2024-09-16T21:22:52-05:00 2023-12-31 910189318 MOSS ADAMS LLP 601 W RIVERSIDE AVENUE STE 1800 SPOKANE WA 99201 990 2023-01-01 911764008 SEATTLE ECONOMIC DEVELOPMENT FUND BUSINESS IMPACT NW SEAT 2063244330 12720 GATEWAY DR S 207 TUKWILA WA 98144 JOE SKY-TUCKER PRESIDENT/CEO 2063244330 2024-09-03 1 0 EMINA O CRESSWELL CPA P01217304 5097472600 2024-09-03 2023 2024-08-08 14:25:15Z JOE SKY-TUCKER 12720 GATEWAY DR S 207 TUKWILA WA 98144 6779426 0 X WWW.BUSINESSIMPACTNW.ORG X 1997 WA BUSINESS IMPACT NW GROWS BUSINESS THAT CREATE JOBS IN UNDERSERVED COMMUNITIES. 10 10 74 70 0 0 5295239 4987616 1745672 1724233 2541222 64796 37353 2781 9619486 6779426 0 0 0 0 3906722 5516287 0 0 847276 2796275 3278750 6702997 8795037 2916489 -2015611 28030464 30476339 17139372 22065590 10891092 8410749 TO PROVIDE ECONOMIC DEVELOPMENT FINANCING TO SERVE THE NEEDS OF SMALL BUSINESSES IN THE STATE OF WASHINGTON THAT WOULD NOT QUALIFY FOR PRIVATE FINANCING UNDER CONVENTIONAL FINANCING CRITERIA. 0 0 6278609 0 1727014 LOAN FUND ADMINISTRATION AS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) TO PROVIDE FINANCING AND MANAGEMENT ASSISTANCE PRIMARILY TO TARGETED BUSINESSES THAT WOULD OTHERWISE NOT BE ABLE TO RECEIVE FINANCING UNDER CONVENTIONAL METHODS. 6278609 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 756 0 1 74 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X JOE SKY-TUCKER 2063244330 1270 GATEWAY DR S TUKWILA WA 98168 JOSEPH SKY-TUCKER PRESIDENT/CEO 40.00 0.25 X 165333 0 9297 GRETA STOUGH CXO 40.00 X 122986 0 8027 DOMONIQUE JULEON CPO 40.00 X 122000 0 8362 VICTOR SALDANHA CLO 40.00 X 118461 0 8752 DANIELLE MOSER COO 40.00 X 117349 0 8380 JOHN ZMOLEK BOARD CHAIR 1.00 0.25 X X 0 0 0 KELLEN BALL BOARD VICE CHAIR 1.00 0.25 X X 0 0 0 PAUL KIRKBRIDE BOARD TREASURER 1.00 0.25 X X 0 0 0 LORRI WALLACE SECRETARY 0.50 0.25 X X 0 0 0 JESSICA ENZI DIRECTOR 1.00 0.25 X X 0 0 0 PETER HA DIRECTOR 0.50 0.25 X 0 0 0 ROBERT LUETTJOHANN DIRECTOR 0.50 0.25 X 0 0 0 SEAN O'MEALIA DIRECTOR 0.50 0.25 X 0 0 0 MEGAN SNYDER DIRECTOR 0.50 0.25 X 0 0 0 KURT HEATH DIRECTOR 0.50 0.25 X 0 0 0 MUNZER SUKHUN DIRECTOR (THRU 3/23) 0.50 0.25 X 0 0 0 KD HALL DIRECTOR (THRU 9/23) 0.50 0.25 X 0 0 0 TOM BERQUIST DIRECTOR (THRU 11/23) 0.50 0.25 X 0 0 0 646129 0 42818 5 0 1 0 0 3486978 1500638 4987616 LOAN INTEREST 525990 1439760 1439760 LOAN FEES AND CHARGES 525990 259385 259385 TRAINING FEES 611420 20156 20156 SERVICING RIGHTS 900099 4932 4932 1724233 64796 64796 MISCELLANEOUS 523000 2781 2781 2781 6779426 1727014 0 64796 174629 117994 34967 21668 4349121 2938620 870856 539645 588111 396263 124764 67084 404426 276893 79200 48333 34787 1023 33764 64732 64732 312908 136262 155980 20666 195442 18777 29408 147257 15774 11189 4526 59 398693 296007 102686 57854 21632 36222 183832 124558 56964 2310 420940 420940 4096 4096 13731 13731 PROVISION FOR LOAN LOSS 1312344 1312344 LENDING COSTS 50857 50857 B&O TAXES 44928 44928 STAFF TRAINING 39548 36583 2905 60 128284 118667 9423 194 8795037 6278609 1669152 847276 2681978 747632 4640108 5601500 865555 1718591 14612 0 18231096 21935592 18524 18524 99531 89096 14531 10435 1564060 444065 28030464 30476339 108399 557464 16926 14027 11326961 13601836 5576662 7746164 110424 146099 17139372 22065590 X 10241925 7845487 649167 565262 10891092 8410749 28030464 30476339 X -2015611 -607276 142544 X 0 1 X 1 1 1 X 1454304 3972596 4893545 5295239 4987616 20603300 1454304 3972596 4893545 5295239 4987616 20603300 1163309 19439991 80070 79970 63953 61418 64796 350207 26552 41719 52920 5912 2781 129884 21083391 8035310 0.92210 0.91810 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2019 AMOUNT: $ 26,552. 2020 AMOUNT: $ 41,719. 2021 AMOUNT: $ 52,920. 2022 AMOUNT: $ 5,912. 2023 AMOUNT: $ 2,781. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 99531 89096 10435 10435 INTEREST PAYABLE 80179 PASS-THROUGH LOAN FEES 65920 146099 X PART X, LINE 2: BIN IS A NONPROFIT ORGANIZATION EXEMPT FROM FEDERAL INCOME TAX UNDER THE PROVISIONS OF INTERNAL REVENUE CODE SECTION 501(C)(3). HOWEVER, BIN REMAINS SUBJECT TO INCOME TAXES ON ANY NET INCOME THAT IS DERIVED FROM A TRADE OR BUSINESS, REGULARLY CARRIED ON AND NOT IN FURTHERANCE OF THE PURPOSE FOR WHICH IT WAS GRANTED EXEMPTION. NO INCOME TAX PROVISION HAS BEEN RECORDED AS THE NET INCOME, IF ANY, FROM ANY UNRELATED TRADE OR BUSINESS, IN THE OPINION OF MANAGEMENT, IS NOT MATERIAL TO THE CONSOLIDATED FINANCIAL STATEMENTS TAKEN AS A WHOLE. MANAGEMENT BELIEVES NO UNCERTAIN TAX POSITIONS EXIST FOR THE ORGANIZATION AT DECEMBER 31, 2023 AND 2022. BIN FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION. X X X 0 0 0 0 0 0 0 1 0 JOSEPH SKY-TUCKER PRESIDENT/CEO 149333 0 16000 0 0 0 1437 0 7860 0 174630 0 0 0 PART I, LINE 7 THE CEO'S BONUS IS DETERMINED BY AN EXECUTIVE COMMITTEE THAT IS BASED UPON HITTING LOAN GROWTH AND TARGETED DEMOGRAPHICS AS WELL AS POSITIVE NET INCOME. FORM 990, PART I, LINE 6 THE WOMEN'S BUSINESS CENTER HAS AN ADVISORY COMMITTEE THAT HELPS WITH FUNDRAISING AND SETTING THE STRATEGIC DIRECTION OF THE CENTER. THE ORGANIZATION HAS A VOLUNTEER BOARD OF DIRECTORS THAT PROVIDE STRATEGIC OVERSIGHT OF THE ORGANIZATION. WE ALSO HAVE VOLUNTEERS HELP US WITH OUR EVENTS, TRAININGS, AND OPERATIONS. FORM 990, PART VI, SECTION A, LINE 7B GOVERNANCE IS HANDLED BY THE BOARD OF DIRECTORS AS THEIR PURVIEW IS TO ENSURE THE ORGANIZATION IS FINANCIALLY SOLVENT. MANAGEMENT MAKES ALL OPERATIONAL DECISIONS IN ORDER TO ENSURE THE ORGANIZATION RUNS EFFICIENTLY AND TO THE STRATEGIC GOALS SET FORTH BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE CEO BEFORE IT IS FILED WITH THE IRS; ALL BOARD MEMEBERS ARE GIVEN A COPY BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CEO AND EXECUTIVE COMMITTEE OF THE BOARD MONITOR CONFLICTS OF INTEREST FOR BOARD MEMBERS ON AN AT LEAST ANNUAL BASIS AND MAY APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES SOLUTIONS TO PROPOSED TRANSACTIONS OR ARRANGEMENTS. BOARD MEMBERS HAVE A DUTY TO DISCLOSE A CONFLICT OF INTEREST TO BOARD OF DIRECTORS AND MEMBERS OF COMMITTEES. THE DISCLOSURE OF CONFLICT IS THEN REVIEWED BY THE FULL BOARD AND VOTED UPON TO DETERMINE IF A CONFLICT OF INTEREST EXISTS. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE BOARD OR COMMITTEE MEETINGS BUT WILL BE EXCUSED FROM THE MEETING AFTERWARDS AND ABSTAIN FROM VOTING. THE BOARD MINUTES DOCUMENT WHETHER A CONFLICT OF INTEREST EXISTS ALONG WITH ACTIONS STEPS. THE ORGANIZATION ALSO MONITORS VIOLATIONS OF THE CONFLICT OF INTEREST POLICY AND HAS PROCEDURES IN PLACE IF SUCH AN EVENT HAPPENS. FORM 990, PART VI, SECTION B, LINE 15A SALARY DECISIONS FOR THE CEO ARE MADE BY THE FULL BOARD EXCLUDING ANYONE WITH A CONFLICT OF INTEREST. COMPARABLE DATA USED IS A SALARY SURVEY AND COMPARED TO TRADE ORGANIZATIONS AND SIMILAR ORGANIZATIONS FROM GUIDESTAR. THE COMPENSATION IS REVIEWED ANNUALLY, THE LAST REVIEW WAS MARCH 2023. THE MEETINGS ARE DOCUMENTED AND KEPT FOR RECORDKEEPING. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN NET ASSETS 142,544. BIN SBA LOAN 12720 GATEWAY DR S SUITE 270 TUKWILA WA 98166 814001005 LOAN SERVICES WA 501(C)(3) LINE 10 N/A 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0