Civic Intelligence

Impact Capital

990 • Fiscal year 2014 • EIN 94-3196958

Jan 01, 2014 to Dec 31, 2014 • Filed on Jul 22, 2015

Organization Profilewww.ImpactCapital.org

View Organization Page

401 2nd Avenue South No 301Seattle, WA 98104

(206) 587-3200

Siviq Scores

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

Liabilities / Assets

87th percentile

0.83x

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

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Liabilities / Revenue

97th percentile

11.24x

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

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Net Margin

75th percentile

16%

Higher net margin than 75% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Top Officer Pay

36th percentile

$135,176

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 8.7% of source-year revenue.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Asset Growth

13th percentile

-5.7%

Faster asset growth than 13% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Revenue Growth

11th percentile

-21%

Faster revenue growth than 11% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$21,041,680

Down $1,269,719 (-5.7%) from 2013

Net Assets

Up

$3,660,925

Up $251,492 (+7.4%) from 2013

Liabilities

Down

$17,380,755

Down $1,521,211 (-8.0%) from 2013

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin75th percentile

Revenue

Down

$1,545,756

Down $400,168 (-21%) from 2013

Expenses

Up

$1,300,624

Up $100,701 (+8.4%) from 2013

Net Income

Down

$245,132

Down $500,869 (-67%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth13th 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

2014

Assets$21,041,680
Liabilities$17,380,755
Net Assets$3,660,925
Open 2014 Filing

Operations Trend

Revenue Growth11th percentile

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

2014

Revenue$1,545,756
Expenses$1,300,624
Net Income$245,132
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Jul 22, 2015
Return Version
2014v5.0
Gross Receipts
$14,605,376
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
Savings and Temporary Cash Investments$6,335,869$13,303,387▲ $6,967,518
Other Notes and Loans Receivable, Net$10,515,323$5,831,420▼ $4,683,903
Investments Program Related$4,987,404$1,696,685▼ $3,290,719
Accounts Receivable$320,320$131,608▼ $188,712
Pledges and Grants Receivable$50,250--
Prepaid Expenses and Deferred Charges$13,527$33,687▲ $20,160
Land, Buildings, and Equipment, Net$13,845$9,025▼ $4,820
Total Assets$22,311,399$21,041,680▼ $1,269,719
Other Assets Total$74,861$35,868▼ $38,993
Liabilities
Unsecured Notes Loans Payable$18,750,000$17,250,000▼ $1,500,000
Other Liabilities$82,774$96,340▲ $13,566
Accounts Payable and Accrued Expenses$69,192$34,415▼ $34,777
Total Liabilities$18,901,966$17,380,755▼ $1,521,211
Net Assets / Fund Balance
Temporarily Rstr Net Assets$1,917,185$2,215,734▲ $298,549
Unrestricted Net Assets$1,492,248$1,445,191▼ $47,057
Total Net Assets Fund Balance$3,409,433$3,660,925▲ $251,492
Total Liabilities and Net Assets / Fund Balance$22,311,399$21,041,680▼ $1,269,719

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$9,025$70,754$79,779
Investment Program Related Org$208,746--
Compensation and Service Providers
Top Officer Pay36th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Judith OlsenExecutive DirectorFT$123,600$11,576$135,176

Board Members and Trustees

NameTitle
Guillermo SandovalChair
Kim HermanPast Chair
Lowel KruegerVice Chair
Bryan KetchamBoard Member
Chris PersonsBoard Member
Doug PrinceBoard Member
Jan LaskeyBoard Member
Kim EthertonBoard Member
Maiko Winkler-ChinBoard Member
Michael LevineBoard Member
Randy RobinsonBoard Member
Steve WalkerBoard Member
Saeed HajarizadehSecretary
Susan DurenTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$595,698
Program Service Revenue
$938,204
Investment Income
$11,854
Other Revenue
$0
All Other Contributions
$358,977
Change in Net Assets
$245,132

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,545,756
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$9,180
Total Revenue per Audited Statements
$1,554,936
Total Revenue per Form 990
$1,545,756
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$719,097
Other Expenses$510,872
Grants and Similar Amounts Paid$70,655
Total Fundraising Expense$63,799
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$340,799$91,823$11,876$444,498
Interest$346,432--$346,432
Current Officers, Directors, Trustees, and Key Employees$78,402$25,684$31,091$135,177
Other Employee Benefits$61,602$17,268$6,314$85,184
Fees for Services Other$34,290$43,085$1,224$78,599
Occupancy$52,351$17,158$4,409$73,918
Grants to Domestic Orgs$70,655--$70,655
Payroll Taxes$39,223$10,995$4,020$54,238
Office Expenses$26,847$12,160$3,896$42,903
Fees for Services Accounting-$32,000-$32,000
Travel$19,889$6,917$201$27,007
Information Technology$25,277--$25,277
Conferences and Meetings$6,718$1,362$150$8,230
Depreciation Depletion$5,072$1,187$444$6,703
Insurance$3,624$2,656$65$6,345
Fees for Services Legal$3,471--$3,471
Advertising$2,901--$2,901
Fees for Service Investment Mgmnt Fees-$2,151-$2,151
Other Expenses$-170,422-$109$-170,422
Total Functional Expenses$972,379$264,446$63,799$1,300,624

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,303,444
Expenses per Audited Statements$1,300,624
Total Expenses per Form 990$1,300,624
Expenses Not Reported on Form 990$2,820
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
HomesightSeattle, WA501(c)(3)Growing Transit Communities Equity Grant$11,000
Forterra NWSeattle, WA501(c)(3)Growing Transit Communities Equity Grant$10,000
Puget Sound SageSeattle, WA501(c)(3)Growing Transit Communities Equity Grant$7,291
FuturewiseSeattle, WA501(c)(3)Growing Transit Communities Equity Grant$6,500
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$87,951
Deferred Rent$8,389
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

Filer Name
Impact Capital
EIN
94-3196958
Phone
2065873200
Address
401 2nd Avenue South No 301, Seattle, WA 98104

Signing Officer

Name
Judith Olsen
Title
Executive Director
Phone
2065873200
Signed
2015-07-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Judith Olsen
Formed
1993
Legal Domicile
Wa
Voting Board Members
14
Independent Board Members
14
Employees
14
Volunteers
25

Preparer

Firm
Watson & McDonell PLLC
Address
1325 4th Avenue Suite 1705, Seattle, WA 98101-2528
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 2011 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.”

Part XI, Line 2D - Other Adjustments:

“Loss on disposal of fixed assets 2,820.”

Part XII, Line 2D - Other Adjustments:

“Loss on disposal of fixed assets 2,820.”

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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/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/OccupancyGrp/TotalAmt073918
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IRS990/OtherExpensesGrp/ProgramServicesAmt19765
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IRS990/OtherExpensesGrp/TotalAmt015592
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt05831420
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IRS990/PayrollTaxesGrp/FundraisingAmt04020
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt010995
IRS990/PayrollTaxesGrp/ProgramServicesAmt039223
IRS990/PayrollTaxesGrp/TotalAmt054238
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IRS990/PrincipalOfficerNm0Judith Olsen
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1301624
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt29765
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt33018
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt29765
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IRS990/ProgSrvcAccomActy2Grp/Desc0In 2014, Impact Capital's Community Building programs had several successes. The grant-making program deployed $100,000 into two cities and two unincorporated areas, which continued to advance long-term development strategies in those communities. The year also saw the completion of the Equity Network supporting the Growing Transit Communities Initiative, which saw an additional phase of mini-grants ($58,500 in total) and the transition of the network from Impact Capital's administration to the community-based organization led network that was the ultimate goal of the participants. At the same time the Equity Network was wrapping up, a new place-based initiative was launched in Tacoma, bringing together a diverse cross-section of stakeholders to develop comprehensive community development strategies and create partnerships covering topics including: creative placemaking, affordable housing, financial stability, youth empowerment, and public recreation and healthy living. Program staff also provided in-depth technical assistance on a range of topics, including organizational sustainability, leadership development, racial/social equity, and development financing. Lastly, Impact Capital also coordinated a training for affordable housing asset management staff that was attended by 10 participants from across the state.
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt070655
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0311389
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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$21,041,680
Liabilities
$17,380,755
Net assets
$3,660,925
Revenue
$1,545,756
Expenses
$1,300,624
Net income
$245,132
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
2014Detailed filing. Detailed filing data is available for this year.$21.0$17.4$3.66$1.55$1.30$0.25
2013Summary only. Only limited summary 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