2025-09-29T14:44:01-05:00 2024-12-31 450250958 Eide Bailly LLP 4585 Coleman St Ste 200 Bismarck ND 58503 990 2024-01-01 450453966 Beyond Shelter Inc BEYO 7015510480 1393 25th Ave S Fargo ND 58103 Daniel P Madler CEO 7015510480 2025-09-29 1 1 Lisa Chaffee CPA P00193453 7012551091 2025-09-25 2024 2025-03-06 01:10:19Z X Daniel P Madler 1393 25th Ave S Fargo ND 58103 7036903 0 X www.beyondshelterinc.com X 1999 ND To promote and provide affordable housing and housing services and community development. 7 7 14 7 0 0 2582988 2857790 3743495 3979880 1353149 -169993 0 0 7679632 6667677 0 0 0 0 1960318 2125980 0 0 43016 1985286 1992527 3945604 4118507 3734028 2549170 56357299 61380576 25183245 27426098 31174054 33954478 Improving lives and creating communities by developing and sustaining housing for those most in need. 0 0 3545238 3979880 Development activities for four affordable housing projects: providing one 96 residential unit affordable housing development to the city of Bismarck, ND; one 39 residential unit affordable housing development to the city of Moorhead, MN, providing one 12 residential unit affordable housing development to the city of Fargo, ND, and other miscellaneous affordable housing development activities. 18547 Operation of commercial building which is used as a social club for Mental Health Association, a 501(c)(3) organization. Operation of an apartment complex in Dickinson, ND that has 24 units of affordable residential housing units, operations of an apartment complex in Fargo, ND that has 24 units of affordable housing units. 47653 The Organization is a 100% owner in several partnerships treated as disregarded entities which are listed in Schedule R, Part I.The Organization is a general partner in several limited partnerships and the managing member in several limited liability companies listed in Schedule R, Part III. The Organization is the 100% owner in several limited liability companies listed in Schedule R, Part IV. Each of these entities serves as the general partner of its related limited partnership which are reported in Schedule R, Part III as an entity with limited relationship to the filing organization. 3611438 1 1 0 1 0 0 0 0 1 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 25 0 1 14 1 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 0 1 1 X Dawn Helmowski 7015510480 1393 25th Ave S Fargo ND 581070310 Bradley Stedman President 0.50 X X 0 0 0 Rodger Mohagen Vice President 0.50 X X 0 0 0 Rebecca Bakke Treasurer 0.50 X X 0 0 0 Rhet Fiskness Secretary 0.50 X X 0 0 0 Jacob Reuter Director 0.50 X 0 0 0 Jim Hambrick Director 0.50 X 0 0 0 Leola Daul Director 0.50 X 0 0 0 Daniel P Madler CEO 50.00 X 305080 0 40723 Dawn Helmowski Finance Director 47.00 X 150386 0 36921 Dustin Rietsema Asset Management Director 47.00 X 140016 0 40784 Christopher Miller Development Director 47.00 X 140702 0 40423 Joseph Rizzo Developer 42.00 X 134221 0 31011 Lori Westbrook Finance Manager 42.00 X 117331 0 51157 987736 0 241019 8 0 1 0 JLG Architects 402 E Main Avenue Bismarck ND 58501 Architecture Services 405712 Winthrop & Weinstine PA 225 South 6th Street 3500 Minneapolis MN 554024629 Legal 140701 Shultz & Associates 612 1/2 Main Avenue Fargo ND 58103 Architecture Services 136679 3 545129 2312661 2857790 Development Fees 531390 1613417 1613417 Prog. Serv. Loan Int. 531390 1532529 1532529 Prog. Serv. Rent Inc. 531110 581679 581679 Miscellaneous 531390 284549 284549 Consulting Services 531390 112968 112968 -145262 -145262 3979880 28395 28395 170838 369226 -198388 -198388 -198388 6667677 3979880 0 -169993 346646 298116 41598 6932 1356246 1166371 162749 27126 74198 63810 8904 1484 245893 211468 29507 4918 102997 95873 6106 1018 33956 33956 2000 713 1287 46752 15100 31652 165 165 30758 26144 3076 1538 20698 20698 6115 826 5289 74227 31566 42661 37435 826 36609 455979 455979 4983 381 4602 40136 501 39635 348858 340760 8098 183244 174153 9091 37712 26925 10787 Expenditures of Grants 551181 543081 8100 Predevelopment Expenses 21786 21586 200 Homeownership Program 14499 14499 Bad Debt 2558 2558 79485 65383 14102 4118507 3611438 464053 43016 151974 227880 3762241 4191650 454327 416687 528915 347982 26271 28724 22217990 2265463 15314102 19952527 2454094 2587703 33589575 33625997 75800 1426 56357299 61380576 785176 1662005 3697751 3569692 21387 1404071 9918 9021 19665328 19513108 1003685 1268201 25183245 27426098 X 30804471 33672478 369583 282000 31174054 33954478 56357299 61380576 X 2549170 249690 -18436 X 0 1 X 1 0 X 1136775 2462009 15926 2582988 2857790 9055488 1136775 2462009 15926 2582988 2857790 9055488 1486399 7569089 19545 238 745 5008 28395 53931 77000 77000 9186419 16913055 0.82390 0.92190 X Schedule A, Part II, Line 10, Explanation of Other Income: ERC Credit - 2021 Amount: $ 77,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 165 165 3906229 3906394 345320 86330 0 0 291305 296734 320453 345320 1253812 1880718 1025 50 300 165 1540 72826 74184 80113 86330 313453 470180 1025 50 300 165 1540 0 1 X 2196566 8500157 10696723 8424572 1746877 6677695 666960 242630 424330 190772 2238963 275956 2153779 19952527 Investments in Affordable Housing 7685025 F Related Party Receivables 18955609 F Developer Fee Receivables 4627405 F Related Party Interest Receivable 2357958 F 33625997 Operating Lease Liability 659 Security Deposits Payable 6600 SPECIAL ASSESSMENTS PAYABLE 1260942 1268201 X Part IV, Line 2b: Patterson Heights, LLC, a disregarded entity, holds security deposit funds. The security deposits are included in cash and accounts payable in the financial statements. Security deposits totaled $9,021 at December 31, 2024. Part X, Line 2: The Organization believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The entities would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. X X X X 0 0 0 0 0 0 0 0 0 Daniel P Madler CEO 272594 0 25236 0 7250 0 16949 0 24618 0 346647 0 0 0 Dawn Helmowski Finance Director 137115 0 13271 0 0 0 9850 0 27877 0 188113 0 0 0 Christopher Miller Development Director 128559 0 11963 0 180 0 9345 0 31922 0 181969 0 0 0 Dustin Rietsema Asset Management Director 127692 0 12228 0 96 0 9349 0 32227 0 181592 0 0 0 Lori Westbrook Finance Manager 104619 0 10641 0 2071 0 7888 0 43974 0 169193 0 0 0 Joseph Rizzo Developer 119163 0 11946 0 3112 0 8887 0 22895 0 166003 0 0 0 A City of Frontier North Dakota 450359501 000000000 2023-12-20 3000000 Construct Headquarter Build 0 0 0 A 3000000 19500 1427243 1553257 0 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 0 0 0 0 1 A 1 Form 990, Part VI, Section A, line 1a The President will only vote in the case of a tie. Form 990, Part VI, Section A, line 8b The organization does not have any committees that have the authority to act on behalf of the board. Form 990, Part VI, Section B, line 11b A copy of the Form 990 will be provided to the governing body for their review prior to filing with the IRS. Form 990, Part VI, Section B, line 12c To ensure that Beyond Shelter operates in a manner consistent with its charitable purpose and that it does not engage in activities that could jeopardize its status as an organization exempt from federal income tax, annual statements and periodic reviews are conducted. All directors, officers, employees, agents, or contractors, or any person with powers derived from the Board of Directors are covered by the conflict of interest policy. The Chief Executive Officer (CEO) reviews the annual disclosures. If it is determined that a potential conflict of interest exists, there is disclosure and discussion with the interested person. Afterward, the interested person shall leave the board or committee meeting while the remaining board or committee members decide if a conflict exists. If a conflict exists, the interested person may make a presentation to the board or committee regarding the transaction or arrangement. After exercising due diligence, the board or committee shall determine whether the Corporation can obtain a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably attainable, the board or committee shall determine by majority vote of the disinterested directors whether the transaction or arrangement is in the Corporation's best interest. Form 990, Part VI, Section B, line 15a Beyond Shelter, Inc. (BSI) hired an independent compensation consultant to collect comparability data to establish the compensation for the organization's Chief Executive Officer. The BSI Board of Directors then based its decision on the comparability data obtained before the compensation was approved and documented the decision-making process concurrently with the approval. There are no other officers. Form 990, Part VI, Section B, Line 16b: Joint Venture Policies All joint ventures in which the Organization participates are governed by Operating Agreements or Limited Partnership Agreements that restrict those entities to purposes that conform to those of an organization operated exclusively for charitable purposes within the meaning of Section 501(c)(3) of the Internal Revenue Service Code as amended from time to time. Form 990, Part VI, Section C, line 19 The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request. Form 990, Part XI, line 9: Prior Period Adjustment -18,436. Beyond Shelter Housing LLC PO Box 310 Fargo ND 581070310 450453966 Affordable Housing ND 30574 1649417 Beyond Shelter Inc BSI Allyson Parkway LLC PO Box 310 Fargo ND 581070310 934155483 Affordable Housing ND 400 1010137 Beyond Shelter Inc BSI Bluestem Homes LLC PO Box 310 Fargo ND 581070310 884346841 Affordable Housing ND 0 0 Beyond Shelter Inc BSI Bluestem Townhomes LLC PO Box 310 Fargo ND 581070310 921125186 Affordable Housing ND 0 0 Beyond Shelter Inc BSI Cooper House LLC PO Box 310 Fargo ND 581070310 Affordable Housing ND 0 14905 Beyond Shelter Inc BSI Fargo24 Land LLC PO Box 310 Fargo ND 581070310 Affordable Housing ND 0 1495758 Beyond Shelter Inc BSI Graver LLC PO Box 310 Fargo ND 581070310 843690384 Affordable Housing ND 0 0 Beyond Shelter Inc BSI HACC LLC PO Box 310 Fargo ND 581070310 922295493 Affordable Housing ND 0 3683386 Beyond Shelter Inc BSI HQ LLC PO Box 310 Fargo ND 581070310 933499445 Affordable Housing ND 0 4446693 Beyond Shelter Inc BSI Jtown Land LLC PO Box 310 Fargo ND 581070310 Affordable Housing ND 0 0 Beyond Shelter Inc BSI Legacy LLC PO Box 310 Fargo ND 581070310 931665032 Affordable Housing ND 0 0 Beyond Shelter Inc BSI MHA LLC PO Box 310 Fargo ND 581070310 931556392 Affordable Housing ND 0 347221 Beyond Shelter Inc BSI RACC LLC PO Box 310 Fargo ND 581070310 931656079 Affordable Housing ND 74696 1113278 Beyond Shelter Inc BSI Sisters LLC PO Box 310 Fargo ND 581070310 843758175 Affordable Housing ND 0 281 Beyond Shelter Inc BSI Sunrise North LLC PO Box 310 Fargo ND 581070310 923987233 Affordable Housing ND 0 75732 Beyond Shelter Inc HA Land LLC PO Box 310 Fargo ND 581070310 Affordable Housing ND 0 1000 Beyond Shelter Inc Heritage Hills Developers I LLC PO Box 310 Fargo ND 581070310 320414709 Affordable Housing ND 0 43240 Beyond Shelter Inc Heritage Land LLC PO Box 310 Fargo ND 581070310 383914566 Acquiring land for developing affordable housing ND 0 1319524 Beyond Shelter Inc Homefield 2 Developers LLC PO Box 310 Fargo ND 581070310 611865864 Affordable Housing ND 0 0 Beyond Shelter Inc Homefield 2 LLC PO Box 310 Fargo ND 581070310 320552111 Affordable Housing ND 5412 185905 Beyond Shelter Inc North Sky I LLC PO Box 310 Fargo ND 581070310 800952031 Affordable Housing ND 215508 1965390 Beyond Shelter Inc Patterson Heights LLC PO Box 310 Fargo ND 581070310 383879515 Affordable Housing ND 254706 2246889 Beyond Shelter Inc Plaza Developer LLC PO Box 310 Fargo ND 581070310 883403368 Affordable Housing ND 844480 571913 Beyond Shelter Inc The Graver LP (dissolved 72024) PO Box 310 Fargo ND 581070310 830353659 Affordable Housing ND 0 0 Beyond Shelter Inc TME Developer LLC PO Box 310 Fargo ND 581070310 861678413 Affordable Housing ND 44650 761072 Beyond Shelter Inc LSS Housing Jamestown Inc PO Box 310 Fargo ND 581070310 273425920 Low Income Housing ND 501(c)(3) Line 10 Beyond Shelter Inc 1 BCHA Dakota II LLLP 410 S 2nd St Bismarck ND 58504 874383279 Affordable Housing ND N/A 0 0 Cooks Court LLLP PO Box 310 Fargo ND 581070310 383930210 Affordable Housing ND N/A 0 1 Crossroads LLLP PO Box 310 Fargo ND 581070310 270444960 Affordable Housing ND N/A 0 1 Heritage Hills I LLLP PO Box 310 Fargo ND 581070310 462475637 Affordable Housing ND N/A 0 0 Heritage Hills II LLLP PO Box 310 Fargo ND 581070310 371755841 Affordable Housing ND N/A 0 1 Homefield 3 LLLP PO Box 310 Fargo ND 581070310 833473297 Affordable Housing ND N/A 0 0 Homefield LLLP PO Box 310 Fargo ND 581070310 364832423 Affordable Housing ND N/A 0 0 North Sky II LLLP PO Box 310 Fargo ND 581070310 364783540 Affordable Housing ND N/A 0 1 North Sky III LLLP PO Box 310 Fargo ND 581070310 364810183 Affordable Housing ND N/A 0 0 Plaza Apartments 1 LLLP PO Box 310 Fargo ND 581070310 874054360 Affordable Housing ND N/A 0 0 Preserve LP 210 11th St N Fargo ND 58102 452427281 Affordable Housing ND N/A 0 1 Sisters Path LP (exited 63024) PO Box 310 Fargo ND 581070310 861058198 Affordable Housing ND N/A 0 0 Souris Heights LLLP PO Box 310 Fargo ND 581070310 844032306 Affordable Housing ND N/A 0 0 Sunset Ridge I LLLP PO Box 310 Fargo ND 581070310 611760539 Affordable Housing ND N/A 0 0 The Milton Earl LLLP PO Box 310 Fargo ND 581070310 861847281 Affordable Housing ND N/A 0 0 Washington Court LLLP PO Box 310 Fargo ND 581070310 922354273 Affordable Housing ND N/A 0 0 Washington North LLLP PO Box 310 Fargo ND 581070310 462553901 Affordable Housing ND N/A 0 0 Washington Townhomes LLLP PO Box 310 Fargo ND 581070310 455119984 Affordable Housing ND N/A 0 0 BCHA Dakota II Developers LLC PO Box 310 Fargo ND 581070310 922428008 Affordable Housing ND Beyond Shelter Inc Related -1245 537822 0 1 0.85000 BCHA Dakota II LLC PO Box 310 Fargo ND 581070310 874181822 Affordable Housing ND Beyond Shelter Inc Related 300296 0 0 0.49000 Bluestem Homes LP PO Box 310 Fargo ND 581070310 205099871 Affordable Housing ND Beyond Shelter Inc Related 2383187 0 1 1.00000 Bluestem Townhomes LP PO Box 310 Fargo ND 581070310 861134426 Affordable Housing ND Beyond Shelter Inc Related 1843078 0 1 1.00000 CHBI Redevelopment LLC (thru 12924) 410 S 2nd St Bismarck ND 58504 922846090 Affordable Housing ND Beyond Shelter Inc Related 0 0 0.49000 Cooper House LP PO Box 310 Fargo ND 581070310 262573929 Affordable Housing ND Cooper House LLC Related -17 15040 0 1 0.99990 Fieldcrest Developers LLC PO Box 310 Fargo ND 581070310 383929875 Affordable Housing ND Beyond Shelter Inc Related -1188 294350 0 1 0.90000 Fieldcrest LLC PO Box 310 Fargo ND 581070310 300818933 Affordable Housing ND Beyond Shelter Inc Related -98031 6039176 1 1 0.99990 Garitz Grove Developers LLC PO Box 310 Fargo ND 581070310 883676959 Affordable Housing ND Beyond Shelter Inc Related -1122 352750 0 0 0.85000 HACC Redevelopment BA LLC (dissolved 72024) PO Box 310 Fargo ND 581070310 320590120 Affordable Housing ND Beyond Shelter Inc Related 0 0 0.85000 Homefield 2 LLLP PO Box 310 Fargo ND 581070310 824855372 Affordable Housing ND Homefield 2 LLC Related -9 180458 0 1 0.00010 Lantern Light Developer LLC PO Box 310 Fargo ND 581070310 883739606 Affordable Housing ND Beyond Shelter Inc Related -1122 157250 0 0 0.85000 Monterey Developer LLC (dissolved 72024) PO Box 310 Fargo ND 581070310 364927907 Affordable Housing ND Beyond Shelter Inc Related 0 0 0.85000 SH Developer LLC PO Box 310 Fargo ND 58079 844189925 Affordable Housing ND Beyond Shelter Inc Related -1188 390508 0 0 0.90000 Sierra Townhomes Developer LLC PO Box 310 Fargo ND 581070310 844384992 Affordable Housing ND Beyond Shelter Inc Related -1122 403820 0 0 0.85000 Silver Linings Apartments Developer LLC PO Box 310 Fargo ND 581070310 332203587 Affordable Housing ND Beyond Shelter Inc Related -1404 139606 0 1 0.80000 Sunrise North LP PO Box 310 Fargo ND 581070310 260539273 Affordable Housing ND Sunrise North LLC Related 1357955 0 1 0.00010 Sunset Ridge I Developers LLC PO Box 310 Fargo ND 581070310 383969656 Affordable Housing ND Beyond Shelter Inc Related -1188 16616 0 1 0.90000 TBW Developers LLC PO Box 310 Fargo ND 581070310 364791467 Affordable Housing ND Beyond Shelter Inc Related -1188 597689 0 1 0.90000 The Burlington Willows LLC PO Box 310 Fargo ND 581070310 320446704 Affordable Housing ND Beyond Shelter Inc Related -158165 5230883 1 1 0.99990 Washington Court Developer LLC PO Box 310 Fargo ND 581070310 922326443 Affordable Housing ND Beyond Shelter Inc Related -157 -489345 0 1 0.85000 Bluestem Homes LLC PO Box 310 Fargo ND 581070310 205933837 Affordable Housing ND Beyond Shelter Inc C -282 1.00000 1 Bluestem Townhomes LLC PO Box 310 Fargo ND 581070310 320188532 Affordable Housing ND Beyond Shelter Inc C -213 1.00000 1 CHBI Redevelopment LLC (as of 121024) 410 S 2nd St Bismarck ND 58504 922846090 Affordable Housing ND N/A C 0 Cooks Court LLC PO Box 310 Fargo ND 581070310 364783753 Affordable Housing ND Beyond Shelter Inc C 17221 1678036 1.00000 1 Cooper House LLC PO Box 310 Fargo ND 581070310 262573312 Affordable Housing ND Beyond Shelter Inc C -87 1.00000 1 Crossroads LLC PO Box 310 Fargo ND 581070310 270444891 Affordable Housing ND Beyond Shelter Inc C 1 -880 1.00000 1 Heritage Hills I LLC PO Box 310 Fargo ND 581070310 371729241 Affordable Housing ND Beyond Shelter Inc C -204 1.00000 1 Heritage Hills II LLC PO Box 310 Fargo ND 581070310 383929643 Affordable Housing ND Beyond Shelter Inc C -129 1.00000 1 Homefield 3 LLC PO Box 310 Fargo ND 581070310 301166725 Affordable Housing ND Beyond Shelter Inc C 5203 531237 1.00000 1 Homefield LLC PO Box 310 Fargo ND 581070310 352551808 Affordable Housing ND Beyond Shelter Inc C 46115 156072 1.00000 1 Milton Earl LLC PO Box 310 Fargo ND 581070310 861648046 Affordable Housing ND Beyond Shelter Inc C 5000 298486 1.00000 1 North Sky II LLC PO Box 310 Fargo ND 581070310 364781922 Affordable Housing ND Beyond Shelter Inc C 9715 5948 1.00000 1 North Sky III LLC PO Box 310 Fargo ND 581070310 611759646 Affordable Housing ND Beyond Shelter Inc C 9988 5988 1.00000 1 Plaza Apartments 1 LLC PO Box 310 Fargo ND 581070310 874054360 Affordable Housing ND Beyond Shelter Inc C 3903 3901 1.00000 1 Preserve Housing LLC PO Box 310 Fargo ND 581070310 452976081 Affordable Housing ND Beyond Shelter Inc C 203 2373 1.00000 1 Souris Heights LLC PO Box 310 Fargo ND 581070310 843925497 Affordable Housing ND Beyond Shelter Inc C 5000 49183 1.00000 1 Sunrise North LLC PO Box 310 Fargo ND 581070310 260539394 Affordable Housing ND Beyond Shelter Inc C 1 -403 1.00000 1 Sunset Ridge I LLC PO Box 310 Fargo ND 581070310 364808114 Affordable Housing ND Beyond Shelter Inc C 5630 36960 1.00000 1 Washington II LLC PO Box 310 Fargo ND 581070310 800914550 Affordable Housing ND Beyond Shelter Inc C -135 1.00000 1 Washington LLC PO Box 310 Fargo ND 581070310 383873836 Affordable Housing ND Beyond Shelter Inc C -8 1.00000 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 Silver Linings Apartments Developer LLC S 507000 Accrual Lantern Light Developer LLC S 160000 Accrual Plaza Apartments Developer LLC S 844480 Accrual Washington Court Developer LLC S 575700 Accrual BCHA Dakota II Developers LLC S 632732 Accrual IRS Election 168(h)(6)(F)(ii) Name of Taxpayer: CHBI Redevelopment LLC Address of Taxpayer: 410 S 2nd St Bismarck, ND 58504 Taxpayer Identification Number: 92-2846090 Purpose of Election: The election pursuant to Section 168(h)(6)(F)(ii) may be made by an entity that is a tax-exempt controlled entity. Generally, an entity is a tax-exempt controlled entity if it is a corporation which is not tax-exempt and if 50% or more of the stock of such corporation is owned by one or more tax-exempt entities. An entity making the election pursuant to Section 168(h)(6)(F)(ii) shall not be treated as a tax-exempt entity for purposes of Internal Revenue Code Sections 168(h)(5) and 168(h)(6). Any gain recognized by a tax-exempt entity on any disposition of an interest in such entity (and any dividend or interest received or accrued by a tax-exempt entity from such tax-exempt controlled entity) will be treated as unrelated business taxable income. The purpose of this election is to treat CHBI Redevelopment LLC's allocable share of depreciable property owned by the partnership in which CHBI Redevelopment LLC has an investment as property which is not tax-exempt use property. CHBI Redevelopment LLC is entitled to make such election because it is a corporation or has elected to be treated for federal tax purposes as an association which is taxable as a corporation and is 51% owned by Community Homes of Bismarck, Inc and 49% owned by Beyond Shelter, Inc. CHBI Redevelopment LLC hereby elects pursuant to Internal Revenue Code Section 168(h)(6)(F)(ii) not to be treated as a tax-exempt entity for purposes of applying the rules in Internal Revenue Code Sections 168(h)(5) and 168(h)(6). The tax-exempt status of Community Homes of Bismarck, Inc and Beyond Shelter, Inc is not affected by this Statement of Election. Applicable Period: This Statement of Election is effective beginning with the taxable year ending December 31, 2024.