2025-11-14T13:07:17-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 10700 NORTHUP WAY SUITE 200 BELLEVUE WA 98004 990 2024-01-01 943196958 IMPACT CAPITAL IMPA 2065873200 701 5TH AVENUE 4200 SEATTLE WA 98104 JOEL MILLAR EXECUTIVE DIRECTOR 2065873200 2025-11-12 1 0 KURT BENNION CPA P01469618 4252506100 2025-11-12 2024 2025-03-06 01:10:19Z JOEL MILLAR 701 5TH AVENUE 4200 SEATTLE WA 98104 1375793 0 X WWW.IMPACTCAPITAL.ORG X 1993 WA IMPACT CAPITAL IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION THAT MAKES STRATEGIC LOANS TO 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. 9 9 5 10 0 0 11376 48004 1170057 1290527 54518 37262 161 0 1236112 1375793 0 0 0 0 525779 535518 0 0 64117 402463 1228242 928242 1763760 307870 -387967 19594341 19443981 14174131 14411738 5420210 5032243 X IMPACT CAPITAL IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION THAT MAKES STRATEGIC LOANS IN 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. 0 0 1587006 0 1290527 IMPACT CAPITAL MANAGES TWO LOAN POOLS THAT PROVIDE LOANS TO ORGANIZATIONS, HOUSING AUTHORITIES, AND TRIBAL ENTITIES, FOR THE CREATION OF AFFORDABLE HOUSING AND COMMUNITY FACILITIES. AFFORDABLE HOUSING FINANCED BY IMPACT CAPITAL SERVICES PEOPLE TYPICALLY AT OR BELOW 80% OF AREA MEDIAN INCOME. COMMUNITY FACILITIES PROVIDE ACCESS TO SERVICES FOR LOW AND MODERATE INCOME PEOPLE. LOANS ARE USED TO FUND PROPERTY CONSTRUCTION, PROPERTY ACQUISITION, PREDEVELOPMENT EXPENSES, OR TO BRIDGE PERMANENT CAPITAL. THESE ARE OFTEN TRANSACTIONS THAT DO NOT MEET THE RISK PROFILES OF TRADITIONAL BANK LENDERS. IMPACT CAPITAL WAS CREATED TO PROVIDE ACCESS TO CAPITAL AND OTHER RESOURCES FOR UNDERSERVED COMMUNITIES. OUR LENDING PROVIDES A FOUNDATION FOR NEW DEVELOPMENT THAT ATTRACTS PUBLIC AND PRIVATE PERMANENT FINANCING AND SERVES AS A NEEDED CATALYST FOR DEVELOPMENT. WE HELP BUILD EQUITABLE COMMUNITIES WITH CLEAN, SAFE AFFORDABLE HOUSING, AND ACCESS TO SERVICES INCLUDING PARKS, SCHOOLS, AND VIBRANT COMMERCIAL CORRIDORS. 1587006 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 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 0 0 0 0 1 4 0 5 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 0 X LORA BOURELLE 2065482607 701 5TH AVENUE 4200 SEATTLE WA 98104 JOEL MILLAR EXECUTIVE DIRECTOR 40.00 X 170764 0 14951 LORA BOURELLE COO/CFO 40.00 X 139047 0 15031 KERRI STONEMAN VP OF LENDING 40.00 X 105591 0 13420 BRYAN KETCHAM CHAIR (THROUGH JULY 2024) 1.00 X X 0 0 0 KIM ETHERTON BOARD MEMBER THEN CHAIR 1.00 X X 0 0 0 DAVID FOREMAN BOARD MEMBER THEN VICE CHAIR 1.00 X X 0 0 0 SUSAN DUREN SECRETARY/TREASURER 1.00 X X 0 0 0 AMANDA DESHAZO BOARD MEMBER 1.00 X 0 0 0 LOWEL KRUEGER BOARD MEMBER 1.00 X 0 0 0 ADITYA KURELLA BOARD MEMBER 1.00 X 0 0 0 DOUG PRINCE BOARD MEMBER 1.00 X 0 0 0 KEVIN RUF BOARD MEMBER 1.00 X 0 0 0 STEVE WALKER BOARD MEMBER 1.00 X 0 0 0 415402 0 43402 3 0 1 0 0 48004 48004 LOAN INTEREST 900099 1058455 1058455 LOAN FEES 900099 232072 232072 1290527 37262 37262 1375793 1290527 0 37262 458790 355297 53416 50077 26643 20636 3100 2907 9465 2945 3365 3155 40620 32888 3991 3741 6647 6647 35350 35350 5000 5000 30152 29502 650 1150 857 161 132 12121 8755 1752 1614 15168 10466 2427 2275 13060 13060 238737 238737 13451 9281 4170 CREDIT LOSSES 810565 810565 TAXES 30764 30764 OTHER EXPENSES 10909 10433 445 31 DUES & SUBSCRIPTIONS 4358 1173 3000 185 810 810 1763760 1587006 112637 64117 156516 1961643 6201225 3080321 38682 73312 13164405 14289034 21564 27616 40482 40482 0 0 11949 12055 19594341 19443981 61736 51107 13978061 13978061 134334 382570 14174131 14411738 X 2297684 2321808 3122526 2710435 5420210 5032243 19594341 19443981 -387967 0 X 0 1 X 0 0 X 27981 7552 8819 11376 48004 103732 27981 7552 8819 11376 48004 103732 103732 4518 3017 14754 54518 37262 114069 15500 161 15661 233462 6090243 0.44430 0.51540 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 40482 40482 0 0 INTEREST PAYABLE 69707 RIGHT-OF-USE LEASE LIABILITIES 9713 OTHER LIABILITIES 303150 382570 1375793 0 1375793 0 1375793 1763760 0 1763760 0 1763760 X 1 1 X X 0 0 0 0 0 1 0 0 0 JOEL MILLAR EXECUTIVE DIRECTOR 165666 0 5098 0 0 0 4879 0 10072 0 185715 0 0 0 LORA BOURELLE COO/CFO 135499 0 3548 0 0 0 5119 0 9912 0 154078 0 0 0 PART I, LINE 1A AT THE END OF 2024, ALL EMPLOYEES RECEIVED AN ANNUAL BONUS, APPROVED BY THE BOARD. FOR THREE OF THE EMPLOYEES, THE BONUS WAS GROSSED UP FOR TAX PURPOSES. THE BONUSES WERE LIMITED TO A MAXIMUM OF 2-3% OF ANNUAL COMPENSATION. THE GROSS-UP AMOUNTS WERE INCLUDED IN TAXABLE COMPENSATION. PART I, LINE 6 ANNUAL YEAR-END BONUSES ARE ONLY GIVEN TO EMPLOYEES IF THE ORGANIZATION HAD POSITIVE FINANCIAL RESULTS FOR THE YEAR. FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS HAS AN EXECUTIVE COMMITTEE CONSISTING OF THE OFFICERS OF THE BOARD, THE LOAN REVIEW COMMITTEE CHAIR, AND OTHER DIRECTORS AS MAY BE APPOINTED BY THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE HAS ALL OF THE AUTHORITY OF THE BOARD EXCEPT THAT THE EXECUTIVE COMMITTEE DOES NOT HAVE AUTHORITY TO (A) AMEND, ALTER OR REPEAL THE BYLAWS; (B) ELECT, APPOINT OR REMOVE ANY BOARD MEMBER, OFFICER OR COMMITTEE MEMBER; (C) AMEND THE ARTICLES OF INCORPORATION; (D) ADOPT A PLAN OF MERGER OR ADOPT A PLAN OF CONSOLIDATION WITH ANOTHER CORPORATION; (D) AUTHORIZE THE SALE, LEASE OR EXCHANGE OF ALL OR SUBSTANTIALLY ALL OF THE ORGANIZATION'S PROPERTY AND ASSETS OUTSIDE OF THE ORDINARY COURSE OF BUSINESS; (E) AUTHORIZE THE ORGANIZATION'S VOLUNTARY DISSOLUTION OR REVOKE PROCEEDINGS THEREFOR; (F) ADOPT A PLAN FOR THE DISTRIBUTION OF THE ORGANIZATION'S ASSETS; OR (G) AMEND, ALTER OR REPEAL ANY RESOLUTION OF THE BOARD OF DIRECTORS WHICH BY ITS TERMS PROVIDES THAT IT SHALL NOT BE AMENDED, ALTERED OR REPEALED BY SUCH COMMITTEE. 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 PRIOR TO FILING A DRAFT 990 WAS REVIEWED BY THE CFO/COO, THEN BY THE EXECUTIVE & FINANCE COMMITTEE, AFTER WHICH IT WAS PROVIDED TO ALL BOARD MEMBERS FOR APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C IMPACT CAPITAL HAS A CONFLICT OF INTEREST POLICY THAT APPLIES TO ALL OFFICERS, DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD-DELEGATED POWERS. A CONFLICT OF INTEREST DISCLOSURE FORM IS COMPLETED BY EACH COVERED INDIVIDUAL ANNUALLY. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE INDIVIDUAL IS REQUIRED TO DISCLOSE THE INTEREST AND IS GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS, AFTER WHICH THE INDIVIDUAL IS EXCLUDED FROM ALL FURTHER DISCUSSIONS, ACTIONS AND VOTES ON THE MATTER. THE REMAINING BOARD/COMMITTEE MEMBERS DETERMINE WHETHER A CONFLICT ACTUALLY EXISTS. THE BOARD/COMMITTEE MAY INVESTIGATE ALTERNATIVE TRANSACTIONS THAT DO NOT INVOLVE A CONFLICT OF INTEREST. AFTER EXERCISING DUE DILIGENCE, THE BOARD/COMMITTEE DETERMINES WHETHER TO ENTER THE TRANSACTION. IF THE BOARD/COMMITTEE HAS REASON TO BELIEVE A PERSON HAS FAILED TO DISCLOSE A CONFLICT OF INTEREST, THE INDIVIDUAL IS GIVEN THE OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE. IF THE BOARD/COMMITTEE DETERMINES THAT A FAILURE DID OCCUR, APPROPRIATE DISCIPLINARY AND/OR CORRECTIVE ACTIONS ARE TAKEN. FORM 990, PART VI, SECTION B, LINE 15 A SALARY SURVEY IS USED ANNUALLY TO EVALUATE REASONABLE COMPENSATION FOR ALL EXECUTIVE POSITIONS. THE EXECUTIVE DIRECTOR'S COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. OTHER EXECUTIVE COMPENSATION IS REVIEWED BY THE BOARD OF DIRECTORS BUT IS EVALUATED AND APPROVED BY THE CEO. THIS PROCESS LAST OCCURRED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST.