2026-09-04T11:19:43-05:00 2025-12-31 946214841 ARMANINO ADVISORY LLC 999 18TH STREET SUITE 3300 DENVER CO 802022499 990 2025-01-01 841505466 IMPACT DEVELOPMENT FUND IMPA 9704942021 200 E 7TH STREET 412 LOVELAND CO 805374871 MEGAN FERGUSON CEO 9704942021 2026-09-03 1 WANWAN ZHANG P01317662 7206171360 2026-09-03 2025 MEGAN FERGUSON 200 E 7TH STREET 412 LOVELAND CO 805374871 46471972 0 X WWW.IMPACTDF.ORG X 1999 CO PROVIDES LOANS FOR AFFORDABLE HOUSING AND NONPROFIT FACILITIES. 12 12 56 15 0 0 25327476 33193061 8274804 10867624 1617605 2411287 0 0 35219885 46471972 0 900000 0 0 5433266 5320446 0 0 232783 5436279 8770937 10869545 14991383 24350340 31480589 152478404 194003825 104921295 114966127 47557109 79037698 IMPACT DEVELOPMENT FUND CREATES ECONOMIC OPPORTUNITY BY DELIVERING FLEXIBLE CAPITAL TO STRENGTHEN UNDER-SERVED COMMUNITIES. 0 0 10828523 900000 8357635 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. 1003802 411190 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. 1807653 2098799 IN MAY 2021, THE FUND ESTABLISHED IMPACT DEVELOPMENT BUILDERS, LLC ("IDB") AS A COLORADO LIMITED LIABILITY COMPANY. THE PURPOSE OF IDB IS TO PROVIDE, ON A FEE OR OTHER BASIS, CONSTRUCTION, REPAIR, MAINTENANCE, AND SIMILAR CONSTRUCTION SERVICES TO CLIENTS AND NON-PROFIT PARTNERS IN THE AFFORDABLE HOUSING COMMUNITY, INCLUDING AQUIRING AND REHABILITATION OF DISTRESSED HOUSING UNITS AND CONSTRUCTION OF NEW DEVELOPMENT FOR SALE TO LOW AND MODERATE INCOME RESIDENTS. 13639978 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 160 0 1 56 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CO X MEGAN FERGUSON 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 3.00 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 ANNIE PERIZZOLO BOARD MEMBER 2.00 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 40.00 X 294987 0 26827 MARCIA MYERS CHIEF FINANCIAL OFFICER 40.00 X 189458 0 8653 ERICA MADISON CHIEF LENDING OFFICER (THRU 11/21/25) 40.00 X 200297 0 22794 RACHEL TWEEDY CHIEF OPERATING OFFICER 40.00 X 155674 0 10704 CONNIE EALEY CHIEF ADMINISTRATIVE OFFICER 40.00 X 180355 0 7859 JUSTIN HILL DIRECTOR OF CLEAN ENERGY LENDING 40.00 X 172687 0 5302 AARON FERGUSON CHIEF CONSTRUCTION OFFICER 40.00 X 163843 0 13977 KATHERINE PALMER CHIEF POLICY & PERFORMANCE OFFICER 40.00 X 144789 0 15578 ROHANA PARKS CHIEF PEOPLE OFFICER 40.00 X 127641 0 770 1629731 0 112464 16 0 1 0 MGI MECHANICAL 4243 ROCKVIEW CT FORT COLLINS CO 80526 HVAC 234373 BULLZEYE BUILDERSM INC 7041 ALADAR DRIVE WINDSOR CO 80550 MECHANCIAL & SHEET METAL WORK 187073 FOSSIL CREEK DRYWALL INC 528 W 67TH STREET LOVELAND CO 80538 DRYWALL INSTULATION 181591 FIREFLY ELECTRIC 5114 OLD MILL ROAD FORT COLLINS CO 80528 ELECTRICAL INSTULATION 115590 B&B LANDSCAPING 2021 VINEYARD DRIVE WINDSOR CO 80550 LANDSCAPING 104737 6 32180316 1012745 33193061 LOAN FEES/SERVICING IN 522292 4417486 4417486 LOAN INTEREST INCOME 522292 3940112 3940112 HOME SALES REVENUE 522292 2098799 2098799 CONTRACT REVENUE 900099 411190 411190 LOAN RECOVERY INCOME 522292 37 37 10867624 2411287 2411287 46471972 10867624 0 2411287 900000 900000 902918 348091 509681 45146 3538911 3181233 242043 115635 95517 85728 6663 3126 374248 314223 47115 12910 408852 327081 67052 14719 569 569 52163 52163 6000 6000 7790 7790 195307 149481 37577 8249 116969 93575 19183 4211 316139 237104 64809 14226 25358 19019 5198 1141 32311 24233 6624 1454 2508973 2508973 115920 86940 23764 5216 PROVISIONS FOR LOAN LOS 2492235 2492235 COST OF HOMES SOLD 1807653 1807653 CMF AND ERP ADMIN 890924 890924 BAD DEBT 52626 52626 150000 112500 30750 6750 14991383 13639978 1118622 232783 15360261 22651993 45700427 56698974 8471730 1332421 78846500 107512960 199899 161979 3996483 3767787 3996483 131800 1649015 152478404 194003825 851467 1913365 2593249 1035934 25181155 11348834 47401520 69132015 28893904 31535979 104921295 114966127 X 47557109 79037698 47557109 79037698 152478404 194003825 31480589 0 X 0 1 X 1 1 1 X 4922799 1066250 6441886 25327476 33193061 70951472 4922799 1066250 6441886 25327476 33193061 70951472 3479041 67472431 65436 257069 745103 1617605 2411287 5096500 76047972 32232935 0.88720 0.93590 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 3996483 3996483 3996483 EQUITY EQUIVALENT INVESTMENTS 18150000 UNEARNED GRANTS 11719118 ROU LEASEHOLD LIABILITIES 1666861 31535979 X 42172084 0 42172084 4299888 4299888 46471972 10691495 0 10691495 4299888 4299888 14991383 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, 2025, $4,113,351 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 FOR THE ADMINISTRATION OF THE AGREEMENTS. AT DECEMBER 31, 2025, FUNDS HELD FOR GRANT PASS-THROUGH PROGRAMS AMOUNTED TO $6,437,075. IN ADDITION, THERE WERE ALSO $798,408 IN CASH HELD IN ESCROW/RESERVE ACCOUNTS. THESE FUNDS HELD FOR OTHERS ARE 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 2025. 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 2,492,235. COST OF HOMES SOLD 1,807,653. PART XII, LINE 4B - OTHER ADJUSTMENTS: PROVISIONS FOR LOAN LOSS 2,492,235. COST OF HOMES SOLD 1,807,653. 1 SWISS VILLAGE COOP 1500 OAK STEET LOT 11 OURAY CO 81427 994341135 N/A 900000 0 HOUSING PRESERVATION 0 1 PART I, LINE 2: GRANT FUND ELIGIBILITY IS DETERMINED PRIOR TO DISTRIBUTION AS ALL COMPLIANCE AND DUE DILIGENCE IS COMPLETED PRIOR TO THE AWARD. X X 0 0 0 0 0 0 0 1 0 MEGAN FERGUSON CEO 252987 0 42000 0 0 0 7598 0 19229 0 321814 0 0 0 ERICA MADISON CHIEF LENDING OFFICER (THRU 11/21/25 174047 0 26250 0 0 0 5219 0 17575 0 223091 0 0 0 MARCIA MYERS CHIEF FINANCIAL OFFICER 179258 0 10200 0 0 0 5384 0 3269 0 198111 0 0 0 CONNIE EALEY CHIEF ADMINISTRATIVE OFFICER 157105 0 23250 0 0 0 4713 0 3146 0 188214 0 0 0 JUSTIN HILL DIRECTOR OF CLEAN ENERGY LENDING 154687 0 18000 0 0 0 4641 0 661 0 177989 0 0 0 AARON FERGUSON CHIEF CONSTRUCTION OFFICER 142843 0 21000 0 0 0 4293 0 9684 0 177820 0 0 0 RACHEL TWEEDY CHIEF OPERATING OFFICER 135986 0 19688 0 0 0 4080 0 6624 0 166378 0 0 0 KATHERINE PALMER CHIEF POLICY & PERFORMANCE OFFICER 134189 0 10600 0 0 0 4026 0 11552 0 160367 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 2 MEGAN FERGUSON AND AARON FERGUSON HAVE FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION'S BYLAWS WAS AMENDED AND RESTATED IN DECEMBER OF 2025. 1. STRUCTURAL CHANGES SOME FORMATTING AND LANGUAGE MOVEMENT TO ALIGN BETTER WITH FLOW OF PROCESS OR TO VISUALLY SEPARATE DIFFERENT ELEMENTS IN LARGER PARAGRAPHS. FOR EXAMPLE, OFFICERS AND AGENTS WAS MOVED UP TO ARTICLE IV, SWAPPED WITH MEETINGS (NOW ARTICLE V) TO ASSOCIATE ROLES AND BOARD WORK MORE COHESIVELY. SIMILAR TO THE POLICY EDITS THIS YEAR, REMOVED "THROAT-CLEARING" TO HONE IN ON THE CONTEXT, MAKING THE BYLAWS MORE ACCESSIBLE TO THE BOARD AND STAFF. - ADDED: THE CEO AND GOVERNANCE COORDINATOR INTO ADMINISTRATIVE ASPECTS RELATED TO NOTICES, MEETINGS, RESIGNATIONS, AND PROXY TO HELP STREAMLINE COLLECTION AND DISSEMINATION OF INFORMATION QUICKLY. 2. OFFICERS AND AGENTS - REMOVED: ALL OFFICERS MUST BE A NATURAL PERSON OF AT LEAST EIGHTEEN (18) YEARS OLD. THIS LANGUAGE IS ALREADY LISTED UNDER BOARD MEMBER REQUIREMENTS AND YOU MUST BE A BOARD MEMBER TO BE AN OFFICER. - ADDED: CLARIFICATION ON THE TYPES OF MEETINGS (NORMAL, SPECIAL, AND ACTION WITHOUT MEETING) WHEN AN OFFICER REMOVAL DECISION BY THE BOARD COULD TAKE PLACE. - ADDED: THE IMMEDIATE PAST PRESIDENT OFFICER ROLE MAY BE VACANT IF THE PAST PRESIDENT RESIGNS FROM THE BOARD. - ADDED: CATCH-ALL LANGUAGE LISTED ON ALL OTHER OFFICER ROLES, BUT WAS MISSING FROM THE VICE PRESIDENT ROLE. 3. MEETINGS - ADDED: THE ANNUAL ACTION PLANNING MEETING IN RELATION TO THE STRATEGIC PLAN REVIEW AND PREPARATION FOR THE NEXT YEAR. - ADDED: CLARIFICATION ON ACTION WITHOUT MEETING, HIGHLIGHTING RESPONSES ARE COMPILED ONCE A MAJORITY OF MEMBERS HAS VOTED AND THE VOTING OUTCOME IS REVIEWED AND ACKNOWLEDGED AT THE NEXT REGULAR MEETING. 4. FIDUCIARY MATTERS - EDITED: SECTION 2: APPROVAL OF CONFLICTING INTEREST TRANSACTIONS INVOLVING DIRECTORS AND OFFICERS AND SECTION 4: LOANS TO DIRECTORS PROHIBITED TO PROVIDE CLARIFICATION ON WHAT TRANSACTIONS ARE AND ARE NOT ALLOWABLE (BUSINESS VS PERSONAL). 5. RECORDS - REMOVED: ACCOUNTING RECORDS THIS REQUIREMENT IS COVERED IN THE FINANCE POLICIES. - REMOVED: LANGUAGE DEFINING THE TYPE OF RESOLUTIONS ADOPTED BY THE BOARD BEING SOLELY FOCUSED ON ATTRIBUTES OF A DIRECTOR. 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 AND YEARLY PERFORMANCE INCREASES INCLUDES PUBLICLY AVAILABLE DATA FROM PEER AND COMPARABLE ORGANIZATIONS, INDUSTRY SALARY GUIDES (NATIONAL AND REGIONAL) AND ACTIVE JOB POSTINGS FOR COMPARABLE EXECUTIVE ROLES. THE PROCESS WAS LAST CONDUCTED AT THE END OF 2025 AND IS PERFORMED ANNUALLY. 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. IMPACT DEVELOPMENT BUILDERS LLC 200 E 7TH STREET 412 LOVELAND CO 80537 DEVELOP & SELL REAL PROPERTY, CONSTRUCTION SERVICES, REPAIR, MAINT. CO 2098799 3996483 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