2025-11-14T14:02:17-06:00 2024-12-31 946214841 ARMANINO ADVISORY LLC 999 18TH STREET SUITE 3300 DENVER CO 802022499 990 2024-01-01 841505466 IMPACT DEVELOPMENT FUND IMPA 9704942021 200 E 7TH STREET 412 LOVELAND CO 805374871 MEGAN FERGUSON CEO 9704942021 2025-11-14 1 1 KATY BROWN P00650274 7206171360 2025-11-14 2024 2025-03-06 01:10:19Z MEGAN FERGUSON 200 E 7TH STREET 412 LOVELAND CO 805374871 35219885 0 X WWW.IMPACTDF.ORG X 1999 CO PROVIDES LOANS FOR AFFORDABLE HOUSING AND NONPROFIT FACILITIES. 12 12 59 25 0 0 6441886 25327476 5816590 8274804 745103 1617605 0 0 13003579 35219885 0 0 0 0 3431926 5433266 0 0 228030 3701150 5436279 7133076 10869545 5870503 24350340 126217919 152478404 103011150 104921295 23206769 47557109 X IMPACT DEVELOPMENT FUND HELPS PEOPLE WITHIN OUR UNDERSERVED COMMUNITIES SEEK FULFILLMENT FOR THEMSELVES AND THEIR FAMILIES BY PROVIDING ACCESS TO AFFORDABLE LIVING. WE CREATE THESE OPPORTUNITIES BY DELIVERING FLEXIBLE CAPITAL TO NONPROFIT ORGANIZATIONS, DEVELOPERS, INDIVIDUALS, AND OTHERS WHO SUPPORT THE UNDERSERVED. 0 0 7781893 7393313 IMPACT DEVELOPMENT FUND PROVIDES EARLY STAGE, SHORT-TERM LOANS TO AFFORDABLE HOUSING, NON-PROFIT COMMUNITY FACILITIES, AND NEIGHBORHOOD REVITALIZATION PROJECT DEVELOPERS THROUGHOUT AN EXPANDING REGION. 1697016 881491 IMPACT DEVELOPMENT FUND PROVIDES TECHNICAL ASSISTANCE TO NON-PROFIT AFFORDABLE HOUSING AND COMMUNITY SERVICE ORGANIZATIONS PLANNING TO RENOVATE, ACQUIRE, BUILD AND/OR EXPAND REAL ESTATE. THE TECHNICAL ASSISTANCE IS PROVIDED THROUGH WORKSHOPS AND ONE-ON-ONE CONSULTATION. 9478909 1 1 0 0 0 0 0 0 1 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 1 0 0 0 0 1 143 0 1 59 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CO X MARCIA MYERS 9704942021 200 E 7TH STREET 412 LOVELAND CO 805374871 BECKY CHRISTOFFERSEN PRESIDENT 2.00 X X 0 0 0 JAVONNI BUTLER VICE PRESIDENT 1.00 X X 0 0 0 RANDY ILICH TREASURER 2.00 X X 0 0 0 MICAH HALVERSON SECRETARY 1.00 X X 0 0 0 MARK OCONNOR PAST PRESIDENT 2.00 X X 0 0 0 KRISTI BUDISH BOARD MEMBER 0.50 X 0 0 0 KRISTIN CANDELLA BOARD MEMBER 0.50 X 0 0 0 RENEE GALLEGOS BOARD MEMBER 0.50 X 0 0 0 DAN KUSEL BOARD MEMBER 0.50 X 0 0 0 JENN LOPEZ BOARD MEMBER (THRU 12/4/24) 0.50 X 0 0 0 ANNIE PERIZZOLO BOARD MEMBER 2.00 X 0 0 0 JOHN PIKE BOARD MEMBER (THRU 12/4/24) 0.50 X 0 0 0 BRIAN ROSSBERT BOARD MEMBER 0.50 X 0 0 0 MARY STEGNER BOARD MEMBER 0.50 X 0 0 0 MEGAN FERGUSON CEO (AS OF 07/24) 40.00 X 236107 0 19202 SEAN DOHERTY CEO (THRU 07/24) 40.00 X 123129 0 14875 ERICA MADISON CHIEF LENDING OFFICER 40.00 X 168071 0 18653 GINA WINTERHALDER CONTROLLER 40.00 X 144974 0 20743 AARON FERGUSON CHIEF CONSTRUCTION OFFICER 40.00 X 137157 0 10635 CONNIE EALEY CHIEF COMPLIANCE OFFICER 40.00 X 137111 0 5373 EMILY NILSEN CHIEF PROGRAMS OFFICER 40.00 X 123722 0 13991 RACHEL TWEEDY CHIEF OPERATING OFFICER 40.00 X 124785 0 8966 1195056 0 112438 8 0 1 0 WARD CONSTRUCTION PO BOX 265 LOVELAND CO 80539 CONSTRUCTION SERVICES FOR IDB 274852 WALRITE LLC 1475 BACKHOE RD LOVELAND CO 80537 CONCRETE CONTRACTOR 176500 3 20178992 5148484 25327476 LOAN FEES/SERVICING IN 522292 4052505 4052505 LOAN INTEREST INCOME 522292 2857623 2857623 HOME SALES REVENUE 522292 881491 881491 CONTRACT REVENUE 900099 464167 464167 LOAN RECOVERY INCOME 522292 19018 19018 8274804 1617605 1617605 35219885 8274804 0 1617605 598210 247133 321166 29911 3943701 3366559 442806 134336 88094 74012 11044 3038 372096 313977 45329 12790 431165 344932 70711 15522 8600 8600 48000 48000 75800 75800 18552 18552 204342 155376 40153 8813 92792 74234 15217 3341 243346 182509 49886 10951 41469 31102 8501 1866 19135 14351 3923 861 1424860 1424860 110198 82648 22591 4959 PROVISIONS FOR LOAN LOS 2137115 2137115 COST OF HOMES SOLD 714254 714254 CMF ADMIN 248902 248902 BAD DEBT 8914 8914 40000 30879 7479 1642 10869545 9478909 1162606 228030 27619859 15360261 28846861 45700427 8957555 8471730 57775349 78846500 309593 199899 3767787 0 2588702 3767787 120000 131800 126217919 152478404 738394 851467 3706152 2593249 26972419 25181155 42644727 47401520 28949458 28893904 103011150 104921295 X 23206769 47557109 23206769 47557109 126217919 152478404 24350340 0 X 0 1 X 1 1 1 X 2342468 4922799 1066250 6441886 25327476 40100879 2342468 4922799 1066250 6441886 25327476 40100879 40100879 63265 65436 257069 745103 1617605 2748478 42849357 23506963 0.93590 0.92700 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 3767787 3767787 3767787 EQUITY EQUIVALENT INVESTMENTS 14400000 REFUNDABLE ADVANCE 14493904 28893904 X 32368516 0 32368516 2851369 2851369 35219885 8018176 0 8018176 2851369 2851369 10869545 PART IV, LINE 2B: THE FUND HAS ENTERED INTO SERVICING AGREEMENTS WITH SEVERAL MUNICIPALITIES IN THE STATE OF COLORADO AND NEBRASKA TO PROVIDE RESIDENTIAL PURCHASE ASSISTANCE LOANS TO INDIVIDUALS IN THOSE SPECIFIC MUNICIPALITIES. THE MUNICIPALITIES FORWARD CASH TO THE FUND TO ESTABLISH LOAN FUNDS FOR WHICH THE FUND ADMINISTERS AND MANAGES THE LOANS UNDER THE LOAN AGREEMENTS. THE FUND ACCOUNTS FOR THE FUNDS AS AGENCY LIABILITIES AND AT DECEMBER 31, 2024, $10,068,846 IS AVAILABLE FOR LOAN CAPITAL UNDER THESE PROGRAMS. IN JULY 2021, THE FUND ENTERED INTO AN AGREEMENT WITH THE COLORADO OFFICE OF ECONOMIC DEVELOPMENT AND INTERNATIONAL TRADE ("OEDIT") FOR THE ADMINISTRATION OF PAYMENTS AND APPLICATION REVIEW AND GRANT UNDERWRITING FOR THE COMMUNITY REVITALIZATION COLORADO ("CRC") GRANT PROGRAM. PURSUANT TO THE AGREEMENT, OEDIT DETERMINES THE AWARDED ORGANIZATIONS PER AN APPLICATION PROCESS IMPLEMENTED BY OEDIT AND PROVIDES THE GRANT FUNDS AND THE FUND IS RESPONSIBLE FOR PAYING OUT THE GRANT FUNDS TO THE AWARDED ORGANIZATIONS. THE FUND EARNS AN ADMINISTRATIVE FEE FOR ADMINISTERING THE CRC PROGRAM. IN 2022, THE FUND ENTERED INTO THREE ADDITIONAL AGREEMENTS WHEREBY THE RESOURCE PROVIDER INDICATES THE RECIPIENTS OF THE FUNDS AND THE FUND ACTS AS A PASS-THROUGH ENTITY BY RECEIVING THE FUNDS AND THEN DISBURSING THE FUNDS TO THE SPECIFIED PARTIES. THE FUND EARNS AN ADMINISTRATIVE FEE FIR THE ADMINISTRATION OF THE AGREEMENTS. AT DECEMBER 31, 2024, FUNDS HELD TO BE DISBURSED TO OTHERS AMOUNTED TO $25,181,155 AND IS INCLUDED AS PART OF CASH AND CASH EQUIVALENTS, FUNDS HELD FOR OTHERS AND AGENCY LIABILITIES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION. PART X, LINE 2: THE FUND IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION. HOWEVER, INCOME FROM ACTIVITIES NOT DIRECTLY RELATED TO ITS TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. THE FUND DID NOT INCUR TAXES FOR UNRELATED TRADE OR BUSINESS INCOME DURING 2024. MANAGEMENT IS REQUIRED TO EVALUATE TAX POSITIONS TAKEN BY THE FUND AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE ORGANIZATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS AND DETERMINED THERE ARE NONE. THE FUND IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE PREVIOUS THREE TAX YEARS REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. PART XI, LINE 4B - OTHER ADJUSTMENTS: PROVISIONS FOR LOAN LOSS 2,137,115. COST OF HOMES SOLD 714,254. PART XII, LINE 4B - OTHER ADJUSTMENTS: PROVISIONS FOR LOAN LOSS 2,137,115. COST OF HOMES SOLD 714,254. X X 0 0 0 0 0 0 0 1 0 MEGAN FERGUSON CEO (AS OF 07/24) 219107 0 17000 0 0 0 4782 0 14420 0 255309 0 0 0 ERICA MADISON CHIEF LENDING OFFICER 155571 0 12500 0 0 0 3393 0 15260 0 186724 0 0 0 GINA WINTERHALDER CONTROLLER 133474 0 11500 0 0 0 2811 0 17932 0 165717 0 0 0 PART I, LINE 7 THE ORGANIZATION PROVIDES A DISCRETIONARY BONUS TO MANAGEMENT UP TO A CAP BASED ON NET INCOME. FORM 990, PART VI, SECTION A, LINE 4 IN 2024, IMPACT DEVELOPMENT FUND (IDF) OVERHAULED THEIR BYLAWS TO UPDATE THE STYLE, FORMATTING, AND LANGUAGE, AS WELL AS NECESSARY UPDATES TO ALIGN BETTER WITH THE CURRENT STATE OF NEEDS FOR THE BOARD AND IDF. THIS INCLUDED REMOVING LANGUAGE ALREADY LISTED IN THE COLORADO REVISED NONPROFIT CORPORATION ACT (ACT) TO ELIMINATE REDUNDANCIES AND THE NEED FOR CONSTANT UPDATES WHEN THE ACT LANGUAGE IS REVISED. FOCUS WAS INSTEAD PLACED ON DEFINING COMPONENTS THE ACT STIPULATES ARE UP TO THE DISCRETION OF A BOARD AND THE ORGANIZATION. 1. PRIMARY MISSION - NEW STATEMENT: REMOVED "COLORADO" FROM THE STATEMENT. - PURPOSE: REQUIRED FOR CDFI (COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION) RECERTIFICATION. 2. ELECTION AND TENURE (BOARD OF DIRECTORS) - TERM LENGTH: EXTENDED FROM 2 TO 3 YEARS. - TERM LIMITS: INCREASED CONSECUTIVE TERMS TO INCLUDE OR 12 YEARS, WHICHEVER IS GREATER" FOR BOARD MEMBERS WHO LEAVE AND COME BACK. 3. OFFICERS - NUMBER OF OFFICER ROLES: REDUCED FROM A MAX OF 25 TO 15. 4. EXECUTIVE BOARD ROLE DESCRIPTIONS - BOARD PRESIDENT: REMOVED LANGUAGE PREVIOUSLY DEFINING THIS AS THE CHIEF EXECUTIVE OFFICER WITH GENERAL CONTROL OVER OPERATIONS AND SUPERVISION OF STAFF. - BOARD TREASURER: REMOVED LANGUAGE PREVIOUSLY DEFINING THIS AS THE CHIEF FINANCIAL OFFICER RESPONSIBLE FOR FUNDS, SECURITIES, AND FINANCIAL ASSETS. - IMMEDIATE PAST PRESIDENT: ADDED THIS DEFINED ROLE, WHO IS THE MOST RECENT PAST PRESIDENT. ROLE IS NOT ELECTED, RATHER AUTOMATICALLY ASSIGNED. ROLE IS MEANT TO ONBOARD AND PROVIDE GUIDANCE TO THE NEW PRESIDENT. 7. REMOVAL (OFFICERS) - CEO AUTHORITY: ADDED CEO AUTHORITY TO QUICKLY REMOVE OFFICERS ONLY UNDER THE CONDITION IT IS NECESSARY TO MAINTAIN CERTIFICATIONS/COMPLIANCE, WITH PRIOR BOARD NOTIFICATION. 8. AGENT UPDATES - EXECUTIVE DIRECTOR TITLE CHANGED TO CHIEF EXECUTIVE OFFICER (CEO). - ADDED A GOVERNANCE COORDINATOR: RESPONSIBLE FOR BOARD COORDINATION, COMMUNICATION, SCHEDULING, AND COMPLIANCE WITH THE ABILITY TO ADJUST THE DUTIES AND TITLE, AS NEEDED. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PRESENTED TO THE BOARD MEMBERS THROUGH A SECURED WEBSITE PRIOR TO FILING. BEFORE PRESENTED TO THE BOARD, EXECUTIVE MANAGEMENT REVIEWS WITH THE FINANCE COMMITTEE AND THE FINANCE COMMITTEE THEN RECOMMENDS FOR ACCEPTANCE BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY (CIP) APPLIES TO ALL MEMBERS AND EMPLOYEES (I.E. CEO). THE CIP IS DISCUSSED ANNUALLY AT A BOARD OF DIRECTORS MEETING AND BOARD MEMBERS SIGN ANNUALLY TO ATTEST TO THEIR REVIEW AND AGREEMENT TO ABIDE BY THE POLICY. THE POLICY DISCUSSES IN DEPTH THAT BOARD MEMBERS AND RELATED PARTIES MAY NOT OBTAIN MATERIAL GAIN, EXPECTATIONS OF BOARD MEMBERS IF/WHEN THEIR EMPLOYER IS AN APPLICANT FOR A LOAN, WHAT CONSTITUTES A CONFLICT OF INTEREST, DISCLOSURE REQUIREMENTS, EXPECTATIONS OF BOARD MEMBERS, AND PENALTIES. THE EXECUTIVE COMMITTEE OF THE BOARD, WITH INPUT FROM THE CEO, MONITORS FOR POTENTIAL OR ACTUAL CONFLICTS OF INTERESTS. THE VOLUME OF VENDOR TRANSACTIONS IS SMALL AND ON SIZEABLE PURCHASES, MULTIPLE BIDS (EITHER VERBAL OR WRITTEN) ARE OBTAINED. ON LOAN REQUESTS, STAFF DISCLOSE ANY POTENTIAL CONFLICTS TO THE CREDIT COMMITTEE AS PART OF THE CREDIT COMMITTEE PRESENTATION. THE CIP DISCUSSES THE CIRCUMSTANCES AND PROCESS FOR A BOARD MEMBER TO DISCLOSE AND NOT PARTICIPATE IN OR INFLUENCE A DECISION. IF THERE ARE ANY QUESTIONS, DISPUTES, OR ISSUES RELATED TO A CONFLICT OF INTEREST MATTER, THE BOARD WOULD MAKE A FINAL DETERMINATION (LEGAL COUNSEL IS ALSO AVAILABLE IF NEEDED). RESTRICTIONS ON A BOARD MEMBER'S PARTICIPATION ARE OUTLINED IN THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING THE CEO'S SALARY INCLUDES A REVIEW OF AN INDUSTRY GROUP SURVEY, THE OPPORTUNITY FINANCE NETWORK SURVEY, AND THE COLORADO NONPROFIT ASSOCIATION'S ANNUAL SURVEY. THE PROCESS WAS LAST TAKEN AT THE END OF 2024 AND IS PERFORMED ANNUALLY. ANNUAL PERFORMANCE INCREASES ARE REVIEWED AND COMPARED WITH THE TWO RESOURCES MENTIONED ABOVE. FORM 990, PART VI, SECTION C, LINE 19 IMPACT DEVELOPMENT FUND'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. IDF - E ANDREWS DRIVE LLC 200 E 7TH STREET 412 LOVELAND CO 80537 HOLD AND SELL REAL PROPERTY CO 0 0 IMPACT DEVELOPMENT FUND IMPACT DEVELOPMENT BUILDERS LLC 200 E 7TH STREET 412 LOVELAND CO 80537 PROVIDE CONSTRUCTION, REPAIR, MAINTENACE CONSTRUCTION SERVICES CO 881491 3767787 IMPACT DEVELOPMENT FUND IDB - 1331 E 4TH STREET LOVELAND LLC 200 E 7TH STREET 412 LOVELAND CO 80537 DEVELOP REAL PROPERTY AND SELL SUCH PROPERTY CO 0 0 IMPACT DEVELOPMENT BUILDERS LLC