2024-11-15T13:16:10-06:00 2023-12-31 351750664 DAUBY O'CONNOR & ZALESKI LLC 501 CONGRESSIONAL BLVD 300 CARMEL IN 46032 990 2023-01-01 943110312 IMAGINE HOUSING AND AFFILIATES IMAG 4255765190 1722 138TH PLACE NE BELLEVUE WA 98005 SHAWNA BINNING DIRECTOR OF FINANCE 4255765190 2024-11-15 1 1 ROBERT J DOYLE JR P02365765 3178485700 2023 2024-10-15 13:58:12Z SHAWNA BINNING 1722 138TH PLACE NE BELLEVUE WA 98005 9192804 0 X WWW.IMAGINEHOUSING.ORG X 1989 WA DEVELOPING PERMANENT AFFORDABLE RENTAL HOUSING AND PROVIDING SUPPORTIVE SERVICES. 10 10 43 0 0 0 2039911 2238035 7275785 6221660 5957 17409 505889 591281 9827542 9068385 90257 75631 0 0 3691334 4472461 0 0 585356 4599772 4836078 8381363 9384170 1446179 -315785 46915219 51744121 29117978 34261306 17797241 17482815 X TO DEVELOP AFFORDABLE HOUSING, BUILD WELCOMING COMMUNITIES AND FOSTER VIBRANT FUTURES. 0 0 7537299 75631 6858939 OUR WORK STARTED OVER 35 YEARS AGO IN RESPONSE TO THE GROWING ECONOMIC INEQUITIES FACED BY LOW-INCOME HOUSEHOLDS IN EAST KING COUNTY, OUR FOUNDERS REALIZED THAT PERMANENT AFFORDABLE HOUSING WAS THE MOST COST-EFFECTIVE, LONG-TERM SOLUTION TO DISPLACEMENT, HOMELESSNESS, AND POVERTY IN THE REGION. SINCE THEN, OUR WORK HAS EXPANDED FROM A VOLUNTEER RUN ORGANIZATION WITH 18 AFFORDABLE APARTMENTS TO A HIGHLY RESPECTED ORGANIZATION PROVIDING 639 PERMANENT LOW-INCOME APARTMENT HOMES. IN 2009, WE IMPLEMENTED ON-SITE SUPPORTIVE RESIDENT SERVICES TO MEET THE GROWING NEED FOR ADDITIONAL RESOURCES TO ENSURE HOUSEHOLD STABILITY AND SELF-SUFFICIENCY.IMAGINE HOUSING SERVES LOW-INCOME FAMILIES AND SENIORS WITH AFFORDABLE, SERVICE-ENRICHED HOUSING IN THE EASTSIDE COMMUNITIES OF BELLEVUE, REDMOND, ISSAQUAH, KIRKLAND, MERCER ISLAND, SAMMAMISH, AND SOON IN BOTHELL. ONE-QUARTER OF THE HOMES SERVE FAMILIES AND SENIORS COMINGDIRECTLY FROM HOMELESSNESS. WE PRACTICE HOUSING FIRST AND WORK TO REMOVE ALL BARRIERS TO HOUSING AND HOUSING STABILITY. IMAGINE HOUSING SERVES OVER 1,400 LOW AND VERY LOW-INCOME INDIVIDUALS, INCLUDING 435 CHILDREN, 306 SENIORS AND 56 VETERANS. 225 APARTMENTS ACROSS OUR PORTFOLIO ARE RESERVED FOR FAMILIES AND SENIORS COMING FROM HOMELESSNESS WITH COORDINATED ENTRY FOR ALL (CEA) REFERRALS OR SECTION 8 VOUCHERS, INCLUDING HOUSING CHOICE, PROJECTBASED AND VASH. THE AVERAGE HOUSEHOLD INCOME OF IMAGINE HOUSING RESIDENTS IS $24,113 PER YEAR. 50% OF HOUSEHOLDS IDENTIFY AS PEOPLE OF COLOR AND 14% REPORT THAT A MEMBER OF THE HOUSEHOLD IS LIVING WITH A DISABILITY. 7537299 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 1 0 0 0 0 1 0 0 0 1 1 1 1 1 0 1 42 0 1 43 1 0 0 0 0 0 1 1 0 0 0 0 X 10 10 0 1 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 1 1 X SUE BLIVEN 4255765190 1722 138TH PLACE NE BELLEVUE WA 98005 YICHUN ZHAO EXECUTIVE DIRECTOR 36.00 4.00 X 182740 20000 0 TROY DRAWZ DIRECTOR OF REAL ESTATE DEVELOPMENT 32.00 8.00 X 156123 0 0 EUNICE SPRINGS DIRECTOR OF PEOPLE & CULTURE 40.00 0.00 X 138065 0 0 SUE BLIVEN CONTROLLER 36.00 4.00 X 107959 2132 0 ZEE PETERS DIRECTOR OF ADVANCEMENT 40.00 0.00 X 103883 0 0 STEVEN WHITE DIRECTOR OF FINANCE 36.00 4.00 X 75831 7692 0 CAROLYN FERRIS PRESIDENT 5.00 1.00 X X 0 0 0 KASHIF ZAHOOR VICE PRESIDENT 2.00 0.00 X X 0 0 0 DIANE PIETROWSKI TREASURER 2.00 1.00 X X 0 0 0 LAURA COUGHLIN SECRETARY 2.00 0.00 X X 0 0 0 PENNY MARIE CURRY BOARD MEMBER 1.00 0.00 X 0 0 0 JACKIE FRANK BOARD MEMBER 1.00 0.00 X 0 0 0 DENILLE BEZEMER BOARD MEMBER 1.00 0.00 X 0 0 0 AMBER WALSH BOARD MEMBER 1.00 0.00 X 0 0 0 EVAN CHAN BOARD MEMBER 1.00 0.00 X 0 0 0 PETER TRAN BOARD MEMBER 1.00 0.00 X 0 0 0 764601 29824 0 5 0 1 0 0 251714 1207482 778839 96688 2238035 RENTAL INCOME 531110 5189768 5189768 CASE MANAGEMENT 531110 582723 582723 OTHER TENANT REVENUE 900099 449169 449169 6221660 17701 17701 637571 0 637571 637571 637571 292 -292 -292 -292 77837 251714 124127 -46290 -46290 9068385 6858939 0 -28589 75631 75631 3747133 2502774 810236 434123 57853 26838 23427 7588 349715 245138 69306 35271 317760 212435 70828 34497 37917 33677 4240 81752 77402 4350 18194 2268 5330 10596 172227 144453 13166 14608 6403 5874 529 316519 276446 25209 14864 69285 37434 24817 7034 906966 780594 126372 8035 4875 415 2745 60984 36854 22471 1659 736349 714669 21680 1167987 1148016 19971 360534 323151 37383 REPAIRS & MAINTENANCE 595908 595908 BUILDING SUPPLIES 177914 177914 MISCELLANEOUS EXPENSE 69263 66713 2550 BAD DEBTS 31993 31993 17848 16242 915 691 9384170 7537299 1261515 585356 2506876 2090324 251347 251535 338566 383456 161282 146796 626784 719226 254879 283275 60654977 21632833 34153685 39022144 7596179 7517625 30000 404956 995621 924784 46915219 51744121 599678 499423 125746 138303 200000 150000 26671075 32295184 735000 535000 786479 643396 29117978 34261306 X 17253241 16699492 544000 783323 17797241 17482815 46915219 51744121 -315785 1359 0 X X 0 1 X 1 1 1 X 2178301 1763074 1638894 2039911 2238035 9858215 2178301 1763074 1638894 2039911 2238035 9858215 9858215 668464 533815 566873 594099 655272 3018523 181739 23830 27494 54750 77837 365650 13242388 0.74440 0.74780 X SCHEDULE A, PART II, LINE 10, EXPLANATION FOR OTHER INCOME LOAN OBLIGATION RELEASE 2019 AMOUNT: $148,231 AUCTION REVENUE 2019 AMOUNT: $23,228 2020 AMOUNT: $23,830 2021 AMOUNT: $27,494 2022 AMOUNT: $54,750 2023 AMOUNT: $77,837 GAMING REVENUE 2019 AMOUNT: $10,280 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 18618291 18618291 38273881 18448478 19825403 1781945 1564578 217367 1980860 1619777 361083 0 39022144 REPLACEMENT RESERVES 4017402 F OPERATING RESERVES 3100923 F INVESTMENT IN LOW-INCOME HOUSING LPS AND LLCS 399300 C 7517625 ACCRUED INTEREST PAYABLE 59228 DUE TO LIMITED PARTNERSHIPS AND LLC'S 8705 RIGHT OF USE LEASE LIABILITY 541372 TENANT DEPOSITS & PREPAID RENT 34091 643396 X PART X, LINE 2: IMAGINE HOUSING IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX AND HAVE BEEN CLASSIFIED AS OTHER THAN A PRIVATE FOUNDATION. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE TAXES ON REVENUE AND INCOME HAS BEEN RECOGNIZED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, THE FEDERAL AND STATE TAX RETURNS WERE SUBJECT TO EXAMINATIONS FROM THE THREE YEARS AFTER THE LATER OF THE ORIGINAL OR EXTENDED DUE DATE OR THE DATE FILED WITH THE APPLICABLE TAX AUTHORITY. EVEN THOUGH IMAGINE HOUSING AND IMAGINE HOUSING COMMUNITIES ARE RECOGNIZED AS TAX EXEMPT, THEY STILL MAY BE LIABLE FOR TAX ON THEIR UNRELATED BUSINESS INCOME (UBI). THE CORPORATION EVALUATES UNCERTAIN TAX POSITIONS THROUGH ITS REVIEW OF THE SOURCES OF INCOME TO IDENTIFY UBI AND CERTAIN OTHER MATTERS, INCLUDING THOSE WHICH MAY AFFECT ITS TAX EXEMPT STATUS. THE EFFECT OF THE UNCERTAINTY WOULD BE RECORDED IF THE OUTCOME WAS CONSIDERED PROBABLE AND REASONABLY ESTIMABLE. AS OF DECEMBER 31, 2023, THE CORPORATION HAD NO UNCERTAIN TAX POSITIONS REQUIRING ACCRUAL. GOLF TOURNAMENT 53297 37922 15375 25991 2023 FARM TO TABLE 276254 213792 62462 27601 70535 329551 251714 77837 27601 96526 124127 -46290 1 280 CLARK LP 1722 138TH PLACE NE BELLEVUE WA 98005 208798867 75631 0 N/A N/A RENTAL ASSISTANCE - OPERATIONS AND MAINTENANCE 0 1 PART I, LINE 2: IMAGINE HOUSING ENTERED INTO A CONTRACT WITH KING COUNTY FOR RENTAL ASSISTANCE AT JOHNSON HILL APARTMENTS (OWNED BY 280 CLARK LP). IMAGINE HOUSING ALSO ENTERED INTO A CONTRACT WITH WA STATE DEPARTMENT OF COMMERCE FOR AN OPERATING AND MAINTENANCE GRANT FOR RENTAL ASSISTANCE AT JOHNSON HILL APARTMENTS. QUARTERLY ASSISTANCE PAYMENTS ARE RECEIVED BY IMAGINE HOUSING AND ARE PASSED THROUGH TO JOHNSON HILL. 280 CLARK LP IS CONSIDERED A DISREGARDED ENTITY OF IMAGINE HOUSING AND SHARES COMMON GOVERANCE WITH IMAGINE HOUSING. IMAGINE HOUSING ENSURES ALL GRANT FUNDS THAT FLOW TO 280 CLARK LP ARE USED FOR THE PROPER PURPOSES. X X 0 0 0 0 0 0 0 0 0 YICHUN ZHAO EXECUTIVE DIRECTOR 180640 20000 2100 0 0 0 0 0 0 0 182740 20000 0 0 TROY DRAWZ DIRECTOR OF REAL ESTATE DEVELOPMENT 154023 0 2100 0 0 0 0 0 0 0 156123 0 0 0 PART I, LINE 3 HUMAN RESOURCES REVIEWS TWO COMPENSATION SURVEYS TO ESTABLISH A RECOMMENDATION FOR THE EXECUTIVE DIRECTOR'S SALARY. THIS RECOMMENDATION IS PRESENTED TO THE EXECUTIVE COMMITTEE (WHICH IS MADE UP OF BOARD MEMBERS) WHO REVIEW AND APPROVE THE RECOMMENDATION. DAN JOHNSON FORMER BOARD MEMBER SOCIAL IMPACT INVESTMENT LOAN X 25000 0 0 0 1 PATRICK MCDERMO FORMER BOARD MEMBER SOCIAL IMPACT INVESTMENT LOAN X 100000 100000 0 0 1 NANCY TRUITT PIERCE FORMER BOARD MEMBER SOCIAL IMPACT INVESTMENT LOAN X 25000 0 0 0 1 ELLEN O'HARA FORMER BOARD MEMBER SOCIAL IMPACT INVESTMENT LOAN X 25000 25000 0 0 1 JOHN CLEARMAN FORMER BOARD MEMBER SOCIAL IMPACT INVESTMENT LOAN X 25000 25000 0 0 1 150000 X 96688 PROVIDED BY DONOR 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS WAS USED IN PART I. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION HAS DELEGATED THE MANAGEMENT OF ITS PROPERTIES TO ALLIED RESIDENTIAL INC. FORM 990, PART VI, SECTION A, LINE 8B THERE WERE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CONTROLLER, THE DIRECTOR OF FINANCE, AND THE EXECUTIVE DIRECTOR AND IS MADE AVAILABLE TO THE BOARD OF DIRECTORS AFTER IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD REVIEWS THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS, AND EACH BOARD MEMBER SIGNS A STATEMENT OF ACKNOWLEDGMENT AND COMPLIANCE WITH IMAGINE HOUSING AND AFFILIATES' CONFLICTS OF INTEREST POLICY THAT STATES THEY DO NOT HAVE A CONFLICT OF INTEREST AS DEFINED IN THE POLICY. ALSO, IF A POTENTIAL CONFLICT ARISES, THE BOARD MEMBER ABSTAINS FROM ANY DISCUSSION AND/OR VOTE ON THAT ISSUE. IT IS DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 15 SALARY SURVEYS, SUCH AS THE ARCHBRIGHT SALARY SURVEY OF WASHINGTON EMPLOERS, ARE REVIEWED WHEN MAKING SALARY DECISIONS. THE BOARD OFFICERS MAKE DECISIONS REGARDING THE EXECUTIVE DIRECTOR'S COMPENSATION, AND THE EXECUTIVE DIRECTOR AND DEPARTMENT DIRECTORS/SUPERVISORS MAKE DECISIONS REGARDING COMPENSATION FOR OTHER EMPLOYEES, WHICH IS DOCUMENTED IN THE BOARD MINUTES. THIS PROCESS WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE AUDITED FINANCIAL INFORMATION IS AVAILABLE ON THE WEB THROUGH THE WA SECRETARY OF STATE CHARITABLE SOLICITATIONS AND TRUSTS. IMAGINE HOUSING AND AFFILIATES POSTS ITS ANNUAL REPORT ON OUR WEBSITE WHICH INCLUDES FINANCIAL INFORMATION AND CONTACT INFORMATION FOR THOSE WHO WANT ADDITIONAL DETAILS. FINANCIAL INFORMATION IS ALSO AVAILABLE THROUGH INDEPENDENT WEBSITES, SUCH AS GUIDESTAR. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSEEING AND SELECTING AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. ROOTS I LLC 1722 138TH PLACE NE BELLEVUE WA 98005 263349075 HOLDS LIMITED PARTNERSHIP INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA -22693 1053922 IMAGINE HOUSING AND AFFILIATES RUBY LLC 1722 138TH PLACE NE BELLEVUE WA 98005 204128933 HOLDS LIMITED PARTNERSHIP INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA -52 357460 IMAGINE HOUSING AND AFFILIATES SOUTH KTOD DEVELOPMENT LLC 1722 138TH PLACE NE BELLEVUE WA 98005 943110312 HOLDS LIMITED PARTNERSHIP INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA 0 0 IMAGINE HOUSING AND AFFILIATES IMAGINE GARDENS LLC 1722 138TH PLACE NE BELLEVUE WA 98005 463525704 HOLDS LIMITED PARTNERSHIP INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA -103642 3774766 IMAGINE HOUSING AND AFFILIATES CHALET APARTMENTS HOLDINGS LLC 1722 138TH PLACE NE BELLEVUE WA 98005 943110312 HOLDS LIMITED PARTNERSHIP INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA -4321 2037370 IMAGINE HOUSING AND AFFILIATES GRACE PLACE MI LLC 1722 138TH PLACE NE BELLEVUE WA 98005 851536516 HOLDS LIMITED PARTNERSHIP INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA IMAGINE HOUSING AND AFFILIATES KIRKLAND PLAZA SENIOR LLC 1722 138TH PLACE NE BELLEVUE WA 98005 852630897 HOLDS LIMITED PARTNERSHIP INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA IMAGINE HOUSING AND AFFILIATES BLOCK 6B 9 MANAGER LLC 1722 138TH PLACE NE BELLEVUE WA 98005 823939674 HOLDS LIMITED PARTNERSHIP INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA IMAGINE HOUSING AND AFFILIATES BLOCK 6B 4 MANAGER LLC 1722 138TH PLACE NE BELLEVUE WA 98005 823939431 HOLDS LIMITED PARTNERSHIP INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA IMAGINE HOUSING AND AFFILIATES MINE HILL LP 1722 138TH PLACE NE BELLEVUE WA 98005 204129002 LOW-INCOME HOUSING WA 67945 4561163 IMAGINE HOUSING AND AFFILIATES EAST VILLAGE LLC 1722 138TH PLACE NE BELLEVUE WA 98005 912184659 LOW-INCOME HOUSING WA -94132 7654594 IMAGINE HOUSING AND AFFILIATES 280 CLARK LIMITED PARTNERSHIP 1722 138TH PLACE NE BELLEVUE WA 98005 208798867 LOW-INCOME HOUSING WA -173867 6160038 IMAGINE HOUSING AND AFFILIATES IMAGINE HOUSING COMMUNITIES 1722 138TH PLACE NE BELLEVUE WA 98005 911559906 LOW INCOME HOUSING & GP OF A LOW-INCOME HOUSING PARTNERSHIP WA 501(C)(3) LINE 12A, I IMAGINE HOUSING AND AFFILIATES 1 ST ANDREWS LP 1722 138TH PLACE NE BELLEVUE WA 98005 911514437 LOW-INCOME HOUSING WA IMAGINE HOUSING AND AFFILIATES RELATED -22693 1053922 0 0 0.99000 TOTEM LAKE PHASE I LLC 1722 138TH PLACE NE BELLEVUE WA 98005 271659211 LOW-INCOME HOUSING WA N/A RELATED -52 357460 0 1 0.01000 KTOD LLC 1722 138TH PLACE NE BELLEVUE WA 98005 454001964 LOW-INCOME HOUSING WA IMAGINE HOUSING AND AFFILIATES RELATED 0 1 0.01000 SAMMA SENIOR APARTMENTS MANAGER LLC 1722 138TH PLACE NE BELLEVUE WA 98005 873274914 INVESTMENT IN REAL ESTATE WA IMAGINE HOUSING C 100 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 KTOD LLC L 101793 CASH