

Higher net margin than 87% of similar nonprofits.

2013 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2013

Top Officer Pay

21st percentile

$135,668

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 7.0% of source-year revenue.

2013 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2013

Asset Growth

15th percentile

-3.8%

Faster asset growth than 15% of similar nonprofits.

2013 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$22,311,399

Down $888,152 (-3.8%) from 2012

Net Assets

Up

$3,409,433

Up $719,327 (+27%) from 2012

Liabilities

Down

$18,901,966

Down $1,607,479 (-7.8%) from 2012

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin87th percentile

Revenue

$1,945,924

No earlier filing loaded for comparison.

Expenses

Down

$1,199,923

Down $744,545 (-38%) from 2012

Net Income

$746,001

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth15th percentile

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

$30M$20M$10M$0Assets 2010: $24,536,725Liabilities 2010: $20,883,426Net Assets 2010: $3,653,2992010Assets 2011: $23,966,079Liabilities 2011: $21,184,647Net Assets 2011: $2,781,4322011Assets 2012: $23,199,551Liabilities 2012: $20,509,445Net Assets 2012: $2,690,1062012Assets 2013: $22,311,399Liabilities 2013: $18,901,966Net Assets 2013: $3,409,4332013Assets 2014: $21,041,680Liabilities 2014: $17,380,755Net Assets 2014: $3,660,9252014Assets 2015: $17,754,362Liabilities 2015: $13,632,893Net Assets 2015: $4,121,4692015Assets 2016: $17,615,405Liabilities 2016: $14,094,331Net Assets 2016: $3,521,0742016Assets 2017: $19,273,740Liabilities 2017: $15,127,082Net Assets 2017: $4,146,6582017Assets 2018: $18,551,847Liabilities 2018: $14,164,605Net Assets 2018: $4,387,2422018Assets 2019: $19,908,599Liabilities 2019: $15,078,205Net Assets 2019: $4,830,3942019Assets 2020: $24,308,333Liabilities 2020: $19,360,102Net Assets 2020: $4,948,2312020Assets 2021: $22,195,180Liabilities 2021: $16,576,112Net Assets 2021: $5,619,0682021Assets 2022: $22,764,384Liabilities 2022: $17,652,044Net Assets 2022: $5,112,3402022Assets 2023: $19,594,341Liabilities 2023: $14,174,131Net Assets 2023: $5,420,2102023Assets 2024: $19,443,981Liabilities 2024: $14,411,738Net Assets 2024: $5,032,2432024

Highlighted filing

2013

Assets$22,311,399
Liabilities$18,901,966
Net Assets$3,409,433
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $1,629,3242010Expenses 2011: $2,340,1202011Expenses 2012: $1,944,4682012Revenue 2013: $1,945,924Expenses 2013: $1,199,923Net Income 2013: $746,0012013Revenue 2014: $1,545,756Expenses 2014: $1,300,624Net Income 2014: $245,1322014Revenue 2015: $1,506,867Expenses 2015: $1,074,872Net Income 2015: $431,9952015Revenue 2016: $569,188Expenses 2016: $1,169,583Net Income 2016: -$600,3952016Revenue 2017: $1,907,967Expenses 2017: $1,282,383Net Income 2017: $625,5842017Revenue 2018: $1,231,661Expenses 2018: $991,077Net Income 2018: $240,5842018Revenue 2019: $1,243,404Expenses 2019: $800,252Net Income 2019: $443,1522019Revenue 2020: $1,337,984Expenses 2020: $922,435Net Income 2020: $415,5492020Revenue 2021: $1,412,202Expenses 2021: $969,195Net Income 2021: $443,0072021Revenue 2022: $961,614Expenses 2022: $1,468,342Net Income 2022: -$506,7282022Revenue 2023: $1,236,112Expenses 2023: $928,242Net Income 2023: $307,8702023Revenue 2024: $1,375,793Expenses 2024: $1,763,760Net Income 2024: -$387,9672024

Highlighted filing

2013

Revenue$1,945,924
Expenses$1,199,923
Net Income$746,001
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Aug 8, 2014
Return Version
2013v3.0
Gross Receipts
$25,081,632
Mission and Program Overview

Mission

Impact Capital is a community development financial institution that makes strategic investments in nonprofit organizations, tribal entities, and housing authorities to spur community development; including affordable housing, art and cultural centers, community facilities, and vibrant commercial districts. Our work transforms distressed communities and neighborhoods into healthy ones - good places to live, work, do business, and raise families.

Leading catalyst in building & advocating for equitable, vibrant, & sustainable communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$18,040,308$10,515,323▼ $7,524,985
Savings and Temporary Cash Investments$1,920,684$6,335,869▲ $4,415,185
Investments Program Related$2,810,855$4,987,404▲ $2,176,549
Accounts Receivable$176,686$320,320▲ $143,634
Pledges and Grants Receivable$97,897$50,250▼ $47,647
Land, Buildings, and Equipment, Net$17,901$13,845▼ $4,056
Prepaid Expenses and Deferred Charges$22,492$13,527▼ $8,965
Total Assets$23,199,551$22,311,399▼ $888,152
Other Assets Total$112,728$74,861▼ $37,867
Liabilities
Unsecured Notes Loans Payable$15,988,657$18,750,000▲ $2,761,343
Other Liabilities$4,454,474$82,774▼ $4,371,700
Accounts Payable and Accrued Expenses$66,314$69,192▲ $2,878
Total Liabilities$20,509,445$18,901,966▼ $1,607,479
Net Assets / Fund Balance
Temporarily Rstr Net Assets$1,712,717$1,917,185▲ $204,468
Unrestricted Net Assets$977,389$1,492,248▲ $514,859
Total Net Assets Fund Balance$2,690,106$3,409,433▲ $719,327
Total Liabilities and Net Assets / Fund Balance$23,199,551$22,311,399▼ $888,152

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$13,845$119,598$133,443
Investment Program Related Org$314,938--
Compensation and Service Providers
Top Officer Pay21st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Judith OlsenExecutive DirectorFT$121,785$13,883$135,668

Board Members and Trustees

NameTitle
Kim HermanChair
Randy RobinsonVice Chair
Ann MeloneBoard Member
Bryan KetchamBoard Member
Chris PersonsBoard Member
Christine RushBoard Member
Doug PrinceBoard Member
Dwight PrevoBoard Member
Jan LaskeyBoard Member
Kim EthertonBoard Member
Lowel KruegerBoard Member
Maiko Winkler-ChinBoard Member
Mariano DiazBoard Member
Michael BrownBoard Member
Rick HooperBoard Member
Saeed HajarizadehBoard Member
Guillermo SandovalSecretary
Susan DurenTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$977,399
Program Service Revenue
$922,359
Investment Income
$46,166
Other Revenue
$0
All Other Contributions
$331,929
Change in Net Assets
$746,001

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,945,924
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-26,674
Total Revenue per Audited Statements
$1,919,250
Total Revenue per Form 990
$1,945,924
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$799,507
Grants and Similar Amounts Paid$322,776
Total Fundraising Expense$119,317
Other Expenses$77,640
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$365,153$75,575$45,834$486,562
Interest$378,583--$378,583
Grants to Domestic Orgs$322,776--$322,776
Current Officers, Directors, Trustees, and Key Employees$78,687$25,777$31,204$135,668
Other Employee Benefits$79,320$18,113$13,768$111,201
Occupancy$52,569$11,763$5,474$69,806
Payroll Taxes$47,132$10,763$8,181$66,076
Fees for Services Other$31,189$29,116$799$61,104
Office Expenses$36,174$10,078$7,738$53,990
Fees for Services Accounting-$27,000-$27,000
Travel$21,204$2,151$3,401$26,756
Information Technology$23,439--$23,439
Advertising$21,325$496$411$22,232
Depreciation Depletion$7,625$1,917$1,035$10,577
Fees for Service Investment Mgmnt Fees$7,994--$7,994
Conferences and Meetings$5,695$647$1,072$7,414
Insurance$789$2,478$154$3,421
Fees for Services Legal$2,067$1,026$193$3,286
Other Expenses$-744,171$502$53$-744,171
Total Functional Expenses$863,204$217,402$119,317$1,199,923

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,199,923
Total Expenses per Audited Statements$1,199,923
Total Expenses per Form 990$1,199,923
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
20-8169460-501(c)(6)Growing Transit Communities Equity Grant$24,990
72-1526567-501(c)(3)Growing Transit Communities Equity Grant$18,880
91-0982116-501(c)(3)Growing Transit Communities Equity Grant$16,547
33-1049259-501(c)(3)Growing Transit Communities Equity Grant$16,199
91-0826302-501(c)(3)Growing Transit Communities Equity Grant$15,796
20-4014921-501(c)(3)Growing Transit Communities Equity Grant$15,077
91-1539831-501(c)(3)Growing Transit Communities Equity Grant$15,000
90-0160990-501(c)(3)Growing Transit Communities Equity Grant$15,000
91-0823767-501(c)(3)Growing Transit Communities Equity Grant$15,000
91-6183664-501(c)(3)Growing Transit Communities Equity Grant$14,998
94-3185639-501(c)(3)Growing Transit Communities Equity Grant$14,215
91-0899927-501(c)(3)Growing Transit Communities Equity Grant$13,760
91-1185965-501(c)(3)Growing Transit Communities Equity Grant$12,375
20-0384893-501(c)(3)Growing Transit Communities Equity Grant$11,732
91-2165219-501(c)(3)Growing Transit Communities Equity Grant$11,565
31-1611993-501(c)(3)Growing Transit Communities Equity Grant$11,024
94-3117253-501(c)(3)Growing Transit Communities Equity Grant$10,365
91-1645126-501(c)(3)Growing Transit Communities Equity Grant$10,288
45-0844084-Applied 501(c)(6)Only in Seattle planning and administrative grant$8,521
27-0377330-501(c)(3)Growing Transit Communities Equity Grant$8,074
38-3670012-501(c)(3)Growing Transit Communities Equity Grant$5,682
91-2138852-501(c)(3)Growing Transit Communities Equity Grant$5,591
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Interest Payable$82,774
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
Yes
CEO compensation reviewed
Yes
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, Part VI, Section A, line 8B

“Minutes are taken in committee meetings and committee chairs report to the Board on the actions taken in the committee meetings. These reports are documented in the Board minutes.”

Form 990, Part VI, Section B, line 11

“A draft of the 990 was provided to the governing body via email and Board members were given several days to make comments or ask questions regarding the draft. The Board of Directors thus approved this draft document which was finalized and filed with the Internal Revenue Service.”

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

“In December 2013 we revised our Human Resource Policies, employees were asked to return signed copies of any conflict of interest items by year end as part of their agreement to the policy revisions. A conflict of interest document was also provided to members of our governing body, all of which returned the document by year end.”

Form 990, Part VI, Section B, line 15A

“For 2012 an ad hoc committee of the Board of Directors hired a consultant to do a search for a new Executive Director and to provide them with appropriate salary information based on similar positions in the Seattle area.”

Form 990, Part VI, Section C, line 19

“Not available to the public.”

Filing and Contact Details

Filer

EIN
94-3196958
Phone
2065873200

Signing Officer

Name
Judith Olsen
Title
Executive Director
Phone
2065873200
Signed
2014-08-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Judith Olsen
Formed
1993
Legal Domicile
Wa
Voting Board Members
16
Independent Board Members
16
Employees
15
Volunteers
30

Preparer

Preparer
Susan Reilly
Phone
2066242380
Supplemental Narrative

Financial Statement Notes

Part X, Line 2:

“The Company is a nonprofit organization exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code. The Company's income tax filings are subject to examination by various taxing authorities. Impact Capital's open examination periods are 2010 and thereafter. The Company believes that it has appropriate support for any tax positions taken and, as such, does not have any uncertain tax positions that are material to the financial statements.”

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IRS990/ActivityOrMissionDesc0Leading catalyst in building & advocating for equitable, vibrant, & sustainable communities.
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IRS990/Desc0Impact Capital manages a $20 million loan pool to help organizations build affordable housing and provide community facilities such as museums, senior centers, and day care centers. We provide early bridge financing for strategic real estate investments. We take the riskiest part of the financing package, thereby attracting permanent financing by other investors to the table. Impact Capital was created to take deep and broad risks necessary to invest in underserved communities. Providing a strong vehicle for encouraging healthy transformation, these communities improve. In a changing credit environment, nonprofit organizations and communities need our unique lending tools to continue to meet the basic needs of Washington families.In 2013 Impact Capital provided over $4.6 million in financing which leveraged over $171 million in total developments costs. These loans financed the building of 962 units of housing, and 4,500 square feet of commercial and community space in ten counties across Washington State.
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IRS990/Form990PartVIISectionAGrp/PersonNm4Michael Brown
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IRS990/Form990PartVIISectionAGrp/PersonNm13Chris Persons
IRS990/Form990PartVIISectionAGrp/PersonNm14Dwight Prevo
IRS990/Form990PartVIISectionAGrp/PersonNm15Doug Prince
IRS990/Form990PartVIISectionAGrp/PersonNm16Christine Rush
IRS990/Form990PartVIISectionAGrp/PersonNm17Maiko Winkler-Chin
IRS990/Form990PartVIISectionAGrp/PersonNm18Judith Olsen
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt130
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt4Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt5Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt6Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt7Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt8Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt9Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt10Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt11Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt12Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt13Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt14Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt15Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt16Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt17Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt18Executive Director
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IRS990/MissionDesc0Impact Capital is a community development financial institution that makes strategic investments in nonprofit organizations, tribal entities, and housing authorities to spur community development; including affordable housing, art and cultural centers, community facilities, and vibrant commercial districts. Our work transforms distressed communities and neighborhoods into healthy ones - good places to live, work, do business, and raise families.
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IRS990/PayrollTaxesGrp/FundraisingAmt08181
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt010763
IRS990/PayrollTaxesGrp/ProgramServicesAmt047132
IRS990/PayrollTaxesGrp/TotalAmt066076
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt28420
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt111000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt28420
IRS990/ProgSrvcAccomActy2Grp/Desc0Impact Capital's Community Building programs invest time, training and resources in nonprofit organizations to help them sustain long term change in communities. This investment has transformed nonprofits and strengthened the community development landscape throughout Washington. In 2013, Impact Capital administered $129,660 in capacity building grants to three community development corporations in the Seattle area. Impact Capital also provided organizational and technical assistance support to business associations in two Spokane neighborhoods. The funds and technical support were used to increase the capacity of these organizations to implement neighborhood revitalization programs, promote economic development activities, and improve the lives of community residents. Impact Capital facilitated a peer network for asset and property managers in King County as well as a commercial district revitalization peer network for commercial corridor work within Seattle. As part of the Puget Sound Regional Council's Growing Transit Communities initiative, funded by a federal Sustainable Communities Regional Planning Grant, Impact Capital served as the host agency for the Regional Equity Network (the Network) which helped community members advocate for equitable development along expanding transit corridors in the central Puget Sound region. In 2013, the Network hosted the Puget Sound Equity Summit, which brought together over 400 community advocates to share their efforts to promote regional equity-building. The Network invested $85,230 to increase the capacity of 34 community-based organizations and the communities they work with to engage in planning and policy development that will shape the future of transit station areas and surrounding neighborhoods in the region's transit corridors. Grants to community organizations provided resources to organize and increase participation of historically underrepresented communities and give voice to community priorities. Impact Capital's training program offered one asset management workshop attended by 17 staff from nonprofits and government agencies in 2013.
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt0322776
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt039875

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$22,311,399
Liabilities
$18,901,966
Net assets
$3,409,433
Revenue
$1,945,924
Expenses
$1,199,923
Net income
$746,001
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Summary only. Only limited summary data is available for this year.$19.4$14.4$5.03$1.38$1.76$0.39
2023Summary only. Only limited summary data is available for this year.$19.6$14.2$5.42$1.24$0.93$0.31
2022Summary only. Only limited summary data is available for this year.$22.8$17.7$5.11$0.96$1.47$0.51
2021Summary only. Only limited summary data is available for this year.$22.2$16.6$5.62$1.41$0.97$0.44
2020Summary only. Only limited summary data is available for this year.$24.3$19.4$4.95$1.34$0.92$0.42
2019Summary only. Only limited summary data is available for this year.$19.9$15.1$4.83$1.24$0.80$0.44
2018Summary only. Only limited summary data is available for this year.$18.6$14.2$4.39$1.23$0.99$0.24
2017Summary only. Only limited summary data is available for this year.$19.3$15.1$4.15$1.91$1.28$0.63
2016Summary only. Only limited summary data is available for this year.$17.6$14.1$3.52$0.57$1.17$0.60
2015Summary only. Only limited summary data is available for this year.$17.8$13.6$4.12$1.51$1.07$0.43
2014Summary only. Only limited summary data is available for this year.$21.0$17.4$3.66$1.55$1.30$0.25
2013Detailed filing. Detailed filing data is available for this year.$22.3$18.9$3.41$1.95$1.20$0.75
2012Summary only. Only limited summary data is available for this year.$23.2$20.5$2.69$1.94
2011Summary only. Only limited summary data is available for this year.$24.0$21.2$2.78$2.34
2010Summary only. Only limited summary data is available for this year.$24.5$20.9$3.65$1.63