2026-09-14T10:16:51-05:00 2025-12-31 410746749 CLIFTONLARSONALLEN LLP 10700 NORTHUP WAY SUITE 200 BELLEVUE WA 98004 990 2025-01-01 842919236 GEORGETOWN COMMUNITY DEVELOPMENT AUTHORITY GEOR 2064201342 6562 5TH AVENUE S SEATTLE WA 98108 MARC COTE TREASURER 2064201342 2026-09-11 1 KURT BENNION CPA P01469618 4252506100 2026-09-10 2025 WATERSHED COMMUNITY DEVELOPMENT MARY DZIEWECZYNSKI 6562 5TH AVENUE S SEATTLE WA 98108 6067657 0 X WWW.WATERSHEDCOMMUNITY.ORG X 2019 WA WATERSHED BUILDS RESILIENT COMMUNITY THROUGH AFFORDABLE PLACEMAKING AND PLACEKEEPING IN THE DUWAMISH VALLEY. WE CREATE AT THE INTERSECTION OF THE ARTS, EQUITY, AND COLLECTIVE WELL-BEING. 8 8 12 475 0 0 110588 5574791 1314279 449025 53308 40086 0 3755 1478175 6067657 0 0 0 0 501705 787743 3829 197834 249200 4040022 2663306 4545556 3648883 -3067381 2418774 39277875 43499454 51632734 53294035 -12354859 -9794581 X GCDA BUILDS RESILIENT COMMUNITY THROUGH AFFORDABLE PLACEMAKING AND PLACEKEEPING IN THE DUWAMISH VALLEY. WE CREATE AT THE INTERSECTION OF THE ARTS, EQUITY, AND COLLECTIVE WELL-BEING. 0 0 2254105 0 449025 WATERSHED (FORMERLY KNOWN AS GEORGETOWN COMMUNITY DEVELOPMENT AUTHORITY) IS A COMMUNITY-BASED 501(C)(3) NONPROFIT ORGANIZATION THAT OPERATES AFFORDABLE ARTIST AND ARTISAN WORK SPACES AND PLANS TO BUILD A VILLAGE OF WORKFORCE HOUSING AND COMMUNITY SPACE IN THE GEORGETOWN NEIGHBORHOOD OF SEATTLE. WE CENTER FOLKS WHO LIVE AND WORK IN THE DUWAMISH VALLEY; BIPOC INDIVIDUALS; ARTISTS; AND THOSE WHO COME FROM COMMUNITIES THAT HAVE BEEN, OR ARE AT RISK OF BEING, DISPLACED FROM THIS REGION.(CONTINUED IN SCHEDULE O)WATERSHED WAS FORMED IN 2019. AT ITS CORE IS EQUINOX STUDIOS, WHICH HAS OPERATED IN GEORGETOWN SINCE 2006 AND IS NOW A CORE PROGRAM OF WATERSHED. EQUINOX STUDIOS PROVIDES A CREATIVE HOME FOR OVER 125 ARTISTS AND ARTISANS WORKING IN AND ACROSS MANY CRAFTS AND DISCIPLINES.THE NEW LIVE/WORK DISTRICT NAMED "THE BEND" WILL BE LOCATED IN THE GEORGETOWN NEIGHBORHOOD OF SEATTLE. IT WILL INCLUDE UP TO 1,000 UNITS OF HOUSING, ALL OF WHICH WILL BE AFFORDABLE TO PEOPLE EARNING NO MORE THAN 80% OF AREA MEDIAN INCOME. THE BEND WILL ALSO INCLUDE AFFORDABLE COMMUNITY SPACES, NEIGHBORHOOD BUSINESSES, AND CULTURAL FACILITIES THAT ARE INTEGRATED WITH GEORGETOWN'S COMMERCIAL AND INDUSTRIAL CORE. IT WILL INCREASE JOB OPPORTUNITIES AND PROVIDE HOUSING FOR THOSE MOST AT RISK OF BEING IMPACTED BY TRENDS OF WEALTH-DRIVEN DISPLACEMENT IN SEATTLE. OUR AIM IS TO CULTIVATE LONG-TERM COMMUNITY WEALTH THROUGH THOUGHTFUL REAL ESTATE ACQUISITION AND DEVELOPMENT; COMMUNITY ENGAGEMENT AND OWNERSHIP; SPACE FOR SMALL BUSINESSES, NOT-FOR-PROFIT ORGANIZATIONS, AND ARTISTIC GROWTH; AND PROGRAMMING THAT BUILDS RELATIONSHIPS BETWEEN ALL THE ENTITIES THAT ARE PART OF THE BEND, THE GEORGETOWN NEIGHBORHOOD, AND GREATER DUWAMISH VALLEY. 2254105 1 1 0 0 0 0 0 0 1 0 1 0 1 0 1 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 42 0 1 12 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 1 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 1 1 1 X MARC COTE 2064201342 6562 5TH AVENUE S SEATTLE WA 98108 KATHLEEN DITCHARO FINANCE DIRECTOR 40.00 X 112950 0 12389 KAY MORRISON DEPUTY DIRECTOR 40.00 X 93212 0 10389 AMY NGUYEN EXECUTIVE DIRECTOR (AS OF JUNE 2025) 40.00 X 98910 0 3829 JENNIFER TRUJILLO INTERIM EXECUTIVE DIR. (THROUGH JULY 2025) 40.00 X 0 0 0 MARY DZIEWECZYNSKI PRESIDENT 5.00 X X 0 0 0 JOHN KIRSCHENBAUM SECRETARY 5.00 X X 0 0 0 LEE STRIAR TREASURER 5.00 X X 0 0 0 MARC COTE DIRECTOR 5.00 X 0 0 0 ELIZABETH GAHAN DIRECTOR 5.00 X 0 0 0 KRISTINA GOETZ DIRECTOR 5.00 X 0 0 0 PAULINA LOPEZ DIRECTOR 5.00 X 0 0 0 ELIZABETH ROMNEY DIRECTOR 5.00 X 0 0 0 305072 0 26607 1 0 0 0 JLB INC (DBA GSD BOOKKEEPING) 2131 N 86TH STREET SEATTLE WA 98103 MANAGEMENT & FINANCIAL SERVICES 131798 ROOSTERRABBITT LLC 2115 10TH AVE W SEATTLE WA 98119 FUNDRAISING 105000 2 5574791 5574791 HOUSING REVENUE 531110 1123847 1123847 ARTISAN REVENUE 531110 13983 13983 INVESTMENT IN GCP1 LLC 531110 -688805 -688805 449025 40086 40086 OTHER REVENUE 900099 3755 3755 3755 6067657 449025 0 43841 206326 103377 51583 51366 433679 433679 52026 13773 38253 95712 42383 53329 62656 62656 47661 47661 128185 128185 197834 197834 158096 158096 1774 1774 290702 276472 14230 198560 198560 10015 4850 5165 30514 30514 1552411 1492081 60330 22805 22805 77689 24477 53212 FISCAL AGENCY DISTRIBUT 43101 43101 DUES & SUBSCRIPTIONS 21018 21018 OTHER EXPENSES 16407 16407 REPAIRS & MAINTENANCE 1712 1712 3648883 2254105 1145578 249200 591198 464634 4300538 4209894 161727 86453 52247 15523 16042752 9961470 16042752 23562 23823052 22452389 364081 227809 39277875 43499454 328860 9891041 19963 18020 44757675 35769568 45543 54336 5044001 6845000 101596 100000 1335096 616070 51632734 53294035 X -12354859 -9794581 -12354859 -9794581 39277875 43499454 X 2418774 180425 -38921 X X 0 1 X 1 0 X 3430 9297 364567 110588 5574791 6062673 282101 1171613 1327323 1314279 449025 4544341 285531 1180910 1691890 1424867 6023816 10607014 0 0 0 10607014 13345 47298 51684 53308 40086 205721 13345 47298 51684 53308 40086 205721 3755 3755 298876 1228208 1743574 1478175 6067657 10816490 0.98060 0.01900 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 27152 15949 43101 0 1 X 12434483 12434483 24181 24181 3584088 3584088 16042752 INVESTMENT IN GEORGETOWN COMMUNITY PROPERTIES 1, LLC 22452389 F 22452389 DUE TO RELATED ORGANIZATION 503901 RIGHT-OF-USE LEASE LIABILITIES 112169 616070 X PART IV, LINE 1B: WATERSHED ACTS AS FISCAL AGENT FOR SMALL LOCAL NONPROFIT ORGANIZATIONS THAT HAVE NOT YET OBTAINED THEIR OWN TAX-EXEMPT STATUS. PART IV, LINE 2B: THE ORGANIZATION HOLDS SECURITY DEPOSITS FOR RENTAL/LEASE TENANTS. UPON TERMINATION OF THE LEASE, THE SECURITY DEPOSIT, LESS THE COST OF ANY REPAIRS, IS RETURNED TO THE TENANT. SECURITY DEPOSIT FUNDS ARE HELD IN A SINGLE NON-INTEREST BEARING BANK ACCOUNT THAT IS SEPARATED FROM OTHER BANK ACCOUNTS. PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION HAS EVALUATED ITS TAX POSITIONS AND CONCLUDED THAT IT HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. IN ADDITION, THE ORGANIZATION IS NOT AWARE OF ANY MATTERS THAT WOULD CAUSE THE LOSS OF ITS TAX-EXEMPT STATUS. X X X 1 CLOUDBREAK COLLECTIVE LLC PO BOX 10745 BAINBRIDGE ISLAND WA 98110 GRANT WRITING 0 177500 44334 133166 ROOSTERRABBITT LLC 2115 10TH AVENUE W SEATTLE WA 98119 GRANT WRITING 0 0 105000 -105000 THIRD WAY CREATIVE 3046 BEACON AVENUE S SEATTLE WA 98144 GRANT WRITING 0 0 42500 -42500 ECOTONE ANALYTICS GBC 817 5TH AVENUE S SUITE 400 SEATTLE WA 55404 GRANT WRITING 0 0 6000 -6000 177500 197834 -20334 WA A THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SIERRA VISTA 521383545 82652PAA1 2021-10-28 34008654 PROPERTY ACQUISITION, IMPROVEMENTS AND ENTITLEMENT COSTS 0 0 0 B THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SIERRA VISTA 521383545 82652PAC7 2022-07-01 4499462 ACQUIRE, CONSTRUCT, IMPROVE, OPERATE AND EQUIP AFFORDABLE WORKSPACES 0 0 0 A 34008654 3400865 680173 29927616 2021 0 0 1 1 B 4499462 449946 89989 3942027 17500 2022 0 0 1 1 A 1 0 0 0 0 0 1 B 1 0 0 0 0 0 1 A 0 1 0 0 0 0 1 MASSACHUSETTS MUTUAL 10.000000000000 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 FORM 990, PART VI, SECTION A, LINE 3 THROUGH JULY 2025, EXECUTIVE MANAGEMENT SERVICES WERE PROVIDED BY JLB INC. (DBA: GSD BOOKKEEPING). JENNIFER TRUJILLO, INTERIM EXECUTIVE DIRECTOR, IS EMPLOYED BY JLB INC. AND RECEIVED $62,656 IN COMPENSATION FOR HER SERVICES IN 2025. IN 2025, COMMUNITY DEVELOPMENT PARTNERS LLC PROVIDED PROPERTY DEVELOPMENT MANAGEMENT SERVICES. FORM 990, PART VI, SECTION A, LINE 8B MINUTES ARE NOT KEPT AT COMMITTEE MEETINGS. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING, THE FORM 990 WAS REVIEWED BY THE MANAGING DIRECTOR AND BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C EVERY YEAR, ALL OFFICERS AND BOARD MEMBERS MUST SIGN THE CONFLICT OF INTEREST FORM TO REMAIN COMPLIANT WITHIN THE RULES SET FORTH BY OUR GOVERNANCE COMMITTEE. WHENEVER THE BOARD OR A COMMITTEE CONSIDERS A TRANSACTION THAT INVOLVES AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST, THAT INDIVIDUAL IS REQUIRED TO FULLY DISCLOSE THE SITUATION. THE CONFLICTED INDIVIDUAL MUST ABSTAIN FROM VOTING ON ANY ASPECT OF THE TRANSACTION. BEFORE ENTERING A TRANSACTION THAT INVOLVES A CONFLICT OF INTEREST, THE BOARD EVALUATES OTHER OPTIONS THAT DO NOT INVOLVE A CONFLICT TO ENSURE THE TRANSACTION IS REASONABLE AND IN THE BEST INTEREST OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 15 THE INTERIM EXECUTIVE DIRECTOR'S COMPENSATION WAS DETERMINED BY THE BOARD OF DIRECTORS BASED ON THE FAIR MARKET VALUE IN THE LOCAL COMMUNITY. IN 2025, NO OTHER EMPLOYEES WERE IDENTIFIED AS "KEY AND NO OFFICERS WERE COMPENSATED. THE INTERIM EXCUTIVE DIRECTOR'S EMPLOYMENT WITH WATERSHED COMMUNITY DEVELOPMENT ENDED EFFECTIVE FEBRUARY 4, 2026. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: EQUITY DISTRIBUTIONS -38,921. FORM 990, PART XII, LINE 2C: THE AUTHORITY AND PROCESS FOR SELECTING THE FINANCIAL STATEMENT AUDITOR AND FOR OVERSEEING THE FINANCIAL STATEMENT AUDIT DID NOT CHANGE DURING THE YEAR. GEORGETOWN COMMUNITY PROPERTIES 1 LLC 6555 5TH AVENUE S 108 SEATTLE WA 98108 873679683 PROPERTY DEVELOPMENT WA GEORGETOWN COMMUNITY DEVELOPMENT AUTHORITY RELATED 789324 18907720 1 1 0.80000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0