Civic Intelligence

Impact Capital

990 • Fiscal year 2022 • EIN 94-3196958

Jan 01, 2022 to Dec 31, 2022 • Filed on Aug 10, 2023

Organization Profilewww.impactcapital.org

View Organization Page

701 5th Ave Suite 5500Seattle, 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

0.78x

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

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

98th percentile

18.36x

Higher debt load relative to revenue than 98% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

6th percentile

-53%

Higher net margin than 6% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

41st percentile

$151,465

Higher top officer pay than 41% of similar nonprofits.

Top officer pay equals 15.8% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

56th percentile

2.6%

Faster asset growth than 56% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

12th percentile

-32%

Faster revenue growth than 12% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$22,764,384

Up $569,204 (+2.6%) from 2021

Net Assets

Down

$5,112,340

Down $506,728 (-9.0%) from 2021

Liabilities

Up

$17,652,044

Up $1,075,932 (+6.5%) from 2021

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin6th percentile

Revenue

Down

$961,614

Down $450,588 (-32%) from 2021

Expenses

Up

$1,468,342

Up $499,147 (+52%) from 2021

Net Income

Down

-$506,728

Down $949,735 (-214%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth56th 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

2022

Assets$22,764,384
Liabilities$17,652,044
Net Assets$5,112,340
Open 2022 Filing

Operations Trend

Revenue Growth12th 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

2022

Revenue$961,614
Expenses$1,468,342
Net Income-$506,728
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Aug 10, 2023
Return Version
2022v5.0
Gross Receipts
$961,614
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.

Impact Capital is a community development financial institution that makes strategic loans to organizations, tribal entities, and housing authorities to spur community development

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$13,830,551$16,236,505▲ $2,405,954
Savings and Temporary Cash Investments$819,711$6,127,554▲ $5,307,843
Cash and Non-Interest-Bearing Accounts$7,348,716$268,985▼ $7,079,731
Accounts Receivable$175$43,218▲ $43,043
Prepaid Expenses and Deferred Charges$21,105$6,579▼ $14,526
Land, Buildings, and Equipment, Net$6,810$2,454▼ $4,356
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$22,195,180$22,764,384▲ $569,204
Other Assets Total$168,112$79,089▼ $89,023
Liabilities
Unsecured Notes Loans Payable$16,478,061$17,478,061▲ $1,000,000
Other Liabilities$54,523$90,236▲ $35,713
Accounts Payable and Accrued Expenses$43,528$83,747▲ $40,219
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$16,576,112$17,652,044▲ $1,075,932
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,117,526$3,117,526→ $0
Net Assets Without Donor Restrictions$2,501,542$1,994,814▼ $506,728
Total Net Assets Fund Balance$5,619,068$5,112,340▼ $506,728
Total Liabilities and Net Assets / Fund Balance$22,195,180$22,764,384▲ $569,204

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,454$38,028$40,482
Compensation and Service Providers
Top Officer Pay41st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joel MillarExecutive DirectorFT$147,000$4,465$151,465
Lora BourelleCOO/CFOFT$126,303$4,615$130,918
Marcel NeffVP of LendingFT$105,759$3,173$108,932

Board Members and Trustees

NameTitle
Bryan KetchamBoard Chair
Leanne AntonioBoard Vice Chair
David ForemanBoard Member
Doug PrinceBoard Member
Kim EthertonBoard Member
Lowel KruegerBoard Member
Steve WalkerBoard Member
Susan DurenSecretary/Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$8,819
Program Service Revenue
$938,041
Investment Income
$14,754
Other Revenue
$0
All Other Contributions
$8,819
Change in Net Assets
$-506,728

Audited Revenue Reconciliation

Revenue per Audited Statements
$961,614
Total Revenue per Audited Statements
$961,614
Total Revenue per Form 990
$961,614
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$990,210
Salaries, Compensation, and Employee Benefits$471,042
Total Fundraising Expense$96,180
Professional Fundraising Fees$7,090
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$249,118$73,393$68,804$391,315
Interest$295,887--$295,887
Fees for Services Legal$85,053--$85,053
Other Expenses$43,218$599$401$43,218
Payroll Taxes$24,800$7,306$6,849$38,955
Fees for Services Accounting-$35,696-$35,696
Other Employee Benefits$20,050$5,907$5,538$31,495
Office Expenses$19,232$2,982$1,932$24,146
Occupancy$10,453$2,424$2,273$15,150
Insurance$8,522$4,588-$13,110
Travel$11,228--$11,228
Other Salaries and Wages$5,907$1,738$1,632$9,277
Fees for Services Professional Fundraising--$7,090$7,090
Advertising$5,967-$1,007$6,974
Depreciation Depletion$3,005$697$654$4,356
Total Functional Expenses$1,236,832$135,330$96,180$1,468,342

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,468,342
Total Expenses per Audited Statements$1,468,342
Total Expenses per Form 990$1,468,342
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$7,090
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Interest Payable$79,936
Operating Lease Liability$10,300
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B:

“The only meetings that have minutes are the Board Meeting and the loan committee meeting. Notes are not taken at the executive/finance committee. That meeting only has an agenda and relevant documentation.”

Form 990, Part VI, Section B, Line 11B:

“A draft 990 is provided to the governing board via presentation by the management. The Board then approves the draft to be finalized and filed with the IRS.”

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

“A conflict of interest disclosure form is provided to each board member annually. All board members returned their disclosure from prior to year-end and no conflicts were noted.”

Form 990, Part VI, Section B, Line 15:

“In 2021, a comprehensive salary comparison was completed to determine appropriate salary for COO/CFO. Annually, a consultation with Robert Half is completed to make sure compensation is not above normal ranges for the area.”

Form 990, Part VI, Section C, Line 19:

“Documents are not available to the public unless specifically requested and for a purpose.”

Filing and Contact Details

Filer

Filer Name
Impact Capital
EIN
94-3196958
In Care Of
% LORA BOURELLE
Phone
2065873200
Address
701 5th Ave Suite 5500, Seattle, WA 98104

Signing Officer

Name
Joel Millar
Title
Executive Director
Phone
2065873200
Signed
2023-08-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joel Millar
Formed
1993
Legal Domicile
Wa
Voting Board Members
8
Independent Board Members
8
Employees
4

Preparer

Firm
Bdo USA Pa
Address
601 Union Street Suite 2300, Seattle, WA 98101
Preparer
Matthew Frerker
Phone
2063827777
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1, Description of Organization Mission:

“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/PrincipalOfficerNm0Joel Millar
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$22,764,384
Liabilities
$17,652,044
Net assets
$5,112,340
Revenue
$961,614
Expenses
$1,468,342
Net income
-$506,728
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
2022Detailed filing. Detailed filing 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
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